Cripps advises on the acquisition of Everard Insurance Brokers
Cripps’ corporate team has assisted the owners of Everard Insurance Brokers on the sale of the business to Seventeen Group, a multi disciplined insurance and risk management organisation.
Everard Insurance Brokers, a marine and marine trade specialist, was established in 1969 and controlled about £10m of gross written premium.
London based Seventeen Group is a privately owned insurance group which includes James Hallam insurance brokers, 4Sight Risk Management and Touchstone Underwriting.
Following the sale, Everard will operate as a specialist division within Seventeen Group’s broking subsidiary James Hallam. All the staff will remain with the business at its existing premises in West Malling.
The Cripps team, led by Salim Somjee and assisted by Eoin Broderick advised on all of the legal aspects of the sale, including the employment and property elements, which were dealt with by Erica Dennett (employment) and Rachel Gerber (property).
Stephen Roper, Managing Director of Everard, said: “We have worked with Salim and the corporate team at Cripps for a number of years. They know our business well, having supported us in relation to our previous MBO. That understanding, backed up by strong technical capability and experience working on other transactions in the insurance industry, allowed Cripps to provide us with sound, relevant and commercial advice. Advice that proved extremely valuable to us.”
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