British insurance broker JMG Group has bolstered its national foothold with the purchase of Stoke-on-Trent-based New Era.
Financial terms of the transaction were not shared.
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An independent HGV and motor trade insurance broker, New Era was established in January 2020 at the onset of the pandemic.
The firm, earlier an appointed representative of Gauntlet Group, adds £2m of gross written premium to JMG.
As part of the deal, the firm’s four employees have joined JMG.
JMG Group CEO Nick Houghton stated: “Bringing New Era into our group supplements our existing experience in this specialist market and will open up further opportunities for us in the wheels-based insurance arena.”
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By GlobalDataNew Era will continue trading under its existing brand.
It will remain under the leadership of its directors Ella Burgess and Nathan Pedley, who have a total experience of 17 years in the insurance sector.
Burgess said: “We had outgrown the appointed representative model and were looking at routes to support our accelerated growth ambitions.
“This sale gives us the best of both worlds – Nathan and I remain autonomous and client focussed but with the added benefit of having access to a wider market and business security as we move into the next development phase.”
In recent years, JMG has been on a buying spree.
Last year in November, it purchased Wokingham-based commercial broker BJP Insurance Brokers.
