The broker’s strategic objectives remains to grow ‘both organically and through acquisition’
Seventeen Group has reported an 8.3% growth in revenue in its financial results for the year ending 31 December 2020, despite the global effects of the Covid-19 pandemic.
The broker also saw its earnings before interest, taxes, depreciation, and amortisation (ebitda) increase from £3m in 2019 to £3.5m in 2020. Meanwhile, its rolling ebitda for the 12 months to 2021 is on target to reach £6m.
Broker James Hallam, part of Seventeen Group, had two divisions particularly exposed to the ramifications of Covid – motorsport and hospitality and travel - but the remaining divisions, excluding acquisitions, grew by £820,000 in 2020 over the prior year.
Paul Anscombe, group chief executive of Seventeen Group, said: “We are delighted with our group performance in 2021.
”The business held up extremely well under the twin challenges of a hard market and Covid. We have been able to reduce costs in a number of areas, including closing two premises, and the positive impact of these operational savings has flowed through to our 2021 year to date results.
“Our strategic objectives remain to grow both organically and through acquisition over the coming years as we see increased opportunities for a truly independent insurance business during a period of huge change.”
Revenue for Seventeen Group’s underwriting subsidiary Touchstone also increased to £4m during 2020 - it is on target to hit £5m in 2021.
Anscombe continued: “Our investment in Touchstone continued through this period and I am delighted to report that Touchstone went through the £40m [gross written premium] threshold this year and continues to work with our long-standing insurer partners.”
He highlighted that although Covid restricted face-to-face meetings over the last year, the broker was still able to launch London Re, its German-based Lloyd’s broker. It was established in partnership with its German partner MRH Trowe gmbh.
Seventeen Group has also launched its first online product via ProMed in the specialist medical sector.
Anscombe added: “2020 was important in terms of cementing our relationship with our funding partner to help finance future acquisitions and so in 2021, we completed the purchase of Ryans, PRS and Christopher Rowe.”