Troubled Bradstock Group is hunting for a new chief executive after losing £2.2m in the year to 30 September.

The reinsurance broker will quit the main stock market for a listing on the smaller Alternative Investment Market (AIM) in March.

Existing chairman and chief executive Nick Bryce-Smith said the company was also looking for a new non-executive director.

A government-commissioned report, published last week, recommended that companies split the role of chairman and chief executive and should have as many non-executive as executive directors.

Bradstock currently falls foul on both points.

The company would have made a profit for the year of £4.8m if not for a deficit in its pension scheme that threatened its existence. Bradstock spent £1m on professional fees drawing up a settlement to repay the deficit.

As part of the agreement, it will hand over 15% of profits for the next five years.

Bryce-Smith could not rule out redundancies, but said the AIM listing would make savings that could be spent on acquisitions.