EXHIBIT 10.17
AMENDMENT NUMBER TWO
TO
STOP-LOSS REINSURANCE AGREEMENT
WHEREAS, Odyssey Reinsurance Corporation (formerly known as Skandia America
Reinsurance Corporation) and Skandia Insurance Company Ltd (publ) ("Skandia")
entered into a Stop-Loss Reinsurance Agreement, effective December 31, 1995 (the
"Agreement"); and
WHEREAS, Skandia assigned its rights and obligations under the Agreement to
ORC Re Limited (the "Retrocessionaire") pursuant to a Final Settlement Agreement
entered into as of January 1, 1999; and
WHEREAS, Odyssey Reinsurance Corporation and Retrocessionaire wish to amend
the Agreement to reflect these changes,
NOW, THEREFORE, in consideration of the mutual undertakings, agreements and
covenants hereinafter set forth (in which the capitalized terms shall have the
meanings set for in Article 1 of the Agreement, as amended hereby), Odyssey
Reinsurance Corporation and the Retrocessionaire do hereby agree to the
following:
1. Section 2.3 of Article 2, "Reinsurance Ceded", of the Agreement is
hereby amended to read in its entirety as follows:
"2.3 Notwithstanding anything to the contrary contained in Section 2.2
hereof, when the cumulative Reinsurance Ceded exceeds $60.5 million, the
Retrocessionaire will pay to the Company cash in an amount equal to the
Reinsurance Ceded in excess of $60.5 million up to the Aggregate Limit."
IN WITNESS WHEREOF, the parties hereto have agreed to and adopted this
Amendment No. 2 to the Agreement this 24th day of January 2002.
ODYSSEY REINSURANCE CORPORATION
By: /s/ XXXXXXX X. XXXXXXX
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ORC RE LIMITED
By: /s/
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