0000950159-04-000965 Sample Contracts

INTERESTS AND LIABILITIES AGREEMENT (the "Agreement")
Termination Endorsement • November 5th, 2004 • Penn America Group Inc • Surety insurance

IT IS HEREBY AGREED that this Agreement, under which the Subscribing Reinsurer has a 21.00% share in the interests and liabilities of the "Reinsurer" on the First. Second, and Third Property Catastrophe Excess of Loss Reinsurance Layers, shall be terminated at 12:01 a.m., Eastern Standard Time, October 1, 2004. The Subscribing Reinsurer shall have no liability for losses occurring at or after that time and date.

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ENDORSEMENT -----------
Property and Casualty Clash Excess of Loss Reinsurance Agreement • November 5th, 2004 • Penn America Group Inc • Surety insurance
ENDORSEMENT -----------
Federal Terrorism Act Aggregate Quota Share Reinsurance Agreement • November 5th, 2004 • Penn America Group Inc • Surety insurance
PROPERTY CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT (the "Contract")
Property Catastrophe Excess of Loss Reinsurance Contract • November 5th, 2004 • Penn America Group Inc • Surety insurance

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:

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