Exhibit 10.13


 


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
RE OVERSEAS LTD., formerly known as ACE CAPITAL RE OVERSEAS LTD. (the
“Retrocedent”), an insurance company registered and licensed under the laws of
the Islands of Bermuda, 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 later of (x)
the date upon which the approval or non-disapproval of this Agreement by the
Pennsylvania Insurance Department is obtained and (y) the earlier of (i)
June 30, 2004 and (ii) the date of the closing of the initial public offering
of shares of Assured Guaranty Ltd.


 


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, 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 $35,268,744, of which (i) $28,185,118 will be paid to the
Retrocessionaire in cash and (ii) $7,084,626 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 the Pennsylvania Insurance Department.


 


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.


 


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.


 


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


 


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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.


 


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,


 


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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 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.


 


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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 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.


 


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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, 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.


 


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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 Re Overseas Ltd.


Victoria Hall


11 Victoria Street


PO Box HM 1826


Hamilton, Bermuda HM HX


Facsimile:  441-292-1563


Attention: Corporate Secretary


 


with a copy to:


 


ACE Capital Re Inc.


1325 Avenue of the Americas


New York, New York 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 the Pennsylvania Insurance
Department.


 


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, acknowledge and deliver,
or cause to be done, executed, acknowledged and delivered, all


 


13
















 


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 the Pennsylvania Insurance Department).


 


[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 RE OVERSEAS LTD.

  
	
   

  
	
  By:  

  	
  /s/ Rebecca L. Carne

  	
   

  
	
   

  	
  Name: Rebecca L. Carne

  
	
   

  	
  Title: Director

  
	
   

  
	
   

  
	
  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

  



 
















 


ANNEX A


 


	
  1. AF Beazley

  	
   

  	
  1997 AF BEAZLEY SPECIALTY XL 2

  
	
   

  	
   

  	
   

  
	
  2. American Re

  	
   

  	
  1998 AM RE SURETY RETRO EXCESS

  
	
   

  	
   

  	
   

  
	
  3. Atradius

  	
   

  	
  1994 NCM PER COUNTRY XL 4

  
	
   

  	
   

  	
  1995 NCM DOMESTIC CREDIT QS

  
	
   

  	
   

  	
  1995 NCM EXPORT CREDIT QS

  
	
   

  	
   

  	
  1995 NCM PER COUNTRY XL 3

  
	
   

  	
   

  	
  1995 NCM PER COUNTRY XL 4

  
	
   

  	
   

  	
  1996 NCM DOMESTIC BUYER XL 3

  
	
   

  	
   

  	
  1996 NCM DOMESTIC CREDIT QS

  
	
   

  	
   

  	
  1996 NCM EXPORT CREDIT QS

  
	
   

  	
   

  	
  1996 NCM EXPORT PER BUYER XL 2

  
	
   

  	
   

  	
  1996 NCM EXPORT PER BUYER XL 3

  
	
   

  	
   

  	
  1996 NCM PER COUNTRY XL 3

  
	
   

  	
   

  	
  1996 NCM PER COUNTRY XL 4

  
	
   

  	
   

  	
  1997 NCM AGGREGATE XL COVER

  
	
   

  	
   

  	
  1997 NCM CREDIT PER BUYER XL 1

  
	
   

  	
   

  	
  1997 NCM CREDIT PER BUYER XL 2

  
	
   

  	
   

  	
  1997 NCM CREDIT PER BUYER XL 3

  
	
   

  	
   

  	
  1997 NCM DOMESTIC QS - SEC 3

  
	
   

  	
   

  	
  1997 NCM EXPORT QS - SEC 1 & 2

  
	
   

  	
   

  	
  1997 NCM PER COUNTRY XL 1

  
	
   

  	
   

  	
  1997 NCM PER COUNTRY XL 2

  
	
   

  	
   

  	
  1997 NCM PER COUNTRY XL 3

  
	
   

  	
   

  	
  1998 NCM AGGREGATE XL COVER

  
	
   

  	
   

  	
  1998 NCM BUYER/COUNTRY XL 1

  
	
   

  	
   

  	
  1998 NCM BUYER/COUNTRY XL 2

  
	
   

  	
   

  	
  1998 NCM BUYER/COUNTRY XL 3

  
	
   

  	
   

  	
  1998 NCM EXPORT QS - SEC 1 & 2

  
	
   

  	
   

  	
  1999 GERLING CREDIT QS

  
	
   

  	
   

  	
  1999 GERLING CREDIT XL 1

  
	
   

  	
   

  	
  1999 GERLING CREDIT XL 2

  
	
   

  	
   

  	
  1999 GERLING CREDIT XL 3

  
	
   

  	
   

  	
  1999 GERLING CREDIT XL 4

  
	
   

  	
   

  	
  1999 GERLING CREDIT XL 5

  
	
   

  	
   

  	
  1999 NCM AGGREGATE XL COVER

  
	
   

  	
   

  	
  1999 NCM BUYER/COUNTRY XL 1

  
	
   

  	
   

  	
  1999 NCM BUYER/COUNTRY XL 2

  
	
   

  	
   

  	
  1999 NCM GROUP QS - SEC 1 & 2

  
	
   

  	
   

  	
  2000 GERLING CREDIT QS

  
	
   

  	
   

  	
  2000 GERLING CREDIT XL 1

  
	
   

  	
   

  	
  2000 GERLING CREDIT XL 2

  
	
   

  	
   

  	
  2000 GERLING CREDIT XL 3

  
	
   

  	
   

  	
  2000 GERLING CREDIT XL 4

  
	
   

  	
   

  	
  2000 GERLING CREDIT XL 5

  
	
   

  	
   

  	
  2000 NCM AGGREGATE XL COVER

  
	
   

  	
   

  	
  2000 NCM BUYER/COUNTRY XL 1

  
	
   

  	
   

  	
  2000 NCM BUYER/COUNTRY XL 2

  



 
















 


	
   

  	
   

  	
  2000 NCM GROUP QS - SEC 1 & 2

  
	
   

  	
   

  	
  2001 GERLING CREDIT QS

  
	
   

  	
   

  	
  2001 GERLING CREDIT XL1

  
	
   

  	
   

  	
  2001 GERLING CREDIT XL2

  
	
   

  	
   

  	
  2001 GERLING CREDIT XL3

  
	
   

  	
   

  	
  2001 GERLING CREDIT XL4

  
	
   

  	
   

  	
  2001 GERLING CREDIT XL5

  
	
   

  	
   

  	
  2001 NCM AGGREGATE XL

  
	
   

  	
   

  	
  2001 NCM GROUP QS - SECTS 1&2

  
	
   

  	
   

  	
  2001 NCM PER BUYER/COUNTRY XL1

  
	
   

  	
   

  	
  2001 NCM PER BUYER/COUNTRY XL2

  
	
   

  	
   

  	
   

  
	
  4. BHB

  	
   

  	
  1997 BHB CREDIT XL A COUNTRIES

  
	
   

  	
   

  	
   

  
	
  5. CEA

  	
   

  	
  1997 CEA EARTHQUAKE XL

  
	
   

  	
   

  	
   

  
	
  6. Chubb

  	
   

  	
  1997 CHUBB COUNTRY RISK QS

  
	
   

  	
   

  	
  1998 CHUBB COUNTRY RISK QS

  
	
   

  	
   

  	
  2000 CHUBB COUNTRY RISK QS

  
	
   

  	
   

  	
  2001 CHUBB COUNTRY RISKS QS

  
	
   

  	
   

  	
  2001 CHUBB TRADE CREDIT QS

  
	
   

  	
   

  	
   

  
	
  7. CITICORP

  	
   

  	
  1996 CITI ARGENTINA/FORD

  
	
   

  	
   

  	
  1996 CITI BRAZIL/DHB

  
	
   

  	
   

  	
  1996 CITI COMPREHENSIVE TREATY

  
	
   

  	
   

  	
  1996 CITI EL SALV/INTRABANK

  
	
   

  	
   

  	
  1996 CITI SOUTH KOREA/IMPORT

  
	
   

  	
   

  	
  1996 CITI THAILAND/MASTER

  
	
   

  	
   

  	
  1996 CITI THAILAND/NISSAN

  
	
   

  	
   

  	
  1996 CITI THAILAND/VARIOUS BUY

  
	
   

  	
   

  	
  1997 CITI ARGENTINA/COSTANERA

  
	
   

  	
   

  	
  1997 CITI ARGENTINA/FORD

  
	
   

  	
   

  	
  1997 CITI ARGENTINA/MINIPHONE

  
	
   

  	
   

  	
  1997 CITI ARGENTINA/TECHINT

  
	
   

  	
   

  	
  1997 CITI ARGENTINA/TELINTAR

  
	
   

  	
   

  	
  1997 CITI BRAZIL/COPENE

  
	
   

  	
   

  	
  1997 CITI BRAZIL/COPESUL

  
	
   

  	
   

  	
  1997 CITI BRAZIL/FI POLICY

  
	
   

  	
   

  	
  1997 CITI BRAZIL/INTRABANK 1

  
	
   

  	
   

  	
  1997 CITI BRAZIL/USIBA

  
	
   

  	
   

  	
  1997 CITI CHILE/CITC EXPORT

  
	
   

  	
   

  	
  1997 CITI CHILE/CITC IMPORT

  
	
   

  	
   

  	
  1997 CITI CHILE/CITIBANK

  
	
   

  	
   

  	
  1997 CITI CHILE/EL ABRA

  
	
   

  	
   

  	
  1997 CITI COMPREHENSIVE TREATY

  
	
   

  	
   

  	
  1997 CITI EL SALV/INTRABANK 1

  
	
   

  	
   

  	
  1997 CITI EL SALV/INTRABANK 2

  
	
   

  	
   

  	
  1997 CITI EL SALV/INTRABANK 3

  
	
   

  	
   

  	
  1997 CITI GUATEMALA/INTRA 1

  
	
   

  	
   

  	
  1997 CITI GUATEMALA/INTRA 2

  
	
   

  	
   

  	
  1997 CITI GUATEMALA/INTRA 3

  
	
   

  	
   

  	
  1997 CITI JAMAICA/INTRABANK

  
	
   

  	
   

  	
  1997 CITI SOUTH KOREA POLICY 1

  
	
   

  	
   

  	
  1997 CITI SOUTH KOREA POLICY 2

  



 


2
















 


	
   

  	
   

  	
  1997 CITI SOUTH KOREA/KOGAS

  
	
   

  	
   

  	
  1997 CITI SOUTH KOREA/POSTEEL

  
	
   

  	
   

  	
  1997 CITI SOUTH KOREA/YUKONG

  
	
   

  	
   

  	
  1997 CITI THAILAND/RAYONG

  
	
   

  	
   

  	
  1997 CITI TURKEY/FI MASTER

  
	
   

  	
   

  	
  1997 CITI TURKEY/ILC POLICY

  
	
   

  	
   

  	
  1997 CITI TURKEY/INTRABANK 1

  
	
   

  	
   

  	
  1997 CITI TURKEY/OPEL

  
	
   

  	
   

  	
  1997 CITI TURKEY/PRE EXPORT 1

  
	
   

  	
   

  	
  1997 CITI TURKEY/PRE EXPORT 2

  
	
   

  	
   

  	
  1998 CITI ARGENTINA MASTER 1

  
	
   

  	
   

  	
  1998 CITI ARGENTINA MASTER 2

  
	
   

  	
   

  	
  1998 CITI ARGENTINA/ALADI

  
	
   

  	
   

  	
  1998 CITI ARGENTINA/YPF

  
	
   

  	
   

  	
  1998 CITI ARGENTINA/YPF 2

  
	
   

  	
   

  	
  1998 CITI ARGENTINA/YPF 3

  
	
   

  	
   

  	
  1998 CITI BRAZIL/FI POLICY

  
	
   

  	
   

  	
  1998 CITI BRAZIL/GERDAU 1

  
	
   

  	
   

  	
  1998 CITI BRAZIL/ILC POLICY

  
	
   

  	
   

  	
  1998 CITI BRAZIL/INTRABANK 1

  
	
   

  	
   

  	
  1998 CITI BRAZIL/MASTER 1

  
	
   

  	
   

  	
  1998 CITI BRAZIL/MASTER 2

  
	
   

  	
   

  	
  1998 CITI BRAZIL/MASTER 3

  
	
   

  	
   

  	
  1998 CITI BRAZIL/SADIA

  
	
   

  	
   

  	
  1998 CITI BRAZIL/SADIA 2 CEN

  
	
   

  	
   

  	
  1998 CITI BRAZIL/SUZANO

  
	
   

  	
   

  	
  1998 CITI CHILE/CITC IMPORT

  
	
   

  	
   

  	
  1998 CITI CHILE/CITIBANK

  
	
   

  	
   

  	
  1998 CITI CHILE/CMPC

  
	
   

  	
   

  	
  1998 CITI CHILE/CODELCO

  
	
   

  	
   

  	
  1998 CITI COMPREHENSIVE TREATY

  
	
   

  	
   

  	
  1998 CITI EGYPT INTRABANK

  
	
   

  	
   

  	
  1998 CITI EGYPT/NBE

  
	
   

  	
   

  	
  1998 CITI EGYPT/NBE2

  
	
   

  	
   

  	
  1998 CITI EL SAL/INTRABANK 2

  
	
   

  	
   

  	
  1998 CITI EL SAL/MASTER POLICY

  
	
   

  	
   

  	
  1998 CITI GUATEMALA/INTRA 3

  
	
   

  	
   

  	
  1998 CITI GUATEMALA/INTRA 4

  
	
   

  	
   

  	
  1998 CITI MEXICO/GRUPO FRISCO

  
	
   

  	
   

  	
  1998 CITI MEXICO/MASTER POLICY

  
	
   

  	
   

  	
  1998 CITI MEXICO/PEMEX

  
	
   

  	
   

  	
  1998 CITI MEXICO/VITROCRISA

  
	
   

  	
   

  	
  1998 CITI PERU/INTRABANK 1

  
	
   

  	
   

  	
  1998 CITI PERU/INTRABANK 2

  
	
   

  	
   

  	
  1998 CITI PERU/INTRABANK 3

  
	
   

  	
   

  	
  1998 CITI PERU/MASTER POLICY 1

  
	
   

  	
   

  	
  1998 CITI SOUTH KOREA/KOGAS

  
	
   

  	
   

  	
  1998 CITI TURKEY/EXIMBANK

  
	
   

  	
   

  	
  1998 CITI TURKEY/FI MASTER

  
	
   

  	
   

  	
  1998 CITI TURKEY/ILC POLICY

  
	
   

  	
   

  	
  1998 CITI TURKEY/INTRABANK 1

  
	
   

  	
   

  	
  1998 CITI TURKEY/PRE EXPORT 1

  
	
   

  	
   

  	
  1998 CITI TURKEY/PRE EXPORT 2

  
	
   

  	
   

  	
  1998 CITI TURKEY/TOFAS

  



 


3
















 


	
   

  	
   

  	
  1998 CITI TURKEY/YAPI KREDI

  
	
   

  	
   

  	
  1999 CITI ARG PRE-EXP MASTER

  
	
   

  	
   

  	
  1999 CITI ARGENTINA/YPF

  
	
   

  	
   

  	
  1999 CITI AUTO FAC FACILITY

  
	
   

  	
   

  	
  1999 CITI BRAZ/FI POLICY

  
	
   

  	
   

  	
  1999 CITI BRAZIL/CEVAL

  
	
   

  	
   

  	
  1999 CITI BRAZIL/CVRD

  
	
   

  	
   

  	
  1999 CITI BRAZIL/ILC POLICY

  
	
   

  	
   

  	
  1999 CITI BRAZIL/MASTER 1 & 2

  
	
   

  	
   

  	
  1999 CITI BRAZIL/MASTER 3

  
	
   

  	
   

  	
  1999 CITI BRAZIL/SADIA II

  
	
   

  	
   

  	
  1999 CITI CHILE/CITC IMPORT

  
	
   

  	
   

  	
  1999 CITI COLOMBIA/EPM

  
	
   

  	
   

  	
  1999 CITI COMP POLITICAL QS

  
	
   

  	
   

  	
  1999 CITI CREDIT COUNTRY XL 1

  
	
   

  	
   

  	
  1999 CITI CREDIT COUNTRY XL 2

  
	
   

  	
   

  	
  1999 CITI CREDIT COUNTRY XL 3

  
	
   

  	
   

  	
  1999 CITI CREDIT QS TREATY

  
	
   

  	
   

  	
  1999 CITI EL SALVADOR/INTRA 1

  
	
   

  	
   

  	
  1999 CITI EL SALVADOR/INTRA2

  
	
   

  	
   

  	
  1999 CITI EL SALVADOR/MASTER

  
	
   

  	
   

  	
  1999 CITI GUATEMALA/INTRABANK

  
	
   

  	
   

  	
  1999 CITI INDIA/RELIANCE PET

  
	
   

  	
   

  	
  1999 CITI MEXICO/GRUPO FRISCO

  
	
   

  	
   

  	
  1999 CITI PERU/INTRABANK 2

  
	
   

  	
   

  	
  1999 CITI PERU/MASTER POLICY 1

  
	
   

  	
   

  	
  1999 CITI SAUDI ARABIA/ILC

  
	
   

  	
   

  	
  1999 CITI TURKEY/FI MASTER

  
	
   

  	
   

  	
  1999 CITI TURKEY/ILC POLICY

  
	
   

  	
   

  	
  1999 CITI TURKEY/PRE EXPORT 1

  
	
   

  	
   

  	
  1999 CITI TURKEY/PRE EXPORT 2

  
	
   

  	
   

  	
  1999 CITI URAGUAY/ALADI MASTER

  
	
   

  	
   

  	
  1999 CITI/MEXICO NORTEL NET

  
	
   

  	
   

  	
  2000 CITI CF QS TREATY

  
	
   

  	
   

  	
  2000 CITI COMP POLITICAL QS

  
	
   

  	
   

  	
  2000 CITI CREDIT QS TREATY

  
	
   

  	
   

  	
  2000 CITI FAC OBLIG

  
	
   

  	
   

  	
   

  
	
  8. CNA

  	
   

  	
  1996 CNA APOLLO/OFFICE DEPOT

  
	
   

  	
   

  	
  1996 CNA APOLLO/OFFICE MAX

  
	
   

  	
   

  	
  1996 CNA FEDERATED/SUPERBA

  
	
   

  	
   

  	
  1996 CNA LG ELEC/SCI SYS

  
	
   

  	
   

  	
  1997 CNA APOLLO/VARIOUS CREDIT

  
	
   

  	
   

  	
  1997 CNA GENESCO

  
	
   

  	
   

  	
  1997 CNA INTERSHOE - CPCR

  
	
   

  	
   

  	
  1997 CNA KINNEY SHOE

  
	
   

  	
   

  	
  1997 CNA LIPOSOME

  
	
   

  	
   

  	
  1998 CNA JUST FOR FEET

  
	
   

  	
   

  	
  1998 CNA JUST FOR FEET 2

  
	
   

  	
   

  	
  1998 CNA LAYSER’S/KMART

  
	
   

  	
   

  	
  1998 CNA LEARNING CO 1

  
	
   

  	
   

  	
  1998 CNA LEARNING CO 2

  
	
   

  	
   

  	
  1998 CNA SILICONWARE/ATI TECH

  
	
   

  	
   

  	
  1998 CNA SONY RVI COVER

  



 


4
















 


	
   

  	
   

  	
  1999 CNA ADVANCE STORES

  
	
   

  	
   

  	
  1999 CNA AUTOZONE 2

  
	
   

  	
   

  	
  1999 CNA HOUDINI

  
	
   

  	
   

  	
  1999 CNA K-MART/MOSSBERG

  
	
   

  	
   

  	
  1999 CNA LEARNING COMPANY 1

  
	
   

  	
   

  	
  1999 CNA LEARNING COMPANY 2

  
	
   

  	
   

  	
  1999 CNA OFFICE DEPOT

  
	
   

  	
   

  	
  1999 CNA OFFICE DEPOT 2

  
	
   

  	
   

  	
  1999 CNA SCHLUMBERGER TECH

  
	
   

  	
   

  	
  1999 CNA TJX COMPANIES

  
	
   

  	
   

  	
  1999 CNA/AK STEEL

  
	
   

  	
   

  	
  1999 CNA/BEST BUY

  
	
   

  	
   

  	
  2000 CNA K-MART/MOSSBERG

  
	
   

  	
   

  	
   

  
	
  9. Coface

  	
   

  	
  1995 COFACE PER BUYER XL 1

  
	
   

  	
   

  	
  1995 COFACE PER BUYER XL 2

  
	
   

  	
   

  	
  1995 COFACE PER BUYER XL 3

  
	
   

  	
   

  	
  1995 COFACE PER BUYER XL 4

  
	
   

  	
   

  	
  1995 COFACE PER COUNTRY XL 1

  
	
   

  	
   

  	
  1995 COFACE PER COUNTRY XL 2

  
	
   

  	
   

  	
  1995 COFACE PER COUNTRY XL 3

  
	
   

  	
   

  	
  1996 COFACE PER BUYER XL 1

  
	
   

  	
   

  	
  1996 COFACE PER BUYER XL 2

  
	
   

  	
   

  	
  1996 COFACE PER BUYER XL 3

  
	
   

  	
   

  	
  1996 COFACE PER BUYER XL 4

  
	
   

  	
   

  	
  1996 COFACE PER COUNTRY XL 1

  
	
   

  	
   

  	
  1996 COFACE PER COUNTRY XL 2

  
	
   

  	
   

  	
  1996 COFACE PER COUNTRY XL 3

  
	
   

  	
   

  	
  1997 COFACE PER BUYER XL 1

  
	
   

  	
   

  	
  1997 COFACE PER BUYER XL 2

  
	
   

  	
   

  	
  1997 COFACE PER BUYER XL 3

  
	
   

  	
   

  	
  1997 COFACE PER BUYER XL 4

  
	
   

  	
   

  	
  1997 COFACE PER COUNTRY XL 1

  
	
   

  	
   

  	
  1997 COFACE PER COUNTRY XL 2

  
	
   

  	
   

  	
  1997 COFACE PER COUNTRY XL 3

  
	
   

  	
   

  	
  1998 COFACE BUYER/COUNTRY XL 1

  
	
   

  	
   

  	
  1998 COFACE BUYER/COUNTRY XL 2

  
	
   

  	
   

  	
  1998 COFACE BUYER/COUNTRY XL 3

  
	
   

  	
   

  	
  1998 COFACE PER BUYER XL 4

  
	
   

  	
   

  	
  1998 COFACE PER COUNTRY XL 4

  
	
   

  	
   

  	
  1999 COFACE BUYER/COUNTRY XL 1

  
	
   

  	
   

  	
  1999 COFACE BUYER/COUNTRY XL 2

  
	
   

  	
   

  	
  1999 COFACE BUYER/COUNTRY XL 3

  
	
   

  	
   

  	
  1999 COFACE BUYER/COUNTRY XL 4

  
	
   

  	
   

  	
  1999 COFACE PER COUNTRY XL 5

  
	
   

  	
   

  	
  2000 COFACE BUYER XL 1

  
	
   

  	
   

  	
  2000 COFACE BUYER XL 2

  
	
   

  	
   

  	
  2000 COFACE BUYER XL 3

  
	
   

  	
   

  	
  2000 COFACE BUYER XL 4

  
	
   

  	
   

  	
  2000 COFACE CEN XL 1

  
	
   

  	
   

  	
  2000 COFACE CEN XL 2

  
	
   

  	
   

  	
  2000 COFACE CEN XL 3

  
	
   

  	
   

  	
  2000 COFACE PER COUNTRY XL 1

  
	
   

  	
   

  	
  2000 COFACE PER-COUNTRY XL 2

  



 


5
















 


	
   

  	
   

  	
  2000 COFACE PER-COUNTRY XL 3

  
	
   

  	
   

  	
  2000 COFACE PER-COUNTRY XL 4

  
	
   

  	
   

  	
  2001 COFACE CEN XL 1

  
	
   

  	
   

  	
  2001 COFACE CEN XL 2

  
	
   

  	
   

  	
  2001 COFACE CEN XL 3

  
	
   

  	
   

  	
   

  
	
  10. Cologne Re

  	
   

  	
  1995 COLOGNE RE CREDIT XL

  
	
   

  	
   

  	
  1996 COLOGNE RE CREDIT XL

  
	
   

  	
   

  	
   

  
	
  11. Cosec

  	
   

  	
  1998 COSEC RETENTION XL 1

  
	
   

  	
   

  	
  1998 COSEC RETENTION XL 2

  
	
   

  	
   

  	
  1998 COSEC RETENTION XL 3

  
	
   

  	
   

  	
  1999 COSEC RETENTION XL 1

  
	
   

  	
   

  	
  1999 COSEC RETENTION XL 2

  
	
   

  	
   

  	
  1999 COSEC RETENTION XL 3

  
	
   

  	
   

  	
  1999 COSEC RETENTION XL 4

  
	
   

  	
   

  	
  2000 COSEC RETENTION XL 1

  
	
   

  	
   

  	
  2000 COSEC RETENTION XL 2

  
	
   

  	
   

  	
  2000 COSEC RETENTION XL 3

  
	
   

  	
   

  	
  2000 COSEC RETENTION XL 4

  
	
   

  	
   

  	
  2000 COSEC RETENTION XL 5

  
	
   

  	
   

  	
  2001 COSEC BOND QUOTA SHARE

  
	
   

  	
   

  	
  2001 COSEC RETENTION XL 1

  
	
   

  	
   

  	
  2001 COSEC RETENTION XL 2

  
	
   

  	
   

  	
  2001 COSEC RETENTION XL 3

  
	
   

  	
   

  	
  2001 COSEC RETENTION XL 4

  
	
   

  	
   

  	
  2001 COSEC RETENTION XL 5

  
	
   

  	
   

  	
  2001 COSEC TRADE CREDIT QS

  
	
   

  	
   

  	
   

  
	
  12. Cox Power

  	
   

  	
  1997 COX POWER PROPERTY QS

  
	
   

  	
   

  	
  1997 COX POWER PROPERTY XL 2

  
	
   

  	
   

  	
  1997 COX POWER PROPERTY XL 3

  
	
   

  	
   

  	
  1997 COX POWER PROPERTY XL 4

  
	
   

  	
   

  	
  1998 COX POWER PROPERTY QS

  
	
   

  	
   

  	
  1998 COX POWER PROPERTY XL 2

  
	
   

  	
   

  	
  1998 COX POWER PROPERTY XL 3

  
	
   

  	
   

  	
  1998 COX POWER PROPERTY XL 4

  
	
   

  	
   

  	
   

  
	
  13. CSCC

  	
   

  	
  1997 CREDITO - MANQUEHUE

  
	
   

  	
   

  	
  1997 CREDITO BONDING QS

  
	
   

  	
   

  	
  1997 CREDITO CREDIT QS

  
	
   

  	
   

  	
  1997 CREDITO CREDIT/BONDING XL

  
	
   

  	
   

  	
  1998 CREDITO BONDING QS

  
	
   

  	
   

  	
  1998 CREDITO CREDIT QS

  
	
   

  	
   

  	
  1998 CREDITO CREDIT/BONDING XL

  
	
   

  	
   

  	
  1998 CREDITO MANQUEHUE

  
	
   

  	
   

  	
  1999 CREDITO BONDING QS

  
	
   

  	
   

  	
  1999 CREDITO CREDIT QS

  
	
   

  	
   

  	
  1999 CREDITO CREDIT/BONDING XL

  
	
   

  	
   

  	
  2000 CREDITO BONDING QS

  
	
   

  	
   

  	
  2000 CREDITO CREDIT QS

  
	
   

  	
   

  	
  2000 CREDITO CREDIT/BONDING XL

  
	
   

  	
   

  	
   

  
	
  14. Dansk Kaution

  	
   

  	
  1996 DANSK - C.W. OBEL

  



 


6
















 


	
   

  	
   

  	
  1996 DANSK - HOJGAARD

  
	
   

  	
   

  	
  1996 DANSK - NCC

  
	
   

  	
   

  	
  1996 DANSK - ORESUND/SUND LINK

  
	
   

  	
   

  	
  1997 DANSK - C.W. OBEL

  
	
   

  	
   

  	
  1997 DANSK - HOJGAARD A

  
	
   

  	
   

  	
  1997 DANSK - HOJGAARD B

  
	
   

  	
   

  	
  1997 DANSK - NCC

  
	
   

  	
   

  	
  1997 DANSK - SKANSKA

  
	
   

  	
   

  	
  1997 DANSK CREDIT & BOND QS

  
	
   

  	
   

  	
  1998 DANSK - HOJGAARD

  
	
   

  	
   

  	
  1998 DANSK - NCC

  
	
   

  	
   

  	
  1998 DANSK CREDIT & BOND QS

  
	
   

  	
   

  	
  1998 DANSK RETENTION XL

  
	
   

  	
   

  	
  1999 DANSK - C.W. OBEL

  
	
   

  	
   

  	
  1999 DANSK - HOJGAARD

  
	
   

  	
   

  	
  1999 DANSK - HOJGAARD&SCHULZ

  
	
   

  	
   

  	
  1999 DANSK - MONBERG

  
	
   

  	
   

  	
  1999 DANSK - NCC

  
	
   

  	
   

  	
  1999 DANSK CREDIT & BOND QS

  
	
   

  	
   

  	
  1999 DANSK MONBERG & THORSEN

  
	
   

  	
   

  	
  1999 DANSK NCC

  
	
   

  	
   

  	
  1999 DANSK RETENTION XL

  
	
   

  	
   

  	
  1999 DANSK/DANISH CROWN

  
	
   

  	
   

  	
  1999 DANSK/HOUSE OF PRINCE

  
	
   

  	
   

  	
  2000 DANSK CREDIT & BOND QS

  
	
   

  	
   

  	
  2000 DANSK NCC

  
	
   

  	
   

  	
  2000 DANSK RETENTION XL

  
	
   

  	
   

  	
  2001 DANSK BOND QS

  
	
   

  	
   

  	
  2001 DANSK MTHS ENTREPRENOR

  
	
   

  	
   

  	
  2001 DANSK NCC AB

  
	
   

  	
   

  	
  2001 DANSK NCC AB 2

  
	
   

  	
   

  	
  2001 DANSK RETENTION XL

  
	
   

  	
   

  	
  2001 DANSK/DANISH CROWN

  
	
   

  	
   

  	
  2001 DANSK/HOUSE OF PRINCE

  
	
   

  	
   

  	
   

  
	
  15. ECGC

  	
   

  	
  1996 ECGC PER BUYER EXCESS

  
	
   

  	
   

  	
  1996 ECGC TRADE QUOTA SHARE

  
	
   

  	
   

  	
  1997 ECGC RETENTION XL 2

  
	
   

  	
   

  	
  1997 ECGC TRADE QUOTA SHARE

  
	
   

  	
   

  	
  1998 ECGC RETENTION XL 2

  
	
   

  	
   

  	
  1998 ECGC RETENTION XL 3

  
	
   

  	
   

  	
  1998 ECGC TRADE QUOTA SHARE

  
	
   

  	
   

  	
   

  
	
  16. EDC

  	
   

  	
  2000 EDC SERRANA/BRAZIL

  
	
   

  	
   

  	
   

  
	
  17. Euler

  	
   

  	
  1995 COBAC TRADE - MONSANTO

  
	
   

  	
   

  	
  1995 HERMES TRADE QS

  
	
   

  	
   

  	
  1995 HERMES TRADE XL 1

  
	
   

  	
   

  	
  1995 HERMES TRADE XL 2

  
	
   

  	
   

  	
  1996 COBAC TRADE - MONSANTO

  
	
   

  	
   

  	
  1996 HERMES BONDING ORESUND

  
	
   

  	
   

  	
  1996 HERMES TRADE QS

  
	
   

  	
   

  	
  1996 HERMES TRADE XL 1

  
	
   

  	
   

  	
  1996 HERMES TRADE XL 2

  



 


7
















 


	
   

  	
   

  	
  1996 SIAC DOMESTIC XL 0

  
	
   

  	
   

  	
  1996 SIAC DOMESTIC XL 1

  
	
   

  	
   

  	
  1996 SIAC DOMESTIC XL 2

  
	
   

  	
   

  	
  1996 SIAC EXPORT XL 1

  
	
   

  	
   

  	
  1996 TI CLASH XL 1

  
	
   

  	
   

  	
  1996 TI CLASH XL 2

  
	
   

  	
   

  	
  1996 TI EXPORT CREDIT QS

  
	
   

  	
   

  	
  1996 TI EXPORT CREDIT XL 1

  
	
   

  	
   

  	
  1996 TI EXPORT CREDIT XL 2

  
	
   

  	
   

  	
  1997 COBAC TRADE - MONSANTO

  
	
   

  	
   

  	
  1997 COBAC TRADE XL 1

  
	
   

  	
   

  	
  1997 COBAC TRADE XL 2

  
	
   

  	
   

  	
  1997 HERMES TRADE QS

  
	
   

  	
   

  	
  1997 HERMES TRADE XL 1

  
	
   

  	
   

  	
  1997 HERMES TRADE XL 2

  
	
   

  	
   

  	
  1997 SFAC TRADE XL 6 - CCR

  
	
   

  	
   

  	
  1997 SIAC DOM RETENTION XL

  
	
   

  	
   

  	
  1997 SIAC DOMESTIC XL 1

  
	
   

  	
   

  	
  1997 SIAC DOMESTIC XL 2

  
	
   

  	
   

  	
  1997 SIAC EXPORT XL 1

  
	
   

  	
   

  	
  1997 SIAC TRADE CREDIT QS

  
	
   

  	
   

  	
  1997 TI CLASH XL 1

  
	
   

  	
   

  	
  1997 TI CLASH XL 2

  
	
   

  	
   

  	
  1997 TI DOMESTIC QS

  
	
   

  	
   

  	
  1997 TI DOMESTIC RETENT XL 1

  
	
   

  	
   

  	
  1997 TI DOMESTIC RETENT XL 2

  
	
   

  	
   

  	
  1997 TI EXPORT CREDIT QS

  
	
   

  	
   

  	
  1997 TI EXPORT CREDIT XL 1

  
	
   

  	
   

  	
  1997 TI EXPORT CREDIT XL 2

  
	
   

  	
   

  	
  1997 TI EXPORT NET ACCT XL 5

  
	
   

  	
   

  	
  1998 ACI TRADE PER BUYER XL 1

  
	
   

  	
   

  	
  1998 ACI TRADE PER BUYER XL 2

  
	
   

  	
   

  	
  1998 COBAC RETAIL QUOTA SHARE

  
	
   

  	
   

  	
  1998 COBAC RETENTION XL 1

  
	
   

  	
   

  	
  1998 COBAC RETENTION XL 2

  
	
   

  	
   

  	
  1998 COBAC TRADE QS

  
	
   

  	
   

  	
  1998 HERMES TRADE QS

  
	
   

  	
   

  	
  1998 HERMES TRADE XL 1

  
	
   

  	
   

  	
  1998 HERMES TRADE XL 2

  
	
   

  	
   

  	
  1998 SFAC TRADE XL 6 - CCR

  
	
   

  	
   

  	
  1998 SIAC DOM COMMON ACCT XL 2

  
	
   

  	
   

  	
  1998 SIAC DOM COMMON ACCT XL 3

  
	
   

  	
   

  	
  1998 SIAC DOM RETENTION XL

  
	
   

  	
   

  	
  1998 SIAC EXPORT XL 1

  
	
   

  	
   

  	
  1998 SIAC TRADE CREDIT QS

  
	
   

  	
   

  	
  1998 TI CLASH XL 1

  
	
   

  	
   

  	
  1998 TI CLASH XL 2

  
	
   

  	
   

  	
  1998 TI DOMESTIC QS

  
	
   

  	
   

  	
  1998 TI DOMESTIC RETENT XL 1

  
	
   

  	
   

  	
  1998 TI DOMESTIC RETENT XL 2

  
	
   

  	
   

  	
  1998 TI EXPORT CREDIT QS

  
	
   

  	
   

  	
  1998 TI EXPORT RETENT POL XL 3

  
	
   

  	
   

  	
  1998 TI EXPORT RETENT POL XL 4

  
	
   

  	
   

  	
  1998 TI EXPORT RETENT POL XL 5

  



 


8
















 


	
   

  	
   

  	
  1998 TI EXPORT RETENTION XL 1

  
	
   

  	
   

  	
  1998 TI EXPORT RETENTION XL 2

  
	
   

  	
   

  	
  1999 COBAC RETAIL QUOTA SHARE

  
	
   

  	
   

  	
  1999 COBAC RETENTION XL 1

  
	
   

  	
   

  	
  1999 COBAC RETENTION XL 2

  
	
   

  	
   

  	
  1999 COBAC RETENTION XL 3

  
	
   

  	
   

  	
  1999 COBAC TRADE QS

  
	
   

  	
   

  	
  1999 HERMES TRADE QS

  
	
   

  	
   

  	
  1999 HERMES TRADE XL 1

  
	
   

  	
   

  	
  1999 HERMES TRADE XL 2

  
	
   

  	
   

  	
  1999 SIAC CREDIT & BOND QS

  
	
   

  	
   

  	
  1999 SIAC CREDIT & BOND XL 1

  
	
   

  	
   

  	
  1999 SIAC CREDIT & BOND XL 2

  
	
   

  	
   

  	
  1999 SIAC CREDIT & BOND XL 3

  
	
   

  	
   

  	
  1999 SIAC CREDIT & BOND XL 4

  
	
   

  	
   

  	
  1999 TI CLASH XL 1

  
	
   

  	
   

  	
  1999 TI CLASH XL 2

  
	
   

  	
   

  	
  1999 TI CREDIT RETENTION XL 1

  
	
   

  	
   

  	
  1999 TI CREDIT RETENTION XL 2

  
	
   

  	
   

  	
  1999 TI CREDIT RETENTION XL 3

  
	
   

  	
   

  	
  1999 TI CREDIT RETENTION XL 4

  
	
   

  	
   

  	
  1999 TI CREDIT RETENTION XL 5

  
	
   

  	
   

  	
  1999 TI GLOBAL CREDIT QS

  
	
   

  	
   

  	
  2000 COBAC RETAIL QUOTA SHARE

  
	
   

  	
   

  	
  2000 COBAC RETENTION XL 1

  
	
   

  	
   

  	
  2000 COBAC RETENTION XL 2

  
	
   

  	
   

  	
  2000 COBAC RETENTION XL 3

  
	
   

  	
   

  	
  2000 COBAC TRADE QS

  
	
   

  	
   

  	
  2000 HERMES TRADE QS

  
	
   

  	
   

  	
  2000 HERMES TRADE XL 1

  
	
   

  	
   

  	
  2000 HERMES TRADE XL 2

  
	
   

  	
   

  	
  2000 SIAC CREDIT & BOND QS

  
	
   

  	
   

  	
  2000 SIAC CREDIT & BOND XL 1

  
	
   

  	
   

  	
  2000 SIAC CREDIT & BOND XL 2

  
	
   

  	
   

  	
  2000 SIAC CREDIT & BOND XL 3

  
	
   

  	
   

  	
  2000 SIAC CREDIT & BOND XL 4

  
	
   

  	
   

  	
  2000 TI CLASH XL 1

  
	
   

  	
   

  	
  2000 TI CLASH XL 2

  
	
   

  	
   

  	
  2000 TI CREDIT RETENTION XL 1

  
	
   

  	
   

  	
  2000 TI CREDIT RETENTION XL 2

  
	
   

  	
   

  	
  2000 TI CREDIT RETENTION XL 3

  
	
   

  	
   

  	
  2000 TI CREDIT RETENTION XL 4

  
	
   

  	
   

  	
  2000 TI CREDIT RETENTION XL 5

  
	
   

  	
   

  	
  2000 TI CREDIT RETENTION XL 6

  
	
   

  	
   

  	
  2000 TI GLOBAL CREDIT QS

  
	
   

  	
   

  	
  2001 COBAC RETAIL QS

  
	
   

  	
   

  	
  2001 COBAC RETENTION XL 1

  
	
   

  	
   

  	
  2001 COBAC RETENTION XL 2

  
	
   

  	
   

  	
  2001 COBAC RETENTION XL 3

  
	
   

  	
   

  	
  2001 COBAC RETENTION XL 4

  
	
   

  	
   

  	
  2001 COBAC TRADE QS

  
	
   

  	
   

  	
  2001 SIAC CREDIT & BOND QS

  
	
   

  	
   

  	
  2001 SIAC CREDIT & BOND XL1

  
	
   

  	
   

  	
  2001 SIAC CREDIT & BOND XL2

  



 


9
















 


	
   

  	
   

  	
  2001 SIAC CREDIT & BOND XL3

  
	
   

  	
   

  	
  2001 TI CLASH XL

  
	
   

  	
   

  	
  2001 TI CREDIT RETENTION XL1

  
	
   

  	
   

  	
  2001 TI CREDIT RETENTION XL2

  
	
   

  	
   

  	
  2001 TI CREDIT RETENTION XL3

  
	
   

  	
   

  	
  2001 TI CREDIT RETENTION XL4

  
	
   

  	
   

  	
  2001 TI CREDIT RETENTION XL5

  
	
   

  	
   

  	
  2001 TI GLOBAL CREDIT QS

  
	
   

  	
   

  	
   

  
	
  18. Exporters

  	
   

  	
  1999 EIC CREDIT & POL SS/XLS

  
	
   

  	
   

  	
  2000 EIC CREDIT & POL QS

  
	
   

  	
   

  	
  2000 EIC CREDIT & POL SS

  
	
   

  	
   

  	
  2001 EIC CREDIT & POLITICAL QS

  
	
   

  	
   

  	
  2001 EIC CREDIT & POLITICAL SS

  
	
   

  	
   

  	
   

  
	
  19. FAI

  	
   

  	
  1996 FAI TRADE PER BUYER XL

  
	
   

  	
   

  	
  1996 FAI TRADE QUOTA SHARE

  
	
   

  	
   

  	
  1997 FAI TRADE PER BUYER XL 1

  
	
   

  	
   

  	
  1997 FAI TRADE PER BUYER XL 2

  
	
   

  	
   

  	
  1997 FAI TRADE QUOTA SHARE

  
	
   

  	
   

  	
  1998 FAI TRADE PER BUYER XL 1

  
	
   

  	
   

  	
  1998 FAI TRADE PER BUYER XL 2

  
	
   

  	
   

  	
  1998 FAI TRADE QUOTA SHARE

  
	
   

  	
   

  	
   

  
	
  20. FCIA

  	
   

  	
  1995 FCIA TRADE PER BUYER QS

  
	
   

  	
   

  	
  1996 FCIA BUYER/COUNTRY XL 1

  
	
   

  	
   

  	
  1996 FCIA BUYER/COUNTRY XL 2

  
	
   

  	
   

  	
  1997 FCIA BUYER/COUNTRY XL 1

  
	
   

  	
   

  	
  1997 FCIA BUYER/COUNTRY XL 2

  
	
   

  	
   

  	
  1997 FCIA BUYER/COUNTRY XL 3

  
	
   

  	
   

  	
  1998 FCIA BUYER/COUNTRY XL 1

  
	
   

  	
   

  	
  1998 FCIA BUYER/COUNTRY XL 2

  
	
   

  	
   

  	
  1998 FCIA INGRAM MICRO

  
	
   

  	
   

  	
  1998 FCIA SSANG YONG OIL

  
	
   

  	
   

  	
  1998 FCIA TECH DATA

  
	
   

  	
   

  	
  1998 FCIA TRADE QUOTA SHARE

  
	
   

  	
   

  	
  1998 FCIA TRADE RABOBANK/KOREA

  
	
   

  	
   

  	
  1999 FCIA BUYER/COUNTRY XL 1

  
	
   

  	
   

  	
  1999 FCIA BUYER/COUNTRY XL 2

  
	
   

  	
   

  	
  1999 FCIA BUYER/COUNTRY XL 3

  
	
   

  	
   

  	
  1999 FCIA TRADE QS TREATY

  
	
   

  	
   

  	
  2000 FCIA BUYER/COUNTRY XL 1

  
	
   

  	
   

  	
  2000 FCIA BUYER/COUNTRY XL 2

  
	
   

  	
   

  	
  2000 FCIA BUYER/COUNTRY XL-3

  
	
   

  	
   

  	
  2001 FCIA BUYER/COUNTRY XL 1

  
	
   

  	
   

  	
  2001 FCIA BUYER/COUNTRY XL 2

  
	
   

  	
   

  	
  2001 FCIA BUYER/COUNTRY XL 3

  
	
   

  	
   

  	
  2001 FCIA TRADE SURPLUS SHARE

  
	
   

  	
   

  	
   

  
	
  21. Garantia

  	
   

  	
  1999 GARANTIA UPM-KYMMENE XL-3

  
	
   

  	
   

  	
  1999 GARANTIA/KONE OYJ XL-2

  
	
   

  	
   

  	
  2000 GARANTIA UPM-KYMMENE XL-3

  
	
   

  	
   

  	
   

  
	
  22. GBW

  	
   

  	
  1997 GBW EARTHQUAKE EXCESS

  



 


10
















 


	
   

  	
   

  	
  1997 GBW HIGH TIDES STOP LOSS

  
	
   

  	
   

  	
  1997 GBW STORM/HAIL STOP LOSS

  
	
   

  	
   

  	
  1998 GBW STORM/HAIL STOP LOSS

  
	
   

  	
   

  	
   

  
	
  23. HCC

  	
   

  	
  1999 ST PAUL ESPANA/SURETY QS

  
	
   

  	
   

  	
  1999 ST PAUL ESPANA/SURETY SS

  
	
   

  	
   

  	
  2000 ST. PAUL ESP/BOND QS - A

  
	
   

  	
   

  	
  2000 ST. PAUL ESP/BOND QS - B

  
	
   

  	
   

  	
  2001 ST PAUL ESP/BOND QS - A

  
	
   

  	
   

  	
  2001 ST PAUL ESP/BOND QS - B

  
	
   

  	
   

  	
   

  
	
  24. HIH

  	
   

  	
  2000 HIH TREATY QS - SECTION A

  
	
   

  	
   

  	
   

  
	
  25. Hill

  	
   

  	
  1998 HILL AEROSPACE QS

  
	
   

  	
   

  	
   

  
	
  26. Hiscox

  	
   

  	
  1996 HISCOX EXCESS TERRORISM

  
	
   

  	
   

  	
  1996 HISCOX PER BUYER XL 1

  
	
   

  	
   

  	
  1996 HISCOX POLITICAL XL

  
	
   

  	
   

  	
  1996 HISCOX TERROR XL 1

  
	
   

  	
   

  	
  1996 HISCOX TERROR XL 2

  
	
   

  	
   

  	
  1997 HISCOX FINE ART XL 3

  
	
   

  	
   

  	
  1997 HISCOX FINE ART XL 4

  
	
   

  	
   

  	
  1997 HISCOX FINE ART XL 5

  
	
   

  	
   

  	
  1997 HISCOX FIRE ACCOUNT XL 3

  
	
   

  	
   

  	
  1997 HISCOX FIRE ACCOUNT XL 4

  
	
   

  	
   

  	
  1997 HISCOX FIRE ACCOUNT XL 5

  
	
   

  	
   

  	
  1997 HISCOX KIDNAP XL 3

  
	
   

  	
   

  	
  1997 HISCOX KIDNAP XL 4

  
	
   

  	
   

  	
  1997 HISCOX PER BUYER XL

  
	
   

  	
   

  	
  1997 HISCOX TERROR XL 1

  
	
   

  	
   

  	
  1997 HISCOX TERROR XL 2

  
	
   

  	
   

  	
  1998 HISCOX EXCESS TERRORISM

  
	
   

  	
   

  	
  1998 HISCOX TERRORISM SURPLUS

  
	
   

  	
   

  	
  1998 HISCOX WHOLE ACCT XL SEC1

  
	
   

  	
   

  	
   

  
	
  27. HSB

  	
   

  	
  1997 HSB SP&E QS

  
	
   

  	
   

  	
  1999 HARTFORD RISK XL 2

  
	
   

  	
   

  	
  1999 HARTFORD RISK XL 3

  
	
   

  	
   

  	
  1999 HARTFORD RISK XL 4

  
	
   

  	
   

  	
  1999 HSB SP&E QS

  
	
   

  	
   

  	
   

  
	
  28. Kemper Re

  	
   

  	
  1998 KEMPER RE RETRO XL 1

  
	
   

  	
   

  	
  1998 KEMPER RE RETRO XL 2

  
	
   

  	
   

  	
  1998 KEMPER RE RETRO XL 3

  
	
   

  	
   

  	
   

  
	
  29. Mapfre CyC

  	
   

  	
  1998 MAPFRE - DRAGADOS

  
	
   

  	
   

  	
  1998 MAPFRE - FCC GROUP

  
	
   

  	
   

  	
  1998 MAPFRE - GRUPO ACCIONA

  
	
   

  	
   

  	
  1998 MAPFRE - VALLEHERMOSO

  
	
   

  	
   

  	
  1999 MAPFRE - DRAGADOS

  
	
   

  	
   

  	
  1999 MAPFRE - FCC GROUP

  
	
   

  	
   

  	
  1999 MAPFRE - GRUPO ACCIONA

  
	
   

  	
   

  	
  1999 MAPFRE - VALLEHERMOSO 1

  
	
   

  	
   

  	
  2000 MAPFRE DRAGADOS

  



 


11
















 


	
   

  	
   

  	
  2000 MAPFRE FCC GROUP

  
	
   

  	
   

  	
  2000 MAPFRE GRUPO ACCIONA

  
	
   

  	
   

  	
  2000 MAPFRE VALLEHERMOSA

  
	
   

  	
   

  	
  2001 MAPFRE DRAGADOS

  
	
   

  	
   

  	
  2001 MAPFRE FCC

  
	
   

  	
   

  	
  2001 MAPFRE GRUPO ACCIONA

  
	
   

  	
   

  	
  2001 MAPFRE VALLEHERMOSO

  
	
   

  	
   

  	
   

  
	
  30. Mauritius Sugar Fund

  	
   

  	
  1996 MAURITIUS SUGAR XL 1

  
	
   

  	
   

  	
  1996 MAURITIUS SUGAR XL 2

  
	
   

  	
   

  	
  1996 MAURITIUS SUGAR XL 3

  
	
   

  	
   

  	
  1997 MAURITIUS SUGAR XL 1

  
	
   

  	
   

  	
  1997 MAURITIUS SUGAR XL 2

  
	
   

  	
   

  	
  1997 MAURITIUS SUGAR XL 3

  
	
   

  	
   

  	
   

  
	
  31. Munich Re

  	
   

  	
  1995 MUNICH PER BUYER XL

  
	
   

  	
   

  	
  1996 MUNICH PER BUYER XL

  
	
   

  	
   

  	
  1996 MUNICH WINDSTORM XL 2

  
	
   

  	
   

  	
  1996 MUNICH WINDSTORM XL 3

  
	
   

  	
   

  	
  1997 MUNICH BURGLARY XL

  
	
   

  	
   

  	
  1997 MUNICH PER BUYER XL

  
	
   

  	
   

  	
  1997 MUNICH RE ENGINEER QS E1

  
	
   

  	
   

  	
  1997 MUNICH RE ENGINEER QS E2

  
	
   

  	
   

  	
  1997 MUNICH RE ENGINEER XL 2

  
	
   

  	
   

  	
  1997 MUNICH WINDSTORM XL 2

  
	
   

  	
   

  	
  1997 MUNICH WINDSTORM XL 3

  
	
   

  	
   

  	
  1998 MUNICH ENGINEER QS “E”

  
	
   

  	
   

  	
  1998 MUNICH PER BUYER XL

  
	
   

  	
   

  	
  1998 MUNICH RE CROP/MPCI XL 2

  
	
   

  	
   

  	
  1998 MUNICH RE CROP/MPCI XL 3

  
	
   

  	
   

  	
  1998 MUNICH RE ENGINEER XL 1

  
	
   

  	
   

  	
  1998 MUNICH RE ENGINEER XL 2

  
	
   

  	
   

  	
  1998 MUNICH RE SPACE

  
	
   

  	
   

  	
  1998 MUNICH WINDSTORM XL 2

  
	
   

  	
   

  	
  1998 MUNICH WINDSTORM XL 3

  
	
   

  	
   

  	
  1999 MUNICH ENGINEER QS “E”

  
	
   

  	
   

  	
  1999 MUNICH PER BUYER XL

  
	
   

  	
   

  	
  1999 MUNICH RE ENGINEER XL 1

  
	
   

  	
   

  	
  1999 MUNICH RE ENGINEER XL 2

  
	
   

  	
   

  	
  1999 MUNICH WINDSTORM XL 2

  
	
   

  	
   

  	
  1999 MUNICH WINDSTORM XL 3

  
	
   

  	
   

  	
  2000 MUNICH PER BUYER XL

  
	
   

  	
   

  	
  2000 MUNICH RE ENGINEER XL-1

  
	
   

  	
   

  	
  2000 MUNICH RE ENGINEER XL-2

  
	
   

  	
   

  	
  2000 MUNICH WINDSTORM XL 2

  
	
   

  	
   

  	
  2000 MUNICH WINDSTORM XL 3

  
	
   

  	
   

  	
  2001 MUNICH RE PER-BUYER XL

  
	
   

  	
   

  	
   

  
	
  32. Nationale Borg

  	
   

  	
  1999 NATIONALE SURETY SURPLUS

  
	
   

  	
   

  	
  2000 NATIONALE SURETY SURPLUS

  
	
   

  	
   

  	
  2001 NATIONALE SURETY SURPLUS

  
	
   

  	
   

  	
   

  
	
  33. NZ EQC

  	
   

  	
  1996 EQC OF WELLINGTON NZ 1

  
	
   

  	
   

  	
  1996 EQC OF WELLINGTON NZ 2

  



 


12
















 


	
   

  	
   

  	
  1996 EQC OF WELLINGTON NZ 3

  
	
   

  	
   

  	
  1997 EQC OF WELLINGTON NZ 1 A

  
	
   

  	
   

  	
  1997 EQC OF WELLINGTON NZ 1 B

  
	
   

  	
   

  	
  1997 EQC OF WELLINGTON NZ 2 A

  
	
   

  	
   

  	
  1997 EQC OF WELLINGTON NZ 2 B

  
	
   

  	
   

  	
  1997 EQC OF WELLINGTON NZ 3 A

  
	
   

  	
   

  	
  1997 EQC OF WELLINGTON NZ 3 B

  
	
   

  	
   

  	
  1998 EQC OF WELLINGTON NZ 1 A

  
	
   

  	
   

  	
  1998 EQC OF WELLINGTON NZ 1 B

  
	
   

  	
   

  	
  1998 EQC OF WELLINGTON NZ 2 A

  
	
   

  	
   

  	
  1998 EQC OF WELLINGTON NZ 2 B

  
	
   

  	
   

  	
  1998 EQC OF WELLINGTON NZ 3 A

  
	
   

  	
   

  	
  1998 EQC OF WELLINGTON NZ 3 B

  
	
   

  	
   

  	
  1999 EQC OF WELLINGTON NZ 1A

  
	
   

  	
   

  	
  1999 EQC OF WELLINGTON NZ 1B

  
	
   

  	
   

  	
  1999 EQC OF WELLINGTON NZ 2A

  
	
   

  	
   

  	
  1999 EQC OF WELLINGTON NZ 2B

  
	
   

  	
   

  	
  1999 EQC OF WELLINGTON NZ 3A

  
	
   

  	
   

  	
  1999 EQC OF WELLINGTON NZ 3B

  
	
   

  	
   

  	
   

  
	
  34. People Ins.

  	
   

  	
  1996 PEOPLES CREDIT XL

  
	
   

  	
   

  	
  1996 PEOPLES CREDIT/BONDING QS

  
	
   

  	
   

  	
  1996 PEOPLES POLITICAL QS

  
	
   

  	
   

  	
  1997 PEOPLES CREDIT XL

  
	
   

  	
   

  	
  1997 PEOPLES CREDIT/BONDING QS

  
	
   

  	
   

  	
  1997 PEOPLES POLITICAL QS

  
	
   

  	
   

  	
  1998 PEOPLES CREDIT & BOND XL

  
	
   

  	
   

  	
  1998 PEOPLES CREDIT/BONDING QS

  
	
   

  	
   

  	
  2000 PEOPLES CREDIT & BOND XL

  
	
   

  	
   

  	
   

  
	
  35. Polish Re

  	
   

  	
  2000 PTR CREDIT & BOND FAC

  
	
   

  	
   

  	
  2000 PTR CREDIT & BOND TREATY

  
	
   

  	
   

  	
  2001 PTR CREDIT & BOND FAC

  
	
   

  	
   

  	
  2001 PTR CREDIT & BOND TREATY

  
	
   

  	
   

  	
   

  
	
  36. Prisma

  	
   

  	
  1996 PRISMA TRADE METRO GROUP

  
	
   

  	
   

  	
  1997 PRISMA TRADE METRO GROUP

  
	
   

  	
   

  	
   

  
	
  37. Renaissance

  	
   

  	
  1997 RENAISSANCE XL SECTION 1

  
	
   

  	
   

  	
   

  
	
  38. RGB

  	
   

  	
  1997 RGB SECTION A - PROPERTY

  
	
   

  	
   

  	
  1997 RGB SECTION B - ENGINEER

  
	
   

  	
   

  	
  1997 RGB SECTION C - BANKS

  
	
   

  	
   

  	
   

  
	
  39. RSA

  	
   

  	
  1996 SUN ALLIANCE TRADE

  
	
   

  	
   

  	
  2001 RSA BOND QS

  
	
   

  	
   

  	
  2001 RSA TRADE - A&B

  
	
   

  	
   

  	
  2001 RSA TRAVEL BOND

  
	
   

  	
   

  	
   

  
	
  40. Scor

  	
   

  	
  1998 SCOR CREDIT & BOND XL 1

  
	
   

  	
   

  	
  1998 SCOR CREDIT & BOND XL 2

  
	
   

  	
   

  	
  1999 SCOR CREDIT & BOND XL 1

  
	
   

  	
   

  	
  1999 SCOR CREDIT & BOND XL 2

  
	
   

  	
   

  	
  1997 SOREMA PROPERTY XL

  



 


13
















 


	
   

  	
   

  	
  1998 SOREMA/INV ADMIN/JUDIC QS

  
	
   

  	
   

  	
  1998 SOREMA/INV ADMIN/JUDIC SS

  
	
   

  	
   

  	
  1998 SOREMA/INVER CREDIT QS

  
	
   

  	
   

  	
  1998 SOREMA/INVER FIDELTY QS

  
	
   

  	
   

  	
  1998 SOREMA/INVER FIDELTY SS

  
	
   

  	
   

  	
  1999 SOREMA FAC TAMSA MEXICO

  
	
   

  	
   

  	
   

  
	
  41. Signet

  	
   

  	
  2000 SIGNET RETRO SURETY XL 2

  
	
   

  	
   

  	
  2000 SIGNET RETRO SURETY XL 3

  
	
   

  	
   

  	
   

  
	
  42. Sirius

  	
   

  	
  1996 ABB BOND PORTFOLIO - 3

  
	
   

  	
   

  	
  1996 ABB BOND PORTFOLIO - 6

  
	
   

  	
   

  	
  1996 SIRIUS POLITICAL

  
	
   

  	
   

  	
  1997 SIRIUS POLITICAL SS

  
	
   

  	
   

  	
  1998 SIRIUS ABB/JORF LASFAR

  
	
   

  	
   

  	
  1998 SIRIUS LLOYDS UPGRADE

  
	
   

  	
   

  	
  1998 SIRIUS POLITICAL SS

  
	
   

  	
   

  	
  1999 SIRIUS ABB/CIEN XL-2

  
	
   

  	
   

  	
  1999 SIRIUS POLITICAL SS

  
	
   

  	
   

  	
  2000 SIRIUS POLITICAL SS

  
	
   

  	
   

  	
   

  
	
  43. St Paul Intl

  	
   

  	
  1999 ST PAUL INTL/FRENCH QS

  
	
   

  	
   

  	
  2000 ST PAUL INTL/FRENCH QS

  
	
   

  	
   

  	
  2001 ST PAUL FRENCH QS - A & B

  
	
   

  	
   

  	
   

  
	
  44. Sumitomo

  	
   

  	
  1996 SUMITOMO SURETY FAC

  
	
   

  	
   

  	
   

  
	
  45. TOA

  	
   

  	
  2001 TOA BOND QS RETRO

  
	
   

  	
   

  	
   

  
	
  46. TRYG-BALTICA

  	
   

  	
  1996 TRYG-BALTICA HOJGAARD

  
	
   

  	
   

  	
  1996 TRYG-BALTICA MONBERG

  
	
   

  	
   

  	
  1996 TRYG-BALTICA NCC

  
	
   

  	
   

  	
  1997 TRYG-BALTICA ABB DENMARK

  
	
   

  	
   

  	
  1997 TRYG-BALTICA HOJGAARD

  
	
   

  	
   

  	
  1997 TRYG-BALTICA MONBERG

  
	
   

  	
   

  	
  1997 TRYG-BALTICA NCC

  
	
   

  	
   

  	
  1997 TRYG-BALTICA SIEMENS

  
	
   

  	
   

  	
  1998 TRYG-BALTICA ABB DENMARK

  
	
   

  	
   

  	
  1998 TRYG-BALTICA HOFFMAN

  
	
   

  	
   

  	
  1998 TRYG-BALTICA HOJGAARD

  
	
   

  	
   

  	
  1998 TRYG-BALTICA MONBERG

  
	
   

  	
   

  	
  1998 TRYG-BALTICA NCC

  
	
   

  	
   

  	
  1998 TRYG-BALTICA NEG MICON

  
	
   

  	
   

  	
  1998 TRYG-BALTICA SIEMENS

  
	
   

  	
   

  	
  1998 TRYG-BALTICA VESTAS WIND

  
	
   

  	
   

  	
   

  
	
  47. Unistrat

  	
   

  	
  1997 UNISTRAT TECHNIP/EGYPT

  
	
   

  	
   

  	
  1998 UNISTRAT TECHNIP/EGYPT

  
	
   

  	
   

  	
  1999 UNISTRAT TECHNIP/EGYPT

  
	
   

  	
   

  	
  2001 UNISTRAT PER COUNTRY XL2

  
	
   

  	
   

  	
  2001 UNISTRAT PER COUNTRY XL3

  
	
   

  	
   

  	
   

  
	
  48. Victoria Re

  	
   

  	
  1997 VICTORIA RE CREDIT XL

  
	
   

  	
   

  	
  1998 VICTORIA RE CREDIT XL

  



 


14
















 


	
   

  	
   

  	
  1999 VICTORIA RE - METRO XL 1

  
	
   

  	
   

  	
  1999 VICTORIA RE - METRO XL 2

  
	
   

  	
   

  	
  1999 VICTORIA RE - METRO XL 3

  
	
   

  	
   

  	
  1999 VICTORIA RE - METRO XL 4

  
	
   

  	
   

  	
  1999 VICTORIA RE - REWE GROUP

  
	
   

  	
   

  	
  1999 VICTORIA RE CREDIT XL

  
	
   

  	
   

  	
  2000 VICTORIA RE - METRO XL 1

  
	
   

  	
   

  	
  2000 VICTORIA RE - METRO XL 2

  
	
   

  	
   

  	
  2000 VICTORIA RE - METRO XL 3

  
	
   

  	
   

  	
   

  
	
  49. Villers

  	
   

  	
  1997 RCC VILLERS FINE ART XL 2

  
	
   

  	
   

  	
  1997 RCC VILLERS FINE ART XL 3

  
	
   

  	
   

  	
  1998 RCC VILLERS FINE ART XL 2

  
	
   

  	
   

  	
  1998 RCC VILLERS FINE ART XL 3

  
	
   

  	
   

  	
  1998 RCC VILLERS FINE ART XL 4

  
	
   

  	
   

  	
   

  
	
  50. Yasuda

  	
   

  	
  1996 YASUDA SURETY

  



 


15