This book provides a comparative English/US law study of the operation of facultative reinsurance contracts. Most of the reinsurance litigation in England and the US has involved this type of contract, and there are regular arbitrations and judicial proceedings in the leading common law jurisdictions to which this book will be relevant. The book is concerned with: - The legal nature of reinsurance agreements - The means whereby terms of reinsurance policies can be derived or incorporated from underlying insurances - The effect on reinsurance of judgments, awards and settlements against the reinsured - The operation of claims provisions.