POOLS, ASSOCIATIONS AND SYNDICATES EXCLUSION CLAUSE

SECTION 1

Excluding:

(A)  All  business  derived directly or indirectly from any Pool, Association or
     Syndicate which maintains its own reinsurance facilities.  

(B)  Any  Pool  or Scheme (whether voluntary or mandatory) formed after March 1,
     1968 for the purpose of insuring Property whether on a countrywide basis or
     in  respect  of  designated  areas.   This exclusion shall not apply to so-
     called Automobile Insurance Plans or other Pools formed to provide coverage
     for Automobile Physical Damage.  

SECTION 2

It  is agreed that business written by the Company for the same perils, which is
known at the time to be insured by, or in excess of underlying amounts placed in
the  following Pools, Associations or Syndicates, whether by way of insurance or
reinsurance, is excluded hereunder:

     Industrial  Risk  Insurers  (successor to Factory Insurance Association and
     Oil  Insurance  Association);  Associated  Factory  Mutuals;  Improved Risk
     Mutuals. 

     Any  Pool,  Association or Syndicate formed for the purpose of writing Oil,
     Gas or Petro-Chemical Plants and/or Oil or Gas Drilling Rigs.  

     United  States Aircraft Insurance Group, Canadian Aircraft Insurance Group,
     Associated Aviation Underwriters, American Aviation Underwriters.  

Section 2 does not apply:

(A)  Where the Total Insured Value over all interests of the risk in question is
less than $250,000,000.  

(B)  To  interests  traditionally  underwritten as Inland Marine or Stock and/or
Contents written on a blanket basis.  

(C)  To  Contingent Business Interruption, except when the Company is aware that
the  key location is known at the time to be insured in any Pool, Association or
Syndicate named above, other than as provided for under Section 2 (A).

(D)  To  risks  as follows:  Offices, Hotels, Apartments, Hospitals, Educational
Establishments,  Public  Utilities  (other than Railroad Schedules) and Builders
Risks on the classes of risks specified in this sub-section (D) only.  

SECTION 3

Nevertheless  the  Reinsurers  specifically agree that liability accruing to the
Company from its/their participation in residual market mechanisms including but
not limited to,
<PAGE>
     (A)  The following so-called "Coastal Pools"

          Alabama Insurance Underwriting Association
          Florida Windstorm Underwriting Association (FWUA)
          Louisiana Insurance Underwriting Association 
          Mississippi Windstorm Underwriting Association
          North Carolina Insurance Underwriting Association 
          South Carolina Windstorm and Hail Underwriting Association 
          Texas Catastrophe Property Insurance Association,

     (B)  All "Fair Plan" and/or "Rural Risk Plan" business
          and

     (C)  Florida  Property and Casualty Joint Underwriting Association (FPCJUA)
and Residential Property and Casualty Joint Underwriting Association (RPCJUA),

for  all  perils  otherwise  protected hereunder shall not be excluded herefrom,
except  however  that  this  reinsurance  does  not include any increase in such
liability resulting from:

     (D)  The  inability  of  any  other  participant  in  such  residual market
mechanisms to meet its liability.

     (E)  Any  claim against such residual market mechanisms, or any participant
therein,  including  the  Company,  whether  by way of subrogation or otherwise,
brought  by  or  on  behalf of any insolvency fund (as defined in the Insolvency
Funds Exclusion Clause incorporated in this Agreement).

SECTION 4

Notwithstanding  Section  3  above,  in  respect of the FWUA, FPCJUA and RPCJUA,
where  an  assessment  is  made against the Company by the FWUA, the FPCJUA, the
RPCJUA,  or  any  combination  thereof,  the  maximum  loss that the Company may
include  in  the  Ultimate  Net Loss in respect of any Loss Occurrence hereunder
shall not exceed the lesser of:

1.   The  Company's  assessment  from  the  relevant entity (FWUA, FPCJUA and/or
RPCJUA) for the accounting year in which the Loss Occurrence commenced, or

2.   The product of the following:

   a)     The  Company's percentage participation in the relevant entity for the
accounting year in which the Loss Occurrence commenced; and

   b)     The relevant entity's total losses in such Loss Occurrence.

Any  assessments  for  accounting  years  subsequent  to  that in which the Loss
Occurrence  commenced  may  not  be included in the Ultimate Net Loss hereunder.
Moreover,  notwithstanding  Section  3 above, in respect of the FWUA, the FPCJUA
and/or  the RPCJUA, the Ultimate Net Loss hereunder shall not include any monies
expended  to  purchase or retire bonds as a consequence of being a member of the
FWUA, the FPCJUA and/or the RPCJUA.

For  the  purposes of this Contract, the Company may not include in the Ultimate
Net  Loss  any  assessment  or any percentage assessment levied by the FWUA, the
FPCJUA  and/or the RPCJUA to meet the obligations of an insolvent insurer member
or  other  party,  or  to meet any obligations arising from the deferment by the
FWUA, FPCJUA and/or RPCJUA of the collection of monies.
<PAGE>

NOTE:  Wherever  used  herein,  the  term  "Company" shall be understood to mean
"Reinsured,"  "Reassured"  or  whatever  other  term  is  used  in  the attached
Agreement  to  designate  the  reinsured company.  The term "Agreement" shall be
understood  to  mean  "Contract,"  "Policy"  or  whatever  other term is used to
designate  the  attached  reinsurance  document.  The term "Reinsurers" shall be
understood  to  mean "Reinsurers," "Underwriters" or whatever other term is used
in the attached Agreement to designate the reinsurer or reinsurers.

   NUCLEAR INCIDENT EXCLUSION CLAUSE - PHYSICAL DAMAGE - REINSURANCE - U.S.A.

   1.  This  Contract  does  not  cover  any  loss  or liability accruing to the
Reassured,  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  Contract  does  not  cover  any loss or liability accruing to the
Reassured,  directly or indirectly and whether as Insurer or Reinsurer, from any
i n s u rance  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  Contract  does  not  cover  any  loss or liability by radioactive
contamination  accruing to the Reassured, 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  the  Reassured  does 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.
<PAGE>
   4.  Without  in any way restricting the operations of paragraphs (1), (2) and
(3)  hereof,  this  Contract does not cover any loss or liability by radioactive
contamination  accruing to the Reassured, 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.  The Reassured to be sole judge of what constitutes:

   (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 Reassured 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
Reassured  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.

                        NUCLEAR INCIDENT EXCLUSION CLAUSE
                     PHYSICAL DAMAGE - REINSURANCE - CANADA

   1.  This  Agreement  does  not  cover  any  loss or liability accruing to the
Company  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  Agreement  does  not  cover any loss or liability accruing to the
Company,  directly  or indirectly, and whether as Insurer or Reinsurer, from any
i n s u rance  against  Physical  Damage  (including  business  interruption  or
consequential loss arising out of such Physical Damage) to:

       (a)     nuclear  reactor power plants including all auxiliary property on
the site, or

       (b)     any  other  nuclear  reactor installation, including laboratories
handling  radioactive  materials  in  connection with reactor installations, and
critical facilities as such, or

       (c)     installations  for  fabricating  complete  fuel  elements  or for
p r o c e s sing  substantial  quantities  of  prescribed  substances,  and  for
reprocessing,  salvaging,  chemically  separating, storing or disposing of spent
nuclear fuel or waste materials, or
<PAGE>
       (d)     installations   other  than  those  listed  in  (c)  above  using
substantial  quantities  of  radioactive  isotopes  or other products of nuclear
fission.

   3.  Without  in  any  way  restricting the operation of paragraphs 1 and 2 of
this  clause, this Agreement does not cover any loss or liability by radioactive
contamination  accruing  to  the Company, 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 the Company does not have knowledge of such nuclear reactor
power plant or nuclear installation, or

       (b)     where  the said insurance contains a provision excluding coverage
for  damage  to  property caused by or resulting from radioactive contamination,
however caused.

   4.  Without  in any way restricting the operation of paragraphs 1, 2 and 3 of
this  clause, this Agreement does not cover any loss or liability by radioactive
contamination  accruing  to  the Company, directly or indirectly, and whether as
Insurer  or  Reinsurer,  when  such  radioactive contamination is a named hazard
specifically insured against.

   5.  This  clause  shall not extend to risks using radioactive isotopes in any
form  where  the  nuclear  exposure  is  not considered by the Company to be the
primary hazard.

   6.  The  term  "prescribed  substances" shall have the meaning given to it by
the  Atomic  Energy  Control  Act R.S.C. 1985 (c), A-16 or by any law amendatory
thereof.

   7.  Company to be sole judge of what constitutes:
       (a)     substantial quantities, and

       (b)     the extent of installation, plant or site.

   8.  Without  in any way restricting the operation of paragraphs 1, 2, 3 and 4
of  this clause, this Agreement does not cover any loss or liability accruing to
the Company, directly or indirectly, and whether as Insurer or Reinsurer caused:

       (a)     by  any  nuclear incident as defined in the Nuclear Liability Act
or  any  other  nuclear  liability  act,  law  or statute, or any law amendatory
thereof  or  nuclear  explosion, except for ensuing loss or damage which results
directly  from  fire,  lightening  or explosion of natural, coal or manufactured
gas;
       (b)     by contamination by radioactive material.

Note:  Without  in any way restricting the operation of paragraphs 1, 2, 3 and 4
of  this  clause,  paragraph  8  of this clause shall only apply to all original
contracts  of  the  Company  whether  new,  renewal  or replacement which become
effective on or after December 31, 1992.
<PAGE>
                NORTH AMERICAN WAR EXCLUSION CLAUSE (REINSURANCE)

As  regards interests which at time of loss or damage are on shore, no liability
shall attach hereto in respect of any loss or damage which is occasioned by war,
i n v asion,  hostilities,  acts  of  foreign  enemies,  civil  war,  rebellion,
insurrection, military or usurped power, or martial law or confiscation by order
of any government or public authority.

This  War  Exclusion Clause shall not, however, apply to interests which at time
of  loss  or  damage  are  within the territorial limits of the United States of
America (comprising the fifty States of the Union, the District of Columbia, and
including  bridges  between the U.S.A. and Mexico provided they are under United
States ownership), Canada, St.  Pierre and Miquelon, provided such interests are
insured  under  policies,  endorsements  or binders containing a standard war or
hostilities or warlike operations exclusion clause.

                                  LOSS FUNDING

This clause is only applicable to those Reinsurers who cannot qualify for credit
by the State having jurisdiction over the Company's loss reserves.

As  regards  policies  or bonds issued by the Company coming within the scope of
this  Agreement,  the  Company agrees that when it shall file with the insurance
department or set up on its books reserves for losses covered hereunder which it
shall  be required to set up by law it will forward to the Reinsurer a statement
showing the proportion of such loss reserves which is applicable to them.

The  Reinsurer  hereby  agrees that it will apply for and secure delivery to the
Company  a clean irrevocable and unconditional Letter of Credit issued by a bank
chosen by the Reinsurer and acceptable to the appropriate insurance authorities,
in an amount equal to the Reinsurer's proportion of the loss reserves in respect
of  known  outstanding  losses  that  have  been  reported  to the Reinsurer and
allocated  loss  expenses relating thereto as shown in the statement prepared by
the  Company.    Under no circumstances shall any amount relating to reserves in
respect  of losses or loss expenses Incurred But Not Reported be included in the
amount of the Letter of Credit.

The  Letter  of  Credit shall be "Evergreen" and shall be issued for a period of
not  less  than  one year, and shall be automatically extended for one year from
its  date  of  expiration  or any future expiration date unless thirty (30) days
prior  to any expiration date, the bank shall notify the Company by certified or
registered mail that it elects not to consider the Letter of Credit extended for
any additional period.

The  Company,  or  its  successors  in interest, undertakes to use and apply any
amounts  which  it  may  draw  upon  such  Credit  pursuant  to the terms of the
Agreement  under  which  the  Letter  of  Credit  is held, and for the following
purposes only:

   (a)    To  pay  the  Reinsurer's  share  or  to reimburse the Company for the
Reinsurer's  share  of  any  liability for loss reinsured by this Agreement, the
payment  of  which  has been agreed by the Reinsurer and which has not otherwise
been paid.

   (b)    To  make  refund  of  any  sum which is in excess of the actual amount
required  to  pay  the  Reinsurer's  share  of  any  liability reinsured by this
Agreement.
<PAGE>
   (c)    In  the  event  of  expiration of the Letter of Credit as provided for
above,  to  establish  deposit  of  the  Reinsurer's share of known and reported
outstanding losses and allocated expenses relating thereto under this Agreement.
Such cash deposit shall be held in an interest bearing account separate from the
Company's  other assets, and interest thereon shall accrue to the benefit of the
Reinsurer.   It is understood and agreed that this procedure will be implemented
only  in  exceptional  circumstances and that, if it is implemented, the Company
will  ensure  that  a  rate of interest is obtained for the Reinsurers on such a
deposit  account  that  is  at  least  equal  to the rate which would be paid by
Citibank  N.A.  in  New  York,  and further that the Company will account to the
Reinsurers  on  an  annual  basis  for all interest accruing on the cash deposit
account for the benefit of the Reinsurer.

The  bank  chosen  for  the  issuance  of  the  Letter  of  Credit shall have no
responsibility  whatsoever  in connection with the propriety of withdrawals made
by  the  Company  or  the  disposition of funds withdrawn, except to ensure that
withdrawals  are made only upon the order of properly authorized representatives
of the Company.

At annual intervals, or more frequently as agreed but never more frequently than
semiannually,  the  Company  shall  prepare  a  specific statement, for the sole
purpose  of amending the Letter of Credit, of the Reinsurer's share of known and
reported  outstanding  losses  and  allocated expenses relating thereto.  If the
statement  shows  that  the  Reinsurer's share of such losses and allocated loss
expenses  exceeds  the balance of credit as of the statement date, the Reinsurer
shall,  within  thirty  (30) days after receipt of notice of such excess, secure
delivery  to  the Company of an amendment of the Letter of Credit increasing the
amount  of  credit by the amount of such difference.  If, however, the statement
shows  that  the Reinsurer's share of known and reported outstanding losses plus
allocated  loss  expenses relating thereto is less than the balance of credit as
of  the statement date, the Company shall, within thirty (30) days after receipt
of written request from the Reinsurer, release such excess credit by agreeing to
secure  an  amendment  to  the  Letter  of  Credit reducing the amount of credit
available by the amount of such excess credit.

NOTE: Wherever used herein the terms:

"Company"  shall  be  understood  to mean "Company," "Reinsured," "Reassured" or
whatever  other  term is used in the attached reinsurance agreement to designate
the  reinsured  company.    "Agreement"  shall be understood to mean "Contract,"
"Agreement,"  "Policy"  or whatever other term is used to designate the attached
reinsurance  document.   "State" shall be understood to mean the state, province
or Federal authority having jurisdiction over the Company's loss reserves.
<PAGE>
                                 SERVICE OF SUIT


This  Clause  applies only to a reinsurer domiciled outside the United States of
America  or  should the Company be authorized to do business in the State of New
York,  a  reinsurer unauthorized in New York as respects suits instituted in New
York.

It is agreed that in the event of the failure of the Reinsurer hereon to pay any
amount  claimed to be due hereunder, the Reinsurer hereon, at the request of the
Company,  will  submit  to the jurisdiction of a court of competent jurisdiction
within  the  United  States.    Nothing  in this Clause constitutes or should be
understood to constitute a waiver of the Reinsurer's right 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
United States.

It  is  further  agreed  that  service  of process in such suit may be made upon
Messrs.  Mendes  &  Mount, 750 Seventh Avenue, New York, New York 10019-6829 and
that  in  any  suit  instituted  against  the Reinsurer upon this Agreement, the
Reinsurer  will  abide  by  the final decision of such court or of any appellate
court in the event of an appeal.

The  above-named  are  authorized  and  directed to accept service of process on
behalf  of the Reinsurer in any such suit and/or upon the request of the Company
to  give  a  written  undertaking  to the Company that they will enter a general
appearance  upon  the  Reinsurer's  behalf  in  the  event  such a suit shall be
instituted.

Further,  pursuant  to  any  statute  of any state, territory or district of the
United  States  which  makes  provision  therefor,  the  Reinsurer hereon hereby
designates  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 Agreement, and hereby
designates  the above-named as the person to whom the said officer is authorized
to mail such process or a true copy thereof.

Note:     Wherever used herein the terms:

"Company"  shall  be  understood  to mean "Company," "Reinsured," "Reassured" or
whatever  other  term is used in the attached reinsurance Agreement to designate
the  reinsured  company.    "Agreement"  shall be understood to mean "Contract,"
"Agreement,"  "Policy"  or whatever other term is used to designate the attached
reinsurance document.
<PAGE>
                                INSOLVENCY CLAUSE


In  the event of the insolvency of the Company, reinsurance under this Agreement
shall  be  payable by the Reinsurer on the basis of the liability of the Company
under  Policy or Policies reinsured without diminution because of the insolvency
of  the  Company,  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  when  the  Agreement  specifically  provides  another  payee  of  such
reinsurance in the event of the insolvency of the Company and when 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.

It is agreed, however, that the liquidator or receiver or statutory successor of
the insolvent Company shall give written notice to the Reinsurer of the pendency
of  a  claim  against  the insolvent Company on the Policy or Policies reinsured
within  a reasonable time after such claim is filed in the insolvency proceeding
and  that  during the pendency of such claim, the Reinsurer may investigate such
claim and interpose, at its own expense, in the proceeding when such claim is to
be  adjudicated,  any  defense  or  defenses  which it may deem available to the
Company  or its liquidator or receiver or statutory successor.  The expense thus
incurred  by  the  Reinsurer  shall  be  chargeable,  subject to court approval,
against  the  insolvent  Company  as  part  of the expense of liquidation to the
extent  of  a proportionate share of the benefit which may accrue to the Company
solely as a result of the defense undertaken by the Reinsurer.

When  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 Agreement as though such
expense had been incurred by the insolvent Company.

Should  the  Company  go into liquidation or should a receiver be appointed, the
Reinsurer  shall  be  entitled  to  deduct from any sums which may be due or may
become  due  to  the Company under this reinsurance Agreement any sums which are
due  to  the Reinsurer by the Company under this reinsurance Agreement and which
are  payable  at  a  fixed  or  stated  date  as  well as any other sums due the
Reinsurer which are permitted to be offset under applicable law.


Note:     Wherever used herein the terms:

"Company"  shall  be  understood  to mean "Company," "Reinsured," "Reassured" or
whatever  other  term is used in the attached reinsurance Agreement to designate
the  reinsured  Company.    "Agreement"  shall be understood to mean "Contract,"
"Agreement,"  "Policy"  or whatever other term is used to designate the attached
reinsurance document.
<PAGE>
                               ARBITRATION CLAUSE


As  a  condition  precedent to any right of action hereunder, any irreconcilable
dispute  between the parties to this Agreement will be submitted for decision to
a board of arbitration composed of two arbitrators and an umpire.

Arbitration shall be initiated by the delivery of a written notice of demand for
arbitration by one party to the other within a reasonable time after the dispute
has arisen.

The members of the board of arbitration shall be active or retired disinterested
officials  of  insurance  or  reinsurance companies, or Underwriters at Lloyd's,
London,  not  under the control or management of either party to this Agreement.
Each  party shall appoint its arbitrator and the two arbitrators shall choose an
umpire  before  instituting the hearing.  If the respondent fails to appoint its
arbitrator within four weeks after being requested to do so by the claimant, the
latter shall also appoint the second arbitrator.  If the two arbitrators fail to
agree  upon  the  appointment  of  an  umpire  within  four  weeks  after  their
nominations, each of them shall name three, of whom the other shall decline two,
and the decision shall be made by drawing lots.

The  claimant  shall submit its initial brief within 45 days from appointment of
the umpire.  The respondent shall submit its brief within 45 days thereafter and
the  claimant  may  submit  a  reply  brief  within  30 days after filing of the
respondent's brief.

The  board  shall  make  its decision with regard to the custom and usage of the
insurance  and  reinsurance  business.    The  board shall issue its decision in
writing  based  upon  a  hearing  in  which  evidence  may be introduced without
following  strict  rules of evidence but in which cross-examination and rebuttal
shall  be  allowed.   The board shall make its decision within 60 days following
the termination of the hearings unless the parties consent to an extension.  The
majority  decision  of  the board shall be final and binding upon all parties to
the  proceeding.    Judgment  may  be entered upon the award of the board in any
court having jurisdiction.

Each  party  shall  bear the expense of its own arbitrator and shall jointly and
equally  bear  with  the  other  party the expense of the umpire.  The remaining
costs of the arbitration proceedings shall be allocated by the board.

Note:     Wherever  used  herein, the term "Company" shall be understood to mean
"Reinsured,"  "Reassured"  or  whatever  other  term  is  used  in  the attached
Agreement  to  designate  the  reinsured company.  The term "Agreement" shall be
understood  to  mean  "Contract,"  "Policy"  or  whatever  other term is used to
designate the attached reinsurance document.