EXHIBIT 10.23


 


Amendment No.1


 


To


Amended and Restated


Specialty Program Business and
Insurance Risk Sharing Business


Quota Share Reinsurance
Agreement


 


This
is Amendment Number 1 (this “Amendment”), dated as of the date set forth below to
the Amended and Restated Specialty Program Business and Insurance Risk Sharing
Business Quota Share Reinsurance Agreement (“Agreement”), dated August 30,
2006, by and among Tower Insurance Company of New York and Tower National
Insurance Company (collectively the “Company”) and CastlePoint Reinsurance
Company, Ltd. (“Reinsurer”), effective as of April 1, 2006.


 


RECITALS


 


A.                                    The parties entered into the Agreement
effective as of April 1, 2006, whereby the Reinsurer agreed to reinsure Specialty
Program Business and Insurance Risk Sharing Business written by the Company
subject to the terms and conditions as set forth in the Agreement.


 


B.                                    The parties now desire to further amend the
Agreement in accordance with paragraph B of Article XXIV of the Agreement.


 


Now
therefore, in consideration of the foregoing, of the mutual covenants and
undertakings as set forth below, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereby
agree as follows:


 


1.                                      Amendment


 


A.                                    Effective April 1, 2006, Article V,
Exclusions, paragraph K is revised to read as follows:


 


“Pollution loss or liability excluded by the
provisions of the applicable ISO Pollution Exclusionary language drafted by the
Company in use at the time the policy involved is written or renewed and where
available per filed rule and not precluded by regulatory constraint. 
Further, the Reinsurers agree that this exclusion shall not apply in any case
where the Company has included such language in an original policy and/or as an
endorsement to an original policy but has sustained a loss as a result of such
exclusionary language being declared invalid or inapplicable by a court of law.”


 


B.            Effective January 1, 2007, Tower
National Insurance Company shall be neither a party nor a company within the
definition of Company and shall not cede any premiums or losses directly to the
Reinsurer.


 


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C.            The first sentence of Article III,
paragraph A, shall read “This Agreement is effective 12:01 a.m., Eastern
Standard Time, April 1, 2006 (the Effective Date”) and shall have a term
of four (4) years.


 


2.                                                              Miscellaneous


 


A.            Except as specifically set forth in this Amendment, the
Agreement shall remain in full force and effect without modification thereto.


 


B.            This Amendment may be executed by the parties hereto in
any number of counterparts, and by each of the parties hereto in separate
counterparts, each of which counterparts, when so executed and delivered, shall
be deemed to be an original, but all such counterparts shall together
constitute but one and the same instrument.


 


C.            This Amendment and all actions arising out of or in
connection with this Amendment shall be governed by and construed according to
the laws of the State of New York, exclusive of the rules with respect to
conflict of laws.


 


 


IN WITNESS
WHEREOF, the Company
and the Reinsurer have caused this Agreement to be executed.


 


 


	
   

  	
  TOWER INSURANCE COMPANY OF NEW YORK

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Francis M. Colalucci

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Francis M. Colalucci

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TOWER NATIONAL INSURANCE COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Francis M. Colalucci

  	
   

  
	
   

  	
  Name:

  	
   

  	
  Francis M. Colalucci

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CASTLEPOINT REINSURANCE COMPANY, LTD.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Joel
  S. Weiner

  	
   

  
	
   

  	
  Name:

  	
   

  	
    Joel
  S. Weiner

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
						



 


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