JM Glendinning targets £50m GWP in the next two years

Nick Houghton JM Glendinning

Business has just opened a new office in Blackburn, headed by Towergate recruit Matthew Stuttard.

JM Glendinning is hoping its franchise model will assist the business in growing from £37m in GWP to £50m within the next couple of years, according to Nick Houghton, group managing director.

The announcement came alongside the creation of JM Glendinning’s eighth regional office earlier this week.

The firm founded an office in Blackburn with Matthew Stuttard as managing director, taking him from Towergate.

“Inevitably, that [growth] is going to involve setting up another business or two,” Houghton noted.

Houghton explained JM Glendinning’s business model to Insurance Age.

“We find who we think are really good people and we essentially set a business up around them,” he commented.

“I think there’s an opportunity for us to replicate this now. We’ve done it several times and we’ve got a model that works.”

Houghton pointed to JM Glendinning’s Newcastle office as a particular success story.

“We sponsored [managing director] Neil Forrest and now he’s got £3m in GWP, 20 people, and a fantastic business,” he stated.

He continued: “The only reason why we have a business in Newcastle is because Neil lived there and wanted to build a business there.”

Houghton told Insurance Age that JM Glendinning would continue to take this people-first approach to expansion.

“Geography is secondary to the person. It’s all about the person,” he stated.

Using Stuttard as the most recent example, Houghton states that the business had been searching for someone in the north west “for a couple of years”.

“The combination of Matt and his business plan was perfect,” he commented.

JM Glendinning is already looking at the future for Stuttard’s new operation in Blackburn, which will focus on writing SME business.

“Over the next couple of years, our model is to get a couple more executives, two or three handlers, and get the business to a critical mass,” explained Houghton.

“We’ll then move out of serviced offices into an office with our name above the door.”

The plan all hangs on JM Glendinning’s faith in its carefully selected recruit.

“I think Matt can do the hardest thing in insurance – which is to start from a zero base and carve out a business,” Houghton concluded.

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