Seventeen Group acquires one of UK’s longest-established Lloyd’s brokers

Seventeen Group has acquired Dashwood Brewer and Phipps (DB&P), one of the UK’s longest-established independent Lloyd’s brokers, as it looks to strengthen its London market capabilities.

Founded in 1919, DB&P has more than a century of broking experience and has operated within the Lloyd’s market for over 50 years.

Under the deal, DB&P will retain its existing brand and regulated status and become Seventeen Group’s Lloyd’s business, sitting alongside James Hallam and Touchstone Underwriting.

Seventeen Group said retaining the brand would preserve DB&P’s heritage, identity and market relationships while maintaining a distinction between the group’s retail and wholesale propositions.

Oliver Thorne, chief executive at Seventeen Group, said: ”DB&P has an outstanding reputation and a remarkable history spanning more than a century. This is an exciting milestone in our group’s evolution, establishing significant London market capability as a foundation to grow our UK and international presence.

”This acquisition brings together two family-owned independent businesses with remarkably similar legacies and cultures. The DB&P team have built a deeply impressive business and I’m delighted to welcome them to our group.”

London market expansion

The acquisition will combine DB&P’s Lloyd’s expertise and international distribution network with Seventeen Group’s wider specialist capabilities.

The group said this would create opportunities to develop new facilities, enter additional territories and increase placement activity between its businesses.

DB&P’s existing leadership team will remain in place following the acquisition, with Louis Belcourt as managing director.

Belcourt will also join Seventeen Group’s executive committee as part of the transaction.

Belcourt said: “Joining Seventeen Group marks an exciting new chapter for our business. While we gain access to greater resources, broader distribution and enhanced growth opportunities, the things that matter most to our clients and trading partners remain unchanged.

”We will continue to operate as an independent Lloyd’s broker under the DB&P name, maintaining the specialist expertise, autonomy and client-first culture that has defined our business for generations.

”Having UK based ownership without an existing international presence was important to ensure that we can continue to trade with our partners unencumbered from potential conflicts of interest. Together, we are exceptionally well positioned to build on our success and pursue new opportunities in the years ahead.”