UK-based The Broker Investment Group (TBIG) has secured a majority stake in JPM Group, the parent company of BEAM Insurance Solutions.
This acquisition is the eighth for the investment group within the current year and follows a previous 49% stake purchase in March last year.
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Established in 2005 and headquartered at The Waterfront in Brierley Hill, JPM Group employs more than 20 people across general insurance, financial services, and pensions.
The company relocated to its premises in 2008 and has since continued to develop its market presence.
TBIG’s latest move involves the purchase of the remaining shares from JPM Group chairman Dave Johnston.
The group envisions BEAM as a “regional powerhouse” broker and has set a target for the company to surpass £20m ($25.9m) in gross written premiums (GWP) within the next three years, TBIG said in a LinkedIn post.
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By GlobalDataBEAM Insurance Solutions currently manages approximately £14m in GWP.
With organic growth plans and three potential deals in the pipeline, TBIG is optimistic about reaching its GWP objective ahead of schedule.
Dave Johnston will maintain an active role in the company by assuming the position of JPM Group’s chairman post-acquisition.
He will support the management team and facilitate a smooth transition.
TBIG group CEO Dave Clapp said: “We are excited that we have been able to deepen our relationship with BEAM and take on a further shareholding.”
Meanwhile, Steve Faulkner, who is the strategic director of JPM Group, will transition to the role of managing director and spearhead the business after the completion, with operations director Sarah Cooksey providing support.
Insurance Business quoted JPM Group chairman Dave Johnston as saying: “I look forward to my continued involvement in the business, and supporting Steve and Sarah, as they step forward to take on the day-to-day management.
“The business has a great future, and I am looking forward to continuing to work with Steve, Sarah, and the wider TBIG team to continue the growth trajectory.”
TBIG is known for making both minority and majority investments in UK-based insurance brokers and managing general agents.
The company engages in partnerships for various strategic reasons, including succession planning, accelerated growth, as well as the provision of network-style products and services.
