The Lloyd's rescue plan that the 413 Irish investors have been advised to accept is threatened by a small group of disgruntled members of the British insurance market.

Members of the Paying Names Action Group claim they face ruin if the settlement deal goes ahead. The 3,000 members of the PNAG have already paid large sums to Lloyd's to cover their liabilities, but still face bills of more than Pounds 500,000 under the terms of the settlement package.

Up to yesterday, indications were that more than 80 per cent of the 43,000 Names would vote to accept the once off settlement deal.