English Appellate Court Rules Against Reinsurer In COVID-19 ‘Catastrophe’ Case

(October 2, 2024, 10:14 AM EDT) -- LONDON — Rejecting both main arguments a reinsurer advanced in a dispute over business interruption losses, a panel of the Court of Appeal of England and Walesagreed with a lower court’s ruling that under the reinsurance agreement, the COVID-19 pandemic is a “catastrophe” and an “Hours Clause” doesn’t exclude individual losses that continue to develop more than 168 hours after they first occur....