BLUEWATER INSURANCE LIMITED (by TENNESSEE INSURANCE COMPANY, as its successor in interest); Camelback Reinsurance Underwriter, Inc., on behalf of Imperial Casualty and Indemnity Company; First Horizon Insurance Co. and American Centennial Insurance Company, Petitioners,
v.
Robert D. BALZANO (by Daniel J. COLAIANNIA, as his successor in interest), Special Deputy Commissioner of Insurance of Colorado and Receiver in Liquidation of Aspen Indemnity Corporation and A.I.C., Agency, Inc., Respondent.
Supreme Court of Colorado, En Banc.https://leagle.com/images/logo.png
January 13, 1992.
As Modified on Denial of Rehearing February 24, 1992.
Attorney(s) appearing for the Case
Joseph J. Bronesky, F. Brittin Clayton, III, Sherman & Howard, Denver, for petitioners.
Thomas Frank, Frank & Finger, Evergreen, for respondent.
Alan Epstein, Hall & Evans, Denver, for amici curiae.
Richard E. Barnsback, Phillip E. Stano, David M. Leifer, Washington, D.C., for American Council of Life Ins.
Jack Blaine, Robert Sarber, Washington D.C., for Reinsurance Ass'n of America.
Craig A. Berrington, Ronald S. Gass, Washington, D.C., for American Ins. Ass'n.
Richard E. Goodman, Schaumburg, Ill., for Alliance of American Insurers.
John J. Nangle, Des Plaines, Ill., for National Ass'n of Independent Insurers.
Supreme Court of Colorado, En Banc.
Justice MULLARKEY delivered the Opinion of the Court.
We granted certiorari to review the decision of the court of appeals in Balzano v. Bluewater Ins. Ltd.,801 P.2d 1 (Colo.App. 1990). The court of appeals affirmed summary judgment and held that the relevant Colorado statutes require a reinsurer to pay in full the policy liabilities of an insolvent ceding insurer without diminution, thus abrogating any right of the reinsurer...
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