The burgeoning £205m GWP Group has acquired Southampton-based Knightsure Insurance Brokers in a deal that sees the Group purchase 100% of the £1.8m GWP boutique corporate insurance broker business. The acquisition further broadens JMG Group’s foothold in the South of England following its recent acquisition of Wokingham-based BJP Insurance Brokers and also establishing the new JM Glendinning Community Risk Solutions out of offices in Fareham.
Its second acquisition is of £1.5m GWP T I Alexander Insurance Brokers in Bo’ness by Scotland-based JMG Group company Greenwood Moreland. Scott Alexander, former owner of T I Alexander, will join the Greenwood Moreland team, primarily supported from its Bathgate office. The acquisition will provide eventual succession for the T I Alexander business and in the meantime will allow Scott to build on the success of the business with the support of a broader team.
Says Nick Houghton, JMG Group CEO, “We are thrilled to bring these well-established and highly successful businesses, at opposite ends of the country, into our Group. Adding such high-calibre industry professionals to our team gives us greater standing in the marketplace and additional wealth of knowledge and experience to tap into. Our deal with T I Alexander also demonstrates our commitment to investing in our acquired businesses so that they in turn can make sound investments and grow their offering.
“While Tony Knight and Scott Alexander are both a way off retirement, our Group proposition gives them a ready-made succession plan that enables them to focus on the parts of the business they enjoy the most, whilst continuing to give their clients high levels of service.”