The acquisition expands Seventeen Group’s Gibraltar presence while enabling Sovereign Group to focus on its core international service lines Seventeen Group has completed the acquisition of Sovereign Insurance Services (SIS), the Gibraltar-based insurance brokerage formerly owned by Sovereign Group.
The acquisition follows Seventeen Group’s purchase of Senate Insurance Brokers earlier this year and further strengthens its presence in Gibraltar, bringing together two established local businesses under the Group’s insurance broking division, James Hallam.
Seventeen Group is an independent insurance and risk management group employing more than 500 people across 25 offices and managing approximately £400 million in premiums. Through James Hallam, a Lloyd’s broker founded in 1982, clients benefit from direct access to the London insurance market and a broad range of specialist insurance expertise.
For Sovereign Group, the transaction supports its strategic focus on its core international service lines, including wealth management, pensions, trusts, corporate services and tax advisory.
Founded in Gibraltar in 1987, Sovereign continues to operate its global headquarters from the jurisdiction and maintains a presence in more than 20 offices worldwide.
Clients of Sovereign Insurance Services will continue to receive the trusted local service they know while gaining access to the wider resources, specialist capabilities and market reach of James Hallam and Seventeen Group.
Oliver Thorne, Chief Executive Officer of Seventeen Group, said:
“Our acquisitions of Senate and Sovereign Insurance Services demonstrate our confidence in Gibraltar and our ambition to build a significant insurance broking business here.
Gibraltar has a strong insurance heritage, an established regulatory framework and a unique relationship with the UK market and with Europe under the recently signed treaty. We believe this creates a compelling opportunity for long-term investment and growth.
Our priority now is to integrate the businesses carefully, combining their local knowledge and client relationships with the resources, specialist capabilities and market access of James Hallam and the wider Seventeen Group.”
Gerry Kelly, Chief Executive Officer of Sovereign Group, said:
“Today marks an important milestone for both organisations. Sovereign Insurance Services has been a valued part of the Group, and we are pleased to see the business become part of Seventeen Group, a highly respected organisation with a strong commitment to client service.
As Sovereign Group continues to evolve, we remain focused on the services that are at the heart of our business: wealth management, pensions, trusts, corporate services and tax advisory.
Gibraltar remains central to Sovereign’s identity. It is where our business was founded, where our global headquarters remain today, and where we continue to invest in our people, our clients and our long-term future.”
The immediate focus will be on integrating Sovereign Insurance Services with Seventeen Group’s existing Gibraltar operations while maintaining continuity of service for clients.
End of Press Release
For more information contact: –
Jackie Knight Group Marketing and Events Director
e: jackie.knight@seventeengroup.co.uk
t: 07824 486319