FMW Risk Services has reported an increase in brokerage income of 40% from last year.

Announcing its 2002 annual results, the company recorded income of £3.4m from a premium turnover of £19.2m.

Managing director Peter W Blanc said: "We have now completed our second full financial year since our management buy-out in December 2000.

"These figures represent positive confirmation of our belief that the market for medium sized commercial brokers is extremely healthy. We are now budgeting to achieve premiums in excess of £25m during 2003 through organic growth and new business acquisition.

"We are targeting business in the £10,000 - £500,000 premium bracket which we believe does not receive the attention and personal service it deserves from the major national brokers."

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