EXHIBIT 10.3
Reinsurance Slip
REINSURED: PXRE Reinsurance Ltd., Hamilton, Bermuda
REINSURER: Select Reinsurance Ltd., Hamilton, Bermuda
PERIOD: April 1st 2004 (the "Effective Date") to March 31,
2006, both days inclusive or such shorter period as
provided for herein.
TYPE: Excess of Loss Reinsurance Treaty
CLASS: To indemnify the Reinsured for all losses emanating
from any and all perils from the following lines of
business of the Reinsured:
Property Catastrophe
Property Retrocessional
Property Risk Excess
Aviation
TERRITORIAL SCOPE: Worldwide
LIMIT AND RETENTION: USD 30 million Ultimate Net Loss in excess of the
Retention each and every event. The "Retention" for
2004 shall be USD 280 million. The Retention for 2004
and 2005 shall be set at an amount so that the
probability of exceedance of such amount for the
applicable year is no greater than 6.25% for "all
perils" per occurrence USD Ultimate Net Loss under a
combination of (a) the Reinsured's in-force book of
business at January 2 of the applicable year and (b)
the Reinsured projected in force business for those
policies that are projected to commence after January
2 and within the same calendar year.
AGGREGATE LIMIT: The maximum amount recoverable hereon for Ultimate
Net Loss during the Period shall not exceed USD 30
million.
REINSURANCE PREMIUM: Reinsurance premium shall equal USD 20 million. USD
5.5 million (the "Margin") shall be payable at the
inception of this Contract. The remaining balance of
USD 14.5 million shall be paid to the Reinsurer on a
funds withheld basis at the inception of this
Contract.
OFFSET: The Reinsured and the Reinsurer shall have the right
to offset any balance or amounts due and not yet paid
from one party to the other under the terms of this
Contract or any other agreement heretofore or
hereafter entered into between the Reinsured and the
Reinsurer, whether acting as assuming reinsurer or
ceding company.
1
The party asserting the right of offset may exercise
such right any time whether the balances or amounts
due are on account of premiums, funds withheld
amounts, claims or losses, loss expenses, profit
commissions or otherwise. This provision shall not be
affected by the insolvency of either party to this
Contract. For this purpose insolvency includes any
Insolvency Event as provided for in the Insolvency
Section but expanded to cover both parties.
EXPERIENCE ACCOUNT, The Reinsured and the Reinsurer will calculate an
PROFIT COMMISSION, Experience Account within 45 business days of the end
COMMUTATION AND of each calendar quarter end as follows:
TERMINATION:
(a) 72.5% of Reinsurance Premiums paid;
(b) Less all payments for claims and adjustment
expenses under this Contract;
(c) Less the present value of any outstanding
liabilities determined as follows:
(1) The Reinsured and the Reinsurer shall
agree an estimate for the Ultimate Net
Loss(es) outstanding.
(2) The Reinsured and the Reinsurer shall
then agree on a payment pattern and an
interest rate to discount such outstanding
liabilities to their present value.
In the event that the Reinsured and the
Reinsurer cannot agree on (1) or (2)
above, a mutually agreed independent
actuary shall be appointed, by the parties
or under the arbitration procedure if they
cannot agree, to determine the value(s) to
be used and their opinion shall be binding
on all parties. Such actuary shall be an
F.C.A.S. or F.I.A. with experience in
Excess of Loss Reinsurance for the lines
covered hereunder and the costs shall be
paid 50% by the Reinsurer and 50% by the
Reinsured including any arbitration costs.
This procedure shall also be followed if
the Reinsurer disagrees with the amount of
the Retention calculated by Reinsured for
2004 or 2005.
If the Experience Account balance is positive
according to such calculation, then the
Reinsured shall have the option to commute this
Contract and to receive 100% of the Experience
Account balance within 20 business days.
2
As of any calendar month end, if the Reinsured
and the Reinsurer agree that there has been no
prior loss event that would exceed the Retention
of this Contract, the Reinsurer shall have the
ability to commute this Contract by giving 30
days prior written notice to the Reinsured, such
commutation to be effective on the date stated
in the notice which shall not be less than 30
days from the date such notice is given. The
Reinsurer may unilaterally terminate this
Contract on or after a date 30 days after notice
to Reinsured of such termination ("Post Event
Termination"), provided that the Reinsurer shall
remain liable for any Ultimate Net Loss from a
covered event occurring prior to the effective
date of termination set forth in such notice
(the "Cut-Off Date"). Upon commutation or Post
Event Termination, the Reinsurer will be
required to return to the Reinsured the unearned
portion of the Margin (determined on a pro-rata
basis) for the period from the Cut-Off Date or
effective date of commutation, whichever is
applicable, to March 31, 2006.
Upon a commutation, the Reinsurer and Reinsured
shall be released from all past, present and
future liabilities of any nature arising out of
this Contract.
In the event of a Post Event Termination, the
Reinsurer shall remain obligated under the terms
hereof for Ultimate Net Loss resulting from an
event occurring before the Cut-Off Date. If such
Ultimate Net Loss has not been finally
determined by a date that is three years from
December 31 of the year in which such event
occurred, then Reinsurer may seek from Reinsured
its estimate of such Ultimate Net Loss and
unless accepted by Reinsurer, then the parties
shall appoint an independent actuary that is an
F.C.A.S or F.I.A. with Excess of Loss experience
for the lines covered hereunder who shall
determine such Ultimate Net Loss including
payment pattern and interest rate discount. If
the parties cannot agree on the actuary, such
actuary shall be appointed under this Contract's
arbitration procedure. The actuary costs and any
arbitration costs related to its choice shall be
paid 50% by each party. Upon payment by
Reinsurer to Reinsured of the amount determined
under this provision for all covered events
occurring prior to the Cut-Off Date, the
Reinsurer and Reinsured shall be released from
all past, present and future liabilities of any
nature arising out of this Contract.
ACCOUNTS, REMITTANCES AND Within 45 days following the end of each
LOSS SETTLEMENTS: calendar quarter, the Reinsured shall report to
the Reinsurer the amount of Ultimate Net Loss
paid, Ultimate Net Loss outstanding and the
balance of the Experience Account as of the
applicable calendar quarter end along with
activity in the Experience Account during the
quarter. Settlement of Ultimate Net Loss paid by
Reinsured in excess of the Retention shall be
made by the Reinsurer quarterly within 30 days
of receipt of this reporting by the Reinsurer or
75 days after the end of the quarter, whichever
is later. Ultimate Net Loss amounts above the
Retention shall be firstly deducted from the
funds withheld premium amount retained by the
Reinsured until such time as the funds withheld
balance is USD 0, after which amounts shall be
paid by the Reinsurer to the Reinsured.
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COLLATERAL AND REINSURER'S The Reinsurer shall provide to the Reinsured
SECURITY: collateral in the form of either a) cash,
b) investment grade bonds which have a minimum
rating of not less than AA by S&P or Aa by
Moody's, or c) hedge funds meeting the
applicable 2002 Patriot Trust investment
guidelines, the combined total of which shall
have an Adjusted Collateral Value of USD $10.0
million. The determination of the Adjusted
Collateral Value shall be the actual market
value of the cash, investment grade bonds or
hedge funds multiplied by the following factors:
1) For cash, 100%;
2) For investment grade bonds, 100%;
3) For hedge funds, 80%
Such collateral (the "Pre-Loss Collateral")
shall be deposited by the Reinsurer in the 2002
Patriot Trust upon execution of this Contract or
completion of the revisions to the Patriot Trust
and the change of Trustee, whichever is later
but in no event later than June 30, 2004.
Reinsured acknowledges that is has reviewed the
revisions to the Patriot Trust contemplated by
Reinsurer, that they are acceptable in principle
and that Reinsured does not contemplate offering
any other revisions. Both parties acknowledge
that additional changes may be required by the
new Trustee. Should the Adjusted Collateral
Value fall below $10 million as of any calendar
month end, the Reinsurer shall be required to
deposit additional collateral with an Adjusted
Collateral Value equivalent to the amount of the
deficiency into the revised 2002 Patriot Trust
within 5 business days of the date the Reinsurer
becomes aware of such deficiency, but in no case
later than 20 days after the end of the calendar
month in which the deficiency exists.
In the event that Ultimate Net Loss exceeds the
Retention by an amount greater than the sum of
the funds withheld premium and the Adjusted
Collateral Value of the Trust Fund under the
Patriot Trust available to be allocated to the
obligations of the Reinsurer hereunder, then the
Reinsurer shall deliver to the Trustee of the
Patriot Trust within 15 business days of
learning of such deficiency, collateral
permissible hereunder so that such deficiency
shall be eliminated. In no event shall the
Adjusted Collateral Value required hereunder
exceed the Aggregate Limit. In the event that
any portion of the collateral is hedge funds,
then the Adjusted Collateral Value of such hedge
funds shall be subject to a 20% haircut when
calculating the amount of additional collateral
to be deposited.
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The Patriot Trust Agreement shall contain other
provisions governing the collateral hereunder,
including the right of Reinsurer to substitute
collateral.
CHANGE IN UNDERWRITING If at any time during the Period of this
PRACTICES & OTHER CHANGES Contract the Reinsured a) materially changes its
underwriting policies that were in force at the
inception of this Contract with respect to the
lines of business that are covered by this
Contract, b) writes a line that would be covered
hereunder but was not written at the inception
of the Period, c) changes or adds a member to
the Underwriting Committee as reflected on
Schedule A or changes any department head for a
line of business covered hereunder, d) or its
direct or indirect parent is engaged in any form
of reorganization or has a change of control as
defined below, or, e) adds a team of
underwriters formally employed together at
another insurer or reinsurer for a line of
business covered hereunder (a team consisting of
at least two underwriters), then the Reinsured
shall notify the Reinsurer within 10 business
days of making such change or the occurrence of
such event.
In addition, within 30 days of the end of each
calendar quarter, the Reinsured shall provide
the Reinsurer with a calculation showing the
probability of the applicable Retention being
exceeded as well as the dollar amount of
Ultimate Net Loss that corresponds to a
probability of exceedence of 6.25%, for "all
perils" per occurrence USD Ultimate Net Loss,
taking into account (a) the Reinsured's in-force
book of business on the day after the end of the
quarter as to which the information relates and
(b) the Reinsured's projected in force business
for those policies that are projected to
commence within the same calendar year. The
Reinsured agrees to provide such information as
the Reinsurer may reasonably request within a
commercially reasonable time so that the
Reinsurer may evaluate the probability provided.
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A "Change of Control" shall be deemed to have
occurred with respect to PXRE if:
i. any "person" (as such term is used in
Sections 13(d) and 14(d) of the United
States Securities and Exchange Act of
1934) (other than any holder of Series
A, Series B or Series C Convertible
Voting Preferred Shares of PXRE Group
Ltd. ("PXT") by reason of the receipt
of share dividends), directly or
indirectly, acquires securities of PXT
representing 40% or more
of the combined voting power of
PXT's then outstanding securities with
respect to matters presented at PXT's
general meetings, whether or not
having the right to vote for directors
("Voting Power"); provided, however,
that the disposition by an original
holder of either Series A, Series B or
Series C Convertible Voting Preferred
Shares (a "Preferred Shareholder") of
such preferred shares (or any
securities into which such shares have
ultimately been converted) to a person
will not constitute a Change of
Control under this clause (i) unless
(x) such person, immediately following
such acquisition from such Preferred
Shareholder, holds securities
representing at least 50% Voting
Power, or (y) such person has acquired
securities from more than one
Preferred Shareholder in the same or
related transactions, and immediately
following the last of such
transactions, holds securities
representing at least 40% Voting
Power; provided further, however, if,
by reason of the preceding proviso,
the acquisition by a person of at
least 40% but less than 50% Voting
Power does not constitute a Change of
Control under this clause (i), a
Change of Control will be deemed to
occur if such person thereafter
becomes holder of at least 50% Voting
Power, whether or not pursuant to a
related transaction; or
ii. the stockholders of PXT approve (A)
any merger or consolidation of PXT
with any other corporation, other than
a merger or consolidation in which PXT
is the surviving entity or a merger or
consolidation which would result in
the holders of the voting securities
of PXT outstanding immediately prior
thereto holding immediately thereafter
securities representing more than 55%
of the combined voting power of the
voting securities of PXT or such
surviving entity outstanding
immediately after such merger or
consolidation, or (B) any sale or
other disposition (in one transaction
or a series of related transactions)
of all, or substantially all, of the
assets of PXT.
BERMUDIAN LAW AND Subject always to the prior application of the
JURISDICTION: Arbitration Clause, all disputes and differences
arising under or in connection with this
Reinsurance shall be subject to the exclusive
jurisdiction of the High Court of Justice in
Bermuda who shall apply the law of Bermuda as
the proper law of this Reinsurance.
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ULTIMATE NET LOSS "Ultimate Net Loss" shall mean the sum of losses
on the business covered hereunder incurred by
the Reinsured in settlement of losses (after
making proper deductions for all salvages and
all recoveries), including allocated loss
adjustment expenses, reserves for incurred but
not reported losses and the liabilities for
Extra Contractual Obligations and losses in
Excess of Policy Limits. All salvages,
recoveries or payments recovered or received
subsequent to any loss settlement hereunder
shall be applied as if recovered or received
prior to the aforesaid settlement, and all
necessary adjustments shall be made by the
parties hereto. Nothing in this clause shall be
construed to mean that a recovery from Reinsurer
for the Reinsured's payment of Ultimate Net Loss
above the Retention cannot be made hereunder
until the Reinsured's full Ultimate Net Loss has
been ascertained.
CURRENCY CONVERSION CLAUSE Accounts hereunder shall be rendered and
settlements shall be made only in United States
Dollars.
For Ultimate Net Loss payments by Reinsured in
currencies other that United States Dollars,
conversion shall be made to United States
Dollars at the rate of exchange prevailing on
the day on which such payment is made by the
Reinsured.
EXTRA CONTRACTUAL OBLIGATIONS This Contract shall protect the Reinsured for
100% (one hundred percent) of any extra
contractual obligations subject always to the
Limit and Retention and Aggregate Limit hereof.
The term "Extra Contractual Obligations" is
defined as those liabilities not covered under
any other provision of the Reinsured's original
policies of insurance or reinsurance contracts
on business covered hereunder and which arise
from the handling of any claim, such liabilities
arising because of, but not limited to, the
following: failure by the Reinsured to settle
within the policies of insurance or reinsurance
contract limit, or by reason of alleged or
actual negligence or bad faith in rejecting an
offer of settlement or in the preparation of the
defense or in the trial of any action against
its insured or reinsured or in the preparation
or prosecution of an appeal consequent upon such
action. The date on which any Extra Contractual
Obligation is incurred by the Reinsured shall be
deemed, in all circumstances, to be the date of
the original loss event.
This Article shall not apply where the loss has
been incurred due to fraud by a member of the
board of directors or a corporate officer of the
Reinsured, its parent or affiliate, acting
individually or collectively or in collusion
with any individual or corporation or any other
organization or party involved in the
presentation, defense or settlement of any claim
covered hereunder.
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EXCESS OF POLICY LIMITS This Contract shall protect the Reinsured,
subject always to the Limit and Retention and
Aggregate Limit hereof, for 100% (one hundred
percent) of loss in excess of the limit of its
original policies of insurance or reinsurance
contracts, on business covered hereunder, such
loss in excess of the limit having been incurred
because of failure by the Reinsured to settle
within the policies of insurance or reinsurance
contract limit or by reason of alleged or actual
negligence or bad faith in rejecting an offer of
settlement or in the preparation of the defense
or in the trial of any action against its
insured or reinsured or in the preparation or
prosecution of an appeal consequent upon such
action.
However, this Article shall not apply where the
loss has been incurred due to fraud by a member
of the board of directors or a corporate officer
of the Reinsured, its parent or affiliate,
acting individually or collectively or in
collusion with any individual or corporation or
any other organization or party involved in the
presentation, defense or settlement of any claim
covered hereunder.
For the purpose of this Article, the word "loss"
shall mean any amounts for which the Reinsured
would have been contractually liable to pay had
it not been for the limit of the original
reinsurance contract.
AMENDMENTS AND ALTERATIONS This Contract 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.
ERRORS AND OMISSIONS Any inadvertent delay, omission or error shall
not be held to relieve either party hereto from
any liability which would attach to it hereunder
if such delay, omission or error had not been
made, provided such omission or error is
rectified as soon as possible after discovery
and the innocent party shall not be liable for
any Ultimate Net Loss caused solely by such
delay, ommission or error.
INSPECTION OF RECORDS The Reinsured shall place at the disposal of the
Reinsurer at all reasonable times, and the
Reinsurer shall have the right to inspect
through its designated representatives, during
the term of this Contract and thereafter, all
books, records and papers of the Reinsured in
connection with any reinsurance hereunder, or
the subject matter hereof.
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ARBITRATION A. As a condition precedent to any right of
action hereunder, any dispute arising
out of the interpretation, performance
or breach of this Contract, including
the formation or validity thereof, shall
be submitted for decision to a panel of
three arbitrators. Notice requesting
arbitration will be in writing and sent
certified or registered mail, return
receipt requested or similar type mail
or delivered personally.
B. One arbitrator shall be chosen by each
party and the two arbitrators shall,
before instituting the hearing, choose an
impartial third arbitrator who shall
preside at the hearing. If either party
fails to appoint its arbitrator within
thirty (30) days after receipt of notice
being requested it to do so by the other
party, the latter, after ten (10) days
notice given as aforesaid, may appoint
the second arbitrator.
C. If the two arbitrators are unable to
agree upon the third arbitrator within
thirty (30) days of their appointment,
the third arbitrator shall be selected
from a list of six individuals (three
named by each arbitrator) by the
nominating committee of the Chartered
Institute of Arbitrators, Bermuda Branch.
D. All arbitrators shall be disinterested
active or former executive officers of
insurance or reinsurance companies or
Underwriters at Lloyd's, London.
E. Within thirty (30) days after notice of
appointment of all arbitrators, the panel
shall meet and determine timely periods
for briefs, discovery procedures and
schedules for hearings.
F. The panel shall be relieved of all
judicial formality and shall not be bound
by the strict rules of procedure and
evidence. Unless the parties agree
otherwise, arbitration shall take place
in Hamilton, Bermuda, but the venue may
be changed when deemed by the panel to be
in the best interest of the arbitration
proceeding. Insofar as the arbitration
panel looks to substantive law, it shall
consider the law of Bermuda. The decision
of any two arbitrators when rendered in
writing shall be final and binding. The
panel is empowered to grant interim
relief, as it may deem appropriate.
G. The panel shall make its decision
considering the custom and practice of
the applicable insurance and reinsurance
business as promptly as possible
following the termination of the
hearings. Judgment upon the award may be
entered in any court having jurisdiction
thereof.
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H. Each party shall bear the expense of its
own arbitrator and shall jointly and
equally bear with the other party the
cost of the third arbitrator. The
remaining costs of the arbitration shall
be allocated by the panel. The panel
may, at its discretion, award such
further costs and expenses as it
considers appropriate, including but not
limited to attorneys fees, to the extent
permitted by law. However, the panel may
not award any exemplary or punitive
damages.
INSOLVENCY Where an Insolvency Event occurs in relation to
the Reinsured the following terms shall apply
(and, in the event of any inconsistency between
these terms and any other terms of this
Contract, these terms shall prevail):
1. Notwithstanding any requirement in this
Contract that the Reinsured shall
actually make payment in discharge of its
liability to third parties resulting from
business covered hereunder ("Liability"),
before becoming entitled to payment from
the Reinsurers:
a. the Reinsurer shall be liable to
pay the Reinsured even though the
Reinsured is unable actually to
pay, or discharge its Liability;
but
b. nothing in this Article shall
operate to accelerate the date for
payment by the Reinsurer of any
sum which may be payable to the
Reinsured, which sum shall only
become payable as and when the
Reinsured would have discharged,
by actual payment, its Liability
for items of Ultimate Net Loss but
for it being the subject of any
Insolvency Event.
2. The existence, quantum, valuation and date
for payment of any sum which the Reinsurer
is liable to pay the Reinsured under this
Contract shall be those and only those for
which the Reinsurer would be liable to the
Reinsured if the Liability had been
determined without reference to any term in
any composition or scheme of arrangement or
any similar such arrangement, entered into
between the Reinsured in relation to all or
any part of its business covered hereunder
("Arrangement'), unless and until the
Reinsurer serves written notice to the
contrary on the Reinsured in relation to any
Arrangement.
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An Insolvency Event shall occur if
A. i. a winding up petition is
presented in respect of the
Reinsured or a provisional
liquidator is appointed over it or
if the Reinsured goes into
administration, administrative
receivership or receivership or if
the Reinsured has a scheme of
arrangement or voluntary
arrangement proposed in relation
to all or any part of its affairs;
or
ii. if the Reinsured goes into
compulsory or voluntary
liquidation; or,
iii. if the Reinsured becomes subject
to any other similar insolvency
process in any jurisdiction and,
the Reinsured is unable to pay its debts as and
when they fall due within the meaning of section
123 of the Insolvency Act 1986 (or any statutory
amendment or re-enactment of that section).
SERVICE OF SUIT Subject to the provisions of the Arbitration
clause above, it is agreed that in the event of
a dispute with respect to this Contract, a
party, at the request of the other party, shall
submit to the jurisdiction of the court in
Bermuda and shall comply with all requirements
necessary to give such court jurisdiction; and
all matters arising hereunder shall be
determined in accordance with the law and
practice of such court. Nothing in this Article
constitutes or should be understood to
constitute a waiver of a party's rights to
commence an action in any other court of
competent jurisdiction.
Service of process in such suit may be made upon
the parties in Bermuda or failing service after
reasonable efforts, for service upon Reinsured,
by service upon Conyers Dill & Pearman,
Clarendon House, 2 Church Street, Hamilton HM 11
Bermuda and for service upon Reinsurer, by
service upon Appleby Spurling & Hunter, Canon's
Court, 22 Victoria Street, Hamilton HM 12
Bermuda, (hereinafter such lawyers, "agent for
service of process"), and in any suit instituted
hereunder, the parties shall abide by the final
decision of such court or of any appellate court
in the event of an appeal.
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The agent for service of process is authorized
and directed to accept service of process on
behalf of the party named in any such suit in
Bermuda and/or upon the request of a party to
give a written undertaking to such party that
the agent for service of process shall enter a
general appearance on behalf of the party for
whom it acts as agent for service of process in
the event such a suit shall be instituted.
EXCLUSIONS This Contract does not cover:
1. Loss or damage directly or indirectly
occasioned by, happening through or in
consequence of war, invasion, acts of
foreign enemies, hostilities (whether war be
declared or not), civil war, rebellion,
revolution, insurrection, military or
usurped power or confiscation or
nationalisation or requisition or
destruction of or damage to property by or
under the order of any government or public
or local authority; provided however, that
losses arising from terrorist acts shall not
be excluded to the extent covered under the
underlying contracts subject to this
Contract and not excluded by the Reinsured's
contracts.
2. Offshore Marine business
3. Marine business when written as such.
4. Nuclear Incidents for those applicable
classes of business and territories as
appropriate in accordance with the clauses
set out below, copies of which shall be
provided by Reinsured to Reinsurer prior to
execution of this Contract;
a. "Nuclear Incident Exclusion Clause
- Physical Damage - Reinsurance",
USA and Canada - NMA 1119 and NMA
1980a.
b. Nuclear Energy Risks Exclusion
Clause (Reinsurance) (1994) NMA
1975a (Japanese Amendment).
5. Transmission and Distribution Lines
business.
6. Any loss, damage, claim, cost, expense,
sum or other obligation of any kind or
description directly or indirectly caused
by, contributing to, or resulting from
mould, fungus, mildew or spores. This
exclusion will apply regardless of
whether or not:
1) the mould, fungus, mildew or
spores is/are caused by,
contributed to, or results from an
insured peril;
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2) the Reinsured's original
policy(ies) provide coverage;
3) the Reinsured's original
obligations are contractual,
extra-contractual, or otherwise;
4) the reinsurance presentation is
for settlement(s), judgement(s) or
any other form of resolution.
7. Any loss, damage, cost, claim or expense,
whether preventative, remedial or
otherwise, directly or indirectly arising
out of or relating to:
(a) the calculation, comparison,
differentiation, sequencing or
processing of data involving the
date change to the year 2000, or
any other date change, including
leap year calculations, by any
computer system, hardware,
programme or software and/or any
microchip, integrated circuit or
similar device in computer
equipment or non-computer
equipment, whether the property of
the insured reinsured or not; or
(b) any change, alteration or
modification involving the date
change to the year 2000 or any
other date change, including leap
year calculations, to any such
computer system, hardware,
programme or software or any
microchip, integrated circuit or
similar device in computer
equipment or non-computer
equipment, whether the property of
the Reinsured's insured or
reinsured or not.
This clause applies regardless of any
other cause or event that contributes
concurrently or in any sequence to the
loss, damage, cost, claim or expense.
The date change to the year 2000, or any
other date change, including leap year
calculations, shall not in and of itself
be regarded as an event for the purposes
of this Contract.
GENERAL CONDITIONS: Other Conditions to be agreed.
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WORDING: To be mutually agreed by the Reinsured and Reinsurer.
PXRE Reinsurance Ltd.
/s/ Robert P. Myron April 23, 2004
- ---------------------------- ----------------------------
Robert P. Myron Date
Chief Financial Officer
Select Reinsurance Ltd.
Hamilton, Bermuda
/s/ Brant L. Kizer
- ----------------------------
Vice President April 23, 2004
- ---------------------------- ----------------------------
Date
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