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July 2022

Seventeen Group completes refinancing

Seventeen Group completes refinancing 1920 1280 James Hallam

Seventeen Group has completed the raising of new debt funding with Ares Management. This structure replaces the previous debt funding provided by Beechbrook Capital and provides Seventeen Group with significant increased capability to continue its long-term growth plans.

The arrangement also allows the Group to continue its long-term partnership with Virgin Money.

Seventeen Group CEO Paul Anscombe Comments:

“This is an important milestone for the Group as it provides a long-term funding partnership relationship.

As a leading independent insurance business, it was important for us to continue with a debt based structure. We are owner-managed and focused on the long-term development of our broking and underwriting businesses. Ares are a highly respected financier in our sector who will undoubtedly add value to our business and support our growth.

I would also like to offer our sincere thanks to the team at Beechbrook Capital, who have been supportive throughout, to our advisers Tatsu, and also to Andy Swann, our Group Finance Director, for overseeing the significant work involved when carrying out a review of this nature.

This is the perfect time to have completed our funding structure. The market is producing significant opportunities and we believe that we are well placed as a true independent to capitalise upon these”.

A new Penzance office

A new Penzance office 1920 1280 James Hallam

As part of its ongoing expansion in the Southwest, Seventeen Group’s Cornish team has moved to a larger premises in Penzance.

The move comes with significant changes for the broker; merging the Marine and Marine Trades teams, which will now be known collectively as Everard Insurance Brokers inc. Christopher Rowe. The remaining parts of the business will continue to trade as James Hallam.

Paul Anscombe, CEO, Seventeen Group comments: “The Christopher Rowe team in Penzance are now very much part of our business following their acquisition last year, and the brand change on marine enables them to adopt the highly valued Everard name in this sector. The team is growing and so we took the opportunity to move into exciting new premises close to the existing office, remaining part of the community.”

“Our acquisition of Torbay Insurance Services this year has expanded our presence in the Southwest to Plymouth, Penzance, and Torquay. We have several specialist sectors highly relevant to this region including marine, marine trades, hotels, travel, and fish processors.”

Brendon Ladner, branch manager, Penzance adds: “Having lived in Penzance my whole life, it is great to see a national company recognise the value of having a Cornish office. This is a huge investment within Penzance, and I look forward to overseeing a period of growth, along with being involved and supporting the local community wherever possible. This is also an excellent opportunity for local people to build a professional career with a forward thinking company, whilst living in the most beautiful part of the world.”