Lloyd's long-running dispute with reinsurers over the central fund has ended with a settlement of £152m.
The move has closed the door on the arbitration proceedings over which it could have been forced to pay up to £393m.
The dispute over the Lloyd's central fund began in April 2003 when six reinsurers refused to pay claims arising from the new central fund.
The policy was designed to meet unrecovered losses topping the £100m in one year, subject to a £350m limit.
Fighting the case Swiss Re, St Paul, Hannover Re, XL Re, Federal Insurance Company and Employers Re claimed the policy had not been affirmed and they were not legally bound to pay up.
' Lloyd's worldwide markets director Julian James wants to radically modernise the Lloyd's underwriting floor to resemble "the Nasdaq trading floor".
Read in next week's Lloyd's Guide James's vision to revolutionise the whole environment of Lloyd's and bring it into the 21st Century.