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CASSIDY v. DEREK BRYANT INS. BROKERS, LTD.

No. 1-91-2841.

613 N.E.2d 1201 (1993)

244 Ill. App.3d 1054

184 Ill.Dec. 609

Anthony Ardagh CASSIDY, individually and on behalf of all those Underwriters at Lloyd's, London, subscribing to Policy Nos. C256, C257, C285 and C286, Plaintiff-Appellant, v. DEREK BRYANT INSURANCE BROKERS, LTD., and Derek Bryant Associates, Inc., Defendants/Counterplaintiffs-Appellees (Quantex Corporation and Will Darrah & Associates, Inc., Counterdefendants-Counterplaintiffs v. Forum Insurance Company, Counterdefendant).

Appellate Court of Illinois, First District, Second Division.

March 16, 1993.

Attorney(s) appearing for the Case

Peterson & Ross, Chicago (Thomas S. White, Gregory D. Hopp and Cecilia M. Clarke, of counsel), for plaintiff-appellant.

Wilson, Elser, Moskowitz, Edelman & Dicker, Chicago (Jerry L. McDowell, Elizabeth M. Budzinski, David M. Holmes, Thomas Wilson, Thomas Hyland and Thomas Leghorn, of counsel), for defendants-appellees.

Presiding Justice McCORMICK delivered the opinion of the court:

This case arises from an extraordinarily unsuccessful insurance program for which valid claims are more than twice the total premiums collected. Forum Insurance Company (Forum) issued the insurance; Will Darrah & Associates, Inc. (Darrah), as managing general agent, sold the insurance and Derek Bryant Insurance Brokers, Ltd., (Derek) procured reinsurance for most of Forum's risk from a group of underwriters...

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