Reinsurance: aggregation

The lengthy and detailed judgment of Waksman J WRBC Corporate Member Ltd v AXA XL Syndicate Ltd and Others [2026] EWHC 939 (Comm) was concerned with the aggregation of Covid-19 losses of a particular class occurring in seven different jurisdictions. In each of the jurisdictions there were different measures adopted by the relevant authorities. There were two questions for the court: were the losses to be aggregated by the terms of the reinsurance treaty; and, if so, how many of them were attributable to any one event?

WRBC: the facts