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CONTINENTAL CAS. CO. v. STRONGHOLD INS. CO., LTD.

No. 328. Docket 95-7326.

77 F.3d 16 (1996)

CONTINENTAL CASUALTY COMPANY, Plaintiff-Appellee, v. STRONGHOLD INSURANCE COMPANY, LTD., Excess Insurance Co., Ltd., World Auxiliary Insurance Corp., Ltd., River Thames Ins. Co., Minister Insurance Company, Ltd., British National Insurance Company, Alba General Insurance Co., Ltd., Nationwide General Insurance Company, National Casualty Co., Anglo French Insurance Co., Ltd., Underwriting Syndicates at Lloyd's Subscribing to Policies K66974, K76590, K76591, K76592, K78682, K78683, K78684, K10942, K10493, Swiss Union General Insurance Company, Ltd., Liberty Mutual Insurance Company, Defendants-Appellants, Andrew Weir Insurance Co., Ltd., Orion Insurance Co., PLC, English & American Insurance Company, Ltd., Defendants.

United States Court of Appeals, Second Circuit.

Decided February 13, 1996.

Attorney(s) appearing for the Case

David J. Grais, Grais & Phillips, New York City (Michael C. Zeller, of counsel), for defendants-appellants.

Michael H. Goldstein, Mound, Cotton & Wollan, New York City, for plaintiff-appellee.

Before ALTIMARI, McLAUGHLIN, and PARKER, Circuit Judges.

McLAUGHLIN, Circuit Judge:

Reinsurance is not new. See People ex rel. Sea Ins. Co. v. Graves, 274 N.Y. 312, 315, 8 N.E.2d 872, 873-74 (1937). It dates back to the time the first bookie, fearful that he could not cover all his bets in the event he were to lose, decided to spread his risk by "laying-off" some of the risks by getting other bookies to share his exposure. In a more respectable vein, reinsurance is a device whereby an insurance company that has assumed...

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