HFW Briefing: AXA v Arab Insurance Group

AXA Versicherung AG (successor to Albingia) v. Arab Insurance Group (B.S.C.)

HFW recently represented Arig in the above High Court matter in which judgment was handed down by Mr Justice Males on 7 July 2015 and which found AXA (reinsurer), as successor in title to German reinsurer, Albingia (reinsurer), unsuccessful in its attempts to avoid two first loss energy construction treaties by which the reinsurer had reinsured Arig in 1996 and 1997.

The main issue in the case was whether the reinsurer, as claimant and as reinsurer, was entitled to avoid the two treaties for i) misrepresentation and/or ii) non-disclosure of the existence of loss statistics relating to the reinsured’s historical book of inwards energy construction risks going back as far as 1989 and 1990, when there had been significant energy construction losses.

» Read more