Marsh is losing five more of its senior staff to Firstcity Insurance Brokers.

Stephen Ambidge and Jamie Powell, who work in Marsh's financial and professional (FINPRO) global practice in London, are among the defectors.

Senior vice presidents of FINPRO Anne Clohessy and Sue Garwood will also be joining Firstcity over the next six months, along with vice president Ross Meijer.

Firstcity, which was established in 1992 after a management buy-out from the Frizzell Group, has also been joined by Bill Jennings, formerly of CNA's underwriting financial institutions team, last week. He is responsible for developing new products for the financial services industry and will be based in the broker's New York offices.

Tim Watkins, managing director of Firstcity, has described the new appointments as part of “the next stage of creating the foremost independent insurance intermediary for financial services companies”.

In January, the company began expanding its Financial Institutions and Professional Risks team with the addition of three senior Marsh personnel. John Howe joined its London division while Frank Casey and Cameron Bruce took up positions in its new office in Wall Street, New York.

The latest newcomers will bring the division's number of staff to 27.

Watkins said that FirstCity was attractive to potential employees, because of its shareholding structure allowing staff to earn an ownership interest in the company through an employee trust.

“We continue to look to recruit senior personnel to expand our company's capability to support its financial institution's client base,” he said.

FirstCity now has a broker income of £12.5m and has grown more than 20% per annum, for the last six years.

In its first two years of operation, it lost 35% of its income because of difficulties operating in Lloyd's. It cut its staff from 160 to 70. It has since actively searched for key personnel to boost its numbers, taking on senior figures from Aon.