Leonard v. Executive Risk Indemnity, Inc. (In Re SRC Holding Corp.)

HANSEN, Circuit Judge.

In these appeals, appellant Executive Risk Indemnity, Inc. (ERII) challenges the district court’s insurance-coverage determination. Because we conclude that the district court erred in interpreting the parties’ insurance policy, we reverse.

I

Miller & Schroeder, Inc. (M & S) was a securities underwriter and securities broker that primarily conducted business in Minnesota. In 1997, MI Acquisition Corporation (MI) acquired M & S through a stock purchase, and, in conjunction with that transaction, purchased a three-year insurance policy entitled “Directors and Officers…