Broker start-up group gathers first recruits

New network Momentum Broker Solutions has signed up its first three members and announced that it is targeting brokers that have left consolidators.

Managing director Howard Pepper said: “We’ve seen a number of people who have joined a consolidator not necessarily by design. They’ve left pretty quickly and are looking to start up their own business.

“That is a good area of opportunity for us, and it’s one we will be targeting actively.”

Pepper said three brokers would join the Midlands-based network over the next three weeks. He aimed to sign up 25 firms within the first year and 25 a year after that. He said Momentum’s target was £5.5m GWP in the first year of trading, £15.2m in the second year and £24.8m in the third year.

He said: “There’s no ceiling really, it’s a very scalable business.The type of business we’re after is the normal middle England, commercial insurance brokerage and local community broker.”

Pepper was made redundant from his previous post as managing director of Oval Insurance Broking last year. Joining Pepper from Oval on the management team are Craig Burton, Hazel Westwood and Terry Smith. Steve Boorman, also a former Oval staffer, joins from TEn Insurance Services.

A Momentum spokesman said the network’s panel consisted of “leading insurers including London market underwriters”.

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