Lloyd's has pushed back the deadline for rebel Names to accept their final offer over liability for asbestos claims.
The date was originally February 26 for UK Names, but it has now been extended to March 12.
A spokesperson for Lloyd's said the change followed requests from the investors for more time. He added that there had been an encouraging response so far with Names asking for more information about the settlement to write off some of the £300m debt owed.
But Chris Stockwell, head of the Lloyd's Names Association (LNA) and an adviser to the United Names Association (UNO), believes Lloyd's is just stalling for time.
"As far as I know, nobody has accepted the deal," he said.
"Certainly nobody has applied to the UNO to be allowed to accept it."
Stockwell claims the delay is a result of Lloyd's failure to reply to letters written in January and February from solicitors.
The correspondence raised a number of issues, including the structure of the settlement, which would cause tax liabilities and whether housing or support assistance would be available. These were problems raised during the Reconstruction and Renewal deal in 1996.
Another matter of dispute is Lloyd's claim that the proposal is based on its offer to the US and Canadian Names.
But Stockwell alleges Lloyd's is requesting additional information about the UK Names, such as details of capital transactions from over five years ago.