On 1st May Seventeen Group completed the purchase of Thompson & Partners Limited, a London based brokerage specialising in credit and marine business in addition to other commercial lines. Richard Thompson, previously owner and Chief Executive of Thompson & Partners, joins James Hallam, the broking subsidiary of Seventeen Group, as head of the newly formed Credit & Marine Division.
Thompson and Partners have, for the past year, been working closely with James Hallam under their ‘Partnership Programme’ which aims to support and work closely with small or start-up businesses. This programme provides a variety of support services such as premises, access to insurers, compliance and finance support and is flexible to reflect individual requirements. In this case both parties agreed that an outright purchase was the preferred option.
Richard Thompson states “Thompson & Partners have been an independent broker for many years and have built a very loyal following of clients. We recognised, however, that joining a larger firm which mirrors our service and stability values would provide us with a fantastic opportunity for growth. Credit insurance is not regarded as a core product area for many regional brokers and it can really help a client’s business, as well as creating wider commercial opportunities for the broker”.
Paul Anscombe, Managing Director of Seventeen Group adds “As a group, we are constantly looking for specialist opportunities as we believe this not only benefits our clients but also makes us stronger as a business. Competition is only likely to intensify in the coming years and specialism coupled with a strong and clear service proposition will be crucial for survival. At present, there are a growing number of acquisitive brokers but, in our experience, vendors are increasingly considering the long term legacy of a sale in terms of how it impacts their staff and clients in addition to the purchase price”.