THE PCW SYNDICATES V THE PCW REINSURERS

(1995) 4 Re LR 373

Court of Appeal

Before Lord Justice Staughton, Lord Justice Rose and Lord Justice Saville

Non-disclosure - Agency - Fraud - Whether managing agent of reinsured was bound to disclose to reinsurer that he had been defrauding his principal - Assumption of existence of fraud and that it was circumstance material to be disclosed to reinsurers - Whether Marine Insurance Act 1906 section 19 required disclosure, notwithstanding further assumption that majority of reinsured syndicates did not know of fraud at material time.