UK Court finds lack of authority for reinsurance agreement
The UK Commercial Court has held that a reinsurer is not bound by a contract signed by an agent, supposedly on its behalf, due to the lack of authority to do so, rejecting contentions that the agent had ostensible authority to do so, or that the reinsurer had ratified the contract. ING Re (UK) Limited v. R & V Versicherung AG, [2006] EWHC 1544 (Commercial Court June 29, 2006).
