Another exceptional year for Momentum Broker Solutions
We’re pleased to announce an increase in turnover of 34% in the publication of our Financial Statement for 2018.
Key results are:
- 35% increase in premium growth from £25 million to £32 million
- 34% increase in turnover from £4.2 million to £6.4 million
- 15% increase in broker partners
- 25% increase in employee headcount
2018 was another strong year for Momentum, which has delivered excellent financial and operating results. we invested in technology and employees to support growth and strengthened our offering by introducing a dedicated motor claims service. We also developed partnerships beneficial to brokers conducting international business.
We continue to develop our proposition as the preferred option for small independent brokers, who receive unprecedented support to grow their businesses. The unique provision of an in-house broking team and minimal start-up costs make being part of the Momentum broker network a more attractive option than becoming directly authorised.
Our broker partners are also enjoying a successful year with high growth levels. Established Momentum brokers achieved an average growth rate of 23% compared to the industry average of 3%, with 14% of them transacting more than £1million in Gross Written Premiums.
Momentum Managing Director, Howard Pepper, commented: ‘We continually invest in technology and people to ensure that our broker partners deliver exceptional service and superior products to their clients. This has helped the majority of our partners achieve growth rates well above the industry average, and it is why Momentum is starting to be recognised as the natural home for the small independent broker – and a more attractive option than traditional direct authorisation.‘
Growth remains firmly at the heart of Momentum’s strategy, for both the company and its partners. Maintaining a quality-led proposition is a key element of the company’s strategy, and creates a secure platform for our future success.