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Blog: Meet the Broker – Woodward Markwell: 1982 to 2021 and Beyond…

Woodward Markwell: 1982 to 2021 and Beyond…

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INTRODUCTION

After the success of our first Meet the Broker feature with Movo Partnership, we have rolled out the feature to more of our brokers to let them tell their stories.  Next in the series is Woodward Markwell.  We were able to sit down with Thomas Hallatt (Business Development Manager) to talk about what he thinks makes Woodward Markwell stand out and some of their goals for the future.

Our partners are at the heart of what we do, and we want to share their stories.  Our ‘Meet The Broker’ series allows our broker partners to share more about how their businesses came to be and what makes them stand out.

BACKGROUND

Woodward Markwell was founded in 1982, and the firm deals in all manner of financial services, including personal and commercial insurance broking.  Between its establishment in 1982 and the present day, the company has changed ownership following retirements and was more recently owned by Andrew Johnson.  Johnson ran the business from 2011 until 2018, during which time-controlled GWP grew from £3M to £6M.  He remains chairman to this day.

EMPLOYEE-OWNED

In 2018, Johnson presented the opportunity for a management buyout.  Over a third of employees opted into the proposal, and Woodward Markwell became employee-owned in 2018.  Those who took part in the buyout appointed a board of directors to oversee the organisation.  They continue to focus on growth, and since 2018, have grown their GWP from £7m to £9M.  Unusually, this growth has been entirely organic.  Woodward Markwell operates as a chartered insurance broker, meaning going above and beyond normal compliance requirements, including staff being qualified to a high level.  During its time under employee ownership, Woodward Markwell has invested heavily in the business including employee infrastructure and aim to grow their employee workforce by around 10% year on year.

WHAT’S TO COME?

Within the next 12-18 months, Woodward Markwell aims to be recognised within the country’s top 100 independent insurance brokers.  To reach this goal, they will have to continue their growth pattern, reaching a minimum controlled GWP of £12M.

Find out more about Woodward Markwell here: https://woodwardmarkwell.co.uk/

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