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CHASE MANHATTAN BANK v. AXA REINSURANCE UK PLC

300 A.D.2d 16 (2002)

752 N.Y.S.2d 17

CHASE MANHATTAN BANK, Plaintiff, v. AXA REINSURANCE UK PLC et al., Defendants. (And a Third-Party Action.) NEW HAMPSHIRE INSURANCE COMPANY, Second Third-Party Plaintiff-Appellant, v. REINSURANCE AUSTRALIA CORPORATION LIMITED, Second Third-Party Defendant-Respondent.

Appellate Division of the Supreme Court of the State of New York, First Department.

Decided December 3, 2002.

Plaintiff Chase Manhattan Bank undertook to fund certain films being produced in New York. Chase purchased insurance through, among others, defendant and second third-party plaintiff New Hampshire Insurance Company (NHIC) against losses related to this venture. In turn, second third-party defendant Reinsurance Australia Corporation Limited (ReAC), reinsured 40% of the risk assumed by NHIC. The reinsurance agreement was negotiated...

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