Review of the Year 2023: JMG Group’s Nick Houghton

Nick Houghton, CEO of JMG Group, reflects on the handsome multiples being paid for brokers and why he does not like the phrase ‘direction of travel’.

Nick Houghton, CEO of JMG Group, reflects on the handsome multiples being paid for brokers and why he does not like the phrase ‘direction of travel’.

What has been your insurance/broking related highlight of 2023?

Growing the JMG team to 550 colleagues. I’m very proud of the growth and career opportunities we are creating.

What has been the most over-hyped insurance/broking buzzword or phrase of 2023?

I don’t like it when people use the phrase “direction of travel” - let’s keep our language clear and simple please.

What was the M&A deal or personnel hire that raised your eyebrows the most in 2023?

Without looking to fuel the Yorkshire stereotype, some of the handsome multiples being paid has left me at times looking like I’ve had a face lift.

On a scale of 1-10 how scared are you by the growth in use of AI with 10 being extremely worried?

Scared, no. Focused on it, yes. I still feel like our commercial customers will want to debate an increasingly risky world with a professional person for the foreseeable. AI can help with our efficiency, freeing up people to be there for our clients.

Are you expecting an FCA crackdown on premium finance and commission next year?

I subscribe to a simple philosophy here: our earnings are fair, sustainable and transparent, like the majority of brokers in the market.

Make one bold prediction for the insurance market in 2024, that you think MIGHT happen.

The wish about people answering phones in a timely fashion might come true. But then again, I’ve been wishing for more hair for quite some time and it’s not happened….

With a General Election set for 2024, what is the one thing any party could promise as a manifesto pledge that would make you guaranteed to vote for them?

Sadly, I don’t think pledges on the general insurance market will be a vote winner for any party next year.

Who would you cast as Barbie and Ken in an insurance related remake of the Barbie movie?

I haven’t seen the film.

On 1 January 2024, you have seven months of training ahead before the Olympics in Paris – what sport are you taking up with the best chance of making it?

The magnificent game of golf. Like insurance, it relies on trust, integrity and hard work.

Roll on to December 2024, what might have happened in the previous 12 months to have made it a ‘good year’ for you?

Aside from winning an Olympic gold, more of the same - investing in great people and businesses.

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JMG buys Madoc & Rhodes

JM Glendinning Insurance Brokers has purchased Birmingham-based Madoc & Rhodes, adding to its growing portfolio.

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