Broker OAMPS UK is looking to make a major acquisition that could see the company nearly double in size.
The news follows the acquisition of Surrey-based general insurance broker, Boylan and James, which trades as Whicher Boylan and James (WBJ).
OAMPS UK managing director David Barrett said the company, the UK arm of Australia's third largest broker, was looking for a major acquisition.
"We would be looking at a figure in excess of £50m GWP," he said. "And providing the market conditions are right, we have the funds to do it."
OAMPS UK currently controls £65m in GWP.
Barrett also revealed that another acquisition would be announced imminently.
But he insisted that OAMPS had no plans to become a consolidator. He said the company would continue to concentrate on niche markets while steadily growing its broking acquisition.
"Our strategy is to maximise productivity and profitability. We are looking for a return on our investments," he said.
OAMPS is part of Wesfarmers, which has a market capitalisation of around £6bn.
It acquired OAMPS last year.
The OAMPS UK group covers all aspects of personal and commercial insurance, and specialises in petrochemical risks.
It also provides niche environmental and loss adjuster services to the petrochemical industry.
WBJ personnel are being relocated to OAMPS' premises in Reigate.