EXHIBIT 10.47

 

ENDORSEMENT NO. 12

 

Attached to and made a part of
AGREEMENT OF REINSURANCE
NO. 7448
between
GENERAL REINSURANCE CORPORATION
and
PAULA INSURANCE COMPANY
AGRI-COMP INSURANCE COMPANY

 

IT IS MUTUALLY AGREED that, as respects new and renewal policies of the Company
becoming effective at and after 12:01 a.m., July 1, 2000, sub-paragraph (c) in
Article II - GENERAL CONDITIONS, DEFINITIONS AND INTERPRETATIONS of this
Agreement is amended to read as follows:

 

“(c)   Company Retention

 

The Company and its underlying reinsurers shall retain for its own account the
entire amount set forth as the Company Retention; however, this requirement
shall be satisfied if such amount is retained by the Company or its affiliated
companies under common management or common ownership of both.”

 

IN WITNESS WHEREOF, the parties hereto have caused this Endorsement to be
executed in duplicate this 14th day of May, 2001.

 

 

GENERAL REINSURANCE CORPORATION

 

/s/ Anthony J. Anastanio

 

 

Anthony J. Anastanio

 

Senior Vice President

 

 

Attest:

 

/s/ Melinda Kawanura

 

 

Melinda Kawanura

 

 

PAULA INSURANCE COMPANY

 

AGRI-COMP INSURANCE COMPANY

 

/s/ James A. Nicholson

 

 

James A. Nicholson

Attest:

 

 

GENERAL REINSURANCE CORPORATION

 

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ENDORSEMENT NO. 13

 

Attached to and made a part of
AGREEMENT OF REINSURANCE
NO. 7448
between
GENERAL REINSURANCE CORPORATION
and
PAULA INSURANCE COMPANY
AGRI-COMP INSURANCE COMPANY

 

IT IS MUTUALLY AGREED, that as respects new and renewal policies of the Company
becoming effective at and after 12:01 A.M., July 1, 2001, and policies of the
Company in force at 12:01 A.M., July 1, 2001, this Agreement is amended as
follows:

 

I -            Section 4 of Exhibit A is amended to read:

 

“Section 4 -           REINSURANCE PREMIUM

 

The Company shall pay to the Reinsurer:

 

(a)                                  For the First Excess Cover, a net rate
of          % of the Company’s earned premium for Workers’ Compensation and
Employers’ Liability Business;

 

(b)                                 For the Second Excess Cover, a net rate
of          % of the Company’s earned premium for Workers’ Compensation and
Employers’ Liability Business.”

 

II -                                 Section 4 of Exhibit B is amended to read:

 

“Section 4 - REINSURANCE PREMIUM

 

The Company shall pay to the Reinsurer          % of the Company’s earned
premium for Workers’ Compensation and Employers’ Liability Business.”

 

IN WITNESS WHEREOF, the parties hereto have caused this Endorsement to be

 

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executed in duplicate this 13th day of June, 2001.

 

 

GENERAL REINSURANCE CORPORATION

 

/s/ Anthony J. Anastanio

 

 

Anthony J. Anastanio

 

Senior Vice President

 

 

Attest:

 

/s/ Melinda Kawanura

 

PAULA INSURANCE COMPANY

Melinda Kawanura

AGRI-COMP INSURANCE COMPANY

 

/s/Jeffrey A. Snider

 

Attest:

Jeffrey A. Snider

/s/ James J. Muza

 

 

James J. Muza

 

 

Endorsement No. 13

Agreement No. 7448

 

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