EXHIBIT 10.77
REINSTATEMENT PREMIUM PROTECTION
REINSURANCE CONTRACT
EFFECTIVE: JULY 1, 2004
issued to
philadelphia insurance company
bala cynwyd, pennsylvania
philadelphia indemnity insurance company
bala cynwyd, pennsylvania
and
any and all other companies which are now
or may hereafter become member companies of
philadelphia insurance companies
TABLE OF CONTENTS
ARTICLE PAGE
I Coverage 1
II Term 1
III Concurrency of Conditions 2
IV Premium 2
V Loss Notices and Settlements 2
VI Late Payments 2
VII Offset (BRMA 36D) 4
VIII Access to Records (BRMA 1D) 4
IX Errors And Omissions (BRMA 14F) 4
X Currency (BRMA 12A) 4
XI Taxes (BRMA 50C) 4
XII Federal Excise Tax (BRMA 17A) 5
XIII Unauthorized Reinsurers 5
XIV Insolvency 6
XV Arbitration 7
XVI Service of Suit 8
XVII Agency Agreement 8
XVIII Governing Law 9
XIX Confidentiality 9
XX Severability 9
XXI Intermediary (BRMA 23A) 9
Schedule A
REINSTATEMENT PREMIUM PROTECTION
REINSURANCE CONTRACT
EFFECTIVE: JULY 1, 2004
issued to
Philadelphia insurance company
bala cynwyd, pennsylvania
philadelphia indemnity insurance company
bala cynwyd, pennsylvania
and
any and all other companies which are now
or may hereafter become member companies of
philadelphia insurance companies
(hereinafter referred to collectively as the "company")
by
the subscribing reinsurer(s) executing the
interests and liabilities agreement(s)
attached hereto
(hereinafter referred to as the "Reinsurer")
ARTICLE I - COVERAGE
By this Contract the Reinsurer agrees to indemnify the Company for 100% of any
reinstatement premium which the Company pays or becomes liable to pay as a
result of loss occurrences commencing during the term of this Contract under the
provisions of the Company's Underlying Excess Catastrophe Reinsurance Contract,
effective July 1, 2004 and Excess Catastrophe Reinsurance Contract, effective
June 1, 2004 (hereinafter referred to as the "Underlying Contracts" and
described in Schedule A attached to and forming part of this Contract), subject
to the terms and conditions set forth herein. However, the liability of the
Reinsurer shall not exceed $9,165,000 during the term of this Contract.
ARTICLE II - TERM
A. This Contract shall become effective on July 1, 2004, with respect to
reinstatement premium payable by the Company under the provisions of the
Underlying Contracts as a result of losses arising out of loss occurrences
commencing on or after that date, and shall remain in force until May 31,
2005, both days inclusive.
B. If this Contract expires while a loss occurrence covered hereunder is in
progress, the Reinsurer's liability hereunder shall, subject to the other
terms and conditions of this Contract, be determined as if the entire loss
occurrence had occurred prior to the expiration of this Contract, provided
that no part of such loss occurrence is claimed against any renewal or
replacement of this Contract.
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ARTICLE III - CONCURRENCY OF CONDITIONS
A. It is agreed that this Contract will follow the terms, conditions,
exclusions, definitions, warranties and settlements of the Company under
the Underlying Contracts which are not inconsistent with the provisions of
this Contract.
B. The Company shall advise the Reinsurer of any material changes in the
Underlying Contracts which may affect the liability of the Reinsurer under
this Contract.
ARTICLE IV - PREMIUM
A. As premium for the reinsurance provided hereunder, the Company shall pay
the Reinsurer the following:
1. As respects the Underlying Excess Catastrophe Reinsurance Contract,
effective July 1, 2004, $319,410; and
2. As respects the Excess Catastrophe Reinsurance Contract, effective
June 1, 2004, $420,000 for the first excess layer, $331,250 for the
second excess layer, $133,000 for the third excess layer and
$103,000 for the Fourth layer.
B. The Company shall pay the Reinsurer the sum of the amounts set forth in
subparagraphs 1 and 2 of paragraph A above in four equal installments of
$326,665 on July 1, September 1 and December 1 of 2004 and March 1, 2005.
ARTICLE V - LOSS NOTICES AND SETTLEMENTS
A. Whenever reinstatement premium settlements made by the Company under the
Underlying Contracts appear likely to result in a claim hereunder, the
Company shall notify the Reinsurer. The Company will advise the Reinsurer
of all subsequent developments relating to such claims that, in the
opinion of the Company, may materially affect the position of the
Reinsurer.
B. All reinstatement premium settlements made by the Company under the
Underlying Contracts, provided they are within the terms of the Underlying
Contracts and within the terms of this Contract, shall be binding upon the
Reinsurer, and the Reinsurer agrees to pay all amounts for which it may be
liable upon receipt of reasonable evidence of the amount paid (or
scheduled to be paid) by the Company.
ARTICLE VI - LATE PAYMENTS
A. The provisions of this Article shall not be implemented unless
specifically invoked, in writing, by one of the parties to this Contract.
B. In the event any premium, loss or other payment due either party is not
received by the intermediary named in Article XXI (hereinafter referred to
as the "Intermediary") by the payment due date, the party to whom payment
is due may, by notifying the Intermediary in writing, require the debtor
party to pay, and the debtor party agrees to pay, an interest
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penalty on the amount past due calculated for each such payment on the
last business day of each month as follows:
1. The number of full days which have expired since the due date or
the last monthly calculation, whichever the lesser, times
2. 1/365ths of the six-month United States Treasury ▇▇▇▇ Rate as
quoted in The Wall Street Journal on the first business day of the
month for which the calculation is made; times
3. The amount past due, including accrued interest.
It is agreed that interest shall accumulate until payment of the original
amount due plus interest penalties have been received by the Intermediary.
C. The establishment of the due date shall, for purposes of this Article, be
determined as follows:
1. As respects the payment of routine deposits and premiums due the
Reinsurer, the due date shall be as provided for in the applicable
section of this Contract. In the event a due date is not
specifically stated for a given payment, it shall be deemed due 30
days after the date of transmittal by the Intermediary of the
initial billing for each such payment.
2. Any claim or loss payment due the Company hereunder shall be
deemed due 10 business days after the proof of loss or demand for
payment is transmitted to the Reinsurer. If such loss or claim
payment is not received within the 10 days, interest will accrue
on the payment or amount overdue in accordance with paragraph B
above, from the date the proof of loss or demand for payment was
transmitted to the Reinsurer.
3. As respects any payment, adjustment or return due either party not
otherwise provided for in subparagraphs 1 and 2 of paragraph C
above, the due date shall be as provided for in the applicable
section of this Contract. In the event a due date is not
specifically stated for a given payment, it shall be deemed due 10
business days following transmittal of written notification that
the provisions of this Article have been invoked.
For purposes of interest calculations only, amounts due hereunder shall be
deemed paid upon receipt by the Intermediary.
D. Nothing herein shall be construed as limiting or prohibiting a Subscribing
Reinsurer from contesting the validity of any claim, or from participating
in the defense of any claim or suit, or prohibiting either party from
contesting the validity of any payment or from initiating any arbitration
or other proceeding in accordance with the provisions of this Contract. If
the debtor party prevails in an arbitration or other proceeding, then any
interest penalties due hereunder on the amount in dispute shall be null
and void. If the debtor party loses in such proceeding, then the interest
penalty on the amount determined to be due hereunder shall be calculated
in accordance with the provisions set forth above unless otherwise
determined by such proceedings. If a debtor party advances payment of any
amount it is contesting, and proves to be correct in its contestation,
either in whole or in part, the other
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party shall reimburse the debtor party for any such excess payment made
plus interest on the excess amount calculated in accordance with this
Article.
E. Interest penalties arising out of the application of this Article that are
$100 or less from any party shall be waived unless there is a pattern of
late payments consisting of three or more items over the course of any
12-month period.
ARTICLE VII - OFFSET (BRMA 36D)
The Company and the Reinsurer, each at its option, may offset any balance or
balances, whether on account of premiums, claims and losses, loss expenses or
salvages due from one party to the other under this Contract; provided, however,
that in the event of the insolvency of a party hereto, offsets shall only be
allowed in accordance with applicable statutes and regulations.
ARTICLE VIII - ACCESS TO RECORDS (BRMA 1D)
The Reinsurer or its designated representatives shall have access at any
reasonable time to all records of the Company which pertain in any way to this
reinsurance.
ARTICLE IX - ERRORS AND OMISSIONS (BRMA 14F)
Inadvertent delays, errors or omissions made in connection with this Contract or
any transaction hereunder shall not relieve either party from any liability
which would have attached had such delay, error or omission not occurred,
provided always that such error or omission is rectified as soon as possible
after discovery.
ARTICLE X - CURRENCY (BRMA 12A)
A. Whenever the word "Dollars" or the "$" sign appears in this Contract, they
shall be construed to mean United States Dollars and all transactions
under this Contract shall be in United States Dollars.
B. Amounts paid or received by the Company in any other currency shall be
converted to United States Dollars at the rate of exchange at the date
such transaction is entered on the books of the Company.
ARTICLE XI - TAXES (BRMA 50C)
In consideration of the terms under which this Contract is issued, the Company
will not claim a deduction in respect of the premium hereon when making tax
returns, other than income or profits tax returns, to any state or territory of
the United States of America, the District of Columbia or Canada.
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ARTICLE XII - FEDERAL EXCISE TAX (BRMA 17A)
(Applicable to those reinsurers, excepting Underwriters at Lloyd's London and
other reinsurers exempt from Federal Excise Tax, who are domiciled outside the
United States of America.)
A. The Reinsurer has agreed to allow for the purpose of paying the Federal
Excise Tax the applicable percentage of the premium payable hereon (as
imposed under Section 4371 of the Internal Revenue Code) to the extent
such premium is subject to the Federal Excise Tax.
B. In the event of any return of premium becoming due hereunder the Reinsurer
will deduct the applicable percentage from the return premium payable
hereon and the Company or its agent should take steps to recover the tax
from the United States Government.
ARTICLE XIII - UNAUTHORIZED REINSURERS
A. If the Reinsurer is unauthorized in any state of the United States of
America or the District of Columbia, the Reinsurer agrees to fund, on or
before December 31, 2004, its share of the Company's ceded United States
outstanding loss reserves (being the sum of all reinstatement premiums
paid by the Company under the Underlying Contracts but not yet recovered
from the Reinsurer, plus the Company's reserves for reinstatement premiums
due under the Underlying Contracts, if any) by:
1. Clean, irrevocable and unconditional letters of credit issued and
confirmed, if confirmation is required by the insurance regulatory
authorities involved, by a bank or banks meeting the NAIC
Securities Valuation Office credit standards for issuers of
letters of credit and acceptable to said insurance regulatory
authorities; and/or
2. Escrow accounts for the benefit of the Company; and/or
3. Cash advances;
if, without such funding, a penalty would accrue to the Company on any
financial statement it is required to file with the insurance regulatory
authorities involved. The Reinsurer, at its sole option, may fund in other
than cash if its method and form of funding are acceptable to the
insurance regulatory authorities involved.
B. If the Reinsurer is unauthorized in any province or jurisdiction of
Canada, the Reinsurer agrees to fund, on or before December 31, 2004, 115%
of its share of the Company's ceded Canadian outstanding loss reserves
(being the sum of all reinstatement premiums paid by the Company under the
Underlying Contracts but not yet recovered from the Reinsurer, plus the
Company's reserves for reinstatement premiums due under the Underlying
Contracts, if any) by:
1. A clean, irrevocable and unconditional letter of credit issued and
confirmed, if confirmation is required by the insurance regulatory
authorities involved, by a Canadian bank or banks meeting the NAIC
Securities Valuation Office credit standards for issuers of
letters of credit and acceptable to said insurance regulatory
authorities, for no more than 15/115ths of the total funding
required; and/or
2. Cash advances for the remaining balance of the funding required;
Page 5
if, without such funding, a penalty would accrue to the Company on any
financial statement it is required to file with the insurance regulatory
authorities involved.
C. With regard to funding in whole or in part by letters of credit, it is
agreed that each letter of credit will be in a form acceptable to
insurance regulatory authorities involved, will be issued for a term of at
least one year and will include an "evergreen clause," which automatically
extends the term for at least one additional year at each expiration date
unless written notice of non-renewal is given to the Company not less than
30 days prior to said expiration date or longer where required by
insurance regulatory authorities. The Company and the Reinsurer further
agree, notwithstanding anything to the contrary in this Contract, that
said letters of credit may be drawn upon by the Company or its successors
in interest at any time, without diminution because of the insolvency of
the Company or the Reinsurer, but only for one or more of the following
purposes:
1. To reimburse itself for the Reinsurer's share of reinstatement
premiums paid by the Company under the terms of the Underlying
Contracts, unless paid in cash by the Reinsurer;
2. To reimburse itself for the Reinsurer's share of any other amounts
claimed to be due hereunder, unless paid in cash by the Reinsurer;
3. To fund a cash account in an amount equal to the Reinsurer's share
of any ceded outstanding loss reserves funded by means of a letter
of credit which is under non-renewal notice, if said letter of
credit has not been renewed or replaced by the Reinsurer 10 days
prior to its expiration date;
4. To refund to the Reinsurer any sum in excess of the actual amount
required to fund the Reinsurer's share of the Company's ceded
outstanding loss reserves, if so requested by the Reinsurer.
In the event the amount drawn by the Company on any letter of credit is in
excess of the actual amount required for C(1) or C(3), or in the case of
C(2), the actual amount determined to be due, the Company shall promptly
return to the Reinsurer the excess amount so drawn.
ARTICLE XIV - INSOLVENCY
A. In the event of the insolvency of one or more of the reinsured companies,
this reinsurance shall be payable directly to the company or to its
liquidator, receiver, conservator or statutory successor on the basis of
the liability of the company without diminution because of the insolvency
of the company or because the liquidator, receiver, conservator or
statutory successor of the company has failed to pay all or a portion of
any claim. It is agreed, however, that the liquidator, receiver,
conservator or statutory successor of the company shall give written
notice to the Reinsurer of the pendency of a claim against the company
indicating the policy or bond reinsured which claim would involve a
possible liability on the part of the Reinsurer within a reasonable time
after such claim is filed in the conservation or liquidation proceeding or
in the receivership, and that during the pendency of such claim, the
Reinsurer may investigate such claim and interpose, at its own expense, in
the proceeding where such claim is to be adjudicated, any defense or
defenses that it may deem available to the company or its liquidator,
receiver, conservator or statutory
Page 6
successor. The expense thus incurred by the Reinsurer shall be chargeable,
subject to the approval of the Court, against the company as part of the
expense of conservation or liquidation to the extent of a pro rata share
of the benefit which may accrue to the company solely as a result of the
defense undertaken by the Reinsurer.
B. Where two or more reinsurers are involved in the same claim and a majority
in interest elect to interpose defense to such claim, the expense shall be
apportioned in accordance with the terms of this Contract as though such
expense had been incurred by the company.
C. It is further understood and agreed that, in the event of the insolvency
of one or more of the reinsured companies, the reinsurance under this
Contract shall be payable directly by the Reinsurer to the company or to
its liquidator, receiver or statutory successor, except as provided by
Section 4118(a) of the New York Insurance Law or except (1) where this
Contract specifically provides another payee of such reinsurance in the
event of the insolvency of the company or (2) where the Reinsurer with the
consent of the direct insured or insureds has assumed such policy
obligations of the company as direct obligations of the Reinsurer to the
payees under such policies and in substitution for the obligations of the
company to such payees.
ARTICLE XV - ARBITRATION
A. As a condition precedent to any right of action hereunder, any dispute or
difference between the Company and any Reinsurer relating to the
interpretation or performance of this Contract, including its formation or
validity, or any transaction under this Contract, whether arising before
or after termination, shall be submitted to arbitration.
B. If more than one reinsurer is involved in the same dispute, all such
reinsurers shall constitute and act as one party for purposes of this
Article provided that communication shall be made by the Company to each
of the reinsurers constituting the one party, and provided, however, that
nothing therein shall impair the rights of such reinsurers to assert
several, rather than joint, defenses or claims, nor be construed as
changing the liability of the Reinsurer under the terms of this Contract
from several to joint.
C. Upon written request of any party, each party shall choose an arbitrator
and the two chosen shall select a third arbitrator. If either party
refuses or neglects to appoint an arbitrator within 30 days after receipt
of the written request for arbitration, the requesting party may appoint a
second arbitrator. If the two arbitrators fail to agree on the selection
of a third arbitrator within 30 days of their appointment, the Company
shall petition the American Arbitration Association to appoint the third
arbitrator. If the American Arbitration Association fails to appoint the
third arbitrator within 30 days after it has been requested to do so,
either party may request a justice of a court of general jurisdiction of
the state in which the arbitration is to be held to appoint the third
arbitrator. All arbitrators shall be active or retired officers of
insurance or reinsurance companies, or Lloyd's London Underwriters, and
disinterested in the outcome of the arbitration. Each party shall submit
its case to the arbitrators within 30 days of the appointment of the third
arbitrator.
D. The parties hereby waive all objections to the method of selection of the
arbitrators, it being the intention of both sides that all the arbitrators
be chosen from those submitted by the parties.
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E. The arbitrators shall have the power to determine all procedural rules for
the holding of the arbitration including but not limited to inspection of
documents, examination of witnesses and any other matter relating to the
conduct of the arbitration. The arbitrators shall interpret this Contract
as an honorable engagement and not as merely a legal obligation; they are
relieved of all judicial formalities and may abstain from following the
strict rules of law. The arbitrators may award interest and costs. Each
party shall bear the expense of its own arbitrator and shall share equally
with the other party the expenses of the third arbitrator and of the
arbitration.
F. The decision in writing of the majority of the arbitrators shall be final
and binding upon both parties. Judgment may be entered upon the final
decision of the arbitrators in any court having jurisdiction. The
arbitration shall take place in Bala Cynwyd, Pennsylvania, unless
otherwise mutually agreed between the Company and the Reinsurer.
G. This Article shall remain in full force and effect in the event any other
provision of this Contract shall be found invalid or non-binding.
H. All time limitations stated in this Article may be amended by mutual
consent of the parties, and will be amended automatically to the extent
made necessary by any circumstances beyond the control of the parties.
ARTICLE XVI - SERVICE OF SUIT
(Applicable if the Reinsurer is not domiciled in the United States of America,
and/or is not authorized in any State, Territory or District of the United
States where authorization is required by insurance regulatory authorities. This
Article is not intended to conflict with or override the parties' obligations to
arbitrate their disputes in accordance with Article XV).
A. It is agreed that in the event the Reinsurer fails to pay any amount
claimed to be due hereunder, the Reinsurer, at the request of the Company,
will submit to the jurisdiction of any court of competent jurisdiction
within the United States. Nothing in this Article constitutes or should be
understood to constitute a waiver of the Reinsurer's rights to commence an
action in any court of competent jurisdiction in the United States, to
remove an action to a United States District Court, or to seek a transfer
of a case to another court as permitted by the laws of the United States
or of any state in the United States.
B. Further, pursuant to any statute of any state, territory or district of
the United States which makes provision therefore, the Reinsurer hereby
designates the party named in its Interests and Liabilities Agreement, or
if no party is named therein, the Superintendent, Commissioner or Director
of Insurance or other officer specified for that purpose in the statute,
or his successor or successors in office, as its true and lawful attorney
upon whom may be served any lawful process in any action, suit or
proceeding instituted by or on behalf of the Company or any beneficiary
hereunder arising out of this Contract.
ARTICLE XVII - AGENCY AGREEMENT
If more than one reinsured company is named as a party to this Contract, the
first named company shall be deemed the agent of the other reinsured companies
for purposes of sending
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or receiving notices required by the terms and conditions of this Contract, and
for purposes of remitting or receiving any monies due any party.
ARTICLE XVIII - GOVERNING LAW
This Contract shall be governed as to performance, administration and
interpretation by the laws of the State of Pennsylvania exclusive of the rules
with respect to conflicts of law, except as to rules with respect to credit for
reinsurance in which case the applicable rules of all states shall apply.
ARTICLE XIX - CONFIDENTIALITY
The Reinsurer, except with the express prior written consent of the Company,
shall not directly or indirectly, communicate, disclose or divulge to any third
party, any knowledge or information that may be acquired either directly or
indirectly as a result of the inspection of the Company's books, records and
papers. The restrictions as outlined in this Article shall not apply to
communication or disclosures that the Reinsurer is required to make to its
statutory auditors, retrocessionaires, legal counsel, arbitrators involved in
any arbitration procedures under this Contract or disclosures required upon
subpoena or other dully-issued order of a court or other governmental agency or
regulatory authority.
ARTICLE XX - SEVERABILITY
If any provision of this Contract should be invalid under applicable laws, the
latter shall control but only to the extent of the conflict without affecting
the remaining provisions of this Contract.
ARTICLE XXI - INTERMEDIARY (BRMA 23A)
▇▇▇▇▇▇▇▇, Inc. is hereby recognized as the Intermediary negotiating this
Contract for all business hereunder. All communications (including but not
limited to notices, statements, premium, return premium, commissions, taxes,
losses, loss adjustment expense, salvages and loss settlements) relating thereto
shall be transmitted to the Company or the Reinsurer through ▇▇▇▇▇▇▇▇, Inc.
Payments by the Company to the Intermediary shall be deemed to constitute
payment to the Reinsurer. Payments by the Reinsurer to the Intermediary shall be
deemed to constitute payment to the Company only to the extent that such
payments are actually received by the Company.
IN WITNESS WHEREOF, the Company by its duly authorized representative has
executed this Contract as of the date undermentioned at:
Bala Cynwyd, Pennsylvania, this 13th day of October____in the year 2004.
▇▇▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, Executive VP & Chief U/W Officer
_____________________________________________________________________
Philadelphia Insurance Companies (for and on behalf of the "Company")
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SCHEDULE A
REINSTATEMENT PREMIUM PROTECTION
REINSURANCE CONTRACT
EFFECTIVE: JULY 1, 2004
issued to
Philadelphia Insurance Company
Bala Cynwyd, Pennsylvania
Philadelphia Indemnity Insurance Company
Bala Cynwyd, Pennsylvania
and
any and all other companies which are now
or may hereafter become member companies of
Philadelphia Insurance Companies
UNDERLYING FIRST SECOND THIRD FOURTH
EXCESS EXCESS EXCESS EXCESS EXCESS
Company's Retention $ 7,000,000 $ 10,000,000 $ 20,000,000 $ 40,000,000 $ 65,000,000
Reinsurer's Per Occurrence Limit $ 3,000,000 $ 10,000,000 $ 20,000,000 $ 25,000,000 $ 50,000,000
Reinsurer's Annual Limit $ 6,000,000 $ 20,000,000 $ 40,000,000 $ 50,000,000 $100,000,000
Annual Minimum Premium $ 702,000 $ 1,680,000 $ 2,000,000 $ 1,350,000 $ 1,600,000
Premium Rate 0.457% 1.000% 1.190% 0.810% 0.960%
Annual Deposit Premium $ 877,500 $ 2,100,000 $ 2,500,000 $ 1,687,500 $ 2,000,000
Quarterly Deposit Premium $ 219,375 $ 525,000 $ 625,000 $ 421,875 $ 500,000
INTERESTS AND LIABILITIES AGREEMENT
of
Axis Specialty Limited
Pembroke, Bermuda
(hereinafter referred to as the "Subscribing Reinsurer")
with respect to the
REINSTATEMENT PREMIUM PROTECTION
REINSURANCE CONTRACT
EFFECTIVE: JULY 1, 2004
issued to and duly executed by
Philadelphia Insurance Company
Bala Cynwyd, Pennsylvania
Philadelphia Indemnity Insurance Company
Bala Cynwyd, Pennsylvania
and
any and all other companies which are now
or may hereafter become member companies of
Philadelphia Insurance Companies
The Subscribing Reinsurer hereby accepts a 100% share in the interests and
liabilities of the "Reinsurer" as set forth in the attached Contract captioned
above.
This Agreement shall become effective on July 1, 2004, and shall continue in
force until May 31, 2005, both days inclusive.
The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.
IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized
representative has executed this Agreement as of the date undermentioned at:
Pembroke, Bermuda, this_____28th____day of____October in the year____2004____.
____Christian ▇▇▇▇▇▇▇▇, Vice President____
Axis Specialty Limited
REINSTATEMENT PREMIUM PROTECTION
REINSURANCE CONTRACT
EFFECTIVE: JULY 1, 2004
issued to
Philadelphia Insurance Company
Bala Cynwyd, Pennsylvania
Philadelphia Indemnity Insurance Company
Bala Cynwyd, Pennsylvania
and
any and all other companies which are now
or may hereafter become member companies of
Philadelphia Insurance Companies
REINSURER PARTICIPATION
Axis Specialty Limited 100%
TOTAL 100%