Tue, 01 Oct 2024 | BUSINESS SALE
Insurance industry consolidator JMG Group has completed its 40th acquisition since its 2020 management buyout (MBO) with a deal for London-based Confidential Solutions Group. The latest deal means that JMG now has a team of more than 600 staff working across 31 offices spanning the length of the country.
The acquisition has brought MGA (Platinum Underwriting), Lloyd's broker (Leadenhall Insurance Brokers), and retail broker (Confidential Solutions Ltd) services into the JMG Group.
Since Confidential Solutions was launched in 2002 by Managing Director Kevin Carrabine (pictured above), the group has collectively grown to become an £8 million GWP (gross written premiums) business. The acquisition will see Carrabine join JMG Group, along with 13 colleagues.
JMG Group was established in 2020 through the MBO of JM Glendinning Insurance Brokers, led by group chief executive Nick Houghton and backed by SYNOVA. Headquartered in Guiseley, the group’s growth plans are built upon a series of complementary strategic acquisitions and strong organic growth.
Nick Houghton, Chief Executive at JMG Group, said: "Reaching 40 investments since our management buyout in 2020 is a real milestone for us. It's also a terrific opportunity for Kevin and his first-class team to continue the growth of all three businesses with the support of their new colleagues, as well as adding real value to JMG Group clients via the Lloyd's and MGA expertise."
Kevin Carrabine commented: “I'm incredibly proud of what we've achieved, growing from a small business based in North London to become the business as we stand today. There is a lot of consolidation in the marketplace and being part of a bigger group feels like the right next step for our businesses and for our team.”
"JMG's vision for growth, combined with its commitment to supporting specialist businesses like ours, made this a natural move. We're excited about the future and the opportunities this brings for our team, the JMG Group as a whole and for our clients."
Despite remaining the most active country in Europe for insurance M&A, there are concerns that the pool of UK targets in the sector is beginning to shrink
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