WASA INTERNATIONAL INSURANCE CO AGF INSURANCE LTD v LEXINGTON INSURANCE CO

[2009] Lloyd's Rep. IR 675

HOUSE OF LORDS

Before Lord Phillips of Worth Matravers, Lord Walker of Gestingthorpe, Lord Brown of Eaton-under-Heywood, Lord Mance and Lord Collins of Mapesbury

Reinsurance — Facultative policy — Insurers covering liability against pollution losses for three-year period — Reinsurance taken out on same terms and conditions for 36 months — US courts ruling that insurers were liable for losses going back many years — Whether reinsurers liable to indemnify reinsured — Back-to-back cover — Meaning of deductible clause.