John Charman, Founder and former Chairman of Axis has said he will appeal against a court ruling that he has to hand over a property and cash package of £48m to his ex-wife. The decision has created the biggest payout in UK divorce history and was branded as “grotesque and unfair,” by Charman who moved to Bermuda to set up Axis after a glittering career in the London market.

He revealed that he had offered his wife of 27 years £20m is settlement but that she had decided to take the case to court where she was awarded property and other assets valued at £8m and £40m in cash.