exh1015







EXHIBIT 10.1.5                                                 SEMI-ANNUAL AGGREGATE CATASTROPHE EXCESS OF LOSS    REINSURANCE CONTRACT   Issued to   Dakota Fire Insurance Company   EMCASCO Insurance Company   Illinois EMCASCO Insurance Company                   





 







Effective: January 1, 2016        2 of 16        SEMI-ANNUAL AGGREGATE CATASTROPHE EXCESS OF LOSS    REINSURANCE CONTRACT      TABLE OF CONTENTS   Article  Page          Preamble  3    1  Agreement  4    2  Retentions and Limits  4    3  Term (Continuous Contract)  5    4  Commutation  5    5  Territory  5    6  Exclusions  5    7  Trade and Economic Sanctions 5    8  Premium  6    9  Definitions 6    10  Commencement & Termination 8     11  Extra Contractual Obligations/Excess of Policy Limits  8    12  Net Retained Liability 9    13  Original Conditions 10    14  No Third Party Rights 10    15  Disputes 10    16  Jurisdiction 10    17  Currency 10    18  Indemnification and Errors and Omissions 11    19  Insolvency 11    20  Savings/Severability 12    21  Offset 12    22  Governing Law 12    23  Entire Agreement 12    24  Non-Waiver 12    25  Joint & Several Liability 13    26  Mode of Execution 13      Company Signing Block 14                                Attachments        Nuclear Incident Exclusion Clause - Physical Damage -   Reinsurance - U.S.A.  15                 





 







Effective: January 1, 2016        3 of 16        SEMI-ANNUAL AGGREGATE CATASTROPHE EXCESS OF LOSS REINSURANCE   CONTRACT                           This Semi-Annual Aggregate Catastrophe Excess of Loss Reinsurance Contract (the “Contract”)   is hereby made by and between Employers Mutual Casualty Company ("EMCC") as the Reinsurer   and Dakota Fire Insurance Company, EMCASCO Insurance Company, and Illinois EMCASCO   Insurance Company (collectively, the “Companies”) as the Reinsureds.                                                                                                           





 







Effective: January 1, 2016        4 of 16              ARTICLE 1   AGREEMENT   The Reinsureds agree to cede and the Reinsurer (EMCC) agrees to accept premium and liability   that may accrue as a result of all Ultimate Net Loss to the extent further defined as follows   involving loss or losses caused by any natural or man caused perils, on business in force at the   inception date of this Contract, or written or renewed during the term of this Contract, subject to   the terms and conditions herein contained.   ARTICLE 2   RETENTIONS AND LIMITS   A.    The Reinsureds’ retention and the Reinsurer’s liability for all Ultimate Net Loss arising out of   Cat Loss Occurrences will vary during each applicable Contract Year on a semi-annual basis   as follows:   1. First Half Retention and Limit.     o For the first six months (January 1 through June 30) of each Contract Year,   the Reinsureds collectively will retain the first Twenty Million Dollars   ($20,000,000.00) of all Ultimate Net Loss arising out of Cat Loss   Occurrences during those six months (the “First Half Catastrophe Aggregate   Retention”).     o For the first six months (January 1 through June 30) of each Contract Year,   the Reinsurer will be liable for 100% of all Ultimate Net Loss arising out of   Cat Loss Occurrences above the First Half Catastrophe Aggregate   Retention, up to a limit of Twenty-Four Million Dollars ($24,000,000.00)   during those six months (the “First Half Catastrophe Aggregate Limit”).     2. Second Half Retention and Limit.   o For the last six months (July 1 through December 31) of each Contract Year,   the Reinsureds collectively will retain the first Fifteen Million Dollars   ($15,000,000.00) of all Ultimate Net Loss arising out of Cat Loss   Occurrences during those six months (the “Second Half Catastrophe   Aggregate Retention”).     o For the last six months (July 1 through December 31) of each Contract Year,   the Reinsurer will be liable for 100% of all Ultimate Net Loss arising out of   Cat Loss Occurrences above the Second Half Catastrophe Aggregate   Retention, up to a limit of Twelve Million Dollars ($12,000,000.00) during   those six months (the “Second Half Catastrophe Aggregate Limit”).           





 







Effective: January 1, 2016        5 of 16        ARTICLE 3   TERM (CONTINUOUS CONTRACT)      This Contract shall take effect at 12:01 A.M. on January 1, 2016, for Cat Loss Occurrences   commencing during the term of this Contract, and shall remain in effect for each Contract Year   thereafter until cancelled.      ARTICLE 4   COMMUTATION   Commutation of amounts due under this Contract will be accomplished through mutual   agreement of the parties within 2 years of the Contract inception, and subsequent annual   renewal(s).      ARTICLE 5   TERRITORY   The territorial limits of this Contract shall be identical to the territory limits of the Policies.   ARTICLE 6   EXCLUSIONS   This Contract shall not apply to and specifically excludes:   A. Loss or damage occasioned by war, invasion, hostilities, acts of foreign enemies, civil war,   rebellion, insurrection, military or usurped power, martial law or confiscation by order of any   government or public authority, but not excluding loss or damage which would be covered   under a standard policy form containing a standard war exclusion.   B. Mold, other than as a result of a covered peril.      ARTICLE 7   TRADE AND ECONOMIC SANCTIONS   Whenever potential coverage provided by this Contract is considered in violation of any   applicable economic or trade sanctions, any such coverage will be modified to conform to   applicable law.     





 







Effective: January 1, 2016        6 of 16           ARTICLE 8   PREMIUM   A. The Reinsureds shall collectively pay the Reinsurer a premium of Six Million Three   Hundred Ten Thousand Dollars ($6,310,000.00) for the January 1 through June 30   catastrophe aggregate coverage set out in Article 2 Section A.1 of the Contract for each   Contract Year the Contract remains in place (the “First Half Catastrophe Aggregate   Premium”).  The First Half Catastrophe Aggregate Premium may be renegotiated on an   annual basis and will be split evenly between Quarter 1 (January 1 through March 31) and   Quarter 2 (April 1 through June 30) of the Contract Year.  The First Half Catastrophe   Aggregate Premium is to be paid in two equal installments, the first installment due in April   and the second installment due in July.  Balances will be settled during the duration of the   Contract via intercompany balance transfers.   B. The Reinsureds shall collectively pay the Reinsurer a premium of One Hundred Million   Five Hundred Thirty Thousand Dollars ($1,530,000.00) for the July 1 through December   31 catastrophe aggregate coverage set out in Article 2 Section A.2 of the Contract for   each Contract Year the Contract remains in place (the “Second Half Catastrophe   Aggregate Premium”).  The Second Half Catastrophe Aggregate Premium may be   renegotiated on an annual basis and will be split evenly between Quarter 3 (July 1 through   September 30) and Quarter 4 (October 1 through December 31) of the Contract Year.    The Second Half Catastrophe Aggregate Premium is to be paid in two equal installments,   the first installment due in October and the second installment due in January.  Balances   will be settled during the duration of the Contract via intercompany balance transfers.   C. The Reinsureds shall furnish the Reinsurer with such information as may be required by   the Reinsurer for completion of its financial statements.      ARTICLE 9   DEFINITIONS   A. 1. “Ultimate Net Loss” means the catastrophe losses assumed by the Reinsureds from   the EMC Pooling Agreement, or which the Reinsureds otherwise become liable to pay.    Such loss includes Loss Adjustment Expense, any Extra Contractual Obligations, and   any Loss in Excess of Policy Limits as defined in the Extra Contractual   Obligations/Excess of Policy Limits Article for any Cat Loss Occurrence, less any   unaffiliated reinsurance recoveries received from parties providing reinsurance   coverage to the pool participants.   2. Salvages and all recoveries (including amounts due from all other reinsurance   contracts that inure to the benefit of this Contract, whether recovered or not), shall be   first deducted from such loss to arrive at the amount of liability attaching hereunder.     





 







Effective: January 1, 2016        7 of 16        3. All salvages, recoveries or payments recovered or received subsequent to loss   settlement hereunder shall be applied as if recovered or received prior to the aforesaid   settlement, and all necessary adjustments shall be made by the parties hereto.   4. The Reinsureds shall be deemed to be “liable to pay” their portion of a loss when a   judgment has been rendered that the pool participants do not plan to appeal, and/or   the pool participants have obtained a release, and/or the pool participants have   accepted a proof of loss.   5. Nothing in this clause shall be construed to mean that losses are not recoverable   hereunder until the Reinsureds’ Ultimate Net Loss has been ascertained.   B. “Loss Adjustment Expense” means costs and expenses assumed by the Reinsureds in   connection with the investigation, appraisal, adjustment, settlement, litigation, defense or   appeal of a specific claim or loss, or alleged loss, including but not limited to:   1. court costs;   2. costs of supersedeas and appeal bonds;   3. monitoring counsel expenses;   4. legal expenses and costs incurred in connection with coverage questions and legal   actions connected thereto, including but not limited to declaratory judgment actions;   5. post-judgment interest;   6. pre-judgment interest, unless included as part of an award or judgment;   7. a pro rata share of salaries and expenses of EMCC’s field employees, calculated in   accordance with the time occupied in adjusting such loss, and expenses of other   EMCC employees who have been temporarily diverted from their normal and   customary duties and assigned to the field adjustment of losses covered by this   Contract, to the extent such salaries and expenses have been specifically allocated to   a claim file; and   8. subrogation, salvage and recovery expenses.   “Loss Adjustment Expense” does not include salaries and expenses of EMCC’s employees,   except as provided in subparagraph (7) above, and office and other overhead expenses.   C. 1. “Cat Loss Occurrence(s)” shall mean any one accident, casualty, disaster, or   occurrence or series of accidents, casualties, disasters or occurrences arising out of   or following from one event and coded as such in EMCC’s claims and/or accounting   system records.              2      A "Cat Loss Occurrence" must be composed of more than one Policy.           D.       “Contract Year” means the period from January 1, 2016 through December 31, 2016, and   each respective 12-month period thereafter that this Contract continues in force shall be a   separate Contract Year.  If this Contract is terminated, however, the final Contract Year shall be   from the beginning of the then current Contract Year through the date of termination.  In the event     





 







Effective: January 1, 2016        8 of 16        this Contract expires or is terminated on a run-off basis, the run-off period shall be considered   part of the Contract Year ending on the date of expiration or termination.   E. “Policy(ies)” means any binder, policy, or contract of insurance issued, accepted or held   covered provisionally or otherwise, by or on behalf of one of the pool participants.      F. When used in reference to the Reinsureds, the term “collectively” or “collective” refers to   the Reinsureds’ total obligations or benefits as a group.  In such situations, the Reinsureds shall   share the obligations and/or benefits of this Contract according to the ratio of each Reinsured’s   participation percentage set out in the pooling agreement with EMCC to the aggregate   percentage participation of the Companies.  These participation percentages are subject to   change, and any changes to the participation percentages of the Reinsureds will apply to this   Contract.      G. The terms “EMC Pooling Agreement” or “pooling agreement” refers to the agreement   under which EMCC’s subsidiary and affiliate property and casualty insurance companies (the   “pool participants”) each cede to EMCC all of their insurance business, and assume from EMCC   an amount equal to their respective participation percentages in the pool.          ARTICLE 10   COMMENCEMENT AND TERMINATION   A. This Contract shall take effect at 12:01 A.M. on January 1, 2016, applying to losses   occurring, or claims made, as applicable, during the term of this Contract, and shall remain in   force for an indefinite period, but may be terminated on any January 1 by either party giving to   the other party 90 days prior notice.   B. At termination of this Contract, the Reinsurer shall be released from liability for losses   occurring after termination.   C. In the event that this Contract is terminated for any reason, the Reinsurer shall notify the   Iowa Insurance Division and the North Dakota Insurance Department.        ARTICLE 11   EXTRA CONTRACTUAL OBLIGATIONS/EXCESS OF POLICY LIMITS   A. This Contract shall cover Extra Contractual Obligations, as provided in the definition of   Ultimate Net Loss.  “Extra Contractual Obligations” shall be defined as those liabilities not   covered under any other provision of this Contract and that arise from the handling of any   claim on business covered hereunder, such liabilities arising because of, but not limited to,   the following:  failure by a pool participant to settle within the Policy limit, or by reason of   alleged or actual negligence, fraud or bad faith in rejecting an offer of settlement, or in the   preparation of the defense or in the trial of any action against its insured or reinsured, or in   the preparation or prosecution of an appeal consequent upon such action.     





 







Effective: January 1, 2016        9 of 16        B. This Contract shall cover Loss in Excess of Policy Limits, as provided in the definition of   Ultimate Net Loss.  “Loss in Excess of Policy Limits” shall be defined as Loss in excess of   the Policy limit, having been incurred because of, but not limited to, failure by a pool   participant to settle within the Policy limit or by reason of alleged or actual negligence, fraud   or bad faith in rejecting an offer of settlement, or in the preparation of the defense or in the   trial of any action against its insured or reinsured, or in the preparation or prosecution of an   appeal consequent upon such action.   C. An Extra Contractual Obligation and/or Loss in Excess of Policy Limits shall be deemed to   have occurred on the same date as a loss covered under the pool participants’ Policies, and   shall constitute part of the original loss.   D. For the purposes of the Loss in Excess of Policy Limits coverage hereunder, the word “Loss”   shall mean any amounts for which a pool participant would have been contractually liable to   pay had it not been for the limit of the original Policy.   E. Loss Adjustment Expense in respect of Extra Contractual Obligations and/or Loss in Excess   of Policy Limits shall be covered hereunder in the same manner as other Loss Adjustment   Expense.   F. However, this Article shall not apply where the loss has been incurred due to final legal   adjudication of fraud of a member of the Board of Directors or a corporate officer of a pool   participant acting individually, collectively or in collusion with any individual or corporation or   any other organization or party involved in the presentation, defense or settlement of any   claim covered hereunder.   G. In no event shall coverage be provided to the extent not permitted under law.   H.     Any recoveries from unaffiliated insurance coverage for insurance professional liability will   inure to the benefit of the Reinsurer.      ARTICLE 12   NET RETAINED LIABILITY   A. This Contract applies only to that portion of any loss that the Reinsureds retain net for their   own accounts.   B. The amount of the Reinsurer’s liability hereunder in respect of any loss or losses shall not   be increased by reason of the inability of the Reinsureds to collect from any other   reinsurer(s), whether specific or general, any amounts that may have become due from such   reinsurer(s), whether such inability arises from the insolvency of such other reinsurer(s) or   otherwise.        





 







Effective: January 1, 2016        10 of 16        ARTICLE 13   ORIGINAL CONDITIONS   All reinsurance under this Contract shall be subject to the same terms, conditions, waivers and   interpretations, and to the same modifications and alterations as the respective Policies of the   pool participants.  However, in no event shall this be construed in any way to provide coverage   outside the terms and conditions set forth in this Contract.   ARTICLE 14   NO THIRD PARTY RIGHTS   This Contract is solely between the Reinsureds and the Reinsurer, and in no instance shall any   insured, claimant or other third party have any rights under this Contract except as may be   expressly provided otherwise herein.      ARTICLE 15   DISPUTES   Any disputes arising out of the interpretation of this Contract shall be submitted to the respective   Inter-Company Committees of the boards of directors of EMC Insurance Group Inc. and EMCC   pursuant to the terms of the charters of the Inter-Company Committees then in effect for final   and binding resolution.      ARTICLE 16   JURISDICTION   If EMCC, as the assuming reinsurer, fails to perform its obligations under the terms of the   Contract, then EMCC, at the request of any of the Reinsureds, shall agree (a) to submit itself to   the jurisdiction of any state court in the State of Iowa, as state courts in the State of Iowa shall   have jurisdiction over any dispute between the parties related to this Contract, (b) to comply with   all requirements necessary to give the court jurisdiction, and (c) to abide by the final decision of   the court or any appellate court if there is an appeal.       ARTICLE 17   CURRENCY   Where the word “Dollars” and/or the sign “$” appear in this Contract, they shall mean United   States Dollars, and all payments hereunder shall be in United States Dollars.        





 







Effective: January 1, 2016        11 of 16                 ARTICLE 18   INDEMNIFICATION AND ERRORS AND OMISSIONS   A. The Reinsurer is reinsuring, subject to the terms and conditions of this Contract, the   obligations assumed by the Reinsureds from EMCC through the terms of the pooling   agreement.     B. Any inadvertent error, omission or delay in complying with the terms and conditions of this   Contract shall not be held to relieve either party hereto from any liability that would attach to   it hereunder if such error, omission or delay had not been made, provided such error,   omission or delay is rectified immediately upon discovery.      ARTICLE 19   INSOLVENCY   A. In the event of insolvency and the appointment of a conservator, liquidator or statutory   successor of any Reinsured, the Reinsured’s pro rata portion of any risk or obligation assumed   by the Reinsurer shall be payable to the conservator, liquidator or statutory successor on the   basis of claims allowed against the insolvent Reinsured by any court of competent jurisdiction   or by any conservator, liquidator or statutory successor of the Reinsured having authority to   allow such claims, without diminution because of that insolvency, or because the conservator,   liquidator or statutory successor has failed to pay all or a portion of any claims.      B. Payments by the Reinsurer as above set forth shall be made directly to the Reinsured or to   its conservator, liquidator or statutory successor, except as provided by applicable law and   regulation in the event of the insolvency of any Reinsured.      C. In the event of the insolvency of the Reinsurer, the liquidator, receiver, conservator or statutory   successor of the Reinsurer shall notify the Reinsureds of the pendency of a claim against the   insolvent Reinsurer on the Contract or contracts reinsured within a reasonable time after such   claim is filed in the insolvency proceeding and, during the pendency of such claim, any of the   Reinsureds may investigate such claim and interpose, at its own expense, in the proceeding   where such claim is to be adjudicated any defense or defenses which it may deem available   to the Reinsurer or its liquidator, receiver, conservator or statutory successor.        D. The original reinsured or policyholder shall not have any rights against the Reinsurer which   are not specifically set forth in this Contract, or in a specific agreement between the Reinsurer   and the original reinsured or policyholder.          





 







Effective: January 1, 2016        12 of 16        ARTICLE 20   SAVINGS/SEVERABILITY   If any provision of this Contract shall be rendered illegal or unenforceable by the laws, regulations   or public policy of any state, such provision shall be considered void in such state, but this shall   not affect the validity or enforceability of any other provision of this Contract, nor the enforceability   of such provision in any other jurisdiction.  In no event shall coverage be provided to the extent   that such coverage is not permitted under Iowa law.  However, no provisions under this Article   shall render any provisions of paragraph B of the Exclusions Article inoperable.    ARTICLE 21   OFFSET   The Reinsurer and the Reinsureds shall have the right to offset any balance or amounts due from   one party to the other under the terms of this Contract and the Pooling Agreement described in   Article 9 Section G of this Contract.  The party asserting the right of offset may exercise such right   any time whether the balances due are on account of premiums or losses or otherwise. In the   event of the insolvency of any party, offset shall be as permitted by applicable law.   ARTICLE 22   GOVERNING LAW   This Contract shall be governed as to performance, administration and interpretation by the laws   of the State of Iowa, exclusive of conflict of law rules.  However, with respect to credit for   reinsurance, the rules of all applicable states shall apply.   ARTICLE 23   ENTIRE AGREEMENT   This Contract sets forth all of the duties and obligations between the Reinsureds and the   Reinsurer and supersedes any and all prior or contemporaneous written agreements with respect   to matters referred to in this Contract.  This Contract may not be modified or changed except by   an amendment to this Contract in writing signed by both parties, and any modification or   amendment to this Contract must receive prior approval from the Iowa Insurance Division and the   North Dakota Insurance Department to be effective.  However, this Article shall not be construed   as limiting the admissibility of evidence regarding the formation, interpretation, purpose or intent   of this Contract.   ARTICLE 24   NON-WAIVER   The failure of a Reinsured or the Reinsurer to insist on compliance with this Contract or to exercise   any right or remedy shall not constitute a waiver of any rights contained in this Contract nor   prevent either party from thereafter demanding full and complete compliance, nor prevent either   party from exercising such remedy in the future.      





 







Effective: January 1, 2016        13 of 16        ARTICLE 25   JOINT AND SEVERAL LIABILITY   Each Reinsured shall be jointly and severally liable for the obligations of the Reinsureds   collectively.  In the event that any Reinsured becomes insolvent or is dissolved, the remaining   Reinsureds will participate in this Contract according to the ratio of their revised participation in   the pooling agreement with EMCC to the aggregate participation of the remaining Reinsureds.     ARTICLE 26   MODE OF EXECUTION   A. This Contract may be executed by:   1. an original written ink signature of paper documents;   2. an exchange of facsimile copies showing the original written ink signature of paper   documents;   3. electronic signature technology employing computer software and a digital signature   or digitizer pen pad to capture a person’s handwritten signature in such a manner that   the signature is unique to the person signing, is under the sole control of the person   signing, is capable of verification to authenticate the signature and is linked to the   document signed in such a manner that if the data is changed, such signature is   invalidated.   B. The use of any one or a combination of these methods of execution shall constitute a legally   binding and valid signing of this Contract.  This Contract may be executed in one or more   counterparts, each of which, when duly executed, shall be deemed an original.                                





 







Effective: January 1, 2016        14 of 16        In WITNESS WHEREOF, the parties hereto, by their respective duly authorized officers, have   executed this Semi-Annual Aggregate Catastrophe Excess of Loss Reinsurance Contract on the   dates recorded below.      Dakota Fire Insurance Company   Employers Mutual Casualty Company            By:   /s/ Scott R. Jean                             By:   /s/ Bruce G. Kelley        Scott R. Jean       Bruce G. Kelley   Executive Vice President – Finance & Analytics  President & CEO         Date:   February 17, 2016                               Date:   February 15, 2016           Illinois EMCASCO Insurance Company      By:   /s/ Scott R. Jean                                        Scott R. Jean        Executive Vice President – Finance & Analytics          Date:   February 17, 2016                                       EMCASCO Insurance Company                               By:   /s/ Scott R. Jean                                       Scott R. Jean        Executive Vice President – Finance & Analytics          Date:   February 17, 2016                                                  





 







Effective: January 1, 2016        15 of 16        NUCLEAR INCIDENT EXCLUSION CLAUSE - PHYSICAL DAMAGE - REINSURANCE -   U.S.A.   1. This Reinsurance does not cover any loss or liability accruing to the Reassureds, directly or   indirectly, and whether as Insurer or Reinsurer, from any Pool of Insurers or Reinsurers   formed for the purpose of covering Atomic or Nuclear Energy risks.   2. Without in any way restricting the operation of paragraph (1) of this clause, this Reinsurance   does not cover any loss or liability accruing to the Reassureds, directly or indirectly and   whether as Insurer or Reinsurer, from any insurance against Physical Damage (including   business interruption or consequential loss arising out of such Physical Damage) to:   I. Nuclear reactor power plants including all auxiliary property on the site, or   II. Any other nuclear reactor installation, including laboratories handling radioactive   materials in connection with reactor installations, and “critical facilities” as such, or   III. Installations for fabricating complete fuel elements or for processing substantial   quantities of “special nuclear material”, and for reprocessing, salvaging, chemically   separating, storing or disposing of “spent” nuclear fuel or waste materials, or   IV. Installations other than those listed in paragraph (2) III above using substantial   quantities of radioactive isotopes or other products of nuclear fission.   3. Without in any way restricting the operations of paragraphs (1) and (2) hereof, this   Reinsurance does not cover any loss or liability by radioactive contamination accruing to the   Reassureds, directly or indirectly, and whether as Insurer or Reinsurer, from any insurance   on property which is on the same site as a nuclear reactor power plant or other nuclear   installation and which normally would be insured therewith except that this paragraph (3)   shall not operate:   (a) where Reassureds do not have knowledge of such nuclear reactor power plant or   nuclear installation, or   (b) where said insurance contains a provision excluding coverage for damage to property   caused by or resulting from radioactive contamination, however caused. However on   and after 1st January 1960 this sub-paragraph (b) shall only apply provided the said   radioactive contamination exclusion provision has been approved by the   Governmental Authority having jurisdiction thereof.   4. Without in any way restricting the operations of paragraphs (1), (2) and (3) hereof, this   Reinsurance does not cover any loss or liability by radioactive contamination accruing to the   Reassureds, directly or indirectly, and whether as Insurer or Reinsurer, when such   radioactive contamination is a named hazard specifically insured against.   5. It is understood and agreed that this clause shall not extend to risks using radioactive   isotopes in any form where the nuclear exposure is not considered by the Reassured to be   the primary hazard.   6. The term “special nuclear material” shall have the meaning given it in the Atomic Energy Act   of 1954 or by any law amendatory thereof.   7. Reassureds to be sole judge of what constitutes:     





 







Effective: January 1, 2016        16 of 16        (a) substantial quantities, and   (b) the extent of installation, plant or site.   Note:  Without in any way restricting the operation of paragraph (1) hereof, it is understood and   agreed that   (a) all policies issued by the Reassureds on or before 31st December 1957 shall be free   from the application of the other provisions of this Clause until expiry date or   31st December 1960 whichever first occurs whereupon all the provisions of this Clause   shall apply.   (b) with respect to any risk located in Canada policies issued by the Reassureds on or   before 31st December 1958 shall be free from the application of the other provisions   of this Clause until expiry date or 31st December 1960 whichever first occurs   whereupon all the provisions of this Clause shall apply.   12/12/57   NMA 1119      NOTES: Wherever used herein the terms:   “Reassureds” shall be understood to mean “Companies”, “Reinsureds”,   “Reassureds” or whatever other term is used in the attached   reinsurance document to designate the reinsured companies.   “Agreement” shall be understood to mean “Agreement”, Contract, “Policy” or   whatever other term is used to designate the attached reinsurance   document.   “Reinsurer” shall be understood to mean “Reinsurer”, “Underwriter” or whatever   other term is used in the attached reinsurance document to   designate the reinsurer.