October 31, 2005 Mr. Robert Coords Executive Vice President AIG Re
Exhibit
10.1
October
31, 2005
Xx.
Xxxxxx Xxxxxx
Executive
Vice President
AIG
Re
00
Xxxx
Xxxxxx, 00xx
Xxxxx
Xxx
Xxxx,
XX 00000
Re:
|
Agreement
to terminate and commute the Quota Share Reinsurance Contract by
and among
National Union Fire Insurance Company of Pittsburgh, PA and Coast
National
Insurance Company, Security National Insurance Company, Bristol West
Insurance Company and Bristol West Casualty Insurance
Company
|
Dear
Xxx:
Reference
is made to the Quota Share Reinsurance Contract effective as of January 1,
2005,
by and among National Union Fire Insurance Company of Pittsburgh, PA
(hereinafter referred to as the “Subscribing Reinsurer”) and Coast National
Insurance Company, Security National Insurance Company, Bristol West Insurance
Company and Bristol West Casualty Insurance Company (hereinafter together
referred to as the “Subscribing Company”) as amended to the date hereof (the
“Quota Share Agreement”). Capitalized terms used herein without definition shall
have the same meanings herein as set forth in the Quota Share
Agreement.
Provided
the parties to the Quota Share Agreement have executed a commutation agreement,
and all conditions to effectiveness set forth therein have been satisfied on
or
before January 7, 2006, the Subscribing Reinsurer and the Subscribing Company
hereby mutually agree to terminate the Quota Share Agreement on a cut-off basis
effective January 1, 2006, and the Subscribing Reinsurer hereby agrees to pay
to
the Subscribing Company the Profit Commission described in Article IX of the
Quota Share Agreement not later than January 31, 2006.
The
execution, delivery and performance of this letter agreement shall not, except
as expressly provided herein, constitute a waiver of any provision of, or
operate as a wavier of any right, power or remedy of the Subscribing Company
under the Quota Share Agreement.
On
behalf of the Subscribing Company,
Coast
National Insurance Company,
Security
National Insurance Company,
Bristol
West Insurance Company,
Bristol
West Casualty Insurance Company
/s/
XXXXX XXXXXXXXXX
Name:
Xxxxx Xxxxxxxxxx
Title:
Treasurer
Acknowledged
and Agreed:
On
behalf of the Subscribing Reinsurer,
National
Union Fire Insurance Company of Pittsburgh, PA.
/s/
XXXXXX X XXXXXX
Name:
Xxxxxx X. Xxxxxx
Title:
Attorney - In - Fact