a) upon the occurrence of an Event of Insolvency with respect to PXRE Co., the Reinsurer shall, except where prohibited by applicable law, have the right to offset any balance due to Reinsurer from PXRE Co. against any amounts due from the Reinsurer...Facultative Obligatory Quota Share Retrocessional Agreement • November 14th, 2003 • Pxre Group LTD • Title insurance
RECITALSRetrocession Contract • November 14th, 2003 • Pxre Group LTD • Title insurance • New York
TO FACULTATIVE OBLIGATORY RETROCESSIONAL AGREEMENT (hereinafter referred to as "Agreement")Facultative Obligatory Retrocessional Agreement • November 14th, 2003 • Pxre Group LTD • Title insurance
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.
ARTICLE 1Retrocession Contract • November 14th, 2003 • Pxre Group LTD • Title insurance • New York
