CHARMAN v NEW CAP REINSURANCE CORPORATION LTD

[2004] Lloyd's Rep IR 373

COURT OF APPEAL

Before Lord Justice Potter, Lord Justice Rix and Mr Justice Holman

Reinsurance - Three-year contract - Annual review clause allowing new premium to be charged in event of “exceptional claims development” - Construction of review clause - Method by which review clause could be invoked - Need for notice by reinsurers - Whether invalid notice given by reinsurers at end of first year was valid for final year.