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.”