EX-10 8 0008.txt EXHIBIT 10.22 FIRST AMENDMENT TO FACULTATIVE OBLIGATORY QUOTA SHARE RETROCESSIONAL AGREEMENT This FIRST AMENDMENT TO FACULTATIVE OBLIGATORY QUOTA SHARE RETROCESSIONAL AGREEMENT, dated as of December 1, 2000 and effective as of October 1, 1999 (this "First Amendment"), is made in respect of the Facultative Obligatory Quota Share Retrocessional Agreement, dated as of October 6, 1999 and effective as of October 1, 1999 (as amended hereby, the "Quota Share Agreement"), between PXRE REINSURANCE LTD., a Bermuda company (the "Reinsurer"), and PXRE REINSURANCE COMPANY, a Connecticut company (the "Company"). Capitalized terms used herein but not otherwise defined shall have the meanings given to such terms in the Quota Share Agreement. RECITALS WHEREAS, the parties desire to amend certain provisions in the Quota Share Agreement relating to the calculation of the cession of losses thereunder with respect to certain backup third loss Contracts ceded by the Company to the Reinsurer due to the inception of the Quota Share Agreement during the fourth calendar quarter of 1999; NOW THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, it is hereby mutually agreed by the parties as follows: ARTICLE I AMENDMENT The third paragraph of Article II of the Quota Share Agreement is hereby amended and restated as follows: Subject to the conditions of the following paragraph, the term "Net Retained Line" shall mean the amount of liability which the Company maintains per reinsurance program after deduction of liability ceded, if any, to any general or specific retrocessions to protect the Company and its quota share reinsurers (including, without limitation, the Reinsurer), provided, however, that in respect of the Contracts listed on Schedule No. 1 hereto, the Company's Net Retained Line shall be net of the full amount of any aggregate deductibles under such Contracts and such aggregate deductibles shall not be impaired by any losses incurred prior to October 1, 1999. Schedule No. 1 attached to this Amendment is hereby incorporated in and made part of the Agreement. This Amendment shall be retroactively effective to October 1, 1999 and all losses ceded under the Quota Share Agreement shall be recalculated to reflect this Amendment. ARTICLE II MISCELLANEOUS This Amendment and the Quota Share Agreement shall be construed and enforced in accordance with, and governed by, the laws of the State of Connecticut (other than any conflict of law rule which might result in the application of the law of any other jurisdiction) and the parties hereby agree that the reference to "laws of the State of New York" in the third paragraph of Article XXIII of the Quota Share Agreement is hereby replaced by "laws of the State of Connecticut". This Amendment may not be modified or amended or any term or provision hereof waived or discharged except in writing signed by the party against whom such amendment, modification, waiver or discharge is sought to be enforced. This Amendment may be executed in any number of counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same Amendment. IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed by their duly authorized officers in Hamilton, Bermuda as of the date first written above. PXRE REINSURANCE LTD. By Jeffrey Radke ------------------------------------ Name: Jeffrey Radke Title: President PXRE REINSURANCE COMPANY By Gerald L. Radke ------------------------------------ Name: Gerald L. Radke Title: Chairman and Chief Executive Officer SCHEDULE NO. 1 TO THE FIRST AMENDMENT TO FACULTATIVE OBLIGATORY QUOTA SHARE RETROCESSIONAL AGREEMENT
Cedent Treaty Number ------ ------------- C.N.A. 3622 REAC 3857 Etheridge 4991 C.N.A. 3621 Ace 4750 QBE 4758 Venton 3199 Europa Re 3233 Grant 4448 REAC 3856 Terra Nova 4539 Ashley / Bradstock 3368 Grant 4447 Dendy 4739 REAC 3858 Christensen 2410 Rivington 4596 Terra Nova 4546 Bowring 4522 Brown 4084 Christensen 2411 Christensen 4523 Copenhagen Re 4493 Etheridge 4990 Jago 3207 Marsh 2100 Odyssey 4652 Warrington 4632 Warrington 4879 Wellington 4856 Woodruff 4595 Ace 4736 Ace 4748 Bowring 4238 Bowring 4500 Copenhagen Re 4492 Copenhagen Re 4493 Hiscox 4486 Jago 2037 Kiln 3124
Mumford 4032 Odyssey 4229 Terra Nova 4546 Venton 4081 Carrington 4741
ANNEX II QUOTA SHARE ENDORSEMENT TO FACULTATIVE OBLIGATORY QUOTA SHARE RETROCESSIONAL AGREEMENT (hereinafter referred to as the "Reinsurance Agreement") between PXRE REINSURANCE COMPANY (hereinafter referred to as the "Company") and PXRE REINSURANCE LTD. (hereinafter referred to as the "Reinsurer") It is understood and agreed that for the Period commencing January 1, 2001: (i) the applicable quota share for purposes of the Reinsurance Agreement for all Contracts written by the Company after December 31, 2000 shall be thirty-five percent (35%); and (ii) cessions to the Reinsurance Agreement shall not exceed $3,000,000 per reinsurance program. IN WITNESS WHEREOF, the undersigned have executed this Annex II as of the date indicated below in one or more counterparts, each of which shall be deemed an original but all of which counterparts shall constitute one and the same instrument, and all signatures need not appear on any one counterpart. February 14, 2001 PXRE REINSURANCE LTD. In Hamilton, Bermuda By: Jeffrey L. Radke ----------------------------------- Jeffrey L. Radke, President In Edison, New Jersey PXRE REINSURANCE COMPANY By: James F. Dore ----------------------------------- James F. Dore, Executive Vice President and Chief Financial Officer