Business

JM Glendinning snaps up Nowell & Richards

The group will provide a ‘complementary arm’ of high net worth clients to the Glendinning operation

JM Glendinning, an insurance broker firm, has announced the acquisition of the specialist insurance services group, Nowell and Richards, for an undisclosed sum.

Founded in 1975, Nowell and Richards acts as an independent broker, specialising in tailored and commercial insurance.

The group operates with a client base of corporate leaders, entrepreneurs, high-profile figures, and sports celebrities.

Richard Nowell, managing director at the group, will remain at the head of the business, which will now act as a “complementary arm” to Glendinning’s operations.

He said: “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.”

Glendinning experienced a management buyout in November 2020, led by Nick Houghton, CEO at the group, and backed by Synova, a private equity company.

Tim Johnson, executive chairman at 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.”

He added that in what has been a “busy start to the year,” the group aims to add value to its clients through an “advice-led approach, coupled with the added buying power that greater scale affords.”

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