Victims lost at least £225,000 through claims that were never met after the firm folded. Liquidators assessed its assets at just over £50,000 and its liabilities at £2.5 million.
Walker, formerly of Marchwell House, in Penicuik, admitted committing a £10,945,000 fraud.
Lord Carloway told Walker that he would have jailed him for six years for the offence, but the sentence would be reduced because of his guilty plea.
John "Jack" Walker perpetrated one of Scotland's largest financial crimes after thousands of insurance policies were sold through his firm which were not underwritten.
A judge jailed Walker, 59, for four years and 10 months in 2006 for the "extensive and deliberate fraud".
The Crown raised confiscation proceedings against him seeking to recover proceeds of crime.
A two-day hearing in the action was due to begin at the High Court in Edinburgh today when it was announced a settlement had been reached.
Simon Gilbride, counsel for Walker, told the court: "I am pleased to say the matter has been found to be capable of resolution."
Scotland's largest financial crime
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