Interests and Liabilities Agreement between TypTap Insurance Company and United Property & Casualty Insurance Company (Property Quota Share Reinsurance)
TypTap Insurance Company and United Property & Casualty Insurance Company have entered into an agreement where TypTap will assume 50% of the interests and liabilities under a property quota share reinsurance contract. This means TypTap is responsible for half of the risks and benefits outlined in the contract, but only for its own share and not for any other reinsurers. The agreement is effective from June 1, 2021, to June 1, 2022.
Exhibit 10.27
INTERESTS AND LIABILITIES AGREEMENT
(the “Agreement”)
of
TYPTAP INSURANCE COMPANY
Tampa, FL
(NAIC: 15885)
(the “Subscribing Reinsurer”)
with respect to the
PROPERTY QUOTA SHARE REINSURANCE CONTRACT
(the “Contract”)
issued to
UNITED PROPERTY & CASUALTY INSURANCE COMPANY
St. Petersburg, Florida
(the “Company”)
The Subscribing Reinsurer shall have a 50.0% share in the interests and liabilities of the “Reinsurer” as set forth in the Contract attached hereto and executed by the Company.
This Agreement shall commence at 12:01 a.m., Eastern Time, June 1, 2021 and shall continue in force until 12:01 a.m., Eastern Time, June 1, 2022.
The share of the Subscribing Reinsurer in the interests and liabilities of the “Reinsurer” shall be several and not joint with the share of any other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers.
IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below:
| Signed this 16th day of June, 2021. | ||
| TYPTAP INSURANCE COMPANY | ||
| By | /s/ Kevin A. Mitchell | |
| Printed Name | Kevin A. Mitchell | |
| Title | President | |
