Safety Insurance Company and Safety Indemnity Insurance Company 2002 Excess Catastrophe Reinsurance Program Summary of Terms

Summary

This document outlines the 2002 Excess Catastrophe Reinsurance Program for Safety Insurance Company and Safety Indemnity Insurance Company. It details the coverage layers, limits, premiums, and participating reinsurers for the period from January 1 to December 31, 2002. The agreement specifies the percentage of risk retained, premium payment schedule, and conditions for reinstatement. Multiple reinsurers share the risk across three coverage layers, with each layer having defined limits and terms. The summary serves as a binding terms sheet, with a formal reinsurance contract to follow.

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EX-10.44 10 a2081437zex-10_44.txt EXHIBIT 10.44 Exhibit 10.44 Ex.10.44 - -------------------------------------------------------------------------------- SAFETY INSURANCE COMPANY SAFETY INDEMNITY INSURANCE COMPANY EXCESS CATASTROPHE REINSURANCE PROGRAM 2002 SUMMARY OF TERMS Estimated Subject Earned Premium: January 1 - December 31, 2002: $91,400,000
PERCENT 100% 80% LAYER LIMIT AND RETENTION PLACED RATE DEPOSIT MINIMUM ROL - ----- ------------------- ------ ---- ------- ------- --- Fourth 95% of $15,000,000 xs 100.00% 2.027% $1,852,500 $1,482,000 13.0% $15,000,000 (per occurrence) Fifth 95% of $30,000,000 xs 100.00% 2.525% $2,308,500 $1,846,800 8.1% $30,000,000 (per occurrence) Sixth 95% of $40,000,000 xs 100.00% 1.746% $1,596,000 $1,276,800 4.2% $60,000,000 (per occurrence)
NOTES: 1. Term contract effective January 1 through December 31, 2002, both days inclusive. 2. Reinstatement: each layer, one reinstatement at 100% as to time, pro rata as to amount. 3. Deposit premiums payable in quarterly installments January 1, April 1, July 1 and October 1 of 2002. 4. Ultimate net loss includes loss adjustment expense. 5. Fourth & Fifth layers only, 80% of extra contractual obligations and excess of policy limits included as part of ultimate net loss, not to exceed 25% of ultimate net loss. Sixth Layer only, extra contractual obligations and excess of policy limits excluded. 6. Company will retain 5% net and unreinsured elsewhere.
REINSURERS: FOURTH LAYER FIFTH LAYER SIXTH LAYER - ----------- ------------ ----------- ----------- ACE Tempest Re 17.50% 15.00% 5.00% American Agricultural Insurance Company 2.50% 2.50% 2.50% American Re - Brokers 0.00% 0.00% 4.00% Danish Re UW Agencies/Danish Re Syn 1400 0.00% 0.00% 3.00% Folksamerica Reinsurance Company 1.00% 1.00% 4.00% Hannover Ruckversicherungs 5.00% 10.00% 10.00% HartRe Co. LLC/Hartford Fire Insurance Co. 5.00% 5.00% 7.50% Odyssey America Reinsurance Company 2.50% 5.00% 3.50%
- -------------------------------------------------------------------------------- [LOGO OF BENFIELD BLANCH] Page 1 *Reinsurance contracts reflecting the binding terms discussed in this terms sheet will be prepared in the near Ex.10.44 - -------------------------------------------------------------------------------- Partner Re 8.50% 6.00% 5.00% Sirius International Insurance Corp. 2.00% 2.00% 2.00% SPS Reassurance 2.00% 2.00% 2.00% St. Paul Re/St. Paul Fire and Marine Ins. Co. 9.00% 5.00% 0.00% Swiss Re Underwriting Agency/Swiss Re America 0.00% 4.00% 4.00% X.L. Re Ltd. 5.00% 5.00% 5.00% Underwriting Members of Lloyd's London 40.00% 37.50% 42.50% through Benfield Greig ------ ------ ------ TOTAL 100.0% 100.0% 100.0%
- -------------------------------------------------------------------------------- [LOGO OF BENFIELD BLANCH] Page 2 *A reinsurance contract reflecting the binding terms discussed in this terms sheet will be prepared in the near future by our reinsurers in accordance with industry practice.