The '£70m' City divorce

One of the biggest names in the City is facing a multi-million-pound divorce battle.

John Charman, the "king of the London insurance market" - worth up to £144million - is being divorced by his wife Beverley after a 28-year marriage.

Sources said Mrs Charman has been asking advice from friends in the legal field as she seeks a favourable settlement at the High Court.

Mr Charman's former colleagues at Lloyd's of London are speculating on how much his wife could receive. Family law experts said it could be as much as £70million. A hearing on the divorce is listed at the High Court for Friday.

Sandra Davis, one of the country's top divorce lawyers, said: "In a case where a couple have been married for 28 years and during that period the man has earned most of his wealth, it is not inconceivable that the wife could contend for and get as much as 50 per cent of the family assets.

"There is no doubt whatsoever that she will comfortably obtain an eight-figure settlement."

The case comes at a time when divorce laws are changing rapidly.

Three months ago a landmark ruling awarded the wife of footballer Ray Parlour up to £1.8 million of his future earnings.

Karen Parlour argued she had played a vital role in building the career of her former husband by providing a stable home life and steering him away from the drinking culture of many footballers.

The case has opened the way for thousands more to claim up to half of their ex-partners' salaries for years to come - and is another legal battle the Charmans may yet face.

Mr Charman, 50, is known as one of the City's most ambitious men. His ultimate intent, say his competitors, is to become Britain's first insurance billionaire.

Some of his longest-standing colleagues never met his wife because he was keen to keep his private life separate from work. "He doesn't let anything or anyone get in the way of his ambition," said one.

Worth up to £144million, according to The Mail on Sunday's Rich List, Mr Charman rose to prominence in the City by operating a 24-hour service during the first Gulf war, quickly establishing himself as the pre-eminent insurance underwriter at Lloyd's.

Ace, a Bermuda-based insurance giant, paid ?350million for his firm, Charman Underwriting Agencies, putting up to another ?100 million into his everdeepening pockets in the process. His reputation grew - as did his blinkered drive for excellence. At Ace he sacked nearly a fifth of his staff. Two senior colleagues left after he sacked employees in a memo saying their future "lay outside the Ace group".

His huge wealth has not been built without taking risks. His latest business, Axis Capital, thrived after September 11 by offering insurance against terrorism.

But while his business empire continues to expand, his home life has fractured. Mr Charman is believed to have moved out of the family home, a huge house in Sevenoaks surrounded by a 12ft wall and electric gates.

He is currently working in Zurich and not responding to telephone calls.

It is understood that he has a new girlfriend, described by one City observer as a "young, goodlooking and ambitious woman".

Mr and Mrs Charman have two sons - Nicholas, 22, and Michael,

17. At the family home Nicholas confirmed divorce proceedings were under way, adding: "It's a private matter and I am trying to stay out of this - I don't want to get involved."

Mrs Charman refused to discuss the divorce. She said: "I have absolutely no comment to make whatsoever."