EXHIBIT 10.6
 TERRORISM CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT
 EFFECTIVE MARCH 1, 2008
  PHILADELPHIA INSURANCE COMPANY   PHILADELPHIA INDEMNITY INSURANCE COMPANY
 BALA CYNWYD, PENNSYLVANIA, USA
   VALIDUS REINSURANCE, LTD.
 HAMILTON, BERMUDA
      VALIDUS REINSURANCE, LTD.BY:
    JEFF A. CLEMENTSTITLE:
    EXECUTIVE VICE PRESIDENT




---



##### 



TERRORISM CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT
 EFFECTIVE MARCH 1, 2008
  PHILADELPHIA INSURANCE COMPANY   PHILADELPHIA INDEMNITY INSURANCE COMPANY
 BALA CYNWYD, PENNSYLVANIA, USA
  PHILADELPHIA INSURANCE COMPANYandPHILADELPHIA INDEMNITY INSURANCECOMPANYBY:
    CHRISTOPHER MAGUIRETITLE:
    EXECUTIVE VICE PRESIDENTAND CHIEF OPERATING OFFICER




---



##### 



PHILADELPHIA INSURANCE COMPANY
and
PHILADELPHIA INDEMNITY INSURANCE COMPANY
Bala Cynwyd, Pennsylvania, USA
(hereinafter referred to as the Reinsured)
 TERRORISM CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT
(hereinafter referred to as the Contract)
 INDEX
 ARTICLE
    
    SUBJECT
    
    PAGEARTICLE 1
    
    BUSINESS COVERED
    
    
    1ARTICLE 2
    
    COMMENCEMENT AND TERMINATION
    
    
    1ARTICLE 3
    
    REINSURANCE COVERAGE
    
    
    2ARTICLE 4
    
    EXCLUSIONS
    
    
    4ARTICLE 5
    
    REINSURANCE PREMIUM
    
    
    6ARTICLE 6
    
    DEFINITION OF LOSS OCCURRENCE
    
    
    7ARTICLE 7
    
    NET RETAINED LINE
    
    
    7ARTICLE 8
    
    REVIEW
    
    
    8ARTICLE 9
    
    REPORTS, LOSS AND LOSS SETTLEMENTS
    
    
    10ARTICLE 10
    
    ORIGINAL CONDITIONS
    
    
    11ARTICLE 11
    
    ERRORS AND OMISSIONS
    
    
    11ARTICLE 12
    
    CURRENCY
    
    
    12ARTICLE 13
    
    FEDERAL EXCISE TAXES AND OTHER TAXES
    
    
    12ARTICLE 14
    
    ACCESS TO RECORDS
    
    
    12ARTICLE 15
    
    RESERVES
    
    
    13ARTICLE 16
    
    SERVICE OF SUIT
    
    
    16ARTICLE 17
    
    ARBITRATION
    
    
    17ARTICLE 18
    
    INSOLVENCY
    
    
    20ARTICLE 19
    
    CLAIMS COOPERATION
    
    
    21ARTICLE 20
    
    CONFIDENTIALITY
    
    
    21ARTICLE 21
    
    LATE PAYMENTS
    
    
    22ARTICLE 22
    
    OFFSET
    
    
    23ARTICLE 23
    
    SPECIAL TERMINATION
    
    
    23ARTICLE 24
    
    TERRORISM RECOVERY  TERRORISM RISK INSURANCE PROGRAM
    
    
    26ARTICLE 25
    
    VARIOUS OTHER TERMS
    
    
    27ARTICLE 26
    
    INTERMEDIARY
    
    
    28




---



##### 



PHILADELPHIA INSURANCE COMPANY
and
PHILADELPHIA INDEMNITY INSURANCE COMPANY
Bala Cynwyd, Pennsylvania, USA
(hereinafter referred to as the Reinsured)
 TERRORISM CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT
(hereinafter referred to as the Contract)
 MARCH 1, 2008
 ARTICLE 1
 BUSINESS COVERED
   REVIEW
 ARTICLE 2
 COMMENCEMENT AND TERMINATION




---



##### 



2. ARTICLE 3
 REINSURANCE COVERAGE
 Part One  ACTS OF TERRORISM
 Section I (applicable to Loss Occurrence covered in conjunction with the Terrorism Risk
Insurance Act of 2002, the Terrorism Risk Extension Act of 2005 and the Terrorism Risk Insurance
Program Reauthorization Act of 2007 (all TRIA) or any amendment thereto)
   Section II (applicable to Loss Occurrence not covered in conjunction with TRIA)




---



##### 



3.      Section lll
   Part Two  REINSURANCE LOSS




---



##### 



4.   ARTICLE 4
 EXCLUSIONS




---



##### 



5.




---



##### 



6.  ARTICLE 5
 REINSURANCE PREMIUM
 Part One  PREMIUM
  Part Two  REINSTATEMENT PREMIUM




---



##### 



7. Part Three  NO CLAIMS BONUS
   ARTICLE 6
 DEFINITION OF LOSS OCCURRENCE
   ARTICLE 7
 NET RETAINED LINE




---



##### 



8. TERRORISM RECOVERY  TERRORISM RISK INSURANCE
PROGRAM
    ARTICLE 8
 REVIEW




---



##### 



9.          *




---



##### 



10. 
 *
 ARTICLE 9
 REPORTS, LOSS AND LOSS SETTLEMENTS
 Part One  REINSURED EXPOSURES
   Part Two  CLAIM REPORTING




---



##### 



11.    ARTICLE 10
 ORIGINAL CONDITIONS
  ARTICLE 11
 ERRORS AND OMISSIONS
 REVIEW




---



##### 



12. ARTICLE 12
 CURRENCY
  ARTICLE 13
 FEDERAL EXCISE TAXES AND OTHER TAXES
   ARTICLE 14
 ACCESS TO RECORDS




---



##### 



13. ARTICLE 15
 RESERVES
 (Unless otherwise required by law to obtain full credit for this Contract, in recognition of the
security in place under the Lloyds Credit for Reinsurance Trust, the provisions of this Article
shall not apply to participating Lloyds Syndicates




---



##### 



14.




---



##### 



15.




---



##### 



16.   ARTICLE 16
 SERVICE OF SUIT
 ARBITRATION ARBITRATION




---



##### 



17.  ARTICLE 17
 ARBITRATION




---



##### 



18.




---



##### 



19.




---



##### 



20.   ARTICLE 18
 INSOLVENCY




---



##### 



21.   ARTICLE 19
 CLAIMS COOPERATION
 ORIGINAL CONDITIONS
 ARTICLE 20
 CONFIDENTIALITY




---



##### 



22.   ARTICLE 21
 LATE PAYMENTS




---



##### 



23. REPORTS, LOSS AND LOSS SETTLEMENTS
  ARTICLE 22
 OFFSET
  ARTICLE 23
 SPECIAL TERMINATION




---



##### 



24.




---



##### 



25.    RESERVES




---



##### 



26. RESERVES RESERVES
 ARTICLE 24
 TERRORISM RECOVERY  TERRORISM RISK INSURANCE PROGRAM




---



##### 



27.   ARTICLE 25
 VARIOUS OTHER TERMS
    ARBITRATION




---



##### 



28.      ARTICLE 26
 INTERMEDIARY




---



##### 



29.




---



##### 



SCHEDULE A
 TARGET AREA ZIP CODES
 ZIP CODE
    
    US STATE
    
    US COUNTY10022
    
    NEW YORK
    
    NEW YORK89109
    
    NEVADA
    
    CLARK10017
    
    NEW YORK
    
    NEW YORK10036
    
    NEW YORK
    
    NEW YORK10019
    
    NEW YORK
    
    NEW YORK10020
    
    NEW YORK
    
    NEW YORK60606
    
    ILLINOIS
    
    COOK10001
    
    NEW YORK
    
    NEW YORK10038
    
    NEW YORK
    
    NEW YORK22102
    
    VIRGINIA
    
    FAIRFAX10004
    
    NEW YORK
    
    NEW YORK10021
    
    NEW YORK
    
    NEW YORK60603
    
    ILLINOIS
    
    COOK55402
    
    MINNESOTA
    
    HENNEPIN92618
    
    CALIFORNIA
    
    ORANGE23607
    
    VIRGINIA
    
    NEWPORT NEWS CITY90245
    
    CALIFORNIA
    
    LOS ANGELES (REST OF)60611
    
    ILLINOIS
    
    COOK94104
    
    CALIFORNIA
    
    SAN FRANCISCO90278
    
    CALIFORNIA
    
    LOS ANGELES (REST OF)92101
    
    CALIFORNIA
    
    SAN DIEGO