’Further acquisitions are expected to complete in the coming months,’ says chief executive

Seventeen Group grew its revenue by 19% in 2022 after making four acquisitions throughout the year.

In a trading update published today (3 October 2023), the broker revealed that its income rose to £37.2m, up from £31.2m in 2021.

Its adjusted earnings before interest, taxes, depreciation and amortisation (ebitda) also grew 34% year-on-year, rising from £4.8m to £6.4m.

Seventeen said that when the firm took into account the full year impact of the acquisitions it had made, this figure further increased to £7.6m.

And it added that Touchstone, the group’s managing general agent (MGA), increased revenue from £5.7m to £6.1m.

“I am very pleased with the progress that Seventeen Group continues to make in a fast changing market,” chief executive Paul Anscombe said.

“We have focused strongly on the underlying performance of the business as well as investing in new opportunities and acquisitions.”

M&A strategy

Firms that Seventeen acquired in 2022 include Broker Scotland, Bryce Smith and Partners, Torbay Insurance Services and CCRS.

This year (9 August 2023), the group revealed it went onto purchase Mint Insurance Brokers, Aim Risk Services Limited and McGregor Insurance Services Limited.

In its results update, Seventeen said the deals came after it established a new funding structure in 2022 to support its mergers and acquisitions (M&A) strategy.

The group added that this had given it additional long-term financial strength to help achieve growth amibtions.

“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,” Anscombe said.

“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.”