The Bermuda-based businessman ordered to pay his ex-wife one of the biggest divorce settlements in British legal history has said he will take his case to the highest court of appeal in the UK.

John Charman, 53, chief executive officer and president of AXIS Capital, told this weekend that he could not comment on the judgment which will see him give ?48 million ($91.5 million) to ex-wife Beverley. He said: ?It will prejudice my appeal as well as my ultimate appeal to the House of Lords. This is a disgraceful and callous judgment.?

The millionaire and the woman he was married to for almost 30 years hit headlines all over the world last week after the ruling in the Family Division of the High Court.

Mrs. Charman had turned down an offer of ?20 million ($38.1 million) from her ex-husband. Judge Paul Coleridge ruled that she deserved to keep 37 percent of the couple?s joint assets of just over ?131 million ($250.1 million), including a ?2.75 million ($5.25 million) mansion in Kent.

Mr. Charman pledged to fight the judgment and his remark about the House of Lords to this newspaper means he is prepared to take it as far as he legally can.

He announced earlier this year that he would retire from AXIS in December 2008 as a result of his divorce proceedings.

Mr. Charman has been away for the Cup Match weekend but is due to return to the Island today for the release of his insurance and reinsurance company?s second quarter financial results.

He will host an investment community teleconference to discuss the results tomorrow.