JMG Group, a UK-based insurance broker, has announced the acquisition of BQI Insurance and its sister company BQI Protection for an undisclosed sum.
BQI Insurance’s purchase is expected to bolster JMG Group’s presence in the construction, fleet and liability insurance sectors and enhance its client servicing capabilities across the board.
It will see JMG Group’s workforce grow by 46 employees and its gross written premium increase by £25m.
With this development, JMG Group extends its reach with additional offices in London, Wellingborough and Perth.
Andy Brown and Sean Quinn founded BQI Insurance in 2006.
It focuses on construction, fleet and motor trade insurance, and is said to bring expertise in handling difficult-to-place risks.
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Meanwhile, the acquisition of BQI Protection, a broker specialising in personal cover, business protection and employee benefits, promises to diversify JMG Group’s portfolio.
Since its establishment in August 2018 by co-founders Brown, Quinn, and Malcolm Robertson, BQI Protection is said to have been on an upward trajectory.
With a 50% stake, Robertson is leading BQI Protection, which is focused on recruitment, expanding insurer options and revenue growth.
JMG Group CEO Nick Houghton said: “Andy and Sean have built a great business and absolutely share our obsession with organic growth and data. Welcoming Malcolm on board will also bring valuable expertise to the wider group. To have an opportunity to invest in the team and help them continue their growth and success is a real privilege, and one I am looking forward to being part of.”
Brown added: “The investment is a great opportunity for our businesses to continue to flourish whilst retaining our identity. We never rest on our laurels; we want to be on the front foot and we believe partnering with JMG Group will give us the added competitive edge we desire. It offers a significant opportunity for our employees to grow their portfolios and develop professionally.”
Earlier this year, JMG Group-owned Astute Insurance Solutions completed the acquisition of Sandhouse, a property insurance specialist.
