Benham v. Pryke

PIERCE, Judge.

Plaintiff, the receiver of Manufacturers and Wholesalers Indemnity Exchange (M & W), appeals the summary judgment in favor of defendants, underwriters of Lloyd’s of London (the reinsurers). This is an action to recover proceeds claimed to be due under assessment liability reinsurance policies issued by the reinsurers to some subscribers of M & W. We reverse.

M & W was an interinsurance exchange governed by § 10-13-101, et seq., C.R.S. Consequently, M & W subscribers were subject to contingent assessment liability if M & W’s liabilities in a given year exceeded its assets. Some…