Lloyd's Law Reports

Professor Robert Merkin KC; Dr Johanna Hjalmarsson

Document

TOOMEY v. EAGLE STAR INSURANCE CO. LTD.

[1994] 1 Lloyd's Rep. 516

COURT OF APPEAL

Before Lord Justice Ralph Gibson, Lord Justice McCowan and Lord Justice Hobhouse

Reinsurance - Agreement - Construction - Reinsurers to pay all claims and other outgoings in respect of run-off of syndicates’ 1965 underwriting year of account - Huge increase in claims - Reinsurers refused to pay claims - Whether reinsurers obliged to reimburse syndicates regardless of whether syndicates under an antecedent liability to pay amount of claims to their assured - Whether agreement could be rectified.

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