Endorsement No. 1 to Automobile Quota Share Reinsurance Agreement between Safe Auto Insurance Company and General Reinsurance Corporation

Summary

This document is an amendment to a reinsurance agreement between Safe Auto Insurance Company and General Reinsurance Corporation. It updates the terms for sharing losses from automobile insurance claims occurring after October 1, 2002. Under the new terms, Safe Auto covers 75% and General Reinsurance covers 25% of each claim, with the reinsurer's liability capped at 25% of $50,000 per occurrence. The reinsurer will also return a portion of unearned premiums to the company, adjusted for commission. The amendment is effective as of late December 2002.

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EX-10.21 23 l09109aexv10w21.txt EX-10.21 EXHIBIT 10.21 ENDORSEMENT NO. 1 Attached to and made a part of AUTOMOBILE QUOTA SHARE AGREEMENT OF REINSURANCE NO. 8937 between SAFE AUTO INSURANCE COMPANY (herein referred to as the "Company") and GENERAL REINSURANCE CORPORATION (herein referred to as the "Reinsurer") IT IS MUTUALLY AGREED that, as respects claims and losses resulting from Occurrences taking place at and after 12:01 A.M., October 1, 2002, the Schedule of Reinsurance set forth in ARTICLE V - LIABILITY OF THE REINSURER is amended to read: "SCHEDULE OF REINSURANCE
Company's Quota Reinsurer's Quota Limit of Liability Share Percentage Share Percentage of the Reinsurer - ---------------- ---------------- ---------------- 75% 25% 25% of $50,000
The sum of 25% of $900 shall be deducted from the Reinsurer's share of Net Loss sustained hereunder arising out of each Occurrence." In consideration of the above, the Reinsurer shall return to the Company the appropriate percentage of the reinsurance premium unearned, calculated on the monthly pro rata basis, less the commission previously allowed thereon. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in GENERAL REINSURANCE CORPORATION duplicate, this 29th day of December, 2002, SAFE AUTO INSURANCE COMPANY /s/ ARI DESHE CEO --------------------- Attest:_________________ and this 27th day of DECEMBER,2002. GENERAL REINSURANCE CORPORATION /s/ Jon Schriber --------------------- Vice President Attest: /s/ William J. Brassington -------------------------- -2- Agreement No. 8937 GENERAL REINSURANCE CORPORATION