Troubled reinsurance broker Bradstock is set to appoint a new chief executive after deepening losses in the first half of the year.

Current chief executive and chairman Nick Bryce-Smith said a new chief executive would be appointed "fairly imminently" and it would be "a name that's well known in the market".

The group was plunged into difficulties when it found a £14m deficit in its pension scheme in 2001, when it also had a £6.2m shareholders' funds deficit.

The group lost £544,000 before tax in the six months to 31 March, against £534,000 in the same period last year.

Turnover rose slightly to £1.3m from £1.2m. Loss per share improved marginally to 19.4p from 20p and no dividend will be paid.