Court of Appeal construes a W&I policy

Project Angel Bidco v Axis and others concerned a buyer-side warranty & indemnity policy, underwritten on behalf of Project Angel Bidco Ltd (PABL). A W&I policy allows a buyer of a company to insure the risk that the target is not in the state warranted by the sellers, and so worth less than the purchase price. The case is a useful illustration of how a policy will be construed, in a W&I context.