Interests and Liabilities Agreement of Catlin Insurance Company Ltd. Hamilton, Bermuda (hereinafter referred to as the “Subscribing Reinsurer”) with respect to the Multi-Year Excess Catastrophe Reinsurance Contract Effective: June 1, 2008 issued to...
Exhibit 10.15
Interests and Liabilities Agreement
of
Xxxxxx Insurance Company Ltd.
Hamilton, Bermuda
(hereinafter referred to as the “Subscribing Reinsurer”)
with respect to the
Multi-Year Excess Catastrophe
Reinsurance Contract
Effective: June 1, 2008
issued to
Homeowners Choice Property and Casualty Insurance Company
Port St. Lucie, Florida
and
any other insurance companies which are now or
hereafter come under the ownership, control or management of
Homeowners Choice Property and Casualty Insurance Company
(hereinafter referred to collectively as the “Company”)
It Is Hereby Agreed that the Subscribing Reinsurer shall have a $2,485,500 part of the Per Loss Occurrence Limit of Liability for all excess layers combined for each Contract Year share in the interests and liabilities of the “Reinsurer” as set forth in the attached Contract captioned above. As respects the Subscribing Reinsurer’s share in the attached Contract, at the beginning of each Contract Year the Subscribing Reinsurer’s $2,485,500 share shall be allocated by the Company between the excess layers for that Contract Year, and the amount allocated to each excess layer shall be divided by the Reinsurer’s Per Loss Occurrence Limit of Liability for that Contract Year for that excess layer to determine the Subscribing Reinsurer’s percentage share in the interests and liabilities of the “Reinsurer” for that excess layer for that Contract Year. The Subscribing Reinsurer’s percentage shares for the first Contract Year are agreed to be equal to the following:
12.0% of the First Multi-Year Excess Catastrophe Reinsurance GA1000177598
11.0% of the Second Multi-Year Excess Catastrophe Reinsurance GA9000177602
It Is Further Agreed that this Agreement shall become effective on June 1, 2008, and shall continue in force until May 31, 2011, both days inclusive, Local Standard Time at the location where the Loss Occurrence commences, unless earlier terminated in accordance with the provisions of the attached Contract.
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It Is Also Agreed that the Subscribing Reinsurer’s share in the attached Contract shall be separate and apart from the shares of the other reinsurers, and shall not be joint with the shares of the other reinsurers, it being understood that the Subscribing Reinsurer shall in no event participate in the interests and liabilities of the other reinsurers.
In Witness Whereof, the parties hereto by their respective duly authorized representatives have executed this Agreement as of the dates undermentioned at:
Port St. Lucie, Florida, this day of in the year .
| Homeowners Choice Property and Casualty Insurance Company (for and on behalf of the “Company”) |
Xxxxxxxx, Bermuda, this 25th day of July in the year 2008.
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