Brightside winds up lawsuits under Brendan McCafferty

Brendan McCafferty

Brightside had been battling for payouts from two legal claims, but is no longer engaged in any litigation under CEO Brendan McCafferty.

The broker had been involved in two long-running suits. The first against its former auditor Baker Tilly, now RMS, and CFO Paul Chase-Gardener. The second was against its professional indemnity insurers and broker Howden.

Brightside had sought around £2.2m from its insurers or Howden, following legal tussles between itself and ex-CEO Arron Banks’ owned Southern Rock.

McCafferty, who joined the broker in August, told Post: “I cannot say anything about any of the specific cases that Brightside has been involved in litigation with. What I can say to you is as of today Brightside is not involved in any ongoing litigation.”

“I want to be really clear that Brightside is doing well. It’s a growing business. It is profitable. The issues of the past we have increasingly put behind us. The investments that are being made are about to turn into business streams, profitable business streams.

“We’ve got a focus now on developing a business now that is going to grow significantly in the coming period of time,” he added.

The broker made a £10.2m loss in 2017, when it faced £6.2m of reorganisation costs. It also invested £1.4m in setting up MGA Kitsune, which is expected to launch in 2019.

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