Eighteen new members have also joined the network in the past nine months
New members and an increase in the amount of business being driven through its insurer panel contributed to the 28% growth to £185m in gross written premiums (GWP) controlled by Purple Partnership’s network members.
Eighteen brokers have joined Purple in the past nine months, eight of which have come from rival networks, taking the membership count to 85.
Back in March last year the network’s members controlled £145m GWP and turnover stood at £938,000 at the end of September.
Managing director Les Brewin did not disclose current revenue figures for the financial year, but said the network’s revenue had enjoyed “strong” organic growth - helped by an increase in member numbers and the amount of business being placed with insurer partners.
Brewin added that with access to better policy wordings for customers, this is helping brokers to generate new trade and drive more business through the panel.
“If you are treating customers fairly and getting access to more competitvely priced products, in the end the customer benefits from it ultimately,” he added.
“If Purple is able to generate decent quality business flowing to that insurer’s product and the insurer is happy with that in terms of its loss ratio – the insurer will be happy we are helping with that distribution.”
The network’s revenues are derived from members fees, based on the size of the broker’s book of business, and commission fees from insurers for distribution and marketing their products.
But despite the rapid membership growth in the past nine months, Brewin said he did not have ambitions to be the biggest network in Britain.
“If we only get four more in the next six months I will be very happy,” he added. “We don’t want to be the biggest network in Britain but we would like to be the network members are happy with and the network insurers are happy with. What is important that we grow with the right type of members.”
The network’s members are typically proprietor or family-led community brokers that are located in market towns, who control GWP of around £1-5m.
Brewin said: “We want to work with brokers who buy in to the principle of partnership and working with us and partner insurers for mutual benefit, being part of what we are trying to build.”