Moving with the times

Arbitration has always been the preferred method of dispute resolution where treaty reinsurance is concerned, ever since such business started to be written in the first half of the 19th century. At that time the law tended to be more formalistic and, in many jurisdictions, took little or no account of commercial practicalities. Consequently, businessmen generally resorted to arbitration as a means of settling disputes, particularly as they thought it also possessed the advantages of being q