Addendum No. 1 to Property Catastrophe Overlying Excess of Loss Reinsurance Contract by and among State Auto Insurance Companies

Summary

This addendum, effective November 17, 2000, modifies the Property Catastrophe Overlying Excess of Loss Reinsurance Contract among several State Auto Insurance companies. It changes the contract's loss threshold, stating that the group must first incur over $120 million in losses before the reinsurer is liable. The reinsurer's maximum liability is capped at $115 million per occurrence and in total during the contract term. All other contract terms remain unchanged.

EX-10.EE 6 l86881aex10-ee.txt EXHIBIT 10(EE) 1 Exhibit 10(EE) Addendum No. 1 Of the Property Catastrophe Overlying Excess of Loss Reinsurance Contract By and among State Auto Property and Casualty Insurance Company State Automobile Mutual Insurance Company State Auto National Insurance Company Milbank Insurance Company Midwest Security Insurance Company Farmers Casualty Insurance Company Mid-Plains Insurance Company State Auto Insurance Company 2 Exhibit A ADDENDUM NO. 1 -------------- Attached to and made part of the Property Catastrophe Overlying Excess of Loss Reinsurance Contract between State Auto Property and Casualty Insurance Company and State Automobile Mutual Insurance Company, State Auto National Insurance Company, Milbank Insurance Company, Midwest Security Insurance Company, Farmers Casualty Insurance Company, Mid-Plains Insurance Company and State Auto Insurance Company. It is hereby understood and agreed that effective November 17, 2000, the following change is made to the Contract: ARTICLE V --------- AMOUNT OF LIMIT AND RETENTION - ----------------------------- IS AMENDED TO READ AS FOLLOWS: No claim shall be made hereunder unless and until the Company and other members of the State Auto Insurance Companies Group, being State Automobile Mutual Insurance Company, State Auto Property and Casualty Insurance Company, Milbank Insurance Company, Midwest Security Insurance Company, State Auto National Insurance Company, Farmers Casualty Insurance Company, and Mid-Plains Insurance Company, hereinafter referred to as the "Group", on a pooled basis where applicable, shall first have sustained an Ultimate Net Loss in excess of $120,000,000, regardless of the number of Policies under which such loss is payable or the number of interests insured. The Reinsurer shall then be liable for the amount of Ultimate Net Loss for the Company in excess of $120,000,000 Ultimate Net Loss each occurrence, but the sum recoverable from the Reinsurer in respect of each loss occurrence shall not exceed $115,000,000, nor more than $115,000,000 in respect of all loss occurrences during the term of this contract. The amount of coverage is subject to at least two risks being involved in the same loss occurrence. Nothing herein contained shall alter, vary, or extend any provision or condition of the Contract other than as above stated. Page 1 of 2 3 IN WITNESS WHEREOF, this Addendum has been executed in Columbus, Ohio this 15th day of January, 2001. STATE AUTO PROPERTY AND CASUALTY INSURANCE COMPANY By /s/ Steven J. Johnston ------------------------------------------------------ Steven J. Johnston Title Senior Vice President --------------------------------------------------- STATE AUTOMOBILE MUTUAL INSURANCE COMPANY MILBANK INSURANCE COMPANY STATE AUTO NATIONAL INSURANCE COMPANY FARMERS CASUALTY INSURANCE COMPANY MID-PLAINS INSURANCE COMPANY STATE AUTO INSURANCE COMPANY By /s/ Robert H. Moone ------------------------------------------------------ Robert H. Moone Title Chairman, CEO, Pres --------------------------------------------------- Page 2 0f 2