British insurance coverage dealer JMG Group has bolstered its nationwide foothold with the acquisition of Stoke-on-Trent-based New Period.
Monetary phrases of the transaction weren’t shared.
An impartial HGV and motor commerce insurance coverage dealer, New Period was established in January 2020 on the onset of the pandemic.
The agency, earlier an appointed consultant of Gauntlet Group, provides £2m of gross written premium to JMG.
As a part of the deal, the agency’s 4 staff have joined JMG.
JMG Group CEO Nick Houghton acknowledged: “Bringing New Period into our group dietary supplements our present expertise on this specialist market and can open up additional alternatives for us within the wheels-based insurance coverage enviornment.”
New Period will proceed buying and selling beneath its present model.
It should stay beneath the management of its administrators Ella Burgess and Nathan Pedley, who’ve a complete expertise of 17 years within the insurance coverage sector.
Burgess stated: “We had outgrown the appointed consultant mannequin and had been routes to assist our accelerated development ambitions.
“This sale offers us the very best of each worlds – Nathan and I stay autonomous and consumer focussed however with the additional benefit of getting access to a wider market and enterprise safety as we transfer into the subsequent improvement section.”
In recent times, JMG has been on a shopping for spree.
Final 12 months in November, it bought Wokingham-based business dealer BJP Insurance coverage Brokers.
