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  5. 811 F.Supp. 937 (1993)
 

STEPHENS v. AMERICAN HOME ASSUR. CO.

Nos. 91 Civ. 2898 (JSM) (KAR), 89 Civ. 2999 (JSM) (KAR), 91 Civ. 2901 (JSM) (KAR) and 91 Civ. 6245 (JSM) (KAR).

811 F.Supp. 937 (1993)

Don W. STEPHENS, Commissioner of Insurance of the Commonwealth of Kentucky, in his capacity as Liquidator of Delta America Re Insurance Company, Plaintiff, v. AMERICAN HOME ASSURANCE COMPANY, et al., Defendants. Don W. STEPHENS, Commissioner of Insurance of the Commonwealth of Kentucky, in his capacity as Liquidator of Delta America Re Insurance Company, Plaintiff, v. AMERICAN RISK MANAGEMENT, INC., et al., Defendants. Don W. STEPHENS, Commissioner of Insurance of the Commonwealth of Kentucky, in his capacity as Liquidator of Delta America Re Insurance Company, Plaintiff, v. NATIONAL DISTILLERS AND CHEMICAL CORPORATION, et al., Defendants. Don W. STEPHENS, Commissioner of Insurance of the Commonwealth of Kentucky, in his capacity as Liquidator of Delta America Re Insurance Company, Plaintiff, v. AMERICAN INTERNATIONAL INSURANCE COMPANY, et al., Defendants.

United States District Court, S.D. New York.

January 26, 1993.

Attorney(s) appearing for the Case

William F. Costigan, Anderson Costigan, New York City, James L. Gay, W. Henry Jernigan, Jr., Kevin M. McGuire, Jackson & Kelly, Lexington, KY, Jeffrey G. Steinberg, Serchuk & Zelermyer, White Plains, NY, David Klingsberg, Alan Goott, Michael Braff, Kaye, Scholer, Fierman, Kays & Handler, New York City, for plaintiff.

Patrick Watts, Gen. Counsel, Kentucky Dept. of Ins., Frankford, KY, for William W. Barton, Jr., James E. Dickinson.

Atty. Gen. of Ky., Robert V. Bullock, Asst. Atty. Gen., Frankfort, KY, for Daniel D. Briscoe, Gil McCarty.

Robert M. Watt, III, Stoll, Keenon & Park, Lexington, KY, William G. Primps, LeBoeuf, Lamb, Leiby & MaCrae, New York City, for American Risk Management, Inc., Frederick M. Reiss, Arthur H. Deters, Bryan D. Murphy, John J. Ryan.

Joseph Dailey, Lauren Selznick, Breed, Abbot & Morgan, New York City, Wyatt, Tarrant & Combs, Louisville, KY, Dandridge F. Walton, William A. Carey, Jeanne M. Box, Alagia, Day, Marshall, Mintmire & Chauvin, Frankfort, KY, for Quantum Chemical Corp. (National Distillers and Chemical Corp.).

William G. Primps, LeBoeuf, Lamb, Leiby & MaCrae, New York City, for International Risk Management Ltd., European Risk Management Ltd., Transnational Risk Management Ltd., Transnational Risk Management (Guernsey) Ltd.

John R. Oller, Wilkie, Farr & Gallagher, New York City, John T. Ballantine, Ogden, Sturgill and Welch, Louisville, KY, Dandridge F. Walton, William A. Carey, Jeanne M. Box, Alagia, Day, Marshall, Mintmire & Chauvin, Frankfort, KY, Joseph Dailey, Lauren Selznick, Breed, Abbot & Morgan, New York City, for Robert E. Norton.

Dandridge F. Walton, Jeanne M. Box, Alagia, Day, Marshall, Mintmire & Chauvin, Frankfort, KY, Joseph Dailey, Lauren Selznick, Breed, Abbot & Morgan, New York City, for John C. Aldin, F. Donald Brigham, Hugh C. Brewer, III, Roger W. Hill, Jr., Ramsey E. Joslin, Robert E. Norton, John F. Salisbury.

T. Bruce Bell, Fowler, Measle & Bell, Lexington, KY, for Richard F. Maynes, Terrence J. Reilly.

Charles D. Greenwell, D. Randall Gibson, Middleton & Reutlinger, Louisville, KY, Thomas P. Parry, Donovan Parry Walsh & Repetto, New York City, for American Home Assur. Co., National Union Fire Ins., Birmingham Fire Ins. Co., Commerce & Industry Ins. Co. of Canada, The Ins. Co. of the State of Pennsylvania.

Mark R. Feather, Brown, Todd & Heyburn, Louisville, KY, for Universal Reinsurance Corp., Syndicate 33, I.N. Thomson, Syndicate of Lloyds of London, Irish Nat. Ins. Co., PWS Group, Continental Ins. Co.

Cynthia B. Maddox, David A. Brill, Goldberg & Simpson, Louisville, KY, for Fremont Indem. Co.

Thomas R. Newman, Thomas M. Bower, Newman & Bower, P.C., New York City, for Aegis Indem. Ltd., Bakerlooe Ins. Co., Ltd., Berda Developments Ltd., Brittany Ins. Co., Ltd., Centennial Assur. Co., Ltd., Conoplex Ins. Co., Ltd., Constantine Ins. Co., Ltd., Elco Ins. Co., Ltd., Elwood Ins., Ltd., General Ins. Co. Ltd., Horizon Ins. Co., Ltd., Riscott Ins. Ltd., Ross Ins., Ltd., Sperry Ins. Co., Ltd., Three Rivers Ins. Co., Trochus Ins. Co. Ltd., Twinsurance Ltd., United Ins. Co., ver Bes' Ins. Co., Westburne Ins. Co.

John M. Newman, Jr., Jones, Day, Reavis & Pogue, Cleveland, OH, for Saturn Ins. Co., Ltd.

Robert H. Werbel, Werbel, McMillin & Carnelutti, New York City, for Trafford Park Ins., Ltd.

William G. Primps, LeBoeuf, Lamb, Lieby & MacRae, New York City, for Transnational Ltd.

David Hebbeler, Edward Boyle, Perry Kreidman, Wilson, Elser, Maskowitz, Edelman & Dicker, New York City, for Arion Ins. Co., Ltd., Assubel Accidents et Dommages, Bradesco Seguros (formerly Atlantica CIA National de Seguros), Banco de Seguros del Estado (also known as BSE Banco de Seguros Del Estado), Caisse Mutuelle D'Assurances et de Prevoyance, Central Reinsurance Corp., Chiyoda Fire & Marine Ins. Co., Ltd., CIA Internacional de Seguros, Hassneh Ins. Co. of Israel, Ltd., Instituto de Resseguros do Brazil (also known as I.R.B. Inst. De Ress. Do Brazil), Korean Reinsurance Corp., Kyoei Mutual Fire & Marine Ins. Co., Ltd., Presence Assurances, Mingtai Fire & Marine Ins. Co., Ltd., The Nippon Fire & Marine Ins. Co., Ltd., Overseas Union Ins. Ltd., Pohjola Group, Seguros la Provincial, S.A., SNL Ins., Ltd. (in liquidation), Transport Industries Ins. Co., Ltd.

Elliott M. Kroll, Mark S. Fragner, S.M. O'Brien, III, Kroll & Tract, New York City, for Canadian Union Ins. Co., Chung Kuo Ins. Co.

Leo W. Fraser, III, Mendes & Mount, New York City, for Ca de Seguros Orinoco, C.A. Reaseguradora Internacional del Orinoco, Fuji Fire and Marine Ins. Co., Ltd., Ins. Co. of the USSR, Ltd., Owens Ins., Ltd., Provident Assur. Co.

Larry W. Thomas, Cameron & Hornbostel, New York City, Gregory J. Bendlin, Cameron & Hornbostel, Washington, DC, for Companhia Bandeirante de Sequros Gerais (Bandeirante) and Grupo de Empresa's Segura-doras Brasileiras (GESB).

Kevin Cavalere, Jackson & Nash, Frances Phillips, Adams, Duque & Hazeltine, James Veach, Mound, Cotton & Wollan, New York City, Craig C. Corbitt, Furth, Fahrner & Mason, San Francisco, CA, for Elizabeth Wright on counterclaim.

OPINION AND ORDER

MARTIN, District Judge:

Background

Elkhorn Reinsurance Company ("Elkhorn") was incorporated in Kentucky on October 7, 1965, for the purpose of insuring the property and casualty risks of National Distillers and Chemical Corporation, now known as Quantum Chemical Corporation ("Distillers"). In 1972 Elkhorn expanded its business and began assuming reinsurance risks of unrelated third parties. Elkhorn's outside business consisted...

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