Former Laing & Co managing director Stuart Laing has taken up a position with Northern Irish broker Cranford Consultants.

Cranford managing director Julie Gallagher confirmed that Laing was employed in the broker's commercial department for "one day a week".

Earlier this year, Cranford bought Laing & Co's entire book of business for an undisclosed sum.

Gallagher denied that Cranford had purchased Laing's book for £1, saying that the broker had paid the "market rate".

Two months ago, Laing & Co was rapped by the GISC for grossing up premium in breach of core principles 1.1 and 1.2 of the GISC commercial code.

Earlier this year, Laing & Co sued Preston Whiteside for £1.17m. In its High Court claim, Laing & Co said that, between January 2002 and 31 December 2002, it paid £1.17m in premiums to Preston Whiteside. But Laing & Co alleges Preston Whiteside failed to obtain insurance cover in respect of the premiums paid.