NORTH ATLANTIC INSURANCE CO LTD v NATIONWIDE GENERAL INSURANCE CO LTD

[2004] Lloyd's Rep IR 466

COURT OF APPEAL

Before Lord Justice Waller, Lord Justice Tuckey and Lord Justice Jacob

Reinsurance pool - Pool operated by underwriting agent - Agreement between pool members that reinsurance recoveries would be applied to pay off pool debts - Some members of pool becoming insolvent - Whether individual pool members entitled to recover reinsurance proceeds - Whether multipartite agreement between pool members could be applied - Fronting within pool - Effect of insolvency of pool member - Effect of termination of agency agreement with underwriting agent.