Business Services Industry
Lloyd's to sue Aon, Benfield over fund cover.(reinsurance cases)
Business Insurance, February, 2006
Byline: SARAH VEYSEY LONDON-Lloyd's of London said it will pursue legal action against Aon Ltd. and Benfield Group Ltd., the brokers of a disputed reinsurance program for the market's Central Fund. Lloyd's in March 2005 settled a long-running dispute with the six former reinsurers of its Central Fund, receiving [pounds sterling]152 million ($292.7 million) for claims it had made against the program (BI, March 21, 2005).
During an arbitration process, Lloyd's had sought to recoup about [pounds sterling]477 million ($918.7 million) from the reinsurers. At the time, Lloyd's "reserved the right to pursue others involved in the placement of the policy for the shortfall,'' Lloyd's said in a statement Friday. "Following discussions with the brokers, Lloyd's has...
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