Newcastle-based insurance broker and risk management firm The Sphere Group has been acquired by a Leeds rival.
Established in 2009, The Sphere Group was a Gauntlet Group network member before being acquired by JM Glendinning Group, which has its head office in Leeds.
The business will continue to trade as The Sphere Group and retain its team of seven insurance professionals, including managing director Alan Oliver.
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Sphere is a £4m gross written premium income business, providing insurance broking services to a variety of businesses and high net worth individuals.
It will move to the premises of JM Glendinning Insurance Brokers North East, at Gosforth Business Park, which has been part of the JMG Group since 2013, joining 23 JM Glendinning staff who work predominantly with SME clients in the Newcastle office.
Alan Oliver, who has worked in insurance broking for over 22 years, said: “We have come a very long way since we set up the business in 2009. We have grown year on year and my team has expanded to support this growth. The time was right for the business to move away from the network model of broking and to enter this next phase of expansion. I am excited to work with the other JMG Group businesses to offer even better access to markets and services for our clients’ benefit.
“I started to explore the market last year and JM Glendinning Group presented the best opportunity for our business, without compromising what we have built up. I knew that staff would be safe and could see how being part of the Group would be mutually beneficial. Having worked with JMG Group CEO Nick Houghton and group commercial director Neil Forrest in a previous role, I knew that it would be a wise move for the business with them at the helm.”
Nick Houghton, JMG Group’s CEO said: “Sphere is another great addition to our group, further expanding our coverage both geographically and in the services we provide. The company has an impressive record, particularly in terms of staff and client retention, and it stands out as a business which is well managed and has a quality team that is valued by its clients. Being part of the JMG Group will further enhance Sphere’s services and give them even greater market strength.”
