SECOND AMENDMENT TO THE AMENDED AND RESTATED INSURANCE POOLING AGREEMENT
Exhibit 10(b)
SECOND AMENDMENT TO THE AMENDED AND RESTATED INSURANCE
POOLING AGREEMENT
This Second Amendment (“Amendment”) is to that certain Amended and Restated Insurance Pooling Agreement (“Pooling Agreement”), bearing an effective date of January 1, 2007, and is made and agreed to between Alfa Mutual Insurance Company (“AMI”), and Alfa Mutual Fire Insurance Company, Alfa Mutual General Insurance Company, Alfa Specialty Insurance Corporation, Alfa Insurance Corporation, Alfa General Insurance Corporation, Alfa Alliance Insurance Corporation and Alfa Vision Insurance Corporation (hereinafter sometimes referred to as the “Associate Companies”).
AMI and the Associate Companies hereby ratify, confirm, and agree to all of the terms and provisions of said Pooling Agreement, except as said terms and provisions may be directly modified by this Amendment. (This Amendment shall apply to all policies in force as well as all policies new and renewed at the opening of business 12:01 a.m., January 1, 2007).
Said Pooling Agreement shall be amended as follows:
| 1. | Exhibit II to this Amendment shall be substituted for the previously adopted Exhibit II to the Pooling Agreement. |
IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to the Pooling Agreement to be executed on this 1st day of January 2007.
| ATTEST: | ALFA MUTUAL INSURANCE COMPANY | |
| /s/ H. Al Scott | /s/ Jerry A. Newby | |
| Secretary | President | |
| ATTEST: | ALFA MUTUAL FIRE INSURANCE COMPANY | |
| /s/ H. Al Scott | /s/ Jerry A. Newby | |
| Secretary | President | |
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| ATTEST: | ALFA MUTUAL GENERAL INSURANCE COMPANY | |
| /s/ H. Al Scott | /s/ Jerry A. Newby | |
| Secretary | President | |
| ATTEST: | ALFA INSURANCE CORPORATION | |
| /s/ H. Al Scott | /s/ Jerry A. Newby | |
| Secretary | President | |
| ATTEST: | ALFA GENERAL INSURANCE CORPORATION | |
| /s/ H. Al Scott | /s/ Jerry A. Newby | |
| Secretary | President | |
| ATTEST: | ALFA SPECIALTY INSURANCE CORPORATION | |
| /s/ H. Al Scott | /s/ Jerry A. Newby | |
| Secretary | President | |
| ATTEST: | ALFA VISION INSURANCE CORPORATION | |
| /s/ H. Al Scott | /s/ Jerry A. Newby | |
| Secretary | President | |
| ATTEST: | ALFA ALLIANCE INSURANCE CORPORATION | |
| /s/ H. Al Scott | /s/ Douglas S. Joyce | |
| Secretary | President | |
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EXHIBIT II
ALFA INSURANCE GROUP
ALLOCATIONS FOR CATASTROPHE
LOSSES AND RELATED EXPENSES
EFFECTIVE JANUARY 1, 2007
| Cumulative Calendar Year Catastrophe Losses and Related Expenses | Coinsurance Allocation | |||
| AIC, AGIC AVIC, AAIC | AMI, AMF AMG | |||
| Less than or equal to 21.4 million | 65%* | 35%* | ||
| Between 21.4 million and 530.5 million | 0% | 100%* | ||
| Greater than or equal to 530.5 million | 21%** | 79%** | ||
| * | AMI, AMF, AMG, AIC, AGIC, AAIC and AVIC % to be allocated according to each group’s relative pool percentages in effect. |
Catastrophe losses are to be accumulated during each annual calendar period.
| ** | AMI, AMF, AMG, AIC, AGIC, AAIC and AVIC Coinsurance Allocation percentages in excess of the upper catastrophe limit to be allocated according to each group’s relative surplus as reported in the preceding year-end annual statement. |
Coinsurance Allocation of AMI to include any coinsurance allocation for ASIC (AMI’s wholly owned subsidiary).
Date of Exhibit II: January 1, 2007
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