00 Xxxxxxxx Xxxxxx Phone 000 000-0000
PO Box 150480 Toll Free 000 000-0000 Ext 5541
Hartford CT 00000-0000 Fax 000 000-0000
Email xxx_xxxxxxx@xxx.xxx
PHOENIX XXXXX X. XXXXXXX
INVESTMENT PARTNERS, LTD. Vice President
Institutional Divison
July 7, 2000
Xx. Xxxxx Xxxx
PXRE Corporation
000 Xxxxxxxx Xxxxxx, Xxxxxxxxxx Xxxxx
Xxxxxx, Xxx Xxxxxx 00000
Dear Xxx:
Re: SVO Filings
This letter serves as follow up to the SVO Filings agreement originally
presented to Xx. Xxxxxx in June 1999 for final signature. The text of the
letter has not been changed.
In addition to the investment management and advisory services provided by
Phoenix Investment Counsel, Inc. ("PIC") pursuant to certain amended
Investment Advisory Agreements ("Agreements") between PIC and PXRE
Corporation; Transnational Insurance Company and PXRE Reinsurance Company
(together "PXRE"); PIC will prepare all required new filings and updates
("Filings") with the Securities Valuation Office of the National Association
of Insurance Commissioners ("SVO") for those securities heretofore purchased
and to be purchased in the future by PIC for such accounts and portfolios
managed by PIC under the Agreements for the duration of such Agreements.
PIC shall have no duty, obligation or responsibility to prepare Filings for
securities owned by PXRE but managed by someone other than PIC or for
securities held in an account or portfolio but not purchased for the
portfolio by PIC. However, at your request, XXX agrees to prepare SVO
Filings for securities not purchased by PIC, provided that PIC receives any
and all information necessary to prepare such Filings from Phoenix Home Life
Mutual Insurance Company's (PHL) Investment Accounting department. If, after
reasonable attempts to obtain such information from PHL or PXRE, PIC does
not receive all of the information it deems necessary in its sole discretion
to prepare such Filings, PIC shall have no obligation or duty to prepare the
Filings so requested.
Upon your request, XXX further agrees to provide training support to
designated PXRE staff for a period of one year from the date of this letter
agreement or for such longer period as agreed to in writing by XXX and PXRE.
PXRE specifically acknowledges and agrees that neither PIC or any of PIC's
officers, directors, employees or agents shall be liable hereunder for any
action taken or not taken in providing the services hereunder and XXXX
agrees to pay for or reimburse PIC for any and all out-of-pocket expenses
incurred in the performance of the services hereunder including but not
limited to, filing fees. PIC estimates Filing fees and out-of-pocket
expenses to be $300 per security at this time and agrees to charge PXRE no
more than $300 per security Filing made by PIC under the terms of this
Agreement for the period ending 6/30/00. This letter agreement may be
terminated by either PIC or PXRE at any time and for any reason by written
notice to the other.
July 7, 2000
Xx. Xxxx
Page 2
The terms and conditions set forth herein constitute the entire agreement
between PIC and PXRE and supercede all prior oral and written statements of any
kind whatsoever made by either party or their representatives. This letter
agreement may only be modified in writing and shall be construed under the laws
of the State of Connecticut.
If you are in agreement with the foregoing terms, please sign the enclosed copy
of this letter in the space provided and return to me.
PHOENIX INVESTMENT COUNSEL, INC.
By: /s/ Xxxxx X. Xxxxxxx
-----------------------------
Its: Vice President
-----------------------------
Agreed to this 7 day of July, 2000.
PXRE REINSURANCE COMPANY
PXRE CORPORATION AND
TRANSNATIONAL INSURANCE COMPANY
By: /s/ Xxxxx Xxxx
----------------------------
Xxxxx Xxxx
Their: EVP/CFO
---------------------------
