In the rapidly evolving landscape of the insurance industry, the tension between massive corporate consolidation and the preservation of local, high-touch service has never been more apparent. Simon Glairy stands at the intersection of this shift, offering a veteran perspective on how mid-market firms navigate the complexities of mergers and acquisitions without losing the specialized expertise that defines them. As a recognized expert in risk management and the integration of advanced assessment tools, Simon has witnessed firsthand how the influx of institutional capital often clashes with the deeply rooted culture of family-owned brokerages. With the recent news of JMG Group expanding its footprint through three strategic acquisitions across the United Kingdom, Simon provides an essential lens through which to view these moves. He explores the delicate balance of maintaining generational trust while leveraging the resources of a larger network, particularly as global deal values hit historic highs despite a cooling in overall transaction volume.
This conversation delves into the strategic rationale behind acquiring heritage-rich firms like Jaggi Insurance Brokers and the referral-driven Canfield Payne Insurance Consultants, while also examining the diversification into non-broking compliance through Safetynet Scotland. We analyze the divergence in the 2026 M&A market, where European buyers are outperforming their North American counterparts, and consider what this means for the future of regional insurance expertise.
Jaggi Insurance Brokers has been a fixture in the London market since 1972, representing over five decades of family ownership and localized trust. When a larger entity like JMG Group steps in, how can they effectively protect that generational character while still implementing the operational changes necessary for growth?
The transition of a business that has operated for more than 50 years is a deeply personal endeavor, especially for a firm like Jaggi Insurance Brokers which was founded by Jagdish Chaudhry and is now stewarded by his son, Akhil. In an office where 12 dedicated professionals manage high-stakes risks in property, construction, and manufacturing, the value isn’t just in the ledger—it is in the “pick up the phone” accessibility that clients have relied on since 1972. To protect this legacy, a consolidator must adopt a “support and retain” model rather than an “integrate and rebrand” strategy, ensuring that the existing team feels like their history is an asset rather than a hurdle. By maintaining the firm’s leadership and cultural philosophy, JMG allows the business to keep its momentum while providing the heavy-duty technical resources and wider insurer relationships that a smaller firm might struggle to secure on its own. It is about preserving that sensory experience of a trusted family office—the personal recognition and the deep-seated reliability—while quietly reinforcing the foundation with the scale of a larger independent group.
Canfield Payne Insurance Consultants has managed to build a robust portfolio in West Sussex over 25 years with almost no outbound sales, relying instead on repeat business and referrals. What does this tell us about the current value of “soft” assets like reputation in a market that is increasingly dominated by data and automated risk assessment?
A 25-year track record built on the quiet power of a referral is the ultimate testament to client satisfaction and retention, particularly in sensitive areas like high-net-worth home insurance and complex commercial risks. In an era where many firms are chasing volume through aggressive digital marketing, a firm like Canfield Payne proves that the most valuable data point is a recommendation from a long-standing client. For a group like JMG, acquiring a firm with such a sticky client base is a strategic masterstroke because it mitigates the typical post-acquisition churn that haunts many mergers. This model relies on a level of “technical resource” and personal service that creates a protective moat around the business, which is exactly why St John Canfield Payne sought to broaden his firm’s access to insurer markets through this deal. It demonstrates that while AI and automation are transforming the industry, the human element—the trust that someone will navigate a claim with care—remains the most sought-after asset for consolidators.
The acquisition of Safetynet Scotland in Aberdeen represents a move away from traditional broking and into health and safety consultancy and ISO management systems. Why is it becoming essential for insurance networks to integrate these non-broking, compliance-heavy services into their regional portfolios?
The expansion of JMG’s Scottish reach through Safetynet Scotland highlights a significant trend where risk management and insurance broking are becoming indistinguishable in the eyes of the client. For over two decades, this Aberdeen-based consultancy has been on the front lines for organizations in agriculture, manufacturing, and care, providing fire risk assessments and safety audits that directly influence a firm’s insurability. By bringing this expertise in-house, a network can offer a holistic “risk-and-compliance” ecosystem that moves beyond just selling a policy to actually improving the client’s risk profile from the ground up. This cultural alignment, as Craig Cooper noted, allows the group to provide a more sophisticated service where the “boots-on-the-ground” safety check in a manufacturing plant informs the coverage strategy in the boardroom. It transforms the broker from a mere intermediary into a vital business partner, deeply embedded in the client’s operational health.
JMG Group CEO Nick Houghton mentioned that the identity and service standards of these firms are their primary assets. In your experience, what are the biggest risks when a consolidator tries to force a “one-size-fits-all” corporate identity onto firms that have spent decades cultivating a specific local reputation?
The biggest risk is the immediate erosion of “goodwill,” which is often the most expensive item on the balance sheet during a merger. If a firm like Jaggi Insurance Brokers, which has spent 54 years building a name in London, is suddenly forced into a generic corporate mold, the emotional connection with the client base can snap overnight. Clients who are used to a specific family-run character might feel like they are being transitioned to a faceless call center, leading to a spike in attrition that can ruin the financial projections of the deal. Nick Houghton’s approach of allowing these teams to retain their leadership and identity is a safeguard against this “identity shock,” ensuring that the 12 people in the London office or the specialists in West Sussex continue to feel ownership over their work. When you preserve the culture, you preserve the talent and the clients, which is the only way to ensure the $438 billion in global deal value we’ve seen recently actually translates into long-term stability rather than temporary growth.
Looking at the global data from early 2026, we see a staggering 155% increase in total completed deal value, reaching $438 billion, even though the actual number of transactions fell. How do you explain this “divergence between volume and value” and what does it suggest about the health of the insurance M&A sector?
This divergence is a classic signal of a “flight to quality” and a concentration of capital in mega-deals at the upper end of the market. According to WTW, the first quarter of 2026 saw 12 transactions valued at $10 billion or more—the highest since tracking began in 2008—which artificially inflates the total value even as mid-market volume contracts by 12%. It suggests that while the “easy money” for smaller, speculative deals may have cooled off due to shifting private equity dynamics—where volume dropped 32%—the appetite for high-value, strategically vital assets remains insatiable. For a company like JMG, operating in the UK mid-market where deal volume remained relatively flat, this environment provides a stable backdrop to pick up high-quality, owner-managed firms that might be overlooked by the giants chasing those $10 billion targets. It is a bifurcated market where the top end is seeing massive, transformative shifts, while the regional level focuses on specialized, sustainable consolidation.
In the first quarter of 2026, European buyers outperformed their benchmark index by 6.0 percentage points across 40 deals, while North American acquirers underperformed. What is driving this superior performance in Europe, and how does it affect the strategy of UK-based consolidators?
European buyers, particularly in the UK, have mastered the art of the “disciplined acquisition,” focusing on firms with embedded expertise rather than just buying for the sake of scale. This 6.0 percentage point outperformance suggests that the European market is better at valuing and integrating regional brokers without destroying the underlying profitability of the target. In contrast, the underperformance of North American acquirers by 5.4 percentage points over 117 transactions may point to a market that is over-saturated or struggling with the high costs of integration in a more fragmented landscape. For UK consolidators, this regional strength validates the strategy of targeting businesses with specific sector focus—like property or construction—and maintaining high service standards. It proves that the “European model” of consolidation, which emphasizes stability and cultural fit, is currently delivering better returns for shareholders than the high-volume, high-churn models seen elsewhere.
What is your forecast for the UK insurance consolidation market for the remainder of 2026?
I expect the UK market to remain a resilient outlier, maintaining a steady pace of consolidation even as global venture financing and private equity volumes continue to face downward pressure. While the global M&A volume fell roughly 7% year-on-year in the early months of 2026, the UK’s stability suggests that there is still a massive pipeline of retiring founders and family-run firms looking for the right exit strategy. We will likely see more deals that resemble the JMG transactions, where the focus shifts toward non-traditional insurance services like risk compliance and safety consultancy to provide a “one-stop-shop” for commercial clients. As long as regional consolidators continue to prioritize the “people and leadership” as their primary assets, we will see the UK mid-market continue to outperform global indices, proving that in the insurance world, local trust is the ultimate hedge against global volatility.
