Leeds-based insurance broker JMG Group has acquired Wokingham-based commercial broker BJP Insurance Brokers, marking its 14th purchase since 2020.
Financial terms of the deal were not revealed.
The acquisition has propelled JMG over the £200m threshold in gross written premiums (GWP).
JMG Group CEO Nick Houghton said: “In BJP, we have found another great business to join forces with to help Andrew and his team with their growth plans.
“The added dimension of an underwriting division is exciting as this is something we’ve been thinking about for some time now.”
As part of the deal, 60 BJP Insurance employees have joined JMG Group, expanding the latter’s staff strength to more than 420.
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This includes BJP Insurance managing director Andrew Brown, who will remain invested in and continue to lead the business.
The firm’s founding directors Barry McGoun and John Finch will retire.
Brown noted: “It was important for us to find a home where we could continue building on all we have created over the last 25 years.
“When we met the JMG team, they just felt like the right partner for us. The JMG support, scale and approach will undoubtedly be good for our team, our customers, and our retail and underwriting divisions.”
BJP Insurance focuses on the building, construction, agricultural machinery, as well as security industries while also having its own specialist underwriting division – Focus.
The firm, set up in 1997, records more than £37m in GWP annually across its retail and underwriting divisions.
JMG Group has continued its growth trajectory since its management buyout in 2020.
In June this year, the firm snapped up Scotland’s independent broker GS Group, retaining 50 of the Scottish firm’s employees.