Document:

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                                                                   EXHIBIT 10.41

                                                                  [Carvill logo]

TITLE                      EXCESS OF LOSS REINSURANCE CONTRACT

BETWEEN                    DARWIN NATIONAL ASSURANCE COMPANY, DARWIN SELECT
                           INSURANCE COMPANY AND/OR ANY OTHER ASSOCIATED,
                           AFFILIATED OR SUBSIDIARY COMPANIES OF DARWIN
                           PROFESSIONAL UNDERWRITERS, INC., INCLUDING BUSINESS
                           ASSUMED BY THE REASSURED FROM CAPITOL INDEMNITY
                           CORPORATION, CAPITOL SPECIALTY INSURANCE CORPORATION,
                           PLATTE RIVER INSURANCE COMPANY AND/OR ANY OTHER
                           ASSOCIATED, AFFILIATED OR SUBSIDIARY COMPANIES OF
                           ALLEGHANY INSURANCE HOLDING LLC, BUT ONLY IN RESPECT
                           OF BUSINESS UNDERWRITTEN BY DARWIN PROFESSIONAL
                           UNDERWRITERS, INC.

                           AND

                           THE REINSURERS SIGNATORY HERETO

COMMENCING                 APRIL 1, 2006

U.S. CLASSIFICATION        U.S. REINSURANCE

                                  Page 1 of 26

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                                    CONTENTS

PREAMBLE                       IDENTITY OF PARTIES

ARTICLE 1                      BUSINESS REINSURED
ARTICLE 2                      EXCLUSIONS
ARTICLE 3                      COVER, LIMIT AND RETENTION
ARTICLE 4                      EXPRESS WARRANTY
ARTICLE 5                      TERRITORIAL SCOPE
ARTICLE 6                      PERIOD
ARTICLE 7                      SPECIAL TERMINATION
ARTICLE 8                      ULTIMATE NET LOSS
ARTICLE 9                      LOSS CAP
ARTICLE 10                     EXCESS OF ORIGINAL POLICY LIMITS
ARTICLE 11                     EXTRA-CONTRACTUAL OBLIGATIONS
ARTICLE 12                     NET RETAINED LINES
ARTICLE 13                     PREMIUM
ARTICLE 14                     NOTICE OF LOSS AND LOSS SETTLEMENTS
ARTICLE 15                     UNEARNED PREMIUM AND OUTSTANDING LOSS RESERVES
ARTICLE 16                     INTEREST PENALTY
ARTICLE 17                     COMMUTATION
ARTICLE 18                     CURRENCY
ARTICLE 19                     TAX PROVISIONS
ARTICLE 20                     INSOLVENCY OF THE REASSURED
ARTICLE 21                     OFFSET
ARTICLE 22                     DELAYS, ERRORS AND OMISSIONS
ARTICLE 23                     AMENDMENTS AND ALTERATIONS
ARTICLE 24                     ACCESS TO RECORDS AND CLAIMS REVIEW
ARTICLE 25                     ARBITRATION
ARTICLE 26                     SERVICE OF SUIT
ARTICLE 27                     CONFIDENTIALITY
ARTICLE 28                     REGULATORY COMPLIANCE
ARTICLE 29                     INTERMEDIARY
ARTICLE 30                     GOVERNING LAW
ARTICLE 31                     PARTICIPATION
ARTICLE 32                     SEVERAL LIABILITY NOTICE

ATTACHMENTS:
1.       NUCLEAR INCIDENT EXCLUSION CLAUSES - LIABILITY - REINSURANCE -
         U.S.A/CANADA
2.       NUCLEAR ENERGY RISKS EXCLUSION CLAUSE - REINSURANCE - 1994 - (WORLDWIDE
         excluding U.S.A and CANADA)
3.       APPENDIX A(1) LOSS BORDEREAU FORMAT
4.       APPENDIX A(2) LARGE LOSS REPORT FORMAT

                                  Page 2 of 26

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                       EXCESS OF LOSS REINSURANCE CONTRACT

PREAMBLE

This Contract is made and entered into between Darwin National Assurance
Company, Darwin Select Insurance Company and/or any other any other associated,
affiliated or subsidiary companies of Darwin Professional Underwriters, Inc.,
including business assumed by the Reassured from Capitol Indemnity Corporation,
Capitol Specialty Insurance Corporation, Platte River Insurance Company and/or
any other associated, affiliated or subsidiary companies of Alleghany Insurance
Holding LLC, but only in respect of business underwritten by Darwin Professional
Underwriters Inc. of 9 Farm Springs Road, Farmington, Connecticut 06032 (NAIC
Group Code 10472) (hereinafter referred to as "the Reassured") and the
Reinsurers signatory hereto (hereinafter referred to as the "Reinsurers"), on
the following terms and conditions:

                                    ARTICLE 1

BUSINESS REINSURED

This Contract applies to policies of insurance classified by the Reassured as
Healthcare Facility Primary Professional Liability, Healthcare Facility Primary
General Liability, including Employee Benefits and other ancillary liability
coverages, Physician and Surgeon Primary Professional Liability, Physician Group
Primary Professional Liability, Physician Group Primary General Liability, and
other ancillary liability coverages, Follow Form Excess Liability and Umbrella
Liability as original.

For the purposes of this Contract, the terms "policy", "policies" or "original
policies" as used herein shall be understood to mean all binders, policies,
contracts, endorsements or other evidence of insurance issued in the name of the
Reassured.

                                    ARTICLE 2

EXCLUSIONS

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

1.       Nuclear Incidents, in accordance with the attached Nuclear Incident
         Exclusion Clauses - Liability - Reinsurance - U.S.A./Canada.

2.       Nuclear Energy Risks, in accordance with the attached Nuclear Energy
         Risks Exclusion Clause (Reinsurance) (1994) (Worldwide excluding U.S.A.
         and Canada).

3.       All liability of the Reassured 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
         guarantee fund, insolvency fund, plan, pool, association, fund or other
         arrangement, howsoever denominated, established or governed, which
         provides for any assessment of or payment or assumption by the
         Reassured 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.

4.       Liability assumed by the Reassured as a Member or Reinsurer of any
         Pool, Association or Syndicate.

5.       Financial Guarantee and Insolvency Insurance.

6.       Surety Business.

                                  Page 3 of 26

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7.       Reinsurance Assumed Business, other than reinsurance of a captive
         insurance company, policies "fronted" by another carrier and
         underwritten by Darwin Professional Underwriters, Inc, and InterCompany
         Pooling Arrangements.

Notwithstanding anything in this Article to the contrary, should the Reassured
submit a risk to Reinsurers hereon for their special acceptance, to the extent
that Reinsurers agree to accept such a risk by way of special acceptance, the
above exclusions shall apply only as provided in the special acceptance.
Additionally it is agreed that, where a risk previously accepted by way of
special acceptance shall come up for renewal, no further special acceptance by
Reinsurers shall be required, and all such prior special acceptances on
predecessor Contracts shall also be covered hereunder. Notwithstanding the
above, as a condition precedent to prior special acceptances on predecessor
Contracts being automatically covered, all such prior special acceptances will
be identified to the Reinsurer by the Reassured in the information provided for
the purposes of renewal of this Contract.

For all accounts submitted for special acceptance, the Reassured will provide to
Reinsurers the following information only:

         -        A copy of the underwriting work-up on the account.

         -        An account loss history.

         -        The terms, conditions and pricing that the Reassured propose
                  to offer within this Contract.

Upon receipt of the above information, the Reinsurers will provide their
underwriting decision on any account submitted for special acceptance within
three (3) working days it being understood that if not received within the
allotted timeframe the account will be automatically approved and accepted under
this Contract.

                                    ARTICLE 3

COVER, LIMIT AND RETENTION

Section A:
In respect of business classified by the Reassured as Healthcare Facility
Primary Professional Liability, Healthcare Facility Primary General Liability,
including Employee Benefits and other ancillary liability coverages, Follow Form
Excess Liability and Umbrella Liability, the Reinsurers shall be liable under
this Contract for the Reassured's Ultimate Net Loss in excess of USD500,000 each
and every loss, each Insured, each policy/program, subject to a limit of
liability to the Reinsurers of up to USD1,500,000 Ultimate Net Loss each and
every loss, each insured, each policy/program.

Section B:
In respect of business classified by the Reassured as Physician and Surgeon
Primary Professional Liability, Physician Group Primary Professional Liability,
Physician Group Primary General Liability, other ancillary liability coverages
and Follow Form Excess Liability, the Reinsurers shall be liable under this
Contract for the Reassured's Ultimate Net Loss in excess of USD250,000 each and
every loss, each Insured, each policy/program, subject to a limit of liability
to the Reinsurers of up to USD1,750,000 Ultimate Net Loss each and every loss,
each insured, each policy/program.

Sections A and B:
The Reassured shall retain the aforementioned retention(s) net and unreinsured,
except for internal reinsurance and/or Catastrophe Excess of Loss Reinsurance.

The Reinsurers hereon agree to bear their proportional share of all loss
adjustment and defense cost expenses, as per the original policy. Original
policies may provide for costs inclusive or costs in addition coverage. Where
coverage is issued on a cost inclusive basis, costs shall be included within the
Ultimate Net Loss hereon. Where coverage is issued on a cost in addition basis,
pro rata costs shall be payable in addition to the limits hereon.

                                  Page 4 of 26

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It is understood and agreed that the limits hereon apply separately to each
original coverage and/or section thereof as applicable, issued by the Reassured,
unless written on a combined, shared limit basis, as per the original policies.

The meaning of "each and every loss", "claim", "claim made" and "losses
occurring" shall follow the definitions in the policies covered hereunder, as
finally determined by the Reassured. The Reassured shall also be the determinant
of what constitutes "loss occurrence", "each Insured", "each coverage", "each
section" and "each policy".

Where the Reassured issues more than one policy to the same original insured
covering the same class of business, (such as on a layered basis), then the
combination of such policies shall be considered a program for the purposes
hereof, as solely determined by the Reassured.

                                    ARTICLE 4

EXPRESS WARRANTY

It is understood and agreed the maximum original policy limit subject to this
Contract shall be USD1,000,000 per claim or so deemed.

                                    ARTICLE 5

TERRITORIAL SCOPE

This Contract shall cover wherever the original policies cover.

                                    ARTICLE 6

PERIOD

This Contract covers all claims made or losses occurring, as original, on
original policies written or renewed with effective dates during the period
April 1st, 2006 12:01 a.m. Standard Time to April 1st, 2007 12:01 a.m. Standard
Time at the place and location of risks insured.

The maximum original policy period shall be twelve (12) months plus odd time not
to exceed eighteen (18) months in all, plus extended reporting period coverage
or endorsements, as original. For the purposes of this Contract, any extension,
discovery period or extended reporting endorsement attaching to a policy covered
hereunder shall be considered as part of the period of the said policy, subject
to the provision that a separate limit of liability may apply in respect
thereof.

Upon expiry of this Contract, policies in force at the effective time and date
of expiration hereof shall continue to be covered hereunder until their
individual natural expiration or termination dates, whichever sooner, including
extensions, discovery periods, DDR (death, disability or retirement), or other
similar extended reporting endorsements attaching to such policies. The
Reassured may however, subject to agreement by Reinsurers hereon, terminate the
liability of the Reinsurers for claims made or losses occurring, as original,
after the effective time and date of expiration hereof and, in such event, the
unearned premium at that date applicable to in force policies, including
extensions, shall be deducted from the Subject Gross Net Written Premium Income
for the purpose of the premium rating hereunder.

Notwithstanding the above, should the Reassured elect to terminate Reinsurers'
liability, premium applicable to DDR (death, disability or retirement),
discovery periods or other similar extended reporting endorsements in force at
the effective time and date of termination shall be deemed to be fully earned.
Any claims applicable to such run off policies, discovery periods or similar
extended reporting endorsements shall be deemed to have been made on the date
the original policy expired or was cancelled.

                                  Page 5 of 26

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                                    ARTICLE 7

SPECIAL TERMINATION

A.       Either party may terminate this Contract upon thirty (30) days notice
         in the event that the other party's surplus has been reduced by 30% or
         more of the amount of surplus at March 31st, 2006.

B.       The Reassured may terminate the Reinsurer's participation hereon at any
         time by giving thirty (30) days' prior written notice to the Reinsurer
         in the event that:

         (1)      A State Insurance Department or other legal authority has
                  ordered the subscribing Reinsurer to cease writing business;
                  or

         (2)      The subscribing Reinsurer has become insolvent or has been
                  placed into liquidation or receivership or proceedings have
                  been instituted against the subscribing Reinsurer for the
                  appointment of a receiver, liquidator, rehabilitator,
                  conservator or trustee in bankruptcy, or other agents known by
                  whatever name, to take possession of its assets or control of
                  its operation; or

         (3)      The subscribing Reinsurer has ceased assuming new and renewal
                  treaty reinsurance business; or

         (4)      The subscribing Reinsurer has reinsured its entire liability
                  under this Contract without the Reassured's prior written
                  consent. However, the Reinsurer shall be at liberty to effect
                  catastrophe excess and/or aggregate stop loss excess
                  reinsurance; or

         (5)      The subscribing Reinsurer experiences a downgrading in their
                  financial strength rating from Standard and Poor's Group below
                  BBB or a downgrading in rating from AM. Best Company below A-.

In the event of such termination, the liability of the Reinsurer shall be
terminated as follows:

Policies in force at the effective time and date of termination of this Contract
shall continue to be covered hereunder until their individual expiration dates,
including extensions, discovery periods or other such similar reporting
endorsements or provisions attached thereto. For rating purposes, the applicable
Subject Gross Net Written Premium Income shall be calculated on policies issued
or renewed from the inception date of this Contract to the effective time and
date of termination of this Contract.

The Reassured may however terminate the liability of the Reinsurer for claims
made or losses occurring, as original, after the effective time and date of
termination of this Contract and, in such event, the unearned premium at the
termination date applicable to in force policies, including extensions,
discovery periods or other similar extended reporting endorsements or provisions
attached thereto, shall be deducted from the Subject Gross Net Written Premium
Income for the purpose of the premium rating hereunder.

The Reassured shall have the right at the time of termination of this Contract
or at any time following the termination of the Reinsurer, provided the
developed rate at that time is strictly below the Maximum hereon, to commute
losses at their discretionary reserves (which they may deem to be zero for the
purposes hereof). The Reassured will then give Reinsurers a full and final
release of all future liabilities under this Contract. It is understood and
agreed that unearned premium at the termination date applicable to in force
policies, including extensions, discovery periods or other similar extended
reporting endorsements or provisions attached thereto, shall be deducted from
the Subject Gross Net Written Premium Income for the purpose of the premium
rating hereunder.

                                  Page 6 of 26

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                                    ARTICLE 8

ULTIMATE NET LOSS

The term "Ultimate Net Loss" as used in this Contract shall mean the sum
actually paid or payable by the Reassured in settlement of any losses under its
original policies and/or 90% of any additional liability incurred by the
Reassured as a result of an award in excess of policy limits, and/or 90% of any
liability incurred by the Reassured from any extra-contractual obligation, both
as more fully defined in EXCESS OF ORIGINAL POLICY LIMITS and EXTRA-CONTRACTUAL
OBLIGATIONS. In the event that the Reassured's original policies and/or specific
coverage parts of their original policies are issued on a cost inclusive basis,
such loss adjustment expenses shall be included within the Reassured's Ultimate
Net Loss for the purposes of recovery hereunder.

Where the Reassured's original policies and/or specific coverage parts of their
original policies provide for loss adjustment expenses in addition to limit, all
loss adjustment expenses paid by the Reassured shall be apportioned in
proportion to the respective interests in the loss of the parties hereto as such
interests finally appear, provided that in the event a verdict or judgment is
reduced by an appeal or a settlement, subsequent to the entry of the judgment,
resulting in an ultimate saving on such verdict or judgment, or a judgment is
reversed outright, the expense incurred in securing such final reduction or
reversal shall be pro rata between the Reinsurers and the Reassured in the
proportion that each benefits from such reduction or reversal; and the expenses
incurred up to the time and date of the original verdict or judgment shall be
pro-rated in proportion to each party's interest in such verdict or judgment.

In the event of external legal or external adjustment expenses, including
outside monitoring counsel expenses, rescission expenses and declaratory
judgment expenses, which are incurred by the Reassured in connection with a
claim or potential claim hereunder and which are not the subject of the
Reassured's original policy, then Reinsurers shall also be liable for their
proportion of such expenses in addition to their share of the loss recoverable
hereunder.

For the purposes of this Contract loss adjustment expenses shall include all
expenses of litigation, including post judgment interest, but shall exclude the
salaries of regular employees and all office expenses of the Reassured.

All salvages and recoveries shall first be deducted from such loss to arrive at
the amount of the Reassured's Ultimate Net Loss for the purposes of this
Contract. All salvages, recoveries or payments recovered or received subsequent
to a loss settlement under this Contract shall be applied as if recovered or
received prior to the aforesaid settlement and all necessary adjustments shall
be made by the parties hereto. However, nothing in the foregoing shall be
construed as meaning that losses are not recoverable hereunder until the
Reassured's Ultimate Net Loss has been ascertained.

                                    ARTICLE 9

LOSS CAP

Notwithstanding any other provision of this Contract, the maximum recoverable
hereon shall not exceed 300% of the final adjusted reinsurance premium.

                                   ARTICLE 10

EXCESS OF ORIGINAL POLICY LIMITS

As provided in ULTIMATE NET LOSS, this Contract shall protect the Reassured
within the limits of this Contract in respect of 90% of any additional liability
incurred by the Reassured as the result of an award in excess of the original
policy limit as more fully defined below. The Reinsurers agree that the said 90%
of the additional liability so incurred, plus the Reassured's contractual loss,
shall be considered as one combined loss for the purposes of the Reassured's
retention and of the recovery under this Contract subject always, however, to
the amount recoverable hereunder not exceeding the limit of recovery under this
Contract as provided in COVER LIMIT AND RETENTION, Sections A and B, as
applicable.

                                  Page 7 of 26

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Awards in excess of the original policy limit are defined as contractual losses
which the Reassured may he legally liable to pay, but in excess of the original
policy limit, such losses in excess of the original policy limit having been
incurred because of, but not limited to, the following: failure by the Reassured
to settle within the original policy limit or by reason of 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 an insured or
in the preparation or prosecution of an appeal consequent upon such action.

The date on which any liability in excess of original policy limits is incurred
by the Reassured shall be deemed, in all circumstances, to be the date the
original claim was made or occurred.

However, this Article shall not apply where such awards in excess of original
policy limit have been incurred due to the fraud of a member of the Board of
Directors or a corporate officer of the Reassured 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.

                                   ARTICLE 11

EXTRA-CONTRACTUAL OBLIGATIONS

As provided in ULTIMATE NET LOSS, this Contract shall protect the Reassured
within the limits of this Contract in respect of 90% of any additional liability
incurred by the Reassured as the result of any extracontractual obligation, as
more fully defined below. The Reinsurers agree that the said 90% of the
additional liability so incurred, plus the Reassured's contractual loss, shall
be considered as one combined loss for the purposes of the Reassured's retention
and of the recovery under this Contract subject always, however, to the amount
recoverable hereunder not exceeding the limit of recovery under this Contract as
provided in COVER, LIMIT, AND RETENTION, Sections A and B, as applicable.

"Extra-contractual obligations" are defined as those liabilities not covered
under any other provision of this Contract and which arise from the handling of
any claim on business covered hereunder, such liabilities arising because of,
but not limited to, the following: failure by the Reassured to settle within the
policy limit, or by reason of 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 an insured or in the preparation or prosecution
of an appeal consequent upon such action.

The date on which any extra-contractual obligation is incurred by the Reassured
shall be deemed, in all circumstances, to be the date the original claim was
made or occurred.

However, this Article shall not apply where such extra-contractual obligations
have been incurred due to the fraud of a member of the Board of Directors or a
corporate officer of the Reassured 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.

                                   ARTICLE 12

NET RETAINED LINES

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

It is understood and agreed that the amount of the Reinsurers' liability
hereunder in respect of any loss or losses shall not be increased by reason of
the inability of the Reassured to collect from any other reinsurers, whether
specific or general, any amounts which may have become due from them, whether
such inability arises from the insolvency of such other reinsurers or otherwise.

                                  Page 8 of 26

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                                   ARTICLE 13

PREMIUM

In consideration of the liabilities undertaken by the Reinsurers in accordance
with the terms of this Contract, the Reassured shall pay to the Reinsurers their
share of the following premium:

Deposit Premium of USD9,600,000 payable in quarterly installments in arrears as
follows:

<TABLE>
<S>                                                                 <C>
         June 30th, 2006 (or the next business day thereafter)      USD2,400,000
         September 30th, 2006 (or the next business day thereafter) USD2,400,000
         January lst, 2007 (or the next business day thereafter)    USD2,400,000
         March 31st, 2007 (or the next business day thereafter)     USD2,400,000.
</TABLE>

Deposit Premium to be adjusted within sixty (60) days of the expiry of this
Contract at a provisional rate of 21% of the Reassureds' Subject Gross Net
Written Premium Income.

Twelve (12) months after the expiry of this Contract and annually thereafter
until all losses are settled or commuted, the premium hereunder shall be
adjusted at a rate equivalent to 107.5% of the case incurred loss cost plus a
minimum rate of 9.75% applied to the Subject Gross Net Written Premium Income.
In no event, however, shall the premium developed exceed a maximum rate equal to
36.5% of the Subject Gross Net Written Premium Income (hereinafter "experience
adjustment").

Notwithstanding the above, the first downward experience adjustment of premium
shall not be made until 36 months after the expiry of this Contract.

In the event that Reinsurers are placed in a negative cash position (Premiums
paid by the Reassured less paid losses) prior to April 1st, 2009, the Reassured
shall produce an experience adjustment account, subject always to maximum rate,
and shall settle funds due within sixty (60) days of such account.

For the purposes of this Contract, the Reassured's Subject Gross Net Written
Premium Income shall be defined as the written premium charged by the Reassured
in respect of the first USD1,000,000 of original per claim policy or program
limits (or so deemed) for business covered hereunder, less cancellations, return
premiums, and premiums paid for inuring reinsurance.

Case incurred loss cost means the Reassured's paid and outstanding indemnity,
defense and allocated loss adjustment expenses recovered or recoverable
hereunder on losses applicable to this Contract.

                                   ARTICLE 14

NOTICE OF LOSS AND LOSS SETTLEMENTS

A paid and outstanding loss bordereaux for all claims with incurred amounts
(indemnity, defense and expense combined), established by the Reassured of
USD250,000 or more for Section A and USD125,000 or more for Section B to be
rendered by the Reassured within 45 days of the end of each calendar quarter,
being within 45 days of June 30th, 2006 and quarterly thereafter.

Notwithstanding the foregoing in the event that the Reassured's original policy
attaches at USD10,000,000 or lower, the Reassured will report on the loss
bordereaux, irrespective of reserves, the following:

A.       Any claim which involves the following circumstances or injuries;

         i.       Unanticipated neurological, sensory and/or systemic deficits
                  such as brain damage, permanent paralysis, partial or complete
                  loss of sight or hearing;

                                  Page 9 of 26

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         ii.      Birth related injuries where mother or infant suffer permanent
                  damage;

         iii.     Anesthesia related injuries resulting in permanent damage;

         iv.      Injuries which limit activities of daily living such as
                  amputation or loss of sight;

         v.       Unanticipated death, i.e. not foreseen as an expected natural
                  consequence of the medical situation

         vi       Cardiac/respiratory arrest requiring cardiopulmonary
                  resuscitation.

         vii.     Radiology claims

         viii.    Formal accreditation / standards review.

B.       Any class action alleging damages in respect of policies attaching
         hereunder

C.       Any claim by a governmental or regulatory body which seeks direct
         monetary relief or sanction

It is understood and agreed, both by the Reassured and Reinsurers, that all paid
and outstanding losses shall be advised to Reinsurers by quarterly bordereaux.
The bordereaux shall comprise numerical details of the paid and outstanding
amounts of each loss together with other data to identify the claim, all as
shown on the example bordereaux format attached hereto as Appendix A(1) to this
Contract and which has been mutually agreed by the Reassured and Reinsurers.

In addition to the bordereau as described above, if the Reassured

         a) gives any claim on the bordereau a severity code value of 1 or 4/1,
            or

         b) sets a reserve against a claim on the bordereau of USD100,000 or
            greater,

the Reassured shall also provide the Reinsurers with a loss report in the
example format attached hereto as Appendix A(2).

Reinsurers agree that the bordereaux and loss reports as described above shall
comprise all the claims information that is required by the Reinsurers in order
to settle any claims as and when they become payable and the Reinsurers shall
not require further information to agree the claims bordereaux

Reinsurers agree to abide by all loss settlements of the Reassured which at its
sole discretion shall adjust, settle or compromise all losses and all such
adjustments, settlements or compromises shall be binding upon Reinsurers subject
to the terms, conditions and limitations of the original policies and this
Contract.

Reinsurers agree to settle their share of such loss payments within 30 days of
receipt of the quarterly bordereaux; the bordereaux being the sole billing
documentation necessary to effect settlements from Reinsurers.

Reinsurers may request additional information on any claim reported on the
bordereaux. However, such requests (including assessment of potential liability
or evaluations of individual claims) shall not delay their payment of a claim
once billing of the claim has been presented by the Reassured to Reinsurers. In
addition, responses to requests for additional information shall not be delayed
or withheld by the Reassured.

Notwithstanding such quarterly bordereaux and loss reports settlements, the
Reassured may request an immediate cash loss settlement from Reinsurers in the
event that the amount due from Reinsurers in addition to the calendar quarterly
settlements in the event that the amount due from Reinsurers in respect of an
individual claim or series of claims is USD500,000 or more (for 100% hereon).
Such cash loss billings shall be made utilizing the same format as the quarterly
bordereaux collections and will be payable within 15 days upon receipt of the
cash loss settlement..

                                  Page 10 of 26

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                                   ARTICLE 15

UNEARNED PREMIUM AND OUTSTANDING LOSS RESERVES

This Article applies only to those Reinsurers signatory hereto who do not
qualify for credit under the regulations of the State insurance authorities or
departments which have jurisdiction over the Reassured's reserves.

The Reassured agrees that when, for its Annual Convention Statement purposes, it
files with the authorities or departments mentioned above or sets up in its
books statutory reserves for known outstanding losses and allocated loss
expenses reinsured by this Contract, for unearned premium in respect of business
coming within the scope of this Contract, or for incurred but not reported
losses (IBNR), hereinafter "The Stated Reserves", it shall forward to the
Reinsurers a clear statement of the Reinsurers' proportion of The Stated
Reserves detailing separately the amounts involved for known outstanding losses
and allocated loss expenses, unearned premium and IBNR, and also how those
amounts are calculated. Reserves for IBNR shall not exceed the actual amount of
IBNR carried on the books of the Reassured for statutory reporting purposes.

The Reinsurers, promptly upon receipt of the Reassured's statement, shall apply
for, and secure delivery to the Reassured of, clean irrevocable and
unconditional Letters of Credit or such equivalent funding acceptable to the
Reassured, for the benefit of the Reassured in amounts equal to their proportion
of The Stated Reserves.

In the event that the Provisional Premium adjustment and/or experience
adjustment calculation hereon results in a reduced level of collateral funding
hereunder, the Reassured agrees to return such excess collateral to Reinsurers
within ninety (90) days of the date the adjustment is made.

All Letters of Credit procured pursuant to this Contract shall be issued by a
Bank which is a Member of the Federal Reserve and acceptable to the authorities
or departments mentioned in the first paragraph of this Article current at the
date of the Reassured's statement. Such Letter of Credit shall be in full
conformity with the requirements of such authorities or departments.

Further, all such Letters of Credit shall be "Evergreen" in that they shall be
issued for an initial period of not less than one year and shall be
automatically extended for one year from their original expiration dates and
subsequently from their extended expiration dates unless and until, at least
thirty days before any expiration date, the issuing bank gives notice to the
Reassured by registered mail that the issuing bank elects not to extend the life
of the Letter of Credit in question beyond its forthcoming expiration date.

In consideration of the contract of the Reinsurers to furnish such Letters of
Credit to the Reassured to enable it to obtain credit for the reinsurance
provided under this Contract, the Reassured hereby undertakes to hold such
Letters of Credit and the proceeds of any drawings made upon them in trust for
the Reinsurers and to use and apply the proceeds of any such drawings for the
following purposes only:

a.       To pay the Reinsurers' share or to reimburse the Reassured for that
         share of any liability for loss or allocated loss expense reinsured by
         this Contract or for unearned premium in respect of business coming
         within the scope of this Contract;

b.       To refund to the Reinsurers any balance by which the amount of the
         Letter of Credit exceeds the Reinsurers' proportion of any liability
         for loss or allocated loss expense reinsured by this Contract, incurred
         but not reported losses (IBNR) or for unearned premium in respect of
         business coming within the scope of this Contract.

c.       In the event that one or more of the Reinsurers participating in the
         Letter of Credit gives timely notice of cancellation or non-renewal of
         their participation in the Letter of Credit and provided that the
         obligations secured by the Letter of Credit remain unliquidated and
         undischarged at the time of receipt by the Reassured of such notice,
         the Reassured shall create a cash deposit account, separate from its
         own assets, in an amount equal to the participation of the canceling
         or non-renewing Reinsurer(s) in the Letter of Credit. That cash deposit
         account may then be used as in subparagraphs a. and b. above. It is
         understood and

                                  Page 11 of 26

<PAGE>

         agreed that this procedure may only be implemented before the expiry of
         the notice period in respect of cancellation or non-renewal and that if
         it is implemented, the Reassured will ensure that a rate of interest is
         obtained for the Reinsurers on such a deposit account that is at least
         equal to the rate which would be paid by Citibank N.A. in New York, and
         further that the Reassured will account to the Reinsurers on an annual
         basis for all interest accruing on the cash deposit account for the
         benefit of the Reinsurers.

The issuing bank shall have no responsibility whatsoever in connection with the
propriety of drawings made by the Reassured on the Letters of Credit issued
under this Contract or in connection with the disposition of any funds so
withdrawn, except to ensure that drawings are made only upon the order of
properly authorized representatives of the Reassured.

All Letters of Credit procured for the Reassured under this Contract shall be
adjusted at annual intervals, or more frequently as agreed (but never more
frequently than quarterly), to reflect the current balance of the Reinsurers'
proportion of the Reassured's known outstanding loss and allocated loss expense
reserves and unearned premium reserves, and the Reassured shall produce a
statement for this purpose detailed in the same way as the original statement on
the basis of which such Letters of Credit were first issued. If the statement
shows that the Reinsurers' proportion of such losses and allocated expenses,
IBNR or unearned premium reserves exceeds the current amount of the Letters of
Credit, the Reinsurers shall, within thirty days after receipt of the statement,
secure the amendment of the Letters of Credit increasing their amount to the
amount of the current balance of these items. If, however, the statement shows
that the Reinsurers' proportion of the current balance of those items is less
than the amount of the Letters of Credit the Reassured shall, within thirty days
of receipt of a written request from the Reinsurers to do so, facilitate the
release of the excessive security by authorizing the amendment of the Letters of
Credit so as to reduce their amount to the current balance required.

All expenses incurred in the establishment or maintenance of such Letters of
Credit shall be paid by the Reinsurers.

                                   ARTICLE 16

INTEREST PENALTY

The provisions of this Article shall not be implemented unless specifically
invoked, in writing, by the Reassured or Reinsurer. The interest amounts
provided for in this Article will apply to the Reinsurer or to the Reassured in
the following circumstances:

1.       Loss payment owed by the Reinsurer to the Reassured shall have a due
         date to the Reassured of thirty (30) calendar days following the date
         of the Reinsurer's receipt of the billing, but no later than sixty (60)
         calendar days from the Reassured's date of the billing.

2.       Payment of any premium installments shall be due to the Reinsurer
         within thirty (30) calendar days of the date specified in this
         Contract. Any premium adjustments will be due by the debtor party
         within sixty (60) calendar days of the date specified in this Contract.

3.       Payment of return premiums, commissions, profit sharing, or any other
         amounts not provided in paragraphs 1 or 2 above, shall be due by the
         debtor party within sixty (60) calendar days of the due date specified
         in this Contract. If no due date is specified, the due date shall be
         sixty (60) days following the date of the debtor party's receipt of the
         billing, but no later than ninety (90) days from the creditor party's
         date of the billing.

4.       Failure by the Reinsurer or Reassured to comply with their respective
         payment obligations within the time periods as herein provided will
         result in a compound interest penalty payable at a rate equal to the
         ninety (90) day Treasury Bill rate as published in the Money Rate
         Section or any successor section of the Wall Street Journal on the
         first business day following the date a remittance becomes due, plus 2%
         per annum, to be compounded and adjusted quarterly. Any interest which
         occurs pursuant to this Article shall be calculated by the party to
         which it is owed. The accumulation of the number of days that any
         payment is past due will stop on the date the Intermediary, where
         applicable, receives payment.

                                  Page 12 of 26

<PAGE>

5.       The validity of any claim or payment may be contested under the
         provisions of this Contract. If the debtor party prevails in such
         action, there shall be no interest penalty due. Otherwise, any interest
         will be calculated and due as outlined above.

6.       If a Reinsurer advances payment of any claim it is contesting, and
         prevails such action, the Reassured shall return such payment plus pay
         interest on same, calculated as per the provisions of this Article.

7.       Any interest which occurs pursuant to this Article may be waived by the
         party to which it is owed. Further, any interest which is calculated
         pursuant to this Article that is USD100 or less shall be waived. Waiver
         of such interest, however, shall not affect the waiving party's right
         to similar interest for any other failure by the other party to make
         payment when due under this Article.

8.       Nothing in this Article shall diminish any legal remedies which either
         party may have against the other.

                                   ARTICLE 17

COMMUTATION

The Reassured shall have the right one year after the expiry of this Contract,
but within six (6) years following the expiry of the Contract, provided the
developed rate at that time is strictly below the Maximum hereon, to commute
losses at their discretionary reserves (which they may deem to be zero for the
purposes hereof). The Reassured will then give Reinsurers a full and final
release of all future liabilities under this Contract.

Notwithstanding the foregoing, the Reassured shall have the right six (6) years
after the expiry of the Contract, or at anytime thereafter, provided the
developed rate at that time is strictly below the Maximum hereon, to commute
losses at reserves to be mutually agreed by the Reassured and Reinsurers. The
Reassured will then give Reinsurers a full and final release of all future
liabilities under this Contract.

                                   ARTICLE 18

CURRENCY

The currency to be used for all purposes of this Contract shall be United States
Dollars. All amounts paid or received by the Reassured in any other currency
shall be converted into United States Dollars at the rates of exchange at which
such transactions are converted in the books of the Reassured.

                                   ARTICLE 19

TAX PROVISIONS

The Reassured shall be liable for all taxes (except Federal Excise Tax) levied
on it with respect to premiums payable to the Reinsurers hereunder. Federal
Excise Tax applies only to those Reinsurers, excepting Underwriters at Lloyd's,
London and other Reinsurers exempt from the Federal Excise Tax, who are
domiciled outside the United States of America.

To the extent that such premium is subject to Federal Excise Tax, the Reinsurers
hereby agree to allow as a deduction from the premium, for the purpose of paying
Federal Excise Tax, all applicable percentages of the premium payable hereon.

In the event of any return premium becoming due hereunder the Reinsurers will
deduct all applicable percentages from the amount of the return, and the
Reassured or its agents shall take steps to recover the tax from the Government
of the United States of America.

                                  Page 13 of 26

<PAGE>

In consideration of the terms under which this Contract is issued, the Reassured
undertakes not to claim any deduction in respect of premium payable hereon when
making tax returns, other than Income or Profits tax returns, to any fiscal
authority of the United States of America or any State or Territory thereof.

                                   ARTICLE 20

INSOLVENCY OF THE REASSURED

Amounts due to the Reassured under this Contract shall be payable by the
Reinsurers on the basis of the liability of the Reassured under the original
policies reinsured hereunder without diminution because of the insolvency of any
one or all of the Reassured Companies.

In the event of the insolvency of the Reassured and the appointment of a
Liquidator, Receiver, Conservator or Statutory Successor, the Liquidator or
Receiver or Conservator or Statutory Successor of the Reassured shall give
written notice to the Reinsurers of the pendency of any claim against the
insolvent Reassured on the original policies reinsured hereunder within a
reasonable time after such claim is filed in the insolvency proceedings. During
the pendency of such claim the Reinsurers may investigate such claim and
intervene, at their own expense, in the proceedings where such claim is to be
adjudicated and interpose any defense or defenses which they may deem available
to the Reassured or its Liquidator or Receiver or Conservator or Statutory
Successor. The expense thus incurred by the Reinsurers shall be chargeable,
subject to court approval, against the insolvent Reassured as part of the
expense of liquidation to the extent of a proportionate share of the benefit
which may accrue to the Reassured solely as a result of the defense so
undertaken by the Reinsurers.

When two or more Reinsurers are involved in the same claim and a majority in
interest elect to investigate the claim and/or to interpose defense to such
claim, the expense shall be apportioned in accordance with the terms of the
above paragraph as though such expense had been incurred by the Reassured.

Should the Reassured go into liquidation or should a receiver be appointed, the
Reinsurers shall be entitled to deduct from any sums which may be or may become
due to the Reassured under this Contract any sums which are due to the
Reinsurers from the Reassured under this Contract and which are payable at a
fixed or stated date, as well as any other sums due to the Reinsurers which are
permitted to be offset under applicable law.

In the event of the insolvency of the Reassured, the amounts due to the
Reassured under this Contract shall be payable by the Reinsurers directly to the
Reassured or to its Liquidator, Receiver or Conservator or Statutory Successor.

It is the mutual intent of the parties that, in the event of the insolvency of
the Reassured, this Article shall be read to conform with the state or
regulatory requirements of the jurisdiction in which the liquidation or
receivership is conducted In the event that any provision of this Article is in
conflict with such state or regulatory requirements, then such provision shall
be reformed to be in compliance with such state or regulatory requirements.

                                   ARTICLE 21

OFFSET

Each party hereto shall have, and may exercise in the event of insolvency of the
other or the non-payment by the other of obligations when due hereunder, the
right to offset any balance or balances whether on account of premiums,
commissions, claims or losses, adjustment expenses, salvage or any amount due
from that party to the other party hereto under this Contract only against any
balance or balances due or to become due to the offsetting party from the other
party under this Contract only. The terms of this Article shall apply separately
to this Contract and to each successive renewal of this Contract.

                                  Page 14 of 26

<PAGE>

                                   ARTICLE 22

DELAYS ERRORS AND OMISSIONS

No inadvertent delay, error or omission shall be held to relieve either party
hereto of any liability which would have attached to them under this Contract if
such delay, error or omission had not been made, provided that rectification is
made immediately upon discovery.

                                   ARTICLE 23

AMENDMENTS AND ALTERATIONS

The terms herein contained comprise the whole Contract between the Reassured and
the Reinsurers and may only be changed in writing, signed by or on behalf of
both parties.

                                   ARTICLE 24

ACCESS TO RECORDS AND CLAIMS REVIEW

All documents and records in the possession of the Reassured concerning this
Contract shall be made available upon reasonable notice at the request of the
Reinsurers for inspection at the Reassured's offices by the Reinsurers or their
nominated representatives for the purposes of obtaining information concerning
this Contract or the subject matter hereof.

Specifically, the Reinsurers shall be entitled to nominate a representative to
assess the Reassured's claims and claims procedures.

For the avoidance of doubt, it is hereby expressly agreed that the rights given
to the Reinsurers by this Article shall continue in effect notwithstanding the
expiration of this Contract and shall be exercised at the Reinsurers' own
expense.

                                   ARTICLE 25

ARBITRATION

As a condition precedent to any right of action hereunder, all disputes or
differences arising out of or connected with this Contract (whether or not
arising before or after expiration) its interpretation or implementation, shall
be referred to arbitration in Farmington, Connecticut, U.S.A., the city in which
the Reassured's principal office is located.

Arbitration shall be initiated by the delivery of a written notice of demand for
arbitration by one party to the other within a reasonable time after the dispute
has arisen stating the nature of the dispute and the remedy sought. Those
Reinsurers involved in the dispute or other matter in controversy shall be
considered as one party for the purpose of allocating the cost of the
arbitration.

Each party shall appoint an individual as arbitrator and the two so appointed
shall then appoint a third arbitrator. If either party refuses or neglects to
appoint an arbitrator within sixty (60) days, the other party may appoint the
second arbitrator. If the two arbitrators do not agree on a third arbitrator
within sixty (60) days of their appointment, within ten (10) days thereafter the
two arbitrators will request the American Arbitration Association ("AAA") to
appoint a third arbitrator with the qualifications set forth below in this
Article without regard to the AAA's Commercial Arbitration Rules. If the AAA
fails to appoint a third arbitrator within thirty (30) days after its receipt of
the two arbitrators' request, either party may apply to a court of competent
jurisdiction to appoint a third arbitrator with the qualifications set forth
below in this Article. The third arbitrator will immediately notify each party
of his selection. In the event of the resignation or death of any member of the
arbitrator panel, a replacement will be appointed in the same manner as the
resigning or deceased member was appointed.

                                  Page 15 of 26

<PAGE>

Each arbitrator shall be an active or retired officer of an insurance or
reinsurance company or Underwriter at Lloyd's London; no arbitrator shall have a
personal or financial interest in the result of the arbitration, and shall not
be a present or former officer, attorney, or consultant of the Reassured or the
Reinsurer or either's affiliates.

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, and shall make any award
with a view to effecting the general purpose of this Contract in a reasonable
manner with due regard to the custom and usage of the insurance and reinsurance
business.

The arbitrators shall have full discretion to make such orders as they think fit
in connection with all procedural matters in the Arbitration, including but not
limited to the conduct of the reference by written or oral submissions, the
production of documents, the examination of witnesses, and the imposition of
time limits for the taking of necessary procedural steps. The arbitrators shall
also have full discretion to make such orders as they think fit with regard to
the payment of the costs of the Arbitration including attorneys' costs and fees.
However, the arbitrators shall be precluded from awarding punitive damages
against either party.

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 and
communications shall be made by the Reassured to each of the Reinsurers
constituting the one party, provided that nothing herein 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 Reinsurers under the terms of this
Contract from several to joint.

Any Award or order of the arbitrators or a majority thereof shall be binding on
the parties and there shall be no right of appeal there from.

Except as provided above, arbitration shall be based, insofar as applicable,
upon the procedures of the American Arbitration Association.

                                   ARTICLE 26

SERVICE OF SUIT

This Service of Suit Article will not be read to conflict with or override the
obligations of the parties to arbitrate their disputes as provided for in the
Arbitration Article. This Article is intended as an aid to compelling
arbitration or enforcing such arbitration or arbitral award, not as an
alternative to the Arbitration Article for resolving disputes arising out of
this Contract.

In the event of the failure of the Reinsurers to pay any amount claimed to be
due hereunder, the Reinsurers, 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 Reinsurers' 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. The
Reinsurers, once the appropriate Court is selected, whether such court is the
one originally chosen by the Company and accepted by Reinsurers or is determined
by removal, transfer, or otherwise, as provided for above, will comply with all
requirements necessary to give said Court jurisdiction and, in any suit
instituted against any of them upon this Contract, will abide by the final
decision of such Court or of any Appellate Court in the event of an appeal.

Service of process in such suit may be made upon Mendes & Mount, 750 Seventh
Avenue, New York, New York 10019-6829. The above-named are authorized and
directed to accept service of process on behalf of Reinsurers in any such suit.

Further, pursuant to any statute of any state, territory or district of the
United States that makes provision therefor, the Reinsurers hereby designate 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 their true and lawful attorney

                                  Page 16 of 26

<PAGE>

upon whom may be served any lawful process in any action, suit or proceedings
instituted by or on behalf of the Company or any beneficiary hereunder arising
out of this Contract, and hereby designate the above-named as the person to whom
the said officer is authorized to mail such process or a true copy thereof.

                                   ARTICLE 27

CONFIDENTIALITY

The confidential nature of this Contract is acknowledged by all parties.
Moreover, the Reinsurers will only disclose to third parties, such as
regulators, auditors, rating agencies, shareholders, counsel, reinsurers and the
like, such details of this Contract as are necessary to comply with their
obligations to such third parties as part of their normal business practice.

It is a condition binding on Reinsurers hereon that they may not disclose any
details of this Contract at any time to any other third party without the
agreement of the Reassured.

                                   ARTICLE 28

REGULATORY COMPLIANCE

If any provision of this Contract shall be rendered illegal or unenforceable by
the laws, regulations or public policy of any State in the United States, such
provision shall be considered void in such State, but this shall not affect the
validity or enforceability of any other provision of this Contract, or the
validity or enforceability of such provision in any other jurisdiction.

                                   ARTICLE 29

INTERMEDIARY

Carvill America Incorporated is hereby recognized as the Intermediary
negotiating this Contract for all business hereunder. All communications
including notices, premiums, return premiums, commissions, taxes, losses, loss
adjustment expenses, salvages and loss settlements relating thereto shall be
transmitted to the Reinsurer or the Reassured through Carvill America
Incorporated at The Pinnacle, 3455 Peachtree Road, N.E., Suite 375, Atlanta
Georgia 30326. Payments by the Reassured to the Intermediary will be deemed to
constitute payment to the Reinsurer. Payments by the Reinsurer to the
Intermediary will be deemed only to constitute payment to the Reassured to the
extent that such payments are actually received by the Reassured.

                                   ARTICLE 30

GOVERNING LAW

This Contract shall be governed by and construed in accordance with the laws of
the State of Connecticut.

                                   ARTICLE 31

PARTICIPATION

This Contract obligates each of the Reinsurers for their proportion of the
interests and liabilities set forth under this Contract, such proportions being
shown in the attached Schedules.

                                 Page 17 of 26

<PAGE>

                                   ARTICLE 32

SEVERAL LIABILITY NOTICE

The subscribing Reinsurers' obligations under contracts of reinsurance to which
they subscribe are several and not joint and arc limited solely to the extent of
their individual subscriptions. The subscribing Reinsurers are not responsible
for the subscription of any co-subscribing Reinsurer who for any reason does not
satisfy all or part of its obligations.

                                  Page 18 of 26

<PAGE>

IN WITNESS WHEREOF the parties hereto have, by their duly authorized
representative, executed this Contract as follows:

Signed in Farmington, Connecticut, this 19th day of April 2006.

For and on behalf of the Reassured:

Signed by:  /s/ Stephen Sills
            -------------------------------------
                  (Officer's Signature/Title)

                           Stephen Sills
            -------------------------------------
                           (Print Name)

And for the Reinsurers by means of and in accordance with the attached
Schedules, which shall be considered to form an integral part of this Contract.

                                 Page 19 of 26

<PAGE>

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

(1)      This reinsurance does not cover any loss or liability accruing to the
         Reassured as a member of, or subscriber to, any association of insurers
         or reinsurers formed for the purpose of covering nuclear energy risks
         or as a direct or indirect reinsurer of any such member, subscriber or
         association.

(2)      Without in any way restricting the operation of paragraph (1) of this
         Clause it is understood and agreed that for all purposes of this
         reinsurance all the original policies of the Reassured (new, renewal
         and replacement) of the classes specified in Clause II of this
         paragraph (2) from the time specified in Clause III in this paragraph
         (2) shall be deemed to include the following provision (specified as
         the Limited Exclusion Provision).

         LIMITED EXCLUSION PROVISION:

         I.       It is agreed that the policy does not apply under any
                  liability coverage, to: injury, sickness, disease, death or
                  destruction bodily injury or property damage with respect to
                  which an insured under the policy is also an insured under a
                  nuclear energy liability policy issued by Nuclear Energy
                  Liability Insurance Association, Mutual Atomic Energy
                  Liability Underwriters or Nuclear Insurance Association of
                  Canada, or would be an insured under any such policy but for
                  its termination upon exhaustion of its limit of liability.

         II.      Family Automobile Policies (liability only), Special
                  Automobile Policies (private passenger automobiles, liability
                  only), Farmers Comprehensive Personal Liability Policies
                  (liability only), Comprehensive Personal Liability Policies
                  (liability only) or policies of a similar nature; and the
                  liability portion of combination forms related to the four
                  classes of policies stated above, such as the Comprehensive
                  Dwelling Policy and the applicable types of Homeowners
                  Policies.

         III.     The inception dates and thereafter of all original policies as
                  described in II above, whether new, renewal or replacement,
                  being policies which either

                  (a)      become effective on or after 1st May, 1960, or

                  (b)      become effective before that date and contain the
                           Limited Exclusion Provision set out above;

                  provided this paragraph (2) shall not be applicable to Family
                  Automobile Policies, Special Automobile Policies, or policies
                  or combination policies of a similar nature, issued by the
                  Reassured on New York risks, until 90 days following approval
                  of the Limited Exclusion Provision by the Governmental
                  Authority having jurisdiction thereof.

                  (3) Except for those classes of policies specified in Clause
                  II of paragraph (2) and without in any way restricting the
                  operation of paragraph (1) of this Clause, it is understood
                  and agreed that for all purposes of this reinsurance the
                  original liability policies of the Reassured (new, renewal and
                  replacement) affording the following coverages:

                      Owners, Landlords and Tenants Liability, Contractual
                      Liability, Elevator Liability, Owners or Contractors
                      (including railroad) Protective Liability, Manufacturers
                      and Contractors Liability, Product Liability, Professional
                      and Malpractice Liability, Storekeepers Liability, Garage
                      Liability, Automobile Liability (including Massachusetts
                      Motor Vehicle or Garage Liability)

                  shall be deemed to include, with respect to such coverages,
                  from the time specified in Clause V of this paragraph (3), the
                  following provision (specified as the Broad Exclusion
                  Provision):

         BROAD EXCLUSION PROVISION.*

         It is agreed that the policy does not apply:

                                 Page 20 of 26

<PAGE>

         I.       Under any Liability Coverage, to injury, sickness, disease,
                  death or destruction bodily injury or property damage

                  (a)      with respect to which an insured under the policy is
                           also an insured under a nuclear energy liability
                           policy issued by Nuclear Energy Liability Insurance
                           Association, Mutual Atomic Energy Liability
                           Underwriters or Nuclear Insurance Association of
                           Canada, or would be an insured under any such policy
                           but for its termination upon exhaustion of its limit
                           of liability;

                  or

                  (b)      resulting from the hazardous properties of nuclear
                           material and with respect to which (1) any person or
                           organization is required to maintain financial
                           protection pursuant to the Atomic Energy Act of 1954,
                           or any law amendatory thereof, or (2) the insured is,
                           or had this policy not been issued would be, entitled
                           to indemnity from the United States of America, or
                           any agency thereof, under any agreement entered into
                           by the United States of America, or any agency
                           thereof, with any person or organization.

         II.      Under any Medical Payments Coverage, or under any
                  Supplementary Payments Provision relating to immediate medical
                  or surgical relief, first aid, to expenses incurred with
                  respect to bodily injury, sickness, disease or death bodily
                  injury resulting from the hazardous properties of nuclear
                  material and arising out of the operation of a nuclear
                  facility by any person or organization.

         III.     Under any Liability Coverage, to injury, sickness, disease,
                  death or destruction bodily injury or property damage
                  resulting from the hazardous properties of nuclear material,
                  if

                  (a)      the nuclear material (1) is at any nuclear facility
                           owned by, or operated by or on behalf of, an insured
                           or (2) has been discharged or dispersed therefrom;

                  (b)      the nuclear material is contained in spent fuel or
                           waste at any time possessed, handled, used,
                           processed, stored, transported or disposed of by or
                           on behalf of an insured; or

                  (c)      the injury, sickness, disease, death or destruction
                           bodily injury or property damage arises out of the
                           furnishing by an insured of services, materials,
                           parts or equipment in connection with the planning,
                           construction, maintenance, operation or use of any
                           nuclear facility, but if such facility is located
                           within the United States of America, its territories,
                           or possessions or Canada, this exclusion (c) applies
                           only to injury to or destruction of property at such
                           nuclear facility, property damage to such nuclear
                           facility and any property thereat.

         IV.      As used in this endorsement:

                  "HAZARDOUS PROPERTIES" include, radioactive, toxic or
                  explosive properties; "NUCLEAR MATERIAL" means source
                  material, special nuclear material or byproduct material;
                  "SOURCE MATERIAL", "SPECIAL NUCLEAR MATERIAL", and "BYPRODUCT
                  MATERIAL" have the meanings given them in the Atomic Energy
                  Act of 1954 or in any law amendatory thereof; "SPENT FUEL"
                  means any fuel element or fuel component, solid or liquid,
                  which has been used or exposed to radiation in a nuclear
                  reactor; "WASTE" means any waste material (1) containing by
                  product material and (2) resulting from the operation by any
                  person or organization of any nuclear facility included within
                  the definition of nuclear facility under paragraph (a) or (b)
                  thereof; "NUCLEAR FACILITY" means

                  (a)      any nuclear reactor,

                                 Page 21 of 26

<PAGE>

                  (b)      any equipment or device designed or used for (1)
                           separating the isotopes of uranium or plutonium, (2)
                           processing or utilizing spent fuel, or (3) handling,
                           processing or packaging waste,

                  (c)      any equipment or device used for the processing,
                           fabricating or alloying of special nuclear material
                           if at any time the total amount of such material in
                           the custody of the insured at the premises where such
                           equipment or device is located consists of or
                           contains more than 25 grams of plutonium or uranium
                           233 or any combination thereof, or more than 250
                           grams of uranium 235,

                  (d)      any structure, basin, excavation, premises or place
                           prepared or used for the storage or disposal of
                           waste,

                  and includes the site on which any of the foregoing is
                  located, all operations conducted on such site and all
                  premises used for such operations; "NUCLEAR REACTOR" means any
                  apparatus designed or used to sustain nuclear fission in a
                  self-supporting chain reaction or to contain a critical mass
                  of fissionable material;

                      With respect to injury to or destruction of property, the
                      word "injury" or "destruction", "property damage" includes
                      all forms of radioactive contamination of property,
                      includes all forms of radioactive contamination of
                      property.

         V.       The inception dates and thereafter of all original policies
                  affording coverages specified in this paragraph (3), whether
                  new, renewal or replacement, being policies which become
                  effective on or after 1st May, 1960, provided this paragraph
                  (3) shall not be applicable to

                  (i)      Garage and Automobile Policies issued by the
                           Reassured on New York risks

                                    or

                  (ii)     statutory liability insurance required under Chapter
                           90, General Laws of Massachusetts,

                  until 90 days following approval of the Broad Exclusion
                  Provision by the Governmental Authority having jurisdiction
                  thereof.

                  (4) Without in any way restricting the operation of paragraph
                  ( 1 ) of this Clause, it is understood and agreed that
                  paragraphs (2) and (3) above are not applicable to original
                  liability policies of the Reassured in Canada and that with
                  respect to such policies this Clause shall be deemed to
                  include the Nuclear Energy Liability Exclusion Provisions
                  adopted by the Canadian Underwriters' Association or the
                  Independent Insurance Conference of Canada.

         *NOTE. The words printed in italics in the Limited Exclusion Provision
         and in the Broad Exclusion Provision shall apply only in relation to
         original liability policies which include a Limited Exclusion Provision
         or a Broad Exclusion Provision containing those words.

         21/9/67
         N.M.A. 1590

                                  Page 22 of 26

<PAGE>

         NUCLEAR INCIDENT EXCLUSION CLAUSE-LIABILITY-REINSURANCE-CANADA

1.       This Agreement does not cover any loss or liability accruing to the
         Reinsured as a member of, or subscriber to, any association of insurers
         or reinsurers formed for the purpose of covering nuclear energy risks
         or as a direct or indirect reinsurer of any such member, subscriber or
         association.

2.       Without in any way restricting the operation of paragraph I of this
         clause it is agreed that for all purposes of this Agreement all the
         original liability contracts of the Reinsured, whether new, renewal or
         replacement, of the following classes, namely,

         Personal Liability.
         Farmers' Liability.
         Storekeepers' Liability.

         which become effective on or after 31st December 1992, shall be deemed
         to include, from their inception dates and thereafter, the following
         provision:-

         Limited Exclusion Provision.

         This Policy does not apply to bodily injury or property damage with
         respect to which the Insured is also insured under a contract of
         nuclear energy liability insurance (whether the Insured is unnamed in
         such contract and whether or not it is legally enforceable by the
         Insured) issued by the Nuclear Insurance Association of Canada or any
         other group or pool of insurers or would be an Insured under any such
         policy but for its termination upon exhaustion of its limits of
         liability.

         With respect to property, loss of such property shall be deemed to be
         property damage.

3.       Without in any way restricting the operation of paragraph I of this
         clause it is agreed that for all purposes of this Agreement all the
         original liability contracts of the Reinsured, whether new, renewal or
         replacement, of any class whatsoever (other than Personal Liability,
         Farmers' Liability, Storekeepers' Liability or Automobile Liability
         contracts), which become effective on or after 31st December 1992,
         shall be deemed to include from their inception dates and thereafter,
         the following provision:

         Broad Exclusion Provision.

         It is agreed that this Policy does not apply:

         (a)      to liability imposed by or arising from any nuclear liability
                  act, law or statute or any law amendatory thereof; nor

         (b)      to bodily injury or property damage with respect to which an
                  Insured under this policy is also insured under a contract of
                  nuclear energy liability insurance (whether the Insured is
                  unnamed in such contract and whether or not it is legally
                  enforceable by the Insured) issued by the Nuclear Insurance
                  Association of Canada or any other insurer or group or pool of
                  insurers or would be an Insured under any such policy but for
                  its termination upon exhaustion of its limit or liability; nor

         (c)      to bodily injury or property damage resulting directly or
                  indirectly from the nuclear energy hazard arising from:

                  (i)      the ownership, maintenance, operation or use of a
                           nuclear facility by or on behalf of an Insured;

                  (ii)     the furnishing by an Insured of services, materials,
                           parts or equipment in connection with the planning,
                           construction, maintenance, operation or use of any
                           nuclear facility; and

                                  Page 23 of 26

<PAGE>

                  (iii)    the possession, consumption, use, handling, disposal
                           or transportation of fissionable substances, or of
                           other radioactive material (except radioactive
                           isotopes, away from a nuclear facility, which have
                           reached the final stage of fabrication so as to be
                           usable for any scientific, medical, agricultural,
                           commercial or industrial purpose) used, distributed,
                           handled or sold by an Insured.

As used in this Policy:

1.       The term "nuclear energy hazard" means the radioactive, toxic,
         explosive, or other hazardous properties of radioactive material;

2.       The term "radioactive material" means uranium, thorium, plutonium,
         neptunium, their respective derivatives and compounds, radioactive
         isotopes of other elements and any other substances which may be
         designated by or pursuant to any law, act or statute, or law amendatory
         thereof as being prescribed substances capable of releasing atomic
         energy, or as being requisite for the production, use of application of
         atomic energy;

3.       The term "nuclear facility" means:

         (a)      any apparatus designed or used to sustain nuclear fission in
                  self-supporting chain reaction or to contain a critical mass
                  of plutonium, thorium or uranium or any one or more of them;

         (b)      any equipment or device designed or used for (i) separating
                  the isotopes of plutonium, thorium and uranium or any one or
                  more of them, (ii) processing or utilizing spent fuel, or
                  (iii) handling, processing or packaging waste;

         (c)      any equipment or device used for the processing, fabricating
                  or alloying of plutonium, thorium or uranium enriched in the
                  isotope uranium 233 or in the isotope uranium 235, or any one
                  or more of them if at any time the total amount of such
                  material in the custody of the Insured at the premises where
                  such equipment or device is located consists of or contains
                  more than 25 grams of plutonium or uranium 233 or any
                  combination thereof, or more than 250 grams of uranium 235;

         (d)      any structure, basin, excavation, premises or place prepared
                  or used for the storage or disposal of waste radioactive
                  material;

         and includes the site on which any of the foregoing is located,
         together with all operations conducted thereon and all premises used
         for such operations.

4.       The term "fissionable substance" means any prescribed substance that
         is, or from which can be obtained, a substance capable of releasing
         atomic energy by nuclear fission.

5.       With respect to property, loss of use of such property shall be deemed
         to be property damage.

NMA 1979a (01/04/96) Form approved by Lloyd's Underwriters' Non-Marine
Association Limited

                                  Page 24 of 26

<PAGE>

           NUCLEAR ENERGY RISKS EXCLUSION CLAUSE (REINSURANCE) (1994)
                      (WORLDWIDE EXCLUDING U.S.A. & CANADA)

This agreement shall exclude Nuclear Energy Risks whether such risks are written
directly and/or by way of reinsurance and/or via Pools and/or Associations.

For all purposes of this agreement Nuclear Energy Risks shall mean all first
party and/or third party insurances or reinsurances (other than Workers'
Compensation and Employers' Liability) in respect of: -

(I)      All Property on the site of a nuclear power station. Nuclear Reactors,
         reactor buildings and plant and equipment therein on any site other
         than a nuclear power station.

(II)     All Property, on any site (including but not limited to the sites
         referred to in (I) above) used or having been used for: -

         a)       The generation of nuclear energy; or

         b)       The Production, Use or Storage of Nuclear Material.

(III)    Any other Property eligible for insurance by the relevant local Nuclear
         Insurance Pool and/or Association but only to the extent of the
         requirements of that local Pool and/or Association.

(IV)     The supply of goods and services to any of the sites, described in (I)
         to (III) above, unless such insurances or reinsurances shall exclude
         the perils of irradiation and contamination by Nuclear Material.

Except as undernoted, Nuclear Energy Risks shall not include: -

(i)      Any insurance or reinsurance in respect of the construction or erection
         or installation or replacement or repair or maintenance or
         decommissioning of Property as described in (I) to (III) above
         (including contractors' plant and equipment);

(ii)     Any Machinery Breakdown or other Engineering insurance or reinsurance
         not corning within the scope of (I) above;

Provided always that such insurance or reinsurance shall exclude the perils of
irradiation and contamination by Nuclear Material.

However, the above exemption shall not extend to: -

(1)      The provision of any insurance or reinsurance whatsoever in respect of:

         (a)      Nuclear Material;

         (b)      Any Property in the High Radioactivity Zone or Area of any
                  Nuclear Installation as from the introduction of Nuclear
                  Material or - for reactor installations - as from fuel loading
                  or first criticality where so agreed with the relevant local
                  Nuclear Insurance Pool and/or Association.

(2)      The provision of any insurance or reinsurance for the undernoted
         perils: -

         - Fire, lightning, explosion;
         - Earthquake;
         - Aircraft and other aerial devices or articles dropped therefrom;
         - Irradiation and radioactive contamination;
         - Any other peril insured by the relevant local Nuclear Insurance Pool
           and/or Association;

                                  Page 25 of 26

<PAGE>

         in respect of any other Property not specified in (1) above which
         directly involves the Production, Use or Storage of Nuclear Material as
         from the introduction of Nuclear Material into such Property.

Definitions

"Nuclear Material" means: -

(i)      Nuclear fuel, other than natural uranium and depleted uranium, capable
         of producing energy by a self-sustaining chain process of nuclear
         fission outside a Nuclear Reactor, either alone or in combination with
         some other material; and

(ii)     Radioactive Products or Waste.

"Radioactive Products or Waste" means any radioactive material produced in, or
any Material made radioactive by exposure to the radiation incidental to the
production or utilization of nuclear fuel, but does not include radioisotopes
which have reached the final stage of fabrication so as to be usable for any
scientific, medical, agricultural, commercial or industrial purpose.

"Nuclear Installation" means: -

(i)      Any Nuclear Reactor;

(ii)     Any factory using nuclear fuel for the production of Nuclear Material,
         or any factory for the processing of Nuclear Material, including any
         factory for the reprocessing of irradiated nuclear fuel; and

(iii)    Any facility where Nuclear Material is stored, other than storage
         incidental to the carriage of such material.

"Nuclear Reactor" means any structure containing nuclear fuel in such an
arrangement that a self-sustaining chain process of nuclear fission can occur
therein without an additional source of neutrons.

"Production, Use or Storage of Nuclear Material" means the production,
manufacture, enrichment, conditioning, processing, reprocessing, use, storage,
handling and disposal of Nuclear Material.

"Property" shall mean all land, buildings, structures, plant, equipment,
vehicles, contents (including but not limited to liquids and gases) and all
materials of whatever description whether fixed or not.

"High Radioactivity Zone or Area" means: -

(i)      For nuclear power stations and Nuclear Reactors, the vessel or
         structure which immediately contains the core (including its supports
         and shrouding) and all the contents thereof, the fuel elements, the
         control rods and the irradiated fuel store; and

(ii)     For non-reactor Nuclear Installations, any area where the level of
         radioactivity requires the provision of a biological shield.

                                  Page 26 of 26<PAGE>
                                                                   EXHIBIT 10.42
                                                                          [LOGO]

TITLE:                  FIRST EXCESS CESSION REINSURANCE CONTRACT

BETWEEN:                DARWIN NATIONAL ASSURANCE COMPANY, DARWIN SELECT
                        INSURANCE COMPANY AND/OR ANY OTHER ASSOCIATED,
                        AFFILIATED OR SUBSIDIARY COMPANIES OF DARWIN
                        PROFESSIONAL UNDERWRITERS, INC., INCLUDING BUSINESS
                        ASSUMED BY THE REASSURED FROM CAPITOL INDEMNITY
                        CORPORATION, CAPITOL SPECIALTY INSURANCE CORPORATION,
                        PLATTE RIVER INSURANCE COMPANY AND/OR ANY OTHER
                        ASSOCIATED, AFFILIATED OR SUBSIDIARY COMPANIES OF
                        ALLEGHANY INSURANCE HOLDING LLC, BUT ONLY IN RESPECT OF
                        BUSINESS UNDERWRITTEN BY DARWIN PROFESSIONAL
                        UNDERWRITERS, INC.

                        AND

                        THE REINSURERS SIGNATORY HERETO

COMMENCING:             APRIL 1, 2006

U.S. CLASSIFICATION:    U.S. REINSURANCE

                                  Page 1 of 32
<PAGE>

                                TABLE OF CONTENTS

PREAMBLE         IDENTITY OF PARTIES

ARTICLE 1        BUSINESS REINSURED
ARTICLE 2        EXCLUSIONS
ARTICLE 3        COVER, LIMIT AND RETENTION
ARTICLE 4        CO-REINSURANCE
ARTICLE 5        TERRITORIAL SCOPE
ARTICLE 6        PERIOD
ARTICLE 7        SPECIAL TERMINATION
ARTICLE 8        FOLLOW THE FORTUNES
ARTICLE 9        EXCESS OF ORIGINAL POLICY LIMITS
ARTICLE 10       EXTRA-CONTRACTUAL OBLIGATIONS
ARTICLE 11       PREMIUM
ARTICLE 12       CEDING COMMISSION
ARTICLE 13       ACCOUNTS AND REPORTS
ARTICLE 14       NOTICE OF LOSS AND LOSS SETTLEMENTS
ARTICLE 15       INTEREST PENALTY
ARTICLE 16       UNEARNED PREMIUM AND OUTSTANDING LOSS RESERVES
ARTICLE 17       CURRENCY
ARTICLE 18       TAX PROVISIONS
ARTICLE 19       INSOLVENCY OF THE REASSURED
ARTICLE 20       OFFSET
ARTICLE 21       DELAYS, ERRORS AND OMISSIONS
ARTICLE 22       AMENDMENTS AND ALTERATIONS
ARTICLE 23       ACCESS TO RECORDS AND CLAIMS REVIEW
ARTICLE 24       ARBITRATION
ARTICLE 25       SERVICE OF SUIT
ARTICLE 26       CONFIDENTIALITY
ARTICLE 27       REGULATORY COMPLIANCE
ARTICLE 28       INTERMEDIARY
ARTICLE 29       GOVERNING LAW
ARTICLE 30       PARTICIPATION
ARTICLE 31       SEVERAL LIABILITY NOTICE

ATTACHMENTS:

1.    NUCLEAR INCIDENT EXCLUSION CLAUSES - LIABILITY - REINSURANCE -
      U.S.A/CANADA

2.    NUCLEAR ENERGY RISKS EXCLUSION CLAUSE - REINSURANCE - 1994 - (WORLDWIDE
      excluding U.S.A and CANADA)

3.    APPENDIX A(1) LOSS BORDEREAU FORMAT

4.    APPENDIX A(2) LARGE LOSS REPORT FORMAT

5.    APPENDIX B SCHEDULE OF INCREASED LIMIT FACTORS

                                  Page 2 of 32
<PAGE>

                   FIRST EXCESS CESSSION REINSURANCE CONTRACT

PREAMBLE

This Contract is made and entered into between Darwin National Assurance
Company, Darwin Select Insurance Company and/or any other any other associated,
affiliated or subsidiary companies of Darwin Professional Underwriters, Inc.,
including business assumed by the Reassured from Capitol Indemnity Corporation,
Capitol Specialty Insurance Corporation, Platte River Insurance Company and/or
any other associated, affiliated or subsidiary companies of Alleghany Insurance
Holding LLC, but only in respect of business underwritten by Darwin Professional
Underwriters Inc. of 9 Farm Springs Road, Farmington, Connecticut 06032 (NAIC
Group Code 10472) (hereinafter referred to as "the Reassured") and the
Reinsurers signatory hereto (hereinafter referred to as the "Reinsurers"), on
the following terms and conditions:

                                   ARTICLE 1

BUSINESS REINSURED

This Contract applies to policies of insurance classified by the Reassured as
Healthcare Facility Primary Professional Liability, Healthcare Facility Primary
General Liability, including Employee Benefits and other ancillary liability
coverages, Physician Group Primary Professional Liability, Physician Group
Primary General Liability, and other ancillary liability coverages, Follow Form
Excess Liability and Umbrella Liability as original.

For the purposes of this Contract, the terms "policy", "policies" or "original
policies" as used herein shall be understood to mean all binders, policies,
contracts, endorsements or other evidence of insurance issued in the name of the
Reassured.

                                   ARTICLE 2

EXCLUSIONS

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

1.    Nuclear Incidents, in accordance with the attached Nuclear Incident
      Exclusion Clauses - Liability - Reinsurance - U.S.A./Canada.

2.    Nuclear Energy Risks, in accordance with the attached Nuclear Energy Risks
      Exclusion Clause (Reinsurance) (1994) (Worldwide excluding U.S.A. and
      Canada).

3.    All liability of the Reassured 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
      guarantee fund, insolvency fund, plan, pool, association, fund or other
      arrangement, howsoever denominated, established or governed, which
      provides for any assessment of or payment or assumption by the Reassured
      of part or all of any claim, debt, charge, fee or other obligation of an
      insurer, or its successors or

                                  Page 3 of 32
<PAGE>

      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.

4.    Liability assumed by the Reassured as a Member or Reinsurer of any Pool,
      Association or Syndicate.

5.    Financial Guarantee and Insolvency Insurance.

6.    Surety Business.

7.    Reinsurance Assumed Business, other than reinsurance of a captive
      insurance company, policies "fronted" by another carrier and underwritten
      by Darwin Professional Underwriters, Inc, and Inter-Company Pooling
      Arrangements.

Notwithstanding anything in this Article to the contrary, should the Reassured
submit a risk to Reinsurers hereon for their special acceptance, to the extent
that Reinsurers agree to accept such a risk by way of special acceptance, the
above exclusions shall apply only as provided in the special acceptance.
Additionally it is agreed that, where a risk previously accepted by way of
special acceptance is renewed, no further special acceptance by Reinsurers shall
be required, and all such prior special acceptances on predecessor Contracts
shall also be covered hereunder. Notwithstanding the above, as a condition
precedent to prior special acceptances on predecessor Contracts being
automatically covered, all such prior special acceptances will be identified to
the Reinsurers by the Reassured in the information provided for the purposes of
renewal of this Contract.

For all accounts submitted for special acceptance, the Reassured will provide to
Reinsurers the following information only:

      -     A copy of the underwriting work-up on the account.

      -     An account loss history.

      -     The terms, conditions and pricing that the Reassured propose to
            offer within this Contract.

Upon receipt of the above information, the Reinsurers will provide their
underwriting decision on any account submitted for special acceptance within
three (3) working days it being understood that if not received within the
allotted timeframe the account will be automatically approved and accepted under
this Contract.

                                   ARTICLE 3

COVER, LIMIT AND RETENTION

This Contract applies to all original policies coming within the scope of this
Contract which are issued by the Reassured for limits in excess of USD1,000,000
each and every loss, each Insured,

                                  Page 4 of 32
<PAGE>

each policy/program. In respect of all such policies the Reassured shall cede
and the Reinsurers shall accept by the way of reinsurance under this Contract,
all liability in excess of underlying limits of USD1,000,000 each and every
loss, each Insured, each policy/program, subject to a limit of liability to the
Reinsurers of up to USD1,000,000 each and every loss, each insured, each
policy/program.

The Reassured shall retain the said underlying limits for their own account but
without prejudice to the above shall be at liberty to protect that retention by
way of excess of loss reinsurance for their own account and benefit.

Reinsurers hereon agree to bear their proportional share of all loss adjustment
and defense cost expenses, as per the original policy. Original policies may
provide for costs inclusive or costs in addition coverage. Where coverage is
issued on a cost inclusive basis, costs shall be included within the limit
hereon. Where coverage is issued on a cost in addition basis, pro rata costs
shall be payable in addition to the limit hereon.

The Reassured shall be at liberty to effect specific facultative reinsurance, or
to omit cessions hereunder, when they consider it in the best interest of the
Reinsurers to do so. It is further understood and agreed that the amount of the
Reinsurers' liability hereunder shall not be increased by reason of the
inability of the Reassured to collect from any such specific facultative
reinsurance.

It is understood and agreed that the limits hereon apply separately to each
original coverage and/or section thereof as applicable, issued by the Reassured,
unless written on a combined, shared limit basis, as per original policies.

The meaning of "each and every loss", "claim", "claim made" and "losses
occurring" shall follow the definitions in the policies covered hereunder, as
finally determined by the Reassured. The Reassured shall also be the determinant
of what constitutes "loss occurrence", "each Insured", "each coverage", "each
section" and "each policy".

Where the Reassured issues more than one policy to the same original insured
covering the same class of business, (such as on a layered basis), then the
combination of such policies shall be considered a program for the purposes
hereof, as solely determined by the Reassured.

Notwithstanding any other provision of this Contract the maximum recoverable
hereon shall not exceed (for 100%) the greater of USD21,000,000 or 300% of ceded
Original Gross Net Written Premium.

                                   ARTICLE 4

CO-REINSURANCE

The Reassured shall retain 30% of liability and premium in respect of each
cession hereunder and shall be at liberty to purchase Excess of Loss and/or
Catastrophe Reinsurance thereon as applicable.

                                  Page 5 of 32
<PAGE>

                                   ARTICLE 5

TERRITORIAL SCOPE

This Contract shall cover wherever the original policies cover.

                                   ARTICLE 6

PERIOD

This Contract covers all claims made or losses occurring, as original, on
original policies written or renewed with effective dates during the period
April 1st, 2006 12:01 a.m. Standard Time to April 1st, 2007 12:01 a.m. Standard
Time at the place and location of risks insured.

The maximum original policy period shall be 12 months plus odd time not to
exceed 18 months in all, plus extended reporting period coverage or
endorsements, as original. For the purposes of this Contract, any extension,
discovery period or extended reporting endorsement attaching to a policy covered
hereunder shall be considered as part of the period of the said policy, subject
to the provision that a separate limit of liability may apply in respect
thereof.

Upon expiry of this Contract, policies in force at the effective time and date
of expiration hereof shall continue to be covered hereunder until their
individual natural expiration or termination dates, whichever sooner, including
extensions, discovery periods, DDR (death, disability or retirement), or other
similar extended reporting endorsements attaching to such policies. The
Reassured may however, subject to agreement by Reinsurers hereon, terminate the
liability of the Reinsurers for claims made or losses occurring, as original,
after the effective time and date of expiration hereof and, in such event, the
unearned premium on all ceded policies attaching hereunder shall be returned to
the Reassured by the Reinsurers less any ceding commission previously allowed on
unearned premium.

Notwithstanding the above, should the Reassured elect to terminate Reinsurers'
liability, premium applicable to DDR (death, disability or retirement),
discovery periods or other similar extended reporting endorsements in force at
the effective time and date of termination shall be deemed to be fully earned.
Any claims applicable to such run off policies, discovery periods or similar
extended reporting endorsements shall be deemed to have been made on the date
the original policy expired or was cancelled.

                                   ARTICLE 7

SPECIAL TERMINATION

A.    Either party may terminate this Contract upon 30 days notice in the event
      that the other party's surplus has been reduced by 30% or more of the
      amount of surplus at March 31st, 2006.

                                  Page 6 of 32
<PAGE>

B.    The Reassured may terminate the Reinsurer's participation hereon at any
      time by giving 30 days' prior written notice to the Reinsurer in the event
      that:

      (1)   A State Insurance Department or other legal authority has ordered
            the subscribing Reinsurer to cease writing business; or

      (2)   The subscribing Reinsurer has become insolvent or has been placed
            into liquidation or receivership or proceedings have been instituted
            against the subscribing Reinsurer for the appointment of a receiver,
            liquidator, rehabilitator, conservator or trustee in bankruptcy, or
            other agents known by whatever name, to take possession of its
            assets or control of its operation; or

      (3)   The subscribing Reinsurer has reinsured its entire liability under
            this Contract without the Reassured's prior written consent.
            However, the Reinsurer shall be at liberty to effect catastrophe
            excess and/or aggregate stop loss excess reinsurance; or

      (4)   The subscribing Reinsurer has ceased assuming new and renewal treaty
            reinsurance business; or

      (5)   The subscribing Reinsurer experiences a downgrading in their
            financial strength rating from Standard and Poor's Group below BBB
            or a downgrading in rating from A.M. Best Company below A-.

In the event of such termination, the liability of the Reinsurer shall be
terminated as follows:

Policies in force at the effective time and date of termination of this Contract
shall continue to be covered hereunder until their individual expiration dates,
including extensions, discovery periods or other such similar reporting
endorsements or provisions attached thereto.

The Reassured may however terminate the liability of the Reinsurer for claims
made or losses occurring, as original, after the effective time and date of
termination of this Contract and, in such event, the unearned premium at the
termination date applicable to in force policies, including extensions,
discovery periods or other similar extended reporting endorsements or provisions
attached thereto, shall be returned to the Reassured by the Reinsurers less any
ceding commission previously allowed on unearned premium.

                                   ARTICLE 8

FOLLOW THE FORTUNES

The Reinsurer's liability shall attach simultaneously with that of the Reassured
and shall be subject in all respects to the same risks, terms, conditions,
interpretations, and cancellations as the respective insurances (or
reinsurances) of the Reassured, the true intent of this Contract being that the
Reinsurer shall, subject to the terms, conditions, and limits of this Contract
and the policies subject to this Contract follow the underwriting fortunes of
the Reassured. Nothing shall

                                  Page 7 of 32
<PAGE>

in any manner create any obligations or establish any rights against the
Reinsurer in favor of any third parties or any persons not parties to this
Contract.

                                   ARTICLE 9

EXCESS OF ORIGINAL POLICY LIMITS

In addition to the coverage afforded under COVER, LIMIT AND RETENTION should the
Reassured incur additional liability as the result of an award in excess of
their original policy limit as defined below, the Reinsurers shall accept the
additional liability incurred solely on cessions made hereunder, up to an
additional cession limit for Excess of Original Policy Limits and Extra
Contractual Obligations combined, in addition to any contractual loss hereunder.
However, specific Excess of Original Policy Limits coverage afforded under the
Reassured's underlying Excess of Loss Reinsurance Contract shall inure to the
benefit of Reinsurers hereon. No separate underlying retention of USD1,000,000
shall apply to such additional Excess of Original Policy Limits coverage
hereunder (subject to the Reassured's co-participation hereon as applicable).

Awards in excess of the original policy limit are defined as contractual losses
which the Reassured may be legally liable to pay, but in excess of the original
policy limit, such losses in excess of the original policy limit having been
incurred because of, but not limited to, the following: failure by the Reassured
to settle within the original policy limit or by reason of 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 an insured or
in the preparation or prosecution of an appeal consequent upon such action.

The date on which any liability in excess of original policy limits is incurred
by the Reassured shall be deemed, in all circumstances, to be the date the
original claim was made or occurred.

However, this Article shall not apply where such awards in excess of original
policy limit have been incurred due to the fraud of a member of the Board of
Directors or a corporate officer of the Reassured 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.

                                   ARTICLE 10

EXTRA-CONTRACTUAL OBLIGATIONS

In addition to the coverage afforded under COVER, LIMIT AND RETENTION should the
Reassured incur additional liability as the result of an award in respect of any
extra-contractual obligations, as defined below, the Reinsurers shall accept the
additional liability incurred solely on cessions made hereunder, up to an
additional cession limit for Extra Contractual Obligations and Excess of
Original Policy Limits combined, in addition to any contractual loss hereunder.
However, specific Extra Contractual Obligations coverage afforded under the
Reassured's underlying Excess of Loss Reinsurance Contract shall inure to the
benefit of Reinsurers hereon. No separate underlying retention of USD1,000,000
shall apply to such additional Extra

                                  Page 8 of 32
<PAGE>

Contractual Obligations coverage hereunder (subject to the Reassured's
co-participation hereon as applicable).

"Extra-contractual obligations" are defined as those liabilities not covered
under any other provision of this Contract and which arise from the handling of
any claim on business covered hereunder, such liabilities arising because of,
but not limited to, the following: failure by the Reassured to settle within the
policy limit, or by reason of 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 an insured or in the preparation or prosecution
of an appeal consequent upon such action.

The date on which any extra-contractual obligation is incurred by the Reassured
shall be deemed, in all circumstances, to be the date the original claim was
made or occurred.

However, this Article shall not apply where such extra-contractual obligations
have been incurred due to the fraud of a member of the Board of Directors or a
corporate officer of the Reassured 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.

                                   ARTICLE 11

PREMIUM

In consideration of the liabilities undertaken by the Reinsurers in accordance
with the terms of this Contract, the Reassured shall pay to the Reinsurers their
proportion of the Reassured's Original Gross Net Written Premium for limits
attaching hereon, generated in accordance with the schedule of Increased Limit
Factors (ILF's) established by the Reassured for each class of business covered
hereunder and attached as Appendix B to this Contract.

The term "Original Gross Net Written Premium" shall for the purpose of this
Contract be understood to mean the full gross amount of the premiums charged by
the Reassured to its original insured's, less cancellations and return premiums,
if applicable.

                                   ARTICLE 12

CEDING COMMISSION

The Reinsurers agree to allow the Reassured to deduct and retain for its own
benefit as Ceding Commission 22.5% of the Original Gross Net Written Premium
payable to the Reinsurers in accordance with the terms of ARTICLE 11 - PREMIUM.

                                  Page 9 of 32
<PAGE>

                                   ARTICLE 13

ACCOUNTS AND REPORTS

Accounts shall be rendered by the Reassured quarterly in arrears. Payment of the
premium due the Reinsurers and a bordereau of cessions hereon shall be rendered
by the Reassured within 45 days of the close of each calendar quarter being
within 45 days of June 30th, 2006 and quarterly thereafter.

Quarterly premium accounts payable within 45 days of:

June 30th, 2006 (or the next business day thereafter)
September 30th, 2006 (or the next business day thereafter)
January 1st, 2007 (or the next business day thereafter)
March 31st, 2007 (or the next business day thereafter)

and each successive quarter thereafter.

Bordereaux of cessions to contain the following information: Policy number,
premium, policy limit, policy term, SIR/Attachment Point, type of Insured

                                   ARTICLE 14

NOTICE OF LOSS AND LOSS SETTLEMENTS

Reinsurers agree to abide by all loss settlements of the Reassured which at its
sole discretion shall adjust, settle or compromise all losses and all such
adjustments, settlements or compromises shall be binding upon Reinsurers subject
to the terms, conditions and limitations of the original policies and this
Contract.

Where the Reassured's original policies and/or specific coverage parts of their
original policies provide for loss adjustment expenses in addition to limit, all
loss adjustment expenses paid by the Reassured shall be apportioned in
proportion to the respective interests in the loss of the parties hereto as such
interests finally appear, provided that in the event a verdict or judgment is
reduced by an appeal or a settlement, subsequent to the entry of the judgment,
resulting in an ultimate saving on such verdict or judgment, or a judgment is
reversed outright, the expense incurred in securing such final reduction or
reversal shall be pro rata between the Reinsurers and the Reassured in the
proportion that each benefits from such reduction or reversal; and the expenses
incurred up to the time and date of the original verdict or judgment shall be
pro-rated in proportion to each party's interest in such verdict or judgment.

In the event of external legal or external adjustment expenses, including
outside monitoring counsel expenses, rescission expenses and declaratory
judgment expenses, which are incurred by the Reassured in connection with a
claim or potential claim hereunder and which are not the subject of the
Reassured's original policy, then Reinsurers shall also be liable for their
proportion of such expenses in addition to their share of the loss recoverable
hereunder.

                                  Page 10 of 32
<PAGE>

For the purposes of this Contract loss adjustment expenses shall include all
expenses of litigation, including post judgment interest, but shall exclude the
salaries of regular employees and all office expenses of the Reassured.

All salvages, recoveries or payments recovered or received subsequent to a loss
settlement under this Contract shall be applied as if recovered or received
prior to the aforesaid settlement and all necessary adjustments shall be made by
the parties hereto.

Paid and outstanding loss bordereaux for all claims with incurred amounts
(indemnity, defense and expense combined), established by the Reassured of
USD500,000 or more to be rendered by the Reassured within 45 days of the end of
each calendar quarter, being within 45 days of June 30th, 2006 and quarterly
thereafter.

It is understood and agreed, both by the Reassured and Reinsurers, that all paid
and outstanding losses shall be advised to Reinsurers by quarterly bordereaux.

The bordereaux shall solely comprise numerical details of the paid and
outstanding amounts of each loss together with other data to identify the claim,
all as shown on the example bordereaux format attached hereto as Appendix A(1)
to this Contract and which has been mutually agreed by the Reassured and
Reinsurers.

In addition to the bordereaux as described above, the Reassured shall also
provide the Reinsurers with a loss report in the example format attached hereto
as Appendix A(2).

Reinsurers agree that the bordereau and loss reports as described above shall
comprise all the claims information that is required by the Reinsurers in order
to settle any claims as and when they become payable and the Reinsurers shall
not require further information to agree the claims bordereaux.

Reinsurers agree to settle their share of such loss payments within 30 days of
receipt of the quarterly bordereaux and loss reports; the bordereaux and loss
reports being the sole billing documentation necessary to effect settlements
from Reinsurers.

Reinsurers may request additional information on any claim reported on the
bordereaux. However, such requests (including assessment of potential liability
or evaluations of individual claims) shall not delay their payment of a claim
once billing of the claim has been presented by the Reassured to Reinsurers. In
addition, responses to requests for additional information shall not be delayed
or withheld by the Reassured.

Notwithstanding such quarterly bordereaux and loss reports settlements, the
Reassured may request an immediate cash loss settlement from Reinsurers in
addition to the calendar quarterly settlements in the event that the amount due
from Reinsurers in respect of an individual claim or series of claims is
USD1,000,000 or more (for 100% hereon). Such cash loss billings shall be made
utilizing the same format as the quarterly bordereaux collections and will be
payable within 15 days upon receipt of the cash loss settlement.

                                  Page 11 of 32
<PAGE>

                                   ARTICLE 15

INTEREST PENALTY

The provisions of this Article shall not be implemented unless specifically
invoked, in writing, by the Reassured or Reinsurer. The interest amounts
provided for in this Article will apply to the Reinsurer or to the Reassured in
the following circumstances:-

1.    Loss payment owed by the Reinsurer to the Reassured shall have a due date
      to the Reassured of 30 calendar days following the date of the Reinsurer's
      receipt of the billing, but no later than 60 calendar days from the
      Reassured's date of the billing.

2.    Payment of any premium installments shall be due to the Reinsurer within
      30 calendar days of the date specified in this Contract. Any premium
      adjustments will be due by the debtor party within 60 calendar days of the
      date specified in this Contract.

3.    Payment of return premiums, commissions, profit sharing, or any other
      amounts not provided in paragraphs 1 or 2 above, shall be due by the
      debtor party within 60 calendar days of the due date specified in this
      Contract. If no due date is specified, the due date shall be 60 days
      following the date of the debtor party's receipt of the billing, but no
      later than 90 days from the creditor party's date of the billing.

4.    Failure by the Reinsurer or Reassured to comply with their respective
      payment obligations within the time periods as herein provided will result
      in a compound interest penalty payable at a rate equal to the 90 day
      Treasury Bill rate as published in the Money Rate Section or any successor
      section of the Wall Street Journal on the first business day following the
      date a remittance becomes due, plus 2% per annum, to be compounded and
      adjusted quarterly. Any interest which occurs pursuant to this Article
      shall be calculated by the party to which it is owed. The accumulation of
      the number of days that any payment is past due will stop on the date the
      Intermediary, where applicable, receives payment.

5.    The validity of any claim or payment may be contested under the provisions
      of this Contract. If the debtor party prevails in such action, there shall
      be no interest penalty due. Otherwise, any interest will be calculated and
      due as outlined above.

6.    If a Reinsurer advances payment of any claim it is contesting, and
      prevails such action, the Reassured shall return such payment plus pay
      interest on same, calculated as per the provisions of this Article.

7.    Any interest which occurs pursuant to this Article may be waived by the
      party to which it is owed. Further, any interest which is calculated
      pursuant to this Article that is USD100 or less shall be waived. Waiver of
      such interest, however, shall not affect the waiving party's right to
      similar interest for any other failure by the other party to make payment
      when due under this Article.

8.    Nothing in this Article shall diminish any legal remedies which either
      party may have against the other.

                                  Page 12 of 32
<PAGE>

                                   ARTICLE 16

UNEARNED PREMIUM AND OUTSTANDING LOSS RESERVES

This Article applies only to those Reinsurers signatory hereto who do not
qualify for credit under the regulations of the State insurance authorities or
departments which have jurisdiction over the Reassured's reserves.

The Reassured agrees that when, for its Annual Convention Statement purposes, it
files with the authorities or departments mentioned above or sets up in its
books statutory reserves for known outstanding losses and allocated loss
expenses reinsured by this Contract, for unearned premium in respect of business
coming within the scope of this Contract, or for incurred but not reported
losses (IBNR), hereinafter "The Stated Reserves", it shall forward to the
Reinsurers a clear statement of the Reinsurers' proportion of The Stated
Reserves detailing separately the amounts involved for known outstanding losses
and allocated loss expenses and for unearned premium and IBNR, and also how
those amounts are calculated. Reserves for IBNR shall not exceed the actual
amount of IBNR carried on the books of the Reassured for statutory reporting
purposes.

The Reinsurers, promptly upon receipt of the Reassured's statement, shall apply
for, and secure delivery to the Reassured of, clean irrevocable and
unconditional Letters of Credit or such equivalent funding acceptable to the
Reassured, for the benefit of the Reassured in amounts equal to their proportion
of The Stated Reserves.

All Letters of Credit procured pursuant to this Contract shall be issued by a
Bank which is a Member of the Federal Reserve and acceptable to the authorities
or departments mentioned in the first paragraph of this Article current at the
date of the Reassured's statement. Such Letter of Credit shall be in full
conformity with the requirements of such authorities or departments.

Further, all such Letters of Credit shall be "Evergreen" in that they shall be
issued for an initial period of not less than one year and shall be
automatically extended for one year from their original expiration dates and
subsequently from their extended expiration dates unless and until, at least
thirty days before any expiration date, the issuing bank gives notice to the
Reassured by registered mail that the issuing bank elects not to extend the life
of the Letter of Credit in question beyond its forthcoming expiration date.

In consideration of the contract of the Reinsurers to furnish such Letters of
Credit to the Reassured to enable it to obtain credit for the reinsurance
provided under this Contract, the Reassured hereby undertakes to hold such
Letters of Credit and the proceeds of any drawings made upon them in trust for
the Reinsurers and to use and apply the proceeds of any such drawings for the
following purposes only:

a.    To pay the Reinsurers' share or to reimburse the Reassured for that share
      of any liability for loss or allocated loss expense reinsured by this
      Contract or for unearned premium in respect of business coming within the
      scope of this Contract;

b.    To refund to the Reinsurers any balance by which the amount of the Letter
      of Credit exceeds the Reinsurers' proportion of any liability for loss or
      allocated loss expense

                                  Page 13 of 32
<PAGE>

      reinsured by this Contract, incurred but not reported losses (IBNR) or for
      unearned premium in respect of business coming within the scope of this
      Contract.

c.    In the event that one or more of the Reinsurers participating in the
      Letter of Credit gives timely notice of cancellation or non-renewal of
      their participation in the Letter of Credit and provided that the
      obligations secured by the Letter of Credit remain unliquidated and
      undischarged at the time of receipt by the Reassured of such notice, the
      Reassured shall create a cash deposit account, separate from its own
      assets, in an amount equal to the participation of the canceling or
      non-renewing Reinsurer(s) in the Letter of Credit. That cash deposit
      account may then be used as in sub-paragraphs a. and b. above. It is
      understood and agreed that this procedure may only be implemented before
      the expiry of the notice period in respect of cancellation or non-renewal
      and that if it is implemented, the Reassured will ensure that a rate of
      interest is obtained for the Reinsurers on such a deposit account that is
      at least equal to the rate which would be paid by Citibank N.A. in New
      York, and further that the Reassured will account to the Reinsurers on an
      annual basis for all interest accruing on the cash deposit account for the
      benefit of the Reinsurers.

The issuing bank shall have no responsibility whatsoever in connection with the
propriety of drawings made by the Reassured on the Letters of Credit issued
under this Contract or in connection with the disposition of any funds so
withdrawn, except to ensure that drawings are made only upon the order of
properly authorized representatives of the Reassured.

All Letters of Credit procured for the Reassured under this Contract shall be
adjusted at annual intervals, or more frequently as agreed (but never more
frequently than quarterly), to reflect the current balance of the Reinsurers'
proportion of the Reassured's known outstanding loss and allocated loss expense
reserves and unearned premium reserves, and the Reassured shall produce a
statement for this purpose detailed in the same way as the original statement on
the basis of which such Letters of Credit were first issued. If the statement
shows that the Reinsurers' proportion of such losses and allocated expenses,
IBNR or unearned premium reserves exceeds the current amount of the Letters of
Credit, the Reinsurers shall, within thirty days after receipt of the statement,
secure the amendment of the Letters of Credit increasing their amount to the
amount of the current balance of these items. If, however, the statement shows
that the Reinsurers' proportion of the current balance of those items is less
than the amount of the Letters of Credit the Reassured shall, within thirty days
of receipt of a written request from the Reinsurers to do so, facilitate the
release of the excessive security by authorizing the amendment of the Letters of
Credit so as to reduce their amount to the current balance required.

All expenses incurred in the establishment or maintenance of such Letters of
Credit shall be paid by the Reinsurers.

                                  Page 14 of 32
<PAGE>

                                   ARTICLE 17

CURRENCY

The currency to be used for all purposes of this Contract shall be United States
Dollars. All amounts paid or received by the Reassured in any other currency
shall be converted into United States Dollars at the rates of exchange at which
such transactions are converted in the books of the Reassured.

                                   ARTICLE 18

TAX PROVISIONS

The Reassured shall be liable for all taxes (except Federal Excise Tax) levied
on it with respect to premiums payable to the Reinsurers hereunder. Federal
Excise Tax applies only to those Reinsurers, excepting Underwriters at Lloyd's,
London and other Reinsurers exempt from the Federal Excise Tax, who are
domiciled outside the United States of America.

To the extent that such premium is subject to Federal Excise Tax, the Reinsurers
hereby agree to allow as a deduction from the premium, for the purpose of paying
Federal Excise Tax, all applicable percentages of the premium payable hereon.

In the event of any return premium becoming due hereunder the Reinsurers will
deduct all applicable percentages from the amount of the return, and the
Reassured or its agents shall take steps to recover the tax from the Government
of the United States of America.

In consideration of the terms under which this Contract is issued, the Reassured
undertakes not to claim any deduction in respect of premium payable hereon when
making tax returns, other than Income or Profits tax returns, to any fiscal
authority of the United States of America or any State or Territory thereof.

                                   ARTICLE 19

INSOLVENCY OF THE REASSURED

Amounts due to the Reassured under this Contract shall be payable by the
Reinsurers on the basis of the liability of the Reassured under the original
policies reinsured hereunder without diminution because of the insolvency of any
one or all of the Reassured Companies.

In the event of the insolvency of the Reassured and the appointment of a
Liquidator, Receiver, Conservator or Statutory Successor, the Liquidator or
Receiver or Conservator or Statutory Successor of the Reassured shall give
written notice to the Reinsurers of the pendency of any claim against the
insolvent Reassured on the original policies reinsured hereunder within a
reasonable time after such claim is filed in the insolvency proceedings. During
the pendency of such claim the Reinsurers may investigate such claim and
intervene, at their own expense, in the proceedings where such claim is to be
adjudicated and interpose any defense or defenses which

                                  Page 15 of 32
<PAGE>

they may deem available to the Reassured or its Liquidator or Receiver or
Conservator or Statutory Successor. The expense thus incurred by the Reinsurers
shall be chargeable, subject to court approval, against the insolvent Reassured
as part of the expense of liquidation to the extent of a proportionate share of
the benefit which may accrue to the Reassured solely as a result of the defense
so undertaken by the Reinsurers.

When two or more Reinsurers are involved in the same claim and a majority in
interest elect to investigate the claim and/or to interpose defense to such
claim, the expense shall be apportioned in accordance with the terms of the
above paragraph as though such expense had been incurred by the Reassured.

Should the Reassured go into liquidation or should a receiver be appointed, the
Reinsurers shall be entitled to deduct from any sums which may be or may become
due to the Reassured under this Contract any sums which are due to the
Reinsurers from the Reassured under this Contract and which are payable at a
fixed or stated date, as well as any other sums due to the Reinsurers which are
permitted to be offset under applicable law.

In the event of the insolvency of the Reassured, the amounts due to the
Reassured under this Contract shall be payable by the Reinsurers directly to the
Reassured or to its Liquidator, Receiver or Statutory Successor.

It is the mutual intent of the parties that, in the event of the insolvency of
the Reassured, this Article shall be read to conform with the state or
regulatory requirements of the jurisdiction in which the liquidation or
receivership is conducted In the event that any provision of this Article is in
conflict with such state or regulatory requirements, then such provision shall
be reformed to be in compliance with such state or regulatory requirements.

                                   ARTICLE 20

OFFSET

Each party hereto shall have, and may exercise in the event of insolvency of the
other or the non-payment by the other of obligations when due hereunder, the
right to offset any balance or balances whether on account of premiums,
commissions, claims or losses, adjustment expenses, salvage or any amount due
from that party to the other party hereto under this Contract only against any
balance or balances due or to become due to the offsetting party from the other
party under this Contract only. The terms of this Article shall apply separately
to this Contract and to each successive renewal of this Contract.

                                   ARTICLE 21

DELAYS, ERRORS AND OMISSIONS

No inadvertent delay, error or omission shall be held to relieve either party
hereto of any liability which would have attached to them under this Contract if
such delay, error or omission had not been made, provided that rectification is
made immediately upon discovery.

                                  Page 16 of 32
<PAGE>

                                   ARTICLE 22

AMENDMENTS AND ALTERATIONS

The terms herein contained comprise the whole Contract between the Reassured and
the Reinsurers and may only be changed in writing, signed by or on behalf of
both parties.

                                   ARTICLE 23

ACCESS TO RECORDS AND CLAIMS REVIEW

All documents and records in the possession of the Reassured concerning this
Contract shall be made available upon reasonable notice at the request of the
Reinsurers for inspection at the Reassured's offices by the Reinsurers or their
nominated representatives for the purposes of obtaining information concerning
this Contract or the subject matter hereof.

Specifically, the Reinsurers shall be entitled to nominate a representative to
assess the Reassured's claims and claims procedures.

For the avoidance of doubt, it is hereby expressly agreed that the rights given
to the Reinsurers by this Article shall continue in effect notwithstanding the
expiration of this Contract and shall be exercised at the Reinsurers' own
expense.

                                   ARTICLE 24

ARBITRATION

As a condition precedent to any right of action hereunder, all disputes or
differences arising out of or connected with this Contract (whether or not
arising before or after expiration) its interpretation or implementation, shall
be referred to arbitration in Farmington, Connecticut, U.S.A., the city in which
the Reassured's principal office is located.

Arbitration shall be initiated by the delivery of a written notice of demand for
arbitration by one party to the other within a reasonable time after the dispute
has arisen stating the nature of the dispute and the remedy sought. Those
Reinsurers involved in the dispute or other matter in controversy shall be
considered as one party for the purpose of allocating the cost of the
arbitration.

Each party shall appoint an individual as arbitrator and the two so appointed
shall then appoint a third arbitrator. If either party refuses or neglects to
appoint an arbitrator within sixty (60) days, the other party may appoint the
second arbitrator. If the two arbitrators do not agree on a third arbitrator
within sixty (60) days of their appointment, within ten (10) days thereafter the
two arbitrators will request the American Arbitration Association ("AAA") to
appoint a third arbitrator with the qualifications set forth below in this
Article without regard to the AAA's Commercial Arbitration Rules. If the AAA
fails to appoint a third arbitrator within thirty (30) days after its receipt of
the two arbitrators' request, either party may apply to a court of

                                  Page 17 of 32
<PAGE>

competent jurisdiction to appoint a third arbitrator with the qualifications set
forth below in this Article. The third arbitrator will immediately notify each
party of his selection. In the event of the resignation or death of any member
of the arbitrator panel, a replacement will be appointed in the same manner as
the resigning or deceased member was appointed.

Each arbitrator shall be an active or retired officer of an insurance or
reinsurance company or Underwriter at Lloyd's London; no arbitrator shall have a
personal or financial interest in the result of the arbitration, and shall not
be a present or former officer, attorney, or consultant of the Reassured or the
Reinsurer or either's affiliates.

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, and shall make any award
with a view to effecting the general purpose of this Contract in a reasonable
manner with due regard to the custom and usage of the insurance and reinsurance
business.

The arbitrators shall have full discretion to make such orders as they think fit
in connection with all procedural matters in the Arbitration, including but not
limited to the conduct of the reference by written or oral submissions, the
production of documents, the examination of witnesses, and the imposition of
time limits for the taking of necessary procedural steps. The arbitrators shall
also have full discretion to make such orders as they think fit with regard to
the payment of the costs of the Arbitration including attorneys' costs and fees.
However, the arbitrators shall be precluded from awarding punitive damages to
either party.

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 and
communications shall be made by the Reassured to each of the Reinsurers
constituting the one party, provided that nothing herein 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 Reinsurers under the terms of this
Contract from several to joint.

Any Award or order of the arbitrators or a majority thereof shall be binding on
the parties and there shall be no right of appeal there from.

Except as provided above, arbitration shall be based, insofar as applicable,
upon the procedures of the American Arbitration Association.

                                   ARTICLE 25

SERVICE OF SUIT

This Service of Suit Article will not be read to conflict with or override the
obligations of the parties to arbitrate their disputes as provided for in the
Arbitration Article. This Article is intended as an aid to compelling
arbitration or enforcing such arbitration or arbitral award, not as an
alternative to the Arbitration Article for resolving disputes arising out of
this Contract.

                                  Page 18 of 32
<PAGE>

In the event of the failure of the Reinsurers to pay any amount claimed to be
due hereunder, the Reinsurers, 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 Reinsurers' 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. The
Reinsurers, once the appropriate Court is selected, whether such court is the
one originally chosen by the Company and accepted by Reinsurers or is determined
by removal, transfer, or otherwise, as provided for above, will comply with all
requirements necessary to give said Court jurisdiction and, in any suit
instituted against any of them upon this Contract, will abide by the final
decision of such Court or of any Appellate Court in the event of an appeal.

Service of process in such suit may be made upon Mendes & Mount, 750 Seventh
Avenue, New York, New York 10019-6829. The above-named are authorized and
directed to accept service of process on behalf of Reinsurers in any such suit.

Further, pursuant to any statute of any state, territory or district of the
United States that makes provision therefor, the Reinsurers hereby designate 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 their true and lawful attorney upon whom may be served any lawful
process in any action, suit or proceedings instituted by or on behalf of the
Company or any beneficiary hereunder arising out of this Contract, and hereby
designate the above-named as the person to whom the said officer is authorized
to mail such process or a true copy thereof.

                                   ARTICLE 26

CONFIDENTIALITY

The confidential nature of this Contract is acknowledged by all parties.
Moreover, the Reinsurers will only disclose to third parties, such as
regulators, auditors, rating agencies, shareholders, counsel, reinsurers and the
like, such details of this Contract as are necessary to comply with their
obligations to such third parties as part of their normal business practice.

It is a condition binding on Reinsurers hereon that they may not disclose any
details of this Contract at any time to any other third party without the
agreement of the Reassured.

                                   ARTICLE 27

REGULATORY COMPLIANCE

If any provision of this Contract shall be rendered illegal or unenforceable by
the laws, regulations or public policy of any State in the United States, such
provision shall be considered void in such State, but this shall not affect the
validity or enforceability of any other provision of this Contract, or the
validity or enforceability of such provision in any other jurisdiction.

                                  Page 19 of 32
<PAGE>

                                   ARTICLE 28

INTERMEDIARY

Carvill America Incorporated is hereby recognized as the Intermediary
negotiating this Contract for all business hereunder. All communications
including notices, premiums, return premiums, commissions, taxes, losses, loss
adjustment expenses, salvages and loss settlements relating thereto shall be
transmitted to the Reinsurer or the Reassured through Carvill America
Incorporated at The Pinnacle, 3455 Peachtree Road, N.E., Suite 375, Atlanta
Georgia 30326. Payments by the Reassured to the Intermediary will be deemed to
constitute payment to the Reinsurer. Payments by the Reinsurer to the
Intermediary will be deemed only to constitute payment to the Reassured to the
extent that such payments are actually received by the Reassured.

                                   ARTICLE 29

GOVERNING LAW

This Contract shall be governed by and construed in accordance with the laws of
the State of Connecticut.

                                   ARTICLE 30

PARTICIPATION

This Contract obligates each of the Reinsurers for their proportion of the
interests and liabilities set forth under this Contract, such proportions being
shown in the attached Schedules.

                                   ARTICLE 31

SEVERAL LIABILITY NOTICE

The subscribing Reinsurers' obligations under contracts of reinsurance to which
they subscribe are several and not joint and are limited solely to the extent of
their individual subscriptions. The subscribing Reinsurers are not responsible
for the subscription of any co-subscribing Reinsurer who for any reason does not
satisfy all or part of its obligations.

IN WITNESS WHEREOF the parties hereto have, by their duly authorized
representative, executed this Contract as follows:

Signed in Farmington, Connecticut, this 19th day of April 2006.

For and on behalf of the Reassured:

Signed by:  /s/ Stephen Sills
            -----------------------------------------

                                  Page 20 of 32
<PAGE>

And for the Reinsurers by means of and in accordance with the attached
Schedules, which shall be considered to form an integral part of this Contract.

                                  Page 21 of 32
<PAGE>

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

(1)   This reinsurance does not cover any loss or liability accruing to the
      Reassured as a member of, or subscriber to, any association of insurers or
      reinsurers formed for the purpose of covering nuclear energy risks or as a
      direct or indirect reinsurer of any such member, subscriber or
      association.

(2)   Without in any way restricting the operation of paragraph (1) of this
      Clause it is understood and agreed that for all purposes of this
      reinsurance all the original policies of the Reassured (new, renewal and
      replacement) of the classes specified in Clause II of this paragraph (2)
      from the time specified in Clause III in this paragraph (2) shall be
      deemed to include the following provision (specified as the Limited
      Exclusion Provision).

      LIMITED EXCLUSION PROVISION:

      I.    It is agreed that the policy does not apply under any liability
            coverage to:   injury, sickness, disease, death or destruction
                           bodily injury or property damage
            with respect to which an insured under the policy is also an insured
            under a nuclear energy liability policy issued by Nuclear Energy
            Liability Insurance Association, Mutual Atomic Energy Liability
            Underwriters or Nuclear Insurance Association of Canada, or would be
            an insured under any such policy but for its termination upon
            exhaustion of its limit of liability.

      II.   Family Automobile Policies (liability only), Special Automobile
            Policies (private passenger automobiles, liability only), Farmers
            Comprehensive Personal Liability Policies (liability only),
            Comprehensive Personal Liability Policies (liability only) or
            policies of a similar nature; and the liability portion of
            combination forms related to the four classes of policies stated
            above, such as the Comprehensive Dwelling Policy and the applicable
            types of Homeowners Policies.

      III.  The inception dates and thereafter of all original policies as
            described in II above, whether new, renewal or replacement, being
            policies which either

                  (a)   become effective on or after 1st May, 1960, or
                  (b)   become effective before that date and contain the
                        Limited Exclusion Provision set out above;

            provided this paragraph (2) shall not be applicable to Family
            Automobile Policies, Special Automobile Policies, or policies or
            combination policies of a similar nature, issued by the Reassured on
            New York risks, until 90 days following approval of the Limited
            Exclusion Provision by the Governmental Authority having
            jurisdiction thereof.

(3)   Except for those classes of policies specified in Clause II of paragraph
      (2) and without in any way restricting the operation of paragraph (1) of
      this Clause, it is understood and

                                  Page 22 of 32
<PAGE>

      agreed that for all purposes of this reinsurance the original liability
      policies of the Reassured (new, renewal and replacement) affording the
      following coverages:

            Owners, Landlords and Tenants Liability, Contractual Liability,
            Elevator Liability, Owners or Contractors (including railroad)
            Protective Liability, Manufacturers and Contractors Liability,
            Product Liability, Professional and Malpractice Liability,
            Storekeepers Liability, Garage Liability, Automobile Liability
            (including Massachusetts Motor Vehicle or Garage Liability)

      shall be deemed to include, with respect to such coverages, from the time
      specified in Clause V of this paragraph (3), the following provision
      (specified as the Broad Exclusion Provision):

                                  Page 23 of 32
<PAGE>

BROAD EXCLUSION PROVISION.*

It is agreed that the policy does not apply:

I.    Under any Liability Coverage, to   injury, sickness, disease, death or
                                         destruction
                                         bodily injury or property damage

      (a)   with respect to which an insured under the policy is also an insured
            under a nuclear energy liability policy issued by Nuclear Energy
            Liability Insurance Association, Mutual Atomic Energy Liability
            Underwriters or Nuclear Insurance Association of Canada, or would be
            an insured under any such policy but for its termination upon
            exhaustion of its limit of liability;

      or

      (b)   resulting from the hazardous properties of nuclear material and with
            respect to which (1) any person or organization is required to
            maintain financial protection pursuant to the Atomic Energy Act of
            1954, or any law amendatory thereof, or (2) the insured is, or had
            this policy not been issued would be, entitled to indemnity from the
            United States of America, or any agency thereof, under any agreement
            entered into by the United States of America, or any agency thereof,
            with any person or organization.

II.   Under any Medical Payments Coverage, or under any Supplementary Payments
      Provision relating to   immediate medical or surgical relief,
                              first aid,

      to expenses incurred with respect to bodily injury, sickness, disease or
      death bodily injury

      resulting from the hazardous properties of nuclear material and arising
      out of the operation of a nuclear facility by any person or organization.

III.  Under any Liability Coverage, to   injury, sickness, disease, death or
                                         destruction
                                         bodily injury or property damage
      resulting from the hazardous properties of nuclear material, if

      (a)   the nuclear material (1) is at any nuclear facility owned by, or
            operated by or on behalf of, an insured or (2) has been discharged
            or dispersed therefrom;

      (b)   the nuclear material is contained in spent fuel or waste at any time
            possessed, handled, used, processed, stored, transported or disposed
            of by or on behalf of an insured; or

      (c)   the   injury, sickness, disease, death or destruction
                  bodily injury or property damage

                                  Page 24 of 32
<PAGE>

            arises out of the furnishing by an insured of services, materials,
            parts or equipment in connection with the planning, construction,
            maintenance, operation or use of any nuclear facility, but if such
            facility is located within the United States of America, its
            territories, or possessions or Canada, this exclusion (c) applies
            only to

                  injury to or destruction of property at such nuclear facility,
                  property damage to such nuclear facility and any property
                  thereat.

IV.   As used in this endorsement:

      "HAZARDOUS PROPERTIES" include, radioactive, toxic or explosive
      properties; "NUCLEAR MATERIAL" means source material, special nuclear
      material or byproduct material; "SOURCE MATERIAL", "SPECIAL NUCLEAR
      MATERIAL", and "BYPRODUCT MATERIAL" have the meanings given them in the
      Atomic Energy Act of 1954 or in any law amendatory thereof; "SPENT FUEL"
      means any fuel element or fuel component, solid or liquid, which has been
      used or exposed to radiation in a nuclear reactor; "WASTE" means any waste
      material (1) containing by product material and (2) resulting from the
      operation by any person or organization of any nuclear facility included
      within the definition of nuclear facility under paragraph (a) or (b)
      thereof; "NUCLEAR FACILITY" means

      (a)   any nuclear reactor,

      (b)   any equipment or device designed or used for (1) separating the
            isotopes of uranium or plutonium, (2) processing or utilizing spent
            fuel, or (3) handling, processing or packaging waste,

      (c)   any equipment or device used for the processing, fabricating or
            alloying of special nuclear material if at any time the total amount
            of such material in the custody of the insured at the premises where
            such equipment or device is located consists of or contains more
            than 25 grams of plutonium or uranium 233 or any combination
            thereof, or more than 250 grams of uranium 235,

      (d)   any structure, basin, excavation, premises or place prepared or used
            for the storage or disposal of waste,

      and includes the site on which any of the foregoing is located, all
      operations conducted on such site and all premises used for such
      operations; "NUCLEAR REACTOR" means any apparatus designed or used to
      sustain nuclear fission in a self-supporting chain reaction or to contain
      a critical mass of fissionable material;

            With respect to injury to or destruction of property, the word
            "injury" or "destruction", "property damage" includes all forms of
            radioactive contamination of property, includes all forms of
            radioactive contamination of property.

                                  Page 25 of 32
<PAGE>

V.    The inception dates and thereafter of all original policies affording
      coverages specified in this paragraph (3), whether new, renewal or
      replacement, being policies which become effective on or after 1st May,
      1960, provided this paragraph (3) shall not be applicable to

            (i)   Garage and Automobile Policies issued by the Reassured on New
                  York risks.

                      or

            (ii)  statutory liability insurance required under Chapter 90,
                  General Laws of Massachusetts,

      until 90 days following approval of the Broad Exclusion Provision by the
      Governmental Authority having jurisdiction thereof.

(4)   Without in any way restricting the operation of paragraph (1) of this
      Clause, it is understood and agreed that paragraphs (2) and (3) above are
      not applicable to original liability policies of the Reassured in Canada
      and that with respect to such policies this Clause shall be deemed to
      include the Nuclear Energy Liability Exclusion Provisions adopted by the
      Canadian Underwriters' Association or the Independent Insurance Conference
      of Canada.

*NOTE.      The words printed in italics in the Limited Exclusion Provision and
            in the Broad Exclusion Provision shall apply only in relation to
            original liability policies which include a Limited Exclusion
            Provision or a Broad Exclusion Provision containing those words.

21/9/67
N.M.A. 1590

                                  Page 26 of 32
<PAGE>

NUCLEAR INCIDENT EXCLUSION CLAUSE-LIABILITY-REINSURANCE-CANADA

1.    This Agreement does not cover any loss or liability accruing to the
      Reinsured as a member of, or subscriber to, any association of insurers or
      reinsurers formed for the purpose of covering nuclear energy risks or as a
      direct or indirect reinsurer of any such member, subscriber or
      association.

2.    Without in any way restricting the operation of paragraph I of this clause
      it is agreed that for all purposes of this Agreement all the original
      liability contracts of the Reinsured, whether new, renewal or replacement,
      of the following classes, namely,

      Personal Liability.
      Farmers' Liability.
      Storekeepers' Liability.

      which become effective on or after 31st December 1992, shall be deemed to
      include, from their inception dates and thereafter, the following
      provision:

      Limited Exclusion Provision.

      This Policy does not apply to bodily injury or property damage with
      respect to which the Insured is also insured under a contract of nuclear
      energy liability insurance (whether the Insured is unnamed in such
      contract and whether or not it is legally enforceable by the Insured)
      issued by the Nuclear Insurance Association of Canada or any other group
      or pool of insurers or would be an Insured under any such policy but for
      its termination upon exhaustion of its limits of liability.

      With respect to property, loss of such property shall be deemed to be
      property damage.

3.    Without in any way restricting the operation of paragraph I of this clause
      it is agreed that for all purposes of this Agreement all the original
      liability contracts of the Reinsured, whether new, renewal or replacement,
      of any class whatsoever (other than Personal Liability, Farmers'
      Liability, Storekeepers' Liability or Automobile Liability contracts),
      which become effective on or after 31st December 1992, shall be deemed to
      include from their inception dates and thereafter, the following
      provision:

      Broad Exclusion Provision.

      It is agreed that this Policy does not apply:

      (a)   to liability imposed by or arising from any nuclear liability act,
            law or statute or any law amendatory thereof; nor

      (b)   to bodily injury or property damage with respect to which an Insured
            under this policy is also insured under a contract of nuclear energy
            liability insurance (whether the Insured is unnamed in such contract
            and whether or not it is legally enforceable by the Insured) issued
            by the Nuclear Insurance Association of Canada or any other insurer
            or group or pool of insurers or would be an Insured

                                  Page 27 of 32
<PAGE>

            under any such policy but for its termination upon exhaustion of its
            limit or liability; nor

      (c)   to bodily injury or property damage resulting directly or indirectly
            from the nuclear energy hazard arising from:

            (i)   the ownership, maintenance, operation or use of a nuclear
                  facility by or on behalf of an Insured;

            (ii)  the furnishing by an Insured of services, materials, parts or
                  equipment in connection with the planning, construction,
                  maintenance, operation or use of any nuclear facility; and

            (iii) the possession, consumption, use, handling, disposal or
                  transportation of fissionable substances, or of other
                  radioactive material (except radioactive isotopes, away from a
                  nuclear facility, which have reached the final stage of
                  fabrication so as to be usable for any scientific, medical,
                  agricultural, commercial or industrial purpose) used,
                  distributed, handled or sold by an Insured.

      As used in this Policy:

1.    The term "nuclear energy hazard" means the radioactive, toxic, explosive,
      or other hazardous properties of radioactive material;

2.    The term "radioactive material" means uranium, thorium, plutonium,
      neptunium, their respective derivatives and compounds, radioactive
      isotopes of other elements and any other substances which may be
      designated by or pursuant to any law, act or statute, or law amendatory
      thereof as being prescribed substances capable of releasing atomic energy,
      or as being requisite for the production, use of application of atomic
      energy;

3.    The term "nuclear facility" means:

      any apparatus designed or used to sustain nuclear fission in
      self-supporting chain reaction or to contain a critical mass of plutonium,
      thorium or uranium or any one or more of them;

      (a)   any equipment or device designed or used for (i) separating the
            isotopes of plutonium, thorium and uranium or any one or more of
            them, (ii) processing or utilizing spent fuel, or (iii) handling,
            processing or packaging waste;

      (b)   any equipment or device used for the processing, fabricating or
            alloying of plutonium, thorium or uranium enriched in the isotope
            uranium 233 or in the isotope uranium 235, or any one or more of
            them if at any time the total amount of such material in the custody
            of the Insured at the premises where such equipment or device is
            located consists of or contains more than 25 grams of plutonium or
            uranium 233 or any combination thereof, or more than 250 grams of
            uranium 235;

                                  Page 28 of 32
<PAGE>

      (c)   any structure, basin, excavation, premises or place prepared or used
            for the storage or disposal of waste radioactive material;

      and includes the site on which any of the foregoing is located, together
      with all operations conducted thereon and all premises used for such
      operations.

4. The term "fissionable substance" means any prescribed substance that is, or
from which can be obtained, a substance capable of releasing atomic energy by
nuclear fission.

5. With respect to property, loss of use of such property shall be deemed to be
property damage.

NMA 1979a (01/04/96) Form approved by Lloyd's Underwriters' Non-Marine
Association Limited

                                  Page 29 of 32
<PAGE>

NUCLEAR ENERGY RISKS EXCLUSION CLAUSE (REINSURANCE) (1994)

                      (WORLDWIDE EXCLUDING U.S.A. & CANADA)

This agreement shall exclude Nuclear Energy Risks whether such risks are written
directly and/or by way of reinsurance and/or via Pools and/or Associations.

For all purposes of this agreement Nuclear Energy Risks shall mean all first
party and/or third party insurances or reinsurances (other than Workers'
Compensation and Employers' Liability) in respect of:-

(I)   All Property on the site of a nuclear power station.
      Nuclear Reactors, reactor buildings and plant and equipment therein on any
      site other than a nuclear power station.

(II)  All Property, on any site (including but not limited to the sites referred
      to in (I) above) used or having been used for:

      a) The generation of nuclear energy; or
      b) The Production, Use or Storage of Nuclear Material.

(III) Any other Property eligible for insurance by the relevant local Nuclear
      Insurance Pool and/or Association but only to the extent of the
      requirements of that local Pool and/or Association.

(IV)  The supply of goods and services to any of the sites, described in (I) to
      (III) above, unless such insurances or reinsurances shall exclude the
      perils of irradiation and contamination by Nuclear Material.

Except as undernoted, Nuclear Energy Risks shall not include: -

(i)   Any insurance or reinsurance in respect of the construction or erection or
      installation or replacement or repair or maintenance or decommissioning of
      Property as described in (I) to (III) above (including contractors' plant
      and equipment);

(ii)  Any Machinery Breakdown or other Engineering insurance or reinsurance not
      coming within the scope of (I) above;

Provided always that such insurance or reinsurance shall exclude the perils of
irradiation and contamination by Nuclear Material.

However, the above exemption shall not extend to:

(1)   The provision of any insurance or reinsurance whatsoever in respect of:

      (a)   Nuclear Material;

      (b)   Any Property in the High Radioactivity Zone or Area of any Nuclear
            Installation as from the introduction of Nuclear Material or - for
            reactor installations - as from

                                  Page 30 of 32
<PAGE>

            fuel loading or first criticality where so agreed with the relevant
            local Nuclear Insurance Pool and/or Association.

(2)   The provision of any insurance or reinsurance for the undernoted perils: -

      -     Fire, lightning, explosion;

      -     Earthquake;

      -     Aircraft and other aerial devices or articles dropped therefrom;

      -     Irradiation and radioactive contamination;

      -     Any other peril insured by the relevant local Nuclear Insurance Pool
            and/or Association;

      in respect of any other Property not specified in (1) above which directly
      involves the Production, Use or Storage of Nuclear Material as from the
      introduction of Nuclear Material into such Property.

Definitions

"Nuclear Material" means: -

(i)   Nuclear fuel, other than natural uranium and depleted uranium, capable of
      producing energy by a self-sustaining chain process of nuclear fission
      outside a Nuclear Reactor, either alone or in combination with some other
      material; and

(ii)  Radioactive Products or Waste.

"Radioactive Products or Waste" means any radioactive material produced in, or
any material made radioactive by exposure to the radiation incidental to the
production or utilization of nuclear fuel, but does not include radioisotopes
which have reached the final stage of fabrication so as to be usable for any
scientific, medical, agricultural, commercial or industrial purpose.

"Nuclear Installation" means: -

(i)   Any Nuclear Reactor;

(ii)  Any factory using nuclear fuel for the production of Nuclear Material, or
      any factory for the processing of Nuclear Material, including any factory
      for the reprocessing of irradiated nuclear fuel; and

(iii) Any facility where Nuclear Material is stored, other than storage
      incidental to the carriage of such material.

"Nuclear Reactor" means any structure containing nuclear fuel in such an
arrangement that a self-sustaining chain process of nuclear fission can occur
therein without an additional source of neutrons.

"Production, Use or Storage of Nuclear Material" means the production,
manufacture, enrichment, conditioning, processing, reprocessing, use, storage,
handling and disposal of Nuclear Material.

                                  Page 31 of 32
<PAGE>
"Property" shall mean all land, buildings, structures, plant, equipment,
vehicles, contents (including but not limited to liquids and gases) and all
materials of whatever description whether fixed or not.

"High Radioactivity Zone or Area" means: -

(i)   For nuclear power stations and Nuclear Reactors, the vessel or structure
      which immediately contains the core (including its supports and shrouding)
      and all the contents thereof, the fuel elements, the control rods and the
      irradiated fuel store; and

(ii)  For non-reactor Nuclear Installations, any area where the level of
      radioactivity requires the provision of a biological shield.

                                  Page 32 of 32

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