Casualty Catastrophe Excess of Loss Reinsurance Contract effective 01/01/2010



 Exhibit 10.28 
 INTERESTS AND LIABILITIES AGREEMENT 
 (the “Agreement”) 

of 
 ARCH
REINSURANCE COMPANY 
 (the “Subscribing Reinsurer”) 

with respect to the 
 CASUALTY CATASTROPHE EXCESS OF LOSS 
 REINSURANCE CONTRACT 

(the “Contract”) 
 issued to 
 AMERICAN INTERSTATE INSURANCE COMPANY 

DeRidder, Louisiana 
 and 
 AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 

Austin, Texas 
 and 
 SILVER OAK CASUALTY, INC. 

DeRidder, Louisiana 
 and 
 any other insurance companies which are now or hereafter come under
the ownership, 
 control or management of Amerisafe, Inc. 

(the “Company”) 

The Subscribing Reinsurer shall have a 5.00% share in the interests and liabilities of the “Reinsurer” as set forth in the Contract attached
hereto and executed by the Company. 
 This Agreement shall commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in
force until 12:01 a.m., Standard Time, January 1, 2011. 
 The share of the Subscribing Reinsurer in the interests and liabilities of the
“Reinsurer” shall be several and not joint with the share of any other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers. 

IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below:

 Signed this 7th day of JANUARY, 2010. 

 

 


  

					
	 93948003-10 (1-1-10)
	  		  	
	 Casualty Catastrophe XOL – Arch
	  		  	12-22-09v.1









 INTERESTS AND LIABILITIES AGREEMENT 

(the “Agreement”) 
 of 
 CATLIN UNDERWRITING, INC. 

(For and on behalf of Lloyd’s Syndicate #2003) 
 (the “Subscribing Reinsurer”) 
 with respect to the 

CASUALTY CATASTROPHE EXCESS OF LOSS 
 REINSURANCE CONTRACT 
 (the “Contract”) 

issued to 

AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder, Louisiana 
 and 

AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas 
 and 

SILVER OAK CASUALTY, INC. 
 DeRidder, Louisiana 
 and 

any other insurance companies which are now or hereafter come under the ownership, 

control or management of Amerisafe, Inc. 
 (the “Company”) 
 The Subscribing Reinsurer shall have a 9.00% share in the
interests and liabilities of the “Reinsurer” as set forth in the Contract attached hereto and executed by the Company. 
 This
Agreement shall commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011. 
 The share of the Subscribing Reinsurer in the interests and liabilities of the “Reinsurer” shall be several and not joint with the share of any other subscribing reinsurer. In no event shall the
Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers. 
 IN WITNESS WHEREOF, the
Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below: 

Signed this 13th day of January, 2010. 

 

 


  

					
	 93948003-10 (1-1-10)
	  		  	
	 Casualty Catastrophe XOL – Catlin
	  		  	12-22-09v.1









 INTERESTS AND LIABILITIES AGREEMENT 

(the “Agreement”) 
 of 
 HANNOVER RUCKVERSICHERUNG AG 

(the “Subscribing Reinsurer”) 
 with respect to the 
 CASUALTY CATASTROPHE EXCESS OF LOSS 

REINSURANCE CONTRACT 
 (the “Contract”) 
 issued to 

AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder, Louisiana 
 and 

AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas 
 and 

SILVER OAK CASUALTY, INC. 
 DeRidder, Louisiana 
 and 

any other insurance companies which are now or hereafter come under the ownership, 

control or management of Amerisafe, Inc. 
 (the “Company”) 
 The Subscribing Reinsurer shall have a 7.50% share in the interests
and liabilities of the “Reinsurer” as set forth in the Contract attached hereto and executed by the Company. 
 This Agreement shall
commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011. 

The share of the Subscribing Reinsurer in the interests and liabilities of the “Reinsurer” shall be several and not joint with the share of any
other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers. 
 IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below: 

Signed this 18th day of January, 2010. 

 

 


  

					
	 93948003-10 (1-1-10)
	  		  	
	 Casualty Catastrophe XOL – Hannover
	  		  	12-22-09v.1









 INTERESTS AND LIABILITIES AGREEMENT 

(the “Agreement”) 
 of 
 HARBOR POINT REINSURANCE U.S., INC. 

(the “Subscribing Reinsurer”) 
 with respect to the 
 CASUALTY CATASTROPHE EXCESS OF LOSS 

REINSURANCE CONTRACT 
 (the “Contract”) 
 issued to 

AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder, Louisiana 
 and 

AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas 
 and 

SILVER OAK CASUALTY, INC. 
 DeRidder, Louisiana 
 and 

any other insurance companies which are now or hereafter come under the ownership, 

control or management of Amerisafe, Inc. 
 (the “Company”) 
 The Subscribing Reinsurer shall have a 5.00% share in the interests
and liabilities of the “Reinsurer” as set forth in the Contract attached hereto and executed by the Company. 
 This Agreement shall
commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011. 

The share of the Subscribing Reinsurer in the interests and liabilities of the “Reinsurer” shall be several and not joint with the share of any
other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers. 
 IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below: 

Signed this 11th day of January, 2010. 

 

 


  

					
	 93948003-10 (1-1-10)
	  		  	
	 Casualty Catastrophe XOL – Harbor Point
	  		  	12-22-09v.1









 INTERESTS AND LIABILITIES AGREEMENT 

(the “Agreement”) 
 of 
 MUNICH REINSURANCE AMERICA, INC. 

(the “Subscribing Reinsurer”) 
 with respect to the 
 CASUALTY CATASTROPHE EXCESS OF LOSS 

REINSURANCE CONTRACT 
 (the “Contract”) 
 issued to 

AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder, Louisiana 
 and 

AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas 
 and 

SILVER OAK CASUALTY, INC. 
 DeRidder, Louisiana 
 and 

any other insurance companies which are now or hereafter come under the ownership, 

control or management of Amerisafe, Inc. 
 (the “Company”) 
 The Subscribing Reinsurer shall have a 10.00% share in the interests
and liabilities of the “Reinsurer” as set forth in the Contract attached hereto and executed by the Company. 
 This Agreement shall
commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011. 

The share of the Subscribing Reinsurer in the interests and liabilities of the “Reinsurer” shall be several and not joint with the share of any
other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers. 
 IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below: 

Signed this 12th day of January, 2010. 

 

 


  

					
	 93948003-10 (1-1-10)
	  		  	
	 Casualty Catastrophe XOL – Munich
	  		  	12-22-09v.1









 INTERESTS AND LIABILITIES AGREEMENT 

(the “Agreement”) 
 of 
 PARIS RE 

(the “Subscribing Reinsurer”) 
 with respect to the 
 CASUALTY CATASTROPHE EXCESS OF LOSS 

REINSURANCE CONTRACT 
 (the “Contract”) 
 issued to 

AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder, Louisiana 
 and 

AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas 
 and 

SILVER OAK CASUALTY, INC. 
 DeRidder, Louisiana 
 and 

any other insurance companies which are now or hereafter come under the ownership, 

control or management of Amerisafe, Inc. 
 (the “Company”) 
 The Subscribing Reinsurer shall have a 10.00% share in the interests
and liabilities of the “Reinsurer” as set forth in the Contract attached hereto and executed by the Company. 
 This Agreement shall
commence at 12:01 a,m., Standard Time, January 1, 2010 and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011. 

The share of the Subscribing Reinsurer in the interests and liabilities of the “Reinsurer” shall be several and not joint with the share of any
other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers. 
 IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below: 

Signed this 11th day of January, 2010. 

 

 


 

 


  

					
	93948003-10 (1-1-10)	  		  	12-22-09v.1
	Casualty Catastrophe XOL – Paris Re	  		  	









 INTERESTS AND LIABILITIES AGREEMENT 

(the “Agreement”) 
 of 
 TOKIO MILLENIUM RE LTD. 

(the “Subscribing Reinsurer”) 
 with respect to the 
 CASUALTY CATASTROPHE EXCESS OF LOSS 

REINSURANCE CONTRACT 
 (the “Contract”) 
 issued to 

AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder, Louisiana 
 and 

AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas 
 and 

SILVER OAK CASUALTY, INC. 
 DeRidder, Louisiana 
 and 

any other insurance companies which are now or hereafter come under the ownership, 

control or management of Amerisafe, Inc. 
 (the “Company”) 
 The Subscribing Reinsurer shall have a 10.00% share in the interests
and liabilities of the “Reinsurer” as set forth in the Contract attached hereto and executed by the Company. 
 This Agreement shall
commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011. 

The share of the Subscribing Reinsurer in the interests and liabilities of the “Reinsurer” shall be several and not joint with the share
of any other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers. 
 IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below: 

Signed this 19th day of January, 2010. 

 

 


 

 


  

					
	93948003-10 (1-1-10)	  		  	12-22-09v.1
	Casualty Catastrophe XOL – Tokio	  		  	









 INTERESTS AND LIABILITIES AGREEMENT 

(the “Agreement”) 
 of 
 UNDERWRITERS AT LLOYD’S, LONDON 

AS SET FORTH IN THE SIGNING PAGE(S) ATTACHED HERETO 
 (the “Subscribing Reinsurer”) 
 with respect to the 

CASUALTY CATASTROPHE EXCESS OF LOSS 
 REINSURANCE CONTRACT 
 (the “Contract”) 

issued to 

AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder, Louisiana 
 and 

AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas 
 and 

SILVER OAK CASUALTY, INC. 
 DeRidder, Louisiana 
 and 

any other insurance companies which are now or hereafter come under the ownership, 

control or management of Amerisafe, Inc. 
 (the “Company”) 
 The Subscribing Reinsurer shall have a share in the interests
and liabilities of the “Reinsurer” as set forth in the Contract attached hereto and executed by the Company. The Subscribing Reinsurer’s percentage share shall equal the sum of the final signed lines percentage share(s) as executed on
the attached signing page(s) for Lloyd’s Underwriters. 
 This Agreement shall commence at 12:01 a.m., Standard Time, January 1, 2010
and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011. 
 The share of the Subscribing Reinsurer in the interests
and liabilities of the “Reinsurer” shall be several and not joint with the share of any other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing
reinsurers. 
 IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement per the
attached signing page(s). 

 

 


  

					
	93948003-10 (1-1-10)	  		  	12-22-09v.1
	Casualty Catastrophe XOL – Lloyd’s	  		  	









 INTERESTS AND LIABILITIES AGREEMENT 

(the “Agreement”) 
 of 
 ASPEN INSURANCE UK LIMITED 

(the “Subscribing Reinsurer”) 
 with respect to the 
 CASUALTY CATASTROPHE EXCESS OF LOSS 

REINSURANCE CONTRACT 
 (the “Contract”) 
 issued to 

AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder, Louisiana 
 and 

AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas 
 and 

SILVER OAK CASUALTY, INC. 
 DeRidder, Louisiana 
 and 

any other insurance companies which are now or hereafter come under the ownership, 

control or management of Amerisafe, Inc. 
 (the “Company”) 
 The Subscribing Reinsurer shall have a 10.00% share in the interests
and liabilities of the “Reinsurer” as set forth in the Contract attached hereto and executed by the Company. 
 This Agreement shall
commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011. 

The share of the Subscribing Reinsurer in the interests and liabilities of the “Reinsurer” shall be several and not joint with the share of any
other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers. 
 IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below: 

Signed this 31st day of December, 2009. 

 

 


  

					
	93948003-10 (1-1-10)	  		  	12-22-09v.1
	Casualty Catastrophe XOL – Aspen UK	  		  	










 

 


					
	UMR	 	:	  	B0576UQX4990 (93948003-10)
	Reinsured	 	:	  	Amerisafe Insurance Company
	Type	 	:	  	Casualty Catastrophe Excess of Loss Reinsurance Contract

  

WRITTEN LINES 
 B.I.P.A.R. Statement 
 In a co-reinsurance placement, following
reinsurers may, but are not obliged to, follow the premium charged by the lead reinsurer. 
 Reinsurers may not seek to
guarantee for themselves terms as favourable as those which others subsequently achieve during the placement. 
  

							
	 Reinsurer and

Reference:
	  		  		  	


 

 

  

							
	 Written Line:
	  	30%	  	Ref.:	  	U00417710A0Y
				
		  		  		  	




				
	 Final Signed Line:
	  	10.00%	  		  	
				
	 Line Conditions:
	  		  		  	
				
	 Dated:
	  		  		  	


  
 Written Lines
Page     1     of     6 
 Willis Limited, a Lloyd’s broker,
authorised and regulated by the Financial Services Authority. 
 Registered Office: 51 Lime Street, London EC3M 7DQ. Registered
Number 181116 England and Wales. 









 

 


					
	UMR	 	:	  	B0576UQX4990 (93948003-10)
	Reinsured	 	:	  	Amerisafe Insurance Company
	Type	 	:	  	Casualty Catastrophe Excess of Loss Reinsurance Contract

  

 
 WRITTEN LINES 

B.I.P.A.R. Statement 
 In a co-reinsurance placement, following reinsurers may, but are not obliged to, follow the premium charged by the lead reinsurer. 

Reinsurers may not seek to guarantee for themselves terms as favourable as those which others subsequently achieve during the
placement. 
  

							
	 Reinsurer and

Reference:
	  		  		  	


 

 

  

							
	Written Line:	  	15%	  	Ref.:	  	113136 0110 FC
				
	Final Signed Line:	  	10.00%	  		  	
				
	Line Conditions:	  		  		  	
				
	Dated:	  		  		  	


  
 Written Lines
Page     2     of     6 
 Willis Limited, a Lloyd’s broker,
authorised and regulated by the Financial Services Authority. 
 Registered Office: 51 Lime Street, London EC3M 7DQ. Registered
Number 181116 England and Wales. 









 

 


					
	UMR	 	:	  	B0576UQX4990 (93948003-10)
	Reinsured	 	:	  	Amerisafe Insurance Company
	Type	 	:	  	Casualty Catastrophe Excess of Loss Reinsurance Contract

  

WRITTEN LINES 
 B.I.P.A.R. Statement 
 In a co-reinsurance placement, following
reinsurers may, but are not obliged to, follow the premium charged by the lead reinsurer. 
 Reinsurers may not seek to
guarantee for themselves terms as favourable as those which others subsequently achieve during the placement. 
  

							
	 Reinsurer and

Reference:
	  		  		  	


 

 

  

							
	Written Line:	  	7 1/2%	  	Ref.:	  	10SU202901HA
				
	Final Signed Line:	  	3.75%	  		  	
				
	Line Conditions:	  		  		  	
				
	Dated:	  		  		  	


  
 Written Lines
Page     3     of     6 
 Willis Limited, a Lloyd’s broker,
authorised and regulated by the Financial Services Authority. 
 Registered Office: 51 Lime Street, London EC3M 7DQ. Registered
Number 181116 England and Wales. 









 

 


					
	UMR	 	:	  	B0576UQX4990 (93948003-10)
	Reinsured	 	:	  	Amerisafe Insurance Company
	Type	 	:	  	Casualty Catastrophe Excess of Loss Reinsurance Contract

  

 
 WRITTEN LINES 

B.I.P.A.R. Statement 
 In a co-reinsurance placement, following reinsurers may, but are not obliged to, follow the premium charged by the lead reinsurer. 

Reinsurers may not seek to guarantee for themselves terms as favourable as those which others subsequently achieve during the
placement. 
 Reinsurer and 

Reference: 

 

 

  

							
	 Written Line:
	  	7 1/2 %	  	Ref.:	  	
				
	 Final Signed Line:
	  	7.50%	  		  	
				
	 Line Conditions:
	  		  		  	
				
	 Dated:
	  		  		  	


  
 Written Lines
Page     4     of     6 
 Willis Limited, a Lloyd’s broker,
authorised and regulated by the Financial Services Authority. 
 Registered Office: 51 Lime Street, London EC3M 7DQ. Registered
Number 181116 England and Wales. 









 

 


					
	UMR	 	:	  	B0576UQX4990 (93948003-10)
	Reinsured	 	:	  	Amerisafe Insurance Company
	Type	 	:	  	Casualty Catastrophe Excess of Loss Reinsurance Contract

  

WRITTEN LINES 
 B.I.P.A.R. Statement 
 In a co-reinsurance placement, following
reinsurers may, but are not obliged to, follow the premium charged by the lead reinsurer. 
 Reinsurers may not seek to
guarantee for themselves terms as favourable as those which others subsequently achieve during the placement. 
  

							
	 Reinsurer and

Reference:
	  		  		  	
	  

 



  

	Written Line:	  	20%	  	Ref.:	  	Tba
				
	Final Signed Line:	  	6.25%	  		  	
				
	Line Conditions:	  		  		  	
				
	Dated:	  		  		  	


  
 Written Lines
Page 5 of 6 
 Willis Limited, a Lloyd’s broker, authorised and regulated by the Financial Services Authority. 

Registered Office: 51 Lime Street, London EC3M 7DQ. Registered Number 181116 England and Wales. 









 

 


					
	UMR	 	:	  	B0576UQX4990 (93948003-10)
	Reinsured	 	:	  	Amerisafe Insurance Company
	Type	 	:	  	Casualty Catastrophe Excess of Loss Reinsurance Contract

  

WRITTEN LINES 
 B.I.P.A.R. Statement 
 In a co-reinsurance placement, following
reinsurers may, but are not obliged to, follow the premium charged by the lead reinsurer. 
 Reinsurers may not seek to
guarantee for themselves terms as favourable as those which others subsequently achieve during the placement. 
  

							
	 Reinsurer and

Reference:
	  		  		  	
	  

 



  

	 Written Line:
	  	12 1/2%	  	Ref.:	  	BA543V10A000
				
	 Final Signed Line:
	  	6.00%	  		  	
				
	 Line Conditions:
	  		  		  	
				
	 Dated:
	  		  		  	


  
 Written Lines
Page 6 of 6 
 Willis Limited, a Lloyd’s broker, authorised and regulated by the Financial Services Authority. 

Registered Office: 51 Lime Street, London EC3M 7DQ. Registered Number 181116 England and Wales.