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Daily Insurance Industry News
Thursday 18th of October 2018
August 16, 2010

NMJ acquires Protheroe Insurance

by Gill Montia

Story link: NMJ acquires Protheroe Insurance

NMJ Insurance Brokers has acquired Protheroe Insurance, a Derbyshire-based firm set up in the 1930s and operating in Belper since 1968.

The company has been acquired from owner, Brian Milward, who is retiring from the business. All other staff are being retained.

NMJ was set up last year by former Equity Insurance Group directors, Nick Potts and Mike Hutton, with the aim of building a broker network of up to 20 branches in the Midlands and North of England.

Protheroe is its second acquisition, following the purchase of Ridge Insurance, in January.

Commenting on the expansion, Mr Hutton says: “This acquisition fits perfectly with our strategy to buy quality, established businesses in communities which have strong customer loyalty and, by virtue of being located in good underwriting areas, can also provide excellent returns for our insurer partners.”

He adds: “The high levels of recommendations and strong retention rates demonstrate the strength of the business and the support received from the local community”.

 

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