Worthing-based Argyll will make acquisitions to achieve its target of tripling gross written premiums (GWP) to £60m by 2010.

Argyll chairman Kevin Young said the first acquisition in a series would be made in October, adding £7m GWP to its Kent office and generating a further £1m in commission income.

He said the soft market had led the broker to expand through acquisition rather than organic growth.

Argyll will also reject new custom from clients seeking lower priced policies in a bid to combat the extremities of the cycle. "We are asking potential clients why they want to change their broker," Young said. "We won't write business on price."

Argyll Insurance Services recorded a 52% growth in pre-tax profit for the year ended 30 April 2005, rising to £701,337 against £461,243 a year earlier. Turnover grew 28% to £3.34m from £2.60m in the same period.

Argyll's broker division posted a £43,939 pre-tax profit.