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                                                                   Exhibit 10.80

                        PROFESSIONAL LIABILITY INSURANCE
                              QUOTA SHARE CONTRACT

                                     BETWEEN

                         PHILADELPHIA INSURANCE COMPANY
                    PHILADELPHIA INDEMNITY INSURANCE COMPANY
                                     ("PIC")

                                       AND

                          CUMIS INSURANCE SOCIETY, INC.
                                    ("CUMIS")

                             EFFECTIVE: JULY 1, 2005

IN CONSIDERATION OF THE MUTUAL PROMISES AND OTHER GOOD AND VALUABLE
CONSIDERATION, PIC and CUMIS agree as follows:

ARTICLE I. DEFINITIONS

Unless the context clearly requires otherwise:

A.   "Allocated Loss Expense" means costs and expenses incurred by PIC on its
     Net Retained Line and allocable to a specific claim or loss that are
     incurred by PIC in the investigation, appraisal, adjustment, settlement,
     litigation, defense or appeal of a specific claim, including court costs
     and costs of supersedeas and appeal bonds expense, including a pro rata
     share of salaries and expenses of PIC employees and expenses of PIC
     officers who have been temporarily diverted from their normal and customary
     duties and assigned to the field adjustment of losses covered by this
     Contract, interest accrued after award or judgment and pre-judgment
     interest awarded against the insured, legal expenses and costs incurred by
     PIC in connection with coverage questions and legal actions connected
     therewith, and legal costs and expenses associated with Extra-Contractual
     Obligations and Loss in Excess of Certificate Limits.

B.   "Certificate" or "Certificates" means a Professional Liability ("PL")
     Contract issued or renewed by PIC during the Term of this Contract
     evidencing PL coverage and sold under the General Agent Agreement ("GA
     Agreement") by and between CUNA Mutual Insurance Agency, Inc. ("CMIA") and
     PIC.

C.   "Contract Year" means each separate twelve (12) month period from July 1,
     2005 or any period of less than twelve (12) months subsequent thereto
     resulting from termination of this Contract.


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D.   "Extra-Contractual Obligations" means one hundred percent (100%) of any
     punitive, exemplary, compensatory or consequential damages for which PIC is
     liable, other than Loss in Excess of Certificate Limits as a result of a
     demand, claim or action by its insured, its insured's assignee or a third
     party claimant, on business covered hereunder. Such liabilities shall be
     those arising because of, but not limited to, the following: failure to
     settle within the policy limits, by reason of alleged or actual negligence,
     fraud, or bad faith in rejecting an offer of settlement, in the preparation
     of the defense, in the trail of any action against the insured or
     reinsured, or in the preparation or prosecution of an appeal consequent
     upon such action or failure to pay a claim. There will be no recovery
     hereunder where the extra contractual obligation has been incurred due to
     fraud committed by a member of the board of directors or a cooperate
     officer of PIC, acting individually, collectively, or in collusion with a
     member of the board of directors, a corporate officer, or a partner of any
     other cooperation, partnership, or organization involved in the defense or
     settlement of a claim on behalf of PIC. An Extra-Contractual Obligation
     shall be deemed to have occurred on the same date as the Loss covered or
     alleged to be covered under a Certificate. Nothing in this Article will be
     constructed to create a separate or distinct Loss apart from the original
     covered Loss. Indemnification by CUMIS for Extra Contractual Obligations
     will be considered primary and any Errors and Omissions policy purchased by
     PIC will be considered excess.

E.   "Gross Net Premium" means direct premium written on Certificates less: (i)
     direct brokerage Commissions, (ii) refunds and returns (but not dividends)
     on Certificates and (iii) premiums paid or payable by PIC for all other
     facultative reinsurance coverage applicable to Certificates.

F.   "Loss" means the amount of loss or liability paid by PIC to or on behalf of
     its insured to a claimant(s) under a Certificate. Only loss in excess of
     any collectable inuring other insurance or facultative reinsurance shall be
     included. Loss shall include losses incurred under a Certificate by reason
     of the inability to apply or collect any other coverage from any insurer or
     reinsurer that has become due whether that inability arises from insolvency
     or otherwise.

G.   "Loss In Excess of Certificate Limits" means one hundred percent (100%) of
     any amount for which PIC is liable in excess of its Certificate limits, but
     otherwise within the terms of its Certificate as a result of a demand,
     claim or action by its insured or its insured's assignee or other third
     party to recover damages the insured is legally obligated to pay to a third
     party claimant. Payment by CUMIS for Loss in Excess of Certificate Limits
     will be considered primary and any Errors and Omissions policy purchased by
     PIC will be considered excess.

H.   "Net Loss" means that amount of Loss, Allocated Loss Expense, Extra
     Contractual Obligations, and Loss in Excess of Certificate Limits that PIC
     has paid or is obligated to pay on its Net Retained Line. Net Loss shall
     not include any Loss excluded under Article III of this Contract.


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I.   "Net Retained Line" means that portion of any Net Loss that PIC has
     retained net for its own account under a Certificate after application of
     all facultative reinsurance and after deduction of all net salvage and
     subrogation recoveries actually made. All subrogation recoveries, or
     payments recovered or received subsequent to a Loss settlement under this
     Contract shall be applied as if recovered or received prior to payment or
     settlement, and all necessary adjustments shall be made by the parties to
     this Contract. Nothing in this definition, however, shall be construed to
     mean that Net Loss is not recoverable from CUMIS until the ultimate Net
     Loss of PIC has been absolutely ascertained.

ARTICLE II. COVERAGE

CUMIS shall be liable to and will indemnify PIC, for fifty percent (50%) of
PIC's Net Loss on each Certificate.

ARTICLE III. EXCLUSIONS

A.   The Exclusions of this Contract shall be identical with those of the
     Certificates.

B.   Any Loss arising from Certificates issued or renewed with a coverage period
     inception date not during the Term of this Contract is not covered by this
     Contract.

Notwithstanding any other provisions of this Contract, CUMIS shall have no
obligation or liability for any loss, expense, damage, fees, fine, penalty or
other amount that arises from (i) the acts, errors, omissions, or conduct of PIC
that arises or results from the general conduct or procedures ("procedures") of
PIC contrary to or inconsistent with applicable statutes, regulations, insurance
department bulletins and attorney general opinions applicable to the claims
function and claims practices applied in general or as those procedures are or
were applied to a specific claim or claims, (ii) the failure of PIC to obtain
and follow the advice and approval of CUMIS provided under Article IX. or (iii))
fraudulent, criminal, negligent or tortuous acts of PIC except as provided under
Extra-Contractual Obligations.

ARTICLE IV. PREMIUM

A.   PREMIUM. PIC shall cede to CUMIS fifty percent (50%) of the Gross Net
     Premium arising from the Certificates including that developed by
     endorsement or audit on each Certificate less any premiums paid or payable
     for facultative reinsurance that inures to the benefit of this Contract.

B.   PREMIUM ADJUSTMENT. If any alteration is made in the terms of any
     Certificate whereby the amount of the premium payable in respect thereof is
     affected, the premium shall be adjusted and any difference credited to or
     charged against CUMIS as the case may warrant. Upon cancellation of any
     Certificate, PIC and CUMIS shall be entitled to the proportionate return of
     premium.


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C.   CANCELLATION FEES. PIC and CUMIS will share equally in all cancellation of
     fees when permitted by law.

D.   CEDING COMMISSION. CUMIS shall allow PIC in the monthly accounts a ceding
     commission of fifteen percent (15%) of Gross Net Premium arising from the
     Certificates including that developed by endorsement or audit on each
     certificate ceded to CUMIS on the Certificates under this Contract. On
     return and refund premiums, PIC shall return and refund commissions at the
     rate originally allowed thereon.

ARTICLE V. PAYMENT.

     The net balance due as reflected by the reports provided under Article VII
     and Article IX of this Contract shall be payable by PIC within forty-five
     (45) days of the end of the month or by CUMIS within forty-five (45) days
     after receipt of the reports under Article VII and Article IX, as
     applicable. A positive amount is a balance due CUMIS, a negative amount is
     a balance due PIC.

     All amounts due either PIC or CUMIS, whether by reason of premium,
     commission, Net Loss, or otherwise, under this Contract shall be subject to
     the right of recoupment and offset and upon the exercise of the same, only
     the net balance shall be due. All claims for such amounts whether or not
     fixed in amount at the time of the insolvency of any party to this
     Contract, arising from coverage placed in effect under this Contract prior
     to the insolvency of any party to this Contract shall be deemed
     pre-liquidation debts and subject to this Article.

     Interest shall accrue on any balance unpaid within the timeframes under
     this Article V at the rate of ten percent (10%) simple interest per annum
     calculated from the date payment is due.

ARTICLE VI. TERM AND TERMINATION

A.   COMMENCEMENT. This Contract incepts 12:01 A.M. Standard Time, July 1, 2005
     and shall terminate as of December 31, 2008 unless extended in writing by
     the Parties. Not withstanding the foregoing, this Contract is subject to
     termination as of the end of December each year upon at least ninety (90)
     days prior written notice by either party.

B.   TERMINATION. Upon termination of this Contract, coverage under this
     Contract will remain in effect for all Certificates to which this Contract
     attached including those which are in-force on the termination date until
     their natural expiration. However, should any Certificate to which this
     Contract applies be extended, continued, or renewed due to regulatory, or
     other legal restrictions, this Contract shall automatically provide
     extended coverage until those Certificates expire or are actually
     terminated by PIC.

C.   RUN-OFF. If coverage under this Contract shall expire while a Loss covered
     hereunder is in progress, subject to the other conditions of this Contract,
     CUMIS shall be responsible


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     for its proportionate share of the Loss as if the entire Loss had occurred
     during the time this Contract is in force provided the Loss covered
     hereunder is stated before the time of coverage expiration.

ARTICLE VII. PREMIUM AND CERTIFICATE REPORTS

A.   PREMIUM REPORTS. PIC shall throughout the term of this Contract and
     thereafter, so long as either party hereto shall request until all
     liability on the Certificates has expired, report monthly as of the end of
     each month and, in addition, as of the end of each calendar year the
     following as the same pertain to activity on Certificates for and from
     inception through to the end of each applicable month, as specified in
     Appendix A.

B.   CERTIFICATE REPORTS. Reports under this Article VII shall be submitted by
     PIC to CUMIS within forty-five (45) days of the end of each month for which
     the activity report is rendered and shall be substantially in the form as
     provided in Appendix A. In addition, PIC shall provide CUMIS with such
     additional reports and statistics with respect to the Certificates as
     reasonably requested by CUMIS.

ARTICLE VIII. CURRENCY AND TAXES

A.   CURRENCY. 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 States Dollars. Amounts
     paid or received by PIC 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 PIC.

B.   APPOINTMENT. In the event of PIC being involved in a Loss requiring payment
     in two currencies, the amount recoverable under this Contract shall be
     apportioned to the two currencies in the same proportion as the amount of
     Loss in each currency bears to the total amount of Loss paid by PIC. For
     the purposes of this Contract, where PIC should receive premium or pay Loss
     in currencies other than United States currency, those premiums and Loss
     shall be converted into United States Dollars at the actual rates of
     exchange at which these premiums and Losses are entered on PIC's books.

C.   TAXES. In consideration of the terms under which this Contract is issued,
     PIC undertakes not to claim any deduction of the premium hereon when making
     Canadian Tax returns or when making tax returns, other than Income or
     Profits Tax returns, to any State or Territory of the United States of
     America or to the District of Columbia.

ARTICLE IX. CLAIMS REPORTS & LOSS SETTLEMENTS

A.   CLAIM REPORTS. Reports under this Article IX shall be submitted by PIC to
     CUMIS within forty-five (45) days of the end of each month for which the
     activity report is requested and shall be substantially in the form as
     provided in Appendix A. In addition,


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     PIC shall provide CUMIS with such additional reports and statistics with
     respect to the Certificates as reasonably requested by CUMIS.

B.   LOSS SETTLEMENT. All claims and Loss shall be investigated, adjusted, and
     settled by PIC or its designee which settlements, judgments or compromises
     of claims or Loss will be finally binding upon CUMIS without undue
     interference of CUMIS, provided that in the event of a possible claim
     decision outside of mutually agreed parameters reduced to writing by PIC
     and CUMIS, PIC shall first seek and obtain advice and approval of CUMIS
     before adjusting, settling, or denying the claim in whole or in part.

C.   ORIGINAL CONDITIONS. CUMIS' liability to PIC, subject to the exclusions and
     the terms and conditions of this Contract, shall attach simultaneously with
     that of PIC and shall be subject in all respects to the same risks, terms,
     conditions, interpretations, waivers and the same modifications,
     alterations and cancellations as the respective insurances (or
     reinsurances) of PIC, the true intent of this Contract being that CUMIS
     shall, in every case to which this Contract applies, follow the settlements
     and the fortunes of PIC with respect to the Certificates.

D.   RIGHT TO ASSOCIATE. When so requested in writing, PIC shall afford CUMIS or
     its representatives an opportunity to be associated with PIC, at the
     expense of CUMIS, in the defense of any claim, suit or proceeding involving
     this reinsurance, and PIC and CUMIS shall cooperate in every respect in the
     defense of such claim, suit or proceeding.

E.   ERRORS AND OMISSIONS. Inadvertent delays, errors or omissions made by PIC
     in connection with this Contract shall not relieve CUMIS from any liability
     which would have attached had such delay, error or omission not occurred,
     provided always that such delay, error or omission shall be rectified as
     soon as possible after discovery by PIC.

F.   SUBROGATION AND RECOVERIES. All salvages, recoveries, payments and
     reversals or reductions of verdicts or judgments (net of the cost of
     obtaining such salvage, recovery, payment or reversal or reduction of a
     verdict or judgment) whether recovered, received or obtained prior or
     subsequent to a loss settlement under this Contract, including amounts
     recoverable under other reinsurance, shall be applied as if recovered,
     received or obtained prior to the aforesaid settlement and shall be
     deducted from the actual losses sustained to arrive at the amount of the
     Net Loss. Nothing in this Article shall be construed to mean losses are not
     recoverable until the Net Loss has been finally ascertained.

     CUMIS shall be subrogated, as respects any loss for which CUMIS shall
     actually pay or become liable, but only to the extent of the amount of
     payment by or the amount of liability to CUMIS, to all the rights of PIC
     against any person or other entity who may be legally responsible for
     damages as a result of said loss. Should PIC elect not to enforce such
     rights, CUMIS is hereby authorized and empowered to bring any appropriate
     action in the name of PIC or its policyholders, or otherwise to enforce
     such rights. CUMIS shall promptly remit to PIC the amount of any judgment
     awarded in such an action in excess of the amount of payment by, or the
     amount of liability to, CUMIS hereunder.


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ARTICLE X. INSOLVENCY OF PIC

E.   REINSURANCE PAYABLE. In the event of the declared insolvency of PIC and the
     appointment of a liquidator, receiver, conservator or statutory successor,
     this reinsurance shall be payable immediately upon demand, with reasonable
     provision for verification, directly to PIC or to its liquidator, receiver,
     conservator or statutory successor on the basis of the liability of PIC as
     a result of claims allowed against PIC by any court of competent
     jurisdiction or any liquidator, receiver, conservator, or statutory
     successor having authority to allow such claims without diminution because
     of the insolvency of PIC or because the liquidator, receiver, conservator
     or statutory successor of PIC has failed to pay all or a portion of any
     claim. Payments by CUMIS as above set forth shall be made directly to PIC
     or to its conservator, liquidator, or statutory successor, except where the
     contract of insurance or reinsurance specifically provides another payee of
     such reinsurance or except as provided by applicable law and regulation
     (such as subsection (a) of section 4118 of the New York Insurance laws) in
     the event of the insolvency of PIC.

F.   NOTICE OF CLAIM. Every liquidator, receiver, conservator, statutory
     successor of PIC or guaranty fund or association shall give written notice
     to CUMIS of the pendency of a claim involving PIC indicating the
     Certificate, which claim would involve a possible liability on the part of
     CUMIS to PIC or to its liquidator, receiver, conservator or statutory
     successor, within a reasonable amount of time after the claim is filed in
     the conservation, liquidation, receivership or other proceeding.

G.   INVESTIGATION. During the pendency of any claim, CUMIS may investigate the
     same and interpose, at its own expense, in the proceeding where that claim
     is to be adjudicated, any defense or defenses that it may deem available to
     its Certificate holder, or to any liquidator, receiver, conservator,
     statutory successor of PIC or guaranty fund or association.

H.   EXPENSES. The expense thus incurred by CUMIS shall be chargeable, subject
     to the approval of the Court, against PIC as part of the expense of
     conservation or liquidation to the extent of a pro rata share of the
     benefit which may accrue to PIC as a result of the defense undertaken by
     CUMIS. Where two or more reinsurers are involved in the same claim and a
     majority in interest elect to interpose defense to the claim, the expense
     shall be apportioned in accordance with the terms of this Contract as
     though such expense had been incurred by PIC.

ARTICLE XI. LETTER OF CREDIT

A.   ESTABLISHMENT. PIC and CUMIS mutually understand and agree that during the
     term of this Agreement CUMIS will establish a claims reserve by a letter of
     credit described below. CUMIS will apply for and secure delivery to PIC on
     or before October 31, 2005 of a clean, irrevocable, unconditional letter of
     credit in the amount of $500,000 (which letter of credit shall expressly
     permit partial draws to be made thereunder), dated no


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     earlier than October 20, 2005 issued by a bank approved by the NAIC
     Securities Valuation Office. The letter of credit will have an expiration
     date of the first anniversary of its issue date, and will be automatically
     extended for one year from its date of expiration or any future expiration
     date unless 60 days prior to any expiration date the issuing bank notifies
     PIC by registered mail that it elects not to consider the letter of credit
     extended for any additional period. The only condition of PIC being able to
     draw on the letter of credit is that PIC present to the issuing bank a
     certificate that PIC is entitled to draw on the letter of credit under the
     provisions of the Professional Liability Insurance Quota Share Contract
     among Philadelphia Insurance Company, Philadelphia Indemnity Insurance
     Company and CUMIS Insurance Society, Inc.

     PIC may draw on the letter of credit under the following circumstances: (a)
     PIC determines that a payment due to it by CUMIS under this Agreement is
     not timely made, including, without limitation, any payment to reimburse
     PIC for CUMIS' share of any loss reimbursed by this Agreement which has not
     otherwise been paid, and in such event PIC may draw upon the letter of
     credit the amount of such unpaid payment, or (b) a letter of credit meeting
     the terms set forth above with an expiration date at least one year beyond
     the expiration date of the existing letter of credit is not delivered to
     PIC at least 25 days prior to the expiration of the existing letter of
     credit. In the event of a draw pursuant to clause (b) of the immediately
     preceding sentence, the amount of the draw, which shall be the full undrawn
     amount of the letter of credit, shall serve as cash collateral for all of
     CUMIS' obligations under this Agreement. Such draw shall be held in an
     interest bearing account of PIC and interest thereon will accrue to the
     benefit of CUMIS.

     Any reference in this Article XI or in Article XIII.F to "letter of credit"
     shall include any additional letters of credit referred to in Article
     XIII.F.

B    The issuing bank will have no responsibility whatsoever in connection with
     the propriety of withdrawals made by PIC or the disposition of funds
     withdrawn.

ARTICLE XII. INSOLVENCY OF CUMIS

In the event of CUMIS's insolvency, bankruptcy, receivership, rehabilitation or
liquidation, PIC may retain all or any portion of any amount then due or which
may become due to CUMIS under this Agreement, and use such amounts for the
purpose of paying any and all liability CUMIS incurred under this Agreement.
When all such liability hereunder has been discharged, PIC will pay to CUMIS any
balance of such amounts withheld as may remain.

ARTICLE XIII. SPECIAL TERMINATION.

PIC may terminate this Agreement at any time by giving 30 days prior written
notice to CUMIS in the event that any one of the following circumstances has
occurred since the inception date of this Agreement (or, in the case of a
continuous Agreement, the immediately preceding anniversary date):


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     A.   A State Insurance Department has ordered CUMIS to cease accepting
          business; or

     B.   CUMIS has become insolvent or has been placed into liquidation or
          receivership (whether voluntary or involuntary), or there has been
          instituted against it proceedings for the appointment of a receiver,
          liquidator, rehabilitator, conservator, or trustee in bankruptcy, or
          other agent known by whatever name, to take possession of its assets
          or control its operations; or

     C.   CUMIS policyholders' surplus has been reduced by 50% of the amount at
          which it stood at the inception of this Agreement (or, in the case of
          a continuous Agreement, the immediately preceding anniversary date);
          or

     D.   CUMIS's AM Best rating has been assigned or downgraded below "A-"; or

     E.   CUMIS's Standard and Poor's rating has been assigned or downgraded
          below "BBB+".

     F.   PIC does not have a currently effective unexpired letter of credit
          meeting the requirements of Article XI of this Agreement in the
          undrawn amount of $500,000; provided, however, that if at any time
          such undrawn amount is less than $500,000 as a result of a draw on a
          letter of credit supplied to PIC by CUMIS under Article XI of this
          Agreement, PIC may not exercise its rights under this clause F unless,
          within 20 days after such draw, CUMIS has not delivered to PIC a
          letter of credit meeting the requirements of Article XI in an amount
          equal to the amount of such draw.

In the event of such termination the liability of CUMIS will cease upon receipt
of notice from PIC (except in respect of losses which may have occurred prior to
such date of termination but for which settlement remains outstanding) and CUMIS
will receive premium pro rata as to time of the full premium.

However, if losses have occurred between the inception date of this Agreement
(or, in the case of a continuous Agreement, the anniversary date immediately
preceding termination) and the date of termination which exceed pro rata as to
time of the full premium, then CUMIS will receive premium equal to the losses or
the full premium, whichever is less.

For the purpose of this Article "full premium" will mean the fully adjusted
premium that would have been earned by CUMIS for the period of this Agreement
had it not been terminated.

ARTICLE XIV. ARBITRATION

A.   CONDITION PRECEDENT. As a condition precedent to any cause of action, any
     and all disputes between PIC and CUMIS arising out of, relating to, or
     concerning this Contract, whether sounding in contract or tort and whether
     arising during or after termination of this Contract, shall be submitted to
     the decision of a board of arbitration composed of two


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     arbitrators and an umpire ("Board") meeting at a site in Philadelphia,
     Pennsylvania. The arbitration shall be conducted under the Pennsylvania
     Arbitration Act or Federal Arbitration Act, as applicable, and shall
     proceed as set forth in the following paragraphs:

B.   SUBMISSION TO ARBITRATION. A notice requesting arbitration, or any other
     notice made in connection therewith, shall be in writing and shall be sent
     certified or registered mail, return receipt requested to the affected
     parties. The notice requesting arbitration shall state in particulars all
     issues to be resolved in the view of the claimant, shall appoint the
     arbitrator selected by the claimant and shall set a tentative date of the
     hearing, which date shall be no sooner than ninety (90) days and no later
     than one hundred fifty (150) days from the date that the notice requesting
     arbitration is mailed. Within thirty (30) days of receipt of claimant's
     notice, the respondent shall notify claimant of any additional issues to be
     resolved in the arbitration and of the name of its appointed arbitrator.

C.   ARBITRATION BOARD MEMBERSHIP. Unless otherwise mutually agreed, the members
     of the Board shall be impartial and disinterested and shall be active or
     retired lawyers with at least ten years experience in insurance and
     reinsurance, or active or retired officers of property-casualty insurance
     companies, reinsurance companies, or Lloyds Underwriters. PIC and CUMIS as
     aforesaid shall each appoint an arbitrator and the two (2) arbitrators
     shall choose an umpire before instituting the hearing. If the respondent
     fails to appoint its arbitrator within thirty (30) days after having
     received claimant's written request for arbitration, the claimant is
     authorized to and shall appoint the second arbitrator. If the two
     arbitrators fail to agree upon the appointment of an umpire within thirty
     (30) days after notification of the appointment of the second arbitrator,
     within ten (10) days thereof, the two (2) arbitrators shall request ARIAS
     U.S. to assist in the appointment of an umpire for the arbitration with the
     qualifications set forth above in this Article. If enlisting the aid of
     ARIAS U.S. fails to result in the naming of an umpire, either party may
     apply to the court named below to appoint an umpire with the above required
     qualifications. The umpire shall promptly notify in writing all parties to
     the arbitration of his selection and of the scheduled date for the hearing.
     Upon resignation or death of any member of the Board, a replacement shall
     be appointed in the same fashion as the resigning or deceased member was
     appointed.

D.   SUBMISSION OF BRIEFS. The claimant and respondent shall each submit initial
     briefs to the Board outlining the issues in dispute and the basis,
     authority and reasons for their respective positions within thirty (30)
     days of the date of notice of appointment of the umpire. The claimant and
     the respondent may submit reply briefs to the Board within ten (10) days
     after filing of the initial brief(s). Initial and reply briefs may be
     amended by the submitting party at any time, but not later than ten (10)
     days prior to the date of commencement of the arbitration hearing.
     Reasonable responses shall be allowed at the arbitration hearing to new
     material contained in any amendments filed to the briefs but not previously
     responded to.

A.   ARBITRATION HEARING AND AWARD. The Board shall make a decision and award
     with regard to this Contract, the original intentions of the parties to the
     extent reasonably ascertainable, and the custom and usage of the property
     and casualty insurance and


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     reinsurance business which decision and award shall be in writing and shall
     state the factual and legal basis for the decision and award. The decision
     and award shall be based upon a hearing in which evidence shall be allowed
     and which the formal rules of evidence shall not strictly apply but in
     which cross examination and rebuttal shall be allowed. At its own election
     or at the request of the Board, either party may submit a post-hearing
     brief for consideration of the Board within twenty (20) days of the close
     of the hearing. The Board shall make its decision and award within thirty
     (30) days following the close of the hearing or the submission of
     post-hearing briefs, whichever is later, unless the parties consent to an
     extension. Every decision by the Board shall be a majority of the members
     of the Board and each decision and award by the majority of the member of
     the Board shall be final and binding upon all parties to the proceeding.
     Either party may apply to a federal district court of competent
     jurisdiction for an order confirming any decision and the award; a judgment
     of that Court shall thereupon be entered on any decision or award. If such
     an order is issued, the attorneys' fees of the party so applying and court
     costs will be paid by the party against whom confirmation is sought. The
     Board may award interest at a rate of ten (10%) percent simple interest per
     annum calculated from the date the Board determines that any amounts due
     the prevailing party should have been paid to the prevailing party.

B.   ARBITRATION EXPENSE. Each party shall bear the expense of the one
     arbitrator appointed by it and shall jointly and equally bear with the
     other party the expense of any stenographer requested, and of the umpire.
     The remaining costs of the arbitration proceedings shall be finally
     allocated by the Board.

C.   EVIDENCE. Subject to customary and recognized legal rules of privilege,
     each party participating in the arbitration shall have the obligation to
     produce those documents and as witnesses to the arbitration those of its
     employees as any participating party reasonably requests providing always
     that the same witnesses and documents be obtainable and relevant to the
     issues before the arbitration and not be unduly burdensome or excessive.
     The parties may mutually agree as to pre-hearing discovery prior to the
     arbitration hearing and in the absence of agreement, upon the request of
     any party, pre-hearing discovery may be conducted as the umpire shall
     determine in his/her sole discretion to be in the interest of fairness,
     full disclosure, and a prompt hearing, decision and award by the Board. The
     umpire shall be the final judge of the procedures of the Board, the conduct
     of the arbitration, of the rules of evidence, the rules of privilege and
     production and of excessiveness and relevancy of any witnesses and
     documents upon the petition of any participating party. To the extent
     permitted by law, the Board and the umpire shall have the authority to
     issue subpoenas and other orders to enforce their decisions.

D.   EQUITABLE RELIEF. Nothing herein shall be construed to prevent any
     participating party from applying to a federal district court of competent
     jurisdiction to issue a restraining order or other equitable relief to
     maintain the "status quo" of the parties participating in the arbitration
     pending the decision and award by the Board or to prevent any party from
     incurring irreparable harm or damage at any time prior to the decision and
     award of the Board. The Board shall also have the authority to issue
     interim decisions or awards in the


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<PAGE>

     interest of fairness, full disclosure and a prompt and orderly hearing and
     decision and award by the Board.

ARTICLE XV. ADMINISTRATION PROCEDURES

A.   Inasmuch as insurance premiums ceded to CUMIS under this Contract shall be
     collected directly by an affiliate of CUMIS ("CMIA") pursuant to the
     General Agent Agreement with PIC, it shall be the obligation of CUMIS to
     cause CMIA to provide all necessary premium information to PIC in order
     that PIC can make the reports required by this Contract.

B.   To the extent that CUMIS should receive any premium directly from CMIA,
     CUMIS shall remit the ceding commission allowed and due to PIC thereon in
     the time required under this Contract.

ARTICLE XVI. TERRORISM RECOVERY - TERRORISM RISK INSURANCE ACT OF 2002

A.   As respects the Insured Losses of PIC for each Program year, to the extent
     PIC's total reinsurance recoverables for Insured Losses, when combined with
     the compensation PIC receives under the Act exceeds the aggregate amount of
     Insured Losses paid by PIC, less any other recoveries or reimbursements,
     (the "Excess Recovery"), a share of the Excess Recovery shall be allocated
     to PIC and CUMIS. PIC's share of the Excess Recovery shall be deemed to be
     an amount equal to the proportion that PIC's Insured Losses bear to PIC's
     total Insured Losses for each Program Year. CUMIS' share of the Excess
     Recovery shall be deemed to be an amount equal to the proportion that
     CUMIS' payment of Insured Losses under this Contract bears to PIC's total
     collected reinsurance recoverables for Insured Losses. PIC shall provide
     CUMIS with all necessary data respecting the transactions covered under
     this Article.

B.   The method set forth herein for determining an Excess Recovery is intended
     to be consistent with the United States Treasury Department's construction
     and application of Section 103(g)(2) of the Act. To the extent it is
     inconsistent, it shall be amended to conform with such construction and
     application.

C.   "Act" as used herein shall mean the Terrorism Risk Insurance Act of 2002
     and any subsequent amendment thereof or any regulations promulgated
     thereunder. "PIC" shall have the same meaning as "Insurer" under the Act
     and "Insured Losses," and "Program Year" shall follow the definitions as
     provided in the Act.

ARTICLE XVII. OTHER TERMS AND CONDITIONS

A.   UTMOST GOOD FAITH. This Contract is entered into with the expectation that
     it correctly, adequately and appropriately describes the intent and
     agreement of the parties. The principles of honorable engagement and utmost
     good faith, traditional to reinsurance, will be adhered to in the
     performance of this Contract, will govern the parties' rights and


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<PAGE>

     obligations under the Contract, and will be the fundamental basis for
     resolving any dispute that may arise between the parties.

B.   WAIVER. The failure of PIC or CUMIS to insist on strict compliance with
     this Contract or to exercise any right or remedy shall not constitute a
     waiver of any rights contained in this Contract nor stop the parties from
     thereafter demanding full and complete compliance nor prevent the parties
     from exercising any remedy.

C.   SEVERABILITY. If any provisions of this Contract should be invalid under
     applicable laws, the latter shall control but only to the extent of the
     conflict without affecting the remaining provisions of this Contract.

A.   HEADINGS. The headings preceding the text of the Articles and paragraphs of
     this Contract are intended and inserted solely for the convenience of
     reference and shall not affect the meaning, interpretation, construction or
     effect of this Contract.

B.   ASSIGNMENT. This Contract shall be binding upon and inure to the benefit of
     PIC and CUMIS and their respective successors and assigns provided,
     however, that this Contract may not be assigned by either party without the
     prior written consent of the other party which consent may be withheld by
     either party in its sole unfettered discretion.

C.   GOVERNING LAW. This Contract shall be governed as to performance,
     administration, and interpretation by the laws of the Wisconsin, exclusive
     of its rules with respect to conflicts of law.

D.   NEGOTIATED CONTRACT. This Contract has been negotiated by the parties and
     the fact that the initial and other drafts shall have been prepared by
     either party shall not give rise to any presumption for or against any part
     to this Contract or be used in any form in the construction or
     interpretation of this Contract or any of its provisions.

E.   ENTIRE CONTRACT. This written contract and any agreed amendments made
     thereto, and the underwriting information provided for the formation of the
     Contract and in connection with the acceptance of risk, including letters
     of intent and/or other such clarification, if any, shall constitute the
     entire agreement between the parties with respect to the Certificates
     covered hereunder. Any change or modification of this Contract shall be
     null and void unless made by amendment to the Contract and signed by both
     parties.

F.   AGENCY. As PIC consists of two insurers, the first named insurer shall be
     the agent of the other companies as to all matters pertaining to this
     Contract. Performance of the respective obligations of each party under
     this Contract shall be rendered solely to the other party; however, in the
     event of insolvency of PIC, the liability of the Reinsurers shall be
     modified to the extent set forth in Article X of this Contract.

G.   TERRITORY. The territorial limits of this Contract shall be identical with
     those of the Certificates.


                                       13

<PAGE>

H.   NOTICES. Wherever written notice is required under this Contract, it shall
     be in writing and either delivered personally or, sent by certified mail,
     return receipt requested to the addresses indicated below:

     1.   To PIC:

          PHILADELPHIA INSURANCE COMPANY
          PHILADELPHIA INDEMNITY INSURANCE COMPANY
          One Bala Plaza, Suite 100
          Bala Cynwyd, PA 19004
          Attn: Douglas Gaudet
          Fax: 866-685-7697

     2.   To CUMIS:

          CUMIS INSURANCE SOCIETY, INC.
          5910 Mineral Point Road
          Madison, WI 53705
          Attn: James W. Hunt
          Fax: 608-236-8516

I.   PRIVACY AWARENESS. PIC and CUMIS are aware of and in compliance with their
     responsibilities and obligations under the Gramm-Leach-Bliley Act of 1999
     (the "Act") and applicable Federal and state laws and regulations
     implementing the Act. PIC and CUMIS will only use non-public personal
     information as permitted by law.

J.   CONFIDENTIALITY. The information, data statements, representations and
     other materials provided by either party to this Contract (hereinafter
     "Disclosing Party") to the other party (the "Receiving Party") arising from
     consideration and participation in this Contract whether contained in the
     reinsurance submission, this Contract, or in materials or discussions
     arising from or related to this Contract, may contain confidential or
     proprietary information as expressly indicated by the Disclosing Party in
     writing from time to time ("Confidential Information") to the Receiving
     Party.

     1.   This Confidential Information is intended for the sole use of the
          parties to this Contract (and their retrocessionaires, respective
          auditors and legal counsel) as may be necessary in analyzing and/or
          accepting a participation in and/or executing their respective
          responsibilities under or related to this Contract.

     2.   Disclosing or using Confidential Information disclosed under this
          Contract for any purpose beyond (i) the scope of this Contract, (ii)
          the reasonable extent necessary to perform rights and responsibilities
          expressly provided for under this Contract, (iii) the reasonable
          extent necessary to administer, report to and effect recoveries from a
          retrocessional reinsurer or (iv) persons with a need to know the
          information and who are obligated to maintain the confidentiality of
          the Confidential Information or who have agreed in writing to maintain
          the


                                       14

<PAGE>

          confidentiality of the Confidential Information is expressly forbidden
          without the prior written consent of the Disclosing Party.

     3.   Copying, duplicating, disclosing, or using Confidential Information
          for any purpose beyond this expressed purpose is forbidden without the
          prior written consent of the Disclosing Party.

K.   THIRD PARTY BENEFICIARY. Except as expressly provided for in Article X of
     this Contract, the provisions of this Contract are intended solely for the
     benefit of PIC and CUMIS. Nothing in this Contract shall in any manner
     create or be construed to create any obligations or to establish any rights
     against any party to this Contract in favor of any other persons not party
     to this Contract.

L.   ACCESS TO RECORDS. CUMIS, so long as liability under the Certificates has
     not expired and for five years thereafter, and as frequently as CUMIS deems
     reasonably necessary, upon reasonable notice may visit, inspect, examine,
     audit, and verify, at the offices of PIC, any of the policies,
     Certificates, claim files, accounts, files, documents, books, reports, work
     papers, and other records belonging to or in the possession or control of
     PIC relating to the Certificates and to make copies thereof and extracts
     therefrom.

IN WITNESS WHEREOF, PIC and CUMIS have executed this Contract, by their
duly-authorized representatives on the date indicated below.

PHILADELPHIA INSURANCE COMPANY


By: /s/ Christopher Maguire
    ---------------------------------
Title: Executive Vice President &       Date: 10/28/2005
       Chief Underwriting Officer


PHILADELPHIA INDEMNITY INSURANCE COMPANY


By: /s/ Christopher Maguire
    ---------------------------------
Title: Executive Vice President &       Date: 10/28/2005
       Chief Underwriting Officer


CUMIS INSURANCE SOCIETY, INC.


By: /s/ Mark Cis
    ---------------------------------
Title: Vice President & Chief P&C       Date: 10/31/2005
       Actuary


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<PAGE>

                                   Appendix A
                        Professional Liability Insurance
                             Reporting Requirements

MONTHLY PREMIUM REPORTS

     1.   Monthly Gross Net Premiums Written

     2.   Y-T-D Gross Net Premiums Written

     3.   Month End Gross Net Premiums Unearned

     4.   Monthly Gross Net Premiums Earned

     5.   Y-T-D Gross Net Premiums Earned

     6.   Monthly Gross Net Premiums Written Ceded

     7.   Y-T-D Gross Net Premiums Written Ceded

     8.   Month End Gross Net Premiums Unearned Ceded

     9.   Monthly Gross Net Premiums Earned Ceded

     10.  Y-T-D Gross Net Premiums Earned Ceded

     11.  Monthly Ceding Commissions Due Philadelphia

     12.  Y-T-D Ceding Commissions Due Philadelphia

MONTHLY CERTIFICATE REPORTS (for each policy written, changed and cancelled
during the month)

Policy Number
State
Name of Insured
Effective Date
Expiration Date
Premium Written/Premium Change/Premium Cancellation

Note: This information should reconcile with the Monthly Summary report.

MONTHLY CLAIMS REPORTS (for each claim outstanding)

Claim Number
Policy Number
Name of Insured
Loss Date
Loss Payments made during the month
External LAE Payment made during the month
S/S Expense payments made during the month
S/S received during the month
Loss Reserves as of month end
External LAE reserves as of month end.


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