PRACO definition

PRACO means the Pacific Rim Assurance Company, a California corporation (to be renamed "Superior Pacific Casualty Company" following the consummation of the Acquisition ).
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Examples of PRACO in a sentence

  • A reserve increase in an amount equal to at least $12,000,000 shall have been taken at PRACO and not reversed, based on the books of business as of December 31, 1996, prior to the Closing Date.

  • PRACO does not have outstanding any securities convertible into or exchangeable for its capital stock or outstanding any rights to subscribe for or to purchase, or any options for the purchase of, or any agreements providing for the issuance (contingent or otherwise) of, or any calls, commitments or claims of any character relating to, its capital stock.

  • SNIG and the Borrower will not permit the ratio of (i) Net Premiums Written for any Test Period to (ii) Statutory Surplus as of the last day of such Test Period for PRACO and SNIC, collectively on a combined basis, to be greater than 2.50:1.00.

  • On the Closing Date, SNIG and/or its Subsidiaries shall have made a capital contribution to PRACO (the "Capital Contribution") in an aggregate amount of at least $10,000,000.

  • As of the Closing Date, all such outstanding shares of PRACO have been duly and validly issued and are fully paid and nonassessable.

Related to PRACO

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