The Movo Partnership network (Movo) has celebrated its £100 million gross written premium (GWP) milestone well in advance of its projected year-end target, marking a notable achievement for the network.
Currently counting 96 members, surpassing the initially set year-end goal of 90, Movo anticipates further growth, aiming to expand its membership to 120 by 2024. The network touted a surge of 150% over the past two years since gaining independence. Membership is also evenly divided, with a 50/50 split between startups and existing brokers.
Established in 2019 by a coalition of brokers, the Movo Partnership was created to capitalise on shared compliance and operational functions. Members retain 100% of commissions, with all profits reinvested for the collective benefit of the membership and the evolution of broking practices.
The network has curated a diverse panel of 400+ insurers and offers access to 850 products. Additionally, this year witnessed the launch of Movo’s own managing general agent (MGA), Moveda Underwriting.
“I never fail to be impressed by the entrepreneurial gusto of independent brokers, and startups in particular. I’m so thrilled with our latest set of results. We are continually investing in the future of independent brokers and these results firmly illustrate how Movo has become the home for broker startups as well as thriving existing brokers,” Movo managing director Lea Cheesbrough (pictured above) said.
“Being a Movo AR member is far and away the most cost-effective way to run a brokerage,” Cheesbrough said. “When you consider that it takes just 12 weeks to get authorised as an AR compared to 12 months as a directly authorised broker, not to mention that it’s around 70% cheaper, removes the compliance and regulatory burden, and guarantees you an agency from day one, it’s little wonder that being a startup under the AR model has proven to be so attractive.”
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