The Movo Partnership network (Movo) has announced 70% growth in its 2022 results and targets £90m GWP for 2023.
Since its launch in 2019 Movo has exceeded its targets every year. It has grown from 52 AR broker members, 30 staff and writing in excess of £40m GWP in 2021 to 66 members and £68m GWP by year end 2022. Just one year on from its independence from GRP’s Hedron Network in March last year, Movo has grown 70%. The network expects to reach 90 broker members and £90m GWP in 2023, representing a further 30% growth.
Lea Cheesbrough, Managing Director of Movo, comments: “I’m so thrilled with these results. We’ve stuck to our values and I think it’s fair to say that despite our ambitious targets we continue to exceed expectations. We became fully independent in March 2019 to focus on our growth and our commitment to be the most cost-effective way to run a brokerage and to encourage new start up brokers – continually investing in the future of independent brokers.
“We won’t stop here – 2023 will see us transform Movo as increasing numbers of brokers, and the insurers who show us such incredible support, understand the benefits and opportunities of the independent AR network model and of supporting the growth of start-up brokers. We made significant investment in our IT platform towards the end of last year with the acquisition of our own in-house software provider Durell. This will complement our existing capabilities with Acturis and provide brokers with powerful new distribution tools this year which are really exciting.”
The Movo Partnership was set up in 2019 by a collection of brokers to take advantage of sharing compliance and operational functions, improving buying power and to help its broker members have more time to do the most important element of their jobs, which is client servicing. Members retain 100% of commissions and all profits are reinvested by the business for the benefit of the membership and the future of broking. It exists to be the most cost-effective way to run a brokerage and to encourage new start up brokers, replacing the brokerages in the market being lost to M&A activity.
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