Wasa Run-Off and Charles Russell in Landmark Case - 2007-05-08
On Wednesday 25th April 2007 the Commercial Court in London delivered judgment for Wasa Run-Off and AGF in a landmark case concerning the interpretation of “follow the settlements” clause in reinsurance contracts.
Solicitors Charles Russell and Addleshaw Goddard acted for the successful claimants AGF and Wasa International Insurance Company Limited (“WASA”)respectively in proceedings against their reinsured, Lexington Insurance Company ('Lexington'). WASA sought a declaration that it was not liable to indemnify Lexington in respect of a settlement that Lexington had entered into with its own insured, the Aluminum Company of America ('Alcoa'), for the cost of remedying pollution and environmental damage at numerous sites across the US.
Once again Wasa Run-Off has broken new ground. The case marks a welcome development for reinsurers and provides clarification on a point of law on which there was previously no legal precedent, says Charlotte Boij, CEO of Wasa Run-Off.
For more details of the case see the attached PDF file from Charles Russell
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