The insured in this case, Astrazeneca Insurance Company Ltd (AIC), was the captive insurance company for the Astrazeneca group of companies (AZ) and provided liability insurance cover for the period 1 January 2001 to 31 December 2003. AIC was reinsured for a 50 percent share by XL and others (XL) for the same period. The insurance provided by AIC to AZ was on what is called a Bermuda Form liability insurance. Bermuda Forms were introduced in the mid-1980s and are contracts of insurance or reinsurance …
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