Leeds insurance broker completes acquisition in plans to quadruple growth

A Yorkshire insurance broker has announced that it has completed the acquisition of a specialist insurance services firm.

JM Glendinning, based in Leeds, has acquired Staffordshire specialist insurance services firm Nowell & Richards for an undisclosed sum.

The company has said that the acquisition will add a “complementary” arm to the business, and is part of its plans to grow its business four-fold over the next five years.

Richard Nowell, managing director of Nowell & Richards, commented: “JM Glendinning is a like minded, independent and respected Top 75 insurance broker and we both saw an opportunity to add a new, complementary arm to their business focused on high net worth clients and associated commercial lines.”

Tim Johnson, executive chairman of JM Glendinning, said: “Welcoming Richard and his team to the group represents the next step in an exciting growth journey for JM Glendinning.

“We plan to supplement our strong organic growth with a series of complementary, strategic acquisitions that will see the business grow four-fold over the next five years.

“Our aim is not to replicate the consolidators but to continue adding value to our clients through an advice-led approach, coupled with the added buying power that greater scale affords.

“It’s been a busy start to the year, which looks set to continue over the months and years ahead.”

Grant Thornton and Osborne Clarke advised JM Glendinning on the deal. IMAS and Gateley Manchester acted for Nowell & Richards.