Safety Insurance Company and Safety Indemnity Insurance Company 2002 Property Risk Excess of Loss Reinsurance Program Summary of Terms

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Summary

This document summarizes the 2002 property risk excess of loss reinsurance program for Safety Insurance Company and Safety Indemnity Insurance Company. It outlines the coverage layers, limits, premiums, and participating reinsurers, including Hannover Ruck and Lloyd's of London. The agreement covers losses above specified amounts per risk, with deposit premiums paid quarterly and specific reinstatement provisions. The contract is continuous from January 1, 2001, with a 90-day notice required for termination at any December 31 anniversary. A formal reinsurance contract will be prepared based on these terms.

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EX-10.45 11 a2081437zex-10_45.txt EXHIBIT 10.45 Exhibit 10.45 Ex10.45 - -------------------------------------------------------------------------------- SAFETY INSURANCE COMPANY SAFETY INDEMNITY INSURANCE COMPANY PROPERTY RISK EXCESS OF LOSS REINSURANCE PROGRAM 2002 SUMMARY OF TERMS Estimated Subject Earned Premium: January 1 - December 31, 2002: $38,900,000
PERCENT 100% 100% LAYER LIMIT AND RETENTION PLACED RATE DEPOSIT MINIMUM - ----- ------------------- ------ ---- ------- ------- First $1,500,000 xs $1,000,000 per risk 100.00% 0.280% $108,920 $108,920 ($3,000,000 occurrence limit) Second $2,500,000 xs $2,500,000 per risk 100.00% 0.210% $81,690 $81,690 ($5,000,000 occurrence limit) Third $5,000,000 xs $5,000,000 per risk 100.00% 0.257% $100,000 $100,000 ($10,000,000 occurrence limit)
NOTES: 1. Continuous contract effective January 1, 2001, subject to ninety days notice at any December 31 anniversary thereafter. 2. Reinstatements: First and Second layer, two reinstatements at 100% as to time, pro rata as to amount. Third 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 each contract year. 4. Ultimate net loss includes loss adjustment expense, 90% extra contractual obligations and 90% excess of policy limits. REINSURERS:
FIRST LAYER SECOND LAYER THIRD LAYER ----------- ------------ ----------- Hannover Ruck 7.50% 10.00% 10.00% Underwriting Members of Lloyd's London through Blanch Crawley Warren, Ltd. 92.50% 90.00% 90.00% ------ ------ ------ TOTAL 100.00% 100.00% 100.00%
- -------------------------------------------------------------------------------- [LOGO OF BENFIELD BLANCH] Page 1 *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.