WASA INTERNATIONAL INSURANCE CO AND ANOTHER v LEXINGTON INSURANCE CO
[2008] Lloyd's Rep IR Plus 14
COURT OF APPEAL
Before Lord Justice Pill, Lord Justice Sedley and Lord Justice Longmore
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.