Home Insurance Co. v. Mississippi Insurance Guaranty Ass'n

WALLER, Presiding Justice,

for the Court.

¶ 1. Three oil rig workers filed suit against G.B. “Boots” Smith Corp., alleging personal injuries as a result of an accident which occurred in 1983. At that time, Home Insurance Company was Smith’s primary liability insurer, providing up to $500,000 in coverage. Mission National Insurance Company was Smith’s reinsurer or excess liability carrier, providing up to $5,000,000 in coverage. The plaintiffs offered to settle within Home’s policy limits, but Home declined the offer. A subsequent trial resulted in a $2,050,000 verdict against Smith. Prior to…