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SKANDIA AMERICA REINSURANCE CORP. v. SCHENCK

Nos. 74 Civ. 5470, 75 Civ. 120.

441 F.Supp. 715 (1977)

SKANDIA AMERICA REINSURANCE CORPORATION, Peter Frank Tiarks, as Lead Underwriter, and Francis Everett Brander, as Lead Underwriter, Plaintiffs, v. Benjamin R. SCHENCK, as Superintendent of Insurance of the State of New York, and as Liquidator of Professional Insurance Company of New York, and the New Jersey Property-Liability Insurance Guaranty Association, Defendants. GENERAL REINSURANCE CORPORATION, Plaintiff, v. Benjamin R. SCHENCK, as Superintendent of Insurance of the State of New York, and as Liquidator of Professional Insurance Company of New York, and the New Jersey Property-Liability Insurance Guaranty Association, Defendants.

United States District Court, S. D. New York.

November 21, 1977.

Attorney(s) appearing for the Case

Kroll, Edelman, Elser & Wilson, New York City, for Skandia America Reinsurance Corp., Peter Frank Tiarks and Francis Everett Brander; Sol Kroll and Roy E. Pomerantz, New York City, of counsel.

Davis Polk & Wardwell, New York City, for General Reinsurance Corp.; Alfred E. Schretter, New York City, of counsel.

McGuire & Lawler, New York City, for The New Jersey Property-Liability Ins. Guaranty Ass'n; Andrew M. Lawler, New York City, of counsel.

Stryker, Tams & Dill, Newark, N. J., for The New Jersey Property-Liability Ins. Guaranty Ass'n; Elizabeth A. Westcott, Newark, N. J., Walter F. Waldau, Summit, N. J., of counsel.

Carb, Luria, Glassner, Cook & Kufeld, New York City, for Benjamin R. Schenck; Lewis Bart Stone, Jeffrey G. Gurren, New York City, of counsel.

Charles W. Havens, III, Washington, D. C., for Reinsurance Ass'n of America amicus curiae.

GAGLIARDI, District Judge.

This consolidation of two federal statutory interpleader actions raises a novel issue of insurance law. The plaintiff-stakeholders are reinsurance companies and underwriters who entered into reinsurance treaties several years ago with a presently insolvent casualty insurer. These treaties obligate plaintiffs, Skandia America Reinsurance Corporation ("Skandia"), General Reinsurance Corporation ("General Reinsurance"), and Peter Frank Tiarks...

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