EXHIBIT 10.1
ENDORSEMENT
TO
FACULTATIVE OBLIGATORY RETROCESSIONAL AGREEMENT
(hereinafter referred to as "Agreement")
between
PXRE REINSURANCE COMPANY and PXRE REINSURANCE LTD.
(hereinafter referred to as the "Companies")
and
SELECT REINSURANCE COMPANY
(hereinafter referred to as the "Reinsurer")
It is understood and agreed that effective January 1, 2003, the participation of
the Reinsurer is 8%.
Under terms of the Agreement, the Reinsurer agrees to assume severally and not
jointly with other participants a 8% share of the Companies' Net Retained Line
(with a maximum cession of $1,600,000 per reinsurance program) of the liability
described in the attached Agreement, and as consideration of the above, the
Reinsurer shall receive 8% of the gross premium as described therein in each
case for cession made on or after 12:01 a.m., January 1, 2003, local time, for
business incepting or renewing after that date until 12:00 a.m. January 1, 2004
for business incepting and renewing before that date.
Signed this 30th day of September, 2003.
SELECT REINSURANCE LTD.
BY: /s/ Xxxxx X. Xxxxx
TITLE: Vice President
And this 30th day of September, 2003.
PXRE REINSURANCE LTD.
BY: /s/ Xxxxxx X. Xxxxx
TITLE: CFO
And this 30th day of September, 2003.
PXRE REINSURANCE COMPANY
BY: /s/ Xxxxxxx Xxxxxxxxx
TITLE: EVP
