Expansion into Far East will be followed by push into Central and East Europe

Lloyd's broker Colemont Insurance is set to begin a worldwide expansion in a bid to become one of the world's top 10 brokers by 2011.

The broker will expand into the Far East by the end of this year, shortly followed by a push into Central and Eastern Europe, the Middle East and Latin America.

Colemont chief executive Surinder Beerh said the company was set to double the size of its business in the next three years and was aiming to more than double the 12 offices it has outside the US.

"I hope by the end of next year we will have 30 offices around the world, outside the US," Beerh told Insurance Times.

"We are growing at 3%-4% and it's coming together slowly but surely. We want to be one of the world's top 10 brokers in the next five years. I think there's a good opportunity and chance for us, and people are beginning to knock on our doors."

Beerh added that the broker was looking to increase the number of London-based staff from 45 to 55 by the end of the year.

The company was incorporated as Global Independent Insurance Brokers Services in October 2004 and changed its name to Colemont Insurance Brokers in January last year.

Turnover from October 2004 to December 2005 was £20,534 with an operating loss of £1.58m. Beerh explained that the company did not start trading until the start of 2005 and high administrative costs were due to start up costs.

Colemont specialises in treaty, aviation, marine/ energy, property, casualty and niche classes of business.