Carried Reserves definition
Carried Reserves means the Ceding Companies’ reserves in respect of the Ultimate Net Loss on Subject Business, including, but not limited to, reserves for Ultimate Net Loss for the Subject Business and any other reserves held with respect to the Ultimate Net Loss for the Subject Business, including case reserves and IBNR, in each case as determined in accordance with SAP and Applicable Law, sound actuarial principles, consistently applied and the preparation of the Ceding Companies’ quarterly and annual statutory financial statements, filed in their respective states of Domicile.
Carried Reserves means the net carried reserves, including claims reserves and unearned premium reserves, of the Company with respect to the Ultimate Net Loss, determined by the Company (i) in accordance with Applicable Law and applicable accounting rules, consistently applied, and (ii) without regard to reinsurance ceded by the Company to any of its Affiliates, as applicable at any time, with respect to the Subject Business. For purposes of the LPT Agreement, “Carried Reserves” shall not, at any time, exceed the Aggregate Limit minus Ultimate Net Loss paid by the Reinsurer.
Carried Reserves means, as of any date of determination, the aggregate of the statutory reserves held for the Subject Business by each Reinsured Entity to the extent such Subject Business was reinsured by such Reinsured Entity as of the Effective Date, or, with respect to Subject Business not reinsured by either Reinsured Entity as of the Effective Date, by the Primary Insurer that issued such Subject Business, including such reserves for incurred but not reported UNL; reserves for Paid UNL but not recovered hereunder; reserves for UNL reported and outstanding; and any other reserves for UNL required under the Applicable Principles, in each case and without duplication as calculated by such Person in accordance with the Applicable Principles. “Ceded Carried Reserves” means an amount equal to the Reinsurer’s Share of the Carried Reserves as such Carried Reserves are adjusted to reflect the Retention and remaining Aggregate Limit. “Closing” has the meaning given to it in the Transactions to be Effectuated at Closing Article 7. “Closing Date” means the date on which the Closing has occurred. “Co-Participation” means 20%.
Examples of Carried Reserves in a sentence
The Carried Reserves at September 30, 2025 as provided to the Reinsurer and Longtail in writing and as included in Schedule F were calculated, in all material respects, (i) in accordance with the Applicable Principles and (ii) based on the information available as of September 30, 2025 and the books and records of the Company and the Primary Insurers.
This Agreement may be terminated and commuted by either Party upon written notice to the other Party on ninety (90) days’ written notice if and after the Carried Reserves (as indicated in a Quarterly Report) falls below fifty million dollars ($50,000,000).
This Agreement may be terminated and commuted by either Party after the tenth anniversary of the Effective Date upon ninety (90) days written notice to the other Party if the sum of the Carried Reserves plus Paid UNL as of the prior calendar quarter end is less than $5,579,448,704.
More Definitions of Carried Reserves
Carried Reserves means, as of any date of determination, the aggregate of the statutory reserves held for the Subject Business by each Reinsured Entity to the extent such Subject Business was reinsured by such Reinsured Entity as of the Effective Date, or, with respect to Subject Business not reinsured by either Reinsured Entity as of the Effective Date, by the Primary Insurer that issued such Subject Business, including such reserves for incurred but not reported UNL; reserves for Paid UNL but not recovered hereunder; reserves for UNL reported and outstanding; and any other reserves for UNL required under the
Carried Reserves has the meaning specified in Section 8.7(a).
Carried Reserves means the Ceding Companies’ reserves in respect of the Subject Business, including, but not limited to, reserves for Net Loss for the Subject Business and any other reserves held with respect to the Subject Business, including case reserves and IBNR, in each case as determined in accordance with SAP, Applicable Law and sound actuarial practice, consistently applied, in every case net of all appropriate deductions, assets and contra-liabilities, including all Reinsurance Recoverables. For the avoidance of doubt, the Parties acknowledge that the Ceding Companies determined that the Carried Reserves as of the Valuation Date were equal to one billion twenty-three million seven hundred thousand Dollars ($1,023,700,000).