Endorsement to Facultative Obligatory Retrocession Agreement between PXRE Reinsurance Company and Select Reinsurance Company
Summary
PXRE Reinsurance Company and Select Reinsurance Company have amended their existing retrocession agreement, effective January 1, 2002. Under this amendment, Select Reinsurance Company will assume an 8% share of the specified liabilities, amounting to $1,600,000 per program, and will receive 8% of the related premiums for business starting or renewing after the effective date. Each party's obligations are several, not joint. The endorsement is signed by authorized representatives of both companies.
EX-10.3 4 b317102_ex10-3.txt ENDORSEMENT TO FACULTATIVE RETROCESSION AGREEMENT EXHIBIT 10.3 ENDORSEMENT TO FACULTATIVE OBLIGATORY RETROCESSION AGREEMENT (hereinafter referred to as "Agreement") between PXRE REINSURANCE COMPANY (hereinafter referred to as the "Company") and SELECT REINSURANCE COMPANY (hereinafter referred to as the "Reinsurer") It is understood and agreed that effective January 1, 2002, the participation of the Reinsurer is amended to 8%. Under terms of the Agreement, the Reinsurer agrees to assume severally and not jointly with other participants a 8% share (being $1,600,000 per program) of the liability described in the attached Agreement, and as consideration of the above, the Reinsurer shall receive 8% of the premium named therein for cession made on or after 12:01 a.m., January 1, 2002, local time, for business incepting our renewing after that date. Signed in Hamilton, Bermuda this 21st day of March, 2002. SELECT REINSURANCE LTD. BY: /s/ Robert P. Myron ---------------------------- TITLE: Sr. Vice President ------------------------- And in Edison, New Jersey this 19th day of March, 2002. PXRE REINSURANCE COMPANY BY: /s/ Gordon Forsyth ---------------------------- TITLE: Executive Vice President -------------------------
