ADDENDUM NO. 1 TO QUOTA SHARE REINSURANCE AGREEMENT
EXHIBIT
10.15
ADDENDUM
NO. 1 TO QUOTA SHARE REINSURANCE AGREEMENT
THIS
ADDENDUM NO. 1
(this
"Addendum") to the Quota Share Reinsurance Agreement (the "Agreement"),
effective as of July 1, 2007, by and between AMTRUST INTERNATIONAL INSURANCE,
LTD, of Hamilton, Bermuda (the "Company") and MAIDEN INSURANCE COMPANY, LTD,
of
Hamilton, Bermuda (the "Reinsurer"), is made and entered into as of January
15,
2008 by and between the Company and the Reinsurer.
WHEREAS,
pursuant to Article XIII of the Agreement, the Company and the Reinsurer
may
mutually agree to amend the Agreement; and
WHEREAS,
the
Company and the Reinsurer desire to amend the Agreement in the manner set
forth
in this Addendum;
NOW,
THEREFORE,
in
consideration of the premises and mutual covenants contained herein, the
Company
and the Reinsurer hereby agree as follows:
ARTICLE
I
DEFINITIONS
AND USAGE
|
1.01
|
Definitions.
Capitalized terms used but not defined herein shall have the meaning
set
forth in the Agreement.
|
|
1.02
|
Headings.
The headings contained in this Addendum are for reference purposes
only
and shall not affect the meaning or interpretation of this
Addendum.
|
ARTICLE
II
ADDENDUM
|
A.
|
Effective
as of the Effective Time, Article IV, Section F of the Agreement
(defining
"Net Loss Ratio") is hereby deleted in its
entirety.
|
|
B.
|
Effective
as of the Effective Time, Section C of Article VI of the Agreement
is
hereby amended and restated in its entirety as
follows:
|
The
Reinsurer shall allow the Company a 31% commission on all Subject Premium
ceded
hereunder and attributable to Covered Business. The Company and the Reinsurer
acknowledge and agree that the commission payable hereunder shall be subject
to
appropriate adjustments if Additional Business is reinsured hereunder as
described in Section B of Article I hereof. The Company shall allow the
Reinsurer return commission on return premiums at the rate in effect when
the
return premiums were originally ceded to the Reinsurer. It is expressly agreed
that the ceding commission allowed the Company includes provision for all
commissions, taxes, assessments (other than assessments based on losses of
an
Affiliate, as a ceding company under an Underlying Reinsurance Agreement)
and
all other expenses of whatever nature of the Company and Affiliates, except
loss
adjustment expense.
ARTICLE
III
MISCELLANEOUS
|
A.
|
Confirmation
of the Agreement.
Except as amended by this Addendum, the Agreement remains in full
force
and effect, without modification or amendment.
|
|
B.
|
Governing
Law.
This Addendum shall be governed by the laws of the State of New
York,
without giving effect to its conflict of laws
principles.
|
|
C.
|
Counterparts.
This Addendum may be executed in one or more counterparts, and
such
counterparts together shall constitute one and the same
agreement.
|
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of page intentionally left blank]
2
IN
WITNESS WHEREOF the parties hereto, by their respective duly authorized
officers, have executed this Addendum, in duplicate, as of the dates recorded
below:
AMTRUST
INTERNATIONAL INSURANCE, LTD.
| By: |
/s/
Xxxxxxx Xxxx
|
|
| Dated: |
January
15, 2008
|
|
| MAIDEN INSURANCE COMPANY, LTD. | ||
| By: |
/s/
Xxx Xxxxx
|
|
|
Dated:
|
January
15, 2008
|
|
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