Four ex-Bankassure managers have settled out of court with Aon, the parent company, agreeing not to deal with any Bankassure clients until October and to pay the broker £230,000 for breach of contract and legal costs.

Aon sued the former Bankassure chairman Graham Barnes, managing directors Ian Waterson and Peter Millett and director Jim Jennings who all left the company to set up Bankserve, a division of Ballantyne.

The high court was informed that while still employed by Aon, they had provided a prospective employer, BMS, with a business plan that enclosed highly sensitive confidential financial information belonging to Aon.

Peter Dobbs, chairman of Bankassure, said: “Aon was determined to guard the reputation of Bankassure against any malicious behaviour and is now investing in further recruitment, systems and marketing to keep the business at the forefront of its sector.”

Bankassure is a Lloyd's insurance broker and consultant, specialising in asset-based finance and investment.