Guest Summary: English High Court Blocks Financial Services Group From Bringing Excess Insurance Claim Against UK Reinsurers

[Editor's note: Christina Gallo of Carlton Fields is a commercial litigator in the state and federal courts of New York and New Jersey as well as in arbitration tribunals. Her practice focuses on insurance coverage disputes, bad faith litigation, complex commercial disputes, shareholder disputes, and consumer fraud litigation.]

After paying out more than $21 million in settlements for its mishandling of a collective investment scheme that collapsed in 2009, financial services group ABSA filed suit in South Africa against its reinsurers to enforce reinsurance contracts that purportedly provided compensation for the settlement of lawsuits and arbitration.

The U.K.-based reinsurers claimed …