Cardiff-based ProtectaGroup is set to begin an aggressive drive to grow its commercial book.

The broker has appointed John Powell, former chief executive of Culver Insurance Brokers, to spearhead the growth. His aim will be to attract a greater business stream from SMEs and large corporate clients.

The company is aiming to reach £10m in commercial insurance premiums by 2007.

Powell said: "We are aiming for a 100% growth rate year-on-year for the commercial division, increasing the percentage of commercial insurance handled within the group from 10% to 30% over the next three years."

ProtectaGroup, which currently offers a range of products including motor fleet and commercial vehicle, will also expand into the professional markets to include solicitors' professional indemnity cover.

The broker will reach £30m in annual sales for 2006, with revenue breaking through the £6m barrier for the first time in the company's history.

The appointment comes as the broker, previously known as Motaquote Insurance, rebranded its 20 stores across South Wales as ProtectaGroup.