The last of the Canadian Names who refused to pay their share of losses incurred by Lloyd's in the late 1980s have lost their court battle.

The Ontario Court of Appeal ruled that the 88 investors, must pay their share of the £8.5bn lost by Lloyd's between 1988 and 1992.

Counsel for Lloyd's, George Benchetrit, described the ruling as “a resounding victory”.

He said: “It enables Lloyd's to commence enforcement proceedings in the other provinces, as well as Ontario, where the majority of the investors live.”

The Names had sought to challenge Lloyd's attempt to force them to pay premiums to Equitas, set up to run off old policies written by Lloyd's in the wake of losses from US asbestos claims, oil spills and hurricanes.