Movo Partnership steams ahead of 2023 GWP target

The Movo Partnership Network has achieved £100m gross written premium (GWP) ahead of target, according to a statement.

The broker network now has a total of 96 members signed up to its platform and is aiming to reach 120 members in 2024.

Lea Cheesbrough, managing director at Movo, said she was “thrilled with the latest set of results”.

Movo’s results place them ahead of schedule on the business’ financial goals, which were announced earlier this year.

On 13 February 2023, Movo revealed that it expected to grow the business by 30% in 2023 – equating to a final result of £90m GWP and 90 broker members.

“I never fail to be impressed by the entrepreneurial gusto of independent brokers – and start-ups in particular,” Cheesbrough added.

“We are continually investing in the future of independent brokers and these results firmly illustrate how Movo has become the home for broker start-ups, as well as thriving existing brokers.”

Growth from independence

Movo’s latest announcement continues its upward financial trajectory.

Earlier this year (13 February 2023), the broker network revealed that it had grown its GWP by 70% to £68m – up from £40m GWP in 2021.

The announcement came after Movo gained independence from Global Risk Partners-owned (GRP) Hedron Network earlier in March 2022.

Overall, Movo has grown by 150% over the last two years.

“Being a Movo AR member is far and away the most cost-effective way to run a brokerage,” added Cheesbrough.

“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 start-up under the AR model has proven to be so attractive.”