|   |  |
|--------|--|

----

| Reinsurers                                      |   | Participations |   |
|-------------------------------------------------|--------|----------------|--------|
|                                            |   |           |   |
| ACE      Tempest Reinsurance Ltd.               |   |           | 4.0    | % |
| Actua      Re Ltd.                              |   |           | 37.0   |   |
| Ariel      Reinsurance Company Limited          |   |           | 12.0   |   |
| DaVinci      Reinsurance Ltd.                   |   |           | 9.0    |   |
| Hiscox      Insurance Company (Bermuda) Limited |   |           | 8.0    |   |
| Renaissance      Reinsurance, Ltd.              |   |           | 26.0   |   |
| Torus      Insurance (Bermuda) Limited          |   |           | 4.0    |   |
|                                            |   |           |   |   |
| Total                                           |   |           | 100.0  | % |

| Page 1 of2 |  |
|------------|--|

----

| Reinsurers                                          |   | Participations |   |
|-----------------------------------------------------|--------|----------------|--------|
|                                                |   |           |   |
| ACE      Tempest Reinsurance Ltd.                   |   |           | 4.0    | % |
| Actua      Re Ltd.                                  |   |           | 10.0   |   |
| Allianz      Risk Transfer AG (Bermuda Branch)      |   |           | 30.0   |   |
| Ariel      Reinsurance Company Limited              |   |           | 12.0   |   |
| Hiscox      Insurance Company (Bermuda) Limited     |   |           | 8.0    |   |
| Platinum      Underwriters Bermuda, Ltd.            |   |           | 22.0   |   |
| Torus      Insurance (Bermuda) Limited              |   |           | 4.0    |   |
|                                                |   |           |   |   |
| Through      Aon Limited trading as Aon Benfield    |   |           |   |   |
| Lloyd’s      Underwriters Per Signing Page(s) |   |           | 10.0   |   |
|                                                |   |           |   |   |
| Total                                               |   |           | 100.0  | % |

| Reinsurers                                     |   | Participations |   |
|------------------------------------------------|--------|----------------|--------|
|                                           |   |           |   |
| Allianz      Risk Transfer AG (Bermuda Branch) |   |           | 100.0  | % |
|                                           |   |           |   |   |
| Total                                          |   |           | 100.0  | % |

| Reinsurers                                     |   | Participations |   |
|------------------------------------------------|--------|----------------|--------|
|                                           |   |           |   |
| Allianz      Risk Transfer AG (Bermuda Branch) |   |           | 100.0  | % |
|                                           |   |           |   |   |
| Total                                          |   |           | 100.0  | % |

| Page 2 of      2 |  |
|-----------------------|--|

----

| Article | Page                                 |
|---------|--------------------------------------|
|    |                                 |   |
| I       | Coverage                             | 1 |   |
|    |                                 |   |   |
| II      | Commencement      and Termination    | 1 |   |
|    |                                 |   |   |
| III     | Concurrency      of Conditions       | 2 |   |
|    |                                 |   |   |
| IV      | Premium                              | 3 |   |
|    |                                 |   |   |
| V       | Loss      Notices and Settlements    | 3 |   |
|    |                                 |   |   |
| VI      | Late      Payments                   | 4 |   |
|    |                                 |   |   |
| VII     | Offset      (BRMA 36C)               | 5 |   |
|    |                                 |   |   |
| VIII    | Access      to Records (BRMA 1D)     | 5 |   |
|    |                                 |   |   |
| IX      | Errors      and Omissions (BRMA 14F) | 5 |   |
|    |                                 |   |   |
| X       | Currency      (BRMA 12A)             | 5 |   |
|    |                                 |   |   |
| XI      | Taxes      (BRMA 50B)                | 5 |   |
|    |                                 |   |   |
| XII     | Federal      Excise Tax (BRMA 17D)   | 6 |   |
|    |                                 |   |   |
| XIII    | Reserves                             | 6 |   |
|    |                                 |   |   |
| XIV     | Insolvency                           | 7 |   |
|    |                                 |   |   |
| XV      | Arbitration      (BRMA 6J)           | 8 |   |
|    |                                 |   |   |
| XVI     | Service      of Suit (BRMA 49C)      | 9 |   |
|    |                                 |   |   |
| XVII    | Governing      Law (BRMA 71B)        | 9 |   |
|    |                                 |   |   |
| XVIII   | Notices      and Contract Execution  | 9 |   |
|    |                                 |   |   |
| XIX     | Intermediary                         | 10 |   |
|    |                                 |   |   |
|    | Schedule      A                      |   |   |
|    |                                 |   |   |
|    | Schedule      B                      |   |   |

|   |  |
|--------|--|

----

| A. | This      Contract shall become effective at 12:01 a.m., Eastern Standard Time, July      1, 2009, with respect to reinstatement premium payable by the Company      under the Second, Third, Fourth and Fifth Excess Layers of the Original      Contract as a result of losses arising out of loss occurrences commencing      at or after that time and date, and shall remain in force until 12:01      a.m., Eastern Standard Time, July 1,2010. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | Notwithstanding      the provisions of paragraph A above, the Company may terminate a      Subscribing Reinsurer’s percentage share in this Contract at any time by      giving written notice to the Subscribing Reinsurer in the event any of the      following circumstances occur: |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1. | The      Subscribing Reinsurer’s policyholders’ surplus (or its equivalent under      the Subscribing Reinsurer’s accounting system) at the inception of this      Contract has been reduced by more than 20.0% of the amount of surplus (or      the applicable equivalent) 12 months prior to that date;  or |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | The      Subscribing Reinsurer’s policyholders’ surplus (or its equivalent under      the Subscribing Reinsurer’s accounting system) at any time during the term      of this Contract has been reduced by more than 20.0% of the amount of      surplus (or the applicable equivalent) at the date of the Subscribing      Reinsurer’s most recent financial statement filed with regulatory      authorities and available to the public as of the inception of this      Contract; or |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Page 1 |  |
|--------|--|

----

|   | 3. | The      Subscribing Reinsurer’s A.M. Best’s rating has been assigned or downgraded      below A- and/or Standard & Poor’s rating has been assigned or      downgraded below BBB+; or |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | The      Subscribing Reinsurer has become merged with, acquired by or controlled by      any other entity or individual(s) not controlling the Subscribing      Reinsurer’s operations previously;or |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5. | A      State Insurance Department or other legal authority has ordered the      Subscribing Reinsurer to cease writing business;  or |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | 6. | The      Subscribing Reinsurer has become insolvent or has been placed into      liquidation, receivership, supervision, administration, winding-up or      under a scheme of arrangement, or similar proceedings (whether voluntary      or involuntary) or proceedings have been instituted against the      Subscribing Reinsurer for the appointment of a receiver, liquidator,      rehabilitator, supervisor, administrator, conservator or trustee in      bankruptcy, or other agent known by whatever name, to take possession of      its assets or control of its operations;or |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7. | The      Subscribing Reinsurer has reinsured its entire liability under this      Contract without the Company’s prior written consent;  or |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8. | The      Subscribing Reinsurer has ceased assuming new or renewal property or      casualty treaty reinsurance business;or |
|--------|----|----------------------------------------------------------------------------------------------------------------------------|

|   | 9. | The      Subscribing Reinsurer has hired an unaffiliated runoff claims manager that      is compensated on a contingent basis or is otherwise provided with      financial incentives based on the quantum of claims  paid. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| C. | If      this Contract is terminated or expires while a loss occurrence covered      hereunder is in progress, the Reinsurer’s liability hereunder shall,      subject to the other terms and conditions of this Contract, be determined      as if the entire loss occurrence had occurred prior to the termination or      expiration of this Contract, provided that no part of such loss occurrence      is claimed against any renewal or replacement of this      Contract. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| A. | It      is agreed that this Contract will follow the terms, conditions,      exclusions, definitions, warranties and settlements of the Company under      the Original Contract, which are not inconsistent with the provisions of      this Contract. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | The      Company shall advise the Reinsurer of any material changes in the Original      Contract which may affect the liability of the Reinsurer under this      Contract. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Page 2 |  |
|--------|--|

----

| A. | As      premium for the reinsurance coverage provided hereunder for each excess      layer for the term of this Contract, the Company shall pay the Reinsurer      the product of the following: |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1. | The      amount, shown as “Reinstatement Factor” for that excess layer in Schedule      B attached hereto; times |
|--------|----|------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | The      Final Adjusted Rate on Line for the corresponding excess layer of the      Original Contract; times |
|--------|----|--------------------------------------------------------------------------------------------------------------|

|   | 3. | An      amount equal to 100% reinsurance placement percentage under the Second,      Third, Fourth and Fifth Excess Layers of the Original Contract of the      final adjusted premium paid by the Company for the corresponding excess      layer of the OriginalContract. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | The      Company shall pay the Reinsurer a deposit premium for each excess layer of      the amount, shown as “Annual Deposit Premium” for that excess layer in      Schedule B attached hereto, in four equal installments of the amount,      shown as “Deposit Premium Installment” for that excess layer in Schedule B      attached hereto, on July 1 and October 1 of 2009, and January 1 and April      1 of 2010.  However, in the event this Contract is terminated,      there shall be no deposit premium installments due after the effective      date of termination. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| C. | On      or before June 30, 2010, the Company shall provide a report to the      Reinsurer setting forth the premium due hereunder for each excess layer      for the term of this Contract, computed in accordance with paragraph A,      and any additional premium due the Reinsurer or return premium due the      Company for each such excess layer shall be remitted    promptly. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| A. | Whenever      reinstatement premium settlements made by the Company under the Second,      Third, Fourth and Fifth Excess Layers of the Original Contract appear      likely to result in a claim hereunder, the Company shall notify the      Reinsurer.  The Company will advise the Reinsurer of all      subsequent developments relating to such claims that, in the opinion of      the Company, may materially affect the position of the      Reinsurer. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | All      reinstatement premium settlements made by the Company under the Second,      Third, Fourth and Fifth Excess Layers of the Original Contract, provided      they are within the terms of the Original Contract and within the terms of      this Contract, shall be binding upon the Reinsurer, and the Reinsurer      agrees to pay all amounts for which it may be liable within 10 days of      receipt of reasonable evidence of the amount paid (or scheduled to be      paid) by the Company. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Page 3 |  |
|--------|--|

----

| A. | The      provisions of this Article shall not be implemented unless specifically      invoked, in writing, by one of the parties to this    Contract. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | In      the event any premium, loss or other payment due either party is not      received by the intermediary named in the Intermediary Article      (hereinafter referred to as the “Intermediary”) by the payment due date,      the party to whom payment is due may, by notifying the Intermediary in      writing, require the debtor party to pay, and the debtor party agrees to      pay, an interest penalty on the amount past due calculated for each such      payment on the last business day of each month as  follows: |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1. | The      number of full days which have expired since the due date or the last      monthly calculation, whichever the lesser;times |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | 1/365ths      of the six-month United States Treasury Bill rate as quoted in      The Wall Street      Journal on the first business day of the month for which the      calculation is made; times |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | The      amount past due, including accruedinterest. |
|--------|----|------------------------------------------------------|

| C. | The      establishment of the due date shall, for purposes of this Article, be      determined as follows: |
|----|------------------------------------------------------------------------------------------------------------|

|   | 1. | As      respects the payment of routine deposits and premiums due the Reinsurer,      the due date shall be as provided for in the applicable section of this      Contract.  In the event a due date is not specifically stated      for a given payment, it shall be deemed due 30 days after the date of      transmittal by the Intermediary of the initial billing for each such      payment. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | Any      claim or loss payment due the Company hereunder shall be deemed due 10      days after the proof of loss or demand for payment is transmitted to the      Reinsurer.  If such loss or claim payment is not received within      the 10 days, interest will accrue on the payment or amount overdue in      accordance with paragraph B above, from the date the proof of loss or      demand for payment was transmitted to the  Reinsurer. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | As      respects any payment, adjustment or return due either party not otherwise      provided for in subparagraphs 1 and 2 of this paragraph C, the due date      shall be as provided for in the applicable section of this      Contract.  In the event a due date is not specifically stated      for a given payment, it shall be deemed due 10 days following transmittal      of written notification that the provisions of this Article have been      invoked. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| D. | Nothing      herein shall be construed as limiting or prohibiting a Subscribing      Reinsurer from contesting the validity of any claim, or from participating      in the defense of any claim or suit, or prohibiting either party from      contesting the validity of any payment or from initiating any arbitration      or other proceeding in accordance with the provisions of this      Contract.  If the debtor party prevails in an arbitration or      other proceeding, then any interest penalties due hereunder on the amount      in dispute shall be null and void.  If the debtor party loses in      such proceeding, then the interest penalty on the amount determined to be      due hereunder shall be calculated in accordance with the provisions set      forth above unless otherwise determined by such proceedings.  If      a debtor party advances payment of any amount it is contesting, and proves      to be correct in its contestation, either in whole or in part, the other      party shall reimburse the debtor party for any such excess payment made      plus interest on the excess amount calculated in accordance with this      Article. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Page 4 |  |
|--------|--|

----

| E. | Interest      penalties arising out of the application of this Article that are $1,000      or less from any party shall be waived unless there is a pattern of late      payments consisting of three or more items over the course of any 12-month      period. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| A. | Whenever      the word “Dollars” or the “$” sign appears in this Contract, they shall be      construed to mean United States Dollars and all transactions under this      Contract shall be in United StatesDollars. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | Amounts      paid or received by the Company in any other currency shall be converted      to United States Dollars at the rate of exchange at the date such      transaction is entered on the books of the  Company. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Page 5 |  |
|--------|--|

----

| A. | The      Reinsurer has agreed to allow for the purpose of paying the Federal Excise      Tax the applicable percentage of the premium payable hereon (as imposed      under Section 4371 of the Internal Revenue Code) to the extent such      premium is subject to the Federal ExciseTax. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | In      the event of any return of premium becoming due hereunder the Reinsurer      will deduct the applicable percentage from the return premium payable      hereon and the Company or its agent should take steps to recover the tax      from the United States Government. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| A. | The      Reinsurer agrees to fund its share of amounts, including but not limited      to, the Company’s ceded unearned premium and outstanding loss reserves      (being the sum of all reinstatement premiums paid by the Company under the      Second, Third, Fourth and Fifth Excess Layers of the Original Contract but      not yet recovered from the Reinsurer, plus the Company’s reserves for      reinstatement premium due under the Second, Third, Fourth and Fifth Excess      Layers of the Original Contract, if any)by: |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1. | Clean,      irrevocable and unconditional letters of credit issued and confirmed, if      confirmation is required by the insurance regulatory authorities involved,      by a bank or banks meeting the NAIC Securities Valuation Office credit      standards for issuers of letters of credit and acceptable to said      insurance regulatory authorities;and/or |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | Escrow      accounts for the benefit of the Company;and/or |
|--------|----|------------------------------------------------------------|

|   | 3. | Cash      advances; |
|--------|----|---------------------|

|   | 1. | Is      unauthorized in any state of the United States of America or the District      of Columbia having jurisdiction over the Company and if, without such      funding, a penalty would accrue to the Company on any financial statement      it is required to file with the insurance regulatory authorities involved;      or |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | Has      an A.M. Best Company’s rating equal to or below B++ at the inception of      this Contract. |
|--------|----|------------------------------------------------------------------------------------------------------------|

| B. | With      regard to funding in whole or in part by letters of credit, it is agreed      that each letter of credit will be in a form acceptable to insurance      regulatory authorities involved, will be issued for a term of at least one      year and will include an “evergreen clause,” which automatically extends      the term for at least one additional year at each expiration date unless      written notice of non-renewal is given to the Company not less than 30      days prior to said expiration date.  The Company and the      Reinsurer further agree, notwithstanding anything to the contrary in this      Contract, that said letters of credit may be drawn upon by the Company      or  its successors in interest at any time, without diminution      because of the insolvency of the Company or the Reinsurer, but only for      one or more of the followingpurposes: |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Page 6 |  |
|--------|--|

----

|   | 1. | To      reimburse itself for the Reinsurer’s share of unearned premiums returned      to insureds on account of policy cancellations, unless paid in cash by the      Reinsurer; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | To      reimburse itself for the Reinsurer’s share of reinstatement premiums paid      by the Company under the terms of the Original Contract, unless paid in      cash by the Reinsurer; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | To      reimburse itself for the Reinsurer’s share of any other amounts claimed to      be due hereunder, unless paid in cash by the  Reinsurer; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | To      fund a cash account in an amount equal to the Reinsurer’s share of      amounts, including, but not limited to, any ceded unearned premium and/or      outstanding loss reserves (being the sum of all reinstatement premiums      paid by the Company under the Second, Third, Fourth and Fifth Excess      Layers of the Original Contract but not yet recovered from the Reinsurer,      plus the Company’s reserves for reinstatement premiums due under the      Second, Third, Fourth and Fifth Excess Layers of the Original Contract, if      any) funded by means of a letter of credit which is under non-renewal      notice, if said letter of credit has not been renewed or replaced by the      Reinsurer 10 days prior to its expirationdate; |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5. | To      refund to the Reinsurer any sum in excess of the actual amount required to      fund the Reinsurer’s share of amounts, including but not limited to, the      Company’s ceded unearned premium and/or outstanding loss reserves (being      the sum of all reinstatement premiums paid by the Company under the      Second, Third, Fourth and Fifth Excess Layers of the Original Contract but      not yet recovered from the Reinsurer, plus the Company’s reserves for      reinstatement premiums due under the Second, Third, Fourth and Fifth      Excess Layers of the Original Contract, if any), if so requested by the      Reinsurer. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| A. | In      the event of the insolvency of the Company, this reinsurance shall be      payable directly to the Company or to its liquidator, receiver,      conservator or statutory successor on the basis of the liability of the      Company without diminution because of the insolvency of the Company or      because the liquidator, receiver, conservator or statutory successor of      the Company has failed to pay all or a portion of any claim.  It      is agreed, however, that the liquidator, receiver, conservator or      statutory successor of the Company shall give written notice to the      Reinsurer of the pendency of a claim against the Company indicating the      policy or bond reinsured which claim would involve a possible liability on      the part of the Reinsurer within a reasonable time after such claim is      filed in the conservation or liquidation proceeding or in the      receivership, and that during the pendency of such claim, the Reinsurer      may investigate such claim and interpose, at its own expense, in the      proceeding where such claim is to be adjudicated, any defense or defenses      that it may deem available to the Company or its  liquidator,      receiver, conservator or statutory successor.  The expense thus      incurred by the Reinsurer shall be chargeable, subject to the approval of      the Court, against the Company as part of the expense of conservation or      liquidation to the extent of a pro rata share of the benefit which may      accrue to the Company solely as a result of the defense undertaken by the      Reinsurer. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Page 7 |  |
|--------|--|

----

| B. | Where      two or more reinsurers are involved in the same claim and a majority in      interest elect to interpose defense to such claim, the expense shall be      apportioned in accordance with the terms of this Contract as though such      expense had been incurred by theCompany. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| C. | It      is further understood and agreed that, in the event of the insolvency of      the Company, the reinsurance under this Contract shall be payable directly      by the Reinsurer to the Company or to its liquidator, receiver or      statutory successor, except as provided by Section 4118(a) of the New York      Insurance Law or except (1) where this Contract specifically provides      another payee of such reinsurance in the event of the insolvency of the      Company or (2) where the Reinsurer with the consent of the direct insured      or insureds has assumed such policy obligations of the Company as direct      obligations of the Reinsurer to the payees under such policies and in      substitution for the obligations of the Company to such      payees. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| A. | As      a condition precedent to any right of action hereunder, in the event of      any dispute or difference of opinion hereafter arising with respect to      this Contract, it is hereby mutually agreed that such dispute or      difference of opinion shall be submitted to arbitration.  One      Arbiter shall be chosen by the Company, the other by the Reinsurer, and an      Umpire shall be chosen by the two Arbiters before they enter upon      arbitration, all of whom shall be active or retired disinterested      executive officers of insurance or reinsurance companies or Lloyd’s London      Underwriters.  In the event that either party should fail to      choose an Arbiter within 30 days following a written request by the other      party to do so, the requesting party may choose two Arbiters who shall in      turn choose an Umpire before entering upon arbitration.  If the      two Arbiters fail to agree upon the selection of an Umpire within 30 days      following their appointment, each Arbiter shall nominate three candidates      within 10 days thereafter, two of whom the other shall decline, and the      decision shall be made by drawinglots. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | Each      party shall present its case to the Arbiters within 30 days following the      date of appointment of the Umpire.  The Arbiters shall consider      this Contract as an honorable engagement rather than merely as a legal      obligation and they are relieved of all judicial formalities and may      abstain from following the strict rules of law.  The decision of      the Arbiters shall be final and binding on both parties; but failing to      agree, they shall call in the Umpire and the decision of the majority      shall be final and binding upon both parties.  Judgment upon the      final decision of the Arbiters may be entered in any court of competent      jurisdiction. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| C. | If      more than one reinsurer is involved in the same dispute, all such      reinsurers shall constitute and act as one party for purposes of this      Article and communications shall be made by the Company to each of the      reinsurers constituting one party, provided, however, that nothing herein      shall impair the rights of such reinsurers to assert several, rather than      joint, defenses or claims, nor be construed as changing the liability of      the reinsurers participating under the terms of this Contract from several      to joint. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Page 8 |  |
|--------|--|

----

| D. | Each      party shall bear the expense of its own Arbiter, and shall jointly and      equally bear with the other the expense of the Umpire and of the      arbitration.  In the event that the two Arbiters are chosen by      one party, as above provided, the expense of the Arbiters, the Umpire and      the arbitration shall be equally divided between the two      parties. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| E. | Any      arbitration proceedings shall take place at a location mutually agreed      upon by the parties to this Contract, but notwithstanding the location of      the arbitration, all proceedings pursuant hereto shall be governed by the      law of the state in which the Company has its principal      office. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| A. | It      is agreed that in the event the Reinsurer fails to pay any amount claimed      to be due hereunder, the Reinsurer, at the request of the Company, will      submit to the jurisdiction of a court of competent jurisdiction within the      United States.  Nothing in this Article constitutes or should be      understood to constitute a waiver of the Reinsurer’s rights to commence an      action in any court of competent jurisdiction in the United States, to      remove an action to a United States District Court, or to seek a transfer      of a case to another court as permitted by the laws of the United States      or of any state in the UnitedStates. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | Further,      pursuant to any statute of any state, territory or district of the United      States which makes provision therefor, the Reinsurer hereby designates the      party named in its Interests and Liabilities Agreement, or if no party is      named therein, the Superintendent, Commissioner or Director of Insurance      or other officer specified for that purpose in the statute, or his      successor or successors in office, as its true and lawful attorney upon      whom may be served any lawful process in any action, suit or proceeding      instituted by or on behalf of the Company or any beneficiary hereunder      arising out of this Contract. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| A. | Whenever      a notice, statement, report or any other written communication is required      by this Contract, unless otherwise specified, such notice, statement,      report or other written communication may be transmitted by certified or      registered mail, nationally or internationally recognized express delivery      service, personal delivery, electronic mail, or facsimile.  With      the exception of notices of termination, first class mail is also      acceptable. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B. | The      use of any of the following shall constitute a valid execution of this      Contract or any amendments thereto: |
|----|--------------------------------------------------------------------------------------------------------------------------|

|   | 1. | Paper      documents with an original inksignature; |
|--------|----|-----------------------------------------------------|

| Page 9 |  |
|--------|--|

----

|   | 2. | Facsimile      or electronic copies of paper documents showing an original ink      signature; and/or |
|--------|----|-------------------------------------------------------------------------------------------------------|

|   | 3. | Electronic      records with an electronic signature made via an electronic agent. For the      purposes of this Contract, the terms “electronic record,” “electronic      signature” and “electronic agent” shall have the meanings set forth in the      Electronic Signatures in Global and National Commerce Act of 2000 or any      amendments thereto. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| C. | This      Contract may be executed in one or more counterparts, each of which, when      duly executed, shall be deemed anoriginal. |
|----|-------------------------------------------------------------------------------------------------------------------------------------|

|                                          |
|------------------------------------------|
| Federated      National InsuranceCompany |

| Page 10 |  |
|---------|--|

----

|                                             |   | Original  |      |   | Original   |   |       | Original   |   |   | Original    |   |   | Original        |        |
|--------------------------------------------------|--------|-----------|-----------|--------|------------|--------|------------|------------|--------|--------|-------------|--------|--------|-----------------|-------------|
|                                             |   | Contract  |      |   | Contract   |   |       | Contract   |   |   | Contract    |   |   | Contract        |        |
|                                             |   | First     |      |   | Second     |   |       | Third      |   |   | Fourth      |   |   | Fifth           |        |
|                                             |   | Excess    |      |   | Excess     |   |       | Excess     |   |   | Excess      |   |   | Excess          |        |
|                                             |   |      |      |   |       |   |       |       |   |   |        |   |   |            |        |
| Company’s      Retention                   |   | $         | 5,000,000 |   |       | $      | 19,447,762 |       |   | $      | 58,916,306  |   |   | $               | 83,573,570  |   |   | $ | 103,573,570 |   |
|                                             |   |      |      |   |       |   |       |       |   |   |        |   |   |            |        |   |   |   |   |   |
| Reinsurer’s Per      Occurrence Limit |   | $         | 4,447,762 |   |       | $      | 39,468,544 |       |   | $      | 24,657,264  |   |   | $               | 20,000,000  |   |   | $ | 8,000,000 |   |
|                                             |   |      |      |   |       |   |       |       |   |   |        |   |   |            |        |   |   |   |   |   |
| Reinsurer’s Term      Limit           |   | $         | 8,895,524 |   |       | $      | 78,937,088 |       |   | $      | 49,314,528  |   |   | $               | 40,000,000  |   |   | $ | 16,000,000 |   |
|                                             |   |      |      |   |       |   |       |       |   |   |        |   |   |            |        |   |   |   |   |   |
| Original      PML                                |   | $         | 9,447,762 |   |       | $      | 58,916,306 |       |   | $      | 305,488,950 |   |   | $               | 325,488,950 |   |   | $ | 333,488,950 |   |
|                                             |   |      |      |   |       |   |       |       |   |   |        |   |   |            |        |   |   |   |   |   |
| Return      Time                                 |   | 3.90-year |      |   | 12.66-year |   |       | 82.64-year |   |   | 90.91-year  |   |   | 95.24      year |        |
|                                             |   |      |      |   |       |   |       |       |   |   |        |   |   |            |        |   |   |   |   |   |
| Minimum Premium                             |   | $         | 2,668,657 |   |       | $      | 11,998,437 |       |   | $      | 3,945,162   |   |   | $               | 1,920,000   |   |   | $ | 672,000 |   |
|                                             |   |      |      |   |       |   |       |       |   |   |        |   |   |            |        |   |   |   |   |   |
| Annual      Deposit Premium                      |   | $         | 3,335,824 |   |       | $      | 14,998,048 |       |   | $      | 4,931,452   |   |   | $               | 2,400,000   |   |   | $ | 840,000 |   |
|                                             |   |      |      |   |       |   |       |       |   |   |        |   |   |            |        |   |   |   |   |   |
| Deposit      Premium Installments                |   | $         | 833,956   |   |       | $      | 3,749,512  |       |   | $      | 1,232,863   |   |   | $               | 600,000     |   |   | $ | 210,000 |   |

| Schedule A |  |
|------------|--|

----

|                             |   | Second |      |   | Third  |   |      | Fourth |   |   | Fifth   |   |
|----------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|---------|--------|
|                             |   | Excess |      |   | Excess |   |      | Excess |   |   | Excess  |   |
|                             |   |   |      |   |   |   |      |   |   |   |    |   |
| Reinstatement      Factor        |   |   | 1.175     |   |   |   | 1.150     |   |   |   | 1.150   |   |   |   | 1.100 |   |
|                             |   |   |      |   |   |   |      |   |   |   |    |   |   |   |   |   |
| Annual      Deposit Premium      |   | $      | 6,696,628 |   |   | $      | 1,134,236 |   |   | $      | 331,200 |   |   | $ | 97,020 |   |
|                             |   |   |      |   |   |   |      |   |   |   |    |   |   |   |   |   |
| Deposit      Premium Installment |   | $      | 1,674,157 |   |   | $      | 283,559   |   |   | $      | 82,800  |   |   | $ | 24,255 |   |

| Schedule B |  |
|------------|--|

----

| 4.0% |   | of      the Second Excess Reinstatement Premium Protection    Reinsurance |
|------|--------|---------------------------------------------------------------------------|
| 4.0% |   | of      the Third Excess Reinstatement Premium Protection    Reinsurance  |
| 0%   |   | of      the Fourth Excess Reinstatement Premium Protection    Reinsurance |
| 0%   |   | of      the Fifth Excess Reinstatement Premium Protection    Reinsurance  |

|                             |
|----------------------------------|
| ACE      Tempest ReinsuranceLtd. |

|   |  |
|--------|--|

----

| 37.0% |   | of      the Second Excess Reinstatement Premium Protection    Reinsurance |
|-------|--------|---------------------------------------------------------------------------|
| 10.0% |   | of      the Third Excess Reinstatement Premium Protection    Reinsurance  |
| 0%    |   | of      the Fourth Excess Reinstatement Premium Protection    Reinsurance |
| 0%    |   | of      the Fifth Excess Reinstatement Premium Protection    Reinsurance  |

| 1. | Schedule      B attached to and forming part of this Contract shall be deleted and      replaced by the Schedule B (Actua Re Ltd.) attached to and forming part of      this Interests and LiabilitiesAgreement. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      following Articles shall be added to and made part of this      Contract: |
|----|------------------------------------------------------------------------------------|

|  | A. | The      Reinsurer will establish a Trust Fund or provide a Letter of Credit (LOC)      issued by a bank and containing provisions acceptable to the insurance      regulatory authorities having jurisdiction over the Company as security      for the Reinsurer’s Obligations: |
|--|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Page 1 of4 |  |
|------------|--|

----

|  | B. | The      term ‘Obligations’ shall mean: |
|--|----|-----------------------------------------------------|

|   | 1. | During      the term of this Contract, the balance of (a) the Reinsurer’s share of all      reinstatement premiums for which the Company may be liable under the      Second, Third, Fourth and Fifth Excess Layers of the Original Contract,      less (b) any unpaid reinsurance premium (net of brokerage and Federal      Excise Tax payable) under the Second, Third, Fourth and Fifth Excess      Layers of this Contract, and less (c) reinstatement premiums recovered      from the Reinsurer; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | On      the expiration of this Contract, if this Contract is renewed, the      Reinsurer’s ‘Obligations’ shall be determined as the aggregate of the      Reinsurer’s share of the following: |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | Reinstatement      premiums paid by the Company under the Second, Third, Fourth and Fifth      Excess Layers of the Original Contract, but not recovered from the      Reinsurer; plus |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | Accrued      reinstatement premiums payable by the Company associated with reserves for      losses reported and outstanding under the Second, Third, Fourth and Fifth      Excess Layers of the Original Contract;plus |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | Accrued      reinstatement premiums payable by the Company associated with reserves for      losses incurred but not reported under the Second, Third, Fourth and Fifth      Excess Layers of the Original Contract;plus |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | Accrued      reinstatement premiums payable by the Company associated with reserves for      loss adjustment expense under the Second, Third, Fourth and Fifth Excess      Layers of the Original Contract. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | The      amount so determined shall be recalculated at each month end until all      liability has beenextinguished. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------|

|  | C. | On      December 15, 2009, collateral will be released consistent with the      provisions of the Collateral ReleaseArticle. |
|--|----|------------------------------------------------------------------------------------------------------------------------------|

|  | D. | The      Company and the Reinsurer further agree, notwithstanding anything to the      contrary in this Contract, that said Trust Fund or LOC may be drawn upon      by the Company or its successors in interest at any time, without      diminution because of the insolvency of the Company or the Reinsurer, but      only for one or more of the followingpurposes: |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1. | To      reimburse itself for the Reinsurer’s share of unearned premiums on the      account of cancellation or adjustment premiums, unless paid in cash by the      Reinsurer; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | To      reimburse itself for the Reinsurer’s share of reinstatement premiums paid      by the Company under the terms of the Second, Third, Fourth and Fifth      Excess Layers of the Original Contract, unless paid in cash by the      Reinsurer; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Page 2 of      4 |  |
|-----------------------|--|

----

|   | 3. | To      fund a cash account in the amount equal to the Reinsurer’s Obligations, if      said Trust Fund or LOC has not been renewed or replaced by the Reinsurer      10 days prior to its expiration date;and/or |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | To      refund to the Reinsurer any sum in excess of the actual amount required to      fund the Reinsurer’s Obligations, if so requested by the      Reinsurer. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | A. | As      of December 15, 2009 or 31 days from the date of the loss occurrence under      the Second, Third, Fourth or Fifth Excess Layers of the Original Contract      for which reinstatement premium is due from the Company, whichever is      later, the parties shall determine how much collateral will be required to      be maintained within the Trust Fund.  This calculation will be      performed on a monthly basis until all liability has been      extinguished. |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | B. | For      the purposes of this Article, ‘Loss Amount’ shall be defined as the sum      of: |
|--|----|-------------------------------------------------------------------------------------------------------|

|   | 1. | Losses      and loss adjustment expense paid by the Company under the Second, Third,      Fourth or Fifth Excess Layer of the Original Contract;  plus |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2. | Reserves      for losses reported and outstanding under the Second, Third, Fourth or      Fifth Excess Layer of the Original Contract;  plus |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | Reserves      for loss adjustment expense reported and outstanding under the Second,      Third, Fourth or Fifth Excess Layer of the Original Contract;      plus |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | Reserves      for losses incurred but not reported under the Second, Third, Fourth or      Fifth Excess Layer of the OriginalContract. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------|

|  | C. | For      each loss occurrence potentially generating reinstatement premium      hereunder, the Company shall multiply the Loss Amount by the appropriate      Buffer Loss Multiplier from the table below, based on the number of days      which have elapsed since the loss occurrence.  The product of      this calculation shall be defined as the Buffered Loss Amount      (‘BLA’). |
|--|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Buffer Loss Multiplier table |   |
|---------------------------------------------|--------|
| Number of                              |   |   |   |   |   |   |   |   |   |
| days since                             |   |   |   |   |   |   |   |   |   |
| loss occurrence                        |   | Windstorm |   |   | Earthquake |   |   | Other event |   |
| 0 to 90                           |   |   | 180 | % |   |   | 250 | % |   |   | 200 | % |
| 91 to 180                         |   |   | 145 | % |   |   | 200 | % |   |   | 165 | % |
| 181 to 270                        |   |   | 125 | % |   |   | 175 | % |   |   | 140 | % |
| 271 to 365                        |   |   | 110 | % |   |   | 150 | % |   |   | 115 | % |
| 366 to 455                        |   |   | 100 | % |   |   | 125 | % |   |   | 100 | % |
| 456 to 545                        |   |   | 100 | % |   |   | 110 | % |   |   | 100 | % |
| Thereafter                                  |   |   | 100 | % |   |   | 100 | % |   |   | 100 | % |

| Page 3 of      4 |  |
|-----------------------|--|

----

|  | D. | With      respect to each loss occurrence for which the BLA would result in      reinstatement premium covered under the Second, Third, Fourth or Fifth      Excess Layer of the Original Contract, an amount equal to the Reinsurer’s      share of the reinstatement premium associated with such BLA for that      excess layer shall be deemed to equal the event specific collateral amount      at the calculation date (the ‘Event Collateral Amount’ or the      ‘ECA’). |
|--|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | E. | In      respect of all events for which an ECA exceeds $0, the aggregate amount of      the required collateral to be held in the Trust Fund shall be equal to the      amount by which the lesser of (1) the sum of the ECAs, or (2) the      Reinsurer’s share of an amount equal to the annual deposit premium due      under the Original Contract for that excess layer (i.e., the aggregate      limit hereunder), exceeds the amounts paid to date by the Reinsurer. Such      aggregate amount shall be deemed to be the ‘Aggregate Collateral      Obligation’ or the ‘ACO.’ |
|--|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | F. | At      any month-end at which there is any security on deposit in the Trust Fund,      the Company shall perform this calculation within 10 days after the end of      such month and report to the Reinsurer and Trustee named in the Trust      Agreement information supporting any BLA, ECA and ACO amounts greater than      $0. The Assets in the Trust Fund will be adjusted monthly based on this      calculation. In the event the balance of the Trust Fund is greater than      the amount required to fully fund the Obligations, as defined by the ACO,      the Company shall promptly, within 10 days, authorize a return of such      excess amount to the Reinsurer. Similarly, in the event the balance of the      Trust Fund falls below the amount required to fully fund the Obligations,      the Reinsurer shall promptly, within 10 days, add assets to the Trust Fund      to eliminate such shortfall.” |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                          |
|------------------------------------------|
| Federated      National InsuranceCompany |

|               |
|--------------------|
| Actua      Re Ltd. |

| Page 4 of      4 |  |
|-----------------------|--|

----

|                             |   | Second |      |   | Third  |   |      | Fourth |   |   | Fifth   |   |
|----------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|---------|--------|
|                             |   | Excess |      |   | Excess |   |      | Excess |   |   | Excess  |   |
|                             |   |   |      |   |   |   |      |   |   |   |    |   |
| Reinstatement      Factor        |   |   | 1.105     |   |   |   | 1.150     |   |   |   | 1.150   |   |   |   | 1.100 |   |
|                             |   |   |      |   |   |   |      |   |   |   |    |   |   |   |   |   |
| Annual      Deposit Premium      |   | $      | 6,299,180 |   |   | $      | 1,134,236 |   |   | $      | 331,200 |   |   | $ | 97,020 |   |
|                             |   |   |      |   |   |   |      |   |   |   |    |   |   |   |   |   |
| Deposit      Premium Installment |   | $      | 1,574,795 |   |   | $      | 283,559   |   |   | $      | 82,800  |   |   | $ | 24,255 |   |

|   |  |
|--------|--|

----

| 0%     |   | of      the Second Excess Reinstatement Premium Protection    Reinsurance |
|--------|--------|---------------------------------------------------------------------------|
| 30.0%  |   | of      the Third Excess Reinstatement Premium Protection    Reinsurance  |
| 100.0% |   | of      the Fourth Excess Reinstatement Premium Protection    Reinsurance |
| 100.0% |   | of      the Fifth Excess Reinstatement Premium Protection    Reinsurance  |

|                                          |
|-----------------------------------------------|
| Allianz      Risk Transfer AG (BermudaBranch) |

|   |  |
|--------|--|

----

| 12.0% |   | of      the Second Excess Reinstatement Premium Protection    Reinsurance |
|-------|--------|---------------------------------------------------------------------------|
| 12.0% |   | of      the Third Excess Reinstatement Premium Protection    Reinsurance  |
| 0%    |   | of      the Fourth Excess Reinstatement Premium Protection    Reinsurance |
| 0%    |   | of      the Fifth Excess Reinstatement Premium Protection    Reinsurance  |

|                               |
|------------------------------------|
| Ariel      Reinsurance CompanyLtd. |

|   |  |
|--------|--|

----

| 9.0% |   | of      the Second Excess Reinstatement Premium Protection    Reinsurance |
|------|--------|---------------------------------------------------------------------------|
| 0%   |   | of      the Third Excess Reinstatement Premium Protection    Reinsurance  |
| 0%   |   | of      the Fourth Excess Reinstatement Premium Protection    Reinsurance |
| 0%   |   | of      the Fifth Excess Reinstatement Premium Protection    Reinsurance  |

|                          |
|-------------------------------|
| DaVinci      Reinsurance Ltd. |

|   |  |
|--------|--|

----

| 8.0% |   | of      the Second Excess Reinstatement Premium Protection    Reinsurance |
|------|--------|---------------------------------------------------------------------------|
| 8.0% |   | of      the Third Excess Reinstatement Premium Protection    Reinsurance  |
| 0%   |   | of      the Fourth Excess Reinstatement Premium Protection    Reinsurance |
| 0%   |   | of      the Fifth Excess Reinstatement Premium Protection    Reinsurance  |

|                                           |
|------------------------------------------------|
| Hiscox      Insurance Company (Bermuda)Limited |

|   |  |
|--------|--|

----

| 0%    |   | of      the Second Excess Reinstatement Premium Protection    Reinsurance |
|-------|--------|---------------------------------------------------------------------------|
| 22.0% |   | of      the Third Excess Reinstatement Premium Protection    Reinsurance  |
| 0%    |   | of      the Fourth Excess Reinstatement Premium Protection    Reinsurance |
| 0%    |   | of      the Fifth Excess Reinstatement Premium Protection    Reinsurance  |

|                                    |
|-----------------------------------------|
| Platinum      Underwriters Bermuda,Ltd. |

|   |  |
|--------|--|

----

| 26.0% |   | of      the Second Excess Reinstatement Premium Protection    Reinsurance |
|-------|--------|---------------------------------------------------------------------------|
| 0%    |   | of      the Third Excess Reinstatement Premium Protection    Reinsurance  |
| 0%    |   | of      the Fourth Excess Reinstatement Premium Protection    Reinsurance |
| 0%    |   | of      the Fifth Excess Reinstatement Premium Protection    Reinsurance  |

|                               |
|------------------------------------|
| Renaissance      Reinsurance, Ltd. |

|   |  |
|--------|--|

----

| 4.0% |   | of      the Second Excess Reinstatement Premium Protection    Reinsurance |
|------|--------|---------------------------------------------------------------------------|
| 4.0% |   | of      the Third Excess Reinstatement Premium Protection    Reinsurance  |
| 0%   |   | of      the Fourth Excess Reinstatement Premium Protection    Reinsurance |
| 0%   |   | of      the Fifth Excess Reinstatement Premium Protection    Reinsurance  |

|                                  |
|---------------------------------------|
| Torus      Insurance (Bermuda)Limited |

|   |  |
|--------|--|

----

| 0%    |   | of      the Second Excess Reinstatement Premium Protection    Reinsurance |
|-------|--------|---------------------------------------------------------------------------|
| 10.0% |   | of      the Third Excess Reinstatement Premium Protection    Reinsurance  |
| 0%    |   | of      the Fourth Excess Reinstatement Premium Protection    Reinsurance |
| 0%    |   | of      the Fifth Excess Reinstatement Premium Protection    Reinsurance  |

|   |  |
|--------|--|

----

|   |  |
|--------|--|

----