KOREA FOREIGN INSURANCE COMPANY v OMNE RE SA

[1999] Lloyd's Rep IR 509

COURT OF APPEAL

Before Lord Justice Evans and Lord Justice Brooke

Reinsurance - Commutation and compromise agreement - Reinsurers defaulting in payments under compromise agreement - Agreement providing that in event of default it would be “null and void” - Whether reinsureds had option to continue to rely on compromise agreement after reinsurers’ default - Whether reinsureds acted correctly in seeking judgment in default while appeal against refusal of extension of time to serve defence was outstanding.