North British & Mercantile Insurance v. Speer

The Eagle Eire Insurance Company of New York issued a policy to Speer, covering his property. Later the Eagle Company, desiring to retire from, business, made a contract with the North British & Mercantile Insurance Company whereby the latter company, in consideration of seventy per cent, of the unearned premiums of the former companjq agreed to reinsure and indemnify it against claims for fire losses under the-policies which had been issued by the Eagle Company prior thereto, and which should be issued by it for a limited time in the future; and agreed to adjust fire.claims with the…