Examples of Assumed Reinsurance Contracts in a sentence
Accordingly, underwriting gain or loss with respect to the Assumed Reinsurance Contracts for the period from January 1, 2002 through such date will be retained by St. Paul.
A limited number of the Assumed Reinsurance Contracts do not contain loss cap ratios, which means that there is no contractual limit to the losses that we may be required to pay pursuant to such Assumed Reinsurance Contracts.
It will also provide for St. Xxxx to make the Cash Contribution and for St. Xxxx and us to enter into various agreements, including the Quota Share Retrocession Agreements by which we will reinsure the Assumed Reinsurance Contracts.
A limited number of the Assumed Reinsurance Contracts do not contain these limits, which means that there is no contractual limit to the losses that we may be required to pay pursuant to such Assumed Reinsurance Contracts.
Except as noted above, the pro forma combined underwriting results assume that all other retrocessional reinsurance with respect to the Assumed Reinsurance Contracts entered into in 2002 and prior years will remain available to Platinum.
COMPETITIVE STRENGTHS We believe that we will have the benefits of being both an established business and a new market entrant because of our management's reputation and St. Xxxx Re's experience and contacts in the reinsurance market, our unencumbered capital base and our expectation that the Assumed Reinsurance Contracts and our right to seek to renew St. Xxxx Re's other contracts will be a long-term source of business to us.
In addition, certain of the Assumed Reinsurance Contracts afford the reinsured party a right to cancel coverage upon transfer of the Transferred Business to us.
Sellers have delivered to Purchaser true and complete copies of such Material Assumed Reinsurance Contracts and all amendments thereto.
Subject to the completion of the Public Offering, the ESU Offering and the St. Xxxx Investment, St. Xxxx and its subsidiaries will transfer the liabilities, related assets and rights and risks under the Assumed Reinsurance Contracts to our insurance company subsidiaries through several 100% Quota Share Retrocession Agreements.
The Assumed Reinsurance Contracts identified on Schedule 3.16(a) are referred to herein as the "Material Assumed Reinsurance Contracts." Sellers have made available to Purchaser true and complete copies of the Material Assumed Reinsurance Contracts and all amendments thereto.