AXA SA v GENWORTH FINANCIAL INTERNATIONAL HOLDINGS AND ANOTHER AXA FRANCE IARD (AS TRANSFEREE OF THE BUSINESS OF FINANCIAL INSURANCE CO LTD) AND OTHERS (NAMED THIRD PARTIES)

[2020] 1 Lloyd's Rep. 229

QUEEN'S BENCH DIVISION(COMMERCIAL COURT)

Before Mr Justice Bryan

Sale and purchase agreement – Payment protection insurance – Sellers covenanting to pay on demand 90 per cent of PPI claims to purchasers – Whether obligation to pay was an indemnity – Whether sellers had subrogation rights – Whether sellers acted reasonably in withholding consent to agreements by buyers.