Ryan Insurance Group’s chairman will step down following the completion of the acquisition to pursue other interests
Top 50 broker Seventeen Group has acquired Ipswich-based chartered broker Ryan Insurance Group for an undisclosed sum, effective from 6 May 2021.
Following the acquisition, Ryan Insurance Group will form part of James Hallam, Seventeen Group’s broking subsidiary, but it will remain within its current Ipswich premises. It will also continue to trade under its existing Ryan Insurance Group brand.
Tim Ryan, the broker’s chairman, will leave the business upon the acquisition’s completion, to focus on other interests. He is also chairman and chief executive of regional broking membership organisation UNA Alliance and has been a board member and active Biba supporter for many years.
James Hallam is a UNA Alliance member.
Ryan Insurance Group’s executive directors Robin Belsom and Tim Larke will continue to head up the business with the wider management team.
Seventeen Group chief executive Paul Anscombe said: “We are delighted with the acquisition of Ryan’s, a business we have known for a number of years, and are proud to welcome them into our group.
“It is a high quality organisation with a great team and a strong focus on client service. It is also a company which takes its role within the broking community very seriously and actively works to raise professional standards and share good practice”.
Putting people first
Outgoing chairman Ryan added: “For some time, the shareholders have been considering the long-term plan for Ryan’s with an ambition to remain part of an independent brokerage which puts people first.
“When we met Seventeen Group, it was clear that they filled our requirements, so we are pleased that the business will continue with a similar culture, aims and objectives, as well as creating security and new opportunities for the team.”
Formed in 1975, Ryans Insurance Group is a regional broker in the East of England. It employs more than 50 staff and is a top 100 broker in the UK. It handles more than £12m of gross written premium.
Two-thirds of the business is commercial lines and one-third is private clients. Included within the commercial book is a specialist hospitality account and a dedicated SME unit.
Anscombe continued: “The consolidation of the market has accelerated and we see no sign of that changing in the short term. Key for Seventeen Group is to remain a long-term independent broker and so we will continue to seek the right strategic acquisition opportunities to help support this growth alongside our natural organic growth plans.”