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ROBIN KNOWLES CBE QC:
 This case concerns what is called Mid Term Broker Change (“MTBC”) at Lloyd’s.
 The claimant (“ARB”) is a Lloyd’s insurance and reinsurance broker. Until late 2010 ARB’s marine department transacted a considerable volume of reinsurance business with Watkins Syndicate 457 at Lloyd’s (“Watkins”). Watkins is within the Munich Re group (“Munich Re”). Its managing agent is Munich Re Underwriting Limited.