Insurance broker JMG Group continued its expansion in Scotland with the acquisition of GS Group, its second deal in less than a month. UK insurance broker JMG Group has acquired Scotland's largest independent broker, making its second largest acquisition north of the border in just over a month. The deal for Perth-based GS Group will expand JMG's footprint in Scotland. The company entered the Scottish market in April by facilitating a management buyout in insurance broker Greenwood Moreland.
Established in 1991, GS Group is a broker for business, personal lines and risk management insurance services. Together with its 50 employees, the company will become part of the JMG Group, thus joining more than 15 businesses operating in 19 different UK offices. The acquisition raises JMG's gross written premiums (GWP) in Scotland to over £50m. JMG said the deal will "allow GS Group to expand its footprint, innovate and grow its talented team." George Stubbs, Founder and Managing Director of GS Group, will remain a shareholder and continue to run the business.
Stubbs says: “JMG Group's offer was particularly appealing as it reflects our company values and allows us to grow autonomously while supporting the development of our team. It will also give us access to markets and infrastructure that will increase our ability to innovate. We are currently a £30m GWP business and this investment will help us achieve our growth targets of being a £50m GWP business over the next four years. We will continue to offer the same professional service as the current team still operating as GS Group, but with the added benefits of being part of a larger group of insurance companies.”
Nick Houghton, CEO of JMG Group, adds: “This is an exciting deal for our expanding group as our growth strategy kicks up a new gear. GS Group is a key player in Scotland and this deal completes our recent investment in Greenwood Moreland in Scotland, increasing our Scottish GWP to £50 million. Our strengths lie in finding the best people in our market, caring for them and supporting them in giving customers the best advice. We believe we found a great cultural fit in George and his team.”