Common use of Finite Risk Reinsurance Clause in Contracts

Finite Risk Reinsurance. Except as set forth in Section 3.24 of the Trenwick Disclosure Letter, none of Trenwick's Insurance Subsidiaries has ceded business pursuant to a reinsurance agreement that does not meet the conditions for reinsurance accounting as provided by the Statement of Financial Accounting Standards No. 113, "Accounting and Reporting for Reinsurance of Short-Duration and Long-Term Contracts."