PACIFIC AND GENERAL INSURANCE CO. LTD. v. HAZELL AND OTHERS SAME v. HOME & OVERSEAS INSURANCE CO. LTD. AND OTHERS

[1997] LRLR 65

QUEEN’S BENCH DIVISION (COMMERCIAL COURT)

Mr. Justice MOORE-BICK:

Reinsurance - Excess of loss - Insurance brokers - Brokers placed reinsurance contracts with defendants - Operation of settlement procedure resulted in debiting of broker’s account in respect of first instalment of the minimum and deposit premiums due under contracts - Further instalments due - Provisional liquidator to plaintiff appointed - Brokers persuaded reinsurers to cancel contracts - Scope of brokers’ authority - Whether cancellation of contracts effective.