EXHIBIT 10.3
ENDORSEMENT
TO
FACULTATIVE OBLIGATORY RETROCESSION AGREEMENT
(hereinafter referred to as "Agreement")
between
PXRE REINSURANCE COMPANY
(hereinafter referred to as the "Company")
and
SELECT REINSURANCE COMPANY
(hereinafter referred to as the "Reinsurer")
It is understood and agreed that effective January 1, 2002, the participation of
the Reinsurer is amended to 8%.
Under terms of the Agreement, the Reinsurer agrees to assume severally and not
jointly with other participants a 8% share (being $1,600,000 per program) of the
liability described in the attached Agreement, and as consideration of the
above, the Reinsurer shall receive 8% of the premium named therein for cession
made on or after 12:01 a.m., January 1, 2002, local time, for business incepting
our renewing after that date.
Signed in Xxxxxxxx, Bermuda this 21st day of March, 2002.
SELECT REINSURANCE LTD.
BY: /s/ Xxxxxx X. Xxxxx
----------------------------
TITLE: Sr. Vice President
-------------------------
And in Edison, New Jersey this 19th day of March, 2002.
PXRE REINSURANCE COMPANY
BY: /s/ Xxxxxx Xxxxxxx
----------------------------
TITLE: Executive Vice President
-------------------------
