Could be a number of things. Here are several possibilities:

1) stress from not enough water over the summer. Is it in full sun?

2) Scale -- look for a coating of white scale on the inner branches.

3) stress from planting or transplanting. Has it been recently planted?

4) stressed and vulnerable from the cold winter. You don't say where you live.

...and I suppose there's a chance it could be Phytophthora, a fungus-like pathogen, or some other disease.

Here is a link that might be useful: Laurel issues

This post was edited by dave_in_nova on Sat, Sep 6, 14 at 9:44

Have you checked to see if the branch is broken, or the bark stripped off further down in the plant?
The rest of the plant looks healthy.
Mike