District Court, W.D. Pennsylvania December 23, 1986, Civ. A. 86-275 (Little v. MGIC Indemnity Corp.)

OPINION

COHILL, Chief Judge.

I. FACTS

This case revolves around a Directors and Officers insurance policy (“D & 0 policy”) purchased by Union National Bank of Pittsburgh (“UNB”) for the benefit of its directors and officers. The policy was issued by MGIC Indemnity Corp., and subsequently transferred to and assumed by the American Casualty Co. Plaintiff James P.