Alexander Forbes and Glencairn 'raided' for specialist staff

Monument has poached the chairman of Alexander Forbes Professions (AFP) and at least 10 other AFP staff in a bid to establish a new professional indemnity (PI) team.

Sources told Insurance Times that Tony Blyfield and a team of "between 10 and 14" have left AFP to join the Lloyd's broker.

Glencairn has also lost a team to the London broker. Rob Cottingham, Theorella Cesere and Marcus Porter-Wright are understood to be among six who have left the company.

Monument is understood to have been scouring the market in search of new recruits.

Sources said the broker is planning to launch a PI product with the support of up to 20 new staff.

The PI team is expected to begin working in the autumn ready to launch a PI product by the end of the year.

Market sources said: "Tony [Blyfield] has been at AFP for a very long time. Perhaps he has moved on because he has been offered more money, or perhaps it is because he didn't like the changes that were being made to his contractual conditions - that is more likely."

Glencairn confirmed it had received resignations from Cottingham, Cesere and Porter-Wright, but refused to comment on their future employment.

An AFP spokesman said: "We are unable to comment on this situation."

Monument was unavailable for comment.