STORY FROM: Reinsurance & Arbitration
Appellate Court Affirms $675,000 Ruling in Favor of Cedent
December 23, 2008
LONDON - The English Court of Appeal has affirmed that a Greek reinsurer must pay Allianz Insurance Company of Egypt $675,000 in reinsurance proceeds for losses resulting from the 2005 sinking of an offshore support vessel. Allianz Insurance Company of Egypt v. Aigaion Insurance Company S.A., No. (English Ct. App.).
The appeallate court, led by Lord Justice Rix, ruled on Dec. 19 that Aigaion Insurance Co. accepted the terms of the proffered slip, therefore it was on the risk when the vessel sank.
Allianz Insurance Company of Egypt sued its reinsurer, Aigaion Insurance Company S.A., in the English Commercial Court, ...