The New York Court of Appeals today heard oral arguments in Excess Insurance Co. v. Factory Mut. Ins. Co., which involved the interpretation of a reinsurance contract. The Appellate Division, First Department held that the reinsurance policy language — which provided that the reinsurers agreed to follow the settlements and bear their proportion of expenses — did not supercede the coverage limit in the reinsurance policy. We’ll see in a month what the Court thinks . . . .