JMG Group has acquired its 40th business with the purchase of London-based Confidential Solutions Group. This acquisition includes a managing general agent (MGA) and a Lloyd’s broker.
The acquisition brings together Platinum Underwriting (an MGA), Lloyd’s broker Leadenhall Insurance Brokers, and retail broker Confidential Solutions Ltd.
Since its founding by Managing Director Kevin Carrabine in 2002, Confidential Solutions has grown to a combined £8mn ($10.7mn).
Carrabine and 13 other employees will join JMG Group. Nick Houghton, CEO of JMG Group, stated, “Reaching 40 investments since our management buyout in 2020 is a significant achievement. It’s a great opportunity for Kevin and his team to grow the three businesses further, supported by their new colleagues and adding value for JMG Group clients with Lloyd’s and MGA expertise.”
In another recent U.K. acquisition, specialist insurance and reinsurance broker BMS Group agreed to buy David Roberts & Partners (DR&P) from private equity firm Inflexion.
DR&P employs nearly 400 staff across 25 offices in the U.K. and Europe, managing over £620mn ($795.8mn) in gross written premium.
by Yana Keller