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EXHIBIT 10.29
ADDENDUM NO. 3
attaching to and forming part of the
CATASTROPHE "AWARDS MADE" EXCESS OF LOSS
REINSURANCE CONTRACT
made between
INTERMED INSURANCE COMPANY and/or INTERLEX INSURANCE COMPANY
of Springfield, Missouri
(hereinafter referred to as "the Reassured")
and
REINSURERS SIGNATORY HERETO
(hereinafter referred to as "the Reinsurers")
U.S. CLASSIFICATION: U.S. REINSURANCE
With effect from 1st October, 1997, the following amendments are made to this
Contract:
1. The first paragraph of ARTICLE 8 - PREMIUM, is amended to read as follows:
In consideration of the liabilities undertaken by the Reinsurers in
accordance with the terms of this Contract, the Reassured shall pay
the Reinsurers a premium for each Contract Year hereunder, calculated
at the rate of 1.50% of the Reassured's subject matter Premium Income
(being the sum of Intermed Insurance Company's Gross Net Earned
Premium Income for original policies up to US$1,000,000 or so deemed,
and Interlex Insurance Company's Gross Net Written Premium Income for
original policies up to US$1,000,000 or so deemed, including Premium
in respect of Defence Costs Allowance Rider on policy limits up to
US$1,000,000) for the Contract Year under consideration, subject,
however, to an annual Minimum and Deposit Premium of US$170,000
payable in four equal instalments on 1st October, 1997, 1st January,
1998, 1st April, 1998 and 1st July, 1998.
2. The participations of Reinsurers shall be as shown in the attached
Schedules and not as heretofore.
ALL OTHER TERMS AND CONDITIONS REMAIN UNALTERED
IN WITNESS WHERREOF the parties hereto have, by their duly authorised
representative, executed this Addendum as follows.
Signed in Springfield, Missouri, this 29th day of December, 1997
For and on behalf of the Reassured:
INTERMED INSURANCE COMPANY
/s/
And for the Reinsurers by means of and in accordance with the attached
Schedules which shall be considered to form an integral part of this Contract.
