Reinsurance Agreements. In consideration of the premium stated herein, the Underwriter does hereby agree with the Named Insured to reinsure the Named Insured's insurance policies which provide coverage to the Assured, to the extent hereinafter set forth:
Reinsurance Agreements. Promptly, notice of any material change or modification to any Reinsurance Agreements or Surplus Relief Reinsurance Agreements whether entered into before or after the Closing Date including Reinsurance Agreements, if any, which were in a runoff mode on the Closing Date, which change or modification could have a Material Adverse Effect;
Reinsurance Agreements. Each Reinsurance Agreement is in full force and effect; none of the Insurance Subsidiaries and no other party thereto, is in breach of or default under any such contract, other than breaches and defaults that involve immaterial amounts or are being contested in good faith and by proper proceedings; and the Borrower has no reason to believe that the financial condition of any other party to any such contract is impaired such that a default thereunder by such party could reasonably be anticipated. Each Reinsurance Agreement is qualified under all applicable Requirements of Law to receive the statutory credit assigned to such Reinsurance Agreement in the relevant Annual Statement or Quarterly Statement at the time prepared, except where the failure to receive such statutory credit is not reasonably likely to have a Material Adverse Effect. There are no assumption reinsurance contracts or arrangements entered into by any Insurance Subsidiary in which an Insurance Subsidiary has ceded risk to any other Person which are material, individually or in the aggregate, to the Borrower or its Subsidiaries, taken as a whole.
Reinsurance Agreements. (a) Except as set forth on Schedule F to the Annual Statements for the Insurance Subsidiaries or, with respect to PXRE Ltd., as set forth in the annual report filed with Lloyd's, for the fiscal year ending December 31, 1998, and except as set forth on Schedule 4.19, there were no material liabilities outstanding as of June 30, 1999 under any Reinsurance Agreement and since June 30, 1999, except as previously disclosed in writing by PXRE Group to the Lenders pursuant to this Agreement, no Insurance Subsidiary has incurred any material liabilities under any Reinsurance Agreement that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. Each such Reinsurance Agreement (except any Reinsurance Agreement that has expired by its terms in the ordinary course) is in full force and effect; none of the Insurance Subsidiaries or, to the knowledge of the Borrower or the Guarantors, any other party thereto, is in breach of or default under any such contract; and the Borrower has no reason to believe that the financial condition of any other party to any such contract is impaired such that a default thereunder by such party could reasonably be anticipated. Each such Reinsurance Agreement (except any Reinsurance Agreement that has expired by its terms in the ordinary course) is qualified under all applicable Requirements of Law to receive the statutory credit assigned to such Reinsurance Agreement in the relevant Annual Statement or Quarterly Statement at the time prepared. Each Person to whom any of the Insurance Subsidiaries has ceded any material liability pursuant to any Reinsurance Agreement on the date hereof, other than Select Re, either (i) has a rating of "A-" or better by A.M. Best & Company, (ii) has a financial strength rating of "A-" or better by Standard & Poor's or Xxxxx'x, (iii) is a syndicate that is operating as part of the Lloyd's insurance Market, and the Lloyd's insurance Market is rated "A-" or better by A.M. Best & Company or "A-" or better by Standard & Poors, (iv) has provided collateral in favor of the applicable Insurance Subsidiary of the type described in Schedule 4.19, or (v) has an aggregate amount of Net Amount Recoverable from Reinsurers for the Insurance Subsidiaries attributable to it (collectively with all other such Persons not described in clauses (i) through (iv) above) that is less than $5,000,000 as of the end of the most recent fiscal year, and an aggregate amount of Reinsurance Premiu...
Reinsurance Agreements. 38 ARTICLE VI
Reinsurance Agreements. After taking into consideration provisions for uncollectable reinsurance for which reserves have been reflected in the financial statements of the Borrower or any of its Subsidiaries, the Borrower has no reason to believe that any material amount recoverable pursuant to any material Reinsurance Agreement applicable to the Insurance Subsidiaries or their properties or assets reflected in the relevant Annual Statement or Quarterly Statement is not fully collectible in due course. Each Insurance Subsidiary is entitled to take full credit on its Annual Statement or Quarterly Statement pursuant to Applicable Law for such reinsurance, coinsurance or excess insurance ceded pursuant to any such Reinsurance Agreement. There are no assumption reinsurance contracts or arrangements entered into by any Insurance Subsidiary in which such Insurance Subsidiary has ceded risk to any other Person which are material individually or in the aggregate to the Borrower and its Subsidiaries, taken as a whole.
Reinsurance Agreements. The Reinsurance Agreements, split between the Novated Reinsurance and Other Reinsurance, are as shown in Schedule 8.02( c ). Ceding Company has duly and punctually performed in all material respects all the terms, covenants, and warranties of the Novated Reinsurance. To the best of Ceding Company's knowledge, the other parties to the Novated Reinsurance are not in default in any material respect under any of the terms thereof. The Ceding Company will notify the Reinsurer of either 1) novation of any of the Reinsurance Agreements shown as Other Reinsurance from the Ceding Company to the Reinsurer after the Effective Date, or 2) recapture of any of the Reinsurance Agreements shown as Other Reinsurance after the Effective Date.
Reinsurance Agreements. The Applicant will not, and will not permit or cause any of its Insurance Subsidiaries to, (i) except for the Reinsurance Agreements existing on the Restatement Effective Date with the reinsurers set forth on Schedule 4.19, be or become a party to any Reinsurance Agreement (whether in effect as of the Restatement Effective Date or at any time thereafter) with any reinsurer not rated “A-”or better by A.M. Best &Company or an insurer financial strength rating of “BBB+", or better, by Standard and Poor’s, unless (y) the aggregate amount of reinsurance recoverable due from such reinsurers with ratings below such level does not exceed $5,000,000, or (z) such reinsurer has either (A) provided a letter of credit issued by a United States bank having a long term senior debt rating of “A”or better by Standard &Poor’s and Xxxxx’x, in favor of the Applicant or the applicable Insurance Subsidiary in an amount equal to or greater than the obligations transferred pursuant to such Reinsurance Agreement, (B) placed the assets transferred by the Insurance Subsidiary pursuant to such Reinsurance Agreement in a trust with a fiduciary and under terms, including investment restrictions consistent with this Agreement, satisfactory to the Agent, or (C) otherwise provided collateral in favor of the Applicant or the applicable Insurance Subsidiary in form and amount satisfactory to the Required Banks, (ii) enter into any Reinsurance Agreements, or make any amendment or modification to or waiver of any Reinsurance Agreements, that would, individually or in the aggregate, be reasonably likely to have a Material Adverse Effect, or (iii) be or become a party to any Surplus Relief Reinsurance Agreement if the increase in Consolidated Statutory Surplus as a result of or arising from such Surplus Relief Reinsurance Agreement, when added to the increase in Consolidated Statutory Surplus as a result of or arising from all other Surplus Relief Reinsurance Agreements theretofore entered into by any Insurance Subsidiary, net of any surplus relief recaptured in respect of such Surplus Relief Reinsurance Agreements, exceeds the lesser of (y) ten percent (10%) of Consolidated Statutory Surplus as of the most recent fiscal year end, or (z) $45,000,000.
Reinsurance Agreements. Without limiting the foregoing, the Company shall timely pay all reinsurance premiums due to the reinsurer under such Shared Reinsurance Agreements with respect to the policies other than Covered Insurance Policies, and collect from such reinsurer all reinsurance recoverables due thereunder with respect to the policies other than the Covered Insurance Policies. Notwithstanding the foregoing, in the event that the Company materially fails to perform its obligations under this Section 3.7 with respect to such Shared Reinsurance Agreement, then upon written notice to the Company, the Administrator may assume the authority and responsibility to manage and administer the portion of such Shared Reinsurance Agreement that does not relate to the Covered Insurance Policies, and the Company shall use reasonable best efforts timely to provide any data, information, premiums and other amounts necessary in connection with such management and administration and shall otherwise cooperate in good faith with the Administrator. In the event that (i) the Company has not materially failed to perform its obligation under this Section 3.7 with respect to a Shared Reinsurance Agreement but (ii) the Company is determined to be obligated to provide consolidated reporting with respect to such Shared Reinsurance Agreement, the Parties shall cooperate in good faith to develop a mutually agreeable method to manage and administer such Shared Reinsurance Agreement.
Reinsurance Agreements. IGF will execute the Reinsurance Agreements.
