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Article Excerpt
HFW Client Briefing, 13 February 2009
Was there a reinsurance contract in place and, if there was, can the reinsurer deny the claim for non-payment of premium? English Court of Appeal Decision, 19th December 2008 - Costas Frangeskides and Alexandra Cottrell report on the above case which they handled for Allianz (Egypt) which raises important issues for reassureds and their brokers when buying reinsurance or retrocessional cover.
Holman Fenwick Willan represented Allianz of Egypt before the English Courts against Greek reinsurer, Aigaion Insurance Company, in claims for unpaid reinsurance balances. The case considered issues of importance to the parties in a reinsurance contract but particularly overseas reassureds, their brokers, and reinsurers/retrocessionaires, where normal London placing/underwriting procedures were unavailable. HFW was successful in recovering all the unpaid reinsurance balances for Allianz plus interest and indemnity costs.
The issues included: (i) contract formation, i.e. at what point in negotiations is there a binding reinsurance contract? (ii) contract formation by silence, i.e. can a reassured/cedant be deemed to accept more onerous reinsurance terms, such as a premium payment warranty ("PPW"), by silence, e.g. where a reinsurer without notice issues a fresh policy wording to its reassured post contract containing more onerous terms? (iii) section 53(1) of the Marine Insurance Act 1901 – under this...
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