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PACIFIC EMPLOYERS INS. v. GLOBAL REINSURANCE CORP.

Nos. 11-3234, 11-3262.

693 F.3d 417 (2012)

PACIFIC EMPLOYERS INSURANCE COMPANY, Appellant (No. 11-3262) v. GLOBAL REINSURANCE CORPORATION OF AMERICA, formerly known as Constitution Reinsurance Corporation, Appellant (No. 11-3234).

United States Court of Appeals, Third Circuit.

Opinion filed: September 7, 2012.

Attorney(s) appearing for the Case

Carter G. Phillips, Esq. (Argued), Sidley Austin LLP, Washington, DC, William M. Sneed, Esq. , Jason M. Adler, Esq. , Sidley Austin LLP, Chicago, IL, Ellen K. Burrows, Esq. , Christine Gellert Russell, Esq. , Brendan Mcquiggan, Esq. , White and Williams LLP, Philadelphia, PA, for Pacific Employers Insurance Company.

Edward P. Krugman, Esq. (Argued), S. Penny Windle, Esq. , Cahill, Gordon & Reindel LLP, New York, NY, Bonny S. Garcha, Esq. , Mark G. Sheridan, Esq. , Bates Carey Nicolaides LLP, Chicago, IL, William F. McDevitt, Esq. , Christie, Pabarue, Mortensen and Young, Philadelphia, PA, for Global Reinsurance Corporation of America.

Before: AMBRO, VANASKIE and VAN ANTWERPEN, Circuit Judges.

OPINION OF THE COURT

AMBRO, Circuit Judge.

In 1980 Pacific Employers Insurance Company ("PEIC") purchased a certificate of reinsurance (the "Certificate") from Constitution Reinsurance Corporation ("Constitution"), the predecessor of Global Reinsurance Corporation of America ("Global"). In this case, one sentence from that Certificate stands in the spotlight. That sentence reads, "As a condition precedent, the Company [i.e., PEIC] shall promptly provide...

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