And our new business generation or sales velocity tends to be significantly higher. As we think about those metrics for 2024, we’re not expecting any kind of material degradation. If anything, I’d say slight improvements in overall revenue retention and client retention. I would say we do anticipate an ebbing of kind of the impacts we’ve seen from rate overall in our businesses. And I’d say just in general, coming off another year where we’ve had multiple segments with organic growth and excess of 20%, and we’re not going to plan for kind of hugely outlier performances like that. We expect really strong performance out of all three of our segments. We expect double-digit organic growth out of all three of our segments. But I would say that — there’s some characteristic conservatism that we’re not going to forecast for 20% plus organic growth.
Josh Shanker : That’s understandable. And one other question I was curious what kind of success have you had onboarding other lines of business besides renters onto the MGA, the future platform,
Trevor Baldwin : Josh, tremendous success. The MGA of the future platform continues to be just a significant growth driver for us overall with organic growth for 2023 in excess of 30%. And while our renter’s platform, which is a mature and scaled business, continues to perform exceptionally well with growth in excess of 20%. Candidly, we’re seeing growing momentum there as we head into 2024 with a number of new initiatives, relative to expansions in the Canada, in a number of software providers we expect to bring online this year. I’d say a significant part of that growth has been driven by the new products that we’ve been able to develop and roll out. Homeowners and flood in particular have been a huge success generating over $360 million of premium and over $65 million of revenue for the MGA in 2023 alone.
We now have over 12 unique products that we’ve built and launched off the MGA platform and an expectation that we’ll launch, another four to five this year. As we’ve talked about in the past, when we look at the lens through which we evaluate new product opportunities, it’s where do we have unique and differentiated distribution? Is there an opportunity to build a product that brings kind of unique, and client fit and utility? And importantly, can we see a path to scaling that product line up in excess of a $100 million over a reasonable timeframe? And so, we could not be more excited about the momentum that we have and the success that we’re seeing across the MGA.
Operator: The next question we had from Meyer Shields of KBW. Please go ahead.
Meyer Shields : Quick question to begin with. Is there any distinct seasonality in the revenues or earnings of the business being sold to [Indiscernible]?
Trevor Baldwin : Not really. Meyer. It’s relatively — they have some seasonality month to month, but if you look quarter-to-quarter, it’s relatively flat.
Meyer Shields : I know this, obviously they’re going to take care of the entire debt program, but are there specific plans for the proceeds?
Trevor Baldwin : It provides, continued and better financial flexibility, mayor, and we’ll continue to thoughtfully manage our balance sheet to optimize returns.
Meyer Shields : One last one, if I can follow up on Josh’s question. It seems that there’s increasing comfort in with Florida’s reforms with regard to people being more interested in maybe depopulating citizens or whatever. And something you take us through what the implications of that are for Westwood, for the MGA of the future.
Trevor Baldwin : Yes, those implications are all positive, Meyer, and then Westwood continues to perform exceptionally well with organic growth in excess of 20%. We added three new top 35 builders over the past few months as new distribution partners into the Westwood business. And as a big volume of the new homes being built across the U.S. are built in Florida. And so, the extent that more capacity opens up, that creates more optionality and puts us in a position to provide more, and better choice to our ultimate clients. And so, the opening up of the market will be a very good thing for us and should translate into our ability to kind of bring in further capacity into the MGA to continue to kind of meet the needs of our clients.
Operator: [Operator Instructions]. The next question we have is from Pablo Singzon of JP Morgan. Please go ahead.
Pablo Singzon : Just a question in margins, if you go by the guidance that you’re giving, the implied EBITDA margin expansion is the largest on an annual basis would be the largest EBITDA expansion that you would’ve done on an annual basis, right? Call it 300 points. It seems like you can explain 80 bits of that from the $10 million cost savings with the remainder. Just be natural operating leverage. And is there reason to think that that kind of cadence continues beyond ‘24?
Bradford Hale: I’d say, the answer to the question that you surmised is accurate and that margin increase is coming from operating leverage. We’re coming out of a couple of years in ‘21 and ’22, where we invested significantly into the business. And as you know, roughly 80% of the expense base in this industry is payroll. And we’ve done most of the hard work around that as a result of how we manage headcount in 2023 and for 2024. We’re not going to provide an outlook on what kind of margin accretion to expect in ‘25 or beyond. But what I will reiterate as we consistent with what we’ve said in the past is the margin profile of this business is not any different than that of our peers that operate in the high twenties, low thirties EBITDA margin.
If anything, as a result of the utilization of technology and proprietary systems that we have, the hard work that we’ve done over the past few years to fully integrate our platform, I would suggest that over time our margin profile will be superior to that of our peers. And as a result, we do expect margin accretion. For the foreseeable future year in, year out, some years that will be more than others. We’ll continue to invest in the business and invest in talent in a thoughtful and meaningful way that enables us to continue to remain on the vanguard for our clients and continues to allow us to cultivate our status and reputation as a true destination for the most talented professionals in our industry. We’re incredibly excited about how this business is positioned, heading into 2024 and while ‘23 was a fantastic year, it was also a year that had some challenges and required some tough decisions.
And we’ve made those decisions and executed on those actions and positioned our business to really drive very strong and profitable growth in 2024 and beyond.
Operator: The next question we have is from Elyse Greenspan of Wells Fargo. Please go ahead.
