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, 1998 through December 31, 1998), computed as follows. INCOME
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. 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:
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. * Confidential Treatment Requested. SCHEDULE “C” UNDERWRITING GUIDELINES (see attached) AMERICAN PET INSURANCE COMPANY PET INSURANCE PROGRAM Underwriting and Rate Guidelines AMERICAN PET INSURANCE COMPANY 0000 XX Xxxxx Way Seattle, Washington 98107-5133 000-000-0000 xxx.xxxxxxxxx.xxx EFFECTIVE: January 1, 2008 COMPANY DIRECTORY UNDERWRITING ADDRESS: 0000 XX Xxxxx Way Seattle, Washington 00000-0000 PHONE: 000-000-0000 CLAIMS ADDRESS: 0000 XX Xxxxx Way Seattle, Washington 00000-0000 PHONE: 000-000-0000 BILLING ADDRESS: 0000 XX Xxxxx Way Seattle, Washington 00000-0000 PHONE: 000-000-0000 APIC January 2008 1 PET INSURANCE PROGRAM Effective January 1, 2008 UNDERWRITING RULES & GUIDELINES Since it is not possible to make rules to cover every situation, final decisions with respect to acceptance of risk, underwriting, rates, etc., are reserved by the Company. MONTHLY PREMIUM
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. [***]: CONFIDENTIAL PORTIONS OMITTED AND FILED SEPARATELY WITH THE COMMISSION.
PROFIT COMMISSION. This Profit Commission Article will apply to all Subject Business included in this Agreement as listed in Exhibit 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 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 RenRe, pursuant to Article V.
PROFIT COMMISSION. A. The Company shall receive a profit commission equal to 80% of the net profit accruing to the Reinsurers during the term of this Agreement computed as follows:
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) Double 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 96%, 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 Excluded Business.
PROFIT COMMISSION. The Syndicate furthermore shall allow the Reinsured a profit commission, as specified in the Cover Note, on the annual net profit. The annual net profit shall be shown in yearly statement drawn up separately by the Syndicate for each underwriting year and not prior to a period of 12 months after the close of the underwriting year, in question. The profit commission statement will thereinafter be adjusted annually. The profit commission statement will be drawn up as follows:-
