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Exhibit 10.4    
    


Addendum No. 1  


 to the  


 Property Excess of Loss

Reinsurance Contract

Effective: January 1, 2007  


 issued to  


 Safety Insurance Company

and

Safety Indemnity Insurance Company

both of Boston, Massachusetts  


        It Is Hereby Agreed, effective January 1,2007, that Safety Property and Casualty Insurance Company, Boston,
Massachusetts, shall be added as a named reinsured company under this Contract. The word "Company," wherever it appears in this Contract, shall refer collectively to "Safety Insurance Company, Safety
Indemnity Insurance Company, and Safety Property and Casualty Insurance Company, all of Boston, Massachusetts." 


        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: 


Boston,
Massachusetts, this 11 day of January in the year 2007. 



	/s/  EDWARD N. PATRICK, JR.      
 Safety Insurance Company

Safety Indemnity Insurance Company

Safety Property and Casualty Insurance Company	 	 









(Revised: January 1, 2007) 


Property Excess of Loss

Reinsurance Contract

Effective: January 1, 2007  


 issued to  


 Safety Insurance Company

Safety Indemnity Insurance Company

and

Safety Property and Casualty Insurance Company

all of Boston, Massachusetts  


 First Property Excess of Loss Reinsurance  



	Reinsurers
 
	 	Participations
 
	 
	Aspen Insurance Limited

(for and on behalf of Aspen Insurance UK Limited)	 	2.5	%
	Hannover Ruckversicherungs-Aktiengesellschaft	 	10.0	 
	
Through Benfield Limited	
 	

 	
 
	Lloyd's Underwriters Per Signing Schedule	 	87.5	 
	
Total	
 	

100.0	
%




Second Property Excess of Loss Reinsurance  



	Reinsurers
 
	 	Participations
 
	 
	Aspen Insurance Limited

(for and on behalf of Aspen Insurance UK Limited)	 	2.5	%
	Hannover Ruckversicherungs-Aktiengesellschaft	 	10.0	 
	
Through Benfield Limited	
 	

 	
 
	Lloyd's Underwriters Per Signing Schedule	 	87.5	 
	
Total	
 	

100.0	
%




Third Property Excess of Loss Reinsurance  



	Reinsurers
 
	 	Participations
 
	 
	Aspen Insurance Limited

(for and on behalf of Aspen Insurance UK Limited)	 	2.5	%
	Hannover Ruckversicherungs-Aktiengesellschaft	 	10.0	 
	
Through Benfield Limited	
 	

 	
 
	Lloyd's Underwriters Per Signing Schedule	 	87.5	 
	
Total	
 	

100.0	
%









Addendum No. 1  


to the 


Interests and Liabilities Agreement  


of 


Certain
Underwriting Members of Lloyd's

shown in the Signing Schedules attached hereto
 (hereinafter referred to as the "Subscribing Reinsurer")  


with respect to the 


Property Excess of Loss

Reinsurance Contract

Effective: January 1, 2007  


issued to 


Safety
Insurance Company

and

Safety Indemnity Insurance Company

both of Boston, Massachusetts 


        The  Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the Company, as part of the Contract, effective
January 1, 2007. 


        Signed
for and on behalf of the Subscribing Reinsurer in the Signing Schedules attached hereto. 







Addendum No. 1  


to the 


Interests and Liabilities Agreement  


of 


Aspen
Insurance UK Limited

London, England

by

Aspen Insurance Limited

Hamilton, Bermuda
 (hereinafter referred to as the "Subscribing Reinsurer")  


with respect to the 


Property Excess of Loss

Reinsurance Contract

Effective: January 1, 2007  


issued to 


Safety
Insurance Company

and

Safety Indemnity Insurance Company

both of Boston, Massachusetts 


        The
Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the Company, as part of the Contract, effective
January 1, 2007. 


        In
Witness Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Addendum as of the date
undermentioned at: 


Hamilton,
Bermuda, this 8th day of February in the year 2007. 



	/s/  [ILLEGIBLE]      
 Aspen Insurance limited

(for and on behalf of Aspen Insurance UK Limited)	 	 









Addendum No. 1  


to the 


Interests and Liabilities Agreement  


of 


Hannover
Ruckversicherungs-Aktiengesellschaft

Hannover, Germany
 (hereinafter referred to as the "Subscribing Reinsurer")  


with respect to the 


Property Excess of Loss

Reinsurance Contract

Effective: January 1, 2007  


issued to 


Safety
Insurance Company

and

Safety Indemnity Insurance Company

both of Boston, Massachusetts 


        The
Subscribing Reinsurer hereby accepts Addendum No. 1, as duly executed by the Company, as part of the Contract, effective
January 1, 2007. 


        In
Witness Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Addendum as of the date
undermentioned at: 


Hamilton,
Bermuda, this 6th day of February in the year 2007. 



	/s/  [ILLEGIBLE]      
 Hannover Ruckversicherungs-Aktiengesellschaft	 	 













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Exhibit 10.4