<PAGE>

                                                                    EXHIBIT 10.1

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2006

                                    issued to

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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.

                                                                 (BENFIELD LOGO)

<PAGE>

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2006

                                    issued to

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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>
Amlin Bermuda Limited                           5.00%
Ariel Reinsurance Company Limited               5.00
Aspen Insurance Limited                        30.00
Catlin Insurance Company Ltd.                   2.50
DaVinci Reinsurance Ltd.                        2.75
Flagstone Reinsurance Limited                  15.00
Harbor Point Services Inc.
   (for Federal Insurance Company)              6.00
Montpelier Reinsurance Limited                  5.00
Partner Reinsurance Company                     5.00
Platinum Underwriters Reinsurance, Inc.         2.00
Renaissance Reinsurance, Ltd.                  14.25
Swiss Reinsurance America Corporation           7.50
TOTAL                                         100.00%
</TABLE>

                                                                 (BENFIELD LOGO)


Page 1 of 3

<PAGE>

                      Second Excess Catastrophe Reinsurance

<TABLE>
<CAPTION>
               REINSURERS                   PARTICIPATIONS
               ----------                   --------------
<S>                                         <C>
ACE Tempest Reinsurance Ltd.                      2.00%
Amlin Bermuda Limited                             8.75
Ariel Reinsurance Company Limited                 5.00
Catlin Insurance Company Ltd.                     2.50
Flagstone Reinsurance Limited                    15.00
Hannover Re (Bermuda), Ltd.                       6.00
Harbor Point Services Inc.
   (for Federal Insurance Company)                8.00
Montpelier Reinsurance Limited                    5.00
Partner Reinsurance Company                       9.00
Platinum Underwriters Reinsurance, Inc.           2.00
Swiss Reinsurance America Corporation             7.50
Transatlantic Reinsurance Company                 5.00

THROUGH BENFIELD LIMITED (PLACEMENT ONLY)
AXA RE                                            6.00

THROUGH BENFIELD LIMITED
Lloyd's Underwriters Per Signing Schedule        18.25
TOTAL                                           100.00%
</TABLE>

                                                                 (BENFIELD LOGO)


Page 2 of 3

<PAGE>

                      Third Excess Catastrophe Reinsurance

<TABLE>
<CAPTION>
                  REINSURERS                     PARTICIPATIONS
                  ----------                     --------------
<S>                                              <C>
ACE Tempest Reinsurance Ltd.                           2.00%
Amlin Bermuda Limited                                  7.50
Catlin Insurance Company Ltd.                          2.50
Flagstone Reinsurance Limited                          4.00
Hannover Re (Bermuda), Ltd.                            6.00
Harbor Point Services Inc.
   (for Federal Insurance Company)                     3.25
Montpelier Reinsurance Limited                         5.00
Partner Reinsurance Company                           14.50
Platinum Underwriters Reinsurance, Inc.                2.00
Swiss Re Underwriters Agency, Inc.
   (for Swiss Reinsurance America Corporation)         6.00
Swiss Reinsurance America Corporation                  7.50
Transatlantic Reinsurance Company                     10.00
XL Re Ltd                                              1.50

THROUGH BENFIELD LIMITED (PLACEMENT ONLY)
AXA RE                                                10.00

THROUGH BENFIELD LIMITED
Lloyd's Underwriters Per Signing Schedule             18.25
TOTAL                                                100.00%
</TABLE>

                                                                 (BENFIELD LOGO)


Page 3 of 3

<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                                                            2
     V  Retention and Limit                                                   5
    VI  Reinstatement                                                         5
   VII  Premium                                                               5
  VIII  Definitions                                                           7
    IX  Loss Occurrence                                                       8
     X  Loss Notices and Settlements                                          9
    XI  Salvage and Subrogation                                               9
   XII  Florida Hurricane Catastrophe Fund                                   10
  XIII  Late Payments                                                        11
   XIV  Offset (BRMA 36D)                                                    12
    XV  Access to Records (BRMA 1D)                                          12
   XVI  Liability of the Reinsurer                                           12
  XVII  Net Retained Lines (BRMA 32B)                                        13
 XVIII  Errors and Omissions (BRMA 14F)                                      13
   XIX  Currency (BRMA 12A)                                                  13
    XX  Taxes (BRMA 50B)                                                     13
   XXI  Federal Excise Tax                                                   13
  XXII  Funding Requirements                                                 14
 XXIII  Insolvency                                                           15
  XXIV  Arbitration                                                          16
   XXV  Service of Suit                                                      17
  XXVI  Agency Agreement                                                     17
 XXVII  Governing Law                                                        17
XXVIII  Confidentiality                                                      18
  XXIX  Severability                                                         18
   XXX  Intermediary (BRMA 23A)                                              18
        Schedule A
</TABLE>

                                                                 (BENFIELD LOGO)
<PAGE>

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2006

                                    issued to

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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
(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 at 12:01 a.m., Local Standard Time,
     June 1, 2006, with respect to losses arising out of loss occurrences
     commencing at or after that time and date, and shall remain in force until
     12:01 a.m., Local Standard Time, June 1, 2007.

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 or foreign
          equivalent thereto after the date lines are bound for this Contract
          has been reduced by more than 25.0% of the amount of surplus or
          foreign equivalent 12 months prior to that date; or

     2.   The Subscribing Reinsurer's policyholders' surplus or the foreign
          equivalent thereto at any time after the date that lines are bound or
          at any time during the term of this

                                                                 (BENFIELD LOGO)


Page 1

<PAGE>

          Contract has been reduced by more than 25.0% of the amount of surplus
          or foreign equivalent 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 lines are bound for this
          Contract; or

     3.   The Subscribing Reinsurer's A.M. Best's Financial Strength rating has
          been assigned as any rating below "A-" (inclusive of "Not Rated"
          ratings) and/or the Subscribing Reinsurer's Standard & Poor's Insurer
          Financial Strength rating has been assigned as any rating below "BBB+"
          (inclusive of "Not Rated" ratings); 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 to a non-affiliated entity 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.

ARTICLE III - TERRITORY (BRMA 51A)

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

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.

                                                                 (BENFIELD LOGO)


Page 2

<PAGE>

     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.

     5.   Loss or liability from any Pool, Association or Syndicate and any
          assessment or similar demand for payment related to the Florida
          Hurricane Catastrophe Fund or Citizens Property Insurance Corporation.

     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.   Loss, damage, cost or expense 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 25.0% of the Company's
          property loss under the applicable original policy.

     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 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

                                                                 (BENFIELD LOGO)


Page 3

<PAGE>

          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
          contamination." 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.

          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 (NMA 2915)" attached to and forming part of this
          Contract.

     13.  Assumed reinsurance, except for the Company's 25.0% quota share of the
          United Surety of Florida Excess Catastrophe Reinsurance Contract
          retention of $700,000.

                                                                 (BENFIELD LOGO)


Page 4

<PAGE>

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.

B.   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.

ARTICLE VII - 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; or

     2.   The Company's aggregate total insured value for policies that include
          wind coverage in force on September 30, 2006, multiplied by the
          percentage shown as "Adjustment Rate" for that excess layer in
          Schedule A attached hereto.

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

                                                                 (BENFIELD LOGO)


Page 5

<PAGE>

     excess layer in Schedule A attached hereto, on June 1, September 1 and
     December 1 of 2006 and March 1, 2007.

C.   Within 45 days after the 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 above, and
     any additional premium due the Reinsurer or return premium due the Company
     for each such excess layer shall be remitted promptly.

D.   For each amount of limit reinstated for each excess layer in accordance
     with the Reinstatement Article, 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 paragraph A above, for the excess layer reinstated for the term
          of this Contract (exclusive of reinstatement premium).

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

F.   In the event a Subscribing Reinsurer's participation in this Contract is
     terminated under the provisions of paragraph B of the Commencement and
     Termination Article, no deposit premium shall be due after the effective
     date of termination, the minimum premium shall be waived, and the
     reinsurance premium and reinstatement premium will be calculated in
     accordance with the following formulas:

     1.   Reinsurance premium shall be the number of days the Subscribing
          Reinsurer participated on this Contract divided by the number of days
          of the original term of this Contract and the quotient thereof shall
          be multiplied by the Subscribing Reinsurer's percentage share of the
          final adjusted premium reported in accordance with paragraph C above.

     2.   Reinstatement premium shall be calculated in accordance with paragraph
          D above and shall be considered fully earned.

     3.   In the event the incurred loss for an excess layer in Schedule A
          attached hereto is greater than the sum of the amounts from
          subparagraphs 1 and 2 of this paragraph F that are applicable to the
          same excess layer, in lieu of the provisions of

                                                                 (BENFIELD LOGO)


Page 6

<PAGE>

          subparagraphs 1 and 2 of this paragraph F, the Subscribing Reinsurer
          will receive premium equal to the lesser of:

          a.   An amount equal to the Subscribing Reinsurer's percentage share
               of the full reinsurance premium calculated in accordance with
               paragraph A (without regard to the termination of the Subscribing
               Reinsurer's share in accordance with the provisions of paragraph
               B of the Commencement and Termination Article) plus any
               reinstatement premium calculated in accordance with subparagraph
               2 of this paragraph F; or

          b.   The Subscribing Reinsurer's percentage share of the incurred loss
               for the same excess layer.

ARTICLE VIII - 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 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

                                                                 (BENFIELD LOGO)


Page 7

<PAGE>

     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 IX - 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 and states 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 states 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.

     3.   As regards earthquake (the epicenter 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."

                                                                 (BENFIELD LOGO)


Page 8

<PAGE>

     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 X - 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 and the terms of the Company's policies, 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 within 14 days) by the Company.

ARTICLE XI - 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

                                                                 (BENFIELD LOGO)


Page 9

<PAGE>

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 XII - FLORIDA HURRICANE CATASTROPHE FUND

A.   The Company shall provisionally purchase from the Florida Hurricane
     Catastrophe Fund (FHCF) the following limit and retention:

     1.   As respects Liberty American Insurance Company, 90.0% of $12,554,329
          excess of $3,973,167; and

     2.   As respects Liberty American Select Insurance Company, 90.0% of
          $96,011,878 excess of $30,385,634.

     The provisional limits and retentions detailed above may increase or
     decrease depending on the Company's actual written premium subject to the
     FHCF reimbursement coverage during the term of this Contract. The Company
     and the Reinsurer agree to accept and be bound by the final determination
     of the FHCF.

B.   Any loss reimbursement paid or payable to the Company under the FHCF as a
     result of loss occurrences commencing during the term of this Contract
     shall inure to the benefit of this Contract. Further, any FHCF loss
     reimbursement shall be deemed to be paid to the Company in accordance with
     the reimbursement contract between the Company and the State Board of
     Administration of the State of Florida at the full payout level set forth
     therein and will be deemed not to be reduced by any reduction or exhaustion
     of the FHCF's claims paying capacity.

C.   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 the FHCF's final 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.

D.   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:

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Page 10

<PAGE>

     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.

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.

B.   In the event any premium, loss or other payment due either party is not
     received by the intermediary named in the Intermediary Article (BRMA 23A)
     (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 the Loss
          Notices and Settlements Article, was transmitted to the Reinsurer.

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<PAGE>

     3.   As respects any payment, adjustment or return due either party not
          otherwise provided for in subparagraphs 1 and 2 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 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.

                                                                 (BENFIELD LOGO)


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<PAGE>

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 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

                                                                 (BENFIELD LOGO)


Page 13

<PAGE>

     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 - FUNDING REQUIREMENTS

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:

     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;

                                                                 (BENFIELD LOGO)


Page 14

<PAGE>

     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.

     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

                                                                 (BENFIELD LOGO)


Page 15
<PAGE>

     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 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.

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Page 16

<PAGE>

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 the Arbitration Article.)

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.

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Page 17

<PAGE>

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
unaffiliated 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.

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 July in the year 2006.


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

                                        T. BRUCE MEYER, PRES. & CEO
                                        (Print name and title)

                                                                 (BENFIELD LOGO)


Page 18

<PAGE>

                                   SCHEDULE A

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2006

                                    issued to

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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
                                      EXCESS        EXCESS        EXCESS
                                   -----------   -----------   ------------
<S>                                <C>           <C>           <C>
Company's Retention                $17,500,000   $35,000,000   $ 60,000,000
Reinsurer's Per Occurrence Limit   $17,500,000   $25,000,000   $ 60,000,000
Reinsurer's Term Limit             $35,000,000   $50,000,000   $120,000,000
Minimum Premium                    $ 7,875,000   $ 7,875,000   $ 14,040,000
Adjustment Rate                        0.05154%      0.05154%       0.09188%
Deposit Premium                    $ 8,750,000   $ 8,750,000   $ 15,600,000
Quarterly Deposit Premium          $ 2,187,500   $ 2,187,500   $  3,900,000
</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.

                                                                 (BENFIELD LOGO)

Schedule A

<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.

<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.

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                          ACE Tempest Reinsurance Ltd.
                                Hamilton, Bermuda
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2006

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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:

                  0% of the First Excess Catastrophe Reinsurance
               2.00% of the Second Excess Catastrophe Reinsurance
               2.00% of the Third Excess Catastrophe Reinsurance

This Agreement shall become effective at 12:01 a.m., Local Standard Time, June
1, 2006, and shall continue in force until 12:01 a.m., Local Standard Time, June
1, 2007, 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 July in the year 2006.


                                        /s/ Paula Lewin
                                        ----------------------------------------
                                        ACE Tempest Reinsurance Ltd

                                        PAULA LEWIN, (VP US Underwriting)
                                        (Print name and title)

                        Our Reference Number 06/PX2947B-C

                                                                 (BENFIELD LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

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

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2006

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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:

               5.00% of the First Excess Catastrophe Reinsurance
               8.75% of the Second Excess Catastrophe Reinsurance
               7.50% of the Third Excess Catastrophe Reinsurance

This Agreement shall become effective at 12:01 a.m., Local Standard Time, June
1, 2006, and shall continue in force until 12:01 a.m., Local Standard Time, June
1, 2007, 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 23rd day of August in the year 2006.


                                        /s/ B. Savill                     (SEAL)
                                        ---------------------------------
                                        Amlin Bermuda Limited

                                        B. SAVILL, Property treaty underwriters
                                        (Print name and title)

                                                                 (BENFIELD LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                         Ariel Reinsurance Company Ltd.
                                Hamilton, Bermuda
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2006

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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:

               5.00% of the First Excess Catastrophe Reinsurance
               5.00% of the Second Excess Catastrophe Reinsurance
                  0% of the Third Excess Catastrophe Reinsurance

This Agreement shall become effective at 12:01 a.m., Local Standard Time, June
1, 2006, and shall continue in force until 12:01 a.m., Local Standard Time, June
1, 2007, 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 July in the year 2006.


                                        /s/ Stephen Velotti
                                        ----------------------------------------
                                        Ariel Reinsurance Company Ltd.

                                        Stephen Velotti
                                        (Print name and title)

                                                                 (BENFIELD 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, 2006

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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:

               30.00% of the First Excess Catastrophe Reinsurance
                  0% of the Second Excess Catastrophe Reinsurance
                  0% of the Third Excess Catastrophe Reinsurance

This Agreement shall become effective at 12:01 a.m., Local Standard Time, June
1, 2006, and shall continue in force until 12:01 a.m., Local Standard Time, June
1, 2007, 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 31st day of July in the year 2006.


                                        /s/ James Few                     (SEAL)
                                        ---------------------------------
                                        Aspen Insurance Limited

                                        JAMES FEW, CUO
                                        (Print name and title)

                                  P00784506A03

                                                                 (BENFIELD 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, 2006

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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:

                  0%   of the First Excess Catastrophe Reinsurance
               6.00%   of the Second Excess Catastrophe Reinsurance
              10.00%   of the Third Excess Catastrophe Reinsurance

This Agreement shall become effective at 12:01 a.m., Local Standard Time, June
1, 2006, and shall continue in force until 12:01 a.m., Local Standard Time, June
1, 2007, 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 24th day of August in the year 2006.


                                        ----------------------------------------
                                        AXA RE

                                        ----------------------------------------
                                        (Print name and title)


                                     AXA RE
                        39, rue du Colisee - 75008 PARIS
                            Tel.: 33(0)1 56 43 90 00


                                                                 (BENFIELD LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                          Catlin Insurance Company Ltd.
                                Hamilton, Bermuda
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2006

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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:

         2.50% of the First Excess Catastrophe Reinsurance GA4000112974
         2.50% of the Second Excess Catastrophe Reinsurance GA8000112973
         2.50% of the Third Excess Catastrophe Reinsurance GA1000112975

This Agreement shall become effective at 12:01 a.m., Local Standard Time, June
1, 2006, and shall continue in force until 12:01 a.m., Local Standard Time, June
1, 2007, 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 25th day of July in the year 2006.


                                        /s/ Andy Crichton
                                        ----------------------------------------
                                        Catlin Insurance Company Ltd.

                                        Andy Crichton, Property Underwriter
                                        (Print name and title)

                                                                 (BENFIELD LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                            DaVinci Reinsurance Ltd.
                                Hamilton, Bermuda
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2006

                         issued to and duly executed by
                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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:

               2.75% of the First Excess Catastrophe Reinsurance
                  0% of the Second Excess Catastrophe Reinsurance
                  0% of the Third Excess Catastrophe Reinsurance

This Agreement shall become effective at 12:01 a.m., Local Standard Time, June
1, 2006, and shall continue in force until 12:01 a.m., Local Standard Time, June
1, 2007, 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 1 day of August in the year 2006.


                                        /s/ Justin O. O'Keefe
                                        ----------------------------------------
                                        DaVinci Reinsurance Ltd.

                                        Justin O. O'Keefe, VP
                                        (Print name and title)

                            DAVINCI REINSURANCE LTD.
                     UNDERWRITTEN BY RENAISSANCE U/W MGRS.
                                   3-10367-01

                                                                 (BENFIELD LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

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

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2006

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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:

               15.00% of the First Excess Catastrophe Reinsurance
               15.00% of the Second Excess Catastrophe Reinsurance
                4.00% of the Third Excess Catastrophe Reinsurance

This Agreement shall become effective at 12:01 a.m., Local Standard Time, June
1, 2006, and shall continue in force until 12:01 a.m., Local Standard Time, June
1, 2007, 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 25th day of July in the year 2006.


                                        /s/ Kevin M. Madigan
                                        ----------------------------------------
                                        Flagstone Reinsurance Limited

                                        Kevin M. Madigan, Deputy Underwriting
                                        Officer North America
                                        (Print name and title)

                                   FLAGSTONE
                              REINSURANCE LIMITED

                                                                 (BENFIELD LOGO)

<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, 2006

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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:

                                                       Ref's: U8 347320206-0306

                  0% of the First Excess Catastrophe Reinsurance
               6.00% of the Second Excess Catastrophe Reinsurance
               6.00% of the Third Excess Catastrophe Reinsurance

This Agreement shall become effective at 12:01 a.m., Local Standard Time, June
1, 2006, and shall continue in force until 12:01 a.m., Local Standard Time, June
1, 2007, 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 31st day of August in the year 2006.


                                        /s/ Schuenemann
                                        ----------------------------------------
                                        Hannover Re (Bermuda), Ltd.

                                        SCHUENEMANN, Sen. Underwriter
                                        (Print name and title)

                                hannover re (R)
                           Hannover Re (Bermuda) Ltd

                                                                 (BENFIELD LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                            Federal Insurance Company
                              Indianapolis, Indiana
                                     through

                      Harbor Point Insurance Services Inc.
                            Bernardsville, New Jersey
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2006

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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:

             6.00% of the First Excess Catastrophe Reinsurance T935
             8.00% of the Second Excess Catastrophe Reinsurance T936
             3.25% of the Third Excess Catastrophe Reinsurance T937

This Agreement shall become effective at 12:01 a.m., Local Standard Time, June
1, 2006, and shall continue in force until 12:01 a.m., Local Standard Time, June
1, 2007, 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:

Bernardsville, New Jersey, this 14th day of August in the year 2006.


                                        /s/ Joscelin Burrer
                                        ----------------------------------------
                                        Harbor Point Insurance Services Inc.
                                        (for and on behalf of Federal Insurance
                                        Company)

                                        JOSCELIN BURRER
                                        (Print name and title)

                                                                 (BENFIELD 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, 2006

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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:

              5.00% of the First Excess Catastrophe Reinsurance
              5.00% of the Second Excess Catastrophe Reinsurance
              5.00% of the Third Excess Catastrophe Reinsurance

This Agreement shall become effective at 12:01 a.m., Local Standard Time, June
1, 2006, and shall continue in force until 12:01 a.m., Local Standard Time, June
1, 2007, 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 31st day of July in the year 2006.

                                     MONTPELIER REINSURANCE LTD.


                                     /s/ BAJ Locke
                                     -------------------------------------------
                                     Montpelier Reinsurance Limited

                                     BAJ Locke, V.P. - Contracts Administrator
                                     (Print name and title)

                           our ref: CAW3X 30660/61/62

                                                                 (BENFIELD 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, 2006

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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:

        5.00% of the First Excess Catastrophe Reinsurance T 309861
        9.00% of the Second Excess Catastrophe Reinsurance T 309862
       14.50% of the Third Excess Catastrophe Reinsurance T 312358

This Agreement shall become effective at 12:01 a.m., Local Standard Time, June
1, 2006, and shall continue in force until 12:01 a.m., Local Standard Time, June
1, 2007, 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 26th day of July in the year 2006.


                                        /s/ Brian Secrett
                                        ----------------------------------------
                                        Partner Reinsurance Company

                                        BRIAN SECRETT ILLEGIBLE CATHIE LOMBARDI
                                        (Print name and title)

                                                                 (BENFIELD 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, 2006

                         issued to and duly executed by
                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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:

              2.00% of the First Excess Catastrophe Reinsurance
              2.00% of the Second Excess Catastrophe Reinsurance
              2.00% of the Third Excess Catastrophe Reinsurance

This Agreement shall become effective at 12:01 a.m., Local Standard Time, June
1, 2006, and shall continue in force until 12:01 a.m., Local Standard Time, June
1, 2007, 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 28th day of July in the year 2006.


                                        /s/ Andrew Hegal
                                        ----------------------------------------
                                        Platinum Underwriters Reinsurance, Inc.

                                        Andrew Hegal, Assistant Vice President
                                        (Print name and title)

                                                                 (BENFIELD LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                          Renaissance Reinsurance, Ltd.
                                Hamilton, Bermuda
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2006

                         issued to and duly executed by
                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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:

              14.25% of the First Excess Catastrophe Reinsurance
                  0% of the Second Excess Catastrophe Reinsurance
                  0% of the Third Excess Catastrophe Reinsurance

This Agreement shall become effective at 12:01 a.m., Local Standard Time, June
1, 2006, and shall continue in force until 12:01 a.m., Local Standard Time, June
1, 2007, 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 1 day of August in the year 2006.


                                        /s/ Justin P. O'Keefe
                                        ----------------------------------------
                                        Renaissance Reinsurance, Ltd.

                                        Justin P. O'Keefe
                                        (Print name and title)

                      (RENAISSANCE REINSURANCE, LTD. LOGO)
                                   S-11648-01

                                                                 (BENFIELD 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, 2006

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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:

                   0% of the First Excess Catastrophe Reinsurance
                   0% of the Second Excess Catastrophe Reinsurance
                6.00% of the Third Excess Catastrophe Reinsurance

This Agreement shall become effective at 12:01 a.m., Local Standard Time, June
1, 2006, and shall continue in force until 12:01 a.m., Local Standard Time, June
1, 2007, 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 31st day of July in the year 2006.


                                        /s/ Daniel S. McElvany
                                        ----------------------------------------
                                        Swiss Re Underwriters Agency, Inc.
                                        (for Swiss Reinsurance America
                                        Corporation)

                                        Daniel S. McElvany, Senior Vice
                                        President
                                        (Print name and title)

                                                                 (BENFIELD 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, 2006

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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:

                   0% of the First Excess Catastrophe Reinsurance
                5.00% of the Second Excess Catastrophe Reinsurance
               10.00% of the Third Excess Catastrophe Reinsurance

This Agreement shall become effective at 12:01 a.m., Local Standard Time, June
1, 2006, and shall continue in force until 12:01 a.m., Local Standard Time, June
1, 2007, 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 3rd day of October in the year 2006.


                                        /s/ William L. Orendorf
                                        ----------------------------------------
                                        Transatlantic Reinsurance Company

                                        William L. Orendorf, Underwriter
                                        (Print name and title)

                              910230401 & 910230402

                                                                 (BENFIELD 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, 2006

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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:

                   0% of the First Excess Catastrophe Reinsurance
                   0% of the Second Excess Catastrophe Reinsurance
                1.50% of the Third Excess Catastrophe Reinsurance

This Agreement shall become effective at 12:01 a.m., Local Standard Time, June
1, 2006, and shall continue in force until 12:01 a.m., Local Standard Time, June
1, 2007, 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 12th day of September in the year 2006.


                                        /s/ Gino & Smith
                                        ----------------------------------------
                                        XL Re Ltd

                                        Gino & Smith, A. V. P
                                        (Print name and title)

                                                                 (BENFIELD 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, 2006

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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:

                   0% of the First Excess Catastrophe Reinsurance
               18.25% of the Second Excess Catastrophe Reinsurance
               18.25% of the Third Excess Catastrophe Reinsurance

This Agreement shall become effective at 12:01 a.m., Local Standard Time, June
1, 2006, and shall continue in force until 12:01 a.m., Local Standard Time, June
1, 2007, 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.

                                                                 (BENFIELD LOGO)
<PAGE>

     [Illegible] that we the underwriters, members of the syndicates whose
definitive numbers in the after mentioned list of underwriting members of lloyds
are set out in the attached table, hereby bind ourselves each for his own part
and not one for another, our executors and administrators, and in respect of
[illegible] proportion only, to pay or make good to the assured or to the
assured's executors or administrators or to indemnity him or them against all
such loss, damage or liability as herein provided, such payment to be made after
such loss, damage or liability is proved and the due proportion for which each
of us, the underwriters, is liable shall be ascertained by reference to his
share, as shown in the said list, of the amount, percentage or proportion of the
total sum insured hereunder which is in the table set opposite the definitive
number of the syndicate of which such underwriter is a member and further that
the list of underwriting members of lloyd's referred to above shows their
respective syndicates and shares therein, is deemed to be incorporated in and to
form part of this policy, bears the numbers specified in the attached table and
is available for inspection at lloyd's policy signing office by the assured or
his or their representatives and a true copy of the material parts of the said
list certified by the general manager of lloyd's policy signing office will be
furnished to the assured on application.

     In witness where of the general manager of lloyd's policy signing office
has subscribed list [illegible].

                                                  LLOYD'S POLICY SIGNING OFFICE.

BUREAU REFERENCE 61300 07/07/06   BROKER NUMBER 1108

<TABLE>
<CAPTION>
PROPORTION %   SYNDICATE   UNDERWRITER'S REFERENCE
------------   ---------   -----------------------
<S>            <C>         <C>
    2.50          2020           P532192A0X
    4.50           566           K8074ABCXX00
    1.00          2010           N06B6890A001
    7.50          2001           CAC2102306VB
    1.50           626           X1823A0ALKHE
    0.50           727           HA333F0AAKHE
    0.75            33
</TABLE>

<TABLE>
<CAPTION>
TOTAL LINE   NO. OF SYNDICATES
----------   -----------------
<S>          <C>
  18.25              7
</TABLE>

                        THE LIST OF UNDERWRITING MEMBERS
                         OF LLOYDS IS IN RESPECT OF 2006
                                 YEAR OF ACCOUNT


                                                                     Page 1 of 1

<PAGE>

     [Illegible] that we the underwriters, members of the syndicates whose
definitive numbers in the after mentioned list of underwriting members of lloyds
are set out in the attached table, hereby bind ourselves each for his own part
and not one for another, our executors and administrators, and in respect of
[illegible] proportion only, to pay or make good to the assured or to the
assured's executors or administrators or to indemnity him or them against all
such loss, damage or liability as herein provided, such payment to be made after
such loss, damage or liability is proved and the due proportion for which each
of us, the underwriters, is liable shall be ascertained by reference to his
share, as shown in the said list, of the amount, percentage or proportion of the
total sum insured hereunder which is in the table set opposite the definitive
number of the syndicate of which such underwriter is a member and further that
the list of underwriting members of lloyd's referred to above shows their
respective syndicates and shares therein, is deemed to be incorporated in and to
form part of this policy, bears the numbers specified in the attached table and
is available for inspection at lloyd's policy signing office by the assured or
his or their representatives and a true copy of the material parts of the said
list certified by the general manager of lloyd's policy signing office will be
furnished to the assured on application.

     In witness where of the general manager of lloyd's policy signing office
has subscribed list [illegible].

                                                  LLOYD'S POLICY SIGNING OFFICE.

BUREAU REFERENCE 61300 07/07/06   BROKER NUMBER 1108

<TABLE>
<CAPTION>
PROPORTION %   SYNDICATE   UNDERWRITER'S REFERENCE
------------   ---------   -----------------------
<S>            <C>         <C>
    5.00           566           F7620ZBCXX00
    1.75          2010           N06B6880A001
    8.75          2001           CAC0848406KF
    1.50           382           X372XA2338AX
    0.75            33           58547Q0AAKHE
    0.50           727           5N920X5170MQ
</TABLE>

<TABLE>
<CAPTION>
TOTAL LINE   No. OF SYNDICATES
----------   -----------------
<S>          <C>
   18.25            6
</TABLE>

                        THE LIST OF UNDERWRITING MEMBERS
                         OF LLOYDS IS IN RESPECT OF 2006
                                 YEAR OF ACCOUNT


                                                                     Page 1 of 1
<PAGE>

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2006

                                    issued to

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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.

                                                                 (BENFIELD LOGO)

<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                                                            2
     V  Retention and Limit                                                   5
    VI  Reinstatement                                                         5
   VII  Premium                                                               5
  VIII  Definitions                                                           7
    IX  Loss Occurrence                                                       8
     X  Loss Notices and Settlements                                          9
    XI  Salvage and Subrogation                                               9
   XII  Florida Hurricane Catastrophe Fund                                   10
  XIII  Late Payments                                                        11
   XIV  Offset (BRMA 36D)                                                    12
    XV  Access to Records (BRMA 1D)                                          12
   XVI  Liability of the Reinsurer                                           12
  XVII  Net Retained Lines (BRMA 32B)                                        13
 XVIII  Errors and Omissions (BRMA 14F)                                      13
   XIX  Currency (BRMA 12A)                                                  13
    XX  Taxes (BRMA 50B)                                                     13
   XXI  Federal Excise Tax                                                   13
  XXII  Funding Requirements                                                 14
 XXIII  Insolvency                                                           15
  XXIV  Arbitration                                                          16
   XXV  Service of Suit                                                      17
  XXVI  Agency Agreement                                                     17
 XXVII  Governing Law                                                        17
XXVIII  Confidentiality                                                      18
  XXIX  Severability                                                         18
   XXX  Intermediary (BRMA 23A)                                              18
        Schedule A
</TABLE>

                                                                 (BENFIELD LOGO)

<PAGE>

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2006

                                    issued to

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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
(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 at 12:01 a.m., Local Standard Time,
     June 1, 2006, with respect to losses arising out of loss occurrences
     commencing at or after that time and date, and shall remain in force until
     12:01 a.m., Local Standard Time, June 1, 2007.

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 or foreign
          equivalent thereto after the date lines are bound for this Contract
          has been reduced by more than 25.0% of the amount of surplus or
          foreign equivalent 12 months prior to that date; or

     2.   The Subscribing Reinsurer's policyholders' surplus or the foreign
          equivalent thereto at any time after the date that lines are bound or
          at any time during the term of this

                                                                 (BENFIELD LOGO)


Page 1

<PAGE>

          Contract has been reduced by more than 25.0% of the amount of surplus
          or foreign equivalent 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 lines are bound for this
          Contract; or

     3.   The Subscribing Reinsurer's A.M. Best's Financial Strength rating has
          been assigned as any rating below "A-" (inclusive of "Not Rated"
          ratings) and/or the Subscribing Reinsurer's Standard & Poor's Insurer
          Financial Strength rating has been assigned as any rating below "BBB+"
          (inclusive of "Not Rated" ratings); 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 to a non-affiliated entity 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.

ARTICLE III - TERRITORY (BRMA 51A)

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

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.

                                                                 (BENFIELD LOGO)


Page 2

<PAGE>

     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.

     5.   Loss or liability from any Pool, Association or Syndicate and any
          assessment or similar demand for payment related to the Florida
          Hurricane Catastrophe Fund or Citizens Property Insurance Corporation.

     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.   Loss, damage, cost or expense 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 25.0% of the Company's
          property loss under the applicable original policy.

     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 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

                                                                 (BENFIELD LOGO)


Page 3

<PAGE>

          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
          contamination." 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.

          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 (NMA 2915)" attached to and forming part of this
          Contract.

     13.  Assumed reinsurance, except for the Company's 25.0% quota share of the
          United Surety of Florida Excess Catastrophe Reinsurance Contract
          retention of $700,000.

                                                                 (BENFIELD LOGO)


Page 4

<PAGE>

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.

B.   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.

ARTICLE VII - 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; or

     2.   The Company's aggregate total insured value for policies that include
          wind coverage in force on September 30, 2006, multiplied by the
          percentage shown as "Adjustment Rate" for that excess layer in
          Schedule A attached hereto.

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

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     excess layer in Schedule A attached hereto, on June 1, September 1 and
     December 1 of 2006 and March 1, 2007.

C.   Within 45 days after the 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 above, and
     any additional premium due the Reinsurer or return premium due the Company
     for each such excess layer shall be remitted promptly.

D.   For each amount of limit reinstated for each excess layer in accordance
     with the Reinstatement Article, 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 paragraph A above, for the excess layer reinstated for the term
          of this Contract (exclusive of reinstatement premium).

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

F.   In the event a Subscribing Reinsurer's participation in this Contract is
     terminated under the provisions of paragraph B of the Commencement and
     Termination Article, no deposit premium shall be due after the effective
     date of termination, the minimum premium shall be waived, and the
     reinsurance premium and reinstatement premium will be calculated in
     accordance with the following formulas:

     1.   Reinsurance premium shall be the number of days the Subscribing
          Reinsurer participated on this Contract divided by the number of days
          of the original term of this Contract and the quotient thereof shall
          be multiplied by the Subscribing Reinsurer's percentage share of the
          final adjusted premium reported in accordance with paragraph C above.

     2.   Reinstatement premium shall be calculated in accordance with paragraph
          D above and shall be considered fully earned.

     3.   In the event the incurred loss for an excess layer in Schedule A
          attached hereto is greater than the sum of the amounts from
          subparagraphs 1 and 2 of this paragraph F that are applicable to the
          same excess layer, in lieu of the provisions of

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          subparagraphs 1 and 2 of this paragraph F, the Subscribing Reinsurer
          will receive premium equal to the lesser of:

          a.   An amount equal to the Subscribing Reinsurer's percentage share
               of the full reinsurance premium calculated in accordance with
               paragraph A (without regard to the termination of the Subscribing
               Reinsurer's share in accordance with the provisions of paragraph
               B of the Commencement and Termination Article) plus any
               reinstatement premium calculated in accordance with subparagraph
               2 of this paragraph F; or

          b.   The Subscribing Reinsurer's percentage share of the incurred loss
               for the same excess layer.

ARTICLE VIII - 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 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

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     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 IX - 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 and states 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 states 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.

     3.   As regards earthquake (the epicenter 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."

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     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 X - 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 and the terms of the Company's policies, 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 within 14 days) by the Company.

ARTICLE XI - 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

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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 XII - FLORIDA HURRICANE CATASTROPHE FUND

A.   The Company shall provisionally purchase from the Florida Hurricane
     Catastrophe Fund (FHCF) the following limit and retention:

     1.   As respects Liberty American Insurance Company, 90.0% of $12,554,329
          excess of $3,973,167; and

     2.   As respects Liberty American Select Insurance Company, 90.0% of
          $96,011,878 excess of $30,385,634.

     The provisional limits and retentions detailed above may increase or
     decrease depending on the Company's actual written premium subject to the
     FHCF reimbursement coverage during the term of this Contract. The Company
     and the Reinsurer agree to accept and be bound by the final determination
     of the FHCF.

B.   Any loss reimbursement paid or payable to the Company under the FHCF as a
     result of loss occurrences commencing during the term of this Contract
     shall inure to the benefit of this Contract. Further, any FHCF loss
     reimbursement shall be deemed to be paid to the Company in accordance with
     the reimbursement contract between the Company and the State Board of
     Administration of the State of Florida at the full payout level set forth
     therein and will be deemed not to be reduced by any reduction or exhaustion
     of the FHCF's claims paying capacity.

C.   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 the FHCF's final 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.

D.   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:

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     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.

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.

B.   In the event any premium, loss or other payment due either party is not
     received by the intermediary named in the Intermediary Article (BRMA 23A)
     (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 the Loss
          Notices and Settlements Article, was transmitted to the Reinsurer.

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     3.   As respects any payment, adjustment or return due either party not
          otherwise provided for in subparagraphs 1 and 2 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 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.

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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 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

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     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 - FUNDING REQUIREMENTS

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:

     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;

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     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.

     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

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<PAGE>

     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 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.

                                                                 (BENFIELD LOGO)


Page 16

<PAGE>

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 the Arbitration Article.)

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.

                                                                 (BENFIELD LOGO)


Page 17

<PAGE>

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
unaffiliated 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.

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 July in the year 2006.


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

                                        T. BRUCE MEYER, PRES. & CEO
                                        (Print name and title)

                                                                 (BENFIELD LOGO)


Page 18

<PAGE>

                                   SCHEDULE A

              FLORIDA ONLY EXCESS CATASTROPHE REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2006

                                    issued to

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                    Liberty American Select 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
                                      EXCESS        EXCESS        EXCESS
                                   -----------   -----------   ------------
<S>                                <C>           <C>           <C>
Company's Retention                $17,500,000   $35,000,000   $ 60,000,000
Reinsurer's Per Occurrence Limit   $17,500,000   $25,000,000   $ 60,000,000
Reinsurer's Term Limit             $35,000,000   $50,000,000   $120,000,000
Minimum Premium                    $ 7,875,000   $ 7,875,000   $ 14,040,000
Adjustment Rate                        0.05154%      0.05154%       0.09188%
Deposit Premium                    $ 8,750,000   $ 8,750,000   $ 15,600,000
Quarterly Deposit Premium          $ 2,187,500   $ 2,187,500   $  3,900,000
</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.

                                                                 (BENFIELD LOGO)

Schedule A

<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.


<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.
<PAGE>

                                                                        Swiss Re

                       INTERESTS AND LIABILITIES AGREEMENT
                  (hereinafter referred to as the "Agreement")

                                     to the

                         FLORIDA ONLY EXCESS CATASTROPHE
                              REINSURANCE CONTRACT
                             Effective: June 1, 2006

                                     between

                       LIBERTY AMERICAN INSURANCE COMPANY
                             Pinellas Park, Florida
                    LIBERTY AMERICAN SELECT INSURANCE COMPANY
                             Pinellas Park, Florida
                                       and
                  any and all other companies which are not or
                   may be hereafter become member companies of
                     LIBERTY AMERICAN INSURANCE GROUP, INC.
             (hereinafter collectively referred to as the "Company")

                                       and

                      SWISS REINSURANCE AMERICA CORPORATION
                                Armonk, New York
            (hereinafter referred to as the "Subscribing Reinsurer")

I.   It is hereby agreed that the Subscribing Reinsurer shall have the following
     shares in the interests and liabilities of all reinsurers participating in
     Schedule A of the attached Florida Only Excess Catastrophe Reinsurance
     Contract effective from 12:01 a.m., Local Standard Time, June 1, 2006.

<TABLE>
<CAPTION>
Coverage Parts          Accounting Code No.   Share
--------------          -------------------   -----
<S>                     <C>                   <C>
First Excess of Loss    POR452736             7.50%
Second Excess of Loss   POR452738             7.50%
Third Excess of Loss    POR452739             7.50%
</TABLE>

     The share of the Subscribing Reinsurer in the interests and liabilities of
     all reinsurers participating in said Agreement shall be separate and apart
     from the shares of such other reinsurers to the said Agreement. The
     interests and liabilities of the Subscribing Reinsurer shall not be joint
     with those of the other reinsurers and in no event shall the Subscribing
     Reinsurer participate in the interests and liabilities of the other
     reinsurers participating in said Agreement.


                                       1.

<PAGE>

                                                                        Swiss Re

II.  It is further agreed that the following shall apply to the Subscribing
     Reinsurer's share in the interests and liabilities of all the reinsurers
     participating in the Florida Only Excess Catastrophe Reinsurance Contract:

     1.   As respects Article VII - Reinsurance Premium, it is agreed that the
          following Paragraph is added to as follows:

          As respects all premium transactions:

          1.   All statements shall be sent to the Reinsurer at:

               a.   E-Mail/XML or EDI Formats: reaccount_armonk@swissre.com, or

               b.   Standard Mail:

                    Swiss Reinsurance America Corporation
                    Accounting Department
                    175 King Street
                    Armonk, NY 10504
                    Telephone: 914-828-8000
                    Facsimile: 914-828-5919

          2.   All checks and supporting documentation shall be sent to the
               Reinsurer through one of the options set forth below:

               a.   WIRE TRANSFER

                    (i)  All wires should be sent to:

                         The Bank of New York
                         1 Wall Street
                         New York, NY 10286
                         Account Name: Swiss Reinsurance America Corporation
                         Account Number: 8900489197
                         ABA Number: 021000018 (SWIFT: IRVTUS3N)
                         SWIFT: IRVTUS3N

                    (ii) All supporting documentation should be sent to:

                         Swiss Reinsurance America Corporation
                         Accounting Department
                         175 King Street
                         Armonk, NY 10504


                                       2.

<PAGE>

                  b.     LOCK BOX

                         Both checks and supporting documentation shall be sent
                         to:

                         Swiss Reinsurance America Corporation
                         P.O. Box 7247-7281
                         Philadelphia, PA 19170-7281

     2.   As respects Article VIII - Definitions, it is agreed that the
          following Paragraph D is added to as follows:

          D.   The term "Declaratory Judgments" shall mean all legal expenses,
               incurred in the representation of the Company in litigation
               brought to determine the Company's defense and/or indemnification
               obligations, that are allocable to any specific claim or loss
               applicable to Policies subject to this Agreement. In addition,
               the Company shall promptly notify the Reinsurer of any
               Declaratory Judgments subject to this Agreement.

     3.   Article XXX - Intermediary (BRMA 23A) as set forth in the attached
          Florida Only Excess Catastrophe Reinsurance Contract is deleted and
          replaced with Article XXX - Servicing.

          ARTICLE XXX - SERVICING

          Benfield Inc. is the Servicing Agent providing services for the
          Company in connection with this Agreement. There is no Intermediary of
          record for this Agreement. These services shall include but not be
          limited to notices, statements, premium, return premium, taxes,
          losses, Loss Adjustment Expenses, salvages and loss settlements.
          However, such services shall in no way be construed as providing
          Benfield Inc. with the authority to negotiate or otherwise act on
          behalf of the Reinsurer.


                                       3.

<PAGE>

                                                                        Swiss Re

IN WITNESS WHEREOF, the parties hereto have caused this Contract to be executed
in duplicate, by their duly authorized representatives as of the following
dates:

In BALA CYNWYD, PA, this 28th day of February, 2007.

ATTEST:                                 LIBERTY AMERICAN INSURANCE COMPANY
                                        LIBERTY AMERICAN SELECT INSURANCE
                                        COMPANY


/s/ William A. McKenna                  /s/ James J. Maguire Jr.
-------------------------------------   ----------------------------------------
WILLIAM A. MCKENNA                      JAMES J. MAGUIRE, JR.
                 Name                                     Name
AVP - REINSURANCE                       CHAIRMAN OF THE BOARD & EXECUTIVE VP
                Title                                     Title


And in Armonk, New York, this 13th day of February, 2007.

ATTEST:                                 SWISS REINSURANCE AMERICA CORPORATION


/s/ Peter Thomson                       /s/ Matt Weber
-------------------------------------   ----------------------------------------
PETER THOMSON                           MATT WEBER
                 Name                                     Name
            Vice President                        Senior Vice President
         Member of Management                  Member of Senior Management
                Title                                     Title


                                       4.