Seventeen Group buys Ryan's

Seventeen Group has bought Ipswich-based Ryan Insurance Group for an undisclosed sum.

Formed in 1975, Ryan’s employs over 50 staff and handles gross written premium of over £12m.

Two thirds of the business are commercial lines, including a specialist hospitality unit and an SME book, and one third private clients.

On completion, Ryan’s chairman Tim Ryan is set to exit the company to “focus on other interests”. Ryan is also chairman and CEO of Una Alliance, a network of which Ryan’s is a member.

Brand
The business will form part of Seventeen-owned broker James Hallam and remain within its existing premises.

Seventeen Group stated that it will also keep the Ryan’s brand, and executive directors Robin Belsom and Tim Larke will continue to lead the business with the wider management team.

James Hallam is also a Una member, and Seventeen group stated that this relationship would continue for the enlarged business.

Quality
Seventeen Group CEO Paul Anscombe commented: “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”.

Tim 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.”

Consolidation
Looking to the future, 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.”

Seventeen Group has been backed by funding partner Beechbrook Capital since 2019.

It has previously bought Graybrook and Walker Persson & Spargo, and recently reported an increase in turnover and Ebitda for the year ended 31 December 2019.

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