ENDORSEMENT
NO. 1
to the
PROPERTY CATASTROPHE EXCESS OF LOSS
REINSURANCE CONTRACT
(the "Contract")
between
PENN-AMERICA INSURANCE COMPANY
PENN-STAR INSURANCE COMPANY
PENN-PATRIOT INSURANCE COMPANY
Hatboro, Pennsylvania
and any additional company established or acquired by the Company
(the "Company")
and
CONVERIUM LTD.
(the "Subscribing Reinsurer")
IT IS AGREED, effective 12:01 am., Eastern Standard Time, October 1,2004, with
respect to business in force at that time and date or issued or renewed at or
after that time and date, that the Subscribing Reinsurer's participations under
the Contract shall be increased as follows on the following layers:
First Property Catastrophe Excess of Loss Reinsurance Layer from 14.50% to
35.50% Second Property Catastrophe Excess of Loss Reinsurance Layer from
10.00% to 3 1.00% Third Property Catastrophe Excess of Loss Reinsurance Layer
from 17.00% to 38.00%
IN WITNESS WHEREOF, the parties hereto by their duly authorized representatives
have executed this Endorsement as of the dates specified below:
Signed this 12th day of October , 2004.
PENN-AMERICA INSURANCE COMPANY
PENN-STAR INSURANCE COMPANY
PENN-PATRIOT INSURANCE COMPANY
By __________________________________________
Signed this 28th day of September , 2004.
Converium Ltd
By __________________________________________
Converium
The next Re generation
Converium Ltd
Zurich, Switzerland
Xxxxxx
