EXHIBIT 10.8(II)
AMENDMENT NUMBER 7
REINSURANCE NOVATION AGREEMENT ENDORSEMENT
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This Agreement is made and entered into by and among HARBOR INSURANCE
COMPANY (the "Ceding Company"), THE CONTINENTAL INSURANCE COMPANY (the "Assuming
Company") and USF REINSURANCE CO. (the "Reinsurer") as of the 1st day of
January, 1990.
WHEREAS, the Ceding Company and the Reinsurer entered into a Accident and
Health Reinsurance Contract (Contract Number Harbor 250) dated 1st day of
January, 1986 the "Contract" whereby the Reinsurer acts as a reinsurer of the
Ceding Company; and
WHEREAS, the Ceding Company and the Assuming Company have entered into an
Assumption Reinsurance and Administration Agreement effective January 1, 1990
(the "Assumption Reinsurance Agreement") whereby the Assuming Company has
assumed all of the gross policy obligations of the Ceding Company under the
policies which are the subject of the Contract; and
WHEREAS, the parties wish to substitute the Assuming Company for the Ceding
Company as a party to the Contract;
NOW, THEREFORE, in consideration of the covenants and agreements contained
herein, the Ceding Company, the Assuming Company and the Reinsurer agree as
follows:
1. As of the Effective Date (as defined below), the Assuming Company shall
assume all of the liabilities and obligations of the Ceding Company under the
contract and shall be substituted for the Ceding Company, in the Ceding
Company's name, place and stead, as the cedant thereon so as to effect a
novation of the Contract and release the Ceding Company from any and all
liabilities or obligations thereunder.
2. As of the Effective Date, the Assuming Company shall be entitled to all
of the rights of the Ceding Company under the Contract and shall be entitled to
enforce all such rights in the name, place and stead of the Ceding Company.
3. The Effective Date of this Endorsement shall be 12:01 a.m. Pacific
Standard Time on the 1st day of January, 1990, (the "Effective Date").
IN WITNESS WHEREOF, the parties have entered into this Endorsement as of the
first day and year written above.
HARBOR INSURANCE COMPANY
BY: /s/ [SIGNATURE ILLEGIBLE]^^
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VICE PRESIDENT
THE CONTINENTAL INSURANCE COMPANY
BY: /s/ [SIGNATURE ILLEGIBLE]^^
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VICE PRESIDENT
USF REINSURANCE CO.
BY: /s/ [SIGNATURE ILLEGIBLE]^
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