Virtual insurer Fusion is set to more than double its business this year after bursting through already ambitious income targets.

The Lloyd's cover holder and service company, which places its business with a syndicate managed by its parent SVB, wrote £49.1m of gross premiums in 2002, from £13.2m in 2001.

This expansion reflected its beginnings in 2001, but the business is expected to accelerate further and produce more than £110m of premium income in 2003.

This compares with a forecast in December of £100m and brings the company to the size that managing director Kevin Pallett regards as a critical mass. The growth came without major increase in the number of brokers Fusion sells through - it has expanded to 230 and had about 200 last summer - and Pallett said it was not driven by plans to add more.