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LONDONAon Re Global and Benfield Group Ltd. have reached a settlement about the departure of a group of facultative reinsurance brokers from Benfield to Aon last fall.
Under the settlement deal, Aon Re Global, a unit of Chicago-based Aon Corp., will pay Benfield £9.53 million ($18.47 million) including costs "over time".
In October, London-based Benfield issued a profit warning after a team of about 20 facultative brokers, including the leader of Benfield's facultative team, left the company.
The team will start work at Aon on April 1.
Benfield said at the time that it had "found it necessary to commence a legal process in order to protect its business interests."
The two brokers on Monday said they were pleased to have reached a settlement, but spokesman for both said they could not comment further on the deal/