SPHERE DRAKE INSURANCE PLC ALEXANDER HOWDEN HOLDINGS PLC v BASLER VERSICHERUNGS-GESELLSCHAFT ALBA ALGEMEINEVERSICHERUNGS-GESELLSCHAFT THE ORION INSURANCE COMPANY PLC v BASLER VERSICHERUNGS-GESELLSCHAFT THE BALOISE MARINE INSURANCE COMPANY LIMITED

[1998] Lloyd's Rep IR 35

QUEEN’S BENCH DIVISION COMMERCIAL COURT

BEFORE MR JUSTICE MOORS-BICK

Pool - Settlement - Related underwriting arrangements - Whether run-off reinsurer agreed to share pool members trading losses - Whether a valid compromise - To whom was any obligation owed and what was its extent - Condition precedent and repudiation - Effect of Wellington Agreement - Pool underwriters authority during run-off period - Whether Marine Pool Agreement gave underwriter power to subscribe to Wellington Agreement - Settlement of claims for which underwriter was not actually or potentially liable - Material alteration of underlying contract terms - Limitation and suspension of obligations.