The former Trenwick International chief executive, Russell English, and underwriter James Trusselle have been awarded £10,000 each in damages after Insurance Insider was found guilty of publishing a defamatory article about them.
The Royal Court of Justice also ruled that the trade publication Insider must pay legal costs worth an estimated £170,000.
It is thought to be the first insurance libel case to reach court.
Hastie Publishing will now have to pay £20,000 damages within five weeks and an interim payment of £70,000 within three months.
Matthew Nicklin, English and Trusselle's barrister, said: "For 14 months Mr Hastie has robbed my clients of their good names."
Editor Peter Hastie said: "I am obviously very disappointed, but I do accept this."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
