Benfield Group said it has reached a settlement in its dispute with Aon Corp, in which it will receive a £9.5m payout from the US company.

The payment will be accounted for as an exceptional item, Benfield said.

In October, the UK-based reinsurance broker issued a profit warning after unexpected staff departures. It was understood that some 20 senior members of its facultative solutions team had defected to rival Aon.