GTCR and Synova LLP have completed the acquisition of UK-based insurance broker JMG Group, marking a new phase of growth for the Leeds-headquartered business.
The two private equity firms will support JMG's management team, led by CEO Nick Houghton, who will continue to run the company and retain significant equity ownership.
JMG Group provides insurance and risk management services to small and medium-sized enterprises and high-net-worth individuals. Since 2020, under the leadership of Houghton and chairman Tim Johnson, the firm has grown into a top 30 UK broker, placing over £350 million in gross written premium annually. The company now employs more than 800 insurance professionals across the UK, following a strategy of acquiring regional brokerages while maintaining their local focus and independence.
M&A spree continues
As part of its continued expansion, JMG Group has added three well-established, family-run brokers — Glowsure, James Brown & Sons, and R Todd Insurance Services — to its network. The acquisitions are intended to secure the long-term futures of each business while strengthening JMG’s regional presence.
Hampshire-based Glowsure Insurance Brokers, founded in 2014 by Wesley and Rebecca Haynes, is a commercial insurance specialist serving clients nationwide. With JMG’s backing, Glowsure aims to achieve a five-fold revenue increase by 2028. The move will enhance career opportunities for staff and broaden client access to insurance services and expertise.
In Somerset, James Brown & Sons joins JMG after more than a decade serving commercial and personal clients across the South. Founded in 2012 by James Brown, the firm is operated with his sons Sam and Will, along with director Edward Spinks. The move provides a succession plan for the business and ensures continuity for clients and staff.
R Todd Insurance Services, based in Norfolk, was founded by Richard Todd in 1978 and is now run by his sons Paul and Gary. The firm serves commercial and personal clients across East Anglia and will continue trading under its existing brand and team.
Important stage of development
Houghton said the partnership with GTCR and Synova, combined with the addition of the three regional brokers, marks an important stage in JMG’s development. He said the focus remains on empowering people and delivering strong outcomes for clients, with the new investment providing greater capacity for growth.
Aaron Cohen, managing director and head of Financial Services & Technology at GTCR, said JMG has built an impressive platform through a combination of organic growth and strategic acquisitions, and that the firm looks forward to working with JMG and Synova to accelerate its expansion.
David Menton, managing partner at Synova, said the partnership with GTCR builds on the success of JMG’s management team and will help strengthen its position as a leading UK insurance broker.
Houghton said the addition of Glowsure, James Brown & Sons, and R Todd Insurance Services demonstrates how JMG’s strategy of partnering with entrepreneurial, community-based brokers continues to support growth while preserving their independence. He added that with the backing of GTCR and Synova, JMG is positioned to expand its national footprint and deliver sustainable long-term performance.
