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EXHIBIT 10.60
 TOWER INSURANCE COMPANY OF NEW YORK  TOWER NATIONAL INSURANCE COMPANY  PRESERVER INSURANCE COMPANY  MOUNTAIN VALLEY INDEMNITY COMPANY  NORTH EAST INSURANCE COMPANY
 PROPERTY CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT
 EFFECTIVE JULY 1, 2007
 INDEX
 ARTICLE
    
    SUBJECT
    
    PAGEARTICLE 1
    
    BUSINESS COVERED
    
    3ARTICLE 2
    
    COMMENCEMENT AND TERMINATION
    
    4ARTICLE 3
    
    REINSURANCE COVERAGE
    
    4ARTICLE 4
    
    EXCLUSIONS
    
    5ARTICLE 5
    
    REINSURANCE PREMIUM
    
    6ARTICLE 6
    
    DEFINITION OF LOSS OCCURRENCE
    
    6ARTICLE 7
    
    NET RETAINED LINES
    
    8ARTICLE 8
    
    REPORTS, LOSS AND LOSS SETTLEMENTS
    
    10ARTICLE 9
    
    ERRORS AND OMISSIONS
    
    10ARTICLE 10
    
    CURRENCY
    
    11ARTICLE 11
    
    FEDERAL EXCISE TAX AND OTHER TAXES
    
    11ARTICLE 12
    
    ACCESS TO RECORDS
    
    11ARTICLE 13
    
    RESERVES
    
    12ARTICLE 14
    
    SERVICE OF SUIT
    
    15ARTICLE 15
    
    ARBITRATION
    
    16ARTICLE 16
    
    INSOLVENCY
    
    20ARTICLE 17
    
    CONFIDENTIALITY
    
    20ARTICLE 18
    
    LATE PAYMENTS
    
    21ARTICLE 19
    
    OFFSET
    
    23ARTICLE 20
    
    SPECIAL TERMINATION
    
    23ARTICLE 21
    
    TERRORISM RECOVERY
    
    25ARTICLE 22
    
    VARIOUS OTHER TERMS
    
    25ARTICLE 23
    
    INTERMEDIARY
    
    28




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ATTACHMENTS:
 INSOLVENCY FUNDS EXCLUSION
NUCLEAR INCIDENT EXCLUSION CLAUSE  PHYSICAL DAMAGE  REINSURANCE (BRMA 35B)
POOLS, ASSOCIATIONS AND SYNDICATES EXCLUSION CLAUSE
TERRORISM EXCLUSION NMA 2930C
FUNGI COVERAGE LIMITATION  NMA 2955
POLLUTION EXCLUSION CLAUSE
EXHIBIT A  FIRST PROPERTY CATASTROPHE EXCESS OF LOSS
EXHIBIT B  SECOND PROPERTY CATASTROPHE EXCESS OF LOSS
EXHIBIT C  THIRD PROPERTY CATASTROPHE EXCESS OF LOSS




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PROPERTY CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT
 EFFECTIVE JULY 1, 2007
 TOWER INSURANCE COMPANY OF NEW YORK  TOWER NATIONAL INSURANCE COMPANY  PRESERVER INSURANCE COMPANY  MOUNTAIN VALLEY INDEMNITY COMPANY  NORTH EAST INSURANCE COMPANY
      ARTICLE 1
 BUSINESS COVERED




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ARTICLE 2
 COMMENCEMENT AND TERMINATION
  ARTICLE 3
 REINSURANCE COVERAGE
 Part One  LIMIT OF COVERAGE
 See Exhibits A, B, and C attached to and forming part of this Contract.
 Part Two  DEFINITION OF NET LOSS




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ARTICLE 4
 EXCLUSIONS




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ARTICLE 5
 REINSURANCE PREMIUM
 See Exhibits A, B, and C attached to and forming part of this Contract.
 ARTICLE 6
 DEFINITION OF LOSS OCCURRENCE




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(i)
    
    loss of, alteration of, or damage toor(ii)
    
    a reduction in the functionality, availability or operation of a computer
system, hardware, program, software, data, information repository, microchip,
integrated circuit or similar device in computer equipment or non-computer equipment,
whether the property of the policyholder
of the reinsured or not, do not in and of themselves constitute an event unless
arising out of one or more of the following perils:fire, lightning, explosion, aircraft or vehicle impact, falling objects, windstorm,
hail, tornado, cyclone, hurricane, earthquake, volcano, tsunami, flood, freeze or
weight of snow.
 ARTICLE 7
 NET RETAINED LINES




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1. DIRECT
    2. ASSUMED




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ARTICLE 8
 REPORTS, LOSS AND LOSS SETTLEMENTS
    ARTICLE 9
 ERRORS AND OMISSIONS




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ARTICLE 10
 CURRENCY
  ARTICLE 11
 FEDERAL EXCISE TAX AND OTHER TAXES
   ARTICLE 12
 ACCESS TO RECORDS




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ARTICLE 13
 RESERVES




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13.     1.
    
    Established letter of credit (or subsequent cash deposit);2.
    
    Established trust account (or subsequent cash deposit); or3.
    
    Funds Deposit;
  E.
    
    Draws shall be made only for the following purposes:




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14.




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15.     ARTICLE 14
 SERVICE OF SUIT




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16.     ARTICLE 15
 ARBITRATION




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17.




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18.   LATE PAYMENTS




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19.




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20. ARTICLE 16
 INSOLVENCY
     ARTICLE 17
 CONFIDENTIALITY




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21.    ARTICLE 18
 LATE PAYMENTS




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22.  REPORTS, LOSS AND LOSS
SETTLEMENTS
 The Wall Street Journal The
Wall Street Journal




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23. ARTICLE 19
 OFFSET
  ARTICLE 20
 SPECIAL TERMINATION




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24




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25.   ARTICLE 21
 TERRORISM RECOVERY




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26.    ARTICLE 22
 VARIOUS OTHER TERMS
    ARBITRATION




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27.




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28.   SERVICE OF SUIT RESERVES INSOLVENCY
   ARTICLE 23
 INTERMEDIARY




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29.




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INSOLVENCY FUNDS EXCLUSION




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NUCLEAR INCIDENT EXCLUSION CLAUSE  PHYSICAL DAMAGE-REINSURANCE
(BRMA 35B)
   I.
    
    Nuclear reactor power plants including all auxiliary property on the site, orII.
    
    Any other nuclear reactor installation, including laboratories handling
radioactive materials in connection with reactor installations and critical
facilities as such, orIII.
    
    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, orIV.
    
    Installations other than those listed in paragraph (2) III above using
substantial quantities of radioactive isotopes or other products of nuclear fission.
  (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.




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(a)
    
    substantial quantities, and(b)
    
    the extent of installation, plant or site.
  (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.




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POOLS, ASSOCIATIONS AND SYNDICATES EXCLUSION CLAUSE
 A.
    
    It is agreed that the following is excluded hereunder:
 (1)
    
    All business derived directly or indirectly from any Pool, Association or
Syndicate which maintains its own reinsurance facilities.(2)
    
    (Any Pool or Scheme, (whether voluntary or mandatory) formed after 1st March,
1968 for the purpose of insuring property whether on a country-wide basis or in
respect of designated areas. This exclusion shall not apply to so-called Automobile
Insurance Plans or other Pools formed to provide coverage for Automobile Physical
Damage.(3)
    
    Business written by the Reassured for the same perils, which is known at the
time to be insured by, or in excess of underlying amounts placed in any Pool,
Association or Syndicate formed for the purpose of writing oil, gas or petro-chemical
plants and/or oil or gas drilling rigs.
  (a)
    
    where the Total Insured Value over all interests of the
risk in question is less than $250,000,000.(b)
    
    to interests traditionally underwritten as Inland Marine or
Stock and/or Contents written on a Blanket Basis.(c)
    
    to Contingent Business Interruption, except when the
Reassured is aware that the key location is known at the time to be insured
in any Pool, Association or Syndicate named above, other than as provided for
under (a), above.(d)
    
    Risks as follows:Offices, hotels, apartments, hospitals, educational establishments, public
utilities (other than railroad schedules) and builders risks on the
classes of risks specified in this subsection (d) only.
 B.
    
    Where this Clause attaches to Catastrophe Excess of Loss Reinsurance Agreements, the
following SECTIONS are added:
 (1)
    
    Nevertheless the Reinsurers specifically agree that liability accruing to the
Reassured from its participation in Residual Market Mechanisms including but not
limited to:
 (a)
    
    Coastal Pools(b)
    
    All Fair Plan and Rural Risk Plan Business, and(c)
    
    California Earthquake Authority (CEA), and Citizens
Property Insurance Corporation (Florida)




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(i)
    
    The inability of any other participant in
such Residual Market Mechanisms to meet its liability.(ii)
    
    Any claim against such Residual Market
Mechanisms or any participant therein, including the Reassured,
whether by way of subrogation or otherwise, brought by or on behalf
of any insolvency fund (as defined in the Insolvency Funds Exclusion
Clause incorporated in this Contract).
 (2)
    
    Notwithstanding Paragraph B. above, in respect of the CEA, where an
assessment is made against the Reassured by the CEA, the Reassured may include in its
Ultimate Net Loss only that assessment directly attributable to each separate loss
occurrence covered hereunder. The Reassureds initial capital contribution to the CEA
shall not be included in the Ultimate Net Loss.(3)
    
    Notwithstanding Paragraph B. above, in respect of the Citizens Property
Insurance Corporation, where an assessment is made against the Reassured by the
Citizens Property Insurance Corporation, the maximum loss that the Reassured may
include in the Ultimate Net Loss in respect of any loss occurrence hereunder shall not
exceed the lesser of:
 (a)
    
    The Reassureds assessment from the Citizens Property
Insurance Corporation for the accounting year in which the loss occurrence
commenced, or(b)
    
    The product of the following:
 i)
    
    The Reassureds percentage participation in
the relevant entity for the accounting year in which the loss
occurrence commenced; andii)
    
    The relevant entitys total losses in such
loss occurrence.




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TERRORISM EXCLUSION
 NMA2930c




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FUNGI COVERAGE LIMITATION  NMA 2955




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POLLUTION EXCLUSION CLAUSE




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EXHIBIT
A
  TOWER INSURANCE COMPANY OF NEW YORK  TOWER NATIONAL INSURANCE COMPANY  PRESERVER INSURANCE COMPANY  MOUNTAIN VALLEY INDEMNITY COMPANY  NORTH EAST INSURANCE COMPANY
 FIRST PROPERTY CATASTROPHE EXCESS OF LOSS
 ARTICLE 3
 REINSURANCE COVERAGE
 Part One  LIMIT OF COVERAGE
  ARTICLE 5
 REINSURANCE PREMIUM
 Part One  BASIC ANNUAL PREMIUM
  .




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Part Two  REINSTATEMENT PREMIUM




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EXHIBIT B
 TOWER INSURANCE COMPANY OF NEW YORK  TOWER NATIONAL INSURANCE COMPANY  PRESERVER INSURANCE COMPANY  MOUNTAIN VALLEY INDEMNITY COMPANY  NORTH EAST INSURANCE COMPANY
 SECOND PROPERTY CATASTROPHE EXCESS OF LOSS
 ARTICLE 3
 REINSURANCE COVERAGE
 Part One  LIMIT OF COVERAGE
  ARTICLE 5
 REINSURANCE PREMIUM
 Part One  BASIC ANNUAL PREMIUM
  .




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Part Two  REINSTATEMENT PREMIUM




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EXHIBIT C
 TOWER INSURANCE COMPANY OF NEW YORK  TOWER NATIONAL INSURANCE COMPANY  PRESERVER INSURANCE COMPANY  MOUNTAIN VALLEY INDEMNITY COMPANY  NORTH EAST INSURANCE COMPANY
 THIRD PROPERTY CATASTROPHE EXCESS OF LOSS
 ARTICLE 3
 REINSURANCE COVERAGE
 Part One  LIMIT OF COVERAGE
  ARTICLE 5
 REINSURANCE PREMIUM
 Part One  BASIC ANNUAL PREMIUM
  .




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Part Two  REINSTATEMENT PREMIUM




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TOWER INSURANCE COMPANY OF NEW YORKTOWER NATIONAL INSURANCE COMPANYPRESERVER INSURANCE COMPANYMOUNTAIN VALLEY INDEMNITY COMPANYNORTH EAST INSURANCE COMPANYBY
    
    /s/ Marina ContieroTITLE
    
    Vice President
 PROPERTY CATASTROPHE EXCESS OF LOSS  REINSURANCE CONTRACT
 EFFECTIVE JULY 1, 2007