Wasa v. Lexington: The Repercussions For Reinsurers

[Editor's note: Joanne Jolly is a partner in the commercial risk & reinsurance team. She is a Solicitor Advocate specializing in insurance and reinsurance dispute resolution and policy wording advice. Tracey Anderson is an associate director in the commercial risk & reinsurance team and works mainly on reinsurance and insurance dispute resolution including arbitration, litigation and mediation both in the London market and internationally. This article was first published in August 2009 by Barlow Lyde & Gilbert LLP: www.blg.co.uk.]

The House of Lords handed down its much anticipated judgment on July 30. Its decision to allow the reinsurers' appeal and …