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USF&G CO. v. AMERICAN RE-INS.

No. 1.

20 N.Y.3d 407 (2013)

985 N.E.2d 876

962 N.Y.S.2d 566

2013 NY Slip Op 784

UNITED STATES FIDELITY & GUARANTY COMPANY et al., Respondents, v. AMERICAN RE-INSURANCE COMPANY et al., Appellants, et al., Defendants.

Court of Appeals of New York.

Decided February 7, 2013.

Attorney(s) appearing for the Case

Wachtell, Lipton, Rosen & Katz, New York City ( Herbert M. Wachtell , Ben M. Germana and Michael J. McDuffie of counsel), for American Re-Insurance Company, appellant.

Quinn Emanuel Urquhart & Sullivan, LLP, New York City ( Kathleen M. Sullivan , Jane M. Byrne , J. Toji Calabro , Brad Evan Rosen and Cleland B. Welton II of counsel), and Boies, Schiller & Flexner, LLP, Albany ( George F. Carpinello and Benjamin D. Battles of counsel), for Excess Casualty Reinsurance Association and others, appellants.

Simpson Thacher & Bartlett LLP, New York City ( Mary Kay Vyskocil , Chet A. Kronenberg , Ryan A. Kane and Jonathan M. Weiss of counsel), for respondents.

Freeborn & Peters LLP, Chicago, Illinois ( Thomas R. Fawkes of counsel), for Reinsurance Association of America, amicus curiae.

Reed Smith LLP, New York City ( John N. Ellison and Jill N. Averett of counsel), and Amy Bach, San Francisco, California, for United Policyholders, amicus curiae.

Chief Judge LIPPMAN and Judges GRAFFEO, READ and PIGOTT concur.

OPINION OF THE COURT

SMITH, J.

An insurance company, United States Fidelity & Guaranty Company (USF&G), having settled asbestos claims for nearly a billion dollars, seeks to recover a share of its settlement payment from its reinsurers. The courts below granted summary judgment for USF&G. We modify the Appellate Division's order to deny summary judgment on two issues, and otherwise affirm.

We...

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