Net Incurred Losses definition

Net Incurred Losses means the sum of Net Retained Losses and Reserves as of any calendar quarter end after the Closing Date.
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Net Incurred Losses means losses and loss adjustment expenses paid by the Company or with respect to which the
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Net Incurred Losses means (a) Gross Incurred Losses plus Allocated Loss Adjustment Expenses with respect to such Gross Incurred Losses MINUS (b) Reinsurance Recoveries and Reinsurance Recoverables, whether such Reinsurance Recoverables are received or accrued by the Company pursuant to Retrocession Reinsurance Contracts, net, in the case of each item in clauses (a) and (b) of this definition, of payments made by the Company or amounts received by the Company prior to the Effective Time.
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Examples of Net Incurred Losses in a sentence

  • CEDED 2.1 Subject to all applicable terms, conditions, exclusions and limitations contained in this Agreement, the Company hereby agrees to retrocede as reinsurance to the Retrocessionaire, and the Retrocessionaire hereby agrees to reinsure the Company for, one hundred percent (100%) of the Net Incurred Losses plus Cumulative Net Incurred Uncollectible Reinsurance Recoverables, on a losses incurred basis, in excess of the Attachment Point (the "Reinsurance Ceded") up to the Aggregate Limit.

  • The amount of required funding, if any, shall be calculated as of any given calendar quarter end by subtracting from Net Incurred Losses the sum of (i) the Reserves as of the Closing Date and (ii) the aggregate payments made by the Reinsurer hereunder prior to the calendar quarter end.

  • The balance due either party as of the date of termination shall be settled in accordance with Article V hereof with the exception, as noted in the previous sentence, that Net Incurred Losses as of the alternative termination date shall be used for the final settlement in lieu of Net Retained Losses.

  • Upon termination, the Company shall provide to the Reinsurer a final accounting for Net Incurred Losses through the date of termination.