Seventeen Group, parent of James Hallam Insurance Brokers, has published its financial results for 2022.
In an emailed release, Seventeen Group reported a 19% increase in overall group income to £37.2 million. The company’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation), meanwhile, rose by 34% to £6.4 million.
Referring to CCRS, Broker Scotland, Bryce Smith & Partners, and Torbay Insurance Services, Seventeen Group said: “Four acquisitions were made in 2022, and when the full year impact of these acquisitions are taken into account, our EBITDA increases to £7.6 million.
“While acquisitions have long been part of Seventeen Group’s growth strategy, organic growth remains key. The broking subsidiary, James Hallam, has seen the hospitality division grow from £2 million to £2.6 million in the period and the new events team (established in late 2021) grew to £628,000.”
Managing general agent Touchstone also made its contribution, with the MGA’s gross written premium exceeding £50 million and its revenue improving from £5.7 million to £6.1 million in 2022.
“To support our M&A (mergers and acquisitions) strategy, in 2022 we established a new funding structure with Ares,” Seventeen Group noted. “While one-off costs associated with the setup of the facility impacted the annual result, it has given us significant additional long-term financial strength to enable us to deliver our growth ambitions.”
Group chief executive Paul Anscombe (pictured) described himself as “very pleased” with Seventeen Group’s continuous progress.
He commented: “Our successful strategy of acquiring complimentary, entrepreneurial businesses has continued in the current year with Aim Insurance Services, Mint Insurance Brokers, McGregor Insurance Services, and Kestrel Insurance all joining the group.
“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.”
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