PROFIT COMMISSION. AUL shall be entitled to receive a profit commission payable as set forth in Section 4(b) below (the “Profit Commission”) for each Underwriting Year in an amount equal to (i) the Profit Commission Percentage for such Underwriting Year multiplied by (ii) Net Earned Premium for such Underwriting Year from the beginning of such Underwriting Year through the Calculation Date; provided, however, that if the Adjusted Combined Ratio for an Underwriting Year is equal to or greater than 93%, the Profit Commission Percentage for such Underwriting Year shall be zero; and provided further that the foregoing Profit Commission calculations shall exclude from Covered Business Non-Covered Business and Excluded Business. For the avoidance of doubt, attached hereto as Schedule 1 is an example calculation of the Profit Commission based on hypothetical numbers.
PROFIT COMMISSION. Reinsured shall be paid a profit commission by the Reinsurer in an amount equal to any profit resulting from this Agreement from a [***]% or better combined ratio during any calendar year period (the “Profit Commission”) (i.e., the Reinsurer shall retain a margin of [***]% (the “Reinsurer’s Margin”)). Payment to the Reinsured of the Profit Commission shall be made in accordance with ARTICLE XIII.
PROFIT COMMISSION. A. The Reinsurer shall make a Profit Commission allowance of 90% to the Company on the net profits accruing to the Reinsurer under this Agreement period (January 1, 1995 through December 31, 1995), computed as follows. INCOME
1. Premiums earned by the Reinsurer during the Agreement period. OUTGO
1. Losses and loss adjustment expenses incurred by the Reinsurer during the Agreement period.
PROFIT COMMISSION. A. Within 90 days after 12 months following the end of the Accounting Period, and quarterly thereafter until all claims are settled, the Company shall prepare a profit commission calculation for the Accounting Period, and if the Loss Ratio is less than 75%, the Reinsurer shall pay to the Company a profit commission, if any, equal to a percentage of the Paid and Earned Reinsurance Premium for the Accounting Period, within five business days after receipt of the report, in accordance with the following:
PROFIT COMMISSION to be paid to The Broker annually by The Company based on the performance of the business for each calendar year, such payment to be made no later than 90 days following the end of the year in which the profit commission is earned. The profit commission shall be equal to 100% of the net profit generated by the business. Net profit for the purpose of this calculation is defined as follows—the gross premium charged to the policyholder, minus the regular commission paid to The Broker, minus premium tax incurred by The Company, minus the stop loss reinsurance premium paid to American Pet Insurance Co, minus claims incurred by The Company (including paid claims plus outstanding claims) minus [*]. Where the net profit for any given year is negative, The Broker will not be eligible for a profit commission for that year. Each calendar year calculation of the profit commission will be updated annually thereafter (and adjusted accordingly) until its third anniversary, when the calculation made at that time will be considered “final” unless an extension is agreed between the parties. ADDRESS: 0000 XX Xxxxx Way Seattle, Washington 00000-0000 PHONE: 000-000-0000 ADDRESS: 0000 XX Xxxxx Way Seattle, Washington 00000-0000 PHONE: 000-000-0000 ADDRESS: 0000 XX Xxxxx Way Seattle, Washington 00000-0000 PHONE: 000-000-0000 APIC January 2008 1
PROFIT COMMISSION. Subject to Section 5.02, the Reinsurer shall pay the Ceding Company a profit commission (the “Profit Commission”) for each calendar year (whether a full year or part thereof) that this Agreement is in effect equal to the excess, if any, of:
(i) the sum of (A) twenty percent (20%) of the amount by which (x) Cumulative Adjusted Net Underwriting Income as of the end of such calendar year exceeds (y) the Tier 1 Required Return plus (B) five percent (5%) of the amount by which (x) Cumulative Adjusted Net Underwriting Income as of the end of such calendar year exceeds (y) the Tier 2 Required Return; over
(ii) the total Profit Commission previously paid by the Reinsurer to the Ceding Company and not returned to the Reinsurer pursuant to Section 5.02 (if any).
PROFIT COMMISSION. This Profit Commission article will apply to all Subject Business included in this Agreement as listed in EXHIBITS A, the "Renaissance Re Group Business" and EXHIBIT B and EXHIBIT B PRIME, the "Directed Business". In consideration of the services rendered by RUM pursuant to this Agreement, the Company shall pay RUM a Profit Commission in respect of the each Annual Period. RUM shall calculate the amount of Profit Commission due for each Annual Period. The Profit Commission will be resettled 30 days following the end of each Annual Period until all income and liability for the Subject Business applicable to that Annual Period is extinguished or until mutually agreed by both parties. The Amount of Profit will be equal to the positive balance, if any, derived from the following formula: the earned portion of Gross Premiums Written less the sum of: (i) Gross Losses Incurred and (ii) actual expenses paid (direct expenses including but not limited to brokerage and FET) by the Company on Subject Business plus an interest credit, calculated at the option of RUM. The Profit Commission Rate for each Annual Period shall be twenty (20%) percent. The Profit Commission shall be equal to the Amount of Profit multiplied by the Profit Commission Rate. The Company will calculate and provide interim reports of the Profit Commission as of each September 30th within 30 days following each Annual Period. There will be a separate profit commission calculation for each Annual Period with unlimited deficit carry forward. As respects each calculation, any additional Profit Commission due RUM shall be paid by the Company with the report, and any return Profit Commission shown to be due the Company shall be paid by RUM within 30 days after receipt of the report. Profit Commission shall not apply to the portion of the premium retroceded to RUM, pursuant to Article V.
PROFIT COMMISSION. A. The Company shall receive a profit commission equal to 80% of the net profit accruing to the Reinsurer during the term of this Agreement computed as follows:
1. Reinsurance Premiums Earned, including any additional premiums;
PROFIT COMMISSION. The Retrocedant shall pay the Retrocessionaire a profit commission (as respects the Retrocedant's retained 50% portion after cession hereunder) equal to 75% of the Retrocedant's profit (being gross net earned premium, as defined in Article 6, Paragraph B, less ceding commission less incurred losses and loss adjustment expense) less 6% of Gross Net Earned Premium for the Retrocedant's reinsurance management expenses. The profit commission calculation shall take place 48 months after the inception of this Agreement, (being September 1, 1999) and shall be recalculated and adjusted annually thereafter until all losses are settled.
PROFIT COMMISSION. Anytime after 24 months from expiration and prior to 72 months from expiration the company may request payment of a 25% profit commission on the basis of a loss commutation with full release of all current and future liabilities of the Reinsurer under the terms of the agreement. The profit commission will be calculated on the basis of gross ceded reinsurance premium earned less incurred losses including mutually agreed incurred but not reported losses.
