Momentum reports encouraging year end results
Momentum Broker Solutions, the fast-growing network for independent brokers, has announced an increase in GWP, revenue and pre-tax profit in the year ending 31st December 2019 – it’s 10th Anniversary year. The network has also announced it has taken on 9 new ARs including 6 new broker start-ups during lockdown.
Momentum’s revenues grew 14% and pre-tax profit by 19%. The network has doubled in size in the last three years and now places more than £35m gross written premium.
Momentum’s broker partners continue to enjoy high growth levels, with an average 18% growth compared to the directly authorised industry average of just 3%.
Howard Pepper, Managing Director of Momentum Solutions, comments: “Against a backdrop of challenging circumstances, I’m delighted to report such strong growth. At our core, and what makes Momentum different, is that we help small independent brokers compete on a national level and our latest results continue to reflect that success. We recently secured significant additional office space to accommodate our growing broking team and this will enable us to further grow the business with the minimum of disruption post Covid. The quality of our proposition is fundamental, and we continue to invest in our people, processes and systems to ensure our future success.”
16 brokers joined Momentum in 2019. Moving into 2020, nine have joined this year so far, including six start-ups who all joined during lockdown. Momentum’s broker partners range from start-ups through to independent brokers delivering up to of £5m GWP.
Commenting on the impact of Covid-19, Howard Pepper said: “Momentum was already geared for remote working so the lockdown hasn’t really impacted how we work. We are continuously investing in the right technology, processes and people to ensure our broker partners remain lean and dynamic. Our model has shown its resilience during Covid and over the past year has helped our partners to achieve growth rates well above the industry average. That is why Momentum is increasingly recognised as the natural home for the small independent broker – and a more attractive option than traditional direct authorisation.”