The Movo Partnership has announced another consecutive year of growth and announced its target of £90 million in gross written premiums (GWP) in 2023.
Since launching as an independent, appointed representative (AR) broker network in March 2019, the Movo Partnership has exceeded its business targets every year. In 2021, it boasted a network of 52 AR broker members, 30 staff, and GWP of just over £40 million.
By year-end 2022, Movo had expanded to 66 members and £68 million GWP, growing by a stellar 70% since it announced its breakaway from GRP-owned broker network Hedron last November 2021 – effective March 2022. The partnership had only expected to hit £65 million GWP last year.
The Movo Partnership expects to continue this pattern of growth and reach 90 broker members and £90 million GWP by year-end 2023, representing a further 30% growth for the network.
“I’m so thrilled with these results,” said Movo Partnership managing director Lea Cheesbrough. “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 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.”
Movo made a “significant investment” in its IT platform in the latter half of 2022, including via its acquisition of the in-house software provider Durell to complement the network’s capabilities with Acturis and support Movo broker members with even better distribution tools.
In a Press release, Movo noted that members of the Movo Partnership retain 100% of their commissions. All profits are reinvested for the benefit of the membership and the future of broking, in line with Movo’s vision of the most cost-effective way to run a brokerage and encourage start-up brokers to replace insurance brokerages lost to mergers and acquisitions.
