JMG Group, a UK-based insurance coverage middleman, has expanded its operations with the acquisition of Howe Maxted’s normal enterprise insurance coverage division.
Monetary phrases of the transaction weren’t disclosed.
Howe Maxted has been offering danger administration options for greater than a century.
Administrators Graham Smith and John Maxted have led the corporate to help purchasers in mitigating dangers affecting each their companies and private lives.
All 14 workers of the corporate will proceed to work from the Sidcup headquarters beneath the present management.
Director Smith stated that the deal will guarantee continuity for purchasers and the Howe Maxted group.
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The acquired division will be part of JM Glendinning Insurance coverage Brokers’ community of 12 places of work throughout the UK.
Smith added: “We all know the numbers must work to run a profitable enterprise, however I consider that individuals are the highest precedence. The numbers will work when your individuals are comfortable, which is why there has at all times been a ‘individuals first’ method on the coronary heart of our enterprise.
“From our earliest discussions with JMG Group I felt we had been on the identical web page, and that they had been the individuals to assist take care of the group and purchasers, a few of whom I’ve labored with for greater than 30 years.”
JMG Group CEO Nick Houghton stated: “I’m delighted to welcome Graham, John and the group to the group. Their enterprise has a wealthy historical past and so they have constructed an enviable status and a loyal buyer base by placing their purchasers and their group first. Howe Maxted is precisely the form of enterprise we’re eager to deliver into the group, and I sit up for seeing the agency proceed to thrive.”
In Could 2024, JMG Group’s division Greenwood Moreland acquired Hamilton Robertson Insurance coverage Brokers (HRIB), together with its specialist division, C&A Mackie Insurance coverage Brokers.
This deal added £15m ($19.38m) in gross written premium to Greenwood Moreland’s portfolio and launched a group of 25, increasing the workforce to greater than 100 throughout seven websites.
Earlier this 12 months, JMG bought BQI Insurance coverage and its sister firm BQI Safety.
BQI Insurance coverage, co-founded by Andy Brown and Sean Quinn in 2006, specialises in development, fleet and motor commerce insurance coverage.
Moreover, the acquisition of BQI Safety, a dealer specialising in private cowl, enterprise safety and worker advantages, is predicted to diversify JMG’s portfolio, providing a broader vary of companies to its purchasers.
