GTCR and Synova LLP, two leading private equity firms, have confirmed they have closed the previously announced acquisition of UK insurance broker JMG Group. GTCR and Synova will collaborate to support JMG’s strong existing management team, led by CEO Nick Houghton, which will continue to lead the business and retain substantial equity ownership.
Headquartered in Leeds, JMG Group is a leading UK insurance broker providing comprehensive risk management solutions to small and medium-sized enterprises and high-net-worth individuals. Led since 2020 by a partnership of CEO Nick Houghton and chairman Tim Johnson, JMG has rapidly scaled into a top 30 UK broker, placing over £350 million in gross written premium annually. With a team of over 800 insurance professionals across the country, JMG has a differentiated strategy of acquiring local and regional brokerages and leveraging its platform to enable local offices to deliver above-market organic growth.
“At JMG, we’ve always focused on empowering our people and delivering exceptional outcomes for our clients. Joining forces with GTCR and continuing our partnership with Synova brings together three firms aligned in these values and ambitions,” says Nick Houghton, CEO of JMG Group. “Together, we’re ready to continue setting new standards in service and growth during this exciting new chapter.”
“JMG has built an impressive platform, combining consistent organic growth with thoughtful M&A strategy,” says Aaron Cohen, managing director and head of financial services & technology at GTCR. “We’re thrilled to partner with Nick, Synova, and the broader JMG team to help accelerate their growth journey, leveraging our deep expertise in the insurance sector and our shared commitment to delivering outstanding service to clients.”
“We’re incredibly proud of the growth JMG has achieved since our initial investment, driven by Nick Houghton and his exceptional team,” adds David Menton, managing partner at Synova. “Our partnership with GTCR represents a powerful combination of shared vision and experience. Together, we’re excited to support JMG as it continues to scale and strengthen its position as a leading UK insurance broker.”
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