£6.5m to be invested and 85 staff added as part of organic "hyper-growth" strategy
Independent Welsh broker Moorhouse has unveiled ambitious growth plans targeting £100m in gross written premiums via organic growth by 2010.
Using a ‘hypergrowth’ strategy, effective immediately, Moorhouse anticipates the generation of £35m of the overall £100m target will be achieved in 2008, taking its overall GWP to £60m.
£18m of this year’s anticipated additional revenues will be derived from personal lines and its Xbroker distribution business. A further £17m will be generated by its commercial business in total tripling the amount of new business Moorhouse achieved in 2007.
The hypergrowth strategy will also see Moorhouse recruit 85 additional staff for a range of administrative, sales and underwriting roles. The software team involved in Xbroker will also be expanded as will Xbroker’s product lines following investment in Xbroker and other new technologies.
The hypergrowth project will also involve a multimillion pound investment across the business. In year one £2.3m will be invested in the business, of which £0.5m has been sourced from the Welsh Assembly as part of its economic development remit.
The hyper growth drive will also see a further £6.5m pumped into the business over the next three years.
Moorhouse Chairman, Lyndon Wood said: “The hypergrowth strategy will take the business to where it should be. It is primarily a scaling exercise and we will continue doing what we do currently well but on a bigger scale.
“There is a lot of hype around businesses growing via acquisition but we believe we have the right model to achieve a significant increase in scale organically.”
Moorhouse Xbroker works with over 3,500 broker partners. Its online products are underwritten by a panel of leading UK composite insurers with same-day policy issue, and up commissions of up to 20%.
