The Court of Appeal has unanimously rejected the appeal of the King Syndicate, primary...
The Court of Appeal has unanimously rejected the appeal of the King Syndicate, primary insurers for the Exxon tanker grounded in 1989, to pass costs on to reinsurers Brandywine.
The ruling brings to a close nine years of uncertainty in the reinsurance market regarding the 1996 loss settlements arising from the 1989 oil spill.
After the oil tanker Exxon Valdez was grounded in 1989, Exxon presented insurers with a £1.2bn bill for clean-up costs. The primary insurers, led by the Janson Green syndicate, agreed a $780m payout, without seeking the reinsurer's agreement to do so.
According to the ruling, the reinsurers are not liable to undertake part of the losses, as the reinsurance policies contained conditions that all primary loss settlements be within the terms and conditions of the primary insurance.
The ruling will have practical implications for the London market because several reinsurers had already paid Exxon Valdez reinsurance and retrocession claims, and will be seeking reimbursement.
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