STORY FROM: Reinsurance & Arbitration
Reinsurer May Appeal $91.4M Award Without Leave of Court
April 17, 2008
LONDON - A reinsurer is not required to seek leave of court in order to appeal a $91.4 million arbitration award rendered in favor of BAE Systems Ltd., an English High Court justice ruled on April 14. Royal & Sun Alliance Insurance PLC and BAE Systems (Operations) Ltd., No. 2007 Folio 1374 (Eng. Comm. Ct., Queen's Bench Div.).
Mr. Justice Walker of the English Commercial Court, Queen's Bench Division, ruled that the parties' disputes resolution agreement sufficiently dispensed with the requirement to seek leave of court.
BAE Systems' captive insurer, BAE Insurance, underwrote a $3.771 billion financial risk insurance policy ...