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Lloyd's Reaches Conclusion with Brokers in Central Fund Insurance
Policy Dispute - 12.06.07
Please see below an update on the Central Fund Insurance Policy Dispute.
For the Lloyd's Press Release Click Here and the Benfield Press Release Click Here
The net cost to Benfield is £8 million. Lloyd's had previously announced that it had commenced litigation in February 2006 with Benfield and Aon. This followed the arbitration settlement in March 2005 with a division of Swiss Re (SR Business International Co. Ltd) and six other reinsurers which cost Lloyd's £226 million.
Lloyd's Reaches Conclusion with Brokers in New Central Fund Insurance Policy Dispute
On 11th June 2007, Lloyd's advised that it had reached a settlement with the two brokers involved in the placement of the New Central Fund insurance policy.
The net liability disclosed by Benfield represents part of a wider overall settlement reached with Benfield and with Aon.
The terms of the settlement agreement will remain confidential.
Commenting on the settlement Sean McGovern, Director and General Counsel at Lloyd's, said:
"The settlement we have reached with Aon and Benfield enables us to lay this matter to rest and continue our excellent relationships with both organisations."
Benfield Litigation Conclusion
Benfield, the world's leading independent reinsurance and risk intermediary,today announced that it has reached a conclusion with Lloyd's in relation to the New Central Fund dispute which was previously disclosed in Benfield's Annual Report & Accounts 2006.
The financial impact of the agreement for Benfield will be approximately net£8,000,000, which will be accounted for as an exceptional item.Grahame Chilton, Chief Executive Officer of Benfield, stated "We are pleased to have brought an end to this matter and we look forward to continuing our excellent working relationship with Lloyd's."Lloyd's and Benfield have agreed that the terms of the settlement will remainconfidential. |
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