EXHIBIT 10.25
ENDORSEMENT NO. 4
(TERMINATION ENDORSEMENT)
to
MULTIPLE LINE EXCESS OF LOSS
REINSURANCE AGREEMENT NO. 6404-09
between
PENN-AMERICA INSURANCE COMPANY
Hatboro, Pennsylvania
(hereinafter referred to as the "COMPANY")
and
NATIONAL REINSURANCE CORPORATION
Stamford, Connecticut
(hereinafter referred to as the "REINSURER")
-2-
IT IS MUTUALLY AGREED that effective at 12:01 a.m., May 1, 1996, this Agreement
is terminated. The REINSURER shall not be liable for any losses occurring after
the effective time and date of termination, in consideration of which the
REINSURER shall return to the COMPANY the unearned premium, if any, less
applicable commission, as respects business the subject matter hereof, in force
at the time and date of termination.
IN WITNESS WHEREOF, the parties hereto have cause Endorse ent No. 4 to be
executed in duplicate, in Hatboro, Pennsylvania, this 31st day of December,
1996.
PENN-AMERICA INSURANCE COMPANY
/s/ ▇▇▇▇ ▇▇▇▇▇▇▇
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ATTEST: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
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And in Stamford, Connecticut, this 24th day of June, 1996
NATIONAL REINSURANCE CORPORATION
/s/ ILLEGIBLE
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Vice President
ATTEST: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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