The saga of Korea National Insurance Corporation’s claim to its reinsurers (profiled several times in posts on this blog), arising out of a helicopter crash, apparently has finally come to an end. The insurers’ action to enforce a judgment obtained in a North Korean court went to trial last month. During the trial, the court struck certain of the reinsurers’ fraud-related defenses as being non-justiciable. Korea National Ins. Co. v. Allianz Global Corporate & Specialty AG [2008] EWHC 2829 (Comm. Nov. 18, 2008). The Court declined to stay the trial pending an appeal, and the trial continued while the reinsurers appealed the decision. The Court of Appeals allowed the appeal, reversing the decision. The parties then settled the case, with the reinsurers paying the equivalent of 95% of the amount claimed. Korea National Ins. Co. v. Allianz Global Corporate & Specialty AG [2008] EWCA 1355 (Ct.App. Dec. 2, 2008).
This post written by Rollie Goss.