Senior people moves announced as broker receives major investment

The Broker Investment Group (TBIG) has taken a majority shareholding in JPM Group, the holding company for Beam Insurance Solutions.

Following the 49% stake taken in March 2023, TBIG have purchased the remaining shares from managing director Dave Johnston.

TBIG said it had made the move as its sees Beam as one of its new “regional powerhouse” brokers.

It currently controls circa £14m in gross written premiums (GWP) – TBIG has set a target for the firm to achieve over £20m GWP within three years.

“We are excited that we have been able to deepen our relationship with Beam and take on a further shareholding,” Dave Clapp, chief executive at TBIG, said.

Moves

Johnston will stay with the business post completion and move to the role of chairman, supporting the management team.

Steve Faulkner will move into the role of managing director and lead the business post completion and will be supported by Sarah Cooksey.

“Both are key to the success of Beam and vital to delivering our growth plans. It’s great to have them as shareholders in the business alongside TBIG,” Clapp said.

“This new investment is a further step towards our £400m GWP target and becoming a true powerhouse in the regional broker space.”

Johnston added: “I wanted a plan that worked for my team as much as it did for me. TBIG supported my plan to bring my direct reports in as equity holders in the business 18 months ago and that was a great move forward.

“Having now worked closer with TBIG for a period, I am comfortable the time is right to sell my remaining holding.

“I look forward to my continued involvement in the business and supporting Steve and Sarah as they step forward to take on the day to day management.”