Fronting Insurance Contract definition
Fronting Insurance Contract means a contract of insurance and/or reinsurance which is written by Global pursuant to this Agreement on behalf of National Indemnity or Munich Re or the relevant member of such person’s Group (solely in its capacity as fronting insurer for Converium) in respect of the proportion of the Relevant Risks set out in Clause 2.3(b) attaching during the Period provided that Fronting Insurance Contracts shall not relate to the percentage of each policy issued under the Pool Members’ Agreement representing Munich Re’s or National Indemnity’s interest under the Pool Members’ Agreement; GAI means GLOBAL AEROSPACE, INC. (formerly known as ASSOCIATED AVIATION UNDERWRITERS, INC.) a Delaware corporation. Group means in relation to a company, that company and any company which is a holding company of that company or a subsidiary of that company or of such holding company; holding company has the meaning ascribed thereto by Section 736 of the Companies A▇▇ ▇▇▇▇; Incurred Position means, in relation to Converium, such amount as may be determined in accordance with Clause 15 as being the greater of: