1
Exhibit 10.36
ADDENDUM NO. 3
to the
COMBINED QUOTA SHARE, AGGREGATE AND SPECIFIC EXCESS OF LOSS
REINSURANCE TREATY
(hereinafter referred to as "Reinsurance Treaty")
issued to
MEDICAL INTER-INSURANCE EXCHANGE OF NEW JERSEY
Lawrenceville, New Jersey
(hereinafter referred to as "Ceding Company")
by
HANNOVER REINSURANCE (IRELAND) LTD
Dublin, Ireland
(hereinafter referred to as the "Reinsurer")
The Ceding Company and the Reinsurer hereby agree to amend the captioned
Reinsurance Treaty, effective January 1, 1999, with respect to business ceded
for the 1999 Coverage Year and thereafter, as follows:
1) ARTICLE 5: COVERAGES AND AGGREGATE LIMITS, Section A, Coverage A, Part B
The final sentence in the second paragraph is deleted and replaced with the
following:
"In no event shall Reinsurers be liable for more than $200,000,000 (two
hundred million dollars) in the aggregate for Coverage A, Part B for each
Coverage Year. This $200,000,000 aggregate limit for each Coverage Year
shall be subject to the sub condition that not more than $15,000,000
(fifteen million dollars) in all (inclusive of Loss Adjustment Expenses)
shall be recoverable from Reinsurers in respect of losses emanating from a
loss layer of $7,000,000 (seven million dollars) each and every loss
(inclusive of Loss Adjustment Expenses) excess of $3,000,000 (three million
dollars) each and every loss (inclusive of Loss Adjustment Expenses).
If SNWP exceeds $300,000,000 (three hundred million dollars) in a particular
individual Coverage Year, then the Ceding Company shall participate in this
particular individual Coverage Year with the Reinsurers in losses otherwise
recoverable in the proportion calculated as follows:
Ceding Company's Share: Amount of SNWP in excess of $300,000,000
----------------------------------------
SNWP
This proportion may be adjusted based on mutual consent of the Ceding
Company and Reinsurers for Coverage Years 2000 and thereafter."
2
2) ARTICLE 6: DEFINITIONS, Section F, "Policies"
The definition of "Policies" is amended to add all assumed
reinsurance from MIIX Insurance Company of New York (MIIX NY) in
respect of original policies underwritten by MIIX NY and classified in
accordance with the remainder of the existing definition.
3) ARTICLE 7: NET RETAINED LIABILITY
The third paragraph and maximum Net Retained Liability table
are deleted and replaced with the following:
"The Ceding Company warrants that the maximum Net Retained
Liability is as follows:
Policies Classified As: Maximum Net Retained Liability
----------------------- ------------------------------
Property Insurance:
Medical Office Policy $ 2,000,000 any one policy
Other Property Coverage $ 500,000 each and every loss
All Other Policies $10,000,000 each and every loss
4) ARTICLE 8: CONSIDERATION, Section B, Reinsurers' Expense Charge
The first paragraph is deleted and replaced with the
following:
"The Ceding Company shall pay Reinsurers for each Coverage
Year a Reinsurers' Expense Charge equal to X%, as detailed in the table
below, of all Coverage A, Part A and Part B Actual Consideration,
including Coverage A, Part A Advance Consideration, subject to a
minimum amount, effective for the 1999 Coverage Year and thereafter, of
$2,650,000 (two million six hundred fifty thousand dollars) inclusive
of intermediary commission, by direct payment to Reinsurers. There
shall be no Reinsurers' Expense Charge in respect of Coverage A
Additional Coverage Consideration, Coverage B Consideration, Coverage C
Consideration and Coverage D Consideration."
In Witness Whereof the parties hereto have caused this Addendum to be executed
by its duly authorized representatives:
Signed in Lawrenceville, New Jersey, this 30th day of July, 1999 for and on
behalf of MEDICAL INTER-INSURANCE EXCHANGE OF NEW JERSEY
By: /s/ Xxxxxx X. Xxxxxxxx
----------------------
Title: President and Chief Executive Officer
-------------------------------------
Signed in Dublin, Ireland, this 20th day of July, 1999 for and on behalf of
HANNOVER REINSURANCE (IRELAND) LTD
By: /s/ Xxxxxxxx Xxxxx
------------------
3
Title: Managing Director
-----------------
4
ADDENDUM NO. 3
to the
COMBINED QUOTA SHARE, AGGREGATE AND SPECIFIC EXCESS OF LOSS
REINSURANCE TREATY
(hereinafter referred to as "Reinsurance Treaty")
issued to
MEDICAL INTER-INSURANCE EXCHANGE OF NEW JERSEY
Lawrenceville, New Jersey
(hereinafter referred to as "Ceding Company")
by
E & S REINSURANCE (IRELAND) LTD
Dublin, Ireland
(hereinafter referred to as the "Reinsurer")
The Ceding Company and the Reinsurer hereby agree to amend the captioned
Reinsurance Treaty, effective January 1, 1999, with respect to business ceded
for the 1999 Coverage Year and thereafter, as follows:
1) ARTICLE 5: COVERAGES AND AGGREGATE LIMITS, Section A, Coverage A, Part B
The final sentence in the second paragraph is deleted and replaced with
the following:
"In no event shall Reinsurers be liable for more than $200,000,000 (two
hundred million dollars) in the aggregate for Coverage A, Part B for
each Coverage Year. This $200,000,000 aggregate limit for each Coverage
Year shall be subject to the sub condition that not more than
$15,000,000 (fifteen million dollars) in all (inclusive of Loss
Adjustment Expenses) shall be recoverable from Reinsurers in respect of
losses emanating from a loss layer of $7,000,000 (seven million
dollars) each and every loss (inclusive of Loss Adjustment Expenses)
excess of $3,000,000 (three million dollars) each and every loss
(inclusive of Loss Adjustment Expenses).
If SNWP exceeds $300,000,000 (three hundred million dollars) in a
particular individual Coverage Year, then the Ceding Company shall
participate in this particular individual Coverage Year with the
Reinsurers in losses otherwise recoverable in the proportion calculated
as follows:
Ceding Company's Share:Amount of SNWP in excess of $300,000,000
----------------------------------------
SNWP
This proportion may be adjusted based on mutual consent of the Ceding
Company and Reinsurers for Coverage Years 2000 and thereafter."
5
ARTICLE 6: DEFINITIONS, Section F, "Policies"
The definition of "Policies" is amended to add all assumed
reinsurance from MIIX Insurance Company of New York (MIIX NY) in
respect of original policies underwritten by MIIX NY and classified in
accordance with the remainder of the existing definition.
3) ARTICLE 7: NET RETAINED LIABILITY
The third paragraph and maximum Net Retained Liability table
are deleted and replaced with the following:
"The Ceding Company warrants that the maximum Net Retained
Liability is as follows:
Policies Classified As: Maximum Net Retained Liability
----------------------- ------------------------------
Property Insurance:
Medical Office Policy $ 2,000,000 any one policy
Other Property Coverage $ 500,000 each and every loss
All Other Policies $10,000,000 each and every loss
4) ARTICLE 8: CONSIDERATION, Section B, Reinsurers' Expense Charge
The first paragraph is deleted and replaced with the
following:
"The Ceding Company shall pay Reinsurers for each Coverage
Year a Reinsurers' Expense Charge equal to X%, as detailed in the table
below, of all Coverage A, Part A and Part B Actual Consideration,
including Coverage A, Part A Advance Consideration, subject to a
minimum amount, effective for the 1999 Coverage Year and thereafter, of
$2,650,000 (two million six hundred fifty thousand dollars) inclusive
of intermediary commission, by direct payment to Reinsurers. There
shall be no Reinsurers' Expense Charge in respect of Coverage A
Additional Coverage Consideration, Coverage B Consideration, Coverage C
Consideration and Coverage D Consideration."
In Witness Whereof the parties hereto have caused this Addendum to be executed
by its duly authorized representatives:
Signed in Lawrenceville, New Jersey, this 30th day of July, 1999 for and on
behalf of MEDICAL INTER-INSURANCE EXCHANGE OF NEW JERSEY
By: /s/ Xxxxxx X. Xxxxxxxx
----------------------
Title: President and Chief Executive Officer
-------------------------------------
Signed in Dublin, Ireland, this 20th day of July, 1999 for and on behalf of E &
S REINSURANCE (IRELAND) LTD
By: /s/ Xxxxxxxx Xxxxx
------------------
6
Title: Managing Director
-----------------
7
ADDENDUM NO. 3
to the
COMBINED QUOTA SHARE, AGGREGATE AND SPECIFIC EXCESS OF LOSS
REINSURANCE TREATY
(hereinafter referred to as "Reinsurance Treaty")
issued to
MEDICAL INTER-INSURANCE EXCHANGE OF NEW JERSEY
Lawrenceville, New Jersey
(hereinafter referred to as "Ceding Company")
by
UNDERWRITERS REINSURANCE COMPANY (BARBADOS) INC.
Rockley, Xxxxxx Church, Barbados, W.I.
(hereinafter referred to as the "Reinsurer")
The Ceding Company and the Reinsurer hereby agree to amend the captioned
Reinsurance Treaty, effective January 1, 1999, with respect to business ceded
for the 1999 Coverage Year and thereafter, as follows:
1) ARTICLE 5: COVERAGES AND AGGREGATE LIMITS, Section A, Coverage A, Part B
The final sentence in the second paragraph is deleted and
replaced with the following:
"In no event shall Reinsurers be liable for more than
$200,000,000 (two hundred million dollars) in the aggregate for
Coverage A, Part B for each Coverage Year. This $200,000,000 aggregate
limit for each Coverage Year shall be subject to the sub condition that
not more than $15,000,000 (fifteen million dollars) in all (inclusive
of Loss Adjustment Expenses) shall be recoverable from Reinsurers in
respect of losses emanating from a loss layer of $7,000,000 (seven
million dollars) each and every loss (inclusive of Loss Adjustment
Expenses) excess of $3,000,000 (three million dollars) each and every
loss (inclusive of Loss Adjustment Expenses).
If SNWP exceeds $300,000,000 (three hundred million dollars) in a
particular individual Coverage Year, then the Ceding Company shall
participate in this particular individual Coverage Year with the
Reinsurers in losses otherwise recoverable in the proportion calculated
as follows:
Ceding Company's Share: Amount of SNWP in excess of $300,000,000
-----------------------------------------
SNWP
This proportion may be adjusted based on mutual consent of the Ceding
Company and Reinsurers for Coverage Years 2000 and thereafter."
8
2) ARTICLE 6: DEFINITIONS, Section F, "Policies"
The definition of "Policies" is amended to add all assumed
reinsurance from MIIX Insurance Company of New York (MIIX NY) in
respect of original policies underwritten by MIIX NY and classified in
accordance with the remainder of the existing definition.
3) ARTICLE 7: NET RETAINED LIABILITY
The third paragraph and maximum Net Retained Liability table
are deleted and replaced with the following:
"The Ceding Company warrants that the maximum Net Retained
Liability is as follows:
Policies Classified As: Maximum Net Retained Liability
----------------------- ------------------------------
Property Insurance:
Medical Office Policy $ 2,000,000 any one policy
Other Property Coverage $ 500,000 each and every loss
All Other Policies $10,000,000 each and every loss
4) ARTICLE 8: CONSIDERATION, Section B, Reinsurers' Expense Charge
The first paragraph is deleted and replaced with the following:
"The Ceding Company shall pay Reinsurers for each Coverage
Year a Reinsurers' Expense Charge equal to X%, as detailed in the table
below, of all Coverage A, Part A and Part B Actual Consideration,
including Coverage A, Part A Advance Consideration, subject to a
minimum amount, effective for the 1999 Coverage Year and thereafter, of
$2,650,000 (two million six hundred fifty thousand dollars) inclusive
of intermediary commission, by direct payment to Reinsurers. There
shall be no Reinsurers' Expense Charge in respect of Coverage A
Additional Coverage Consideration, Coverage B Consideration, Coverage C
Consideration and Coverage D Consideration."
In Witness Whereof the parties hereto have caused this Addendum to be executed
by its duly authorized representatives:
Signed in Lawrenceville, New Jersey, this 30th day of July, 1999 for and on
behalf of MEDICAL INTER-INSURANCE EXCHANGE OF NEW JERSEY
By: /s/ Xxxxxx X. Xxxxxxxx
----------------------
Title: President and Chief Executive Officer
-------------------------------------
Signed in Rockley, Xxxxxx Church, Barbados, W.I., this 26th day of July, 1999
for and on behalf of UNDERWRITERS REINSURANCE COMPANY (BARBADOS) INC.
9
By: /s/ Xxxxxx XxXxx
----------------
Title: President and Chief Executive Officer
-------------------------------------
10
ADDENDUM NO. 3
to the
COMBINED QUOTA SHARE, AGGREGATE AND SPECIFIC EXCESS OF LOSS
REINSURANCE TREATY
(hereinafter referred to as "Reinsurance Treaty")
issued to
MEDICAL INTER-INSURANCE EXCHANGE OF NEW JERSEY
Lawrenceville, New Jersey
(hereinafter referred to as "Ceding Company")
by
EUROPEAN REINSURANCE COMPANY OF ZURICH
Zurich, Switzerland
(hereinafter referred to as the "Reinsurer")
The Ceding Company and the Reinsurers hereby agree to amend the captioned
Reinsurance Treaty, effective January 1, 1999, with respect to business ceded
for the 1999 Coverage Year and thereafter, as follows:
1) ARTICLE 5: COVERAGES AND AGGREGATE LIMITS, Section A, Coverage A, Part B
The final sentence in the second paragraph is deleted and
replaced with the following:
"In no event shall Reinsurers be liable for more than
$200,000,000 (two hundred million dollars) in the aggregate for
Coverage A, Part B for each Coverage Year. This $200,000,000 aggregate
limit for each Coverage Year shall be subject to the sub condition that
not more than $15,000,000 (fifteen million dollars) in all (inclusive
of Loss Adjustment Expenses) shall be recoverable from Reinsurers in
respect of losses emanating from a loss layer of $7,000,000 (seven
million dollars) each and every loss (inclusive of Loss Adjustment
Expenses) excess of $3,000,000 (three million dollars) each and every
loss (inclusive of Loss Adjustment Expenses).
If SNWP exceeds $300,000,000 (three hundred million dollars) in a
particular individual Coverage Year, then the Ceding Company shall
participate in this particular individual Coverage Year with the
Reinsurers in losses otherwise recoverable in the proportion calculated
as follows:
Ceding Company's Share: Amount of SNWP in excess of $300,000,000
-----------------------------------------
SNWP
This proportion may be adjusted based on mutual consent of the Ceding
Company and Reinsurers for Coverage Years 2000 and thereafter."
11
2) ARTICLE 6: DEFINITIONS, Section F, "Policies"
The definition of "Policies" is amended to add all assumed
reinsurance from MIIX Insurance Company of New York (MIIX NY) in
respect of original policies underwritten by MIIX NY and classified in
accordance with the remainder of the existing definition.
3) ARTICLE 7: NET RETAINED LIABILITY
The third paragraph and maximum Net Retained Liability table
are deleted and replaced with the following:
"The Ceding Company warrants that the maximum Net Retained
Liability is as follows:
Policies Classified As: Maximum Net Retained Liability
----------------------- ------------------------------
Property Insurance:
Medical Office Policy $ 2,000,000 any one policy
Other Property Coverage $ 500,000 each and every loss
All Other Policies $10,000,000 each and every loss
4) ARTICLE 8: CONSIDERATION, Section B, Reinsurers' Expense Charge
The first paragraph is deleted and replaced with the
following:
"The Ceding Company shall pay Reinsurers for each Coverage
Year a Reinsurers' Expense Charge equal to X%, as detailed in the table
below, of all Coverage A, Part A and Part B Actual Consideration,
including Coverage A, Part A Advance Consideration, subject to a
minimum amount, effective for the 1999 Coverage Year and thereafter, of
$2,650,000 (two million six hundred fifty thousand dollars) inclusive
of intermediary commission, by direct payment to Reinsurers. There
shall be no Reinsurers' Expense Charge in respect of Coverage A
Additional Coverage Consideration, Coverage B Consideration, Coverage C
Consideration and Coverage D Consideration."
In Witness Whereof the parties hereto have caused this Addendum to be executed
by its duly authorized representatives:
Signed in Lawrenceville, New Jersey, this 30th day of July, 1999 for and on
behalf of MEDICAL INTER-INSURANCE EXCHANGE OF NEW JERSEY
By: /s/ Xxxxxx X. Xxxxxxxx
----------------------
Title: President and Chief Executive Officer
-------------------------------------
Signed in Zurich, Switzerland, this 23rd day of July, 1999 for and on behalf of
EUROPEAN REINSURANCE COMPANY OF ZURICH
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By: /s/ Xx. Xxxxx Xxxxx
-------------------
Title: Financial Solutions, Director
-----------------------------
