Insurance and risk management firm Seventeen Group has reported record-breaking revenues for 2015, a year of significant investments and structural changes for the company.
The group said revenues in 2015 exceeded £10 million for the first time, an increase of 6.4% over the previous year.
Earnings before interest, tax, depreciation and amortisation also climbed to £1.64 million, while bank borrowings decreased from £3.35 million to £3.27 million.
Seventeen Group, which consists of brokerage firm James Hallam, Touchstone
Underwriting and 4Sight Risk Management, also reported last year’s acquisition of marine and credit insurance broker Richard Thompson & Partners and Hertfordshire-based broker Professional Insurance Advisers.
Also in 2015, the company started a restructuring which saw its founder and long-term chairman Alan Turner move to the position of life president. He was succeeded by Paul Turner while Paul Anscombe stepped up from managing director to group CEO.
Diana Bratt, previously group operations director, also joined the company board while Howard Fryer was appointed as director of James Hallam.
“The restructure reflected the growth plans for the business, which continues to develop as a truly independent insurance group,” Anscombe said.
“We have a very clear strategy for growth, both organically and through acquisition, and have a number of exciting opportunities for 2016 and beyond,” he added.
According to chairman Turner, the company is “well positioned to take advantage of opportunities within the market place to continue its growth.”
James Hallam takes next step in expansion
James Hallam becomes Lloyd’s registered broker