Addendum No. 1 to Casualty Excess of Loss Reinsurance Agreement between Safety Insurance Companies and Swiss Reinsurance America

Summary

This addendum, effective January 1, 2006, is between Safety Insurance Company and Safety Indemnity Insurance Company (the "Company") and Swiss Reinsurance America Corporation (the "Reinsurer"). It removes Article XII, which covered contingent commissions, from their existing Casualty Excess of Loss Reinsurance Agreement. All other terms of the original agreement remain unchanged. The addendum is executed by authorized representatives of both parties in December 2006.

EX-10.32 6 a07-5798_1ex10d32.htm EX-10.32

Exhibit 10.32

ADDENDUM NO 1

to the

CASUALTY EXCESS OF LOSS
REINSURANCE AGREEMENT
NO. POR327454
(hereinafter referred to as the “Agreement”)

between

SAFETY INSURANCE COMPANY
SAFETY INDEMNITY INSURANCE COMPANY
Boston, Massachusetts
(hereinafter referred to as the “Company”)

and

SWISS REINSURANCE AMERICA CORPORATION
Armonk, New York
(hereinafter referred to as the “Reinsurer”)

It is understood and agreed that effective as of inception, January 1, 2006, Article XII - Contingent Commission is hereby deleted from this Agreement.

ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED

IN WITNESS WHEREOF, the parties hereto have caused this Addendum to be executed in duplicate, by their duly authorized representatives as of the following dates:

In Boston this 2nd day of December 2006.

ATTEST:				SAFETY INSURANCE COMPANY SAFETY INDEMNITY INSURANCE COMPANY


/s/ Janet Kelleher				/s/ Edward N. Patrick Jr.


Janet Kelleher				Edward N. Patrick Jr.
Name				Name


Controller				VP Underwriting
Title				Title

And in Armonk, New York, this 19th day of December, 2006.

ATTEST:				SWISS REINSURANCE AMERICA CORPORATION


/s/ Robert Weireter				/s/ Jeffrey W. Isaacson


Robert Weireter				Jeffrey W. Isaacson
Name				Name


Vice President Member of Management				Vice President Member of Senior Management
Title				Title