Chelmsford broker FMW Risk Services boosted its premium turnover by nearly half in its second year of trading.

It grew to £19.2m in the year to 31 December from £13.1m in 2001.

The 2001 reporting period included three additional weeks because the company started trading on 11 December 2000, when it was launched after a management buy-out.

Its brokerage income increased to £3.48m from £3.12m the time before through organic growth.

Finance director Paul Esworthy said: "We want to be the largest independent broker in Essex."

The mid-range corporate specialist broker hopes to turn over premiums of £25m this year and hit £5m brokerage from £30m premium by the end of 2005.

Managing director Peter Blanc said: "We are targeting business in the £10,000 to £50,000 premium bracket, which we believe does not receive the attention and personal service it deserves from the major national brokers."

Esworthy said growth was expected across all the company's business lines, of which about 40% were related to transport.