keoghs – Covid-19 – a catastrophe for reinsurers, but just the one catastrophe

UnipolSai Assicurazioni S.p.A v Covéa Insurance plc and Markel International Insurance Company Limited v General Reinsurance AG [2024] EWHC 253 (Comm)

Reinsurance contracts typically leave the word ‘catastrophe’ undefined, and what is or is not a ‘CAT’ is the subject of perennial speculation. This case – subject to any appeal – goes some way to settle these debates.