GTCR partners with Synova to accelerate JMG’s expansion across UK insurance market

Private equity firm GTCR has signed a definitive agreement to acquire leading UK insurance broker JMG Group, in partnership with existing European mid-market investor Synova.

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

Headquartered in Leeds, UK, and founded in 2020 through a partnership between CEO Nick Houghton and Chairman Tim Johnson, JMG provides comprehensive risk management solutions to small and medium-sized enterprises and high-net-worth individuals.

Since its inception, the company has rapidly grown to become a top 30 UK broker, handling over £350 million in annual gross written premium.

With a team of over 750 insurance professionals across the country, JMG has a differentiated strategy of acquiring local and regional brokerages and leveraging its platform to enable local offices to deliver above-market organic growth.

GTCR and Synova will collaborate to support JMG’s existing management team, which will continue to operate the business and retain substantial equity ownership.

Houghton commented: “From the start, we’ve built JMG with a client-first culture and a centralized platform that enables our teams to deliver exceptional service. That foundation has fueled our rapid growth and made JMG a natural home for entrepreneurial brokerages across the UK.

“With the GTCR partnership, we’re joining forces with a team that shares our long-term vision and core values, and we look forward to leveraging their expertise to accelerate our growth and continue delivering lasting value to our trusted clients.”

JMG is the latest addition to GTCR’s long history of investing in the insurance sector. GTCR’s prior ventures include the founding of brokerages Alliant Resources and AssuredPartners, as well as investing in high-net-worth insurance brokerage Winged Keel, insurance carrier Ironshore and insurance technology and data companies itel, Solera and UK-based Premium Credit Limited.

The partnership with JMG reinforces GTCR’s commitment to supporting prominent platforms across the entire insurance value chain.

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Private equity firm GTCR has signed a definitive agreement to acquire leading UK insurance broker JMG Group, in partnership with existing European mid-market investor Synova. The transaction is expected to close in the third quarter of 2025. Headquartered in Leeds, UK, and founded in 2020 through a partnership between CEO Nick Houghton and Chairman Tim…