Moorhouse Group invests £8m to achieve £100m of business
Moorhouse Group, the Caerphilly-based independent insurance broker, is investing more than £8m in its business to achieve £100m of gross written premium (GWP) in two years – representing growth of 400%.
The investment will see 85 new jobs created by 2010. It already employs more than 100 people at its headquarters north of Cardiff, and generates an annual £25m of GWP.
In year one, Moorhouse will invest £2.3m in the business, of which £500,000 has been sourced from the Welsh Assembly Government.
This is expected to generate an additional £18m from Moorhouse’s personal lines and from its Xbroker distribution business, plus a further £17m from commercial businesses including constructaquote.com, the commercial insurance comparison website for trades people and the construction industry.
Direct sales positions and constructaquote.com will be home to 70 of the 85 new jobs, with a further 15 at Xbroker, the online quotation service that currently generates comparative quotations for 3,500 broker partners.
Moorhouse was founded 17 years ago by 19 year-old Lyndon Wood, and in 2007 the company’s corporate insurance division was acquired in a management buyout just two years after launch.
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