AXIS CORPORATE CAPITAL UK II LTD AND OTHERS V ABSA GROUP LTD AND OTHERS

[2021] EWHC 861 (Comm), Queen’s Bench Division, Commercial Court, Nicholas Vineall QC, sitting as a High Court Judge, 13 April 2021

Reinsurance – Conflict of laws – Reinsurance arranged in layers – Separate jurisdiction provisions in each layer – Whether exclusive jurisdiction agreed upon – Grant of anti-suit injunction

ABSA Group was insured against liability by a captive company. Reinsurance was placed by the captive in four layers: a Primary Layer Reinsurance of ZAR100 million (South African rand) in excess of a per claim retention of ZAR30 million; a First Excess Reinsurance for ZAR250 million; a Second Excess Reinsurance for ZAR650 million; and a Third Excess Reinsurance. The Primary, First Excess and Second Excess Reinsurances totalled ZAR1 billion in excess of ZAR30 million. In addition, there was an Aggregate Retention Reinsurance (ARR) in relation to the retention.