JMG Group expands portfolio and geographical reach with acquisition

Broker JMG Group has acquired BQI Insurance and sister company BQI Protection to expand its portfolio and geographical reach in the UK.

BQI Insurance, which was established in 2006 by co-founders Andy Brown and Sean Quinn, specialises in construction, fleet and motor trade, as well as difficult to place risks.

Its sister broker was formed 12 years later in 2018 and focuses on personal cover, business protection and employee benefits.

JMG said the acquisition would strengthen its profiles in these sectors, increase headcount by 46 people and add £25m worth of gross written premium (GWP) to the group.

The move will also expand JMG’s geographical reach, with the acquired businesses having a presence in London, Wellingborough and Perth.

Nick Houghton, JMG chief executive, said: “Andy and Sean have built a great business and absolutely share our obsession with organic growth and data.

“To have an opportunity to invest in the team and help them continue their growth and success is a real privilege and one I’m looking forward to being part of. A big thank you must go to Andy and Sean for approaching us when they were thinking about their next chapter.”

Brown added that being bought by the group “is a great opportunity for our businesses to continue to flourish whilst retaining our identity”.

“JMG is an excellent fit for our business as it aligns with our family style and people focus, allowing us to do what we do best, which is looking after our clients and winning business,” he added.

Robertson

The acquisition will also see Malcolm Robertson, who who holds a 50% stake in BQI Protection, join JMG.

Robertson has helped the firm expand through recruitment and by broadening the range of insurer options.

“Welcoming Malcolm on board will also bring valuable expertise to the wider group,” Houghton said.

Robertson added: “Being a part of JMG will provide a tremendous opportunity for the group to leverage the advice and products we can provide, fostering substantial growth for all involved.”