Insurance outsourcing firm Rubicon is set to go on a summer spending spree, said joint chief executive Bradley Brandon Cross.

Brandon Cross said Rubicon completed half a dozen acquisitions towards the end of 2002. "We have spent the next six months consolidating the businesses and making sure they fit together," he added.

He said Rubicon is looking to put together a package of equity and debt to fund acquisitions. It is understood that Rubicon's next purchases will involve bringing business into its newly created virtual insurer.