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JMG Group, a UK-based insurance coverage dealer, has introduced the acquisition of BQI Insurance coverage and its sister firm BQI Safety for an undisclosed sum.
BQI Insurance coverage’s buy is predicted to bolster JMG Group’s presence within the building, fleet and legal responsibility insurance coverage sectors and improve its shopper servicing capabilities throughout the board.
It would see JMG Group’s workforce develop by 46 workers and its gross written premium enhance by £25m.
With this growth, JMG Group extends its attain with further places of work in London, Wellingborough and Perth.
Andy Brown and Sean Quinn based BQI Insurance coverage in 2006.
It focuses on building, fleet and motor commerce insurance coverage, and is alleged to deliver experience in dealing with difficult-to-place dangers.
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In the meantime, the acquisition of BQI Safety, a dealer specialising in private cowl, enterprise safety and worker advantages, guarantees to diversify JMG Group’s portfolio.
Since its institution in August 2018 by co-founders Brown, Quinn, and Malcolm Robertson, BQI Safety is alleged to have been on an upward trajectory.
With a 50% stake, Robertson is main BQI Safety, which is targeted on recruitment, increasing insurer choices and income development.
JMG Group CEO Nick Houghton mentioned: “Andy and Sean have constructed a terrific enterprise and completely share our obsession with natural development and information. Welcoming Malcolm on board may also deliver worthwhile experience to the broader group. To have a possibility to spend money on the crew and assist them proceed their development and success is an actual privilege, and one I’m wanting ahead to being a part of.”
Brown added: “The funding is a good alternative for our companies to proceed to flourish while retaining our identification. We by no means relaxation on our laurels; we wish to be on the entrance foot and we imagine partnering with JMG Group will give us the added aggressive edge we need. It provides a big alternative for our workers to develop their portfolios and develop professionally.”
Earlier this yr, JMG Group-owned Astute Insurance coverage Options accomplished the acquisition of Sandhouse, a property insurance coverage specialist.
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