Lloyd’s insurer confirms Richard Tolliday has filed a claim
Richard Tolliday, former chief executive of Lloyd’s insurer Omega, could receive $6.5m (£4m) if his lawsuit against his old firm is successful.
As revealed by Insurance Times last month, Tolliday sued his former company in January.
On posting a $43m loss in its full-year results today, Omega confirmed that Tolliday had issued a claim against the company alleging that he is due payments under a clause in his employment contract.
The claim argues the clause entitles Tolliday to certain payments in case a change of control led to his departure.
Omega estimated that $6.5m would be payable if he is successful.
Omega removed Tolliday from his position in March last year after a boardroom battle led to the appointment of six new directors.
The insurer replaced Tolliday with former Heritage Underwriting chief executive Richard Pexton.
The news comes as Omega reveals it has made a $43m loss for the full year of 2010 after being hit by a number of catastrophes and single large losses.