Private equity firm IK Partners announced that one of its funds will acquire a minority stake in Seventeen Group, a London-based company specializing in insurance and risk management, including managing general agent Touchstone.
The stake will be acquired by IK Partnership III from the founding shareholders and management team.
This marks IK’s first investment in the UK insurance market, following similar deals across Europe.
Financial terms were not disclosed, and the transaction is subject to regulatory approval. Both companies declined to provide further details.
Founded in 1982, Seventeen Group is a diversified insurance group offering broking, underwriting, risk, and claims management.
It includes James Hallam, a UK-wide brokerage platform serving commercial, personal, specialty, and high-net-worth clients both domestically and globally.
It also operates Touchstone, a specialist MGA working with over 550 brokers, and London Re, a joint venture with MRH Trowe based in Düsseldorf, Germany.
The group manages approximately £400 mn ($517.1 mn) through 25 offices in the UK, the DACH region (Germany, Austria, Switzerland), and the Isle of Man.
With support from IK Partners, Seventeen Group plans to expand growth and innovation and adopt new technologies to explore opportunities in current and emerging markets.
In a related deal, London-based MGA Optio Group recently acquired Norwegian MGA S Insurance AS as part of its strategy to build a portfolio of niche MGAs across Europe.
