[2004] Lloyd’s Rep IR 373, [2004] 1 All ER (Comm) 114

Richard Waller – Reinsurance – Three-year contract – Annual review clause allowing new premium to be charged in event of “exceptional claims development” – Construction of review clause – Method by which review clause could be invoked – Need for notice by reinsurers – Whether invalid notice given by reinsurers at end of first year was valid for final year.