Benham v. Pryke

PIERCE, Judge.

Plaintiff, the receiver of Manufacturers and Wholesalers Indemnity Exchange (M&W), appeals a dismissal for failure to state a claim for relief granted in favor of defendants underwriters of Lloyd’s of London (the reinsurers). This is an action to recover proceeds allegedly due under assessment liability reinsurance policies issued by the reinsurers to some former subscribers of M&W. We reverse.

M&W was an interinsurance exchange governed by § 10-13-101, et seq., C.R.S. 1973. M&W subscribers, consequently, were subject to contingent assessment liability if M&W’s liabilities in a…