Attachment: 10-Q EXECUTION VERSION ADVERSE DEVELOPMENT COVER AGREEMENT by and between MAIDEN RElNSURANCE LTD. and CAVELLO BAY REINS URANCE LIMITED Effective as of J anuary I, 201 9Adverse Development Cover Agreement • May 5th, 2020 • New York
ADVERSE DEVELOPJ\•lENT COVER AGREEMENT This ADVERSE DEVELOPMENT COVER AGREEMENT, dated as of Julyll, 2019 and effective as of January I, 2019 (this "Agreement"), is made by and between Maiden Reinsurance Ltd., a Bermuda insurance company ("Maiden Re"), and Cavello Bay Reinsurance Limited, a Bermuda insurance company (the "Retrocessionaire"), Capitalized terms used but not otherwise defined herein have the respective meaning set forth in Section I. I. RECITALS WHEREAS, certain insurance companies owned directly or indirectly by AmTrust Financial Services, Inc., a Delaware corporation ("AmTrust"), (collectively, the "Original Ccdcnts" and each, an "Original Ccdent"), have issued the Rcinsurcd Policies constituting the Underlying Business; WHEREAS, the Original Cedcnts have ceded a quota share portion of the liabilities arising under the Reinsured Policies to AmTrust International Insurance, Ltd. ("All"); WHEREAS, Maiden Re bas entered into the Existing Quota Share Agreement, whereby All
