“Follow the Fortunes” and “Follow the Settlements”
“Follow the Fortunes” and “Follow the Settlements”
“Follow the Fortunes” and “Follow the Settlements”
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Slide 22<br />
Wasa v. Lexington <strong>and</strong> its impact on<br />
Continental Europe<br />
has <strong>the</strong> reinsurance world, from <strong>the</strong> German legal perspective,<br />
changed since Wasa v. Lexington ?<br />
� no one ever questioned <strong>the</strong> opinion that even <strong>the</strong> bloodiest nuisance if<br />
binding on <strong>the</strong> reinsured will oblige <strong>the</strong> reinsurer to pay „following <strong>the</strong><br />
reinsured„s fortunes“<br />
� nei<strong>the</strong>r Wasa nor AGF <strong>and</strong> in turn nei<strong>the</strong>r of <strong>the</strong> Courts called in to judge<br />
ever questioned <strong>the</strong> commercial correctness of <strong>the</strong> settlement achieved by<br />
Lexington<br />
� however, <strong>the</strong> English decision may imply a deeper questioning <strong>and</strong><br />
analyzing of <strong>the</strong> reinsurance cover provided – to what extent may contract<br />
terms have a broadening as well as limiting effect on <strong>the</strong> coverage provided
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