Insurance firm BLM has appointed insurance partner Paula Jefferson as its new London office head after her predecessor quit for Clyde & Co earlier this week.

Jefferson joined the firm two years ago from DAC Beachcroft, where she worked for 19 years and made partner during that time. She is an abuse claims specialist.

The news follows the resignation of former City head Jennette Newman who handed in her notice this week (21 November) to join Clyde & Co alongside London insurance partner Jonathan Edwards.

Newman had served as London head since 2003 having first joined the firm in 1994.

Senior partner Mike Brown said: "Paula is an extremely well-respected colleague with strong relationships in the insurance sector. She is the perfect person to capitalise on our presence in EC3 and to lead and work with all our London team to grow our business further. We are thrilled that Paula has taken up this position."

Newman's exit represents the second recent management exit from the firm, following the departure of managing partner Gary Allison in July, just eight months after he took on the role.

Separately, Companies House filings showed that HSBC had taken a charge over BLM's assets, the second charge over the firm's assets following a deal with Barclays in 2014.

In a statement, the firm said: "Off the back of a strengthened balance sheet and falling debt, we made a decision to review our banking arrangements and agreed new terms this month. We've banked with Barclays for some time and now we're pleased to say that we're also being backed by HSBC, which is testament to our strong financial position.

"Support from both banks provides ample opportunity for future expansion and, together with our increased net asset base, a stable platform to support our development."

In the firm's 2016-17 financial results profit per equity rose by 21% from £192,000 to £232,000, but revenue fell from £107.7m to £106.7m.