WRBC CORPORATE MEMBER LTD V AXA XL SYNDICATE LTD

[2026] EWHC 939 (Comm), King's Bench Division, Commercial Court, Mr Justice Waksman, 23 April 2026)

Reinsurance – Excess of loss treaty – Aggregation – Construction – Whether treaty provided for aggregation – Meaning of "any one event" – Number of events arising from Covid-19 measures

WRBC was reinsured under two excess of loss reinsurance treaties on materially the same terms for the period 1 April 2019 to 31 March 2020.