Granite Reinsurance Co. v. Acceptance Ins. Co., 8th Cir. Mar. 12, 2008
07-6027, 07-6029 Granite Reinsurance Co. v. Acceptance Ins. Co.
U.S. Bankruptcy Court for the District of Nebraska
[PUBLISHED] [Kressel, Chief Judge, with Schermer and Venters, Bankruptcy Judges]
Bankruptcy Appellate Panel. Reinsurance contract was supported by consideration, and the bankruptcy court did not err in determining that the contract was enforceable against debtor and that Granite was entitled to retain a $6 million premium payment; contract unambiguously stated that the premium was $15 million payable over five years, with no exceptions for early termination or loss of business, and the bankruptcy court erred in determining that the insurer could not recover the premium for the final three years of the contract.
