Defendant Factory Mutual (formerly known as Allendale Mutual Insurance Company) insured a warehouse in Seclin, France. Defendant then obtained reinsurance from plaintiffs for a large portion of the risk. The reinsurance agreement contained a "Limit" provision limiting the reinsurance coverage to $7 million (U.S.) for any one occurrence. Immediately following this "Limit" provision were listed "Conditions," including the condition that "Reinsurers agree to follow the settlements...
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