Legal
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The court finds no “justifiable doubts” around the arbitrator’s impartiality after the US oilfield services company alleged bias. -
The landmark transaction with Sentry requires court clearance after gaining the state insurance commissioner’s nod.
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The clearance sets Lloyd's on track to complete the mammoth transfer by year end.
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Mr Justice Henshaw says current liabilities are incompatible with the UK Human Rights Act.
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The ruling will follow a final, uncontested court hearing on Wednesday.
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The insurer was ordered to pay out for policies by the Western Cape High Court earlier this week.
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The Australian carrier takes a A$865mn provision for BI losses following the unfavourable court ruling.
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Both Suncorp and QBE said multiple tests applied to trigger BI coverage, with QBE saying aggregate reinsurance should mitigate net exposure.
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The court said that it would work quickly to produce a judgment but it could not guarantee publication this year.
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The regulator said in the Supreme Court appeal that carriers ran the risk of a large accumulation of losses when they sold their BI policies.
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Court rules policy exclusions referring to outdated law not valid.
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Counsel representing carriers argued it was not reasonable to find cover in respect of a national pandemic on the first day of the FCA BI test case appeal.
