BQI Insurance and sister firm acquired by Yorkshire group
YORKSHIRE-BASED insurance firm JMG Group has acquired BQI Insurance and sister company BQI Protection.
The move will increase the JMG Group team by 46 people and gross written premium by £25m, as well as expanding the group’s geographical reach to London, Wellingborough and Perth.
JMG said the acquisition represents a “strategic move”, which will strengthen its profile in the construction, fleet and liability insurance sectors, as well enhancing its client servicing capabilities. JMG added that both firms “share its passion” for driving organic growth
BQI Insurance was established in 2006 by co-founders Andy Brown and Sean Quinn. It specialises in construction, fleet and motor trade, as well as difficult to place risks.
Mr Brown said: “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.
“JMG Group is an excellent fit for our business as it aligns with our family style and people focus, allowing us to do what we do best which is looking after our clients and winning business. We’re excited to collaborate, grow and learn from our colleagues across the group, which does not feel too large.”
JMG Group has also acquired BQI Protection, a personal cover, business protection and employee benefits insurance broker. It was established in August 2018 by Mr Brown and Mr Quinn, as well as Malcolm Robertson, who holds a 50 per cent stake in the venture.
Under Mr Robertsn’s leadership, the team plans to expand through recruitment and broadening its range of insurer options. The firm is also aiming for “notable” revenue growth.
Mr Robertson said: “Being a part of JMG will provide a tremendous opportunity for the group to leverage the advice and products we can provide, fostering substantial growth for all involved.”
Nick Houghton, JMG Group CEO, 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’m looking forward to being part of.
“A big thank you must go to Andy and Sean for approaching us when they were thinking about their next chapter.”