Insurance firm JMG Group doubles in size over 2021

The Yorkshire-based JMG Group has doubled in size over the last year, as it secured a number of strategic acquisitions.
By Greg Wright
Published 3rd Jan 2022, 11:45 BST
Nick Houghton, the CEO of the JMG Group, said: “2021 has been an exciting year for us and we have already seen the great successes associated with this external investment."Nick Houghton, the CEO of the JMG Group, said: “2021 has been an exciting year for us and we have already seen the great successes associated with this external investment."
Nick Houghton, the CEO of the JMG Group, said: “2021 has been an exciting year for us and we have already seen the great successes associated with this external investment."

The JMG Group is an insurance broker consolidator which was created by the MBO (management buyout) of Guiseley-headquartered JM Glendinning Insurance Brokers in 2020.

The MBO was led by Nick Houghton, the CEO of the JMG Group, backed by growth investor Synova. Today, JMG has 230 staff across 11 offices.

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Mr Houghton said: “2021 has been an exciting year for us and we have already seen the great successes associated with this external investment.

“Within 12 months we have doubled in size and we expect to double again in the next year or two; we have acquired five businesses so far which give us a broader knowledge and service pool as well as extending our geographical reach and we have moved from being an industry-ranked Top 100 UK insurance broker to a Top 50 UK insurance broker.”

Mr Houghton said insurance was an attractive market for investors because of its high customer retention levels.

He added: “It’s also quite a hard market to disrupt, as technology struggles to replace complex advice from an insurance professional plus it’s a highly regulated market. I see opportunity to use technology to enhance the way we talk to our customers but not replace the human interaction as we’ve seen in other markets.

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“We are also investing in becoming a more sustainable business and are currently working with start-up company, Flotilla, to help us manage our carbon footprint.”

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Related topics:YorkshireGuiseley