Termination of Aggregate Excess of Loss Reinsurance Agreement between PXRE Reinsurance Company and PXRE Reinsurance Ltd.
PXRE Reinsurance Company and PXRE Reinsurance Ltd. have agreed to terminate their Aggregate Excess of Loss Reinsurance Agreement as of September 12, 2005. Despite the termination, the Reinsurer remains responsible for all reinsurance obligations and claims arising from policies in force before the termination date, until those policies naturally expire and all related claims are settled. Any amounts owed for periods before termination will still be paid. This agreement was signed by authorized representatives of both companies in Hamilton, Bermuda.
Exhibit 10.4
ANNEX V
TO
AGGREGATE EXCESS OF LOSS AGREEMENT
(hereinafter referred to as the "Reinsurance Agreement")
between
PXRE REINSURANCE COMPANY
(hereinafter referred to as the "Reinsurer")
and
PXRE REINSURANCE LTD.
(hereinafter referred to as the "Company")
Effective as of September 12, 2005, the Reinsurer and the Company hereby agree to terminate this Reinsurance Agreement.
The Reinsurer shall remain liable for all cessions in force prior to September 12, 2005 until the natural expiration date and final disposition of all losses and loss expenses occurring under the Reinsurance Agreement during the period of its participation, and any amounts due under this Reinsurance Agreement applicable to periods prior to termination shall remain due.
Signed in Hamilton, Bermuda, as of September 12, 2005.
| PXRE REINSURANCE LTD. | ||
| By | /s/ Robert P. Myron | |
| Name: | Robert P. Myron | |
| Title: | CFO & Treasurer | |
| PXRE REINSURANCE COMPANY | ||
| By | /s/ Bruce J. Byrnes | |
| Name: | Bruce J. Byrnes | |
| Title: | General Counsel & Secretary | |
