Exhibit 10.23.2
AMENDMENT
TO THE
REINSURANCE AGREEMENT
AMONG
Platte River Insurance Company (hereinafter referred to as the "Ceding Company")
and Darwin National Assurance Company (hereinafter referred to as "Reinsurer" or
"Darwin").
WHEREAS, the parties desire to modify certain terms and conditions of the
Reinsurance Agreement between the parties dated July 1, 2005;
NOW, THEREFORE, for the consideration mentioned and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties do agree as follows:
1. The parties hereby agree that the effective date for the Agreement
shall be October 1, 2005 instead of the previously referenced July
1, 2005.
2. The definition of Reinsurance Effective Date in Article I is hereby
amended in its entirety as follows:
"Reinsurance Effective Date" shall be October 1, 2005.
3. Article 5 (A) is hereby amended in its entirety as follows:
The Ceding Company will compute and credit the amount due to the
Reinsurer in consideration for the reinsurance provided hereunder a
sum equal to the September 30, 2005 GAAP book value of the loss and
loss adjustment expense reserves and unearned premium, less any
deferred acquisition expense related to the unearned premium, for
the Policies, less any ceded unearned premiums and reinsurance
receivables from unaffiliated reinsurers on paid and unpaid Losses
for the Policies. In addition to any other amounts due Ceding
Company, Reinsurer shall reimburse Ceding Company for any and all
amounts paid and/or payable by Ceding Company to DPU under the
Underwriting Management Agreement between DPU and Ceding Company
effective December 12, 2003.
4. Article 5 (B) is hereby amended in its entirety as follows:
By December 31, 2005, the Ceding Company will remit to the Reinsurer
the consideration to be calculated pursuant to paragraph A. of this
Article. The form of the total consideration may include reinsurance
recoverables relating to business reinsured (credited at full GAAP
book value), cash, and invested assets of the entities reinsured (as
determined by the Ceding Company and credited at market value). All
invested assets transferred shall be free and clear of all claims,
liens and encumbrances. The Ceding Company and the Reinsurer may,
upon
mutual agreement, offset amounts due under this Agreement against
other amounts due between the parties.
5. This Amendment may be executed in counterparts of like form, each of
which, when executed, shall be deemed together an original and all
of which taken together shall constitute one and the same
instrument.
6. Except as hereby amended, the terms and provisions of the Agreement
shall remain in full force and effect. This Amendment shall be
effective as of the inception of the Agreement.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
and delivered by their duly authorized representatives.
Darwin National Assurance Company Platte River Insurance Corporation
By: /s/ Xxxx X. Xxxxxxx, Xx. By: /s/ Xxxxx X. Xxxxx
______________________________________________ ________________________________________
Name: Xxxx X. Xxxxxxx, Xx. Name: Xxxxx X. Xxxxx
____________________________________________ ______________________________________
Title: CFO Title: President
___________________________________________ _____________________________________
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