Termination Letter of Underwriting Agency Agreement between Allied World Assurance Company Ltd. and IPC Re

Contract Categories: Business Operations › Termination Agreements
Summary

Allied World Assurance Company Ltd. notifies IPC Re of its decision to terminate their underwriting agency agreement, effective at the end of 2007. The termination is based on Allied World's strategic decision to reduce risk exposure. The letter acknowledges the positive relationship and contributions over the past three years and leaves open the possibility of future collaboration if circumstances change.

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EX-10.19 12 y15272a1exv10w19.txt EX-10.19: TERMINATION LETTER OF UNDERWRITING AGENCY AGREEMENT [ALLIED WORLD ASSURANCE COMPANY LTD. LETTERHEAD] Exhibit 10.19 5 December 2005 BY HAND Mr. Jim Bryce President & CEO - IPC Re. 29 Richmond Road Pembroke HM08. Dear Jim, Per our discussions and terms of the underwriting agreement, we wish to inform you that it's our intent to proceed with the cancellation of the agreement, which will take effect at year-end 2007. It's an AWAC Strategy direction to reduce our volatility and catastrophe exposure in this environment. And, while we very much appreciate our partnership, your efforts and your guidance for the past three years, we respectfully must wind down this arrangement. Should circumstances change or market conditions substantially improve in the future, we would hope that our history and relationship together might warrant further discussions on the matter. Sincerely, /s/ Scott Carmilani cc: William Davis Wes Dupont