The broker network has set eyes on increasing its GWP by an additional 30% this year

The Movo Partnership broker network (Movo) has achieved 70% gross written premium (GWP) growth since gaining independence from Global Risk Partners’ (GRP) Hedron Network in March last year, the alliance announced today (13 February 2023).

Movo, which was launched in 2019, has increased its GWP to £68m by year end 2022 – up from £40m GWP in 2021.

During this period, the network also upped its membership from 52 to 66.

Movo expects to further grow the business by 30% in 2023 – equating to £90m GWP and 90 broker members.

Lea Cheesbrough, managing director of Movo, said that she was “thrilled with these results”.

She added: “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.”

Network gear up

In September 2022, Cheesbrough spoke to Insurance Times about her plans for Movo in 2023 – she shared that the business had five new brokers signed up for this year.

Cheesbrough continued: “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 appointed representative 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.”