EQUITAS INSURANCE LTD v MUNICIPAL MUTUAL INSURANCE LTD
 Lloyd's Rep. IR Plus 24
COURT OF APPEAL
Before Lord Justice Patten, Lord Justice Leggatt and Lord Justice Males
Reinsurance – Excess of loss – Mesothelioma – Insurers liable for full amount of claims in each year of coverage – Whether insurers could “spike” outward claims into any year of reinsurance – Implied terms – Utmost good faith – Exercise of discretion.