News

Seventeen Group is pleased to announce our 2022 results.

Overall Group income rose by 19% from £31.2M to £37.2M and adjusted EBITDA increased by 34% from £4.8M to £6.4M. Four acquisitions were made in 2022 and when the full year impact of these acquisitions are taken into account our EBITDA increases to £7.6M.

Whilst acquisitions have long been part of Seventeen Group’s growth strategy, organic growth remains key. The broking subsidiary, James Hallam, has seen the Hospitality Division grow from £2M to £2.6M in the period and the new Events Team (established in late 2021) grew to £628K.

Touchstone, the Group’s MGA established in 2007, saw further growth in 2022 increasing revenue from £5.7M to £6.1M. Gross Written Premium for Touchstone exceeded £50M.

To support our M&A strategy, in 2022 we established a new funding structure with Ares. Whilst one off costs associated with the setup of the facility impacted the annual result, it has given us significant additional long-term financial strength to enable us to deliver our growth ambitions.

Our acquisitions in 2022 were:

CCRS – Commercial broker based in Glasgow with specialisms in Public Sector and Vehicle Dismantlers alongside general corporate business.

Broker Scotland – A Real estate focused broker also based in Glasgow

Bryce Smith & Partners – A High net worth and real estate broker based in West London

Torbay Insurance services – a Torquay based broker which adds to our existing

South West presence in Plymouth and Penzance

Income from the above acquisitions added £1.2M in 2022 and £3.6M on an annualised basis.

Commenting on the results, Group CEO Paul Anscombe adds:

“I am very pleased with the progress that Seventeen Group continues to make in a fast changing market. We have focused strongly on the underlying performance of the business as well as investing in new opportunities and acquisitions.

Our successful strategy of acquiring complimentary, entrepreneurial businesses has continued in the current year with the acquisition of Aim Insurance Services, Mint Insurance Brokers, McGregor Insurance Services and Kestrel Insurance all joining the group. Further acquisitions are expected to complete in the coming months. Our brand, culture and scale continue to attract the highest quality of talent through both acquisition and key staff hires”.

Seventeen Group announce the appointment of Howard Fryer and Ajay Tailor to the Seventeen Group Limited board.

Howard Fryer joined Seventeen Group in 2015 and is the Chief Trading Officer of broking subsidiary James Hallam. He retains this role whilst also stepping up to the Group Board.

Ajay Tailor joined Seventeen Group early in 2023 in his role as Group Chief Financial Officer. In addition to his appointment to the Seventeen Group board, Ajay also joins the subsidiary boards of James Hallam and Touchstone Underwriting.

Group CEO Paul Anscombe comments:

I am delighted to welcome Howard and Ajay onto the Group board. Seventeen Group has significant growth plans in place and these appointments strengthen the business for the opportunities which lie ahead.

Seventeen Group has acquired Mint Insurance Brokers Limited, with the deal completing 3rd August.

Mint is a City of London based broker, established and led by Brian Bendle and Manjit Gill along with Director Oliver Wharmby, with a Total GWP of £13m.

The business places retail and wholesale business within the London Market and handles a broad range of clients. Specialisms include Professional Liability, Real Estate, Casualty/Contract Works and Medical Malpractice.

Mint has been an AR of Seventeen Group’s broking subsidiary James Hallam since 2020. Mint Managing Director, Brian Bendle comments:

“On behalf of the whole Mint team, Manjit and I are delighted to complete the transition from partner to division of such a vibrant and expanding Group with mutual benefit for both companies”.

Seventeen Group Chief Executive Paul Anscombe comments:

“Brian and Manjit have been known to us for many years and so this is a very natural progression of our relationship. The Mint team bring a huge amount of experience and relationships into the Group and will specifically help us build our London Market presence. Their specialist areas are also incredibly complimentary to our own.

This is our third acquisition this year, having previously acquired Aim Risk Services Limited and McGregor Insurance Services Limited, both on the South Coast of England. Aim is a schemes-based broker and vendor Andy Hearn will be taking a larger role developing schemes within James Hallam. McGregor’s is a travel industry specialist broker which very much complements our existing travel industry specialist division. David McGregor is a highly regarded figure within the travel sector and knows many of the Seventeen Group team already.

Seventeen Group continues to grow both organically and via acquisition. The number of broker transactions in the UK is falling as the number of brokers reduce but there is still a considerable number of firms who want to sell and want to go to a true independent non-private equity-based business where there is a long-term future. We are a firm owned and run by insurance brokers and that is proving to be appealing to a growing number.”

James Hallam held a reception in Glasgow for over 100 guest to outline our plans for expansion in Scotland. We originally established our presence in Glasgow in 2009 and now employ over 80 staff in three offices. The Glasgow offices of CCRS and Broker Scotland have rebranded to James Hallam at the end of June and we have a further office in Dumfries on the site of Queen of the South Football Club.

The reception was hosted by Neil Campbell (Regional Director Scotland) and John Dougherty (UK Head of Corporate) and supported by colleagues from the wider James Hallam business including Roy Standish (James Hallam Distribution Director). The team outlined their plans to grow across a range of Corporate and specialist lines of business and to work closely with the Scottish insurer market, many of whom were present at the event. Further acquisition and recruitment opportunities are being considered for the year ahead.

Speaking about the event Group CEO Paul Anscombe commented:
“We are very proud of our growth in Scotland. It is a great country to invest in and offers opportunity for growth. We have been building our team quietly over the years and now feel that we have a strong story to tell as an expanding true independent. In addition to creating local opportunities for staff, a number of colleagues in Glasgow and Dumfries have taken on wider responsibilities within James Hallam and this has strengthened the business overall”

This time last year the Champions Group was founded by Seventeen Group to drive forward environmental education for staff across the company.

The Champions Group is headed up by board members Paul Anscombe, Diana Bratt and Alan Roe, with representatives joining from offices across the UK.

The main goal of our Champions is to provide vital information about the environment and sustainability to all staff members in an easily digestible way.

Over the past year, the group has met regularly and developed quarterly newsletters in order provide environmental statistics, important and relevant updates and information on projects being run or supported by the group.

With soaring energy costs, weather warnings and potential summer water restrictions, it is important to educate staff on these precious resources and encourage careful usage of them at work and at home.

Seventeen Group is proud to support and encourage multiple projects that benefit staff members and the environment notably; supporting the National Trust by annually planting trees and supplying staff with company water bottles to cut down on their single use plastic use.

Seventeen Group is very proud of all that the Champions Group have achieved in their first year and look forward to seeing how they grow and what they continue to do in the future.

James Hallam is delighted to announce that our Chartered Insurance Broker Status has successfully been renewed for another year by the Chartered Insurance Institute, we first obtained this accreditation in 2016.

Each firm that holds this status adheres to an ethical code that underpins broader commitments to professional values.

Our corporate chartered status is a public declaration that assures our clients that we put their interests first, invest in the development of peoples technical skills and knowledge and also, support wider initiatives that benefit the society and the growth of the profession.

To learn more about this accreditation and why it is important, please use the following link: https://www.cii.co.uk/membership/join-us/chartered/corporate-chartered/why-choose-a-chartered-firm/

Seventeen Group is pleased to announce its financial results for the year ending 31st December 2021.

The Group reported a 27% increase in revenue over the prior year from £24.5m to £31.2m and increased EBITDA from £3.57M to £4.82M.

This growth was fuelled through strong trading within both James Hallam and Touchstone with new business income exceeding £4.5M. In addition, there was a partial contribution from acquisitions made during the year, namely Ryan’s, PRS and Christopher Rowe. The figures also include, for the first time, results for London Re, Seventeen Group joint venture EU Lloyds broker based in Germany.

Divisions previously impacted by the Covid pandemic started to show a recovery during 2021. Whilst not fully back to pre-covid levels, the position continued to improve through 2022 and this trend is expected to carry on.

Seventeen Group CEO Paul Anscombe comments as follows:

“We are delighted with our Group performance in 2021. Organic growth was strong and acquisitions made during this period performed ahead of expectations.

Our progress has continued into 2022, with further acquisitions made plus the creation of a new Events team. As a result of our continued growth, we refinanced with Ares during 2022 which provides a long-term capability to make further acquisitions.

These are clearly difficult times worldwide and the insurance market will inevitably be impacted as a result of such challenges. Consequently, clients need risk advice more than ever before from trusted advisers and so we see huge opportunities to grow”.

Seventeen Group has acquired CCRS Brokers Ltd, with the deal completing on 15th August 2022.

CCRS was established in 2008 by its owner Neil Campbell and today employs 30 staff in Glasgow handling Gross Written Premium of £13.5M.

Seventeen Group Chief Executive comments:

“We have known Neil Campbell and the CCRS business for a number of years and admired the highly professional approach they take with clients. Seventeen Group already has a long- standing presence in Scotland, with our Dumfries office employing 50 staff, but the acquisition of CCRS provides us with a home in Glasgow and a strong foundation to build upon. As a true independent broker, we see further opportunities for clients and staff who value continuity and quality advice.

A further unique opportunity which CCRS brings is The Digital Broker. This is a fantastic tool to manage client data and help support client facing staff to ask the right questions of clients when placing their insurance programme. It identifies relevant risks which clients ought to be considering and provides a trail of such communication”.

Seventeen Group has acquired Broker Scotland Ltd, a property sector specialist broker operating out of central Glasgow and handling Gross Written Premiums of £4.75M.

The business was formed in 2013 by owners Scott and Louise Campbell, who will be remaining with the business in the existing premises alongside the wider team.

Seventeen Group Chief Executive Paul Anscombe comments: “We are delighted to welcome Scott, Louise and the team on board. Broker Scotland is a growing business seeking to develop further. With our recent acquisition of CCRS in Glasgow, we see the two teams working closely together to build our business in Scotland.

Seventeen Group now employs over 350 staff across 12 offices within the UK and has over 80 staff in three locations in Scotland. We are a Chartered Lloyds Broker with a Risk Management team and EU capability through our London Re joint venture based in Germany.