Lloyd's has started arbitration procedures against six reinsurers that it claims have stopped making payments to the central fund.
Swiss Re said yesterday reinsurers had entered into the contract to pay policyholders' claims in the event that a Lloyd's syndicate became insolvent, and the central fund could not cope.
But the Zurich-based reinsurer told the FT.com that Lloyd's had instead submitted claims for payments from the fund to protect members' solvency.
The central fund exists to pay policyholders in the event of any of the syndicates in the market being unable to do so. Lloyd's bought the policy in 1999 from reinsurers Swiss Re, ERC, Hannover Re, St Paul, Chubb and XL.
Lloyd's is pursuing payment through arbitration with them all, Lloyd's chief executive Nick Prettejohn revealed yesterday.
The market's finance chief Andrew Moss said Lloyd's maximum exposure was £290m.
The reinsurers have already paid £134m on the policy, for which Lloyd's agreed to pay premiums totalling £78m over five years.
