LONDON — U.S. private equity firm GTCR has announced a definitive agreement to acquire JMG Group, a leading UK-based insurance brokerage, in partnership with existing investor Synova. The transaction is slated for completion in the third quarter of 2025, pending regulatory approvals.
Founded in 2020 through a partnership between CEO Nick Houghton and Chairman Tim Johnson, JMG Group is headquartered in Leeds and has quickly emerged as a top 30 insurance broker in the UK. The firm manages over £350 million in gross written premium annually and serves both small and medium-sized enterprises (SMEs) and high-net-worth clients with a broad portfolio of risk management solutions.
JMG’s rapid growth has been driven by a buy-and-build strategy, acquiring local and regional brokerages while empowering them to achieve above-market organic growth through the company’s centralized platform. The firm currently employs more than 750 insurance professionals nationwide.
Under the terms of the deal, GTCR and Synova will support the existing management team, which will retain significant equity and continue to lead the business.
“From the start, we’ve built JMG with a client-first culture and a centralized platform that enables our teams to deliver exceptional service,” said CEO Nick Houghton. “That foundation has fueled our rapid growth and made JMG a natural home for entrepreneurial brokerages across the UK. With GTCR, we’re joining forces with a partner that shares our long-term vision and values.”
GTCR brings a strong track record in the insurance industry. Its past investments include the founding of Alliant Resources and AssuredPartners, as well as stakes in Winged Keel, Ironshore, and several insurance technology and data firms including Solera, itel, and Premium Credit Limited.
The acquisition marks the latest in GTCR’s strategic efforts to back high-growth platforms across the insurance value chain, reinforcing its commitment to the sector.
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