Addendum No. 1 to Excess Catastrophe Reinsurance Contract



 Exhibit 10.24 
 Addendum No. 1 
 to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to

 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of

 Homeowners Choice Property and Casualty Insurance Company 
 (hereinafter referred to collectively as the “Company”) 
 It Is Hereby Agreed,
effective on June 1, 2008, Local Standard Time at the location where the loss occurrence commences, that this Contract shall be amended as follows: 
  

	1.	Paragraph A of Article VI - Reinstatement - shall be deleted and the following substituted therefor: 

  

	 	“A.	In the event all or any portion of the reinsurance under any excess layer of reinsurance coverage provided by this Contract is exhausted by loss, the amount so exhausted shall be
reinstated immediately from the time the loss occurrence commences hereon. 

  

	 	1.	As respects each amount so reinstated under the first excess layer, the Company shall pay no additional premium. 

  

	 	2.	As respects each amount so reinstated under the second excess layer, the Company agrees to pay additional premium equal to the product of the following: 

  

	 	a.	The percentage of the occurrence limit for the excess layer reinstated (based on the loss paid by the Reinsurer under that excess layer); times 

  

	 	b.	The earned reinsurance premium for the excess layer reinstated for the term of this Contract (exclusive of reinstatement premium). 

  


			
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	 	3.	As respects each amount so reinstated under the third and fourth excess layers, the Company agrees to pay additional premium equal to the product of the following:


  

	 	a.	The percentage of the occurrence limit for the excess layer reinstated (based on the loss paid by the Reinsurer under that excess layer); times 

  

	 	b.	135% of the earned reinsurance premium for the excess layer reinstated for the term of this Contract (exclusive of reinstatement premium).” 

  

	2.	Article XIII - Reinsurance Premium - shall be deleted and the following substituted therefor: 

 “Article XIII - Reinsurance Premium 
  

	 	A.	As respects the first and second excess layers of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer premium for the first and second excess layers
equal to the amount, shown as ‘Contract Reinsurance Premium’ for that excess layer in Schedule A attached hereto, payable in four installments. The first and second installments shall each be an amount equal to 20.0% of the ‘Contract
Reinsurance Premium’ for that excess layer in Schedule A attached hereto, and are due on June 1 and September 1 of 2008. The third and fourth installments shall each be an amount equal to 30.0% of the ‘Contract Reinsurance
Premium’ for that excess layer in Schedule A attached hereto, and are due on December 1, 2008 and March 1, 2009. In the event this Contract is terminated in accordance with the provisions of paragraph B of the Commencement and
Termination Article, no premium installments shall be due after the effective date of termination; however, notwithstanding the foregoing and subject to no known losses for any excess layer hereunder, the Reinsurer shall be due a pro rata portion of
the ‘Contract Reinsurance Premium’ for that excess layer in Schedule A attached hereto as of the effective date of termination. 

 Notwithstanding the provisions above, in the event of a loss to the first or second excess layer hereunder and as respects any offset provided herein for the loss paid by the Reinsurer for that excess layer, in lieu
of the ‘Contract Reinsurance Premium’ percentages set forth above, the four installments shall be due on the aforementioned dates and shall be an amount equal to 25.0% of the ‘Contract Reinsurance Premium’ for that excess layer
in Schedule A attached hereto. 
  

	 	B.	As respects the third and fourth excess layers of reinsurance coverage provided by this Contract, the following shall apply: 

  

	 	1.	The Company shall pay the Reinsurer the greater of the following: 

  

	 	a.	The amount shown as ‘Contract Minimum Premium’ (or a pro rata portion thereof if this Contract is terminated prior to May 31, 2009, subject to no known losses) for
that excess layer in Schedule A attached hereto; or 

  

	 	b.	The sum of the Company’s aggregate total insured value for policies that include wind coverage in force on September 30, 2008, multiplied by the percentage shown as
‘Adjustment Rate’ for that excess layer in Schedule A attached hereto. 

  


			
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	 	2.	The Company shall pay the Reinsurer a deposit premium for the third and fourth excess layers equal to the amount, shown as ‘Contract Deposit Premium’ for that excess layer
in Schedule A attached hereto, payable in four installments. The first and second installments shall each be an amount equal to 20.0% of the ‘Contract Deposit Premium’ for that excess layer in Schedule A attached hereto, and are due on
June 1 and September 1 of 2008. The third and fourth installments shall each be an amount equal to 30.0% of the ‘Contract Deposit Premium’ for that excess layer in Schedule A attached hereto, and are due on December 1, 2008
and March 1, 2009. In the event this Contract is terminated in accordance with the provisions of paragraph B of the Commencement and Termination Article, no deposit premium installments shall be due after the effective date of termination;
however, notwithstanding the foregoing and subject to no known losses for any excess layer hereunder, the Reinsurer shall be due a pro rata portion of the ‘Contract Deposit Premium’ for that excess layer in Schedule A attached hereto as of
the effective date of termination. 

 Notwithstanding the provisions above, in the event of a loss to the third or fourth
excess layer hereunder and as respects any offset provided herein for the loss paid by the Reinsurer for that excess layer, in lieu of the ‘Contract Deposit Premium’ percentages set forth above, the four installments shall be due on the
aforementioned dates and shall be an amount equal to 25.0% of the ‘Contract Deposit Premium’ for that excess layer in Schedule A attached hereto. 
  

	 	3.	Within 30 days after the effective date of termination or expiration, or within 30 days after September 30, 2008 (the date to be selected by the Company), the Company shall
provide a report to the Reinsurer setting forth the premium due hereunder for the third and fourth layer, computed in accordance with subparagraph 1 above, and any additional premium due the Reinsurer or return premium due the Company for the third
and fourth excess layer shall be promptly remitted.” 

  

	 	3.	Schedule A attached to the Contract shall be deleted and replaced by Schedule A (Revised: June 1, 2008) attached to and forming part of this Addendum. 


The provisions of this Contract shall remain otherwise unchanged. 
 In
Witness Whereof, the Company by its duly authorized representative has executed this Addendum as of the date under mentioned at: 
  

			
	Port St. Lucie, Florida, this 23rd
day of October in the year 2008.


			
		
		  	 



		  	Homeowners Choice Property and Casualty Insurance Company (for and on behalf of the “Company”)

  


			
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 Schedule A 
 (Revised: June 1, 2008) 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective:
June 1, 2008 
 issued to 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are
now or 
 hereafter come under the ownership, control or management of 
 Homeowners Choice Property and Casualty Insurance Company 
  

															
	 	  	First
Excess	  	Second
Excess	  	Third
Excess	 	 	Fourth
Excess	 
	 Company’s Retention
	  	$	3,225,000	  	$	13,250,000	  	$	26,000,000	 	 	$	40,000,000	 
					
	 Reinsurer’s Per Occurrence Limit
	  	$	9,025,000	  	$	12,750,000	  	$	14,000,000	 	 	$	45,000,000	 
					
	 Reinsurer’s Term Limit
	  	$	18,050,000	  	$	25,500,000	  	$	28,000,000	 	 	$	90,000,000	 
					
	 Contract Minimum Premium
	  	 	N/A	  	 	N/A	  	$	1,960,000	 	 	$	3,780,000	 
					
	 Adjustment Rate
	  	 	N/A	  	 	N/A	  	 	0.03689	%	 	 	0.07115	%
					
	 Contract Deposit Premium
	  	 	N/A	  	 	N/A	  	$	2,450,000	 	 	$	4,725,000	 
					
	 Contract Reinsurance Premium
	  	$	5,144,250	  	$	4,398,750	  	 	N/A	 	 	 	N/A	 

 The figures listed above for each excess layer shall apply to each Subscribing Reinsurer in the percentage share
for that excess layer as expressed in its Interests and Liabilities Agreement attached hereto. 
  


			
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 Schedule A
	 	


	 









 Addendum No. 1 
 to the 
 Interests and Liabilities Agreement 
 of 
 DaVinci Reinsurance Ltd. 
 Hamilton, Bermuda 
 by 
 Renaissance Underwriting Managers 
 Hamilton, Bermuda 
 (hereinafter referred to as the “Subscribing Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective:
June 1, 2008 
 issued to 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are
now or 
 hereafter come under the ownership, control or management of 
 Homeowners Choice Property and Casualty Insurance Company 
 (hereinafter
referred to collectively as the “Company”) 
 The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the
Company, as part of the Contract, effective on June 1, 2008, Local Standard Time at the location where the loss occurrence commences. 
 In Witness
Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Addendum as of the date undermentioned at: 
  

			
	Hamilton, Bermuda, this 13 day of November in the year 2008.


			
		
		  	 



		  	Renaissance Underwriting Managers
		  	(for and on behalf of DaVinci Reinsurance Ltd.)

 

 
  


			
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 Addendum No. 1 
 to the 
 Interests and Liabilities Agreement 
  

					
		 	of            	 	



 Flagstone Reassurance Suisse SA - Bermuda Branch 
 Hamilton, Bermuda 
 (hereinafter
referred to as the “Subscribing Reinsurer”) 
 With respect to the 
 Excess Catastrophe 
 Reinsurance
Contract 
 Effective: June 1, 2008 
 issued to 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of 
 Homeowners Choice Property and Casualty Insurance Company 

(hereinafter referred to collectively as the “Company”) 
 The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the Company, as part of the Contract, effective on June 1, 2008, Local Standard Time at the location where the loss
occurrence commences. 
 In Witness Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Addendum as of
the date undermentioned at: 
  

			
	Hamilton, Bermuda, this 12th day of
November in the year 2008.
		
		  	 



		  	Flagstone Reassurance Suisse SA – Bermuda Branch

  


			
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 Addendum No. 1 
 to the 
 Interests and Liabilities Agreement 
 of 
 Motors Insurance Corporation 
 Detroit, Michigan 
 by 
 GMAC Re Corporation 
 Mt. Laurel, New Jersey

 (hereinafter referred to as the “Subscribing Reinsurer”) 
 with respect to the 
 Excess Catastrophe

 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are
now or 
 hereafter come under the ownership, control or management of 
 Homeowners Choice Property and Casualty Insurance Company 
 (hereinafter referred to
collectively as the “Company”) 
 The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the Company, as part
of the Contract, effective on June 1, 2008, Local Standard Time at the location where the loss occurrence commences. 
 In Witness Whereof, the
Subscribing Reinsurer by its duly authorized representative has executed this Addendum as of the date undermentioned at: 
  

			
	Mt. Laurel, New Jersey, this 14th
day of November in the year 2008.
		
		  	 



		  	MAIDEN RE LLC FKA (GMAC Re Corporation)
		  	(for and on behalf of Motors Insurance Corporation)

  


			
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 Addendum No. 1 
 to the 
 Interests and Liabilities Agreement 
 of 
 Hannover Re (Bermuda), Ltd. 
 Hamilton, Bermuda 
 (hereinafter referred to as the “Subscribing
Reinsure”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to

 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of

 Homeowners Choice Property and Casualty Insurance Company 
 (hereinafter referred to collectively as the “Company”) 
 The Subscribing Reinsurer hereby accepts
Addendum No. 1, as duly executed by the Company, as part of the Contract, effective on June 1, 2008, Local Standard Time at the location where the loss occurrence commences. 
 In Witness Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Addendum as of the date undermentioned at: 
  

			
	Hamilton, Bermuda, this 24th day of
November in the year 2008.
		
		  	 



		  	Hannover Re (Bermuda), Ltd.

  

					
	

	  	

	  	

  


			
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 Endorsement No. 1 
 to the 
 Termination Addendum 
 to the 
 Interests and Liabilities Agreement 
 of 
 Lehman Re Ltd. 
 Hamilton, Bermuda 
 (hereinafter
referred to as the “Subscribing Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance
Contract 
 Effective: June 1, 2008 
 issued to 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of 
 Homeowners Choice Property and Casualty Insurance Company 

(hereinafter referred to collectively as the “Company”) 
 The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the Company, as part of the Contract, effective retroactively to June 1, 2008, Local Standard Time at the location where the
loss occurrence commences. 
 In Witness Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Addendum as
of the date undermentioned at: 
  

			
	 Hamilton, Bermuda, this 16 day of March in the year 2008.

		
		  	 



		  	 Lehman Re Ltd.

		  	Provisional Liquidators Appointed

  


			
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 Addendum No. 1 
 to the 
 Interests and Liabilities Agreement 
 of 
 Montpelier Reinsurance Ltd. 
 Pembroke, Bermuda 
 (hereinafter referred to as the “Subscribing
Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to

 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of

 Homeowners Choice Property and Casualty Insurance Company 
 (hereinafter referred to collectively as the “Company”) 
 The Subscribing Reinsurer hereby
accepts Addendum No. 1, as duly executed by the Company, as part of the Contract, effective on June 1, 2008, Local Standard Time at the location where the loss occurrence commences. 
 In Witness Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Addendum as of the date undermentioned at: 

 

			
	 Hamilton, Bermuda, this 13th day of November in the year 2009.

		
		  	 



		  	Montpelier Reinsurance Ltd. CANDB 38495-10/20/30/40

  


			
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 Addendum No. 1 
 to the 
 Interests and Liabilities Agreement 
 of 
 New Castle Reinsurance Company Ltd. 
 Hamilton, Bermuda 
 (hereinafter
referred to as the “Subscribing Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance
Contract 
 Effective: June 1, 2008 
 issued to 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of 
 Homeowners Choice Property and Casualty Insurance Company 

(hereinafter referred to collectively as the “Company”) 
 The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the Company, as part of the Contract, effective on June 1, 2008, Local Standard Time at the location where the loss occurrence
commences. 
 In Witness Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Addendum as of the
date undermentioned at: 
  

			
	 Hamilton, Bermuda, this 12 day of November in the year 2008.

		
		  	 



		  	New Castle Reinsurance Company Ltd.

  


			
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 Addendum No. 1 
 to the 
 Interests and Liabilities Agreement 
 of 
 PARIS RE 
 Paris, France 
 (hereinafter referred to as the “Subscribing
Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to

 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of

 Homeowners Choice Property and Casualty Insurance Company  
 (hereinafter referred to collectively as the “Company”) 
 The Subscribing
Reinsurer hereby accepts Addendum No. 1, as duly executed by the Company, as part of the Contract, effective on June 1, 2008, Local Standard Time at the location where the loss occurrence commences. 
 In Witness Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Addendum as of the date undermentioned at:

  

			
	 Paris France, this 17 day of November in the year 2008.

		
		  	



  


			
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 Addendum No. 1 
 to the 
 Interests and Liabilities Agreement 
 of 
 QBE Reinsurance Corporation 
 Philadelphia, Pennsylvania 
 (hereinafter referred to as the “Subscribing
Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued
to 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of

 Homeowners Choice Property and Casualty Insurance Company  
 (hereinafter referred to collectively as the “Company”) 
 The Subscribing Reinsurer
hereby accepts Addendum No. 1, as duly executed by the Company, as part of the Contract, effective on June 1, 2008, Local Standard Time at the location where the loss occurrence commences. 
 In Witness Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Addendum as of the date undermentioned at:

  

			
	 New York, New York, this 14th day of November in the year 2008.

		
		  	 



		  	 QBE Reinsurance Corporation


  


			
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 Addendum No. 1 
 to the 
 Interests and Liabilities Agreement 
 of 
 Renaissance Reinsurance, Ltd. 
 Hamilton, Bermuda 
 (hereinafter
referred to as the “Subscribing Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance
Contract 
 Effective: June 1, 2008 
 issued to 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of 
 Homeowners Choice Property and Casualty Insurance Company 

(hereinafter referred to collectively as the “Company”) 
 The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the Company, as part of the Contract, effective on June 1, 2008, Local Standard Time at the location where the loss occurrence
commences. 
 In Witness Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Addendum as of the date
undermentioned at: 
  

			
	 Hamilton, Bermuda, this 13 day of November in the year 2008.

		
		  	 



		  	Renaissance Reinsurance, Ltd.
		  	 




  


			
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 Addendum No. 1 
 to the 
 Interests and Liabilities Agreement 
 of 
 Tokio Millennium Re Ltd. 
 Hamilton, Bermuda 
 (hereinafter referred to as the “Subscribing
Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to

 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of

 Homeowners Choice Property and Casualty Insurance Company 
 (hereinafter referred to collectively as the “Company”) 
 The Subscribing Reinsurer hereby accepts
Addendum No. 1, as duly executed by the Company, as part of the Contract, effective on June 1, 2008, Local Standard Time at the location where the loss occurrence commences. 
 In Witness Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Addendum as of the date undermentioned at: 
  

			
	 Hamilton, Bermuda, this 1st day of December in the year 2008.

		
		  	 



		  	Tokio Millennium Re Ltd.

  


			
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 Addendum No. 1 
 to the 
 Interests and Liabilities Agreement 
 of 
 Wentworth Insurance Company Limited 
 Christ Church, Barbados 
 (hereinafter
referred to as the “Subscribing Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to

 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of

 Homeowners Choice Property and Casualty Insurance Company 
 (hereinafter referred to collectively as the “Company”) 
 The Subscribing Reinsurer hereby accepts
Addendum No. 1, as duly executed by the Company, as part of the Contract, effective on June 1, 2008, Local Standard Time at the location where the loss occurrence commences. 
 In Witness Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Addendum as of the date undermentioned at: 
  

			
	 Christ Church, Barbados, this 8th day of December in the year 2008.

		
		  	 



		  	Wentworth Insurance Company Limited

  


			
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 Addendum No. 1 
 to the 
 Interests and Liabilities Agreement 
 of 
 XL Re Ltd 
 Hamilton, Bermuda 
 (hereinafter referred to as the “Subscribing
Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to

 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of

 Homeowners Choice Property and Casualty Insurance Company 
 (hereinafter referred to collectively as the “Company”) 
 The Subscribing Reinsurer hereby accepts
Addendum No. 1, as duly executed by the Company, as part of the Contract, effective on June 1, 2008, Local Standard Time at the location where the loss occurrence commences. 
 In Witness Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Addendum as of the date undermentioned at: 
  

			
	 Hamilton, Bermuda, this 17th day of November in the year 2008.

		
		  	 



		  	 XL Re Ltd

		  	Our Ref: 7154/01/2008

  


			
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 Addendum No. 1 
 to the 
 Interests and Liabilities Agreement 
 of 
 Amlin Bermuda Limited 
 Hamilton, Bermuda 
 (hereinafter referred of as the “Subscribing
Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to

 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of

 Homeowners Choice Property and Casualty Insurance Company 
 (hereinafter referred to collectively as the “Company”) 
 The Subscribing Reinsurer hereby
accepts Addendum No. 1, as duly executed by the Company, as part of the Contract, effective on June 1, 2008, Local Standard Time at the location where the loss occurrence commences. 
 In Witness Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Addendum as of the date undermentioned at:

  

			
	 Hamilton, Bermuda, this 18th day of November in the year 2008.

		
		  	 



		  	Amlin Bermuda Limited

  


			
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 Addendum No. 1 
 to the 
 Interests and Liabilities Agreement 
 of 
 Certain Insurance Companies 
 shown in the Signing Page(s) attached hereto 
 (hereinafter referred to as the
“Subscribing Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to

 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of

 Homeowners Choice Property and Casualty Insurance Company 
 (hereinafter referred to collectively as the “Company”) 
 The Subscribing Reinsurer hereby accepts
Addendum No. 1, as duly executed by the Company, as part of the Contract, effective on June 1, 2008, Local Standard Time at the location where the loss occurrence commences. 
 Signed for and on behalf of the Subscribing Reinsurer in the Signing Page(s) attached hereto. 
  


			
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 Signing Page 
 attaching to and forming part of 
 Addendum No. 1 
 to the 
 Interests and Liabilities
Agreement 
 of 
 Certain
Insurance Companies 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to
and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company, et al, 
 as defined in the above captioned Contract 
  


			
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 Addendum No. 1 
 to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to 
 Homeowners Choice Property and
Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of 
 Homeowners Choice Property
and Casualty Insurance Company 
 (hereinafter referred to collectively as the “Company”) 
 It Is Hereby Agreed, effective on June 1, 2008, Local Standard Time at the location where the loss occurrence commences, that this Contract shall be amended
as follows: 
  

	1.	Paragraph A of Article VI - Reinstatement - shall be deleted and the following substituted therefor: 

  

	 	“A.	In the event all or any portion of the reinsurance under any excess layer of reinsurance coverage provided by this Contract is exhausted by loss, the amount so exhausted shall be
reinstated immediately from the time the loss occurrence commences hereon. 

  

	 	1.	As respects each amount so reinstated under the first excess layer, the Company shall pay no additional premium. 

  

	 	2.	As respects each amount so reinstated under the second excess layer, the Company agrees to pay additional premium equal to the product of the following: 

  

	 	a.	The percentage of the occurrence limit for the excess layer reinstated (based on the loss paid by the Reinsurer under that excess layer); times 

  

	 	b.	The earned reinsurance premium for the excess layer reinstated for the term of this Contract (exclusive of reinstatement premium). 

  


			
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	Page 1 of 3	 










	 	3.	As respects each amount so reinstated under the third and fourth excess layers, the Company agrees to pay additional premium equal to the product of the following:


  

	 	a.	The percentage of the occurrence limit for the excess layer reinstated (based on the loss paid by the Reinsurer under that excess layer); times 

  

	 	b.	135% of the earned reinsurance premium for the excess layer reinstated for the term of this Contract (exclusive of reinstatement premium).” 

  

	2.	Article XIII - Reinsurance Premium - shall be deleted and the following substituted therefor: 

 “Article XIII - Reinsurance Premium 
  

	 	A.	As respects the first and second excess layers of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer premium for the first and second excess layers
equal to the amount, shown as ‘Contract Reinsurance Premium’ for that excess layer in Schedule A attached hereto, payable in four installments. The first and second installments shall each be an amount equal to 20.0% of the ‘Contract
Reinsurance Premium’ for that excess layer in Schedule A attached hereto, and are due on June 1 and September 1 of 2008. The third and fourth installments shall each be an amount equal to 30.0% of the ‘Contract Reinsurance
Premium’ for that excess layer in Schedule A attached hereto, and are due on December 1, 2008 and March 1, 2009. In the event this Contract is terminated in accordance with the provisions of paragraph B of the Commencement and
Termination Article, no premium installments shall be due after the effective date of termination; however, notwithstanding the foregoing and subject to no known losses for any excess layer hereunder, the Reinsurer shall be due a pro rata portion of
the ‘Contract Reinsurance Premium’ for that excess layer in Schedule A attached hereto as of the effective date of termination. 

 Notwithstanding the provisions above, in the event of a loss to the first or second excess layer hereunder and as respects any offset provided herein for the loss paid by the Reinsurer for that excess layer, in lieu
of the ‘Contract Reinsurance Premium’ percentages set forth above, the four installments shall be due on the aforementioned dates and shall be an amount equal to 25.0% of the ‘Contract Reinsurance Premium’ for that excess layer
in Schedule A attached hereto. 
  

	 	B.	As respects the third and fourth excess layers of reinsurance coverage provided by this Contract, the following shall apply: 

  

	 	1.	The Company shall pay the Reinsurer the greater of the following: 

  

	 	a.	The amount shown as ‘Contract Minimum Premium’ (or a pro rata portion thereof if this Contract is terminated prior to May 31, 2009, subject to no known losses) for
that excess layer in Schedule A attached hereto; or 

  

	 	b.	The sum of the Company’s aggregate total insured value for policies that include wind coverage in force on September 30, 2008, multiplied by the percentage shown as
‘Adjustment Rate’ for that excess layer in Schedule A attached hereto. 

  


			
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	Page 2 of 3	 










	 	2.	The Company shall pay the Reinsurer a deposit premium for the third and fourth excess layers equal to the amount, shown as ‘Contract Deposit Premium’ for that excess layer
in Schedule A attached hereto, payable in four installments. The first and second installments shall each be an amount equal to 20.0% of the ‘Contract Deposit Premium’ for that excess layer in Schedule A attached hereto, and are due on
June 1 and September 1 of 2008. The third and fourth installments shall each be an amount equal to 30.0% of the ‘Contract Deposit Premium’ for that excess layer in Schedule A attached hereto, and are due on December 1, 2008 and
March 1, 2009. In the event this Contract is terminated in accordance with the provisions of paragraph B of the Commencement and Termination Article, no deposit premium installments shall be due after the effective date of termination; however,
notwithstanding the foregoing and subject to no known losses for any excess layer hereunder, the Reinsurer shall be due a pro rata portion of the ‘Contract Deposit Premium’ for that excess layer in Schedule A attached hereto as of the
effective date of termination. 

 Notwithstanding the provisions above, in the event of a loss to the third or fourth excess
layer hereunder and as respects any offset provided herein for the loss paid by the Reinsurer for that excess layer, in lieu of the ‘Contract Deposit Premium’ percentages set forth above, the four installments shall be due on the
aforementioned dates and shall be an amount equal to 25.0% of the ‘Contract Deposit Premium’ for that excess layer in Schedule A attached hereto. 
  

	 	3.	Within 30 days after the effective date of termination or expiration, or within 30 days after September 30, 2008 (the date to be selected by the Company), the Company shall
provide a report to the Reinsurer setting forth the premium due hereunder for the third and fourth layer, computed in accordance with subparagraph 1 above, and any additional premium due the Reinsurer or return premium due the Company for the third
and fourth excess layer shall be promptly remitted.” 

  

	 	3.	Schedule A attached to the Contract shall be deleted and replaced by Schedule A (Revised: June 1,2008) attached to and forming part of this Addendum. 


The provisions of this Contract shall remain otherwise unchanged. 
 In
Witness Whereof, the Company by its duly authorized representative has executed this Addendum as of the date undermentioned at: 
  

			
	 Port St. Lucie, Florida, this 23rd day of October in the year 2008.

		
		  	 



		  	Homeowners Choice Property and Casualty Insurance Company (for and on behalf of the “Company”)

  


			
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	Page 3 of 3	 









 Schedule A 
 (Revised: June 1, 2008) 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective:
June 1, 2008 
 issued to 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are
now or 
 hereafter come under the ownership, control or management of 
 Homeowners Choice Property and Casualty Insurance Company 
  

															
	 	  	First
Excess	  	Second
Excess	  	Third
Excess	 	 	Fourth
Excess	 
	 Company’s Retention
	  	$	3,225,000	  	$	13,250,000	  	$	26,000,000	 	 	$	40,000,000	 
					
	 Reinsurer’s Per Occurrence Limit
	  	$	9,025,000	  	$	12,750,000	  	$	14,000,000	 	 	$	45,000,000	 
					
	 Reinsurer’s Term Limit
	  	$	18,050,000	  	$	25,500,000	  	$	28,000,000	 	 	$	90,000,000	 
					
	 Contract Minimum Premium
	  	 	N/A	  	 	N/A	  	$	1,960,000	 	 	$	3,780,000	 
					
	 Adjustment Rate
	  	 	N/A	  	 	N/A	  	 	0.03689	%	 	 	0.07115	%
					
	 Contract Deposit Premium
	  	 	N/A	  	 	N/A	  	$	2,450,000	 	 	$	4,725,000	 
					
	 Contract Reinsurance Premium
	  	$	5,144,250	  	$	4,398,750	  	 	N/A	 	 	 	N/A	 

 The figures listed above for each excess layer shall apply to each Subscribing Reinsurer in the percentage share
for that excess layer as expressed in its Interests and Liabilities Agreement attached hereto. 
  


			
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	Schedule A	 









 Addendum No. 2 
 to the 
 Interests and Liabilities Agreement 
 of 
 Certain Underwriting Members of Lloyd’s 
 shown in the Signing Page(s) attached hereto 
 (hereinafter referred to as the “Subscribing Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance
Contract 
 Effective: June 1, 2008 
 issued to 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of 
 Homeowners Choice Property and Casualty Insurance Company 

(hereinafter referred to collectively as the “Company”) 
 The Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the Company, as part of the Contract, effective on June 1, 2008, Local Standard Time at the location where the loss
occurrence commences. 
 Signed for and on behalf of the Subscribing Reinsurer in the Signing Page(s) attached hereto. 
  


			
	 08\H3O1015
	 	











 Signing Page 
 attaching to and forming part of 
 Addendum No. 2 
 to the 
 Interests and Liabilities
Agreement 
 of 
 Certain
Underwriting Members of Lloyd’s 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to
and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company, et al, 
 as defined in the above captioned Contract 
  


			
	 08\H3O1015
	 	











 Addendum No. 1 
 to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to 
 Homeowners Choice Property and
Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of 
 Homeowners Choice Property
and Casualty Insurance Company 
 (hereinafter referred to collectively as the “Company”) 
 It Is Hereby Agreed, effective on June 1, 2008, Local Standard Time at the location where the loss occurrence commences, that this Contract shall be amended as
follows: 
  

	1.	Paragraph A of Article VI - Reinstatement - shall be deleted and the following substituted therefor: 

  

	 	“A.	In the event all or any portion of the reinsurance under any excess layer of reinsurance coverage provided by this Contract is exhausted by loss, the amount so exhausted shall be
reinstated immediately from the time the loss occurrence commences hereon. 

  

	 	1.	As respects each amount so reinstated under the first excess layer, the Company shall pay no additional premium. 

  

	 	2.	As respects each amount so reinstated under the second excess layer, the Company agrees to pay additional premium equal to the product of the following: 

  

	 	a.	The percentage of the occurrence limit for the excess layer reinstated (based on the loss paid by the Reinsurer under that excess layer); times 

  

	 	b.	The earned reinsurance premium for the excess layer reinstated for the term of this Contract (exclusive of reinstatement premium). 

  


			
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	Page 1 of 3	 










	 	3.	As respects each amount so reinstated under the third and fourth excess layers, the Company agrees to pay additional premium equal to the product of the following:


  

	 	a.	The percentage of the occurrence limit for the excess layer reinstated (based on the loss paid by the Reinsurer under that excess layer); times 

  

	 	b.	135% of the earned reinsurance premium for the excess layer reinstated for the term of this Contract (exclusive of reinstatement premium).” 

  

	2.	Article XIII - Reinsurance Premium - shall be deleted and the following substituted therefor: 

 “Article XIII - Reinsurance Premium 
  

	 	A.	As respects the first and second excess layers of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer premium for the first and second excess layers
equal to the amount, shown as ‘Contract Reinsurance Premium’ for that excess layer in Schedule A attached hereto, payable in four installments. The first and second installments shall each be an amount equal to 20.0% of the ‘Contract
Reinsurance Premium’ for that excess layer in Schedule A attached hereto, and are due on June 1 and September 1 of 2008. The third and fourth installments shall each be an amount equal to 30.0% of the ‘Contract Reinsurance
Premium’ for that excess layer in Schedule A attached hereto, and are due on December 1, 2008 and March 1, 2009. In the event this Contract is terminated in accordance with the provisions of paragraph B of the Commencement and
Termination Article, no premium installments shall be due after the effective date of termination; however, notwithstanding the foregoing and subject to no known losses for any excess layer hereunder, the Reinsurer shall be due a pro rata portion of
the ‘Contract Reinsurance Premium’ for that excess layer in Schedule A attached hereto as of the effective date of termination. 

 Notwithstanding the provisions above, in the event of a loss to the first or second excess layer hereunder and as respects any offset provided herein for the loss paid by the Reinsurer for that excess layer, in lieu
of the ‘Contract Reinsurance Premium’ percentages set forth above, the four installments shall be due on the aforementioned dates and shall be an amount equal to 25.0% of the ‘Contract Reinsurance Premium’ for that excess layer
in Schedule A attached hereto. 
  

	 	B.	As respects the third and fourth excess layers of reinsurance coverage provided by this Contract, the following shall apply: 

  

	 	1.	The Company shall pay the Reinsurer the greater of the following: 

  

	 	a.	The amount shown as ‘Contract Minimum Premium’ (or a pro rata portion thereof if this Contract is terminated prior to May 31, 2009, subject to no known losses) for
that excess layer in Schedule A attached hereto; or 

  

	 	b.	The sum of the Company’s aggregate total insured value for policies that include wind coverage in force on September 30, 2008, multiplied by the percentage shown as
‘Adjustment Rate’ for that excess layer in Schedule A attached hereto. 

  


			
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	Page 2 of 3	 










	 	2.	The Company shall pay the Reinsurer a deposit premium for the third and fourth excess layers equal to the amount, shown as ‘Contract Deposit Premium’ for that excess layer
in Schedule A attached hereto, payable in four installments. The first and second installments shall each be an amount equal to 20.0% of the ‘Contract Deposit Premium’ for that excess layer in Schedule A attached hereto, and are due on
June 1 and September 1 of 2008. The third and fourth installments shall each be an amount equal to 30.0% of the ‘Contract Deposit Premium’ for that excess layer in Schedule A attached hereto, and are due on December 1, 2008
and March 1, 2009. In the event this Contract is terminated in accordance with the provisions of paragraph B of the Commencement and Termination Article, no deposit premium installments shall be due after the effective date of termination;
however, notwithstanding the foregoing and subject to no known losses for any excess layer hereunder, the Reinsurer shall be due a pro rata portion of the ‘Contract Deposit Premium’ for that excess layer in Schedule A attached
hereto as of the effective date of termination. 

 Notwithstanding the provisions above, in the event of a loss to the third or
fourth excess layer hereunder and as respects any offset provided herein for the loss paid by the Reinsurer for that excess layer, in lieu of the ‘Contract Deposit Premium’ percentages set forth above, the four installments shall be due on
the aforementioned dates and shall be an amount equal to 25.0% of the ‘Contract Deposit Premium’ for that excess layer in Schedule A attached hereto. 
  

	 	3.	Within 30 days after the effective date of termination or expiration, or within 30 days after September 30, 2008 (the date to be selected by the Company), the Company shall
provide a report to the Reinsurer setting forth the premium due hereunder for the third and fourth layer, computed in accordance with subparagraph 1 above, and any additional premium due the Reinsurer or return premium due the Company for the third
and fourth excess layer shall be promptly remitted.” 

  

	 	3.	Schedule A attached to the Contract shall be deleted and replaced by Schedule A (Revised: June 1, 2008) attached to and forming part of this Addendum. 

 The provisions of this Contract shall remain otherwise unchanged. 
 In
Witness Whereof, the Company by its duly authorized representative has executed this Addendum as of the date undermentioned at: 
  

			
	 Port St. Lucie, Florida, this 23rd day of October in the year 2008.

		
		  	 



		  	 Homeowners Choice Property and casualty Insurance Company (for and on behalf of the Company”)


  


			
	 08\H3O1015
	 	


	Page 3 of 3	 









 Schedule A 
 (Revised: June 1, 2008) 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective:
June 1, 2008 
 issued to 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie. Florida 
 and 
 any other insurance companies which are
now or 
 hereafter come under the ownership, control or management of 
 Homeowners Choice Property and Casualty Insurance Company 
  

															
	 	  	First
Excess	  	Second
Excess	  	Third
Excess	 	 	Fourth
Excess	 
	 Company’s Retention
	  	$	3,225,000	  	$	13,250,000	  	$	26,000,000	 	 	$	40,000,000	 
					
	 Reinsurer’s Per Occurrence Limit
	  	$	9,025,000	  	$	12,750,000	  	$	14,000,000	 	 	$	45,000,000	 
					
	 Reinsurer’s Term Limit
	  	$	18,050,000	  	$	25,500,000	  	$	28,000,000	 	 	$	90,000,000	 
					
	 Contract Minimum Premium
	  	 	N/A	  	 	N/A	  	$	1,960,000	 	 	$	3,780,000	 
					
	 Adjustment Rate
	  	 	N/A	  	 	N/A	  	 	0.03689	%	 	 	0.07115	%
					
	 Contract Deposit Premium
	  	 	N/A	  	 	N/A	  	$	2,450,000	 	 	$	4,725,000	 
					
	 Contract Reinsurance Premium
	  	$	5,144,250	  	$	4,398,750	  	 	N/A	 	 	 	N/A	 

 The figures listed above for each excess layer shall apply to each Subscribing Reinsurer in the percentage share
for that excess layer as expressed in its Interests and Liabilities Agreement attached hereto. 
  


			
	 08\H3O1015
	 	


	Schedule A