[1998] 1 Lloyd’s Rep. 459

Adam Fenton – Reinsurance – Aggregate excess of loss – Construction – Limitation of liability – Whether the reaching of the excess point was to be determined by reference to date that reinsured’s liability to pay the inwards claim was established, or the date reinsured actually paid claim – Whether accrual of the cause of action was to be postponed until amount of the variable excess had both become ascertainable and had been reached by settled claims.