Wed, 08 May 2024 | BUSINESS SALE
JMG Group has expanded its commercial insurance services and geographic footprint with the acquisition of Surrey-based SIA Insurance. Founded in 1996, SIA Insurance provides property, commercial and motor insurance services.
The company is led by directors Chris Browne and Colin Duxberry and operates from its offices in Surbiton. SIA Insurance has completed five acquisitions since it was established and employs ten staff.
The sale to JMG Group forms part of the company’s succession plan, as it seeks a platform for further growth. The deal will also see JMG Group integrate SIA Insurance subsidiary Evergreen Insurance Services, including Evergreen’s Tankershield and Oilshield products, which provide specialist insurance and risk management services.
Evergreen, which was established in 2017 by Dave Gardiner, donates up to 25 per cent of its commission to environmentally and ethically-focused charities.
Commenting on the acquisition, JMG Group Chief Executive Nick Houghton (pictured above) said: "It's a pleasure to welcome Colin, Chris, Dave and the whole team to the group. Their business approach and ethos are a perfect fit for JMG Group.”
“Colin and Chris' experience in the industry, coupled with Dave's experience and passion for the environment are a winning combination and will help us to provide an even better service to clients."
SIA Insurance’s Colin Duxberry said: "Joining the JMG Group marks an exciting chapter for SIA Insurance and for our dedicated team. The acquisition presents a fantastic opportunity for growth and for our staff to further develop with the support of a larger group of experienced insurance professionals. I'll continue to work with our existing clients while supporting the team through the transition.”
JMG Group was established in 2020 through the management buyout (MBO) of JM Glendinning Insurance Brokers, led by group CEO Nick Houghton and backed by Synova. The group, which is headquartered in Guiseley, now comprises a team of more than 600 staff across 30 offices.
Find out about the trends driving M&A in the UK insurance sector
Read more about JMG Group's M&A strategy
The company provides individuals and businesses with bespoke, impartial financial advice, specialising in tailored support relating to mortgages, property finance and personal insurance.
Although profitable, this business has quality personnel who can continue working, leading to a smoother transition post sale.
Offered for sale progressive IFA with an average household age of 56, there is room for further portfolio accumulation.
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