Endorsement to Facultative Obligatory Retrocessional Agreement between PXRE Reinsurance Companies and Select Reinsurance Company
Summary
PXRE Reinsurance Company and PXRE Reinsurance Ltd. have amended their agreement with Select Reinsurance Company, effective January 1, 2003. Under this endorsement, Select Reinsurance Company will assume an 8% share of certain insurance liabilities, with a maximum cession of $1,600,000 per program. In return, Select Reinsurance will receive 8% of the gross premiums for relevant business during the specified period. The agreement covers business starting or renewing after January 1, 2003, and before January 1, 2004.
EX-10.1 3 b327797ex10_1.txt ENDORSEMENT EXHIBIT 10.1 ENDORSEMENT TO FACULTATIVE OBLIGATORY RETROCESSIONAL AGREEMENT (hereinafter referred to as "Agreement") between PXRE REINSURANCE COMPANY and PXRE REINSURANCE LTD. (hereinafter referred to as the "Companies") and SELECT REINSURANCE COMPANY (hereinafter referred to as the "Reinsurer") It is understood and agreed that effective January 1, 2003, the participation of the Reinsurer is 8%. Under terms of the Agreement, the Reinsurer agrees to assume severally and not jointly with other participants a 8% share of the Companies' Net Retained Line (with a maximum cession of $1,600,000 per reinsurance program) of the liability described in the attached Agreement, and as consideration of the above, the Reinsurer shall receive 8% of the gross premium as described therein in each case for cession made on or after 12:01 a.m., January 1, 2003, local time, for business incepting or renewing after that date until 12:00 a.m. January 1, 2004 for business incepting and renewing before that date. Signed this 30th day of September, 2003. SELECT REINSURANCE LTD. BY: /s/ Brant L. Kizer TITLE: Vice President And this 30th day of September, 2003. PXRE REINSURANCE LTD. BY: /s/ Robert P. Myron TITLE: CFO And this 30th day of September, 2003. PXRE REINSURANCE COMPANY BY: /s/ Michael Bleisnick TITLE: EVP
