Municipal Fights Reinsurer's Appeal Of Asbestos Loss Claims
Law360, London (March 20, 2019, 8:24 PM GMT) -- Municipal Mutual Insurance Ltd. urged a London appeals court Wednesday to uphold an arbitration ruling that allowed the now-defunct insurer to choose the year of reinsurance to which it could allocate asbestos-related losses.
The U.K. insurer, which closed to new business in 1992, is fighting an attempt by Equitas Insurance Ltd. to overturn a confidential arbitral award that found Municipal Mutual is entitled to present each reinsurance claim arising from underlying mesothelioma losses to any triggered reinsurance contract of its choice, known as spiking.
Alistair Schaff QC, representing Municipal Mutual, told the Court of Appeal the insurer is "entitled contractually to...
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