<PAGE>

                                                                    Exhibit 10.3

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                                    issued to

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

                                                                          (LOGO)

<PAGE>

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                                    issued to

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

                      First Excess Catastrophe Reinsurance

<TABLE>
<CAPTION>
                         REINSURERS                           PARTICIPATIONS
                         ----------                           --------------
<S>                                                           <C>
Aspen Insurance Limited                                           25.000%
Rosemont Reinsurance Limited                                       2.000

THROUGH BENFIELD LIMITED
Ascot Insurance Services Limited
   (for and on behalf of Ascot Underwriting Syndicate 1414)        5.000
Lloyd's Underwriters Per Signing Schedule                         68.000

TOTAL                                                            100.000%
</TABLE>

                      Second Excess Catastrophe Reinsurance

<TABLE>
<CAPTION>
                         REINSURERS                           PARTICIPATIONS
                         ----------                           --------------
<S>                                                           <C>
Aspen Insurance Limited                                           15.000%
AXIS Specialty Limited                                             3.000
Montpelier Reinsurance Limited                                     4.800
Partner Reinsurance Company                                        3.750
Platinum Underwriters Reinsurance, Inc.                            3.000
PXRE Reinsurance Limited                                           2.400
Rosemont Reinsurance Limited                                       1.800

THROUGH BENFIELD LIMITED
Ascot Insurance Services Limited
   (for and on behalf of Ascot Underwriting Syndicate 1414)        3.750
AXA RE                                                             6.000
Lloyd's Underwriters Per Signing Schedule                         56.500

TOTAL                                                            100.000%
</TABLE>

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Page 1 of 3

<PAGE>

                      Third Excess Catastrophe Reinsurance

<TABLE>
<CAPTION>
                         REINSURERS                           PARTICIPATIONS
                         ----------                           --------------
<S>                                                           <C>
Aspen Insurance Limited                                           15.000%
AXIS Specialty Limited                                             2.900
General Reinsurance Corporation                                    7.000
Montpelier Reinsurance Limited                                     4.075
Partner Reinsurance Company                                        7.000
Platinum Underwriters Reinsurance, Inc.                            2.850
PXRE Reinsurance Limited                                           1.700
Rosemont Reinsurance Limited                                       1.100

THROUGH BENFIELD LIMITED
Ascot Insurance Services Limited
   (for and on behalf of Ascot Underwriting Syndicate 1414)        7.000
AXA RE                                                             5.700
Lloyd's Underwriters Per Signing Schedule                         45.675

TOTAL                                                            100.000%
</TABLE>

                      Fourth Excess Catastrophe Reinsurance

<TABLE>
<CAPTION>
                         REINSURERS                           PARTICIPATIONS
                         ----------                           --------------
<S>                                                           <C>
Aspen Insurance Limited                                           21.000%
AXIS Specialty Limited                                             2.500
General Reinsurance Corporation                                   10.000
Hannover Re (Bermuda), Ltd.                                        2.500
Montpelier Reinsurance Limited                                     5.000
Partner Reinsurance Company                                       10.000
Platinum Underwriters Reinsurance, Inc.                            5.000
PXRE Reinsurance Limited                                           3.000
Rosemont Reinsurance Limited                                       2.000
XL Re Ltd                                                          8.000

THROUGH BENFIELD LIMITED
Ascot Insurance Services Limited
   (for and on behalf of Ascot Underwriting Syndicate 1414)       10.000
AXA RE                                                            10.000
Lloyd's Underwriters Per Signing Schedule                         11.000

TOTAL                                                            100.000%
</TABLE>

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<PAGE>

                      Fifth Excess Catastrophe Reinsurance

<TABLE>
<CAPTION>
                         REINSURERS                           PARTICIPATIONS
                         ----------                           --------------
<S>                                                           <C>
American Re-Insurance Company, A Delaware Corporation              3.000%
AXIS Specialty Limited                                             1.700
Hannover Re (Bermuda), Ltd.                                        8.000
Montpelier Reinsurance Limited                                     3.750
Partner Reinsurance Company                                        9.000
Platinum Underwriters Reinsurance, Inc.                            3.750
PXRE Reinsurance Limited                                           2.150
Rosemont Reinsurance Limited                                       2.150
Swiss Re Underwriters Agency, Inc.
   (for Swiss Reinsurance America Corporation)                    10.000
Transatlantic Reinsurance Company                                  4.750
XL Re Ltd                                                          4.750

THROUGH BENFIELD LIMITED (PLACEMENT ONLY)
Munchener Ruckversicherungs-Gesellschaft                           4.500

THROUGH BENFIELD LIMITED
Ascot Insurance Services Limited
   (for and on behalf of Ascot Underwriting Syndicate 1414)        6.750
AXA RE                                                             9.500
Lloyd's Underwriters Per Signing Schedule                         26.250

TOTAL                                                            100.000%
</TABLE>

                      Sixth Excess Catastrophe Reinsurance

<TABLE>
<CAPTION>
                         REINSURERS                           PARTICIPATIONS
                         ----------                           --------------
<S>                                                           <C>
American Re-Insurance Company, A Delaware Corporation              2.000%
AXIS Specialty Limited                                             1.250
General Reinsurance Corporation                                    2.700
Hannover Re (Bermuda), Ltd.                                       15.000
Montpelier Reinsurance Limited                                     4.000
Partner Reinsurance Company                                        9.500
PXRE Reinsurance Limited                                           1.500
Rosemont Reinsurance Limited                                       1.500
Swiss Re Underwriters Agency, Inc.
   (for Swiss Reinsurance America Corporation)                    10.000
Transatlantic Reinsurance Company                                 13.500
XL Re Ltd                                                          2.250

THROUGH BENFIELD LIMITED (PLACEMENT ONLY)
Munchener Ruckversicherungs-Gesellschaft                           4.500

THROUGH BENFIELD LIMITED
Ascot Insurance Services Limited
   (for and on behalf of Ascot Underwriting Syndicate 1414)        6.750
AXA RE                                                             6.500
Lloyd's Underwriters Per Signing Schedule                         19.050

TOTAL                                                            100.000%
</TABLE>

                                                                          (LOGO)


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<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
ARTICLE                                                                     PAGE
-------                                                                     ----
<S>                                                                         <C>
     I    Classes of Business Reinsured                                       1
    II    Commencement and Termination                                        1
   III    Territory (BRMA 51A)                                                2
    IV    Exclusions                                                          3
     V    Retention and Limit                                                 5
    VI    Reinstatement                                                       5
   VII    Definitions                                                         6
  VIII    Loss Occurrence                                                     7
    IX    Loss Notices and Settlements                                        8
     X    Salvage and Subrogation                                             9
    XI    Florida Hurricane Catastrophe Fund                                  9
   XII    Reinsurance Premium                                                10
  XIII    Late Payments                                                      10
   XIV    Offset (BRMA 36D)                                                  12
    XV    Access to Records (BRMA 1D)                                        12
   XVI    Liability of the Reinsurer                                         12
  XVII    Net Retained Lines (BRMA 32B)                                      12
 XVIII    Errors and Omissions (BRMA 14F)                                    13
   XIX    Currency (BRMA 12A)                                                13
    XX    Taxes (BRMA 50B)                                                   13
   XXI    Federal Excise Tax                                                 13
  XXII    Reserves                                                           13
 XXIII    Insolvency                                                         15
  XXIV    Arbitration                                                        15
   XXV    Service of Suit                                                    16
  XXVI    Agency Agreement                                                   17
 XXVII    Governing Law                                                      17
XXVIII    Confidentiality                                                    17
  XXIX    Severability                                                       17
   XXX    Intermediary (BRMA 23A)                                            18
          Schedule A
</TABLE>

                                                                          (LOGO)

<PAGE>

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                                    issued to

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.
             (hereinafter referred to collectively as the "Company")

                                       by

                   The Subscribing Reinsurer(s) Executing the
                     Interests and Liabilities Agreement(s)
                                 Attached Hereto
                  (hereinafter referred to as the "Reinsurer")

ARTICLE I - CLASSES OF BUSINESS REINSURED

By this Contract the Reinsurer agrees to reinsure the excess liability which may
accrue to the Company under its policies, contracts and binders of insurance or
reinsurance (hereinafter called "policies") in force at the effective date
hereof or issued or renewed on or after that date, and classified by the Company
as Property business, subject to the terms, conditions and limitations set forth
herein and in Schedule A attached to and forming part of this Contract.

ARTICLE II - COMMENCEMENT AND TERMINATION

A.   This Contract shall become effective on June 1, 2005, with respect to
     losses arising out of loss occurrences commencing on or after that date,
     and shall remain in force until May 31, 2006, both days inclusive.

B.   Notwithstanding the provisions of paragraph A above, the Company may
     terminate a Subscribing Reinsurer's percentage share in this Contract by
     giving written notice to the Subscribing Reinsurer in the event any of the
     following circumstances occur as clarified by public announcement for
     subparagraphs 1 through 6 below and upon discovery for subparagraphs 7 and
     8 below:

     1.   The Subscribing Reinsurer's policyholders' surplus subsequent to the
          date that lines are bound for this Contract has been reduced by more
          than 20.0% of the amount of surplus 12 months prior to that date; or

                                                                          (LOGO)


Page 1

<PAGE>

     2.   The Subscribing Reinsurer's policyholders' surplus at any time between
          the date that lines are bound and the effective date of termination of
          this Contract has been reduced by more than 20.0% of the amount of
          surplus at the date of the Subscribing Reinsurer's most recent
          financial statement filed with regulatory authorities and available to
          the public as of the date that lines are bound for this Contract; or

     3.   The Subscribing Reinsurer's A.M. Best's rating has been assigned or
          downgraded below A- (inclusive of "Not Rated" ratings) and/or Standard
          & Poor's rating has been assigned or downgraded below BBB+ at any time
          between the date that lines are bound and the effective date of
          termination of this Contract; or

     4.   The Subscribing Reinsurer has become merged with, acquired by or
          controlled by any other company, corporation or individual(s) not
          controlling the Subscribing Reinsurer's operations previously; or

     5.   A State Insurance Department or other legal authority has ordered the
          Subscribing Reinsurer to cease writing business; or

     6.   The Subscribing Reinsurer has become insolvent or has been placed into
          liquidation or receivership (whether voluntary or involuntary) or
          proceedings have been instituted against the Subscribing Reinsurer for
          the appointment of a receiver, liquidator, rehabilitator, conservator
          or trustee in bankruptcy, or other agent known by whatever name, to
          take possession of its assets or control of its operations; or

     7.   The Subscribing Reinsurer has reinsured its entire liability under
          this Contract without the Company's prior written consent; or

     8.   The Subscribing Reinsurer has ceased assuming new or renewal property
          or casualty treaty reinsurance business.

C.   If this Contract is terminated or expires while a loss occurrence covered
     hereunder is in progress, the Reinsurer's liability hereunder shall,
     subject to the other terms and conditions of this Contract, be determined
     as if the entire loss occurrence had occurred prior to the termination or
     expiration of this Contract, provided that no part of such loss occurrence
     is claimed against any renewal or replacement of this Contract.

D.   The Reinsurer shall have no liability hereunder with respect to losses
     arising out of loss occurrences commencing after the effective date of
     termination or expiration.

ARTICLE III - TERRITORY (BRMA 51A)

The territorial limits of this Contract shall be identical with those of the
Company's policies.

                                                                          (LOGO)


Page 2

<PAGE>

ARTICLE IV - EXCLUSIONS

This Contract does not apply to and specifically excludes the following:

     1.   Financial guarantee and insolvency.

     2.   Mortgage Impairment insurances and similar kinds of insurances,
          however styled.

     3.   Nuclear risks as defined in the "Nuclear Incident Exclusion Clause -
          Physical Damage - Reinsurance" attached to and forming part of this
          Contract.

     4.   Loss or damage caused by or resulting from war, invasion, hostilities,
          acts of foreign enemies, civil war, rebellion, insurrection, military
          or usurped power, or martial law or confiscation by order of any
          government or public authority, but this exclusion shall not apply to
          loss or damage covered under a standard policy with a standard War
          Exclusion Clause.

     5.   Loss or liability excluded under the provisions of the "Pools,
          Associations and Syndicates Exclusion Clause" attached to and forming
          part of this Contract.

     6.   All liability of the Company arising by contract, operation of law, or
          otherwise, from its participation or membership, whether voluntary or
          involuntary, in any insolvency fund. "Insolvency fund" includes any
          guaranty fund, insolvency fund, plan, pool, association, fund or other
          arrangement, however denominated, established or governed, which
          provides for any assessment of or payment or assumption by the Company
          of part or all of any claim, debt, charge, fee or other obligation of
          an insurer, or its successors or assigns, which has been declared by
          any competent authority to be insolvent, or which is otherwise deemed
          unable to meet any claim, debt, charge, fee or other obligation in
          whole or in part.

     7.   Losses in respect of overhead transmission and distribution lines and
          their supporting structures other than those on or within 1,000 feet
          of the insured premises. It is understood and agreed that public
          utilities extension and/or suppliers extension and/or contingent
          business interruption coverages are not subject to this exclusion,
          provided that these are not part of a transmitters' or distributors'
          policy.

     8.   Accident and Health, Casualty, Fidelity and/or Surety business.

     9.   Pollution and seepage coverages excluded under the provisions of the
          "Pollution and Seepage Exclusion Clause (BRMA 39A)" attached to and
          forming part of this Contract.

     10.  Notwithstanding any other provision to the contrary within this
          Contract or any amendment thereto, loss, damage, cost or expense
          directly or indirectly caused by, contributed to by, resulting from,
          or arising out of or in connection with any act of terrorism, as
          defined herein, regardless of any other cause or event contributing
          concurrently or in any other sequence to the loss.

          An "act of terrorism" includes any act, or preparation in respect of
          action, or threat of action, designed to influence the government de
          jure or de facto of any nation or any political division thereof, or
          in pursuit of political, religious, ideological or similar purposes to
          intimidate the public or a section of the public of any nation by any
          person

                                                                          (LOGO)


Page 3

<PAGE>

          or group(s) of persons whether acting alone or on behalf of or in
          connection with any organization(s) or government(s) de jure or de
          facto, and which:

          a.   Involves violence against one or more persons, or

          b.   Involves damage to property; or

          c.   Endangers life other than that of the person committing the
               action; or

          d.   Creates a risk to health or safety of the public or a section of
               the public; or

          e.   Is designed to interfere with or to disrupt an electronic system.

          Loss, damage, cost or expense directly or indirectly caused by,
          contributed to by, resulting from, or arising out of or in connection
          with any action in controlling, preventing, suppressing, retaliating
          against, or responding to any act of terrorism.

          Notwithstanding the above and subject otherwise to the terms,
          conditions and limitations of this Contract, in respect only of
          personal lines this Contract will pay actual loss or damage (but not
          related cost or expense) caused by any act of terrorism provided such
          act is not directly or indirectly caused by, contributed to by,
          resulting from, or arising out of or in connection with biological,
          chemical, radioactive, or nuclear pollution or contamination or
          explosion.

     11.  Loss or liability in any way or to any extent arising out of the
          actual or alleged presence or actual, alleged or threatened presence
          of fungi including, but not limited to, mold, mildew, mycotoxins,
          microbial volatile organic compounds or other "microbial
          contaminations." This includes:

          a.   Any supervision, instruction, recommendations, warnings or advice
               given or which should have been given in connection with the
               above; and

          b.   Any obligation to share damages with or repay someone else who
               must pay damages because of such injury or damage.

          For purposes of this exclusion, "microbial contamination" means any
          contamination, either airborne or surface, which arises out of or is
          related to the presence of fungi, mold, mildew, mycotoxins, microbial
          volatile organic compounds or spores, including, without limitation,
          Penicillium, Aspergillus, Fusarium, Aspergillus Flavus and
          Stachybotrys chartarum.

          Losses resulting from the above causes do not in and of themselves
          constitute an event unless arising out of one or more of the following
          perils, in which case this exclusion does not apply:

               Fire, lightning, explosion, aircraft or vehicle impact, falling
               objects, windstorm, hail, tornado, cyclone, hurricane,
               earthquake, volcano, tsunami, flood, freeze or weight of snow.

                                                                          (LOGO)


Page 4

<PAGE>

          Notice of any claims for mold-related losses must be given by the
          Company to the Reinsurer, in writing, within 24 months after the
          commencement date of the loss occurrence to which such claims relate.

     12.  Loss or liability excluded under the provisions of the "Electronic
          Data Endorsement B" (N.M.A. 2915) attached to and forming part of this
          Contract.

ARTICLE V - RETENTION AND LIMIT

A.   As respects each excess layer of reinsurance coverage provided by this
     Contract, the Company shall retain and be liable for the first amount of
     ultimate net loss, shown as "Company's Retention" for that excess layer in
     Schedule A attached hereto, arising out of each loss occurrence. The
     Reinsurer shall then be liable, as respects each excess layer, for the
     amount by which such ultimate net loss exceeds the Company's applicable
     retention, but the liability of the Reinsurer under each excess layer shall
     not exceed the amount, shown as "Reinsurer's Per Occurrence Limit" for that
     excess layer in Schedule A attached hereto, as respects any one loss
     occurrence.

B.   No claim shall be made under any excess layer of reinsurance coverage
     provided by this Contract as respects any one loss occurrence unless at
     least two risks insured or reinsured by the Company are involved in such
     loss occurrence. For purposes of this Contract, the Company shall be the
     sole judge of what constitutes one risk.

ARTICLE VI - REINSTATEMENT

A.   In the event all or any portion of the reinsurance under any excess layer
     of reinsurance coverage provided by this Contract is exhausted by loss, the
     amount so exhausted shall be reinstated immediately from the time the loss
     occurrence commences hereon. For each amount so reinstated the Company
     agrees to pay additional premium equal to the product of the following:

     1.   The percentage of the occurrence limit for the excess layer reinstated
          (based on the loss paid by the Reinsurer under that excess layer);
          times

     2.   The final adjusted reinsurance premium, as calculated in accordance
          with Article XII, for the excess layer reinstated for the term of this
          Contract (exclusive of reinstatement premium).

B.   Whenever the Company requests payment by the Reinsurer of any loss under
     any excess layer hereunder, the Company shall submit a statement to the
     Reinsurer of reinstatement premium due the Reinsurer for that excess layer.
     If the final adjusted reinsurance premium for any excess layer for the term
     of this Contract has not been determined as of the date of any such
     statement, the calculation of reinstatement premium due for that excess
     layer shall be based on the annual deposit premium for that excess layer
     and shall be readjusted when the final adjusted reinsurance premium for
     that excess layer for the term of this Contract has been determined. Any
     reinstatement premium shown to be due the Reinsurer for any excess layer as
     reflected by any such statement (less prior payments, if any, for that
     excess layer) shall be payable by the Company concurrently with payment by
     the Reinsurer of the requested loss for that excess layer. Any return
     reinstatement premium shown to be

                                                                          (LOGO)


Page 5

<PAGE>

     due the Company shall be remitted by the Reinsurer as promptly as possible
     after receipt and verification of the Company's statement.

C.   Notwithstanding anything stated herein, the liability of the Reinsurer
     under any excess layer of reinsurance coverage provided by this Contract
     shall not exceed either of the following:

     1.   The amount, shown as "Reinsurer's Per Occurrence Limit" for that
          excess layer in Schedule A attached hereto, as respects loss or losses
          arising out of any one loss occurrence; or

     2.   The amount, shown as "Reinsurer's Term Limit" for that excess layer in
          Schedule A attached hereto, in all during the term of this Contract.

D.   If this Contract is terminated, and the reinstatement premium is less than
     the loss, the Reinsurer shall pay the loss prior to receiving the
     reinstatement premium.

E.   Any reinstatement premium paid or otherwise due the Reinsurer for losses
     arising out of loss occurrences commencing on or prior to the effective
     date of termination shall be considered fully earned for purposes of this
     Article.

     ARTICLE VII - DEFINITIONS

A.   "Ultimate net loss" as used herein is defined as the sum or sums (including
     loss in excess of policy limits, extra contractual obligations and loss
     adjustment expense, as hereinafter defined) paid or payable by the Company
     in settlement of claims and in satisfaction of judgments rendered on
     account of such claims, after deduction of all salvage, all recoveries and
     all claims on inuring insurance or reinsurance, whether collectible or not.
     Nothing herein shall be construed to mean that losses under this Contract
     are not recoverable until the Company's ultimate net loss has been
     ascertained.

B.   "Loss in excess of policy limits" and "extra contractual obligations" as
     used herein shall be defined as follows:

     1.   "Loss in excess of policy limits" shall mean 90.0% of any amount paid
          or payable by the Company in excess of its policy limits, but
          otherwise within the terms of its policy, such loss in excess of the
          Company's policy limits having been incurred because of, but not
          limited to, failure by the Company to settle within the policy limits
          or by reason of the Company's alleged or actual negligence, fraud or
          bad faith in rejecting an offer of settlement or in the preparation of
          the defense or in the trial of any action against its insured or
          reinsured or in the preparation or prosecution of an appeal consequent
          upon such an action.

     2.   "Extra contractual obligations" shall mean 90.0% of any punitive,
          exemplary, compensatory or consequential damages paid or payable by
          the Company, not covered by any other provision of this Contract and
          which arise from the handling of any claim on business subject to this
          Contract, such liabilities arising because of, but not limited to,
          failure by the Company to settle within the policy limits or by reason
          of the Company's alleged or actual negligence, fraud or bad faith in
          rejecting an offer of settlement or in the preparation of the defense
          or in the trial of any action against its insured or reinsured or in
          the preparation or prosecution of an appeal consequent

                                                                          (LOGO)


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<PAGE>

          upon such an action. An extra contractual obligation shall be deemed,
          in all circumstances, to have occurred on the same date as the loss
          covered or alleged to be covered under the policy.

     Notwithstanding anything stated herein, the amount included in the ultimate
     net loss for any one loss occurrence as respects loss in excess of policy
     limits and extra contractual obligations shall not exceed 25.0% of the
     Company's indemnity loss hereunder arising out of that loss occurrence.

     Notwithstanding anything stated herein, this Contract shall not apply to
     any loss in excess of policy limits or any extra contractual obligation
     incurred by the Company as a result of any fraudulent and/or criminal act
     by any officer or director of the Company acting individually or
     collectively or in collusion with any individual or corporation or any
     other organization or party involved in the presentation, defense or
     settlement of any claim covered hereunder.

C.   "Loss adjustment expense" as used herein shall mean expenses assignable to
     the investigation, appraisal, adjustment, settlement, litigation, defense
     and/or appeal of specific claims, regardless of how such expenses are
     classified for statutory reporting purposes. Loss adjustment expense shall
     include, but not be limited to, declaratory judgments, interest on
     judgments, expenses of outside adjusters, and a pro rata share of the
     salaries and expenses of the Company's field employees according to the
     time occupied adjusting such losses and expenses of the Company's officials
     incurred in connection with the losses, but shall not include office
     expenses or salaries of the Company's regular employees.

ARTICLE VIII - LOSS OCCURRENCE

A.   The term "loss occurrence" shall mean the sum of all individual losses
     directly occasioned by any one disaster, accident or loss or series of
     disasters, accidents or losses arising out of one event which occurs within
     the area of one state of the United States or province of Canada and states
     or provinces contiguous thereto and to one another. However, the duration
     and extent of any one "loss occurrence" shall be limited to all individual
     losses sustained by the Company occurring during any period of 168
     consecutive hours arising out of and directly occasioned by the same event,
     except that the term "loss occurrence" shall be further defined as follows:

     1.   As regards windstorm, hail, tornado, hurricane, cyclone, including
          ensuing collapse and water damage, all individual losses sustained by
          the Company occurring during any period of 72 consecutive hours
          arising out of and directly occasioned by the same event. However, the
          event need not be limited to one state or province or states or
          provinces contiguous thereto.

     2.   As regards riot, riot attending a strike, civil commotion, vandalism
          and malicious mischief, all individual losses sustained by the Company
          occurring during any period of 72 consecutive hours within the area of
          one municipality or county and the municipalities or counties
          contiguous thereto arising out of and directly occasioned by the same
          event. The maximum duration of 72 consecutive hours may be extended in
          respect of individual losses which occur beyond such 72 consecutive
          hours during the continued occupation of an insured's premises by
          strikers, provided such occupation commenced during the aforesaid
          period.

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<PAGE>

     3.   As regards earthquake (the epicentre of which need not necessarily be
          within the territorial confines referred to in the introductory
          portion of this paragraph) and fire following directly occasioned by
          the earthquake, only those individual fire losses which commence
          during the period of 168 consecutive hours may be included in the
          Company's "loss occurrence."

     4.   As regards "freeze," only individual losses directly occasioned by
          collapse, breakage of glass and water damage (caused by bursting
          frozen pipes and tanks) may be included in the Company's "loss
          occurrence."

     5.   As regards firestorms, brush fires, and any other fires or series of
          fires, irrespective of origin (except as provided in subparagraphs 2
          and 3 above), which spread through trees, grassland or other
          vegetation, all individual losses sustained by the Company which occur
          during any period of 168 consecutive hours within a 100-mile radius of
          any fixed point selected by the Company may be included in the
          Company's "loss occurrence." However, an individual loss subject to
          this subparagraph cannot be included in more than one "loss
          occurrence."

B.   For all those "loss occurrences," other than those referred to in
     subparagraph 2 of paragraph A above, the Company may choose the date and
     time when any such period of consecutive hours commences, provided that it
     is not earlier than the date and time of the occurrence of the first
     recorded individual loss sustained by the Company arising out of that
     disaster, accident or loss, and provided that only one such period of 168
     consecutive hours shall apply with respect to one event, except for any
     "loss occurrence" referred to in subparagraph 1 of paragraph A above where
     only one such period of 72 consecutive hours shall apply with respect to
     one event, regardless of the duration of the event.

C.   As respects those "loss occurrences" referred to in subparagraph 2 of
     paragraph A above, if the disaster, accident or loss occasioned by the
     event is of greater duration than 72 consecutive hours, then the Company
     may divide that disaster, accident or loss into two or more "loss
     occurrences," provided no two periods overlap and no individual loss is
     included in more than one such period and provided that no period commences
     earlier than the date and time of the occurrence of the first recorded
     individual loss sustained by the Company arising out of that disaster,
     accident or loss.

D.   No individual losses occasioned by an event that would be covered by 72
     hours clauses may be included in any "loss occurrence" claimed under the
     168 hours provision.

ARTICLE IX - LOSS NOTICES AND SETTLEMENTS

A.   Whenever losses sustained by the Company appear likely to result in a claim
     hereunder, the Company shall notify the Reinsurer, and the Reinsurer shall
     have the right to participate in the adjustment of such losses at its own
     expense.

B.   All loss settlements made by the Company, provided they are within the
     terms of this Contract, shall be binding upon the Reinsurer, and the
     Reinsurer agrees to pay all amounts for which it may be liable upon receipt
     of reasonable evidence of the amount paid (or scheduled to be paid) by the
     Company.

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<PAGE>

ARTICLE X - SALVAGE AND SUBROGATION

The Reinsurer shall be credited with salvage (i.e., reimbursement obtained or
recovery made by the Company, less the actual cost, excluding salaries of
officials and employees of the Company and sums paid to attorneys as retainer,
of obtaining such reimbursement or making such recovery) on account of claims
and settlements involving reinsurance hereunder. Salvage thereon shall always be
used to reimburse the excess carriers in the reverse order of their priority
according to their participation before being used in any way to reimburse the
Company for its primary loss. The Company hereby agrees to enforce its rights to
salvage or subrogation relating to any loss, a part of which loss was sustained
by the Reinsurer, and to prosecute all claims arising out of such rights.

ARTICLE XI - FLORIDA HURRICANE CATASTROPHE FUND

A.   Any loss reimbursement paid or payable to the Company under the Florida
     Hurricane Catastrophe Fund (FHCF) as a result of loss occurrences
     commencing during the term of this Contract shall inure to the benefit of
     this Contract.

B.   Prior to the determination of the Company's FHCF retention and payout, if
     any, under the reimbursement contract between the Company and the State
     Board of Administration of the State of Florida, the Reinsurer's liability
     hereunder will be determined provisionally based on the projected payout,
     determined in accordance with the provisions of the reimbursement contract.
     Following determination of the payout under the reimbursement contract, the
     ultimate net loss under this Contract will be recalculated. If, as a result
     of such calculation, the loss to the Reinsurer under any excess layer of
     this Contract in any one loss occurrence is less than the amount previously
     paid by the Reinsurer under that excess layer, the Company shall promptly
     remit the difference to the Reinsurer. If the loss to the Reinsurer under
     any excess layer in any one loss occurrence is greater than the amount
     previously paid by the Reinsurer, the Reinsurer shall promptly remit the
     difference to the Company.

C.   If an FHCF reimbursement amount is based on the Company's losses in more
     than one loss occurrence commencing during the term of this Contract, the
     total FHCF reimbursement received by the Company shall be allocated to
     individual loss occurrences in chronological order of the dates such loss
     occurrences commence, beginning with the first such loss occurrence
     commencing during the term of this Contract, provided that:

     1.   The portion of the total FHCF reimbursement amount to be allocated by
          the Company to any individual loss occurrence shall be equal to the
          lesser of: (a) the amount of FHCF reimbursement to which the Company
          would be entitled for that loss occurrence alone, or (b) the remaining
          FHCF reimbursement which has not been allocated by the Company to
          prior loss occurrences; and

     2.   The total amount allocated by the Company to all such loss occurrences
          shall be equal to the total FHCF reimbursement received by the Company
          for such loss occurrences.

D.   Any reimbursement premiums or emergency assessment paid by the Company
     under the FHCF shall be deemed to be premiums paid for inuring reinsurance.

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<PAGE>

ARTICLE XII - REINSURANCE PREMIUM

A.   As premium for each excess layer of reinsurance coverage provided by this
     Contract, the Company shall pay the Reinsurer the greater of the following:

     1.   The amount, shown as "Minimum Premium" for that excess layer in
          Schedule A attached hereto (in the event this Contract is terminated
          prior to May 31, 2006, no minimum premium shall apply); or

     2.   The sum of the following:

          a.   The percentage, shown as "Condominium, Dwelling and Homeowners
               Premium Rate" for that excess layer in Schedule A attached
               hereto, of the Company's gross earned premium for Condominium,
               Dwelling and Homeowners business during the term of this
               Contract; and

          b.   The percentage, shown as "Manufactured Homeowners Premium Rate"
               for that excess layer in Schedule A attached hereto, of the
               Company's gross earned premium for Manufactured Homeowners
               business during the term of this Contract.

B.   The Company shall pay the Reinsurer a deposit premium for each excess layer
     of the amount, shown as "Deposit Premium" for that excess layer in Schedule
     A attached hereto, in four equal installments of the amount, shown as
     "Quarterly Deposit Premium" for that excess layer in Schedule A attached
     hereto, on June 1, September 1 and December 1 of 2005 and March 1, 2006.
     However, if this Contract is terminated prior to May 31, 2006, no deposit
     premium installments shall be due from the Company after the effective date
     of termination.

C.   Within 45 days after the termination or expiration of this Contract, the
     Company shall provide a report to the Reinsurer setting forth the premium
     due hereunder for each excess layer, computed in accordance with paragraph
     A, and any additional premium due the Reinsurer or return premium due the
     Company for each such excess layer shall be remitted promptly.

D.   "Gross earned premium" as used herein is defined as earned premium of the
     Company for the classes of business reinsured hereunder, before the
     deduction of any premiums ceded by the Company for reinsurance which inures
     to the benefit of this Contract. Gross earned premium will not include the
     Company's earned premium for Homeowners, Manufactured Homeowners, Dwelling
     and Condominium policies that include a "No Wind/No Water" exclusion. It is
     understood that gross earned premium shall include catastrophe fees, but
     shall exclude MGA fees, Department of Revenue Special Tax (DRST) fees and
     policy surcharges to recoup residual market deficit assessments.

ARTICLE XIII - LATE PAYMENTS

A.   The provisions of this Article shall not be implemented unless specifically
     invoked, in writing, by one of the parties to this Contract.

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<PAGE>

B.   In the event any premium, loss or other payment due either party is not
     received by the intermediary named in Article XXX (hereinafter referred to
     as the "Intermediary") by the payment due date, the party to whom payment
     is due, may, by notifying the Intermediary in writing, require the debtor
     party to pay, and the debtor party agrees to pay, an interest penalty on
     the amount past due calculated for each such payment on the last business
     day of each month as follows:

     1.   The number of full days which have expired since the due date or the
          last monthly calculation, whichever the lesser; times

     2.   1/365ths of the six-month United States Treasury Bill rate, as quoted
          in The Wall Street Journal on the first business day of the month for
          which the calculation is made; times

     3.   The amount past due, including accrued interest.

     It is agreed that interest shall accumulate until payment of the original
     amount due plus interest penalties have been received by the Intermediary.

C.   The establishment of the due date shall, for purposes of this Article, be
     determined as follows:

     1.   As respects the payment of routine deposits and premiums due the
          Reinsurer, the due date shall be as provided for in the applicable
          section of this Contract. In the event a due date is not specifically
          stated for a given payment, it shall be deemed due 30 days after the
          date of transmittal by the Intermediary of the initial billing for
          each such payment.

     2.   Any claim or loss payment due the Company hereunder shall be deemed
          due 10 business days after the proof of loss or demand for payment is
          transmitted to the Reinsurer. If such loss or claim payment is not
          received within the 10 days, interest will accrue on the payment or
          amount overdue in accordance with paragraph B above, from the date the
          proof of loss or demand for payment in accordance with Article IX, was
          transmitted to the Reinsurer.

     3.   As respects any payment, adjustment or return due either party not
          otherwise provided for in subparagraphs 1 and 2 of paragraph C above,
          the due date shall be as provided for in the applicable section of
          this Contract. In the event a due date is not specifically stated for
          a given payment, it shall be deemed due 10 business days following
          transmittal of written notification that the provisions of this
          Article have been invoked.

     For purposes of interest calculations only, amounts due hereunder shall be
     deemed paid upon receipt by the Intermediary.

D.   Nothing herein shall be construed as limiting or prohibiting a Subscribing
     Reinsurer from contesting the validity of any claim, or from participating
     in the defense of any claim or suit, or prohibiting either party from
     contesting the validity of any payment or from initiating any arbitration
     or other proceeding in accordance with the provisions of this Contract. If
     the debtor party prevails in an arbitration or other proceeding, then any
     interest penalties due

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<PAGE>

     hereunder on the amount in dispute shall be null and void. If the debtor
     party loses in such proceeding, then the interest penalty on the amount
     determined to be due hereunder shall be calculated in accordance with the
     provisions set forth above unless otherwise determined by such proceedings.
     If a debtor party advances payment of any amount it is contesting, and
     proves to be correct in its contestation, either in whole or in part, the
     other party shall reimburse the debtor party for any such excess payment
     made plus interest on the excess amount calculated in accordance with this
     Article.

E.   Interest penalties arising out of the application of this Article that are
     $100 or less from any party shall be waived unless there is a pattern of
     late payments consisting of three or more items over the course of any
     12-month period.

ARTICLE XIV - OFFSET (BRMA 36D)

The Company and the Reinsurer, each at its option, may offset any balance or
balances, whether on account of premiums, claims and losses, loss expenses or
salvages due from one party to the other under this Contract; provided, however,
that in the event of the insolvency of a party hereto, offsets shall only be
allowed in accordance with applicable statutes and regulations.

ARTICLE XV - ACCESS TO RECORDS (BRMA 1D)

The Reinsurer or its designated representatives shall have access at any
reasonable time to all records of the Company which pertain in any way to this
reinsurance.

ARTICLE XVI - LIABILITY OF THE REINSURER

A.   The liability of the Reinsurer shall follow that of the Company in every
     case and be subject in all respects to all the general and specific
     stipulations, clauses, waivers and modifications of the Company's policies
     and any endorsements thereon. However, in no event shall this be construed
     in any way to provide coverage outside the terms and conditions set forth
     in this Contract.

B.   Nothing herein shall in any manner create any obligations or establish any
     rights against the Reinsurer in favor of any third party or any persons not
     parties to this Contract.

ARTICLE XVII - NET RETAINED LINES (BRMA 32B)

A.   This Contract applies only to that portion of any policy which the Company
     retains net for its own account, and in calculating the amount of any loss
     hereunder and also in computing the amount or amounts in excess of which
     this Contract attaches, only loss or losses in respect of that portion of
     any policy which the Company retains net for its own account shall be
     included.

B.   The amount of the Reinsurer's liability hereunder in respect of any loss or
     losses shall not be increased by reason of the inability of the Company to
     collect from any other reinsurer(s), whether specific or general, any
     amounts which may have become due from

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<PAGE>

     such reinsurer(s), whether such inability arises from the insolvency of
     such other reinsurer(s) or otherwise.

ARTICLE XVIII - ERRORS AND OMISSIONS (BRMA 14F)

Inadvertent delays, errors or omissions made in connection with this Contract or
any transaction hereunder shall not relieve either party from any liability
which would have attached had such delay, error or omission not occurred,
provided always that such error or omission is rectified as soon as possible
after discovery.

ARTICLE XIX - CURRENCY (BRMA 12A)

A.   Whenever the word "Dollars" or the "$" sign appears in this Contract, they
     shall be construed to mean United States Dollars and all transactions under
     this Contract shall be in United States Dollars.

B.   Amounts paid or received by the Company in any other currency shall be
     converted to United States Dollars at the rate of exchange at the date such
     transaction is entered on the books of the Company.

ARTICLE XX - TAXES (BRMA 50B)

In consideration of the terms under which this Contract is issued, the Company
will not claim a deduction in respect of the premium hereon when making tax
returns, other than income or profits tax returns, to any state or territory of
the United States of America or the District of Columbia.

ARTICLE XXI - FEDERAL EXCISE TAX

A.   The Reinsurer has agreed to allow for the purpose of paying the Federal
     Excise Tax the applicable percentage of the premium payable hereon as
     imposed under Section 4371 of the Internal Revenue Code to the extent such
     premium is subject to the Federal Excise Tax.

B.   In the event of any return of premium becoming due hereunder the Reinsurer
     will deduct the applicable percentage from the return premium payable
     hereon and the Company or its agent should take steps to recover the tax
     from the United States Government.

ARTICLE XXII - RESERVES

A.   The Reinsurer agrees to fund, within 30 days of the Company's request,
     subject to receipt of satisfactory information from the Company, its share
     of the Company's ceded outstanding loss and loss adjustment expense
     reserves (including incurred but not reported loss reserves for known loss
     occurrences established by the Company) by:

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<PAGE>

     1.   Clean, irrevocable and unconditional letters of credit issued and
          confirmed, if confirmation is required by the insurance regulatory
          authorities involved, by a bank or banks meeting the NAIC Securities
          Valuation Office credit standards for issuers of letters of credit and
          acceptable to said insurance regulatory authorities; and/or

     2.   Escrow accounts for the benefit of the Company; and/or

     3.   Cash advances;

     if the Reinsurer is unauthorized in any state of the United States of
     America or the District of Columbia having jurisdiction over the Company
     and if, without such funding, a penalty would accrue to the Company on any
     financial statement, including but not limited to quarterly filings, it is
     required to file with the insurance regulatory authorities involved.

     The Reinsurer, at its sole option, may fund in other than cash if its
     method of funding is acceptable to the Company and to the insurance
     regulatory authorities involved.

     For the purpose of this Contract, the Lloyd's U.S. Credit for Reinsurance
     Trust Fund shall be considered an acceptable funding instrument.

B.   With regard to funding in whole or in part by letters of credit, it is
     agreed that each letter of credit will be in a form acceptable to insurance
     regulatory authorities involved, will be issued for a term of at least one
     year and will include an "evergreen clause," which automatically extends
     the term for at least one additional year at each expiration date unless
     written notice of non-renewal is given to the Company not less than 30 days
     prior to said expiration date or longer where required by insurance
     regulatory authorities. The Company and the Reinsurer further agree,
     notwithstanding anything to the contrary in this Contract, that said
     letters of credit may be drawn upon by the Company or its successors in
     interest at any time, without diminution because of the insolvency of the
     Company or the Reinsurer, but only for one or more of the following
     purposes:

     1.   To reimburse itself for the Reinsurer's share of losses and/or loss
          adjustment expense paid under the terms of policies reinsured
          hereunder, unless paid in cash by the Reinsurer;

     2.   To reimburse itself for the Reinsurer's share of any other amounts
          claimed to be due hereunder, unless paid in cash by the Reinsurer;

     3.   To fund a cash account in an amount equal to the Reinsurer's share of
          ceded outstanding loss and loss adjustment expense reserves (including
          incurred but not reported loss reserves for known loss occurrences
          established by the Company) funded by means of a letter of credit
          which is under non-renewal notice, if said letter of credit has not
          been renewed or replaced by the Reinsurer 10 days prior to its
          expiration date;

     4.   To refund to the Reinsurer any sum in excess of the actual amount
          required to fund the Reinsurer's share of the Company's ceded
          outstanding loss and loss adjustment expense reserves (including
          incurred but not reported loss reserves for known loss occurrences
          established by the Company), if so requested by the Reinsurer.

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<PAGE>

     In the event the amount drawn by the Company on any letter of credit is in
     excess of the actual amount required for B(1) or B(3), or in the case of
     B(2), the actual amount determined to be due, the Company shall promptly
     return to the Reinsurer the excess amount so drawn.

ARTICLE XXIII - INSOLVENCY

A.   In the event of the insolvency of one or more of the reinsured companies,
     this reinsurance shall be payable directly to the company or to its
     liquidator, receiver, conservator or statutory successor on the basis of
     the liability of the company without diminution because of the insolvency
     of the company or because the liquidator, receiver, conservator or
     statutory successor of the company 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 company shall give written notice
     to the Reinsurer of the pendency of a claim against the company indicating
     the policy or bond reinsured which claim would involve a possible liability
     on the part of the Reinsurer within a reasonable time after such claim is
     filed in the conservation or liquidation proceeding or in the receivership,
     and that during the pendency of such claim, the Reinsurer 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 company or its liquidator, receiver, conservator or
     statutory successor. The expense thus incurred by the Reinsurer shall be
     chargeable, subject to the approval of the Court, against the company 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 company solely as a
     result of the defense undertaken by the Reinsurer.

B.   Where two or more reinsurers are involved in the same claim and a majority
     in interest elect to interpose defense to such claim, the expense shall be
     apportioned in accordance with the terms of this Contract as though such
     expense had been incurred by the company.

C.   It is further understood and agreed that, in the event of the insolvency of
     one or more of the reinsured companies, the reinsurance under this Contract
     shall be payable directly by the Reinsurer to the company or to its
     liquidator, receiver or statutory successor, except as provided by Section
     4118(a) of the New York Insurance Law or except (1) where this Contract
     specifically provides another payee of such reinsurance in the event of the
     insolvency of the company or (2) where the Reinsurer with the consent of
     the direct insured or insureds has assumed such policy obligations of the
     company as direct obligations of the Reinsurer to the payees under such
     policies and in substitution for the obligations of the company to such
     payees.

ARTICLE XXIV - ARBITRATION

A.   As a condition precedent to any right of action hereunder, any dispute or
     difference between the Company and any Reinsurer relating to the
     interpretation or performance of this Contract, including its formation or
     validity, or any transaction under this Contract, whether arising before or
     after termination, shall be submitted to arbitration.

B.   If more than one reinsurer is involved in the same dispute, all such
     reinsurers shall constitute and act as one party for purposes of this
     Article provided that communication shall be made by the Company to each of
     the reinsurers constituting the one party, and

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<PAGE>

     provided, however, that nothing therein shall impair the rights of such
     reinsurers to assert several, rather than joint, defenses or claims, nor be
     construed as changing the liability of the Reinsurer under the terms of
     this Contract from several to joint.

C.   Upon written request of any party, each party shall choose an arbitrator
     and the two chosen shall select a third arbitrator. If either party refuses
     or neglects to appoint an arbitrator within 30 days after receipt of the
     written request for arbitration, the requesting party may appoint a second
     arbitrator. If the two arbitrators fail to agree on the selection of a
     third arbitrator within 30 days of their appointment, the Company shall
     petition the American Arbitration Association to appoint the third
     arbitrator. If the American Arbitration Association fails to appoint the
     third arbitrator within 30 days after it has been requested to do so,
     either party may request a justice of a court of general jurisdiction of
     the state in which the arbitration is to be held to appoint the third
     arbitrator. All arbitrators shall be active or retired officers of
     insurance or reinsurance companies, or Lloyd's London Underwriters, and
     disinterested in the outcome of the arbitration. Each party shall submit
     its case to the arbitrators within 30 days of the appointment of the third
     arbitrator.

D.   The parties hereby waive all objections to the method of selection of the
     arbitrators, it being the intention of both sides that all the arbitrators
     be chosen from those submitted by the parties.

E.   The arbitrators shall have the power to determine all procedural rules for
     the holding of the arbitration including but not limited to inspection of
     documents, examination of witnesses and any other matter relating to the
     conduct of the arbitration. The arbitrators shall interpret this Contract
     as an honorable engagement and not as merely a legal obligation; they are
     relieved of all judicial formalities and may abstain from following the
     strict rules of law. The arbitrators may award interest and costs. Each
     party shall bear the expense of its own arbitrator and shall share equally
     with the other party the expenses of the third arbitrator and of the
     arbitration.

F.   The decision in writing of the majority of the arbitrators shall be final
     and binding upon both parties. Judgment may be entered upon the final
     decision of the arbitrators in any court having jurisdiction. The
     arbitration shall take place in Pinellas Park, Florida, unless otherwise
     mutually agreed between the Company and the Reinsurer.

G.   This Article shall remain in full force and effect in the event any other
     provision of this Contract shall be found invalid or non-binding.

H.   All time limitations stated in this Article may be amended by mutual
     consent of the parties, and will be amended automatically to the extent
     made necessary by any circumstances beyond the control of the parties.

ARTICLE XXV - SERVICE OF SUIT

(Applicable if the Reinsurer is not domiciled in the United States of America,
and/or is not authorized in any State, Territory or District of the United
States where authorization is required by insurance regulatory authorities. This
Article is not intended to conflict with or override the parties obligations to
arbitrate their disputes in accordance with Article XXIV.)

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<PAGE>

A.   It is agreed that in the event the Reinsurer fails to pay any amount
     claimed to be due hereunder, the Reinsurer, at the request of the Company,
     will submit to the jurisdiction of a court of competent jurisdiction within
     the United States. Nothing in this Article constitutes or should be
     understood to constitute a waiver of the Reinsurer's rights to commence an
     action in any court of competent jurisdiction in the United States, to
     remove an action to a United States District Court, or to seek a transfer
     of a case to another court as permitted by the laws of the United States or
     of any state in the United States.

B.   Further, pursuant to any statute of any state, territory or district of the
     United States which makes provision therefor, the Reinsurer hereby
     designates the party named in its Interests and Liabilities Agreement, or
     if no party is named therein, the Superintendent, Commissioner or Director
     of Insurance or other officer specified for that purpose in the statute, or
     his successor or successors in office, as its 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 Company or any beneficiary hereunder
     arising out of this Contract.

ARTICLE XXVI - AGENCY AGREEMENT

If more than one reinsured company is named as a party to this Contract, the
first named company shall be deemed the agent of the other reinsured companies
for purposes of sending or receiving notices required by the terms and
conditions of this Contract, and for purposes of remitting or receiving any
monies due any party.

ARTICLE XXVII - GOVERNING LAW

This Contract shall be governed as to performance, administration and
interpretation by the laws of the State of Florida exclusive of the rules with
respect to conflicts of law, except as to rules with respect to credit for
reinsurance in which case the applicable rules of all the states shall apply.

ARTICLE XXVIII - CONFIDENTIALITY

The Reinsurer, except with the express prior written consent of the Company,
shall not directly or indirectly communicate, disclose or divulge to any third
party any knowledge or information that may be acquired either directly or
indirectly as a result of the inspection of the Company's books, records and
papers. The restrictions as outlined in this Article shall not apply to
communication or disclosures that the Reinsurer is required to make to its
statutory auditors, retrocessionaires, legal counsel, arbitrators involved in
any arbitration procedures under this Contract or disclosures required upon
subpoena or other duly-issued order of a court or other governmental agency or
regulatory authority.

ARTICLE XXIX - SEVERABILITY

If any provision of this Contract should be invalid under applicable laws, the
latter shall control but only to the extent of the conflict without affecting
the remaining provisions of this Contract.

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<PAGE>

ARTICLE XXX - INTERMEDIARY (BRMA 23A)

Benfield Inc. is hereby recognized as the Intermediary negotiating this Contract
for all business hereunder. All communications (including but not limited to
notices, statements, premium, return premium, commissions, taxes, losses, loss
adjustment expense, salvages and loss settlements) relating thereto shall be
transmitted to the Company or the Reinsurer through Benfield Inc. Payments by
the Company to the Intermediary shall be deemed to constitute payment to the
Reinsurer. Payments by the Reinsurer to the Intermediary shall be deemed to
constitute payment to the Company only to the extent that such payments are
actually received by the Company.

IN WITNESS WHEREOF, the Company by its duly authorized representative has
executed this Contract as of the date undermentioned at:

Pinellas Park, Florida, this 21st day of September in the year 2005.


                                        /s/ Bruce Meyer,
                                        ----------------------------------------
                                        Senior Vice President & Treasurer
                                        Liberty American Insurance Group, Inc.
                                        (for and on behalf of the "Company")

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<PAGE>

                                   SCHEDULE A

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                                    issued to

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

<TABLE>
<CAPTION>
                       FIRST        SECOND        THIRD         FOURTH         FIFTH          SIXTH
                      EXCESS        EXCESS        EXCESS        EXCESS        EXCESS         EXCESS
                    ----------   -----------   -----------   -----------   ------------   ------------
<S>                 <C>          <C>           <C>           <C>           <C>            <C>
Company's
   Retention        $3,500,000   $ 7,000,000   $20,000,000   $35,000,000   $ 60,000,000   $120,000,000
Reinsurer's
   Per Occurrence
   Limit            $3,500,000   $13,000,000   $15,000,000   $25,000,000   $ 60,000,000   $ 65,000,000
Reinsurer's
   Term Limit       $7,000,000   $26,000,000   $30,000,000   $50,000,000   $120,000,000   $130,000,000
Minimum
   Premium          $1,260,000   $ 3,640,000   $ 2,940,000   $ 2,400,000   $  4,320,000   $  3,640,000
Condominium,
   Dwelling and
   Homeowners
   Premium Rate          1.855%        5.358%        4.327%        3.532%         6.358%         5.358%
Manufactured
   Homeowners
   Premium Rate          3.644%       10.526%        8.502%        6.940%        12.492%        10.526%
Deposit
   Premium          $1,575,000   $ 4,550,000   $ 3,675,000   $ 3,000,000   $  5,400,000   $  4,550,000
Quarterly
   Deposit
   Premium          $  393,750   $ 1,137,500   $   918,750   $   750,000   $  1,350,000   $  1,137,500
</TABLE>

The figures listed above for each excess layer shall apply to each Subscribing
Reinsurer in the percentage share for that excess layer as expressed in its
Interests and Liabilities Agreement attached hereto.

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<PAGE>

   NUCLEAR INCIDENT EXCLUSION CLAUSE - PHYSICAL DAMAGE - REINSURANCE (U.S.A.)

1.   This Reinsurance does not cover any loss or liability accruing to the
     Reassured, directly or indirectly and whether as Insurer or Reinsurer, from
     any Pool of Insurers or Reinsurers formed for the purpose of covering
     Atomic or Nuclear Energy risks.

2.   Without in any way restricting the operation of paragraph (1) of this
     Clause, this Reinsurance does not cover any loss or liability accruing to
     the Reassured, directly or indirectly and whether as Insurer or Reinsurer,
     from any insurance against Physical Damage (including business interruption
     or consequential loss arising out of such Physical Damage) to:

     I.   Nuclear reactor power plants including all auxiliary property on the
          site, or

     II.  Any other nuclear reactor installation, including laboratories
          handling radioactive materials in connection with reactor
          installations, and "critical facilities" as such, or

     III. Installations for fabricating complete fuel elements or for processing
          substantial quantities of "special nuclear material," and for
          reprocessing, salvaging, chemically separating, storing or disposing
          of "spent" nuclear fuel or waste materials, or

     IV.  Installations other than those listed in paragraph (2) III above using
          substantial quantities of radioactive isotopes or other products of
          nuclear fission.

3.   Without in any way restricting the operations of paragraphs (1) and (2)
     hereof, this Reinsurance does not cover any loss or liability by
     radioactive contamination accruing to the Reassured, directly or
     indirectly, and whether as Insurer or Reinsurer, from any insurance on
     property which is on the same site as a nuclear reactor power plant or
     other nuclear installation and which normally would be insured therewith
     except that this paragraph (3) shall not operate

     (a)  where Reassured does not have knowledge of such nuclear reactor power
          plant or nuclear installation, or

     (b)  where said insurance contains a provision excluding coverage for
          damage to property caused by or resulting from radioactive
          contamination, however caused. However on and after 1st January 1960
          this sub-paragraph (b) shall only apply provided the said radioactive
          contamination exclusion provision has been approved by the
          Governmental Authority having jurisdiction thereof.

4.   Without in any way restricting the operations of paragraphs (1), (2) and
     (3) hereof, this Reinsurance does not cover any loss or liability by
     radioactive contamination accruing to the Reassured, directly or
     indirectly, and whether as Insurer or Reinsurer, when such radioactive
     contamination is a named hazard specifically insured against.

5.   It is understood and agreed that this Clause shall not extend to risks
     using radioactive isotopes in any form where the nuclear exposure is not
     considered by the Reassured to be the primary hazard.

6.   The term "special nuclear material" shall have the meaning given it in the
     Atomic Energy Act of 1954 or by any law amendatory thereof.

7.   Reassured to be sole judge of what constitutes:

     (a)  substantial quantities, and

     (b)  the extent of installation, plant or site.

Note.-Without in any way restricting the operation of paragraph (1) hereof, it
is understood and agreed that

     (a)  all policies issued by the Reassured on or before 31st December 1957
          shall be free from the application of the other provisions of this
          Clause until expiry date or 31st December 1960 whichever first occurs
          whereupon all the provisions of this Clause shall apply.

     (b)  with respect to any risk located in Canada policies issued by the
          Reassured on or before 31st December 1958 shall be free from the
          application of the other provisions of this Clause until expiry date
          or 31st December 1960 whichever first occurs whereupon all the
          provisions of this Clause shall apply.

12/12/57
N.M.A. 1119
BRMA 35B

<PAGE>

               POOLS, ASSOCIATIONS AND SYNDICATES EXCLUSION CLAUSE

SECTION A:

Excluding:

     (a)  All business derived directly or indirectly from any Pool, Association
          or Syndicate which maintains its own reinsurance facilities.

     (b)  Any Pool or Scheme (whether voluntary or mandatory) formed after March
          1, 1968 for the purpose of insuring property whether on a country-wide
          basis or in respect of designated areas. This exclusion shall not
          apply to so-called Automobile Insurance Plans or other Pools formed to
          provide coverage for Automobile Physical Damage.

SECTION B:

It is agreed that business written by the Company for the same perils, which is
known at the time to be insured by, or in excess of underlying amounts placed in
the following Pools, Associations or Syndicates, whether by way of insurance or
reinsurance, is excluded hereunder:

     Industrial Risk Insurers,
     Associated Factory Mutuals,
     Improved Risk Mutuals,
     Any Pool, Association or Syndicate formed for the purpose of writing
          Oil, Gas or Petro-Chemical Plants and/or Oil or Gas Drilling Rigs,
     United States Aircraft Insurance Group,
     Canadian Aircraft Insurance Group,
     Associated Aviation Underwriters,
     American Aviation Underwriters.

Section B does not apply:

     (a)  Where The Total Insured Value over all interests of the risk in
          question is less than $250,000,000.

     (b)  To interests traditionally underwritten as Inland Marine or stock
          and/or contents written on a blanket basis.

     (c)  To Contingent Business Interruption, except when the Company is aware
          that the key location is known at the time to be insured in any Pool,
          Association or Syndicate named above, other than as provided for under
          Section B(a).

     (d)  To risks as follows:

          Offices, Hotels, Apartments, Hospitals, Educational Establishments,
          Public Utilities (other than railroad schedules) and builder's risks
          on the classes of risks specified in this subsection (d) only.

Where this clause attaches to Catastrophe Excesses, the following Section C is
added:

SECTION C:

Nevertheless the Reinsurer specifically agrees that liability accruing to the
Company from its participation in residual market mechanisms including but not
limited to:

     (1)  The following so-called "Coastal Pools":

          Alabama Insurance Underwriting Association
          Louisiana Insurance Underwriting Association
          Mississippi Windstorm Underwriting Association
          North Carolina Insurance Underwriting Association
          South Carolina Windstorm and Hail Underwriting Association
          Texas Windstorm Insurance Association

AND

     (2)  All "Fair Plan" and "Rural Risk Plan" business


Page 1 of 2

<PAGE>

AND

     (3)  Citizens Property Insurance Corporation ("CPIC") and the California
          Earthquake Authority ("CEA")

for all perils otherwise protected hereunder shall not be excluded, except,
however, that this reinsurance does not include any increase in such liability
resulting from:

     (i)  The inability of any other participant in such "Coastal Pool" and/or
          "Fair Plan" and/or "Rural Risk Plan" and/or Residual Market Mechanisms
          to meet its liability.

     (ii) Any claim against such "Coastal Pool" and/or "Fair Plan" and/or "Rural
          Risk Plan" and/or Residual Market Mechanisms, or any participant
          therein, including the Company, whether by way of subrogation or
          otherwise, brought by or on behalf of any insolvency fund (as defined
          in the Insolvency Fund Exclusion Clause incorporated in this
          Contract).

SECTION D:

     (1)  Notwithstanding Section C above, in respect of the CEA, where an
          assessment is made against the Company by the CEA, the Company may
          include in its Ultimate Net Loss only that assessment directly
          attributable to each separate loss occurrence covered hereunder. The
          Company's initial capital contribution to the CEA shall not be
          included in the Ultimate Net Loss.

     (2)  Notwithstanding Section C above, in respect of CPIC, where an
          assessment is made against the Company by CPIC, the maximum loss that
          the Company may include in the Ultimate Net Loss in respect of any
          loss occurrence hereunder shall not exceed the lesser of:

          (a)  The Company's assessment from CPIC for the accounting year in
               which the loss occurrence commenced, or

          (b)  The product of the following:

               (i)  The Company's percentage participation in CPIC for the
                    accounting year in which the loss occurrence commenced; and

               (ii) CPIC's total losses in such loss occurrence.

Any assessments for accounting years subsequent to that in which the loss
occurrence commenced may not be included in the Ultimate Net Loss hereunder.
Moreover, notwithstanding Section C above, in respect of CPIC, the Ultimate Net
Loss hereunder shall not include any monies expended to purchase or retire bonds
as a consequence of being a member of CPIC. For the purposes of this Contract,
the Company may not include in the Ultimate Net Loss any assessment or any
percentage assessment levied by CPIC to meet the obligations of an insolvent
insurer member or other party, or to meet any obligations arising from the
deferment by CPIC of the collection of monies.

NOTES: Wherever used herein the terms:

          "Company"    shall be understood to mean "Company," "Reinsured,"
                       "Reassured" or whatever other term is used in the
                       attached reinsurance document to designate the reinsured
                       company or companies.

          "Agreement"  shall be understood to mean "Agreement," "Contract,"
                       "Policy" or whatever other term is used to designate the
                       attached reinsurance document.

          "Reinsurers" shall be understood to mean "Reinsurers," "Underwriters"
                       or whatever other term is used in the attached
                       reinsurance document to designate the reinsurer or
                       reinsurers.


Page 2 of 2

<PAGE>

                     POLLUTION AND SEEPAGE EXCLUSION CLAUSE

This Contract excludes loss and/or damage and/or costs and/or expenses arising
from seepage and/or pollution and/or contamination, other than contamination
from smoke. Nevertheless, this exclusion does not preclude payment of the cost
of removing debris of property damaged by a loss otherwise covered hereunder,
subject always to a limit of 25% of the Company's property loss under the
applicable original policy.

BRMA 39A

<PAGE>

                          ELECTRONIC DATA ENDORSEMENT B

1.   ELECTRONIC DATA EXCLUSION

     Notwithstanding any provision to the contrary within the Contract or any
     endorsement thereto, it is understood and agreed as follows:-

     a)   This Contract does not insure loss, damage, destruction, distortion,
          erasure, corruption or alteration of ELECTRONIC DATA from any cause
          whatsoever (including but not limited to COMPUTER VIRUS) or loss of
          use, reduction in functionality, cost, expense of whatsoever nature
          resulting therefrom, regardless of any other cause or event
          contributing concurrently or in any other sequence to the loss.

          ELECTRONIC DATA means facts, concepts and information converted to a
          form useable for communications, interpretation or processing by
          electronic and electromechanical data processing or electronically
          controlled equipment and includes programs, software and other coded
          instructions for the processing and manipulation of data or the
          direction and manipulation of such equipment.

          COMPUTER VIRUS means a set of corrupting, harmful or otherwise
          unauthorized instructions or code including a set of maliciously
          introduced unauthorized instructions or code, programmatic or
          otherwise, that propagate themselves through a computer system or
          network of whatsoever nature. COMPUTER VIRUS includes but is not
          limited to "Trojan Horses," "worms" and "time or logic bombs."

     b)   However, in the event that a peril listed below results from any of
          the matters described in paragraph a) above, this Contract, subject to
          all its terms, conditions and exclusions, will cover physical damage
          occurring during the Contract period to property insured by this
          Contract directly caused by such listed peril.

          Listed Perils

          Fire
          Explosion

2.   ELECTRONIC DATA PROCESSING MEDIA VALUATION

     Notwithstanding any provision to the contrary within the Contract or any
     endorsement thereto, it is understood and agreed as follows:-

     Should electronic data processing media insured by this Contract suffer
     physical loss or damage insured by this Contract, then the basis of
     valuation shall be the cost of the blank media plus the costs of copying
     the ELECTRONIC DATA from back-up or from originals of a previous
     generation. These costs will not include research and engineering nor any
     costs of recreating, gathering or assembling such ELECTRONIC DATA. If the
     media is not repaired, replaced or restored the basis of valuation shall be
     the cost of the blank media. However this Contract does not insure any
     amount pertaining to the value of such ELECTRONIC DATA to the Assured or
     any other party, even if such ELECTRONIC DATA cannot be recreated, gathered
     or assembled.

N.M.A. 2915 (25.1.01)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                          American Re-Insurance Company
                             A Delaware Corporation
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

<TABLE>
<S>      <C>
    0%   of the First Excess Catastrophe Reinsurance
    0%   of the Second Excess Catastrophe Reinsurance
    0%   of the Third Excess Catastrophe Reinsurance
    0%   of the Fourth Excess Catastrophe Reinsurance
3.000%   of the Fifth Excess Catastrophe Reinsurance
2.000%   of the Sixth Excess Catastrophe Reinsurance
</TABLE>

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

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

Princeton, New Jersey, this 24th day of January in the year 2006.


                                        /s/ Matt Campion,
                                        ----------------------------------------
                                        Senior Treaty Underwriter-Property
                                        American Re-Insurance Company,
                                        A Delaware Corporation

                                                                          (LOGO)
<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                             Aspen Insurance Limited
                                Hamilton, Bermuda
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

<TABLE>
<S>             <C>       <C>
PW401859BBMD    25.000%   of the First Excess Catastrophe Reinsurance
PW326531EBMD    15.000%   of the Second Excess Catastrophe Reinsurance
PW326533ABMD    15.000%   of the Third Excess Catastrophe Reinsurance
PW342583EBMD    21.000%   of the Fourth Excess Catastrophe Reinsurance
                     0%   of the Fifth Excess Catastrophe Reinsurance
                     0%   of the Sixth Excess Catastrophe Reinsurance
</TABLE>

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

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

Hamilton, Bermuda, this 28th day of September in the year 2005.

(STAMP)


                                        /s/ Piers Vacher,
                                        ----------------------------------------
                                        Underwriter
                                        Aspen Insurance Limited

                                                                          (LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                             AXIS Specialty Limited
                                Pembroke, Bermuda
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

<TABLE>
<S>      <C>
    0%   of the First Excess Catastrophe Reinsurance
3.000%   of the Second Excess Catastrophe Reinsurance   012568.0105__
2.900%   of the Third Excess Catastrophe Reinsurance    012569.0105__
2.500%   of the Fourth Excess Catastrophe Reinsurance   012570.0105__
1.700%   of the Fifth Excess Catastrophe Reinsurance    012571.0105__
1.250%   of the Sixth Excess Catastrophe Reinsurance    012572.0105__
</TABLE>

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

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

Pembroke, Bermuda, this 11th day of October in the year 2005.


                                        /s/ Christian Dunleavy,
                                        ----------------------------------------
                                        Vice President
                                        AXIS Specialty Limited

                                                                          (LOGO)
<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT
                                       of
                         General Reinsurance Corporation
                              Wilmington, Delaware
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

<TABLE>
<S>       <C>
     0%   of the First Excess Catastrophe Reinsurance
     0%   of the Second Excess Catastrophe Reinsurance
 7.000%   of the Third Excess Catastrophe Reinsurance
10.000%   of the Fourth Excess Catastrophe Reinsurance
     0%   of the Fifth Excess Catastrophe Reinsurance
 2.700%   of the Sixth Excess Catastrophe Reinsurance
</TABLE>

subject to the following:

     I  - Schedule A is replaced by the attached Schedule A as respects the
          Subscribing Reinsurer only.

     II - Article XXX - Intermediary does not apply to the Subscribing
          Reinsurer.

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.


Page 1 - General Re I&L to Florida Only Excess Catastrophe Reinsurance Contract
Effective: June 1, 2005

<PAGE>

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

Stamford, Connecticut, this 5th day of January in the year 2006.


                                        /s/ Joan LaFrance,
                                        ----------------------------------------
                                        Vice President
                                        General Reinsurance Corporation

IN WITNESS WHEREOF, the Company by its duly authorized representative has
executed this Agreement as of the date undermentioned at:

Pinellas Park, Florida, this 12th day of January in the year 2006.


                                        /s/ Bruce Meyer,
                                        ----------------------------------------
                                        President and CEO
                                        Liberty American Insurance Group Inc.
                                        (for and on behalf of the "Company")


Page 2 - General Re I&L to Florida Only Excess Catastrophe Reinsurance Contract
Effective: June 1, 2005

<PAGE>

                                   SCHEDULE A

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                                    issued to

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

<TABLE>
<CAPTION>
                         THIRD              FOURTH               SIXTH
                         EXCESS             EXCESS               EXCESS
                    ----------------   -----------------   -----------------
<S>                 <C>                <C>                 <C>
Company's               7.000% of          10.000% of          2.700% of
   Retention          $20,000,000         $35,000,000         $120,000,000

Reinsurer's            $7.000% of         10.000% of           2.700% of
   Per Occurrence     $15,000,000         $25,000,000         $65,000,000
   Limit

Reinsurer's             7.000% of          10.000% of          $2.700% of
   Term Limit         $30,000,000         $50,000,000         $130,000,000

Minimum                 $196,000            $228,000            $93,600
   Premium

Condominium         7.000% of 4.111%   10.000% of 3.355%    2.700% of 5.090%
   Dwelling and
   Homeowners
   Premium Rate

Manufactured        7.000% of 8.077%   10.000% of 6.593%   2.700% of 10.000%
   Homeowners
   Premium Rate

Deposit                 $245,000            $285,000            $117,000
   Premium

Quarterly                $61,250            $71,250             $29,250
   Deposit
   Premium
</TABLE>


Page 3 - General Re I&L to Florida Only Excess Catastrophe Reinsurance Contract
Effective: June 1, 2005

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT
                                       of
                           Hannover Re (Bermuda), Ltd.
                                Hamilton, Bermuda
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above: Refs:

<TABLE>
<S>       <C>
     0%   of the First Excess Catastrophe Reinsurance
     0%   of the Second Excess Catastrophe Reinsurance
     0%   of the Third Excess Catastrophe Reinsurance
 2.500%   of the Fourth Excess Catastrophe Reinsurance   UZ347 320405
 8.000%   of the Fifth Excess Catastrophe Reinsurance    UZ347 __0505
15.000%   of the Sixth Excess Catastrophe Reinsurance    UZ347 __0605
</TABLE>

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

In any action, suit or proceeding to enforce the Subscribing Reinsurer's
obligations under the attached Contract, service of process may be made upon
Mendes & Mount, 750 Seventh Avenue, New York, New York 10019.

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

Hamilton, Bermuda, this 11th day of October in the year 2005.

(STAMP)


/s/ Dionne Burrows,                     /s/ Joerg Schuenemann,
-------------------------------------   ----------------------------------------
Assistant Underwriter;                  Underwriter
Hannover Re (Bermuda), Ltd.             Hannover Re (Bermuda), Ltd.

                                                                          (LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                         Montpelier Reinsurance Limited
                                Hamilton, Bermuda
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

<TABLE>
<S>      <C>
    0%   of the First Excess Catastrophe Reinsurance
4.800%   of the Second Excess Catastrophe Reinsurance
4.075%   of the Third Excess Catastrophe Reinsurance
5.000%   of the Fourth Excess Catastrophe Reinsurance
3.750%   of the Fifth Excess Catastrophe Reinsurance
4.000%   of the Sixth Excess Catastrophe Reinsurance
</TABLE>

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

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

Hamilton, Bermuda, this 18th day of October in the year 2005.


                                        /s/ Barry Locke,
                                        ----------------------------------------
                                        Vice President-Contracts Administrator
                                        Montpelier Reinsurance Limited

                                                                          (LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                     Platinum Underwriters Reinsurance, Inc.
                               Baltimore, Maryland
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

<TABLE>
<S>      <C>
    0%   of the First Excess Catastrophe Reinsurance
3.000%   of the Second Excess Catastrophe Reinsurance
2.850%   of the Third Excess Catastrophe Reinsurance
5.000%   of the Fourth Excess Catastrophe Reinsurance
3.750%   of the Fifth Excess Catastrophe Reinsurance
     0   of the Sixth Excess Catastrophe Reinsurance
</TABLE>

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

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

New York, New York, this 27th day of September in the year 2005.


                                        /s/ Andrew Hegel,
                                        ----------------------------------------
                                        Assistant Vice President
                                        Platinum Underwriters Reinsurance, Inc.

                                        (STAMP)

                                                                          (LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                            PXRE Reinsurance Limited
                                Hamilton, Bermuda
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

<TABLE>
<S>      <C>
    0%   of the First Excess Catastrophe Reinsurance    REFERENCES
2.400%   of the Second Excess Catastrophe Reinsurance   2005-1998
1.700%   of the Third Excess Catastrophe Reinsurance    2005-1999
3.000%   of the Fourth Excess Catastrophe Reinsurance   2005-2000
2.150%   of the Fifth Excess Catastrophe Reinsurance    2005-2001
1.500%   of the Sixth Excess Catastrophe Reinsurance    2005-2002
</TABLE>

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

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

Hamilton, Bermuda, this 27th day of September in the year 2005.


                                        /s/ Eugene Sverchek,
                                        ----------------------------------------
                                        Senior Vice President-North American
                                        Treaty
                                        PXRE Reinsurance Limited

                                                                          (LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                          Rosemont Reinsurance Limited
                                Hamilton, Bermuda
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

<TABLE>
<S>      <C>
2.000%   of the First Excess Catastrophe Reinsurance
1.800%   of the Second Excess Catastrophe Reinsurance
1.100%   of the Third Excess Catastrophe Reinsurance
2.000%   of the Fourth Excess Catastrophe Reinsurance
2.150%   of the Fifth Excess Catastrophe Reinsurance
1.500%   of the Sixth Excess Catastrophe Reinsurance
</TABLE>

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

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

Hamilton, Bermuda, this 28th day of September in the year 2005.


                                        /s/ Steve Velotti,
                                        ----------------------------------------
                                        Senior U.S. Property Underwriter
                                        Rosemont Reinsurance Limited

                                                                          (LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                      Swiss Reinsurance America Corporation
                                Armonk, New York
                                     through

                       Swiss Re Underwriters Agency, Inc.
                              Calabasas, California
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

<TABLE>
<S>       <C>
     0%   of the First Excess Catastrophe Reinsurance
     0%   of the Second Excess Catastrophe Reinsurance
     0%   of the Third Excess Catastrophe Reinsurance
     0%   of the Fourth Excess Catastrophe Reinsurance
10.000%   of the Fifth Excess Catastrophe Reinsurance
10.000%   of the Sixth Excess Catastrophe Reinsurance
</TABLE>

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

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

Calabasas, California, this 28th day of December in the year 2005.


                                        /s/ Dan McElvany,
                                        ----------------------------------------
                                        Vice President
                                        Swiss Re Underwriters Agency, Inc.
                                        (for Swiss Reinsurance America
                                        Corporation)

                                                                          (LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                        Transatlantic Reinsurance Company
                               New York, New York
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

<TABLE>
<S>       <C>
     0%   of the First Excess Catastrophe Reinsurance
     0%   of the Second Excess Catastrophe Reinsurance
     0%   of the Third Excess Catastrophe Reinsurance
     0%   of the Fourth Excess Catastrophe Reinsurance
 4.750%   of the Fifth Excess Catastrophe Reinsurance
13.500%   of the Sixth Excess Catastrophe Reinsurance
</TABLE>

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

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

New York, New York, this 13th day of February in the year 2006.


                                        /s/ Bill Orendorf,
                                        ----------------------------------------
                                        Underwriting Assistant
                                        Transatlantic Reinsurance Company

                                                                          (LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                                    XL Re Ltd
                                Hamilton, Bermuda
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

<TABLE>
<S>      <C>
    0%   of the First Excess Catastrophe Reinsurance
    0%   of the Second Excess Catastrophe Reinsurance
    0%   of the Third Excess Catastrophe Reinsurance
8.000%   of the Fourth Excess Catastrophe Reinsurance
4.750%   of the Fifth Excess Catastrophe Reinsurance
2.250%   of the Sixth Excess Catastrophe Reinsurance
</TABLE>

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

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

Hamilton, Bermuda, this 28th day of December in the year 2005.


                                        /s/ Gino Smith,
                                        ----------------------------------------
                                        Assistant Vice President
                                        XL Re Ltd

                                                                          (LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                           Partner Reinsurance Company
                            Pembroke Parish, Bermuda
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

<TABLE>
<S>       <C>
     0%   of the First Excess Catastrophe Reinsurance
 3.750%   of the Second Excess Catastrophe Reinsurance   T309859
 7.000%   of the Third Excess Catastrophe Reinsurance    T309860
10.000%   of the Fourth Excess Catastrophe Reinsurance   T309861
 9.000%   of the Fifth Excess Catastrophe Reinsurance    T309862
 9.500%   of the Sixth Excess Catastrophe Reinsurance    T309864
</TABLE>

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

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

Pembroke Parish, Bermuda, this 16th day of January in the year 2006.


                                        /s/ Brian Secrett,
                                        ----------------------------------------
                                        Senior Vice President-Reinsurance
                                        Operations-Bermuda
                                        Partner Reinsurance Company

                                                                          (LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                    Munchener Ruckversicherungs-Gesellschaft
                                 Munich, Germany
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

<TABLE>
<S>      <C>
    0%   of the First Excess Catastrophe Reinsurance
    0%   of the Second Excess Catastrophe Reinsurance
    0%   of the Third Excess Catastrophe Reinsurance
    0%   of the Fourth Excess Catastrophe Reinsurance
4.500%   of the Fifth Excess Catastrophe Reinsurance
4.500%   of the Sixth Excess Catastrophe Reinsurance
</TABLE>

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

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

Munich, Germany, this 16th day of January in the year 2006.

(STAMP)


/s/ Judith Riehm,                      /s/ Christine Kaaz,
------------------------------------   --------------------------------------
Property Treaty Underwriter, CUGC;     Property Treaty Assistant Underwriter,
Munchener                              CUGC
Ruckversicherungs-Gesellschaft         Munchener
                                       Ruckversicherungs-Gesellschaft

                                                                          (LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                        Ascot Underwriting Syndicate 1414
                                 London, England
                                     through

                        Ascot Insurance Services Limited
                                 London, England
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

<TABLE>
<S>       <C>
 5.000%   of the First Excess Catastrophe Reinsurance
 3.750%   of the Second Excess Catastrophe Reinsurance
 7.000%   of the Third Excess Catastrophe Reinsurance
10.000%   of the Fourth Excess Catastrophe Reinsurance
 6.750%   of the Fifth Excess Catastrophe Reinsurance
 6.750%   of the Sixth Excess Catastrophe Reinsurance
</TABLE>

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

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

London, England, this 28th day of February in the year 2006.


                                        /s/ Amanda Jeffrey,
                                        ----------------------------------------
                                        Treaty Reinsurance Assistant Underwriter
                                        Ascot Insurance Services Limited
                                        (for and on behalf of Ascot Underwriting
                                        Syndicate 1414)

                                                                          (LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                                     AXA RE
                                  Paris, France
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

<TABLE>
<S>       <C>
     0%   of the First Excess Catastrophe Reinsurance
 6.000%   of the Second Excess Catastrophe Reinsurance
 5.700%   of the Third Excess Catastrophe Reinsurance
10.000%   of the Fourth Excess Catastrophe Reinsurance
 9.500%   of the Fifth Excess Catastrophe Reinsurance
 6.500%   of the Sixth Excess Catastrophe Reinsurance
</TABLE>

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

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

Paris, France, this 4th day of November in the year 2005.


                                        /s/ Antoine Poidatz,
                                        ----------------------------------------
                                        Vice President
                                        AXA RE

(STAMP)

                                                                          (LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                     Certain Underwriting Members of Lloyd's
                 shown in the Signing Schedules attached hereto
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

<TABLE>
<S>       <C>
68.000%   of the First Excess Catastrophe Reinsurance
56.500%   of the Second Excess Catastrophe Reinsurance
45.675%   of the Third Excess Catastrophe Reinsurance
11.000%   of the Fourth Excess Catastrophe Reinsurance
26.250%   of the Fifth Excess Catastrophe Reinsurance
19.050%   of the Sixth Excess Catastrophe Reinsurance
</TABLE>

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

In any action, suit or proceeding to enforce the Subscribing Reinsurer's
obligations under the attached Contract, service of process may be made upon
Mendes & Mount, 750 Seventh Avenue, New York, New York 10019.

Signed for and on behalf of the Subscribing Reinsurer in the Signing Schedules
attached hereto.

                                                                         (STAMP)

                                                                          (LOGO)