IRISH investors who suffered heavy losses in the Lloyd's off London insurance market are expected to move to end their long-running battle for compensation with the market next month.

Most of the 413 Irish private investors or "Names" are understood to be anxious to bring the matter to a close by accepting the market's settlement deal at the end of August.

"Most Names are sick to death of the whole thing and just want to get on with their lives," according to one investor.

Lloyd's has offered a one-off settlement of £3.1 billion sterling to 34,000 Names who incurred substantial losses in the market between 1988 and 1992.

While everyone will not be entitled to compensation under the terms of the settlement, it is understood that most of the Irish Names will receive some monies. "The majority of Irish Names won't have done that badly. It looks like there will be a reasonably good outcome for everybody," the investor added.

All of the Names have now received preliminary statements from the market which indicate their entitlement or their liability to Lloyd's.

A spokesman for Lloyd's has confirmed that, under the settlement, some 12,000 investors will receive no compensation.

Most of the Irish investors who suffered losses were part of the Gooda Walker syndicate which won a London High Court action for negligence against Lloyd's in 1994.

Lloyd's Names in Ireland have included Lord Henry Mountcharles, Lord Killanin, Mr Roger Garland, the former Green Party TD and the boxing promoter, Mr Barney Eastwood, although not all of these would have been involved in the Gooda Walker syndicate.

The settlement forms part of a restructuring of Lloyd's, under which a reinsurance entity trading as Equitas will take charge of all losses arising from insurance policies signed before 1992.

The new structure is expected to be approved by members at Lloyd's annual general meeting in London on Monday.