Exhibit 10.14


 


QUOTA SHARE RETROCESSION AGREEMENT


 


This Quota Share Retrocession Agreement (this “Agreement”), dated as of
April 28, 2004, is made and entered into by and between ASSURED GUARANTY
CORP., formerly known as ACE GUARANTY CORP. (the “Retrocedent”), an insurance
company organized and licensed under the laws of the State of Maryland, and ACE
TEMPEST RE USA, INC. for and on behalf of ACE AMERICAN INSURANCE COMPANY (the
“Retrocessionaire”), a Pennsylvania insurance company.


 


In consideration of the mutual covenants herein contained and for other
good and valuable consideration, the receipt of which is hereby acknowledged,
the Retrocedent and the Retrocessionaire agree as follows:


 


ARTICLE 1


 


DEFINITIONS


 


Section 1.1.  Definitions.  For all purposes with regard to this
Agreement, the following terms shall have the following meanings:


 


A.                                   “Allocated
Loss Adjustment Expenses” means expenses paid by the Retrocedent on or after
the Effective Date in connection with (i) the adjustment of claims under the Reinsurance
Agreements, including, without limitation, court costs, interest upon judgments
as it accrues, and allocated investigation, adjustment, and legal expenses
chargeable to the investigation, negotiation, settlement or defense of a claim
or (ii) the protection, perfection or exercise of any subrogation, salvage or
recoupment rights under a Reinsurance Agreement.  For the avoidance of doubt, “Allocated Loss
Adjustment Expenses” does not include salaries paid to employees of the
Retrocedent or other overhead expenses.


 


B.                                     “Collateral
Amount” has the meaning set forth in Section 8.1.


 


C.                                     “Commutation
Amount” means the consideration payable to a ceding company under a Reinsurance
Agreement upon the commutation of such Reinsurance Agreement.


 


D.                                    “Commuted
Reinsurance Agreement” means a Reinsurance Agreement that has been commuted
with the prior written consent of the Retrocessionaire, which consent will not
be unreasonably withheld.  By way of
example only, the Retrocessionaire’s consent in respect of a proposed
commutation of a Reinsurance Agreement will not have been unreasonably withheld
if the Retrocessionaire believes, in good faith, that the consideration
demanded by the ceding company in respect of the proposed commutation would be
excessive.


 


E.                                      “Covered
Losses” means Reinsurance Agreement Losses and Allocated Loss Adjustment
Expenses.


 
















 


F.                                      “Deposit
Amount” means, as of any date of determination, an amount equal to (i) the
premiums retained as a deposit by the Retrocedent on the Upfront Premium Payment
Date in accordance with Article 5 hereof plus
(ii) amounts previously transferred to the Retrocedent in accordance with
Article 8 hereof minus (iii)
amounts previously appropriated by the Retrocedent in accordance with
Article 8 hereof minus (iv)
amounts previously transferred to the Retrocessionaire in accordance with
Article 8 hereof plus (v)
interest credited in accordance with Article 8 hereof.


 


G.                                     “Effective
Date” means April 1, 2004.


 


H.                                    “Extra
Contractual Obligations” means, with respect to any Reinsurance Agreement, any
and all liabilities (whether they constitute compensatory, consequential,
exemplary or punitive damages) not covered under any provision of such
Reinsurance Agreement that arise from the handling of any claim on business
covered thereunder, including without limitation, liabilities arising due to
the failure by the Retrocessionaire (acting pursuant to the authority granted
to it in Article 6 hereof) to settle within the policy limit, or by reason
of alleged or actual negligence or bad faith of the Retrocessionaire in
rejecting an offer of settlement or in the preparation of the defense or in the
trial of any action against the insured thereunder or in the preparation or
prosecution of an appeal consequent upon such action.  Notwithstanding the preceding, Extra
Contractual Obligations shall not include such liabilities that arise from the
Retrocedent’s intentional or reckless disregard of its obligations under this
Agreement (including without limitation the Retrocedent’s obligation under
Article 7 to provide copies to the Retrocessionaire of all claims notices
received by the Retrocedent).


 


I.                                         “Novation
Agreement” means an agreement among the Retrocedent, the Retrocessionaire and a
ceding company under a Reinsurance Agreement whereby (i) all of Retrocedent’s
right, title, interest and obligations in, to and under such Reinsurance
Agreement are assigned to the Retrocessionaire, (ii) all of Retrocedent’s
obligations under such Reinsurance Agreement are assumed by the
Retrocessionaire and (iii) the Retrocedent is released by the ceding company of
all liability under such Reinsurance Agreement.


 


J.                                        “Quarterly
Report” has the meaning set forth in Section 7.1.


 


K.                                    “Reinsurance
Agreements” means those reinsurance agreements entered into by the Retrocedent
that are described in Annex A hereto.


 


L.                                      “Reinsurance
Agreement Losses” means amounts paid by the Retrocedent on or after the
Effective Date under the terms of a Reinsurance Agreement in respect of (i)
claims incurred under such Reinsurance Agreement, including, without
limitation, amounts paid in settlement of claims and in satisfaction of
judgments, (ii) loss adjustment expenses of the reinsured that are ceded to the
Retrocedent under such Reinsurance Agreement and (iii) Extra Contractual Obligations
in respect of such Reinsurance Agreement.


 


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M.                                 “Retrocession
Term” has the meaning set forth in Article 2.


 


N.                                    “Upfront
Premium Payment Date” means the second business day following the date upon
which the approval or non-disapproval of this Agreement by both the
Pennsylvania Insurance Department and the Maryland Insurance Administration is
obtained.


 


Section 1.2.  Headings.  All captions, headings or titles preceding
any Section or Article in this Agreement are solely for convenience
of reference and are not part of this Agreement and shall not affect its
meaning, construction or effect.


 


Section 1.3.  Other Interpretative Provisions.  The following interpretive provisions apply
to this Agreement:  (a) a reference to
any document or agreement shall include such document or agreement as amended,
modified or supplemented from time to time in accordance with its terms and the
terms of this Agreement; (b) the singular includes the plural and the plural
includes the singular; (c) the words “include,” “includes,” and “including” are
not limiting; and (d) the words “herein,” “hereof,” “hereunder,” and words of
like import shall refer to this Agreement as a whole and not to any particular
section or subdivision of this Agreement.


 


ARTICLE 2


 


TERM


 


Section 2.1.  Term.  Subject to the approval or non-disapproval of
this Agreement by the Pennsylvania Insurance Department and the Maryland
Insurance Administration, the term of this Agreement (the “Retrocession Term”)
shall commence at 12:01 a.m., Eastern Standard Time, on the Effective Date and
shall remain in force until such time as the Retrocedent has no further
liability under the Reinsurance Agreements.


 


ARTICLE 3


 


TYPE AND BUSINESS COVERED


 


Quota share retrocession in respect of the Reinsurance Agreements.


 


ARTICLE 4


 


COVERAGE


 


The Retrocedent hereby cedes to the Retrocessionaire, and the
Retrocessionaire hereby assumes as reinsurance from the Retrocedent and agrees
to pay Retrocedent, (i) 100% of Covered Losses paid by the Retrocedent in
respect of the Reinsurance Agreements and (ii)


 


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100% of Commutation Amounts paid by the Retrocedent in respect of
Commuted Reinsurance Agreements.


 


ARTICLE 5


 


RETROCESSION PREMIUM


 


Section 5.1.                                Upfront Premium.  On the Upfront Premium
Payment Date, the Retrocedent will pay to the Retrocessionaire premium in the
amount of $30,555,507, of which (i) $28,811,004 will be paid to the
Retrocessionaire in cash and (ii) $1,744,503 will be retained by the
Retrocedent as a deposit.


 


Section 5.2.                                Periodic Premium.  The Retrocedent will pay
to the Retrocessionaire, in accordance with Article 7 hereof, 100% of the
premiums (less brokerage and ceding commissions) received on or after the Effective
Date in respect of the Reinsurance Agreements.


 


ARTICLE 6


 


CLAIMS MANAGEMENT; SETTLEMENTS; ADMINISTRATION;
RIGHTS OF ASSOCIATION


 


Section 6.1.  Claims Management.  The Retrocessionaire agrees to take any and
all actions necessary or appropriate for the management of claims arising under
the Reinsurance Agreements, including without limitation investigating,
assessing, adjusting, arbitrating, litigating and settling claims, as
appropriate, and shall conduct itself with the utmost good faith in taking such
actions.  The Retrocessionaire is hereby
authorized and directed to undertake all such actions on behalf of the
Retrocedent.


 


Section 6.2.  Claims
Settlements.  The Retrocedent agrees
to abide by the claim settlements of the Retrocessionaire.  The Retrocessionaire shall be the sole judge
of (i) the interpretation of the Reinsurance Agreements, (ii) what shall
constitute a claim under the Reinsurance Agreements and (iii) the Retrocedent’s
liability under the Reinsurance Agreements and the proper amounts for the
Retrocedent to pay thereunder.


 


Section 6.3.  Administration.  The Retrocessionaire agrees to take any and
all actions necessary or appropriate for the administration of the Reinsurance
Agreements, including without limitation determining the amount of collateral
to be posted under such Reinsurance Agreements, and shall conduct itself with
the utmost good faith in taking such actions. 
The Retrocessionaire is hereby authorized and directed to undertake all
such actions on behalf of the Retrocedent. 
The Retrocedent will use commercially reasonable efforts to assist the
Retrocessionaire in the collection of premium in respect of the Reinsurance
Agreements.


 


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Section 6.4.  Rights of Association.  Subject to the foregoing, the Retrocedent
shall have the right and shall be given the opportunity to, at its own expense,
associate with the Retrocessionaire in the defense of any suit or proceeding
arising out of or connected with any claim under a Reinsurance Agreement.  In such event, the Retrocessionaire and the
Retrocedent shall cooperate in all aspects of the defense of such suit or
proceeding.


 


ARTICLE 7


 


REPORTS AND REMITTANCES


 


Section 7.1.  Quarterly Report.  Within 30 days following the end of each
calendar quarter during the Retrocession Term, the Retrocedent will prepare and
deliver to the Retrocessionaire a report (the “Quarterly Report”) containing
information relevant to the calculation of the amount (other than amounts due
and owing pursuant to Article 8 hereof) owed by or to the Retrocessionaire
hereunder in respect of such calendar quarter (which report shall be in such
form as the Retrocedent and the Retrocessionaire shall reasonably agree).


 


Section 7.2.  Remittances.  (a) 
Net payments owed to the Retrocessionaire shall accompany the Quarterly
Report.  Net payments owed to the
Retrocedent shall be made within ten (10) business days of delivery of the
Quarterly Report; provided, however, at the option and upon the demand of the
Retrocedent, but solely when the Retrocedent is in receipt of a cash call in
excess of $100,000 arising from obligations owed on a single Reinsurance
Agreement, the Retrocedent shall be paid by wire transfer of same day federal
funds within five business days following the date of receipt by the
Retrocessionaire of a report identified as a “Special Loss Accounting,” which
shall indicate on its face that:


 


a)              the net amount
then due from the Retrocessionaire is in excess of $100,000, and


b)             the obligation
arises from a single Reinsurance Agreement and


c)              the
Retrocedent’s obligation is due to be paid by wire transfer within five
business days.


 


Amounts paid pursuant to a Special Loss Accounting shall be credited in
the Quarterly Report that follows the submission of a Special Loss Accounting.


 


(b)  Notwithstanding anything to
the contrary set forth in clause (a) of this Section 7.2, no payments
shall be made hereunder until this Agreement has been approved or
non-disapproved by both the Pennsylvania Insurance Department and the Maryland
Insurance Administration.


 


Section 7.3.  Claims Notices, Bordereaux and Other
Information Received from Ceding Companies. 
The Retrocedent shall deliver copies of all notices (including, without
limitation, claim notices), bordereaux, requests for collateral and any and all
other information it receives in respect of the Reinsurance Agreements within
10 business days of the Retrocedent’s receipt thereof.


 


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Section 7.4.  Reserve Report.  Within 30 days following the end of each
calendar quarter during the Retrocession Term, the Retrocessionaire will
prepare and deliver to the Retrocedent a report containing the
Retrocessionaire’s good faith estimate of the loss reserves to be established
by the Retrocedent in respect of the Reinsurance Agreements ceded hereunder as
of the end of such calendar quarter.  The
Retrocedent shall have no obligation to establish reserves in accordance with
such recommendations.


 


Section 7.5.  Net Cash Flow Adjustment.  No later than 45 days after the end of each
calendar year during the Retrocession Term, the Retrocedent will prepare and
deliver to the Retrocessionaire a report (the “Net Cash Flow Report”) setting
forth (a) the aggregate amount, if any, paid by the Retrocedent to the
Retrocessionaire pursuant to Article 5 hereof during such calendar year
and (b) the aggregate amount, if any, paid by the Retrocessionaire pursuant to
Article 4 hereof during such calendar year, other than such amounts paid
directly to the ceding company by the Retrocessionaire.  If the amount determined pursuant to clause
(a) above is greater than the amount determined pursuant to clause (b) above,
the Retrocedent will pay to the Retrocessionaire the Net Cash Flow Adjustment
Amount together with the Net Cash Flow Report. 
If the amount determined pursuant to clause (b) above is greater than
the amount determined pursuant to clause (a) above, the Retrocessionaire will
pay to the Retrocedent the absolute value of the Net Cash Flow Adjustment Amount
within ten (10) business days of delivery of the Net Cash Flow Report.  “Net Cash Flow Adjustment Amount” means, in
respect of a calendar year, the (i) the amount determined pursuant to clause
(a) for such calendar year minus the amount determined pursuant to clause (b)
for such calendar year divided by (ii) 2 multiplied by (iii) the
interest rate payable on the first three-month U.S. Treasury Bill issued during
such calendar year.


 


ARTICLE 8


 


COLLATERAL


 


Section 8.1.  Quarterly True Up.  No later than five days prior to the end of
each calendar quarter during the Retrocession Term (such calendar quarter, the
“Current Quarter”), the Retrocedent will provide to the Retrocessionaire a good
faith written estimate of the amount (such amount, the “Collateral Amount”) of
collateral that the Retrocedent will be required to post as of the end of such
Current Quarter in respect of the Reinsurance Agreements and a good faith
written estimate of the Deposit Amount as of the end of such Current Quarter.  If the Collateral Amount as of the end of any
Current Quarter exceeds the Deposit Amount as of the end of such Current
Quarter, the Retrocessionaire will transfer such difference to the Retrocedent
no later than the last business day of such Current Quarter.  If the Collateral Amount as of the end of any
Current Quarter is less than the Deposit Amount as of the end of such Current
Quarter, the Retrocedent will transfer such difference to the Retrocessionaire
no later than the last business day of such Current Quarter.


 


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Section 8.2.  True Up Following Novation.  Within five business days of any day (such
day, the “Novation Date”) during the Retrocession Term upon which the
Retrocedent, the Retrocessionaire and a ceding company execute and deliver a
Novation Agreement, the Retrocedent will provide to the Retrocessionaire a
written statement of the Collateral Amount as of the Novation Date and, if the
Collateral Amount is less than the Deposit Amount as of such Novation Date, the
Retrocedent will promptly (and in any event within five business days of such
Novation Date) transfer such difference to the Retrocessionaire.


 


Section 8.3.  True
Up Following Retrocessionaire’s Request.  From time to time during the Retrocession
Term, the Retrocessionaire may request that the Retrocedent provide a written
statement of the Collateral Amount as of any day during the Retrocession Term
and, if the Collateral Amount is less than the Deposit Amount as of such day,
the Retrocedent will promptly (and in any event within five business days of
such day) transfer such difference to the Retrocessionaire.


 


Section 8.4.  Use of Deposit Amount; Crediting of Interest.  At any time after the Retrocessionaire fails
to pay any Covered Losses or Commutation Amounts owing to the Retrocedent under
this Agreement as and when due, the Retrocedent may appropriate so much of the
Deposit Amount as may be required to cure such default.  Until such time as the Deposit Amount has
been utilized in such manner or returned to the Retrocessionaire pursuant to
the terms hereof, interest thereon will be credited to the Retrocessionaire
quarterly at rate per annum equal to the lesser of (i) the prime rate as of the
first business day of such calendar quarter and (ii) the interest rate payable
on the first six-month U.S. Treasury Bill issued during such calendar
quarter.  Upon expiry of the
Retrocessionaire’s liability hereunder, the Retrocedent shall return to the
Retrocessionaire the balance of the Deposit Amount as of such date of expiry.


 


Section 8.5.  Financial Statement
Credit.  The Retrocessionaire
agrees to take all actions as may be necessary to permit the Retrocedent to
obtain financial statement credit in all United States jurisdictions for the
reinsurance provided by this Agreement. 
It is understood and agreed that any term or condition required to be
included in this Agreement for the Retrocedent to receive statutory financial
statement credit will be deemed to be incorporated in this Agreement by
reference.


 


ARTICLE 9


 


AMENDMENT OF REINSURANCE AGREEMENTS; NOVATION
AGREEMENTS


 


Section 9.1.  Amendment of Reinsurance
Agreements.  Any amendments,
extensions, endorsements or alteration to the Reinsurance Agreements will be
submitted to the Retrocessionaire for advance approval, and no amendment,
extension, endorsement or alteration of any Reinsurance Agreement will be
effective as between the Retrocedent and the Retrocessionaire unless the
Retrocessionaire’s prior written approval has been obtained.


 


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Section 9.2.  Novation Agreements.  The Retrocedent and the Retrocessionaire will
use commercially reasonable efforts to negotiate, execute and deliver Novation
Agreements.  Other than the consideration
set forth in this Agreement, no consideration will be payable to or by either
party hereto in connection with the execution and delivery of any Novation
Agreement.  The Retrocedent and
Retrocessionaire shall execute, acknowledge or verify, and deliver any and all
agreements, documents, instruments, reports or filings, and take any and all
other actions, which from time to time may be reasonably requested by the other
party to this Agreement to carry out the purposes and intent of this Section.  Without limiting the generality of the
preceding sentence, at the request of the Retrocessionaire in connection with
the execution and delivery of a Novation Agreement, the Retrocedent will
deliver a letter (in form and substance satisfactory to the Retrocessionaire)
to the ceding company directing that future premiums be paid directly to the
Retrocessionaire.  Notwithstanding
anything to the contrary set forth herein, the Retrocedent will not execute and
deliver a Novation Agreement without the prior written approval of the Retrocessionaire,
which approval will not be unreasonably withheld.  The signature of the Retrocessionaire on a
Novation Agreement will be deemed prior written approval of such Novation
Agreement by the Retrocessionaire.


 


ARTICLE 10


 


RESERVES


 


The Retrocessionaire shall maintain reserves with respect to its share
of the Reinsurance Agreements ceded hereunder as are required by applicable
law.


 


ARTICLE 11


 


Retrocedent will indemnify and hold the Retrocessionaire harmless
against any damages, claims or causes of action incurred by or asserted against
the Retrocessionaire that arise from the intentional or reckless disregard by
the Retrocedent of its obligations under this Agreement.


 


ARTICLE 12


 


GENERAL CONDITIONS


 


Section 12.1.  Follow the Fortunes.  This Agreement is based on the original terms
of the Reinsurance Agreements so that the Retrocessionaire’s rights and
obligations vis-à-vis the Retrocedent with respect to the reinsurance provided
under this Agreement shall, subject to the terms of this Agreement, follow the
fortunes of the Retrocedent in all respects under the Reinsurance Agreements.


 


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Section 12.2.  No Third Party Rights.  Nothing herein shall be construed to expand
the liability of the Retrocessionaire beyond what is specifically assumed under
this Agreement by creating in any third party any rights hereunder.


 


Section 12.3.
Insolvency. 
In the event of the insolvency of the Retrocedent, this reinsurance
shall be payable directly to the Retrocedent, or its liquidator, receiver,
conservator or statutory successor, on the basis of the liability of the
Retrocedent without diminution because of the insolvency of the Retrocedent or
because the liquidator, receiver, conservator or statutory successor of the Retrocedent
has failed to pay all or a portion of any claim.  It is agreed, however, that the liquidator,
receiver, conservator or statutory successor of the Retrocedent shall give
written notice to the Retrocessionaire of the pendency of a claim against the Retrocedent
with respect to the Reinsurance Agreements within a reasonable time after such
claim is filed in the liquidation, conservation or rehabilitation proceeding or
in the receivership.  During the pendency
of such claim, the Retrocessionaire may investigate such claim and interpose,
at its own expense, in the proceeding where such claim is to be adjudicated,
any defense or defenses that it may deem available to the Retrocedent or its
liquidator, receiver, conservator or statutory successor.  The expense thus incurred by the
Retrocessionaire shall be chargeable, subject to the approval of the court,
against the Retrocedent as part of the expense of conservation or liquidation
to the extent of a pro rata share of the benefit which may accrue to the Retrocedent
solely as a result of the defense undertaken by the Retrocessionaire.


 


Section 12.4.  Access to Records.  Upon reasonable notice, the Retrocessionaire
or its duly authorized representative shall have access to and the right to
inspect the books and records of the Retrocedent that pertain to this Agreement
or the Reinsurance Agreements.  In
addition, at the request of the Retrocessionaire, the Retrocedent shall use
commercially reasonable efforts to cause the ceding company under a Reinsurance
Agreement to allow the Retrocessionaire or its duly authorized representative
to have access to and the right to inspect the books and records of such party
to the extent such books and records pertain to such Reinsurance Agreement.  At the request of the Retrocessionaire in
respect of any ceding company under a Reinsurance Agreement, the Retrocedent
will appoint the Retrocessionaire as its agent for purposes of gaining access
to the books and records of such ceding company.  At the request of the Retrocessionaire
following the execution and delivery of a Novation Agreement and subject to any
applicable confidentiality restrictions, the Retrocedent promptly will transfer
to the Retrocessionaire all books and records in the Retrocedent’s possession
relating to the novated Reinsurance Agreement.


 


Section 12.5.   Offset.  The Retrocessionaire or the Retrocedent may
offset any balance(s) due from one party to the other under this
Agreement.  The party asserting the right
of offset may exercise such right at any time whether the balance(s) due are on
account of premiums or losses or otherwise. 
In the event of the insolvency of a party hereto, offsets shall only be
allowed in accordance with applicable law.


 


Section 12.6.  Errors and Omissions.  Any inadvertent delay, omission or error
shall not be held to relieve either party hereto from any liability which would
attach to it hereunder if


 


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such delay, omission or error had not been
made, provided such delay, omission or error is rectified as soon as possible
after discovery.


 


Section 12.7.  Governing Law.  This Agreement shall be governed by and is to
be construed in accordance with the laws of the State of New York without
giving effect to conflict of law rules thereof.


 


Section 12.8.  Arbitration.  Any dispute or other matter
in question relating to this Agreement that cannot be resolved by the
Retrocedent and the Retrocessionaire arising out of, or relating to, the
formation, interpretation, performance or breach of this Agreement, whether
such dispute arises before or after termination of this Agreement, will be
subject to arbitration. 
Arbitration will 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 and cannot be otherwise settled by the parties.


 


Within thirty (30) days of the non-initiating party’s receipt of notice
of arbitration, each party will appoint a disinterested individual as
arbitrator and the two so appointed will then appoint a third arbitrator who
will serve as the umpire.  If either
party fails to appoint an arbitrator within thirty (30) days, the other party
may appoint the second arbitrator.  If
the two arbitrators do not agree on a third arbitrator within fifteen (15) days
of the date on which the second arbitrator was appointed, the parties shall
employ the ARIAS-U.S. Umpire Appointment Procedures to appoint the third
arbitrator.  If the ARIAS-U.S. Umpire Appointment
Procedures have been terminated, the parties shall jointly petition the New
York office of the American Arbitration Association to appoint the third
arbitrator.  The arbitrators will be
present or former officers of insurance or reinsurance companies or attorneys
experienced in reinsurance matters who do not have a personal or financial
interest in the result of the arbitration and who are not past or current
officers, employees or directors of the Retrocedent, the Retrocessionaire or
their respective affiliates.


 


The arbitration hearings will be held in New York, New York, or such
other place as the parties may mutually agree. 
Within thirty (30) days after appointment of the third arbitrator, the
panel shall meet and determine timely periods for briefs, discovery procedures
and schedules for hearings.  The decision
of the panel shall be rendered within forty-five (45) days following the
termination of the hearings.


 


In making its decision, the panel shall consider the customs and
practices of the reinsurance industry. 
The arbitrators will not be obliged to follow judicial formalities or
the rules of evidence except to the extent required by the laws of the State of
New York.  Insofar as the arbitration
panel looks to substantive law, it shall apply the laws of the State of New
York without regard to its conflict of laws rules.  The decision of any two arbitrators when
rendered in writing shall be final and binding. 
The panel is empowered to grant interim relief as it may deem
appropriate.  Judgment upon the award may
be entered in any court having jurisdiction thereof.  The substantive laws of the State of New
York, without regard to its conflict of laws rules, will govern any action or
suit brought to compel any such arbitration or to enforce any award rendered
pursuant to such arbitration.  It is
agreed that


 


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the arbitrators shall not have the
jurisdiction to authorize any punitive, exemplary or consequential damage
awards between the parties hereto.


 


Each party shall bear the expense of its own arbitrator and shall
jointly and equally bear with the other party the cost of the third
arbitrator.  The remaining costs of the
arbitration shall be allocated by the panel. 
The panel may, at its discretion, award such further costs and expenses
as it considers appropriate, including but not limited to attorneys’ fees, to
the extent permitted by law.


 


Except as provided above, arbitration will be based, to the extent
applicable, upon ARIAS-U.S. procedures.


 


The procedures specified in this Section will be the sole and
exclusive procedures for the resolution of irreconcilable disputes between the
parties arising out of or relating to this Agreement.


 


This Section shall survive the termination of this Agreement.


 


Section 12.9.  Service of Suit.  Each party hereby irrevocably submits to the
nonexclusive jurisdiction of any Federal or State of New York court sitting in
the State of New York over any suit, action or proceeding relating to the
enforcement of the parties’ agreement to arbitrate or the enforcement of an
arbitral award.  Each party irrevocably
waives, to the fullest extent permitted by law, any objection which it may now
or hereafter have to the laying of the venue of any such suit, action or
proceeding brought in such court and any claim that any suit, action or
proceeding brought in such court has been brought in an inconvenient
forum.  Each party agrees that a final
judgment, not subject to any further appeal, in any such suit, action or
proceeding brought in such a court shall be conclusive and binding upon it and
will be given effect in its state or country of domicile, as applicable, to the
fullest extent permitted by applicable law and may be enforced in any Federal
or State of New York court sitting in the State of New York, by a suit upon
such judgment, provided that service of process is effected upon it as
specified in this Section or as otherwise permitted by law.  Nothing herein shall be deemed to limit or
waive a party’s right to remove a suit, action or proceeding to Federal court.


 


Further, each party hereby designates the Superintendent of Insurance
of the State of New York, or his successor or successors in office, as the 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 other party under this
Agreement and arising out of this Agreement, and hereby designates the person
named in the “Notice” provision of this Agreement as the person to whom the
Superintendent or such successor is authorized to mail such process or a true
copy thereof.


 


Each party hereby consents to process being served in any suit, action
or proceeding of the nature referred to above in any Federal or State of New
York court sitting in the State of New York by service of process as set forth
above; provided that, to the extent lawful and possible, written notice of said
service shall be mailed by registered or certified air mail,


 


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postage prepaid, return receipt requested,
to the other party at its address specified herein or to any other address of
which such party shall have given notice. 
Each party irrevocably waives, to the fullest extent permitted by law,
all claim of error by reason of any such service and agrees that such service
shall be deemed in every respect effective service of process upon such party
in any such suit, action or proceeding and shall, to the fullest extent
permitted by law, be taken and held to be valid and personal service upon and
personal delivery to such party.


 


Service of process may be affected in any other manner permitted by
law. Nothing in this Section shall limit the right of a party to bring
proceedings against the other party in any court having jurisdiction over such
other party and such proceeding for the purpose of enforcing the parties’
agreement to arbitrate or to enforce an arbitral award.


 


Section 12.10.  Notice.  As used in this Agreement, notice shall mean
any and all notices, requests, demands or other communications required or permitted
to be given hereunder.  All notices shall
be in writing and shall be (i) delivered personally, (ii) sent by an overnight
delivery service, or (iii) sent by confirmed facsimile transmission, addressed
to the parties at the addresses set forth below.  Any such notice shall be deemed given (i) in
the case of personal delivery, when so delivered personally, (ii) if sent by
overnight delivery service, one day after delivery of such notice to such
service, and (iii) if sent by confirmed facsimile transmission, at the time of
transmission.


 


If to the Retrocedent:


 


Assured Guaranty Corp.


1325 Avenue of the Americas


New York, NY 10019


Telephone: 212-974-0100


Facsimile: 212-581-3268


Attention: General Counsel


 


If to the Retrocessionaire:


 


ACE American Insurance Company


c/o ACE Tempest
Re USA, Inc.


Two Stamford Plaza


281 Tresser Boulevard


Suite 500


Stamford, CT 06901-3264


Telephone: 203-328-7001


Facsimile: 203-328-7003


Attention:  Jacques Bonneau


 


12
















 


The Retrocedent and the Retrocessionaire shall provide each other with
wiring instructions for monies to be transferred under this Agreement promptly
after execution of this Agreement and at the time of any change in such
instructions.


 


Section 12.11.  Assignment.  This Agreement may not be assigned by either
party without the prior written consent of the other party.  Notwithstanding the foregoing, the
Retrocessionaire may assign its rights under this Agreement to an affiliated
entity so long as that entity (i) has the same or better Standard and Poors
(“S&P”) rating as then stated by S&P for the Retrocessionaire and (ii)
assumes all of the obligations of the Retrocessionaire hereunder pursuant to a
written agreement reasonably satisfactory to the Retrocedent.


 


Section 12.12.  Amendments.  This Agreement may not be modified or amended
except by mutual written consent of the parties.  The parties will not unreasonably refuse to
make any amendments hereto that are required to be made in order to obtain the
approval or non-disapproval of this Agreement by both the Pennsylvania
Insurance Department and the Maryland Insurance Administration.


 


Section 12.13.  Waivers.  The terms of this Agreement may be waived
only with the written consent of the party waiving compliance. No failure or
delay in exercising any right, power or privilege hereunder will operate as a
waiver thereof, nor will any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or
privilege hereunder.


 


Section 12.14.  Entire Agreement; Rights
and Remedies.  This Agreement
constitutes the entire agreement between the parties relating to the subject
matter hereof and supersedes all prior written and oral statements with respect
hereto.  The rights and remedies provided
herein are cumulative and are not exclusive or any rights or remedies that any
party may have at law or in equity.


 


Section 12.15.  Counterparts.  This Agreement may be executed in any number
or counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.


 


Section 12.16.                  Severability.  If any term, provision,
covenant or condition of this Agreement, or the application thereof to any
party or circumstances, shall be held to be invalid or unenforceable (in whole
or in part) for any reason, the remaining terms, provisions, covenants and
conditions shall continue in full force and effect as if this Agreement had
been executed with the invalid or unenforceable portion eliminated, but only if
(a) this Agreement as so modified continues to express, without material
change, the original intentions of the parties as to the subject matter of this
Agreement and (b) the deletion of such portion of this Agreement does not
substantially impair the respective benefits or expectations for the parties to
this Agreement.


 


Section 12.17.                  Further Assurances.  Each party hereto
shall, at any time and from time to time after the first date written above,
upon request of any other party hereto, do, execute,


 


13
















 


acknowledge and deliver, or cause to be done, executed, acknowledged
and delivered, all such further acts, instruments, assignments and assurances
as may be reasonably required in order to carry out the intent of this
Agreement (including without limitation any of the foregoing as are reasonably
necessary to obtain the approval or non-disapproval of this Agreement by both
the Pennsylvania Insurance Department and the Maryland Insurance Administration).


 


[The next
page is the signature page.]


 


14
















 


IN WITNESS WHEREOF, this Agreement has been signed by a duly authorized
officer of each of the parties as of the date first above written.


 


	
  ASSURED GUARANTY CORP.

  
	
   

  
	
  By:

  	
  /s/ Geraldine Alfino Egler

  	
   

  
	
   

  	
  Name: Geraldine Alfino Egler

  
	
   

  	
  Title: Senior Vice President and General Counsel

  
	
   

  
	
   

  
	
  ACE AMERICAN INSURANCE COMPANY

  
	
  Signed by ACE Tempest Re USA, Inc.

  
	
  for and on behalf of ACE American Insurance Company

  
	
   

  
	
   

  
	
  By:

  	
  /s/ Kevin Conlon

  	
   

  
	
   

  	
  Name: Kevin Conlon

  
	
   

  	
  Title: Senior Vice President

  



 


15
















 


ANNEX A


 


	
  1. ACE

  	
   

  	
  2000 ACE EUROPE TRADE QS

  
	
   

  	
   

  	
  2000 AGM MOTOROLA TRADE CREDIT

  
	
   

  	
   

  	
  2001 ACE EUROPE TRADE QS

  
	
   

  	
   

  	
  2002 ACE EUROPE CR/CTY RISK QS

  
	
   

  	
   

  	
  2002 ACE EUROPE TRADE QS

  
	
   

  	
   

  	
  2002 ACE EUROPE/BOREALIS

  
	
   

  	
   

  	
  2003 ACE EUROPE CR/CTY RISK QS

  
	
   

  	
   

  	
  2003 ACE EUROPE/BOREALIS

  
	
   

  	
   

  	
   

  
	
  2. Allianz

  	
   

  	
  2002 ALLIANZ CREDIT & BOND XL1

  
	
   

  	
   

  	
  2002 ALLIANZ CREDIT & BOND XL2

  
	
   

  	
   

  	
  2002 ALLIANZ CREDIT & BOND XL3

  
	
   

  	
   

  	
  2002 ALLIANZ CREDIT & BOND XL4

  
	
   

  	
   

  	
  2003 ALLIANZ CREDIT & BOND XL1

  
	
   

  	
   

  	
  2003 ALLIANZ CREDIT & BOND XL2

  
	
   

  	
   

  	
  2003 ALLIANZ CREDIT & BOND XL3

  
	
   

  	
   

  	
  2003 ALLIANZ CREDIT & BOND XL4

  
	
   

  	
   

  	
   

  
	
  3. Atradius

  	
   

  	
  1993 NCM PER COUNTRY XL 5

  
	
   

  	
   

  	
  1994 NCM OPTIONAL QS 5

  
	
   

  	
   

  	
  1994 NCM OPTIONAL QS 6

  
	
   

  	
   

  	
  1994 NCM PER COUNTRY XL 5

  
	
   

  	
   

  	
  1994 NCM PER COUNTRY XL 6

  
	
   

  	
   

  	
  1995 NCM OPTIONAL QS 2

  
	
   

  	
   

  	
  1995 NCM PER COUNTRY XL 5

  
	
   

  	
   

  	
  1995 NCM PER COUNTRY XL 6

  
	
   

  	
   

  	
  1996 NCM OPTIONAL QS 1

  
	
   

  	
   

  	
  1996 NCM OPTIONAL QS 2

  
	
   

  	
   

  	
  1996 NCM OPTIONAL QS 3

  
	
   

  	
   

  	
  1996 NCM OPTIONAL QS 4

  
	
   

  	
   

  	
  1996 NCM OPTIONAL QS 5

  
	
   

  	
   

  	
  1996 NCM OPTIONAL QS 6

  
	
   

  	
   

  	
  1996 NCM PER COUNTRY XL 5

  
	
   

  	
   

  	
  1996 NCM PER COUNTRY XL 6

  
	
   

  	
   

  	
  1997 NCM PER COUNTRY XL 4

  
	
   

  	
   

  	
  1997 NCM PER COUNTRY XL 5

  
	
   

  	
   

  	
  1997 NCM RI OPTIONAL QS 4

  
	
   

  	
   

  	
  1997 NCM RI OPTIONAL QS 5

  
	
   

  	
   

  	
  1998 NCM BUYER/COUNTRY XL 4

  
	
   

  	
   

  	
  1998 NCM BUYER/COUNTRY XL 5

  
	
   

  	
   

  	
  1998 NCM RI OPTIONAL QS 4

  
	
   

  	
   

  	
  1998 NCM RI OPTIONAL QS 5

  
	
   

  	
   

  	
  1999 NCM BUYER/COUNTRY XL 3

  
	
   

  	
   

  	
  1999 NCM BUYER/COUNTRY XL 4

  
	
   

  	
   

  	
  1999 NCM BUYER/COUNTRY XL 5

  
	
   

  	
   

  	
  1999 NCM RI OPTIONAL QS 4

  
	
   

  	
   

  	
  1999 NCM RI OPTIONAL QS 4A

  
	
   

  	
   

  	
  1999 NCM RI OPTIONAL QS 5

  
	
   

  	
   

  	
  1999 NCM RI OPTIONAL QS 5A

  
	
   

  	
   

  	
  2000 NCM BUYER/COUNTRY XL 3

  



 
















 


	
   

  	
   

  	
  2000 NCM BUYER/COUNTRY XL 4

  
	
   

  	
   

  	
  2000 NCM BUYER/COUNTRY XL 5

  
	
   

  	
   

  	
  2000 NCM RI OPTIONAL QS 4

  
	
   

  	
   

  	
  2000 NCM RI OPTIONAL QS 4A

  
	
   

  	
   

  	
  2000 NCM RI OPTIONAL QS 5

  
	
   

  	
   

  	
  2000 NCM RI OPTIONAL QS 5A

  
	
   

  	
   

  	
  2000 NCM WAL-MART STORES QS

  
	
   

  	
   

  	
  2001 NCM AMERICAS AGG XL

  
	
   

  	
   

  	
  2001 NCM PER BUYER/COUNTRY XL3

  
	
   

  	
   

  	
  2001 NCM PER BUYER/COUNTRY XL4

  
	
   

  	
   

  	
  2001 NCM PER BUYER/COUNTRY XL5

  
	
   

  	
   

  	
  2001 NCM RI OPTIONAL QS 4

  
	
   

  	
   

  	
  2001 NCM RI OPTIONAL QS 4A

  
	
   

  	
   

  	
  2001 NCM RI OPTIONAL QS 5

  
	
   

  	
   

  	
  2001 NCM RI OPTIONAL QS 5A

  
	
   

  	
   

  	
  2002 GERLING CREDIT QS

  
	
   

  	
   

  	
  2002 GERLING CREDIT XL1

  
	
   

  	
   

  	
  2002 GERLING CREDIT XL2

  
	
   

  	
   

  	
  2002 GERLING CREDIT XL3

  
	
   

  	
   

  	
  2002 GERLING CREDIT XL4

  
	
   

  	
   

  	
  2002 GERLING CREDIT XL5

  
	
   

  	
   

  	
  2002 NCM AGGREGATE XL

  
	
   

  	
   

  	
  2002 NCM GROUP CREDIT QS - 1&2

  
	
   

  	
   

  	
  2002 NCM PER BUYER/COUNTRY XL1

  
	
   

  	
   

  	
  2002 NCM PER BUYER/COUNTRY XL2

  
	
   

  	
   

  	
  2002 NCM PER BUYER/COUNTRY XL3

  
	
   

  	
   

  	
  2002 NCM PER BUYER/COUNTRY XL4

  
	
   

  	
   

  	
  2002 NCM PER BUYER/COUNTRY XL5

  
	
   

  	
   

  	
  2003 GERLINGNCM GRP CRED - 1&2

  
	
   

  	
   

  	
  2003 GERLING-NCM PER BUYER XL1

  
	
   

  	
   

  	
  2003 GERLING-NCM PER BUYER XL2

  
	
   

  	
   

  	
  2003 GERLING-NCM PER BUYER XL3

  
	
   

  	
   

  	
   

  
	
  4. BCI

  	
   

  	
  2002 BCI/LUMBERMENS MUTUAL QS

  
	
   

  	
   

  	
   

  
	
  5. Cesce

  	
   

  	
  2002 CESCE BOND QS

  
	
   

  	
   

  	
  2002 CESCE CREDIT QS

  
	
   

  	
   

  	
  2002 CESCE OVERSEAS QS - SEC A

  
	
   

  	
   

  	
  2002 CESCE OVERSEAS QS - SEC B

  
	
   

  	
   

  	
  2002 CESCE PER COUNTRY XL

  
	
   

  	
   

  	
  2002 CESCE PER RISK XL

  
	
   

  	
   

  	
  2003 CESCE CREDIT QS

  
	
   

  	
   

  	
  2003 CESCE PER RISK XL

  
	
   

  	
   

  	
  2003 CESCE SPANISH BOND QS

  
	
   

  	
   

  	
   

  
	
  6. Chubb

  	
   

  	
  2002 CHUBB COUNTRY RISKS QS

  
	
   

  	
   

  	
  2002 CHUBB TRADE CREDIT QS

  
	
   

  	
   

  	
  2003 CHUBB COUNTRY RISKS QS

  
	
   

  	
   

  	
  2003 CHUBB TRADE CREDIT QS

  
	
   

  	
   

  	
   

  
	
  7. CNA

  	
   

  	
  1996 CNA IN-GEAR/WALMART

  
	
   

  	
   

  	
  1996 CNA SBS/WAL-MART

  
	
   

  	
   

  	
  1997 CNA DISPLAY TECHNOLOGY

  
	
   

  	
   

  	
  1997 CNA INTERSHOE - CAPRE

  



 


2
















 


	
   

  	
   

  	
  1997 CNA SEARS/LG ELEC

  
	
   

  	
   

  	
  1998 CNA DISPLAY TECHNOLOGY

  
	
   

  	
   

  	
  1998 CNA INTERSHOE

  
	
   

  	
   

  	
  1998 CNA LG ELECTONICS/GATEWAY

  
	
   

  	
   

  	
  1998 CNA LG ELECTRONICS/SEARS

  
	
   

  	
   

  	
  1998 CNA SBS/WAL-MART

  
	
   

  	
   

  	
  1998 CNA SPRING FORD/NIKE

  
	
   

  	
   

  	
  1998 CNA SPRING FORD/WARNACO

  
	
   

  	
   

  	
  1999 CNA AUTOZONE

  
	
   

  	
   

  	
  1999 CNA/TOYS “R” US

  
	
   

  	
   

  	
  2000 CNA AUTOZONE

  
	
   

  	
   

  	
  2000 CNA AUTOZONE 2

  
	
   

  	
   

  	
  2000 CNA BED BATH & BEYOND

  
	
   

  	
   

  	
  2000 CNA BEST BUY

  
	
   

  	
   

  	
  2000 CNA COMPAQ COMPUTER

  
	
   

  	
   

  	
  2000 CNA COSTCO WHOLESALE CORP

  
	
   

  	
   

  	
  2000 CNA HOUDINI

  
	
   

  	
   

  	
  2000 CNA INGRAM MICRO

  
	
   

  	
   

  	
  2000 CNA J.C. PENNEY

  
	
   

  	
   

  	
  2000 CNA QVC CORP.

  
	
   

  	
   

  	
  2000 CNA STAPLES

  
	
   

  	
   

  	
  2000 CNA TARGET CORP. 3

  
	
   

  	
   

  	
  2000 CNA TARGET CORP (DAYTON)

  
	
   

  	
   

  	
  2000 CNA TJX COMPANIES

  
	
   

  	
   

  	
  2000 CNA TOYS ‘R US

  
	
   

  	
   

  	
  2000 CNA WAL-MART STORES

  
	
   

  	
   

  	
  2000 CNA/OFFICE DEPOT - 1

  
	
   

  	
   

  	
  2000 CNA/OFFICE DEPOT - 2

  
	
   

  	
   

  	
  2001 CNA ADOBE SYSTEMS

  
	
   

  	
   

  	
  2001 CNA AUTOZONE 2

  
	
   

  	
   

  	
  2001 CNA BEST BUY

  
	
   

  	
   

  	
  2001 CNA BEST BUY 2

  
	
   

  	
   

  	
  2001 CNA COMPAQ COMPUTER 2

  
	
   

  	
   

  	
  2001 CNA COSTCO WHOLESALE

  
	
   

  	
   

  	
  2001 CNA FEDERATED DEPT

  
	
   

  	
   

  	
  2001 CNA GATEWAY

  
	
   

  	
   

  	
  2001 CNA OFFICE DEPOT 2

  
	
   

  	
   

  	
  2001 CNA PHARM WHOLESALERS

  
	
   

  	
   

  	
  2001 CNA TOYS ‘R US

  
	
   

  	
   

  	
  2001 CNA UNITED TECHNOLOGIES

  
	
   

  	
   

  	
  2001 CNA WAL-MART

  
	
   

  	
   

  	
  2001 CNA/OFFICE DEPOT 1

  
	
   

  	
   

  	
  2002 CNA PER-RISK XL

  
	
   

  	
   

  	
   

  
	
  8. Coface

  	
   

  	
  1994 COFACE PER BUYER XL

  
	
   

  	
   

  	
  2000 DEXTA/COFACE CREDIT QS

  
	
   

  	
   

  	
  2001 COFACE PER BUYER XL 1

  
	
   

  	
   

  	
  2001 COFACE PER BUYER XL 2

  
	
   

  	
   

  	
  2001 COFACE PER BUYER XL 3

  
	
   

  	
   

  	
  2001 COFACE PER BUYER XL 4

  
	
   

  	
   

  	
  2001 COFACE PER COUNTRY XL 1

  
	
   

  	
   

  	
  2001 COFACE PER COUNTRY XL 2

  
	
   

  	
   

  	
  2001 COFACE PER COUNTRY XL 3

  
	
   

  	
   

  	
  2001 COFACE PER COUNTRY XL 4

  



 


3
















 


	
   

  	
   

  	
  2002 COFACE CEN XL 1

  
	
   

  	
   

  	
  2002 COFACE CEN XL 2

  
	
   

  	
   

  	
  2002 COFACE CEN XL 3

  
	
   

  	
   

  	
  2002 COFACE PER BUYER XL 1

  
	
   

  	
   

  	
  2002 COFACE PER BUYER XL 2

  
	
   

  	
   

  	
  2002 COFACE PER BUYER XL 3

  
	
   

  	
   

  	
  2002 COFACE PER BUYER XL 4

  
	
   

  	
   

  	
  2002 COFACE PER COUNTRY XL 1

  
	
   

  	
   

  	
  2002 COFACE PER COUNTRY XL 2

  
	
   

  	
   

  	
  2002 COFACE PER COUNTRY XL 3

  
	
   

  	
   

  	
  2002 COFACE PER COUNTRY XL 4

  
	
   

  	
   

  	
  2002 DEXTA/COFACE CREDIT QS

  
	
   

  	
   

  	
  2003 COFACE CEN XL 1

  
	
   

  	
   

  	
  2003 COFACE CEN XL 2

  
	
   

  	
   

  	
  2003 COFACE CEN XL 3

  
	
   

  	
   

  	
  2003 COFACE CRED/BOND QS

  
	
   

  	
   

  	
  2003 COFACE PER BUYER XL 1

  
	
   

  	
   

  	
  2003 COFACE PER BUYER XL 2

  
	
   

  	
   

  	
  2003 COFACE PER BUYER XL 3

  
	
   

  	
   

  	
  2003 COFACE PER BUYER XL 4

  
	
   

  	
   

  	
  2003 COFACE PER COUNTRY XL 1

  
	
   

  	
   

  	
  2003 COFACE PER COUNTRY XL 2

  
	
   

  	
   

  	
  2003 COFACE PER COUNTRY XL 3

  
	
   

  	
   

  	
  2003 DEXTA/COFACE CREDIT QS

  
	
   

  	
   

  	
   

  
	
  9. Continental

  	
   

  	
  1995 CONTINENTAL TRADE FAC

  
	
   

  	
   

  	
   

  
	
  10. Cosec

  	
   

  	
  2002 COSEC BOND QS - SECTS A&B

  
	
   

  	
   

  	
  2002 COSEC CREDIT & BOND XL1

  
	
   

  	
   

  	
  2002 COSEC CREDIT & BOND XL2

  
	
   

  	
   

  	
  2002 COSEC CREDIT & BOND XL3

  
	
   

  	
   

  	
  2002 COSEC CREDIT & BOND XL4

  
	
   

  	
   

  	
  2002 COSEC CREDIT & BOND XL5

  
	
   

  	
   

  	
  2002 COSEC CREDIT QS TREATY

  
	
   

  	
   

  	
  2003 COSEC CREDIT & BOND XL1

  
	
   

  	
   

  	
  2003 COSEC CREDIT & BOND XL2

  
	
   

  	
   

  	
  2003 COSEC CREDIT & BOND XL3

  
	
   

  	
   

  	
  2003 COSEC CREDIT & BOND XL4

  
	
   

  	
   

  	
  2003 COSEC CREDIT & BOND XL5

  
	
   

  	
   

  	
   

  
	
  11. CYC

  	
   

  	
  2003 CRED Y CAUC PER BUYER XL1

  
	
   

  	
   

  	
  2003 CRED Y CAUC PER BUYER XL2

  
	
   

  	
   

  	
  2003 CRED Y CAUC PER BUYER XL3

  
	
   

  	
   

  	
  2003 CREDITO Y CAUCION BOND QS

  
	
   

  	
   

  	
  2003 CREDITO y CAUCION CRED QS

  
	
   

  	
   

  	
   

  
	
  12. Dansk

  	
   

  	
  2001 DANSK MT HOJGAARD

  
	
   

  	
   

  	
  2001 DANSK/DANISH CROWN 2

  
	
   

  	
   

  	
  2002 DANSK BOND QS

  
	
   

  	
   

  	
  2002 DANSK MT HOJGAARD QS

  
	
   

  	
   

  	
  2002 DANSK RETENTION XL

  
	
   

  	
   

  	
  2002 DANSK/DANISH CROWN

  
	
   

  	
   

  	
  2002 DANSK/HOUSE OF PRINCE

  
	
   

  	
   

  	
  2003 DANSK CREDIT & BOND QS

  



 


4
















 


	
   

  	
   

  	
  2003 DANSK RETENTION XL

  
	
   

  	
   

  	
  2003 DANSK/HOUSE OF PRINCE

  
	
   

  	
   

  	
   

  
	
  13. Euler

  	
   

  	
  1994 HERMES BONDING METRO

  
	
   

  	
   

  	
  1994 HERMES TRADE XL 3

  
	
   

  	
   

  	
  1995 HERMES TRADE XL 3

  
	
   

  	
   

  	
  1995 HERMES TRADE XL 4

  
	
   

  	
   

  	
  1995 SFAC TRADE XL 1

  
	
   

  	
   

  	
  1995 SFAC TRADE XL 2

  
	
   

  	
   

  	
  1995 SFAC TRADE XL 3

  
	
   

  	
   

  	
  1995 SFAC TRADE XL 4

  
	
   

  	
   

  	
  1995 TI EXPORT XL 5

  
	
   

  	
   

  	
  1996 HERMES TRADE XL 3

  
	
   

  	
   

  	
  1996 HERMES TRADE XL 4

  
	
   

  	
   

  	
  1996 SFAC TRADE XL 1

  
	
   

  	
   

  	
  1996 SFAC TRADE XL 2

  
	
   

  	
   

  	
  1996 SFAC TRADE XL 3

  
	
   

  	
   

  	
  1996 SFAC TRADE XL 4

  
	
   

  	
   

  	
  1997 ACI TRADE PER BUYER XL 5

  
	
   

  	
   

  	
  1997 ACI TRADE PER BUYER XL 6

  
	
   

  	
   

  	
  1997 ACI TRADE PER BUYER XL 7

  
	
   

  	
   

  	
  1997 ACI TRADE PER BUYER XL 8

  
	
   

  	
   

  	
  1997 ACI TRADE PER BUYER XL 9

  
	
   

  	
   

  	
  1997 HERMES TRADE XL 3

  
	
   

  	
   

  	
  1997 HERMES TRADE XL 4

  
	
   

  	
   

  	
  1997 SFAC TRADE XL 1

  
	
   

  	
   

  	
  1997 SFAC TRADE XL 2

  
	
   

  	
   

  	
  1997 SFAC TRADE XL 3

  
	
   

  	
   

  	
  1997 SFAC TRADE XL 4

  
	
   

  	
   

  	
  1997 SFAC TRADE XL 5

  
	
   

  	
   

  	
  1997 SFAC TRADE XL 6

  
	
   

  	
   

  	
  1998 ACI TRADE PER BUYER XL 3

  
	
   

  	
   

  	
  1998 ACI TRADE PER BUYER XL 4

  
	
   

  	
   

  	
  1998 ACI TRADE PER BUYER XL 5

  
	
   

  	
   

  	
  1998 HERMES TRADE XL 3

  
	
   

  	
   

  	
  1998 HERMES TRADE XL 4

  
	
   

  	
   

  	
  1998 SFAC TRADE XL 1

  
	
   

  	
   

  	
  1998 SFAC TRADE XL 2

  
	
   

  	
   

  	
  1998 SFAC TRADE XL 3

  
	
   

  	
   

  	
  1998 SFAC TRADE XL 4

  
	
   

  	
   

  	
  1998 SFAC TRADE XL 5

  
	
   

  	
   

  	
  1998 SFAC TRADE XL 6

  
	
   

  	
   

  	
  1999 HERMES TRADE XL 3

  
	
   

  	
   

  	
  1999 HERMES TRADE XL 4

  
	
   

  	
   

  	
  1999 SFAC TRADE RETENTION XL 1

  
	
   

  	
   

  	
  1999 SFAC TRADE RETENTION XL 2

  
	
   

  	
   

  	
  1999 SFAC TRADE RETENTION XL 3

  
	
   

  	
   

  	
  1999 SFAC TRADE RETENTION XL 4

  
	
   

  	
   

  	
  2000 HERMES TRADE XL 3

  
	
   

  	
   

  	
  2000 HERMES TRADE XL 4

  
	
   

  	
   

  	
  2000 SFAC CREDIT XL 1

  
	
   

  	
   

  	
  2000 SFAC CREDIT XL 2

  
	
   

  	
   

  	
  2000 SFAC CREDIT XL 3

  
	
   

  	
   

  	
  2000 SFAC CREDIT XL 4

  



 


5
















 


	
   

  	
   

  	
  2000 SFAC CREDIT XL 5

  
	
   

  	
   

  	
  2001 E&H RETENTION XL1

  
	
   

  	
   

  	
  2001 E&H RETENTION XL2

  
	
   

  	
   

  	
  2001 E&H RETENTION XL3

  
	
   

  	
   

  	
  2001 E&H RETENTION XL4

  
	
   

  	
   

  	
  2001 HERMES TRADE XL 1

  
	
   

  	
   

  	
  2001 HERMES TRADE XL 2

  
	
   

  	
   

  	
  2001 HERMES TRADE XL 3

  
	
   

  	
   

  	
  2001 HERMES TRADE XL 4

  
	
   

  	
   

  	
  2001 SFAC CREDIT QS

  
	
   

  	
   

  	
  2001 SFAC CREDIT XL 1

  
	
   

  	
   

  	
  2001 SFAC CREDIT XL 2

  
	
   

  	
   

  	
  2001 SFAC CREDIT XL 3

  
	
   

  	
   

  	
  2001 SFAC CREDIT XL 4

  
	
   

  	
   

  	
  2001 SFAC CREDIT XL 5

  
	
   

  	
   

  	
  2002 ACI PER RISK XL 1

  
	
   

  	
   

  	
  2002 ACI PER RISK XL 2

  
	
   

  	
   

  	
  2002 ACI PER RISK XL 3

  
	
   

  	
   

  	
  2002 ACI PER RISK XL 4

  
	
   

  	
   

  	
  2002 ACI PER RISK XL 5

  
	
   

  	
   

  	
  2002 ACI TRADE CREDIT QS

  
	
   

  	
   

  	
  2002 COBAC RETAIL QS

  
	
   

  	
   

  	
  2002 COBAC RETENTION XL 1

  
	
   

  	
   

  	
  2002 COBAC RETENTION XL 2

  
	
   

  	
   

  	
  2002 COBAC RETENTION XL 3

  
	
   

  	
   

  	
  2002 COBAC RETENTION XL 4

  
	
   

  	
   

  	
  2002 COBAC TRADE QS

  
	
   

  	
   

  	
  2002 HERMES C&G BOND SURPLUS

  
	
   

  	
   

  	
  2002 HERMES TRADE XL1

  
	
   

  	
   

  	
  2002 HERMES TRADE XL2

  
	
   

  	
   

  	
  2002 HERMES TRADE XL3

  
	
   

  	
   

  	
  2002 HERMES TRADE XL4

  
	
   

  	
   

  	
  2002 SFAC TRADE CREDIT QS

  
	
   

  	
   

  	
  2002 SFAC TRADE CREDIT XL 1

  
	
   

  	
   

  	
  2002 SFAC TRADE CREDIT XL 2

  
	
   

  	
   

  	
  2002 SFAC TRADE CREDIT XL 3

  
	
   

  	
   

  	
  2002 SFAC TRADE CREDIT XL 4

  
	
   

  	
   

  	
  2002 SFAC TRADE CREDIT XL 5

  
	
   

  	
   

  	
  2002 SIAC CREDIT & BOND QS

  
	
   

  	
   

  	
  2002 SIAC CREDIT & BOND XL1

  
	
   

  	
   

  	
  2002 SIAC CREDIT & BOND XL2

  
	
   

  	
   

  	
  2002 SIAC CREDIT & BOND XL3

  
	
   

  	
   

  	
  2002 TI CREDIT RETENTION XL1

  
	
   

  	
   

  	
  2002 TI CREDIT RETENTION XL2

  
	
   

  	
   

  	
  2002 TI CREDIT RETENTION XL3

  
	
   

  	
   

  	
  2002 TI CREDIT RETENTION XL4

  
	
   

  	
   

  	
  2002 TI CREDIT RETENTION XL5

  
	
   

  	
   

  	
  2002 TI GLOBAL CREDIT QS

  
	
   

  	
   

  	
  2003 EULER-ACI PER RISK XL 1

  
	
   

  	
   

  	
  2003 EULER-ACI PER RISK XL 2

  
	
   

  	
   

  	
  2003 EULER-ACI PER RISK XL 3

  
	
   

  	
   

  	
  2003 EULER-ACI PER RISK XL 4

  
	
   

  	
   

  	
  2003 EULER-ACI TRADE CREDIT QS

  
	
   

  	
   

  	
  2003 EULER-COBAC RET XL 1

  



 


6
















 


	
   

  	
   

  	
  2003 EULER-COBAC RET XL 2

  
	
   

  	
   

  	
  2003 EULER-COBAC RET XL 3

  
	
   

  	
   

  	
  2003 EULER-COBAC RET XL 4

  
	
   

  	
   

  	
  2003 EULER-COBAC RETAIL QS

  
	
   

  	
   

  	
  2003 EULER-COBAC TRADE QS

  
	
   

  	
   

  	
  2003 EULER-CREDITO CREDIT QS

  
	
   

  	
   

  	
  2003 EULER-CREDITO CREDIT XL1

  
	
   

  	
   

  	
  2003 EULER-CREDITO CREDIT XL2

  
	
   

  	
   

  	
  2003 EULER-SFAC TRADE CRED QS

  
	
   

  	
   

  	
  2003 EULER-SFAC TRADE CRED XL1

  
	
   

  	
   

  	
  2003 EULER-SFAC TRADE CRED XL2

  
	
   

  	
   

  	
  2003 EULER-SFAC TRADE CRED XL3

  
	
   

  	
   

  	
  2003 EULER-SFAC TRADE CRED XL4

  
	
   

  	
   

  	
  2003 EULER-SFAC TRADE CRED XL5

  
	
   

  	
   

  	
  2003 EULER-SIAC CRED/BOND XL1

  
	
   

  	
   

  	
  2003 EULER-SIAC CRED/BOND XL2

  
	
   

  	
   

  	
  2003 EULER-SIAC CRED/BOND XL3

  
	
   

  	
   

  	
  2003 EULER-SIAC CREDIT/BOND QS

  
	
   

  	
   

  	
  2003 EULER-TI CREDIT RET XL1

  
	
   

  	
   

  	
  2003 EULER-TI CREDIT RET XL2

  
	
   

  	
   

  	
  2003 EULER-TI CREDIT RET XL3

  
	
   

  	
   

  	
  2003 EULER-TI CREDIT RET XL4

  
	
   

  	
   

  	
  2003 EULER-TI CREDIT RET XL5

  
	
   

  	
   

  	
  2003 EULER-TI GLOBAL CREDIT QS

  
	
   

  	
   

  	
  2003 HERMES C&G BOND SURPLUS

  
	
   

  	
   

  	
  2003 HERMES TRADE QS

  
	
   

  	
   

  	
  2003 HERMES TRADE XL1

  
	
   

  	
   

  	
  2003 HERMES TRADE XL2

  
	
   

  	
   

  	
  2003 HERMES TRADE XL3

  
	
   

  	
   

  	
   

  
	
  14. Exporters

  	
   

  	
  2002 EIC CREDIT & COUNTRY QS

  
	
   

  	
   

  	
  2002 EIC PER RISK XL

  
	
   

  	
   

  	
  2003 EIC PER RISK XL

  
	
   

  	
   

  	
   

  
	
  15. FCIA

  	
   

  	
  2002 FCIA TRADE SURPLUS SHARE

  
	
   

  	
   

  	
  2003 FCIA CRED/COUNTRY SS

  
	
   

  	
   

  	
  2003 FCIA PER BUYER XL1

  
	
   

  	
   

  	
  2003 FCIA PER BUYER XL2

  
	
   

  	
   

  	
  2003 FCIA PER BUYER XL3

  
	
   

  	
   

  	
   

  
	
  16. FPG

  	
   

  	
  1996 FPG PENSION AGG XL

  
	
   

  	
   

  	
  1996 FPG PER RISK XL

  
	
   

  	
   

  	
  1997 FPG PENSION AGG XL 1

  
	
   

  	
   

  	
  1998 FPG PENSION AGG XL 2

  
	
   

  	
   

  	
  1999 FPG/ERICSSON XL-1

  
	
   

  	
   

  	
  1999 FPG/ERICSSON XL-2

  
	
   

  	
   

  	
  2000 FPG PENSION AGG XL 2

  
	
   

  	
   

  	
  2000 FPG PENSION AGG XL 3

  
	
   

  	
   

  	
  2000 FPG/ERICSSON XL

  
	
   

  	
   

  	
  2001 FPG ERICSSON XL

  
	
   

  	
   

  	
  2002 FPG ERICSSON XL

  
	
   

  	
   

  	
  2002 FPG PENSION AGG XL 1

  
	
   

  	
   

  	
  2002 FPG PENSION AGG XL 2

  
	
   

  	
   

  	
  2002 FPG PENSION AGG XL 3

  



 


7
















 


	
   

  	
   

  	
  2003 FPG PENSION AGG XS 4

  
	
   

  	
   

  	
   

  
	
  17. Garantia

  	
   

  	
  1997 GARANTIA UPM-KYMMENE XL 2

  
	
   

  	
   

  	
  1998 GARANTIA/ENSO GROUP XL

  
	
   

  	
   

  	
  2000 GARANTIA UPM KYMMENE XL-2

  
	
   

  	
   

  	
  2001 GARANTIA UPM KYMMENE XL4

  
	
   

  	
   

  	
  2002 GARANTIA WARTSILA

  
	
   

  	
   

  	
   

  
	
  18. Gipac

  	
   

  	
  2003 GIPAC BOND QS

  
	
   

  	
   

  	
  2003 GIPAC PER BUYER XL 1

  
	
   

  	
   

  	
  2003 GIPAC PER BUYER XL 2

  
	
   

  	
   

  	
  2003 GIPAC PER BUYER XL 3

  
	
   

  	
   

  	
  2003 GIPAC STOP LOSS XL

  
	
   

  	
   

  	
   

  
	
  19. Hartford

  	
   

  	
  1997 HARTFORD RISK XL 2

  
	
   

  	
   

  	
  1997 HARTFORD RISK XL 3

  
	
   

  	
   

  	
  1997 HARTFORD RISK XL 4

  
	
   

  	
   

  	
  1998 HARTFORD RISK XL 2

  
	
   

  	
   

  	
  1998 HARTFORD RISK XL 3

  
	
   

  	
   

  	
  1998 HARTFORD RISK XL 4

  
	
   

  	
   

  	
   

  
	
  20. HCC

  	
   

  	
  2002 ST PAUL ESPANA BOND QS A

  
	
   

  	
   

  	
  2002 ST PAUL ESPANA BOND QS B

  
	
   

  	
   

  	
  2003 HCC ESP BOND QS A

  
	
   

  	
   

  	
  2003 HCC ESP BOND QS B

  
	
   

  	
   

  	
   

  
	
  21. ICIC

  	
   

  	
  2002 ICIC PER COUNTRY XL1

  
	
   

  	
   

  	
  2002 ICIC PER COUNTRY XL2

  
	
   

  	
   

  	
  2002 ICIC PER COUNTRY XL3

  
	
   

  	
   

  	
  2002 ICIC PER RISK XL1

  
	
   

  	
   

  	
  2002 ICIC PER RISK XL2

  
	
   

  	
   

  	
  2002 ICIC TRADE CREDIT QS

  
	
   

  	
   

  	
  2003 ICIC PER COUNTRY XL1

  
	
   

  	
   

  	
  2003 ICIC PER COUNTRY XL2

  
	
   

  	
   

  	
  2003 ICIC PER COUNTRY XL3

  
	
   

  	
   

  	
  2003 ICIC PER RISK XL1

  
	
   

  	
   

  	
  2003 ICIC PER RISK XL2

  
	
   

  	
   

  	
  2003 ICIC TRADE CREDIT QS

  
	
   

  	
   

  	
   

  
	
  22. Polish Re

  	
   

  	
  2003 PTR CREDIT & BOND TREATY

  
	
   

  	
   

  	
  2002 PTR CREDIT & BOND FAC

  
	
   

  	
   

  	
  2002 PTR CREDIT & BOND TREATY

  
	
   

  	
   

  	
   

  
	
  23. RSA

  	
   

  	
  2002 RSA BOND QS - SECTION A

  
	
   

  	
   

  	
  2002 RSA BOND QS - SECTION B

  
	
   

  	
   

  	
  2002 RSA CREDIT QS - SECTION A

  
	
   

  	
   

  	
  2002 RSA CREDIT QS - SECTION B

  
	
   

  	
   

  	
  2002 RSA CREDIT QS - SECTION C

  
	
   

  	
   

  	
  2002 RSA SAFEWAY FAC QS

  
	
   

  	
   

  	
  2003 RSA BOND QS - SECTION A

  
	
   

  	
   

  	
  2003 RSA BOND QS - SECTION B

  
	
   

  	
   

  	
  2003 RSA CREDIT QS - SECTION A

  
	
   

  	
   

  	
  2003 RSA CREDIT QS - SECTION B

  
	
   

  	
   

  	
  2003 RSA/MARKS & SPENCER

  



 


8
















 


	 
	
   

  	
   

  	
  2003-2 RSA/MARKS & SPENCER

  
	 
	
   

  	
   

  	
   

  
	 
	
  24. SCOR

  	
   

  	
  2002 SCOR RETRO XL

  
	 
	
   

  	
   

  	
   

  
	 
	
  25. Segumext

  	
   

  	
  2000 SEGUMEXT FACULTATIVE QS

  
	 
	
   

  	
   

  	
  2000 SEGUMEXT QUOTA SHARE

  
	 
	
   

  	
   

  	
  2001 SEGUMEXT QUOTA SHARE

  
	 
	
   

  	
   

  	
   

  
	 
	
  26. St. Paul Intern’l

  	
   

  	
  2002 ST PAUL FRENCH QS - A & B

  
	 
	
   

  	
   

  	
   

  
	 
	
  27. St Paul Surety

  	
   

  	
  2002 ST PAUL SURETY XL2

  
	 
	
   

  	
   

  	
  2002 ST PAUL SURETY XL3

  
	 
	
   

  	
   

  	
  2002 ST PAUL SURETY XL4

  
	 
	
   

  	
   

  	
  2002 ST PAUL SURETY XL5

  
	 
	
   

  	
   

  	
  2003 ST PAUL SURETY XL1

  
	 
	
   

  	
   

  	
  2003 ST PAUL SURETY XL2

  
	 
	
   

  	
   

  	
  2003 ST PAUL SURETY XL3

  
	 
	
   

  	
   

  	
  2003 ST PAUL SURETY XL4

  
	 
	
   

  	
   

  	
   

  
	 
	
  28. Swiss Re

  	
   

  	
  1996 SWISS RE SURETY XL 2

  
	 
	
   

  	
   

  	
   

  
	 
	
  29. Unistrat

  	
   

  	
  2002 UNISTRAT PER COUNTRY XL1

  
	 
	
   

  	
   

  	
  2002 UNISTRAT PER COUNTRY XL2

  
	 
	
   

  	
   

  	
  2002 UNISTRAT PER COUNTRY XL3

  
	 
	
   

  	
   

  	
  2002 UNISTRAT QUOTA SHARE

  
	 
	
   

  	
   

  	
  2003 UNISTRAT PER COUNTRY XL1

  
	 
	
   

  	
   

  	
  2003 UNISTRAT PER COUNTRY XL2

  
	 
	
   

  	
   

  	
  2003 UNISTRAT PER COUNTRY XL3

  
	 
	
   

  	
   

  	
  2003 UNISTRAT QUOTA SHARE

  
	 
	
   

  	
   

  	
   

  
	 
	
  30. Victoria Re

  	
   

  	
  1997 VICTORIA RE - METRO XL 1

  
	 
	
   

  	
   

  	
  1997 VICTORIA RE - METRO XL 2

  
	 
	
   

  	
   

  	
  1998 VICTORIA RE - METRO XL 1

  
	 
	
   

  	
   

  	
  1998 VICTORIA RE - METRO XL 2

  
	 
	
   

  	
   

  	
  1998 VICTORIA RE - METRO XL 3

  
	 
	
   

  	
   

  	
  1998 VICTORIA RE - REWE GROUP

  
	 
	
   

  	
   

  	
   

  
	
  1. Allianz

  	
   

  	
  2004 ALLIANZ CREDIT & BOND XL1

  
	
   

  	
   

  	
  2004 ALLIANZ CREDIT & BOND XL2

  
	
   

  	
   

  	
  2004 ALLIANZ CREDIT & BOND XL3

  
	
   

  	
   

  	
  2004 ALLIANZ CREDIT & BOND XL4

  
	
   

  	
   

  	
   

  
	
  2. Atradius

  	
   

  	
  2004 GERLINGNCM GRP CRED - 1&2

  
	
   

  	
   

  	
  2004 GERLING-NCM PER BUYER XL1

  
	
   

  	
   

  	
  2004 GERLING-NCM PER BUYER XL2

  
	
   

  	
   

  	
  2004 GERLING-NCM PER BUYER XL3

  
	
   

  	
   

  	
   

  
	
  3. Cesce

  	
   

  	
  2004 CESCE CREDIT QS

  
	
   

  	
   

  	
  2004 CESCE PER RISK XL 1

  
	
   

  	
   

  	
  2004 CESCE PER RISK XL 2

  
	
   

  	
   

  	
  2004 CESCE PER RISK XL 3

  
	
   

  	
   

  	
  2004 CESCE SPANISH BOND QS

  
					



 


9
















 


	
  4. Coface

  	
   

  	
  2004 COFACE CRED/BOND QS

  
	
   

  	
   

  	
  2004 COFACE PER BUYER XL 1

  
	
   

  	
   

  	
  2004 COFACE PER BUYER XL 2

  
	
   

  	
   

  	
  2004 COFACE PER BUYER XL 3

  
	
   

  	
   

  	
  2004 COFACE PER BUYER XL 4

  
	
   

  	
   

  	
  2004 COFACE PER COUNTRY XL 1

  
	
   

  	
   

  	
  2004 COFACE PER COUNTRY XL 2

  
	
   

  	
   

  	
  2004 COFACE PER COUNTRY XL 3

  
	
   

  	
   

  	
   

  
	
  5. Cosec

  	
   

  	
  2004 COSEC CREDIT & BOND XL1

  
	
   

  	
   

  	
  2004 COSEC CREDIT & BOND XL2

  
	
   

  	
   

  	
  2004 COSEC CREDIT & BOND XL3

  
	
   

  	
   

  	
  2004 COSEC CREDIT & BOND XL4

  
	
   

  	
   

  	
   

  
	
  6. CYC

  	
   

  	
  2004 CRED Y CAUC PER BUYER XL1

  
	
   

  	
   

  	
  2004 CRED Y CAUC PER BUYER XL2

  
	
   

  	
   

  	
  2004 CRED Y CAUC PER BUYER XL3

  
	
   

  	
   

  	
  2004 CREDITO Y CAUCION BOND QS

  
	
   

  	
   

  	
  2004 CREDITO y CAUCION CRED QS

  
	
   

  	
   

  	
   

  
	
  7. Dansk

  	
   

  	
  2004 DANSK CREDIT & BOND QS

  
	
   

  	
   

  	
  2004 DANSK RETENTION XL

  
	
   

  	
   

  	
   

  
	
  8. Euler

  	
   

  	
  2004 EHERMES-ACI PER RISK XL 1

  
	
   

  	
   

  	
  2004 EHERMES-ACI PER RISK XL 2

  
	
   

  	
   

  	
  2004 EHERMES-ACI PER RISK XL 3

  
	
   

  	
   

  	
  2004 EHERMES-ACI PER RISK XL 4

  
	
   

  	
   

  	
  2004 EHERMES-ACI TRADE CREDIT QS

  
	
   

  	
   

  	
  2004 EHERMES-BENELUX RET XL 1

  
	
   

  	
   

  	
  2004 EHERMES-BENELUX RET XL 2

  
	
   

  	
   

  	
  2004 EHERMES-BENELUX RET XL 3

  
	
   

  	
   

  	
  2004 EHERMES-BENELUX RET XL 4

  
	
   

  	
   

  	
  2004 EHERMES-BENELUX RETAIL QS

  
	
   

  	
   

  	
  2004 EHERMES-BENELUX TRADE QS

  
	
   

  	
   

  	
  2004 EHERMES-CREDITO CREDIT QS

  
	
   

  	
   

  	
  2004 EHERMES-CREDITO CREDIT XL1

  
	
   

  	
   

  	
  2004 EHERMES-CREDITO CREDIT XL2

  
	
   

  	
   

  	
  2004 EHERMES-SFAC TRADE CRED QS

  
	
   

  	
   

  	
  2004 EHERMES-SFAC TRADE CRED XL1

  
	
   

  	
   

  	
  2004 EHERMES-SFAC TRADE CRED XL2

  
	
   

  	
   

  	
  2004 EHERMES-SFAC TRADE CRED XL3

  
	
   

  	
   

  	
  2004 EHERMES-SFAC TRADE CRED XL4

  
	
   

  	
   

  	
  2004 EHERMES-SFAC TRADE CRED XL5

  
	
   

  	
   

  	
  2004 EHERMES-SIAC CRED/BOND XL1

  
	
   

  	
   

  	
  2004 EHERMES-SIAC CRED/BOND XL2

  
	
   

  	
   

  	
  2004 EHERMES-SIAC CRED/BOND XL3

  
	
   

  	
   

  	
  2004 EHERMES-SIAC CREDIT/BOND QS

  
	
   

  	
   

  	
  2004 EHERMES-UK CREDIT RET XL1

  
	
   

  	
   

  	
  2004 EHERMES-UK CREDIT RET XL2

  
	
   

  	
   

  	
  2004 EHERMES-UK CREDIT RET XL3

  
	
   

  	
   

  	
  2004 EHERMES-UK CREDIT RET XL4

  
	
   

  	
   

  	
  2004 EHERMES-UK CREDIT RET XL5

  
	
   

  	
   

  	
  2004 EHERMES-UK GLOBAL CREDIT QS

  



 


10
















 


	
   

  	
   

  	
  2004 EHERMES GUARANTEE BOND SURPLUS

  
	
   

  	
   

  	
  2004 EHERMES KREDIT TRADE QS

  
	
   

  	
   

  	
  2004 EHERMES KREDIT TRADE XL1

  
	
   

  	
   

  	
  2004 EHERMES KREDIT TRADE XL2

  
	
   

  	
   

  	
  2004 EHERMES KREDIT TRADE XL3

  
	
   

  	
   

  	
   

  
	
  9. FCIA

  	
   

  	
  2004 FCIA CRED/COUNTRY SS

  
	
   

  	
   

  	
  2004 FCIA PER BUYER XL1

  
	
   

  	
   

  	
  2004 FCIA PER BUYER XL2

  
	
   

  	
   

  	
  2004 FCIA PER BUYER XL3

  
	
   

  	
   

  	
   

  
	
  10. HCC

  	
   

  	
  2004 HCC ESP BOND QS

  
	
   

  	
   

  	
   

  
	
  11. ICIC

  	
   

  	
  2004 ICIC PER COUNTRY XL1

  
	
   

  	
   

  	
  2004 ICIC PER COUNTRY XL2

  
	
   

  	
   

  	
  2004 ICIC PER COUNTRY XL3

  
	
   

  	
   

  	
  2004 ICIC PER RISK XL1

  
	
   

  	
   

  	
  2004 ICIC PER RISK XL2

  
	
   

  	
   

  	
  2004 ICIC TRADE CREDIT QS

  
	
   

  	
   

  	
   

  
	
  12. RSA

  	
   

  	
  2004 RSA BOND QS - SECTION A

  
	
   

  	
   

  	
  2004 RSA BOND QS - SECTION B

  
	
   

  	
   

  	
   

  
	
  13. SINOSURE

  	
   

  	
  2004 SINOSURE CREDIT QS

  
	
   

  	
   

  	
   

  
	
  14. St Paul Surety

  	
   

  	
  2004 ST PAUL SURETY XL1

  
	
   

  	
   

  	
  2004 ST PAUL SURETY XL2

  
	
   

  	
   

  	
  2004 ST PAUL SURETY XL3

  
	
   

  	
   

  	
  2004 ST PAUL SURETY XL4

  



 


11