The City firm is suing AXA Liabilities Managers (AXA LM), an arm of French insurer AXA, claiming fees were outstanding after it was instructed to provide consultancy services earlier this year.
The unusual claim, which was filed in the High Court on 30 April, relates to a consultancy contract drawn up between the two parties in February 2006 and concerns £388,500 worth of fees, which Hextalls contends are still unpaid.
Hextalls is representing itself, with banking litigation partner Sara Partington bringing the claim on behalf of the firm. It is not known who is representing AXA LM.
Under the consultancy contract, Hextalls was instructed to conduct an audit of the books and records of Home & Overseas Insurance Company (H&O). It was also instructed to advise the AXA companies in relation to part of H&O’s reinsurance business, which AXA LM had underwritten.
Hextalls claims that as part of its contract with AXA LM it is entitled to commission based on savings it achieved for the company. The firm states it saved AXA LM over £3m.
Hextalls alleges that the insurer has paid part of a bill it sent earlier this year but has refused or omitted to pay the balance of the invoice without good reason. Both Hextalls and AXA LM declined to comment.