Commercial lines business JM Glendinning Insurance Brokers has unveiled an executive shake-up as the firm sees the completion of the management buyout (MBO) led by group managing director Nick Houghton and backed by growth investor Synova Capital.
It was announced that outgoing group chief executive Paul Glendinning, while not leaving entirely, will be scaling back his activity to working with key clients of the Yorkshire-headquartered brokerage.
Meanwhile arriving as executive chairman is former Stackhouse Poland CEO Tim Johnson. Also joining JM Glendinning, as a board advisor, is Stackhouse Poland founder Jeremy Cary.
Commenting on the MBO, Johnson stated: “Nick and his team have built an impressive platform, generating market-leading levels of organic growth.
“With Synova’s investment, combined with the partnership-orientated culture of JMG, we are extremely well-positioned to acquire a series of attractive and complementary brokers across the UK. I believe this combination truly differentiates us from our peers, and I’m really looking forward to helping the team develop.”
The goal, according to JM Glendinning, is to grow four-fold over the next half decade.
“I am delighted to have the backing of our new partners at Synova, and proud to be leading the business into this next chapter of growth in an exciting marketplace with our experienced team on board,” commented Houghton, who Insurance Business understands will now serve as CEO.
“I am also pleased that we have been able to allow [founder] John Glendinning to realise the value of what he and his late wife created nearly 50 years ago, as well as securing an independent future for the JMG team.”
JM Glendinning, which came to life in 1972, currently operates from six offices across the UK.