Company claims it has 20 deals under consideration

Cullum Capital Ventures (CCV) is aiming to double in size to £100m gross written premium (GWP) by the end of the year.

The Towergate consolidation vehicle was established in December 2005 with a £70m capital fund and the aim of achieving £50m GWP by June 2007.

The success of the venture, has resulted in the company already exceeding that target, according to Tim Johnson, chief executive of CCV.

Johnson told Insurance Times: "We hit £50m GWP in January and are targeting north of £100m by the end of 2007."

He said CCV had 20 deals at various stages of negotiation. "Those brokers represent £170m GWP, although not all will be completed."

CCV was set up to acquire brokers with less than £10m GWP. It is also designed to help broker management teams to look at management buy-out (MBO) or management buy-in (MBI) opportunities.

With one acquisition due to be completed in February and another in March, Johnson said there were no restrictions on the areas the vehicle was targeting.

"It tends to be 80/20 commercial/personal, but that is not essential," he said.