Common use of Individual Programs Clause in Contracts

Individual Programs. In addition, in order to diversify Watford’s portfo- lio, Arch Insurance Group may cede some share of its insurance program business to Watford. With respect to any such business, if one or more reinsurers other than Watford or AUL Affiliates assume a share of the ceded business from Arch Insurance Group, AUL may decide, in its full discretion, whether to approve authorization of a Watford line on such cession in the share it deems appropriate; provided, however, that the terms and conditions authorized for Watford are the same as for such rein- surer(s); provided further that, notwithstanding the foregoing, such ces- sions shall be secured by a letter or letters of credit in an aggregate amount of at least [***]% of [***] for [***] and [***] (including [***]) for contracts ceded thereunder.