A Tucker's Town millionaire is to be hounded through the courts after he failed to cough up a £48 million ($96 million) divorce settlement.

John Charman was ordered to pay ex-wife Beverly the award by the UK's Court of Appeal in May.

The ruling represented the largest divorce payment in British history.

But according to UK legal newspaper and website The Lawyer, Mr. Charman has failed to hand over the full amount.

The former Mrs. Charman has now instructed lawyer, Manches partner Helen Ward, to enforce the order, with the case expected to be heard in March.

Manches is to pursue reinsurance tycoon Mr. Charman through the Bermudian courts to recover the £48 million.

However, his lawyer on the Island, Marshall Diel & Myers partner Georgia Marshall, is believed to be contesting the right of a UK court to extend the scope of its orders to offshore trusts such as those operating in Bermuda.

Mr. Charman, chief executive officer of Axis Capital Holdings Ltd, had attempted to get the $96 million divorce bill to ex-wife Beverley, of Kent, reduced to $40 million, but the Court of Appeal upheld the settlement in May.

He then appealed for the case to be heard before Law Lords in the House of Lords but this was refused.

The insurance magnate claimed the amount was "grotesque and unfair", and that a $40 million offer reflected his ex-wife's role as "a housewife".

The former Mrs. Charman however, claimed the $96 million "fairly" recognised her contribution to their 28-year marriage. The couple have two children, Nicholas and Michael.

In 2006, Mr. Charman's salary was $1,250,000 but he is reported to have received a bonus of $1,989,700 and a compensation package of $10,875,051.

He was ranked second in The Royal Gazette's list of executives' salaries at 18 of the Island's biggest insurance and reinsurance companies.

Both Charman lawyers have refused to comment.