Private equity firm GTCR announced that it has signed a definitive agreement to buy leading UK insurance broker JMG Group in partnership with existing investor Synova LLP, a leading European mid-market investor. GTCR and Synova will collaborate to support JMG’s strong management team, led by CEO Nick Houghton, which will continue to operate the business and retain substantial equity ownership.
Based in Leeds, United Kingdom, JMG Group is a leading UK insurance broker providing comprehensive risk management solutions to small and medium-sized enterprises and high-net-worth individuals. Launched in 2020 through a partnership between CEO Nick Houghton and Chairman Tim Johnson, JMG has rapidly scaled into a major broker, placing over £350 million in gross written premium annually. With a team of 750+ insurance professionals nationwide, JMG has a differentiated strategy of acquiring local and regional brokerages and leveraging its platform to enable local offices to deliver above-market organic growth.
JMG also represents the latest partnership in GTCR’s long history of investing in the insurance ecosystem. And GTCR previously founded brokerages Alliant Resources and AssuredPartners and invested in high-net-worth insurance brokerage Winged Keel, insurance carrier Ironshore and insurance technology and data companies itel, Solera and UK-based Premium Credit Limited. This deal with JMG further builds on that track record as GTCR continues supporting leading platforms across the entire insurance value chain.
Advisors/counsel: Morgan Stanley and Jefferies Group acted as financial advisors, and Kirkland & Ellis acted as legal counsel to GTCR.
KEY QUOTES:
“JMG is an exceptional business with a proven track record of M&A execution and organic growth, driven by the outstanding leadership of Nick Houghton and his team. At GTCR, we empower talented leaders to drive transformational growth in great businesses, while preserving the values and culture that made them successful. We believe Nick and the JMG team exemplify this approach, and we are excited to partner with them to support the next phase of growth, drawing on insights from our decades of successful investments in the insurance sector.”
Aaron Cohen, Managing Director and Head of Financial Services & Technology at GTCR
“From the start, we’ve built JMG with a client-first culture and a centralized platform that enables our teams to deliver exceptional service. That foundation has fueled our rapid growth and made JMG a natural home for entrepreneurial brokerages across the UK. With the GTCR partnership, we’re joining forces with a team that shares our long-term vision and core values, and we look forward to leveraging their expertise to accelerate our growth and continue delivering lasting value to our trusted clients.”
Nick Houghton, CEO of JMG Group
“The JMG partnership builds on GTCR’s successful track record of backing proven leaders and high-quality businesses across Europe, particularly in markets like the UK insurance sector where we have deep history across several deals, including Premium Credit Limited and Callcredit Information Group. That history creates domain expertise and conviction regarding the sector’s strong long-term fundamentals. We’re excited to support JMG in partnership with Synova during this next chapter and help accelerate their continued growth in a market and geography we know well.”
Michael Hollander, Managing Director at GTCR
