Exhibit 10.8
 PROPERTY CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT
 EFFECTIVE JANUARY 1, 2011
  PENN MILLERS INSURANCE COMPANY
 AMERICAN MILLERS INSURANCE COMPANY
 TW No. G22283.11/G22287.11/G22288.11/G26396.11
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PENN MILLERS INSURANCE COMPANY
 AMERICAN MILLERS INSURANCE COMPANY
 PROPERTY CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT
 EFFECTIVE JANUARY 1, 2011
 INDEX
 ARTICLE
    
    SUBJECT
    
    PAGEARTICLE 1
    
    BUSINESS COVERED
    
    
    1ARTICLE 2
    
    COMMENCEMENT AND TERMINATION
    
    
    1ARTICLE 3
    
    SPECIAL TERMINATION
    
    
    1ARTICLE 4
    
    EXCLUSIONS
    
    
    3ARTICLE 5
    
    RETENTION AND LIMIT
    
    
    5ARTICLE 6
    
    REINSTATEMENT
    
    
    5ARTICLE 7
    
    PREMIUM
    
    
    5ARTICLE 8
    
    DEFINITION OF LOSS OCCURRENCE
    
    
    5ARTICLE 9
    
    NET RETAINED LINE
    
    
    8ARTICLE 10
    
    NET LOSS
    
    
    8ARTICLE 11
    
    EXTRA-CONTRACTUAL
OBLIGATIONS/LOSS EXCESS OF POLICY LIMITS
    
    
    9ARTICLE 12
    
    NOTICE OF LOSS AND LOSS SETTLEMENT
    
    
    10ARTICLE 13
    
    ERRORS AND OMISSIONS
    
    
    10ARTICLE 14
    
    OFFSET
    
    
    11ARTICLE 15
    
    CURRENCY
    
    
    11ARTICLE 16
    
    FEDERAL EXCISE TAX AND OTHER TAXES
    
    
    11ARTICLE 17
    
    ACCESS TO RECORDS
    
    
    11ARTICLE 18
    
    SERVICE OF SUIT
    
    
    12ARTICLE 19
    
    CONFIDENTIALITY
    
    
    13ARTICLE 20
    
    PRIVACY
    
    
    13ARTICLE 21
    
    ARBITRATION
    
    
    14ARTICLE 22
    
    INSOLVENCY
    
    
    17ARTICLE 23
    
    RESERVES
    
    
    17ARTICLE 24
    
    MODE OF EXECUTION
    
    
    20ARTICLE 25
    
    LATE PAYMENTS
    
    
    20ARTICLE 26
    
    VARIOUS OTHER TERMS
    
    
    21ARTICLE 27
    
    INTERMEDIARY
    
    
    23
 ATTACHMENTS:
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C11-119542-003
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EXHIBIT I 
    
    PROPERTY FIRST CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACTEXHIBIT II 
    
    PROPERTY SECOND CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACTEXHIBIT III 
    
    PROPERTY THIRD CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACTEXHIBIT IV 
    
    PROPERTY FOURTH CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT
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PENN MILLERS INSURANCE COMPANY
 AMERICAN MILLERS INSURANCE COMPANY
 WILKES-BARRE, PENNSYLVANIA
 PROPERTY CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT
 EFFECTIVE JANUARY 1, 2011
 ARTICLE 1
 BUSINESS COVERED
    ARTICLE 2
 COMMENCEMENT AND TERMINATION
  ARTICLE 3
 SPECIAL TERMINATION
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ARTICLE 4
 EXCLUSIONS
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i.
    
    The following so-called Coastal Pools:
Alabama Insurance Underwriting Association
Florida Windstorm Underwriting Association
Louisiana Insurance Underwriting Association
Mississippi Insurance Underwriting Association
North Carolina Insurance Underwriting Association
South Carolina Windstorm and Hail Underwriting Association
Texas Catastrophe Property Insurance Association
Georgia Insurance Underwriting Associationii.
    
    All FAIR Plan business
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ARTICLE 5
 RETENTION AND LIMIT
  ARTICLE 6
 REINSTATEMENT
  ARTICLE 7
 PREMIUM
  ARTICLE 8
 DEFINITION OF LOSS OCCURRENCE
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ARTICLE 9
 NET RETAINED LINE
     ARTICLE 10
 NET LOSS
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ARTICLE 11
 EXTRA-CONTRACTUAL OBLIGATIONS/LOSS EXCESS OF POLICY LIMITS
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ARTICLE 12
 NOTICE OF LOSS AND LOSS SETTLEMENT
    ARTICLE 13
 ERRORS AND OMISSIONS
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ARTICLE 14
 OFFSET
  ARTICLE 15
 CURRENCY
   ARTICLE 16
 FEDERAL EXCISE TAX AND OTHER TAXES
   ARTICLE 17
 ACCESS TO RECORDS
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ARTICLE 18
 SERVICE OF SUIT
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ARTICLE 19
 CONFIDENTIALITY
   ARTICLE 20
 PRIVACY
 Privacy Awareness
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Non-Disclosure other
than
   Non-Public Personal Information
 ARTICLE 21
 ARBITRATION
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LATE PAYMENTS
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ARTICLE 22
 INSOLVENCY
      ARTICLE 23
 RESERVES
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ARTICLE 24
 MODE OF EXECUTION
      ARTICLE 25
 LATE PAYMENTS
 NOTICE OF LOSS AND LOSS
SETTLEMENT
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NOTICE OF LOSS AND LOSS SETTLEMENT
 The Wall Street Journal The Wall Street
Journal
 ARTICLE 26
 VARIOUS OTHER TERMS
    ARBITRATION
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SERVICE OF SUIT RESERVES INSOLVENCY
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ARTICLE 27
 INTERMEDIARY
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NUCLEAR INCIDENT EXCLUSION CLAUSE  PHYSICAL DAMAGE 
REINSURANCE (BRMA 35B)
 1.
    
    This reinsurance 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
reinsurance does not cover any loss or liability accruing to the Company, directly or
indirectly, and whether as Insurer or Reinsurer, from any insurance against Physical Damage
(including business interruption or consequential loss arising out of such Physical Damage)
to:
 I.
    
    Nuclear reactor power plants including all auxiliary property on the site, orII.
    
    Any other nuclear reactor installation, including laboratories handling
radioactive materials in connection with reactor installations and critical
facilities as such, orIII.
    
    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, orIV.
    
    Installations other than those listed in paragraph (2) III above using
substantial quantities of radioactive isotopes or other products of nuclear fission.
 3.
    
    Without in any way restricting the operations of paragraphs (1) and (2) hereof, this
reinsurance does not cover any loss or liability by radioactive contamination accruing to the
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 Company 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.
 4.
    
    Without in any way restricting the operations of paragraphs (1), (2) and (3) hereof, this
reinsurance does not cover any loss or liability by radioactive contamination accruing to the
Company, 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 Company 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.
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7.
    
    Company to be sole judge of what constitutes:
 (a)
    
    substantial quantities, and(b)
    
    the extent of installation, plant or site.
  (a)
    
    All Policies issued by the Company 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 Company 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.
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POOLS, ASSOCIATIONS AND SYNDICATES EXCLUSION CLAUSE
 A.
    
    It is agreed that the following is excluded hereunder:
 (1)
    
    All business derived directly or indirectly from any Pool, Association or
Syndicate which maintains its own reinsurance facilities.(2)
    
    Any Pool or Scheme, (whether voluntary or mandatory) formed after 1st March,
1968 for the purpose of insuring property whether on a country-wide 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.(3)
    
    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 any Pool,
Association or Syndicate formed for the purpose of writing oil, gas or petro-chemical
plants and/or oil or gas drilling rigs.
 Nevertheless, this exclusion 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 (a), above.(d)
    
    Risks as follows:offices, hotels, apartments, hospitals, educational establishments, public
utilities (other than railroad schedules) and builders risks on the
classes of risks specified in this subsection (d) only.
 B.
    
    Where this Clause attaches to Catastrophe Excess of Loss Reinsurance Agreements, the
following SECTIONS are added:
 (1)
    
    Nevertheless the Reinsurers specifically agree that liability accruing to the
Company from its participation in Residual Market Mechanisms including but not limited
to:
 (a)
    
    Coastal Pools(b)
    
    All Fair Plan and Rural Risk Plan Business, and(c)
    
    California Earthquake Authority (CEA), and Citizens
Property Insurance Corporation (Florida) (CPIC)
 for all perils otherwise protected hereunder shall not be excluded, except that this
reinsurance does not include any increase in such liability resulting from:
 (i)
    
    The inability of any other participant in
such Residual Market Mechanisms to meet its liability.(ii)
    
    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 Contract).
 (2)
    
    In respect of the CEA, where an assessment is made against the Company by the
CEA, the Company may include in its Ultimate Net Loss only that assessment directly
attributable to each separate loss occurrence covered hereunder. The Companys initial
capital contribution to the CEA shall not be included in the Ultimate Net Loss.(3)
    
    In respect of the Citizens Property Insurance Corporation (CPIC), where an
assessment is made against the Company by the Citizens Property Insurance Corporation,
(CPIC)
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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:
 (a)
    
    The Companys assessment from CPIC for the accounting year
in which the loss occurrence commenced, or(b)
    
    The product of the following:
 (i)
    
    The Companys percentage participation in
CPIC for the accounting year in which the loss occurrence commenced;
and(ii)
    
    CPICs total losses in such loss
occurrence.
 Assessments for accounting years other than the accounting year in which the Loss
Occurrence commenced may not be included in the Companys Ultimate Net Loss hereunder.Moreover, in respect of the CPIC, Ultimate Net Loss hereunder shall not include any monies
expended to purchase or retire bonds as a consequence of being a member of the CPIC or to
meet any obligations arising from the deferment by CPIC of the collection of monies.
  Company shall be understood to mean Company, Reinsured, Reassured or whatever other
term is used in the attached reinsurance document to designate the reinsured company or
companies.Agreement shall be understood to mean Agreement, Contract, Policy or whatever other
term is used to designate the attached reinsurance document.Coastal Pools means liability accruing to the Company from its participation in state
Residual Market Mechanisms formed to protect property located in those states of the United
States of America which border the Gulf of Mexico, Hawaii, Florida, Georgia, South Carolina
and North Carolina.Pool, Syndicate or Association refers to a mandatory or voluntary collection of
unaffiliated insurers, reinsurers or both, who are associated together and using a common
underwriting manager, whether as an employee or as a third party contractor, for the
purposes of accepting risk and providing insurance or reinsurance either severally or
jointly.Reinsurers shall be understood to mean Reinsurers, Underwriters or whatever other
term is used in the attached reinsurance document to designate the Reinsurer or Reinsurers.Ultimate Net Loss shall be understood to mean Loss, Net Loss or whatever other term
is used to designate the amount of loss to which this reinsurance coverage and the limit
and retention of the attached reinsurance document apply.
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TRANSMISSION AND DISTRIBUTION LINES EXCLUSION  ABOVE GROUND
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FUNGI COVERAGE LIMITATION (PROPERTY CATASTROPHE PROGRAM)
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TERRORISM EXCLUSION
  ,
 (i)
    
    involves violence against one or more persons; or(ii)
    
    involves damage to property; or(iii)
    
    endangers life other than that of the person committing the action; or(iv)
    
    creates a risk to health or safety of the public or a section of the public; or(v)
    
    is designed to interfere with or to disrupt an electronic system.
  ,
 NMA2930b
19/12/01
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INFORMATION TECHNOLOGY HAZARDS CLARIFICATION CLAUSE
  (i)
    
    loss of, alteration of, or damage to
  (ii)
    
    a reduction in the functionality, availability or operation ofa computer system, hardware, program, software, data, information repository,
microchip, integrated circuit or similar device in computer equipment or
non-computer equipment, whether the property of the policyholder of the reinsured
or not, do not in and of themselves constitute an event unless arising out of one
or more of the following perils:
 fire, lightning, explosion, aircraft or vehicle impact, falling objects,
windstorm, hail, tornado, cyclone, hurricane, earthquake, volcano,
tsunami, flood, freeze or weight of snow.
 
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EXHIBIT I
 PROPERTY FIRST CATASTROPHE EXCESS OF LOSS  REINSURANCE CONTRACT
 EFFECTIVE JANUARY 1, 2011
 issued to
 PENN MILLERS INSURANCE COMPANY
 AMERICAN MILLERS INSURANCE COMPANY
 WILKES-BARRE, PENNSYLVANIA
 ARTICLE 5
 RETENTION AND LIMIT
    ARTICLE 6
 REINSTATEMENT
    TW No. G22283.11/G22287.11/G22288.11/G26396.11
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ARTICLE 7
 PREMIUM
      PROPERTY CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT
 EFFECTIVE JANUARY 1, 2011
  PENN MILLERS INSURANCE COMPANY
 AMERICAN MILLERS INSURANCE COMPANY
 TW No. G22283.11/G22287.11/G22288.11/G26396.11
FINAL
    
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EXHIBIT II
 PROPERTY SECOND CATASTROPHE EXCESS OF LOSS  REINSURANCE CONTRACT
 EFFECTIVE JANUARY 1, 2011
 issued to
 PENN MILLERS INSURANCE COMPANY
 AMERICAN MILLERS INSURANCE COMPANY
 WILKES-BARRE, PENNSYLVANIA
 ARTICLE 5
 RETENTION AND LIMIT
    ARTICLE 6
 REINSTATEMENT
    TW No. G22283.11/G22287.11/G22288.11/G26396.11
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ARTICLE 7
 PREMIUM
      PROPERTY CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT
 EFFECTIVE JANUARY 1, 2011
  PENN MILLERS INSURANCE COMPANY
 AMERICAN MILLERS INSURANCE COMPANY
 TW No. G22283.11/G22287.11/G22288.11/G26396.11
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EXHIBIT III
 PROPERTY THIRD CATASTROPHE EXCESS OF LOSS  REINSURANCE CONTRACT
 EFFECTIVE JANUARY 1, 2011
 issued to
 PENN MILLERS INSURANCE COMPANY
 AMERICAN MILLERS INSURANCE COMPANY
 WILKES-BARRE, PENNSYLVANIA
 ARTICLE 5
 RETENTION AND LIMIT
    ARTICLE 6
 REINSTATEMENT
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ARTICLE 7
 PREMIUM
      PROPERTY CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT
 EFFECTIVE JANUARY 1, 2011
  PENN MILLERS INSURANCE COMPANY
 AMERICAN MILLERS INSURANCE COMPANY
 TW No. G22283.11/G22287.11/G22288.11/G26396.11
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EXHIBIT IV
 PROPERTY FOURTH CATASTROPHE EXCESS OF LOSS  REINSURANCE CONTRACT
 EFFECTIVE JANUARY 1, 2011
  PENN MILLERS INSURANCE COMPANY
 AMERICAN MILLERS INSURANCE COMPANY
 WILKES-BARRE, PENNSYLVANIA
 ARTICLE 5
 RETENTION AND LIMIT
    ARTICLE 6
 REINSTATEMENT
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ARTICLE 7
 PREMIUM
      PROPERTY CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT
 EFFECTIVE JANUARY 1, 2011
  PENN MILLERS INSURANCE COMPANY
 AMERICAN MILLERS INSURANCE COMPANY
 TW No. G22283.11/G22287.11/G22288.11/G26396.11
FINAL
    
    (TOWERS WATSON LOGO)