WASA INTERNATIONAL INSURANCE CO LTD v LEXINGTON INSURANCE CO AGF INSURANCE LTD v LEXINGTON INSURANCE CO
[2007] Lloyd's Rep IR Plus 34
QUEEN’S BENCH DIVISION COMMERCIAL COURT
Before Mr Justice Simon
Reinsurance – Reinsured providing property cover for
three-year period to assured – Proportional reinsurance written as original and
follow the settlements, but covering property damage occurring during currency
of the reinsurance – US court holding reinsured liable for property damage
dating back 50 years before inception of cover – Reinsured settling – Whether
reinsurers bound by settlement – Whether deductible clause in reinsurance
applied per occurrence – Whether reinsurers liable for defence costs.