It would be as well to begin by considering this book’s considerable qualities. It remains after 50 years the best comprehensive introduction to this most complicated of fields. It also remains the best introduction to reinsurance for the lawyer, who quickly appreciates that an understanding of C.T.I. v. Oceanus [1984] 1 Lloyd’s Rep. 476 has not brought him or her closer to the subtleties of a Second Surplus Treaty. In case this should sound like damning with faint praise, it is not meant to be.

There are, however, certain weaknesses which might not be rectifiable within the confines of the present layout. First, in order really to justify the title of “The Law and Practice of Reinsurance”, more than nine pages should be dedicated to the law of reinsurance. It is a pity that room was not found for consideration of recent decisions such as that of the High Court in Home Insurance Co. v. Administratia Asigurarilor de Stat [1983] 2 Lloyd’s Rep. 674 and the Court of Appeal in General Reinsurance Corp. v. Forsakringsaktiebolaget Fennia Patria [1983] Q.B. 856. Again, it is a pity that this edition omitted reference to the recent decisions of the European Court of Justice in relation to the requirements for authorization and establishment and Art. 70 of the Treaty of Rome and the freedom of movement of services.

There has been an extensive rewriting of the chapters on excess of loss reinsurance and reinsurance intermediaries in deference to the considerable recent changes in market practice. A similar review would be welcome in relation to the treatment of quota share treaties, which probably deserve a chapter to themselves in view of their frequent use in the market.

Finally, an overview of the whole market would be welcome, charting the rise (and fall) of offshore companies, the role played by London in a global context, the position of Lloyd’s after the recent changes brought about by the Lloyd’s Act 1982 and whether the smell of scandal after the PCW affair has finally been expunged. This is ultimately the most noticeable omission from the present edition, since it is difficult to escape from the feeling that the practice of reinsurance being described is irredeemably “old fashioned”, belonging to that gentlemanly age when reinsurers did not take bad points in an attempt to avoid their obligations.

Despite the above reservations, the book remains a must for any lawyer trying to come to grips with the different types of reinsurance treaty, which are patiently and clearly explained with concrete examples as well as with copious cross-references to specimen treaties in the Appendices. Anyone finishing the book should, however, then approach someone who has been in the market for a number of years and, with a stiff drink, hear the other side of the story.