A broker's statement when placing reinsurance concerning the cedant syndicate’s intention concerning deductibles was a misrepresentation allowing the reinsurers to avoid the reinsurance, but one that was no longer effective 19 months later when the reinsurance was renewed. There was no obligation on the syndicates to disclose that their policy or intention as to deductibles had changed and the court should not struggle to hold that everything said at inception is impliedly repeated on renewal (Limit No 2 Ltd v Axa Versicherung AG http://www.bailii.org/ew/cases/EWCA/Civ/2008/1231.html).