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Lloyd's settles lengthy Central Fund dispute; Accord resolves case involving brokerages Aon and Benfield.(International News)
Business Insurance, June, 2007 by Veysey, Sarah
Byline: SARAH VEYSEY LONDON-Lloyd's of London has settled a dispute with two brokerages over a reinsurance program for the market's Central Fund. Lloyd's announced it had settled with London-based brokerages Benfield Group Ltd. and Aon Ltd., a London-based unit of Chicago-based Aon Corp.
The terms of the settlement were not disclosed. Benfield announced that the settlement will result in a net charge to the reinsurance brokerage of about 8 million pounds ($15.9 million). "We are very pleased that this matter is now behind us. Aon's contribution to the global settlement and the financial impact for Aon reflects its role in the placement,'' Aon said in a statement. In March 2005, Lloyd's settled a long-running dispute with the six former reinsurers...
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