Gooda Walker trial winds up

THE GOODA Walker trial ended yesterday with counsel for Lloyd's of London claiming that catastrophe insurance had worked well for a quarter of a century, writes Diane Coyle.

In his closing speech Bernard Eder QC, counsel for the defendants in the case brought by members against the agents who placed them on heavily loss- making syndicates, said: 'The plaintiffs' case is effectively founded on hindsight.'

He said it was well known at Lloyd's that the catastrophe - or XL on XL - market made huge profits in good years and potentially big losses in bad years.

Geoffrey Vos QC, for the names, said hindsight was irrelevant to the question of what reasonably competent underwriters should have been doing.

Mr Justice Phillips reserved judgment.