Goshawk Insurance Holdings plc has announced that it has settled its dispute under a reinsurance policy written by GIO Insurance ltd.
Under the agreement with GIO, the £19m that was owed has now been settled in full. The settlement has averted arbitration proceedings that were due to start this week.
Chief Executive Chris Fagan: "Reinsurance disputes of this nature are always time consuming and therefore whilst we always had every confidence in a successful outcome we are pleased to have finally resolved this matter."
