T&N Ltd & Ors, In the matter of the Insolvency Act 1986

T&N Ltd & Ors, In the matter of the Insolvency Act 1986

Entering into and performing the settlement agreements, including the Collateral Settlement Agreement, does not breach the Reinsurance Agreement between Curzon and Centre Re/Munich Re. The CSA does not confer on Sedgwick any rights that would interfere with the exclusive rights of the Reinsurers, and any disclosure of documents to Sedgwick is subject to reasonable requirements and does not, per se, breach the Reinsurance Agreement. Regulatory concerns raised by the Reinsurers do not constitute a breach by Curzon.

Parties
Claimant: Curzon Insurance Limited; 1st Defendant: Centre Reinsurance International Company; 2nd Defendant: Muenchener Rueckversicherungs-Gesellschaft; Defendant: T&N Limited
Jurisdiction
England and Wales
Judgment Date
21 December 2005
Procedural Posture
Civil (commercial/insurance) / Judgment on Application for Declaratory Relief
Outcome
Declaration granted in favour of Curzon
Legal Topics
Reinsurance Agreements, Settlement Agreements, Declaratory Relief, Claims Handling, Regulatory Compliance
Insolvency Insurance Company Law Reinsurance Agreements Settlement Agreements Declaratory Relief Claims Handling Regulatory Compliance

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Parties

Curzon Insurance Limited

Claimant

Centre Reinsurance International Company

1st Defendant

Muenchener Rueckversicherungs-Gesellschaft

2nd Defendant

T&N Limited

Defendant

Procedural Posture

Civil (commercial/insurance) / Judgment on Application for Declaratory Relief

Legal Issues

  1. 1 Whether entry into and performance of the settlement agreements by Curzon would breach the Reinsurance Agreement with Centre Re and Munich Re
  2. 2 Whether specific clauses of the Collateral Settlement Agreement (CSA) are inconsistent with the Reinsurance Agreement
  3. 3 Whether the CSA constitutes an unauthorised insurance contract under the Financial Services and Markets Act 2000

Ratio Decidendi

Entering into and performing the settlement agreements, including the Collateral Settlement Agreement, does not breach the Reinsurance Agreement between Curzon and Centre Re/Munich Re. The CSA does not confer on Sedgwick any rights that would interfere with the exclusive rights of the Reinsurers, and any disclosure of documents to Sedgwick is subject to reasonable requirements and does not, per se, breach the Reinsurance Agreement. Regulatory concerns raised by the Reinsurers do not constitute a breach by Curzon.

Court Disposition

Declaration granted in favour of Curzon

Orders

  • Declaration that by entering into the settlement agreements Curzon will not be in breach of the Reinsurance Agreement.