Seventeen Group has acquired Sovereign Insurance Services, which is a Gibraltar-based broker. The deal boosts Seventeen’s presence in the market and complements its acquisition of Senate Insurance Brokers earlier this year.

Sovereign was established in 1987 and will be integrated into Seventeen’s Gibraltar operations. The deal also gives Sovereign access to Lloyd’s through group company James Hallam, a Lloyd's broker founded in 1982.

Oliver Thorne, chief executive officer of Seventeen Group, said: “Our acquisitions of Senate and Sovereign Insurance Services demonstrate our confidence in Gibraltar and our ambition to build a significant insurance broking business here.

“Gibraltar has a strong insurance heritage, an established regulatory framework and a unique
relationship with the UK market and with Europe under the recently signed treaty. We believe this creates a compelling opportunity for long-term investment and growth.”

Seventeen Group employs more than 500 people across 25 offices and manages around £400m in premiums.