Members of the arbitration panel who will decide a £290m dispute between Lloyd's and Swiss Re are expected to be appointed within the next few weeks.

The two arbitrators and one chairman will face up to 18 months' work to settle the dispute, sources believe.

Lloyd's complains that reinsurer Swiss Re has stopped paying claims on the policy that protects the financial safety net for Lloyd's policyholders.

Swiss Re contests the allegation.

Lloyd's has received £134m in claims so far, while a further £290m is under dispute.