GTCR to buy into JMG Group alongside Synova

By Rebecca Delaney

May 14 - (The Insurer) - Private equity firm GTCR has signed a definitive agreement to acquire UK insurance broker JMG Group, in partnership with existing investor Synova.

The transaction is expected to close in the third quarter of 2025.

JMG's existing management team, led by CEO Nick Houghton, will continue to operate the business and retain equity ownership.

Headquartered in Leeds, JMG provides risk management solutions to small and medium-sized enterprises and high-net-worth individuals.

The business was founded in 2020 through a partnership between Houghton and chairman Tim Johnson.

JMG said it places more than 350 million pounds ($466 million) in gross written premium annually.

GTCR previously founded brokerages Alliant Resources and AssuredPartners, as well as investing in insurance carrier Ironshore, high-net-worth insurance brokerage Winged Keel, and insurance technology and data companies itel and Solera.

GTCR said the partnership with JMG further builds on its track record as it continues supporting platforms across the entire insurance value chain.

"The JMG partnership builds on GTCR's successful track record of backing proven leaders and high-quality businesses across Europe, particularly in markets like the UK insurance sector where we have deep history across several deals. That history creates domain expertise and conviction regarding the sector's strong long-term fundamentals," said Michael Hollander, managing director at GTCR.

"We're excited to support JMG in partnership with Synova during this next chapter and help accelerate their continued growth in a market and geography we know well."