Broke Insurer Owes $15M Premium: 8th Circ.

Law360, New York (May 18, 2009, 12:00 AM EDT) -- Wading into a dispute over a terminated reinsurance contract for the bankrupt Acceptance Insurance Co., a federal appeals court has backed the bankruptcy appeals panel in ruling that Acceptance is obligated to pay Granite Reinsurance Co. Ltd. $15 million in premiums.

Judges William J. Riley, Pasco M. Bowman and Steven M. Colloton of the U.S. Court of Appeals for the Eighth Circuit dealt a hard blow to Acceptance, holding that the bankruptcy appeals panel correctly required the debtor to pay Granite $9 million in unpaid premiums...
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