GTCR, Synova Expected to Acquire UK Insurance Broker JMG Group

GTCR, a Chicago-based private equity firm, has agreed to acquire a stake in UK insurance broker JMG Group alongside existing investor Synova, with the deal expected to close in the third quarter of 2025. JMG, founded in 2020 and headquartered in Leeds, provides risk management solutions primarily to small and medium-sized enterprises and high-net-worth individuals, managing over £350 million in gross written premiums annually. The acquisition supports JMG's aggressive growth strategy, which includes over 46 acquisitions since Synova's initial investment and continued expansion through regional insurance brokerages. JMG's management team, led by CEO Nick Houghton, will retain equity ownership and continue operating the business. GTCR brings extensive experience in the insurance sector, having founded brokerages such as AssuredPartners and Alliant Resources, and intends to leverage this expertise to support JMG's next phase of growth. Synova will realize a significant return on investment but will reinvest through its fund, signaling continued confidence in JMG's long-term prospects.