Court of Appeals for the Ninth Circuit September 9, 1986, No. 84-6592 (Minoco Group of Companies, Ltd. v. First State Underwriters Agency of New England Reinsurance Corp.)

NORRIS, Circuit Judge:

Appellants First State Underwriters Agency of New England and First State Insurance Company (collectively, “First State”) are affiliated insurance companies that issued prepaid excess officers and directors liability policies to The Minoco Group of Companies (“Minoco”).