Reinsurance: back-to-back cover

In Munich Re Capital Ltd v Ascot Corporate Name Ltd [2019] EWHC 2768 (Comm) the question was how a reinsurance contract, written on back-to-back terms with the insurance, was to be construed in the light of changed circumstances leading to an extension of the insurance but no corresponding extension of the reinsurance. Carr J held that the parties could not have intended that the reinsurance would operate in such circumstances.

The insurance