Private equity firm IK Partners, through the IK Partnership III fund, has agreed to acquire a minority stake in London-based insurance and risk management company Seventeen Group.
Financial details of the transaction were not revealed.
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The stake will be purchased from the founding shareholders and management team of Seventeen Group, marking IK Partners’ first investment in the UK insurance space.
The deal awaits regulatory clearances.
IK partner and IK PF III Fund advisor Adrian Tanski noted: “We have been very impressed by Seventeen’s journey to date and believe that the Group is well positioned to continue its strong development, off the back of its strong customer service focus, broad coverage of the value chain and long-standing expertise in the insurance brokerage and underwriting space. We are excited to work with both the Pauls and their team to further develop the Seventeen platform and pursue consolidation opportunities in the UK and beyond.”
Set up in 1982, Seventeen Group offers an array of services such as broking, underwriting, risk and claims management. It has 25 offices across the UK, the DACH region and the Isle of Man.
The group includes James Hallam, a nationwide brokerage serving various client sectors; Touchstone, a managing general agency supporting more than 550 brokers; and London Re, a joint venture based in Düsseldorf, Germany.
Seventeen Group currently manages approximately £400m ($517.75m) in premiums.
With IK Partners’ backing, Seventeen Group is looking to accelerate growth and use technology to tap new market opportunities.
Seventeen Group executive chairman Paul Turner and CEO Paul Anscombe said: “Seventeen Group is proud to be the UK’s longest-serving independent insurance distribution group of scale. As we enter this next phase of growth, we are delighted to welcome the team at IK, who share the passion and belief that our independent model provides a differentiated proposition for our clients, acquisition partners and colleagues.
“This long-term investment reflects the conviction in our strategy, the opportunities ahead and most importantly, is testament to the hard work of our staff, which has enabled a great business to be built.”
In June 2024, Seventeen Group acquired East Pennine Insurance Consultants, marking its market debut in Yorkshire.
