Ipswich insurance broker snapped up by London firm
- Credit: Ashtons Legal
An insurance broker employing more than 50 staff in Suffolk has been snapped up by a London-based company.
Ryan Insurance was launched in 1975 and is a top 100 broker in the UK, handling more than £12m in personal and business insurance premiums from its base in London Road, Ipswich.
It has been sold to insurance and risk management business Seventeen Group.
It will form part of James Hallam - Seventeen Group’s broking subsidiary - and will continue to trade under the Ryan’s brand.
Ryan's chairman Tim Ryan says he will now focus on his other interests while directors Robin Belsom and Tim Larke will remain to lead the business.
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Ryan's was advised on the sale by Ipswich-based law firm Ashton's Legal.
Mr Ryan said: “From the beginning of the sales process, it was important for the shareholders to have good quality advice that helped us understand the contractual elements of the deal.
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"Ashtons put a team together that managed our expectations well and simplified the language so we could make key decisions. All in all, they made the sale a more pleasant and manageable experience.”
Paul Whittingham, Craig Fiddaman and Faye Power from Ashtons’ corporate and commercial team advised on the deal. They were supported by Simon Burnip in commercial property and Colin Makin and Emily Dixon from the firm’s employment law team.
Mr Whittingham said: “Ryan Insurance is a well respected Suffolk business which has just moved into its next phase with the sale to Seventeen Group. We really enjoyed working with Tim and his team to help bring this about and wish the business every success in the future.”