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ARC Forum

ARC Forum. Spiralling up and down the London Market 9 Nov 2010. Spiralling up and down the London Market. Chairman: Mark Everiss, Partner Edwards Angell Palmer & Dodge UK LLP Speakers: Andrew Bandurka, Partner Holman Fenwick Willan Stephen Carter, Partner Carter Perry Bailey.

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ARC Forum

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  1. ARC Forum Spiralling up and down the London Market 9 Nov 2010

  2. Spiralling up and down the London Market • Chairman: • Mark Everiss, Partner Edwards Angell Palmer & Dodge UK LLP • Speakers: • Andrew Bandurka, Partner Holman Fenwick Willan • Stephen Carter, Partner Carter Perry Bailey

  3. AGF & WASA v Lexington “We have really everything in common with America nowadays except, of course, language” (The Canterville Ghost - 1887) • Reinsurance subject to English law • No “legal dictionary” from which to import original law • Definition of the risks and peril insured and the period for which they are insured are fundamental to the scope of the reinsurance. • “As original” & “follow the fortunes” do not apply if outside the scope of reinsurance. • Presumption of “back to back” is “a sensible principle of construction [it] cannot be made into an inflexible rule of law” (Lord Mance)

  4. Follow the settlements

  5. Follow the settlements "All loss settlements by the Reassured including compromise settlements shall be binding upon the Reinsurers, providing such settlements are within the terms and conditions of the original policies and/or contracts and within the terms and conditions of this Reinsurance."

  6. CX Re v IRB • the arbitration • the claims – breast implants, tainted blood, asbestos and pollution • settled by the London Market – “reasonable and businesslike” • basis of appeal – Section 69 of the Arbitration Act 1996 • allocation – AHS 70/30; Corning 10%; Stauffer – straight line basis • future claims – 3M • event – Corning’s (annual) installation activities • in short – appeal dismissed

  7. ANY QUESTIONS FROM THE AUDIENCE?

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