New branches planned as wholesaler aims to double brokerage within five years

Wholesale broker Lucas Fettes is set to open at least three more branches across the UK in a bid to break into the top 10 UK insurance brokers.

The firm, which is placed below the top 50, is aiming to double its brokerage within five years.

Managing director Robin Lucas said: "We want to reach £10m in brokerage this year, and we aim to double that in three to five years."

Lucas said the broker was aiming to create a network of offices, with plans to open branches in the Midlands, Newcastle and Scotland. It already has branches in London, Manchester, Bristol, Norwich, the Isle of Wight, Chichester and Berkhamsted.

"We want to have approximately 10 sites and be in every financial centre," said Lucas.

He said the company was looking to acquire brokers in order to reach its targets.

"We would prefer to attract teams of people or achieve good organic growth. But you can't grow quickly without acquiring businesses."

The company's Manchester-based wholesale division, which opened 18 months ago, was used by between 250 and 300 brokers, said Lucas.

He said the division had a 25% conversion rate on quotes. "We see that division as one that will grow in the future. It's very important strategically for the company."

The company has also set up a Lloyd's vehicle called LFL to help grow the business. Accreditation is due next month.

Lucas Fettes gets 100% of its insurance business through either existing clients or other professional firms, Lucas said.

The firm has also recently launched a dental scheme in conjunction with Norwich Union to provide cover for dental practitioners.