The coronavirus pandemic doesn’t appear to have slowed the “momentum” for Momentum Broker Solutions.
The network for independent brokers saw its GWP increase in the period up to March 31 this year and it has also snapped up nine new ARs and six new broker start-ups during the lockdown period.
Among its notable results, revenues have spiked by 14% while pre-tax profit has grown by 19%. Overall, the network has managed to double in size over the course of the last three years and now boasts more than £35 million in GWP.
“Against a backdrop of challenging circumstances, I’m delighted to report such strong growth,” said managing director Howard Pepper (pictured). “At our core, and what makes Momentum different, is that we help small independent brokers compete on a national level and our latest results continue to reflect that success. We recently secured significant additional office space to accommodate our growing broking team and this will enable us to further grow the business with the minimum of disruption post COVID. The quality of our proposition is fundamental, and we continue to invest in our people, processes and systems to ensure our future success.”
In total, 16 brokers have joined Momentum over the last 12 months and Pepper believes the fact that it was already geared up for remote work has kept the business on track since the pandemic.
“We are continuously investing in the right technology, processes and people to ensure our broker partners remain lean and dynamic,” he said. “Our model has shown its resilience during COVID and over the past year has helped our partners to achieve growth rates well above the industry average. That is why Momentum is increasingly recognised as the natural home for the small independent broker – and a more attractive option than traditional direct authorisation.”
