Reinsurance broker Bradstock Group has continued to endure the effects of its restructuring programme, posting a £0.54m loss for the six months to March.
The London-based broker said a measure of the scale of its rebuilding could be seen from the fact that 70% of its turnover was derived from new teams recruited since March 2002.
The group also revealed that it is close to securing the services of a new chief executive with "substantial
credibility".
The disappointing result caps a difficult period for the non-marine and health specialist, which lost £2.2m in the year to 30 September 2002.
Bradstock has suffered from the fact that rate increases in the direct market have failed to flow into the reinsurance market.
Chairman and chief executive Nick Bryce-Smith said the rebuilding process is far from finished. He said: "We continue to focus on those areas of business providing higher profit margins.
"There are a number of exciting prospects in the pipeline which if successful should have a material impact on the group's performance, enabling it to move forward positively in future years."
