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Aon Re in £10mn Fac poaching settlement

Aon Re Global has agreed to pay Benfield Group £9.525mn to settle the litigation which sprang from the defection of Elliot Richardson, and his facultative team, last year.

Richardson, who headed Benfield’s facultative team until his resignation last October, will now join Aon on 1 April 2007.

The settlement – described in a statement as “amicable” – covers all the former Benfield employees who have followed Richardson to Aon.

Michael O’Halleran, the chairman and chief executive of Aon Re Global, remarked: "We are pleased to have reached a mutually acceptable accord on this matter."

In the March edition of The Insurance Insider, we revealed that Aon had recently won the Lexington Insurance Co account from Benfield following the departure of Richardson.

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