The Loss Recovery Group (LRG) has an acquisition war-chest ready to buy brokers or part of a major insurer.

LRG managing director Malcolm Harvey said the company had grown "above expectations" and was looking to acquire in both the UK and Europe.

Harvey said: "The company shareholders have given their full backing to look here and overseas.

"I am keen to look at brokers or part of an insurance company. I also want to set up an operation in Europe."

He added that The Netherlands was an "untapped market" which has yet to develop a sophisticated loss recovery insurance market.

As part of the expansion drive, LRG has appointed Graham Trapnell, former head of risk management at West Berkshire district council, to target the public sector market. His role will be national account director, municipal risks.

This will include schools, hospitals, 'blue light' risks such as the emergency services and MOD risks.

Trapnell said: "Increased premiums and cover restrictions together with insurers' needs to control claims costs has meant a growing number of risk managers are re-evaluating the role of insurance within their operations."

Harvey said the company has commissioned a branding agency to assess whether the whole group should be rebranded.

"The problem we have is that when our guys call up, they say Loss Recovery Group. But most insurers or brokers think we are just another ULR company.

"We are looking at the feasibility of changing our whole name."