Endorsement No. 4 to Automobile Quota Share Reinsurance Agreement between Safe Auto Insurance Company and General Reinsurance Corporation

Summary

This document is an amendment to the existing Automobile Quota Share Reinsurance Agreement between Safe Auto Insurance Company and General Reinsurance Corporation. Effective April 1, 2004, it changes the schedule of reinsurance so that Safe Auto retains 85% and General Reinsurance covers 15% of liabilities, with the reinsurer's liability capped at 15% of $50,000 per occurrence. Additionally, $900 per occurrence is deducted from the reinsurer's share of net loss. The amendment is signed by both parties and takes effect for new, renewal, and in-force policies as of the specified date.

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EX-10.24 26 l09109aexv10w24.txt EX-10.24 EXHIBIT 10.24 ENDORSEMENT NO. 4 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 new and renewal policies of the Company becoming effective at and after 12:01 A.M., April 1, 2004, and policies of the Company in force at 12:01 A.M., April 1, 2004, with respect to claims and losses resulting from Occurrences taking place at and after the aforesaid time and date, 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 85% 15% 15% of $50.000
The sum of 15% of $900 shall be deducted from the Reinsurer's share of Net Loss sustained hereunder arising out of each Occurrence." IN WITNESS WHEREOF, the parties hereto have caused this Endorsement to be executed GENERAL REINSURANCE CORPORATION A Brekshire Hathaway Company in duplicate, this 29 day of July, 2004, SAFE AUTO INSURANCE COMPANY /s/ Gregory Sutton ------------------------ Attest:____________ and this 29 day of July, 2004. GENERAL REINSURANCE CORPORATION /s/ Jon Schriber --------------------------- Vice President Attest: /s/ William J. Brassington --------------------------- -2- Endorsement No. 4 Agreement No. 8937 GENERAL REINSURANCE CORPORATION