CHARTER REINSURANCE CO. LTD. v. FAGAN

[1996] 1 Lloyd's Rep. 261

COURT OF APPEAL

Before Lord Justice Nourse, Lord Justice Staughton and Lord Justice Simon Brown

Reinsurance - Indemnity - Excess of Loss - “actually paid” - Construction - Reinsurance of whole account and aviation contracts - Losses arose on business underwritten by reinsured - Whether reinsurers liable to indemnify reinsured in respect of sums which reinsured had not yet paid, although amount of loss agreed.