Exhibit 10.11
 PROPERTY EXCESS OF LOSS REINSURANCE CONTRACT
 EFFECTIVE JANUARY 1, 2011
  PENN MILLERS INSURANCE COMPANY
 AMERICAN MILLERS INSURANCE COMPANY
 TW No. G25573.11/G25574.11/G26233.11
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PENN MILLERS INSURANCE COMPANY
 AMERICAN MILLERS INSURANCE COMPANY
 PROPERTY 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 LOSS
    
    
    6ARTICLE 10
    
    EXTRA CONTRACTUAL OBLIGATIONS/LOSS EXCESS OF POLICY LIMITS
    
    
    7ARTICLE 11
    
    TERRORISM RECOVERY
    
    
    8ARTICLE 12
    
    NET RETAINED LINE
    
    
    9ARTICLE 13
    
    NOTICE OF LOSS AND LOSS SETTLEMENT
    
    
    9ARTICLE 14
    
    ERRORS AND OMISSIONS
    
    
    10ARTICLE 15
    
    OFFSET
    
    
    10ARTICLE 16
    
    CURRENCY
    
    
    10ARTICLE 17
    
    FEDERAL EXCISE TAX AND OTHER TAXES
    
    
    10ARTICLE 18
    
    ACCESS TO RECORDS
    
    
    11ARTICLE 19
    
    INSOLVENCY
    
    
    11ARTICLE 20
    
    ARBITRATION
    
    
    12ARTICLE 21
    
    SERVICE OF SUIT
    
    
    14ARTICLE 22
    
    CONFIDENTIALITY
    
    
    15ARTICLE 23
    
    PRIVACY
    
    
    16ARTICLE 24
    
    RESERVES
    
    
    16ARTICLE 25
    
    LATE PAYMENTS
    
    
    19ARTICLE 26
    
    MODE OF EXECUTION
    
    
    20ARTICLE 27
    
    VARIOUS OTHER TERMS
    
    
    20ARTICLE 28
    
    INTERMEDIARY
    
    
    22
 ATTACHMENTS:
      TW No. G25573.11/G25574.11/G26233.11
C11-119542-002
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PENN MILLERS INSURANCE COMPANY
 AMERICAN MILLERS INSURANCE COMPANY
 PROPERTY EXCESS OF LOSS REINSURANCE CONTRACT
 EFFECTIVE JANUARY 1, 2011
 ARTICLE 1
 BUSINESS COVERED
    ARTICLE 2
 COMMENCEMENT AND TERMINATION
   ARTICLE 3
 SPECIAL TERMINATION
    TW No. G25573.11/G25574.11/G26233.11
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ARTICLE 4
 EXCLUSIONS
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RETENTION AND LIMIT
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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 LOSS
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ARTICLE 10
 EXTRA CONTRACTUAL OBLIGATIONS/LOSS EXCESS OF POLICY LIMITS
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ARTICLE 11
 TERRORISM RECOVERY
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ARTICLE 12
 NET RETAINED LINE
     ARTICLE 13
 NOTICE OF LOSS AND LOSS SETTLEMENT
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ARTICLE 14
 ERRORS AND OMISSIONS
  ARTICLE 15
 OFFSET
  ARTICLE 16
 CURRENCY
   ARTICLE 17
 FEDERAL EXCISE TAX AND OTHER TAXES
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ARTICLE 18
 ACCESS TO RECORDS
     ARTICLE 19
 INSOLVENCY
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ARTICLE 20
 ARBITRATION
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LATE PAYMENTS
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ARTICLE 21
 SERVICE OF SUIT
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ARTICLE 22
 CONFIDENTIALITY
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ARTICLE 23
 PRIVACY
 Privacy Awareness
   Non-Disclosure other
than
   Non-Public Personal Information
 ARTICLE 24
 RESERVES
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ARTICLE 25
 LATE PAYMENTS
 NOTICE OF LOSS AND LOSS
SETTLEMENT
 NOTICE OF
LOSS AND LOSS SETTLEMENT
 The Wall Street Journal
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The Wall Street
Journal
 ARTICLE 26
 MODE OF EXECUTION
      ARTICLE 27
 VARIOUS OTHER TERMS
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SERVICE OF SUIT RESERVES
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INSOLVENCY
    ARTICLE 28
 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.7.
    
    Company to be sole judge of what constitutes:
 (a)
    
    substantial quantities, and(b)
    
    the extent of installation, plant or site.
 Notes:
    
    Without in any way restricting the operation of paragraph (1) hereof, it is understood and
agreed that:
 (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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INFORMATION TECHNOLOGY HAZARDS CLARIFICATION CLAUSE
  (i)
    
    loss of, alteration of, or damage to
 or
 (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 EXCESS OF LOSS REINSURANCE CONTRACT
 EFFECTIVE JANUARY 1, 2011
 issued to
 PENN MILLERS INSURANCE COMPANY
 AMERICAN MILLERS INSURANCE COMPANY
 ARTICLE 5
 RETENTION AND LIMIT
      1.
    
    involves violence against one or more persons; or2.
    
    involves damage to property; or3.
    
    endangers life other than that of the person committing the action; or4.
    
    creates a risk to health or safety of the public or a section of the public; or
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5.
    
    is designed to interfere with or to disrupt an electronic system; or6.
    
    involves loss, damage, cost, or expense directly or indirectly caused by, contributed to
by, resulting from, or arising out of or in connection with any action in controlling,
preventing, suppressing, retaliating against, or responding to any Act of Terrorism.
  ARTICLE 6
 REINSTATEMENT
      ARTICLE 7
 PREMIUM
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EXHIBIT II
 PROPERTY SECOND EXCESS OF LOSS REINSURANCE CONTRACT
 EFFECTIVE JANUARY 1, 2011
 issued to
 PENN MILLERS INSURANCE COMPANY
 AMERICAN MILLERS INSURANCE COMPANY
 ARTICLE 5
 RETENTION AND LIMIT
      1.
    
    involves violence against one or more persons; or2.
    
    involves damage to property; or3.
    
    endangers life other than that of the person committing the action; or4.
    
    creates a risk to health or safety of the public or a section of the public; or
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5.
    
    is designed to interfere with or to disrupt an electronic system; or6.
    
    involves loss, damage, cost, or expense directly or indirectly caused by, contributed to
by, resulting from, or arising out of or in connection with any action in controlling,
preventing, suppressing, retaliating against, or responding to any Act of Terrorism.
  ARTICLE 6
 REINSTATEMENT
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PREMIUM
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EXHIBIT III
 PROPERTY THIRD EXCESS OF LOSS REINSURANCE CONTRACT
 EFFECTIVE JANUARY 1, 2011
 issued to
 PENN MILLERS INSURANCE COMPANY
 AMERICAN MILLERS INSURANCE COMPANY
 ARTICLE 5
 RETENTION AND LIMIT
      1.
    
    involves violence against one or more persons; or2.
    
    involves damage to property; or3.
    
    endangers life other than that of the person committing the action; or
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4.
    
    creates a risk to health or safety of the public or a section of the public; or5.
    
    is designed to interfere with or to disrupt an electronic system; or6.
    
    involves loss, damage, cost, or expense directly or indirectly caused by, contributed to
by, resulting from, or arising out of or in connection with any action in controlling,
preventing, suppressing, retaliating against, or responding to any Act of Terrorism.
  ARTICLE 6
 REINSTATEMENT
      ARTICLE 7
 PREMIUM
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TW No. G25573.11/G25574.11/G26233.11
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