Ian Mahony (left) and Andy Baggott have sold their company Astute Insurance Solutions
‘Deal propels company to next level’, says founder
Insurance giant JMG Group has completed the acquisition of Astute Insurance Solutions in Northampton.
The deal is part of JMG’s plans to double in size through growth and acquisitions in the next 12 months, following a management buy-out in November 2020.
Astute Insurance Solutions directors Ian Mahony and Andy Baggott, who founded the business in 2009, are retaining a stake in the business and staff will continue to provide insurance services under the Astute Insurance Solutions brand from the company’s office in Christchurch Road.
The acquisition takes JMG Group’s total acquisitions to six in just over a year and creates a hub in the East Midlands from which the group plans to expand further. Astute Insurance Solutions is a £6.5 million gross written premium business serving commercial and corporate clients across Northamptonshire and the rest of the UK.
JMG Group chief executive Nick Houghton said: “This acquisition gives us a strong foothold in the Northampton area that we will use to develop other acquisitions. We are very selective about the businesses we invest in, with the people and culture top of the list when it comes to diligence.”
Mr Mahony said: “The acquisition and the support gained from being part of a wider group will help propel us to the next level and give us greater security and strength in the market place which will ultimately benefit all our clients and our team.”
Mr Houghton completed the MBO of brokerage JM Glendinning with private equity backing from growth investor Synova. He added: “Ian and Andy have a great business and are a perfect fit for our group. We are delighted to welcome them to the team.”