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GRANITE STATE INSURANCE COMPANY v. ACE AMERICAN REINSURANCE COMPANY

46 A.D.3d 436 (2007)

849 N.Y.S.2d 201

GRANITE STATE INSURANCE COMPANY et al., Respondents, v. ACE AMERICAN REINSURANCE COMPANY, Fomerly Known as INA REINSURANCE COMPANY, Now Known as R & Q REINSURANCE, Appellant.

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

Decided December 27, 2007.

As pertinent to this appeal, it is undisputed that plaintiffs, subsidiaries of American International Group (collectively known as AIG), issued excess umbrella liability policies to Castle & Cooke, Inc. (later known as Dole Foods Company), and then purchased facultative contracts of reinsurance from defendant, ACE American Reinsurance Company. Pursuant to these policies, ACE agreed to indemnify and promptly reimburse AIG, following receipt of proof of loss, an agreed...

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