New high street broker makes first acquisition

The new branch-based broking network launched by former Equity Insurance Brokers directors Nick Potts and Mike Hutton, has made its first acquisition, Insurance Times can reveal.

NMJ Insurance Brokers, which received FSA authorisation last month, has bought Ridge Insurance Services based in Glossop, Derbyshire.

As reported by Insurance Times in July (see: Two former Equity directors launch high-street broker), Equity's former managing director, Potts and acquisitions and insurer development director, Hutton aim to build a branch network of between 15 and 20 NMJ Insurance shops in the North of England and the Midlands. Funding was provided John Wilson and Gareth Hooper, both directors of Wilson Insurance Group.

Newly acquired Ridge Insurance was originally established in 1970 and now has more than 4000 commercial and personal clients. The business has been acquired from Gareth Morris who, going forward, will concentrate on his other brokerage based in Rhyl, Wales.

“We are delighted to have acquired Ridge Insurance which is a large branch and has an excellent local reputation in a very busy town” said NMJ Insurance director Potts. “We are looking forward to working with the existing ten-strong team to further develop the business going forward and help achieve its full potential. The team have extensive insurance experience and all employees, including the original founders Bill Higginbottom and Allen Bouchier, will remain with the business.”

Hutton added: “This acquisition fits perfectly with our strategy to buy quality, established businesses in communities which have strong customer loyalty and, by virtue of being located in good underwriting areas, can also provide excellent returns for our insurer partners. The high levels of recommendations and strong retention rates demonstrate the strength of the business and the support received from the local community”.

Gareth Morris said “I am really pleased that NMJ Insurance has acquired Ridge Insurance and will continue to trade from the existing premises in Glossop. This deal will ensure that the business can continue to go from strength to strength and secures the future for the existing staff."