Exhibit 10.21.2
AMENDMENT
TO THE
COMMUTATION AND RELEASE AGREEMENT
AMONG
Capitol Indemnity Corporation (hereinafter referred to as "CIC") and Darwin
National Assurance Company (hereinafter referred to as "DNA").
WHEREAS, the Parties desire to modify certain terms and conditions with respect
to the Commutation and Release Agreement (hereinafter referred to as the
"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 of the Agreement
shall be October 1, 2005 instead of the previously referenced July
1, 2005.
2. Article I(1) is hereby amended in its entirety as follows:
By December 31, 2005, CIC shall remit to DNA a sum equal to the
September 30, 2005 GAAP book value of the loss and loss adjustment
expense reserves assumed from DNA and unearned premium assumed from
DNA, less any deferred acquisition expense related to the unearned
premium.
3. Article I(3) is hereby amended in its entirety as follows:
Upon receipt of the sum noted above, DNA will assume, effective as
of October 1, 2005, all existing and future rights, liabilities,
duties and obligations with respect to the Policies. It is the
express intention of the Parties hereby that CIC shall have no
further rights, liabilities, duties or obligations with respect to
the Policies and/or the Reinsurance Agreement, except as set forth
in this Agreement.
4. 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.
5. Except as hereby amended, the terms and provision of the Agreement
shall remain in full force and effect. This Amendment shall be
effective as of the inception date 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 Capitol Indemnity 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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