AXA and Accident Exchange (AEL) have agreed to settle their long running legal dispute, which accused Autofocus and its employees for committing an industrial scale fraud.
Other parties, including Zurich Insurance, LV, Travelers, Hertz Claims Management, PSV Claims Bureau and Van Ameyde are yet to resolve their position with Accident Exchange.
AXA and another insurer were the only ones who refused from accepting AEL’s claim.
Following a series of retrials, AXA increasingly surrendered only to incur material costs liability for settling claims it could have agreed at a proper discount in 2009.
AEL chief executive Steve Evans said that AXA has engaged junior and leading counsel to draft the terms of the settlement agreement which probably would be a better way to settle the dispute.
"The parties are agreed on what belongs in the agreement, agreed on the measure of damages and agreed on the basis and time by which the damages and costs will be paid," Evans added.
Part of the Automotive & Insurance Solutions Group of Companies, Accident Exchange is one of the largest accident management companies in Europe.