IK Partners, through its IK Partnership III Fund, has agreed to acquire a minority stake in Seventeen Group, which comprises brokerage James Hallam, specialised managing general agent Touchstone and London Re, a joint venture with MRH Trowe. Seventeen was established in 1982. It operates from 25 offices and manages around £400m in premiums.

Paul Turner, executive chairman and Paul Anscombe, CEO of Seventeen Group, said: “As we enter this next phase of growth, we are delighted to welcome the team at IK who share the passion and belief that our independent model provides a differentiated proposition for our clients, acquisition partners and colleagues. This long-term investment reflects the conviction in our strategy, the opportunities ahead and most importantly, is testament to the hard work of our staff which has enabled a great business to be built.”

Adrian Tanski, partner at IK and advisor to the IK PF III Fund, added: “We have been very impressed by Seventeen’s journey to date and believe that the Group is well positioned to continue its strong development, off the back of its strong customer service focus, broad coverage of the value chain and longstanding expertise in the insurance brokerage and underwriting space.”