PHILADELPHIA INSURANCE COMPANY
Bala Cynwyd, Pennsylvania
PHILADELPHIA INDEMNITY INSURANCE COMPANY
Bala Cynwyd, Pennsylvania
 PROPERTY FIFTH PER RISK EXCESS OF LOSS
REINSURANCE AGREEMENT




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PROPERTY FIFTH PER RISK EXCESS OF LOSS
REINSURANCE AGREEMENT
  PHILADELPHIA INSURANCE COMPANY
PHILADELPHIA INDEMNITY INSURANCE COMPANY
  ARCH REINSURANCE COMPANY    Arch Reinsurance Agreement Number
    PHILADELPHIA INSURANCE COMPANYPHILADELPHIA INDEMNITY INSURANCE
    
    ARCH REINSURANCE COMPANYCOMPANYSignature:
    
    Christopher J. Maguire
    
    
    
    Signature:
    
    Meg N. MooreTitle:
    
    EVP & COO
    
    
    
    Title:
    
    Underwriting DirectorDate:
    
    5/19/2008
    
    
    
    Date:
    
    4/28/2008




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TABLE OF CONTENTS
 ARTICLE
    
    
    
    PAGEI
    
    BUSINESS COVERED
    
    
    1II
    
    TERM
    
    
    1III
    
    SPECIAL TERMINATION
    
    
    2IV
    
    DEFINITIONS
    
    
    3V
    
    TERRITORY (BRMA 51A)
    
    
    8VI
    
    EXCLUSIONS
    
    
    8VII
    
    COVERAGE
    
    
    10VIII
    
    REINSTATEMENT
    
    
    11IX
    
    REINSURANCE PREMIUM
    
    
    11X
    
    NOTICE OF LOSS AND LOSS SETTLEMENTS
    
    
    12XI
    
    AGENCY AGREEMENT
    
    
    12XII
    
    SALVAGE AND SUBROGATION
    
    
    12XIII
    
    ERRORS AND OMISSIONS (BRMA 14C)
    
    
    13XIV
    
    OFFSET
    
    
    13XV
    
    CURRENCY (BRMA 12A)
    
    
    13XVI
    
    TAXES (BRMA 50C)
    
    
    13XVII
    
    FEDERAL EXCISE TAX (BRMA 17A)
    
    
    14XVIII
    
    UNAUTHORIZED REINSURANCE (BRMA 55C)
    
    
    14XIX
    
    NET RETAINED LINES (BRMA 32E)
    
    
    16XX
    
    TRIA INUREMENT
    
    
    16XXI
    
    SPECIAL ACCEPTANCES
    
    
    17XXII
    
    MORTGAGEE REINSURANCE ENDORSEMENTS
    
    
    17XXIII
    
    THIRD PARTY RIGHTS (BRMA 52C MODIFIED)
    
    
    18XXIV
    
    SEVERABILITY
    
    
    18XXV
    
    GOVERNING LAW (BRMA 71A)
    
    
    18XXVI
    
    ACCESS TO RECORDS (BRMA 1E)
    
    
    18XXVII
    
    INSOLVENCY
    
    
    19XXVIII
    
    ARBITRATION
    
    
    19XXIX
    
    SERVICE OF SUIT
    
    
    21XXX
    
    MODE OF EXECUTION
    
    
    22Nuclear Incident Exclusion Clause  Physical
Damage  Reinsurance  U.S.A.
    
    
    23War Exclusion
    
    
    24




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PROPERTY FIFTH PER RISK EXCESS OF LOSS
REINSURANCE AGREEMENT
  PHILADELPHIA INSURANCE COMPANY
PHILADELPHIA INDEMNITY INSURANCE COMPANY
Bala Cynwyd, Pennsylvania
  THE SUBSCRIBING REINSURER(S) EXECUTING THE 
INTERESTS AND LIABILITIES AGREEMENT(S) 
ATTACHED HERETO
 ARTICLE I
 BUSINESS COVERED
  ARTICLE II
 TERM
   1




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ARTICLE III
 SPECIAL TERMINATION
        2




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ARTICLE IV
 DEFINITIONS
   3




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4




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5




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6




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7




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ARTICLE V
 TERRITORY (BRMA 51A)
  ARTICLE VI
 EXCLUSIONS
         8




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9




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ARTICLE VII
 COVERAGE
   10




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ARTICLE VIII
 REINSTATEMENT
       ARTICLE IX
 REINSURANCE PREMIUM
    11




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ARTICLE X
 NOTICE OF LOSS AND LOSS SETTLEMENTS
     ARTICLE XI
 AGENCY AGREEMENT
  ARTICLE XII
 SALVAGE AND SUBROGATION
  12




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ARTICLE XIII
 ERRORS AND OMISSIONS (BRMA 14C)
  ARTICLE XIV
 OFFSET
  ARTICLE XV
 CURRENCY (BRMA 12A)
   ARTICLE XVI
 TAXES (BRMA 50C)
  13




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ARTICLE XVII
 FEDERAL EXCISE TAX (BRMA 17A)
    ARTICLE XVIII
 UNAUTHORIZED REINSURANCE (BRMA 55C)
    14




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15




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ARTICLE XIX
 NET RETAINED LINES (BRMA 32E)
   ARTICLE XX
 TRIA INUREMENT
      16




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ARTICLE XXI
 SPECIAL ACCEPTANCES
    ARTICLE XXII
 MORTGAGEE REINSURANCE ENDORSEMENTS
      17




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ARTICLE XXIII
 THIRD PARTY RIGHTS (BRMA 52C MODIFIED)
  ARTICLE XXIV
 SEVERABILITY
  ARTICLE XXV
 GOVERNING LAW (BRMA 71A)
  ARTICLE XXVI
 ACCESS TO RECORDS (BRMA 1E)
  18




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ARTICLE XXVII
 INSOLVENCY
     ARTICLE XXVIII
 ARBITRATION
  19




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20




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ARTICLE XXIX
 SERVICE OF SUIT
       21




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ARTICLE XXX
 MODE OF EXECUTION
  22




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NUCLEAR INCIDENT EXCLUSION CLAUSE  PHYSICAL DAMAGE  REINSURANCE  U.S.A.
                   12/12/57
N.M.A. 1119
BRMA 35B
 23




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WAR EXCLUSION
    24