Amendment No. 1 to Quota Share Reinsurance Treaty between AHIC, PIIC, and GSIC
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Summary
This amendment updates the quota share reinsurance treaty among American Hallmark Insurance Company, Phoenix Indemnity Insurance Company, and Gulf States Insurance Company. It changes Section 3.07 to specify that if the contract is terminated, it will end on a run-off basis, meaning the insurers remain responsible for losses under policies active at the time of termination, even if those losses occur after the contract ends.
EX-10.26 11 d38301exv10w26.htm AMENDMENT 1 TO QUOTA SHARE REINSURANCE TREATY exv10w26
EXHIBIT 10.26
AMENDMENT 1
QUOTA SHARE REINSURANCE TREATY
ATTACHING JANUARY 1, 2006
BY AND BETWEEN
AMERICAN HALLMARK INSURANCE COMPANY (AHIC)
AND
PHOENIX INDEMNITY INSURANCE COMPANY (PIIC)
AND
GULF STATES INSURANCE COMPANY (GSIC)
QUOTA SHARE REINSURANCE TREATY
ATTACHING JANUARY 1, 2006
BY AND BETWEEN
AMERICAN HALLMARK INSURANCE COMPANY (AHIC)
AND
PHOENIX INDEMNITY INSURANCE COMPANY (PIIC)
AND
GULF STATES INSURANCE COMPANY (GSIC)
The parties hereby agree to amend Section 3.07 of the quota share reinsurance treaty as follows:
Section 3.07 In the event this contract is terminated, it shall be terminated on a run-off basis and each assuming company shall remain liable for loss under policies in force at the date of termination, as a result of occurrences taking place after the date of termination.
| AMERICAN HALLMARK INSURANCE COMPANY OF TEXAS | ||||||||||
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| PHOENIX INDEMNITY INSURANCE COMPANY | ||||||||||
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| GULF STATES INSURANCE COMPANY | ||||||||||
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