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Expert Analysis

Takeaways From 2nd-Ever Bermuda Form Insurance Case

Law360, New York (April 18, 2013, 11:34 AM EDT) -- On Feb. 28, 2013, the Commercial Court (part of the England and Wales High Court, Queens Bench Division) issued the judgment in AstraZeneca Ins. Co. Ltd. v. XL Insurance (Bermuda) Ltd. and ACE Bermuda Ins. Ltd. [2013] EWHC 349 (Comm) (Feb. 28, 2013). Justice Flaux held that AstraZeneca's captive insurer was not entitled to nearly $126 million in defense costs and settlement payments incurred in the defense of pharmaceutical product liability litigation involving the branded drug Seroquel (an anti-psychotic). This is the second-ever reported decision involving the so-called "Bermuda form" of liability insurance....

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