This Practice Note provides guidance on subrogation in the context of insurance. It explains the legal basis, purpose and practical application of subrogation, and outlines how to distinguish rights of subrogation from other rights such as assignment or contribution. It also examines common scenarios, including subrogation against co-insureds, the application of express subrogation clauses and waivers of subrogation. In addition, it addresses the allocation of recoveries and the insured’s duty to co-operate with insurers. What is the right of subrogation? In the context of insurance and reinsurance, the right of subrogation entitles an insurer or reinsurer, having indemnified the (re)insured, to ‘step into its shoes’ to bring an action in the (re)insured’s name. For the purpose of this Practice Note, ‘insurer’ should be taken to mean ‘(re)insurer’ and ‘insured’ should be taken to mean ‘(re)insured’. The insurer can then exercise any of the insured’s rights or remedies against third parties in respect of the insured event. Once the insured has been indemnified by the insurer,