Document:

Reinsurance Trust Agreement

 Exhibit 10.8 

REINSURANCE 
 TRUST
AGREEMENT 
 THIS REINSURANCE TRUST AGREEMENT (this “Agreement”) is made effective as of the 22nd day of May, 2013 (the “Effective Date”) by and among Osprey Re Ltd, an insurance company domiciled in Hamilton, Bermuda (the “Grantor”). Heritage Property and
Casualty Insurance Company, an insurance company domiciled in the State of Florida (together with any successor thereof by operation of law, including, without limitation, any liquidator, rehabilitator, receiver, or conservator, the
“Beneficiary”), and Bank of America, N.A., a banking association organized under the laws of the United States (the “Trustee”). Certain capitalized terms used herein are defined in Section 3.01. 

WITNESSETH: 
 WHEREAS, the Grantor
and the Beneficiary have entered into the Reinsurance Agreement whereby the Grantor, as reinsurer, has agreed to indemnify the Beneficiary, as cedant, against certain losses; and 

WHEREAS, the Grantor and the Beneficiary desire to create a trust account to hold assets as security for the performance by the Grantor of its obligations
from time to time due and owing under the Reinsurance Agreement; 
 NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein,
the Parties agree as follows: 
 ARTICLE I 

PROVISIONS RELATING TO THE TRUST ACCOUNT 

Section 1.01 Establishment of Trust Account. The Grantor hereby establishes a trust account (the “Trust Account”) with the
Trustee to be held in the City of Chicago, Illinois or in another city within the United States in which the Trustee maintains an office for its trust business, for the sole use and benefit of the Beneficiary, upon the terms and conditions
hereinafter set forth and agrees to deposit and maintain assets in an amount that at all times will equal or exceed the Security Amount. The Trustee has no obligation at any time to determine or verify if the amounts deposited in, or thereafter held
in, the Trust Account are in excess of the Security Amount or at any other particular level. The Grantor and the Beneficiary agree that the trust created hereunder shall be treated as a “grantor trust” for federal income tax purposes, and
the Grantor shall report all items of income, gain or loss with respect to the Authorized Investments (as defined below) on its federal income tax return, in accordance with Section 1.14. 

Section 1.02 Deposit into Trust Account. The Trustee and its lawfully appointed successors is and are authorized and shall have power to receive
such securities and other property as the Grantor and/or the Beneficiary from time to time may transfer or remit to or vest in the Trustee or place in the Trustee’s hands or under the Trustee’s control and to hold, invest, reinvest, manage
and dispose of the same for the uses and purposes and in the manner and according to the provisions hereinafter set forth (the “Trust Assets”). All such Trust Assets at all times shall be maintained by the Trustee in the Trust
Account, separate and distinct from all other assets on the books and records of the Trustee, and shall be continuously kept in a safe place within the United States. Within six (6) business days after this Agreement is fully executed, the
Grantor shall 

 
deliver to the Trustee, and deposit into the Trust Account, Trust Assets with such market value as agreed by and between the Grantor and the Beneficiary. The Trustee shall have no obligation to
determine or verify such value. The Trustee shall be responsible only for those assets actually delivered by the Grantor; the Trustee shall have no obligation to seek or compel delivery of assets from the Grantor or any other person or entity. 

Section 1.03 Authorized Investments. Unless otherwise approved in writing by the Beneficiary, assets deposited in the Trust Account by the Grantor
and investments and reinvestments thereof, shall consist solely of cash, certificates of deposit issued by a United States bank and payable in United States legal tender, and those securities representing investments of the types specified in Part
II of Chapter 625 of the Florida Statutes; provided, however that no such securities shall have been issued by a parent, a subsidiary, or an affiliate of either the Grantor or the Beneficiary (“Authorized
Investments”). Any deposit or investment direction by the Grantor shall constitute a certification by the Grantor to the Beneficiary and the Trustee that the assets so deposited, or to be purchased pursuant to such investment direction, are
Authorized Investments. The Trustee may rely upon such certification and shall have no independent obligation to verify that assets deposited in, or thereafter held in, the Trust Account constitute Authorized Investments. 

Section 1.04 Negotiable Form. The Grantor hereby represents and warrants that all assets deposited in, or thereafter held in, the Trust Account
shall be in such form that the Beneficiary or the Trustee, upon direction by the Beneficiary, may whenever necessary negotiate any such assets, without consent or signature from the Grantor or any other person or entity. The Grantor shall, upon
execution of this Agreement, and from time to time thereafter as required, execute assignments or endorsements in blank of all securities or other property standing in the Grantor’s name which are delivered to the Trustee to form a part of the
Trust Account so that, whenever necessary, the Trustee can negotiate any such asset without the consent or signature of the Grantor or any person or entity; any assets received by the Trustee which the Trustee determines are not in such proper
negotiable form shall not be accepted by the Trustee and shall be returned to the Grantor as unacceptable. 
 Section 1.05 Holding of Registered
Securities. The Trustee is directed to transfer into the name of nominees selected by it all registered securities from time to time held under this Agreement. The Trustee shall be responsible for the acts of its nominee with respect to such
securities. Securities shall be held in a nominee name of the Trustee, by authorized officers of the Trustee to facilitate the holding and transfer of title on behalf of the Trustee. To effect the transfer of registered securities into the name of
the Trustee’s nominee, to facilitate the collection of any payment thereon and to effect any other action in relation thereto or in order to meet any requirement thereof, the Grantor authorizes the Trustee to execute in the Grantor’s name,
and to deliver, any instrument determined by the Trustee to be appropriate in furtherance of the purposes hereof, and to guarantee in the Trustee’s name as the signature of the Grantor any signature so placed on such instrument. 

Section 1.06 Holding of Other Assets. The Trustee may utilize the services of any Federal Reserve Bank or The Depository Trust Company
(“DTC”) for the purpose of maintaining security deposits in the Trust Account as described herein. All other assets, which are not in Federal Reserve book entry form or deposited at DTC, shall be held by the Trustee in bearer form
or in the Trustee’s nominee name at the Trustee’s offices in certificated form within the United States. 

  
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 Section 1.07 Substitution of Trust Assets. The Trustee shall allow no substitutions of Trust Assets
from the Trust Account except on written instructions from the Beneficiary; provided, however, that the Trustee may allow substitutions of Trust Assets upon written instructions from the Grantor if (i) such substitution is a
substitution of Authorized Investments for other Authorized Investments or for United States legal tender and (ii) the then current market value of the Authorized Investments so substituted is not less than the then current market value of the
Trust Assets withdrawn. Such written instructions from the Grantor shall be a certification by the Grantor that the immediately preceding items (i) and (ii) are satisfied. The Trustee is authorized to seek confirmation of such instructions
by telephone call-back to the person or persons designated on Schedule 1 (such person verifying the instruction shall be different than the person initiating the instruction), and the Trustee may rely upon the confirmation of anyone
purporting to be the person or persons so designated. The parties hereto aside from the Trustee agree that the Trustee may delay the initiation of any substitution until these security measures it deems to be necessary and appropriate have been
completed and shall incur no liability on account of such delay. The Beneficiary and the Grantor agree that the Trustee will use prices furnished by standard industry pricing services in determining market values of Trust Assets in the Trust Account
and further agree that the Trustee can conclusively rely on such prices. If no current price is available from standard industry pricing services for any security included among the Trust Assets, the Beneficiary and the Grantor agree that the
Trustee shall be entitled to rely on written certification of the Grantor as to the market value of that security. If no current price is available from standard industry pricing services for any security included among the Trust Assets and the
Grantor fails to provide written certification of the value of such security in sufficient time for the Trustee to include the price in the statement for the Trust Account, the Trustee will not be required to provide a current price for such
security and shall not incur any liability by omitting a current price for such security on the statement. The Trustee shall not incur any liability in relying in good faith on market values determined in accordance with the above procedures. 

Section 1.08 Investment and Reinvestment Directions. 

(a) Responsibility for directing the Trustee to invest the assets in the Trust Account, and to reinvest maturing Trust Assets, interest,
dividends, or the proceeds from the sale or redemption of any such Trust Assets, or any other distribution in respect thereof, shall be that of the Grantor, and, unless and until directed by the Grantor, the Trustee shall not be required to take any
action with respect to the investment or reinvestment of the Trust Assets. The Trustee shall invest and reinvest the Trust Assets only as the Grantor shall direct in writing, subject to Sections 1.03 and 1.07, and the Trustee shall (1) have no
liability for its reliance on said directions, and (2) have no duty or obligation under this Agreement or otherwise to confirm that investments in which it is directed to invest constitute Authorized Investments. If there are no investment
instructions applicable to Trust Assets, the Trustee shall hold such amounts in cash until otherwise directed by the Grantor. 
 (b)
Notwithstanding the requirements of Section 1.08(a), the Trustee is authorized to accept and act upon any investment direction from the Grantor delivered electronically in accordance with generally accepted and standard practices in the
financial services industry, including investment instructions delivered via the SWIFT or DTC ID systems. 

  
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 (c) The Grantor may appoint one or more investment managers who shall have the authority to
invest and reinvest all or a portion of the assets in the Trust Account pursuant to an investment management agreement between the Grantor and the investment manager. The Grantor is solely responsible for ensuring that all investment guidelines,
restrictions and instructions that are given to the investment manager are permitted under the relevant provisions of this Agreement and applicable law, including, but not limited to, Florida Statutes. The Trustee shall have no investment authority
or responsibility for the Trust Assets that the Grantor places under the authority of an investment manager. The Trustee shall not be liable for the acts or omissions or the insolvency of any such investment manager selected by the Grantor. 

(d) To the extent the Trustee has advanced funds in connection with the settlement of purchases, sales, and maturities of Trust Assets, the
Trustee shall have a security interest in the Trust Assets which are the subject of such purchase, sale or maturity and all the remedies of a secured party under the Uniform Commercial Code with respect to such Trust Assets until the Trustee has
been repaid the amount of such advance, and the Trustee’s security interest in such Trust Assets shall be released upon repayment of such advance to the Trustee. 

Section 1.09 Interest; Dividends. All interest or dividends received by the Trustee shall be deposited by the Trustee in the Trust Account and
held and invested under the terms of this Agreement. To the extent the Trustee has advanced funds in connection with any interest, dividend and other income posted and credited on the payment date to the Trust Account which is not subsequently
received by the Trustee, the Trustee may debit the Trust Account for this purpose. If there are no investment instructions applicable to such interest, dividends or other income, the Trustee shall hold such amounts in cash until otherwise directed
by the Grantor. 
 Section 1.10 Withdrawals of Trust Assets. 

(a) The Beneficiary shall have the right to withdraw Trust Assets from the Trust Account at any time, without notice to the Grantor, subject
only to written notice from the Beneficiary to the Trustee. No other statement or document need be presented in order for the Beneficiary to withdraw Trust Assets, except the Beneficiary shall be required to acknowledge in writing to the Trustee
receipt of the withdrawn Trust Assets. In addition, the Beneficiary may, at any time, designate a party to which all or part of the Trust Assets are to be transferred (the “Designee”), subject to the provisions of Section 1.11.

 (b) The Parties acknowledge that this Agreement is established in conjunction with a Reinsurance Agreement covering risks other than
life, annuities and accident and health. The Beneficiary shall use and apply any amounts withdrawn from the Trust Account, without diminution because of the insolvency of the Beneficiary or the Grantor, for the following purposes only: 

 

	 	(1)	to pay or reimburse the Beneficiary for the Grantor’s share under the Reinsurance Agreement of any losses and allocated loss expenses paid by the Beneficiary but not recovered from the Grantor or for unearned
premiums due to the Beneficiary, if not otherwise paid by the Grantor in accordance with the terms of such Reinsurance Agreement; or 

  

	 	(2)	to make payment to the Grantor of any amounts held in the Trust Account that exceed 102 percent of the actual amount required to fund the Grantor’s entire Obligations (as defined below) under the Reinsurance
Agreement; or 

  
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	 	(3)	where the Beneficiary has received notification of the termination of the Trust Account, and where the Grantor’s Obligations under the Reinsurance Agreement remain unliquidated and undischarged ten (10) days
prior to such termination date, to withdraw amounts equal to such Obligations and deposit such amounts in a separate account, in the name of the Beneficiary, in any United States bank or trust company, apart from its general assets, and in trust for
such uses and purposes specified in items (1) and (2) immediately above as may remain executory after such withdrawal and for any period after such termination date. 

For purposes of this Section 1.10(b), “Obligations” means: (i) losses and allocated loss expenses paid by the Beneficiary, but not
recovered from the Grantor; (ii) reserves for losses reported and outstanding; (iii) reserves for losses incurred but not reported; (iv) reserves for allocated loss expenses; and (v) reserves for unearned premiums. 

(c) The Trustee shall have no duty or responsibility whatsoever to determine that any withdrawal or transfer of Trust Assets pursuant to this
Section 1.10 is in compliance herewith, or that any such withdrawn or transferred Trust Assets will be used and applied in the manner provided for by this Section 1.10 or the Reinsurance Agreement. 

Section 1.11 Procedures Relating to Withdrawals 

(a) If the Trust Account does not contain sufficient cash to permit withdrawal (or transfer to a Designee) of the full amount requested by the
Beneficiary pursuant to Section 1.10 (a “Withdrawal Request”), the Trustee shall immediately notify the Grantor and the Beneficiary of such fact, and the Trustee shall take direction from the Grantor to settle a sale
transaction and/or substitute (subject to and in accordance with Section 1.07 hereof) such Trust Assets as may be required in order to provide sufficient cash to satisfy the requirements of such Withdrawal Request. In the absence of timely
direction from the Grantor to generate sufficient cash to satisfy the requirements of such Withdrawal Request, the Trustee’s sole obligation will be to comply with the Withdrawal Request then directed by the Beneficiary under this
Section 1.11 to the extent cash or other Trust Assets are available. 
 (b) Upon receipt of a Withdrawal Request from the Beneficiary
which specifies the withdrawal of specific assets from the Trust Account, the Trustee shall immediately take any and all steps necessary to transfer absolutely and unequivocally all right, title and interest in the Trust Assets specified in such
Withdrawal Request to the Beneficiary or the applicable Designee, and shall deliver physical custody of such Trust Assets to or for the account of the Beneficiary or the Designee as specified in such Withdrawal Request. The Trustee shall not be
liable for any actions taken in reliance upon any such Withdrawal Request or written demand of the Beneficiary for such withdrawal or transfer. The Trustee shall be protected in relying upon any written demand of the Beneficiary for such withdrawal
or transfer. 
 (c) Except as provided in Sections 1.07, 1.08 and 1.09, no person other than the Beneficiary may direct a withdrawal or
transfer of Trust Assets from the Trust Account. The Trustee shall have no independent obligation to verify that the value of the Trust Assets in the Trust Account, either before or after any withdrawal or transfer therefrom, is at any particular
level or otherwise determine if it is higher or lower than the Security Amount. 

  
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 (d) Any sale or other conveyance of Trust Assets by the Trustee made pursuant to the terms of
this Agreement shall bind the Grantor and the Beneficiary and shall be effective to transfer or convey all right, title and interest of the Trustee, the Grantor and the Beneficiary in and to such Trust Assets. No purchaser or other grantee shall be
required to inquire as to the authorization, necessity, expediency or regularity of such sale or conveyance or as to the application of any sale or other proceeds with respect thereto by the Trustee. 

(e) The Beneficiary and the Grantor shall provide notice to the Florida Office of Insurance Regulation prior to any Trust Assets being
withdrawn from the Trust Account. 
 Section 1.12 Notices From the Trustee. 

(a) The Trustee shall furnish to the Grantor and the Beneficiary statements describing in reasonable detail all Trust Assets in the Trust
Account upon its inception and thereafter at intervals no less frequent than as of the end of each calendar quarter. Each such accounting shall be given as soon as practicable. 

(b) The Trustee shall furnish to the Grantor and the Beneficiary notice of any deposits to, substitutions of or permitted withdrawals from the
Trust Account within ten (10) days of the occurrence of such event via a transmission method chosen by the Trustee. 
 Section 1.13 Corporate
Actions Relating to Trust Assets; Voting Rights. The Trustee shall advise the Grantor and the Beneficiary upon receipt by the Trustee of notice of any corporate action affecting any Trust Assets in the Trust Account. The Trustee shall forward
all corporate action materials, and such other materials it regularly sends to its customers relating to the securities its holds, to the Grantor, with a copy to the Beneficiary. The Trustee shall follow written instructions signed by the Grantor
with regard to voting such corporate actions, and to the extent necessary, shall execute and deliver such corporate actions to the appropriate person or entity so long as any new Trust Assets or cash that results from the corporate action will be
remitted to the Trust Account. If the corporate action will result in Trust Assets being delivered from the Trust Account without new Trust Assets or cash being delivered in exchange for such Trust Assets, then that delivery of Trust Assets shall be
deemed a withdrawal from the Trust Account and shall require the written consent of the Beneficiary in addition to the written instructions of the Grantor. The Trustee shall accept and open all mail directed to the Grantor in care of the Trustee and
shall promptly forward such mail, including all proxies and proxy materials relating to the Trust Assets in the Trust Account, to the Grantor. 

Section 1.14 Income. The Grantor shall be responsible for net income of, and income taxes attributable to, the Trust Account as determined for
federal or state income tax purposes (and each item of income, gain, loss and deduction entering into the computation thereof). The Grantor shall be responsible for causing to be prepared and filed in a timely fashion all tax returns of the Trust
Account relating to the transactions contemplated by this Agreement, and the Grantor shall send a copy of each such tax return to the Trustee. The Trustee shall not be personally liable for any tax due and payable in connection with this Agreement.

  
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 ARTICLE II 

PROVISIONS RELATING TO THE TRUSTEE 

Section 2.01 Trustee. 
 (a) The
Trustee shall be a member of the Federal Reserve System of the United States of America or a New York State chartered bank or trust company. 

(b) The Trustee shall not be the parent, subsidiary or affiliate of either the Grantor or the Beneficiary. 

Section 2.02 Fees. The Trustee shall be entitled to receive as compensation for its services hereunder, fees, computed and payable quarterly, at
such rates as specified in writing with the Grantor. The fee schedule may be amended from time to time without notice to the Beneficiary. The Grantor shall be solely responsible for the payment of the fees of the Trustee and all reasonable expenses
of the Trustee, including reasonable fees of counsel. The Trustee shall submit to the Grantor a bill for such fees. The Trust Account shall not be utilized for payment of such fees. Notwithstanding the foregoing, the Trustee may charge the Trust
Account, to the extent any amounts held therein exceed the Security Amount, with any unpaid fees and reasonable expenses of the Trustee that are not paid by the Grantor, or any out-of-pocket costs or expenses incurred by the Trustee in settling the
purchase or sale of securities in accordance with this Agreement. The right to receive and collect the amounts payable pursuant to this Section 2.02 shall survive the termination of this Trust Agreement. 

Section 2.03 No Obligation to Advance Funds. All payments to be made by the Trustee under this Agreement shall be made only from the Trust
Account, and only to the extent that the Trustee shall have received sufficient funds from the Trust Account to make such payments in accordance with the terms hereof. The Trustee shall not be required to expend, advance, risk or disburse its own
funds in the administration of the Trust Account. The Grantor and the Beneficiary agree that they will look solely to the Trust Account, to the extent Trust Assets are available for the distributions as herein provided. 

Section 2.04 Liability of the Trustee. The Trustee shall be liable for the safekeeping and administration of the Trust Account in accordance with
the provisions of this Agreement. The Trustee shall not be liable for any expense, cost, damage, claim, liability, fee or other obligation arising out of or related to the Trust Account or this Agreement, and shall not be responsible for any loss to
the Trust Account, unless any such expense, cost, damage, claim, liability, fee, loss or other obligation is caused by the Trustee’s own negligence, willful misconduct or lack of good faith. Any loss incurred pursuant to the terms of
Section 1.08 shall be borne exclusively by the Trust Account and the Grantor. 
 Section 2.05 Indemnification. 

(a) The Trustee shall be protected in acting upon any statement, notice, direction, resolution, request, consent, order, certificate, report,
appraisal, opinion, telegram, cablegram, radiogram, electronic mail, fax, or other communication believed by the Trustee to be genuine and to have been signed, sent or presented by the proper Party. All notices to the Trustee (unless otherwise
provided therein) shall be deemed to be effective when received by the Trustee. 

  
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 (b) Whenever an action by the Trustee is authorized by an instruction pursuant to the provisions
of this Agreement and such action is taken strictly in accordance with such instructions, the Party or Parties giving such instruction hereby agree to indemnify, jointly and severally, the Trustee, its officers, directors, and employees from and
against all loses, damages, costs, and expenses, including reasonable attorneys fees and expenses, resulting from any action so taken by the Trustee, subject to Section 2.04. 

(c) The Grantor hereby indemnifies the Trustee and its affiliates, successors, agents, assigns, officers, directors, shareholders, and
employees for, and holds them harmless against, any loss, liability, costs or expenses (including reasonable attorneys’ fees and expenses) incurred or made without negligence, willful misconduct or lack of good faith on the part of the Trustee,
arising out of or in connection with the performance of the Trustee’s obligations in accordance with the provisions of this Agreement, including any loss, liability, costs or expenses arising out of or in connection with the status of the
Trustee and its nominee as the holder of record of the Trust Assets. The Grantor hereby acknowledges that the foregoing indemnities shall survive the resignation of the Trustee or the termination of this Agreement and hereby grants the Trustee a
first priority lien, right of set-off and security interest in the funds in any amounts or investments in the Trust Account that exceed the Security Amount for the payment of any claim for compensation, reimbursement or indemnity hereunder;
provided it is acknowledged that the obligation of the Grantor to pay the foregoing indemnities is not limited to such amounts or investments. 

Section 2.06 Authorized Representatives. Except when otherwise expressly provided in this Trust Agreement, any statement, certificate, notice,
direction, request, consent, approval, or other instrument to be delivered or furnished by the Grantor or the Beneficiary shall be sufficiently executed if executed in the name of the Grantor or the Beneficiary, as applicable, by such Party’s
authorized representative. The Grantor and the Beneficiary shall provide the Trustee with a list of authorized representatives, initially authorized hereunder as set forth on Schedule 1, as such Schedule 1 may be amended or
supplemented from time to time by delivery to the Trustee of a revised and re-executed Schedule 1. Such authorized representative of the Grantor may include a third party investment manager, if the Trustee receives documentation reasonably
satisfactory to the Trustee of such investment manager’s authority to act on behalf of the Grantor. The Trustee is authorized to comply with and rely upon any notices, instructions or other communications believed by it to have been sent or
given by the applicable Party or by a person or persons authorized by such Party. The Trustee shall be protected in acting upon any written statement or other instrument made by such authorized representative of the Grantor or the Beneficiary with
respect to the authority conferred on him. 
 Section 2.07 Opinions of Counsel. The Trustee shall be entitled to rely on advice of or on an
opinion of counsel concerning all matters of trust and its duty hereunder. The opinion of said counsel shall be full and complete authority and protection for the Trustee with respect to any action taken, suffered or omitted by it in good faith and
in accordance with the opinion of said counsel other than with respect to the withdrawal of Trust Assets by the Beneficiary. 
 Section 2.08 Trust
Account Records. The Trustee shall keep full and complete records of the administration of the Trust Account. The Grantor and the Beneficiary may examine such records upon reasonable notice at any time during business hours by any person duly
authorized in writing by the Grantor or the Beneficiary. 

  
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 Section 2.09 No Implied Duties. The duties and obligations of the Trustee shall only be such
as are specifically set forth in this Agreement, as it may from time to time be amended, and no implied duties or obligations shall be read into this Agreement against the Trustee. 

Section 2.10 No Violation. No provisions of this Agreement shall require the Trustee to take any action, which, in the Trustee’s
reasonable judgment, would result in any violation of this Agreement or any provision of law. 
 Section 2.11 Resignation. 

(a) The Trustee hereby accepts the trust herein created and declared upon the terms herein expressed. 

(b) The Trustee may resign, by written resignation, effective not less than ninety (90) days after receipt thereof by the Grantor and the
Beneficiary, and the Grantor may remove the Trustee at any time without assigning any cause therefor, effective not less than ninety (90) days after receipt by the Trustee and the Beneficiary of notice thereof; provided, however,
that no such resignation or removal shall be effective until a successor trustee has been appointed by the Grantor and approved by the Beneficiary (which approval shall not be unreasonably withheld) and has accepted such appointment, and all Trust
Assets in the Trust Account have been duly transferred to such successor trustee. If no such appointment is made within the ninety (90) day period, the Trustee may file suit for the appointment of a successor trustee in a court of appropriate
jurisdiction at the cost of the Grantor. In case of the appointment of a successor trustee all of the powers, rights and duties of the Trustee named herein shall survive and continue in the successor trustee and every successor trustee shall succeed
to take and have all the estate, powers, rights and duties of the trustee named herein which belonged to or were held by its predecessor. A successor trustee shall have no duty, responsibility or obligation to investigate the prior acts or omissions
of any prior trustee or to institute any action or file any claim against any prior trustee. In the case of the resignation or removal of the Trustee, the Trustee shall have the right to a final accounting with respect to the Trust Account. 

(c) Any corporation or other entity into which the Trustee in its individual capacity may be merged or converted or with which it may be
consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee in its individual capacity shall be a party, or any corporation or other entity to which substantially all of the corporate
trust business of the Trustee in its individual capacity may be transferred, shall, subject to the terms of paragraphs (a) and (b) of this Section 2.11, be the Trustee under this Agreement without further action. 

Section 2.12 Insolvency. Notwithstanding any other provision in this Agreement, if Grantor has been declared insolvent or placed into
receivership, rehabilitation, liquidation, or similar proceedings under the laws of its state or country of domicile, the Trustee shall comply with an order of the commissioner with regulatory oversight over the Trust Account or court of competent
jurisdiction directing the Trustee to the transfer to the commissioner with regulatory oversight or other designated receiver all of the Trust Assets. Any distribution of Trust Assets shall be applied in accordance with the priority statutes and
laws of the state in which the Trust Account is domiciled as applicable to the assets of insurance companies in liquidation. If the commissioner with regulatory oversight determines that the Trust Assets or any part thereof are not necessary to
satisfy claims of the United States beneficiaries of the Trust Account, the Trustee will distribute the Trust Assets or any part of them in accordance with this Agreement upon the return of such Trust Assets to the Trustee. 

  
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 ARTICLE III 

MISCELLANEOUS PROVISIONS 

Section 3.01 Certain Definitions. For the purposes of this Trust Agreement, the following terms shall have the meanings set forth below: 

“Party” shall mean the Grantor, the Beneficiary or the Trustee, when referred to individually, and collectively, as
“Parties”. 
 “Reinsurance Agreement” shall mean the reinsurance agreement between the Grantor and the Beneficiary
identified in Schedule 2 attached hereto. 
 “Security Amount” shall mean an amount equal to 100% of the
Grantor’s outstanding obligations under the Reinsurance Agreement, less the value of the letter of credit issued by the Grantor to the Beneficiary and held by the Beneficiary. The Beneficiary shall at any time upon request by the Trustee
certify to the Trustee the current Security Amount and the Trustee shall be fully protected in acting in reliance on such certification for any purpose. 

Section 3.02 Term and Termination. 

(a) This Agreement shall be effective as of the Effective Date and remain in full force and effect until one of the following events occurs:

  

	 	(1)	The Grantor and the Beneficiary mutually agree to terminate the Agreement and provide at least thirty (30) days written notice thereof to the Trustee and the Florida Office of Insurance Regulation at 200 East
Gaines Street, Tallahassee, FL 32399 of a Termination Date at least sixty (60) days out. Upon receipt of such written notice, the Trustee shall, at least 30 days prior to the Termination Date, deliver written notification of such termination to
the Grantor and the Beneficiary. 

  

	 	(2)	The Security Amount is at any time less than $1,000,000 and at least sixty (60) days written notice thereof is provided to the Trustee jointly by the Grantor and the Beneficiary. 

 

	 	(3)	The Reinsurance Agreement is terminated for any reason whatsoever, and at least sixty (60) days written notice thereof is provided to the Trustee jointly by the Grantor and the Beneficiary. 

 

	 	(4)	Sixty (60) days after all Trust Assets in the Trust Account are withdrawn in accordance with Section 1.10. 

  
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 (b) The Trustee shall provide written notice of termination of the Trust Account to the
Beneficiary, the Grantor and the Florida Office of Insurance Regulation at 200 East Gaines Street, Tallahassee, FL 32399 at least thirty (30) days, prior to the effective date of such termination (the “Termination Date”). Upon
the termination of this Trust Agreement, if there are Trust Assets then remaining in the Trust Account, the Trustee shall, subject to the Beneficiary’s written consent and the Beneficiary’s right to make withdrawals in accordance with
Section 1.10, transfer, pay over and deliver to the Grantor any and all of the remaining Trust Assets of the Trust Account, less all of the Trustee’s proper fees and expenses then owing in exchange for a written receipt from the Grantor.
If the Beneficiary does not provide such written consent to the Trustee prior to the Termination Date, then the Trustee shall not disburse any of the Trust Assets to the Grantor on the Termination Date and shall be entitled to act pursuant to
Section 2.07 and/or to resign pursuant to Section 2.11. 
 Section 3.03 Governing Law. The provisions of and validity and construction
of this Agreement and any amendments hereto shall be governed by and construed in accordance with the internal laws of the State of Illinois with regard for its conflicts of law principles, and the Trust Account created hereunder shall be
administered in accordance with the laws of said State. 
 Section 3.04 Amendment; Waiver. This Agreement may be amended at any time by written
agreement signed by the Grantor and the Beneficiary and delivered to the Trustee; provided, however, that no such amendment shall be effective to in any way change the powers, rights or duties of the Trustee without the Trustee’s
written consent. Any waiver or discharge must be in writing and signed by the Party against which the enforcement of such waiver or discharge is sought. The failure or delay of any Party at any time to require performance of any provision of this
Agreement shall in no manner affect its right to enforce that provision. No single or partial waiver by any Party of any provision of this Agreement shall be construed or deemed to be a further or continuing waiver of any such provision or a waiver
of any other provision. 
 Section 3.05 Severability. In the event any provision of this Agreement shall be held invalid or unenforceable for
any reason, such invalidity or unenforceability shall not affect the remaining parts of this Agreement. 
 Section 3.06 Binding Effect. This
Agreement shall be binding upon the successors and assigns of the parties hereto. This Agreement is not subject to any conditions or qualifications outside of this Agreement. 

Section 3.07 Notices. Unless otherwise provided in this Agreement, all notices, directions, requests, demands, acknowledgments and other
communications required or permitted to be given or made under the terms hereof shall be deemed to have been duly given upon receipt and made (a)(i) when delivered personally, or (ii) when sent by a nationally recognized overnight delivery
service, or (iii) when sent by first class certified or registered mail return receipt requested, postage prepaid, and (b) when addressed as follows: 

If to the Grantor: 
 Osprey Re
Ltd 
 700 Central Ave., Suite 500 

St. Petersburg, FI. 33701 
 Attn:
Stephen Rohde 

  
 - 11 - 

 with a copy (which shall not constitute notice) to: 

Osprey Re Ltd 
 700 Central Ave.,
Suite 500 
 St. Petersburg, FI. 33701 

Attn: Richard Widdicombe 
 If to
the Beneficiary: 
 Heritage Property and Casualty Insurance Company 

700 Central Ave., Suite 500 
 St.
Petersburg, FI. 33701 
 Attn: Stephen Rohde 

with a copy (which shall not constitute notice) to: 

Heritage Property and Casualty Insurance Company 

700 Central Ave., Suite 500 
 St.
Petersburg, FI. 33701 
 Attn: Richard Widdicombe 

If to the Trustee: 
 Bank of
America, N.A. 
 Global Custody and Agency Services 

135 South LaSalle Street 
 Mail
Code IL4-135-14-01 
 Chicago, IL 60603 

Attn: Nestor Policarpio 
 Each Party may from
time to time designate a different address for notices, directions, requests, demands, acknowledgments and other communication by giving written notice of such change to the other Parties. 

Section 3.08 Counterparts. This Agreement may be executed in any number of counter parts, each of which when so executed and delivered shall
constitute but one and the same Agreement. 
 Section 3.09 Account Opening Procedures. The Grantor and the Beneficiary shall, as a condition of
establishing this Trust Account with the Trustee, complete the attached Supplemental Documents and provide any supplemental information required by the Trustee in connection with its normal account opening procedures. 

Section 3.10 Acknowledgement of Trustee Commercial Relations. The Trustee in its individual capacity, or any corporation in or with which the
Trustee in its individual capacity or its stockholders may be interested or affiliated, or any officer or director of the Trustee in its individual capacity or of any other such corporation or any agent appointed by the Trustee, may have commercial
relations and otherwise deal with the Grantor and the Beneficiary or with any other corporation having relations with the Grantor or the Beneficiary, and with any other corporation or entity, whether or not affiliated with the Trustee. 

Section 3.11 Dispute Resolution. The parties acknowledge and agree that any Party may pursue judicial remedies at law or equity in the event of a
dispute arising with respect to this Agreement. 

  
 - 12 - 

 Section 3.12 Cooperation. Each Party shall cooperate with the other Parties and, individually or
collectively, shall promptly take such further action and promptly execute such further documents, certificates, instruments, statements, filings, conveyances and agreements, as may be reasonably necessary to effectuate the purposes of this
Agreement. 
 Section 3.13 No Third Party Beneficiaries. No person who is not a Party to this Agreement shall have standing to enforce this
Agreement, nor any legal or equitable right, remedy or claim under this Agreement, nor have any third party beneficiary rights under this Agreement. Nothing contained in this Agreement is intended to confer upon any person other than the Parties and
their respective successors and permitted assigns, any rights, remedies or obligations under, or by reason of this Agreement. 
 Section 3.14
Headings; Interpretation. 
 (a) The headings contained in this Agreement are for reference purposes only and are not part of this
Agreement. All references herein to articles and sections shall be deemed references to such parts of this Agreement, unless the context shall otherwise require. 

(b) Words used herein, regardless of the number and gender specifically used, shall be deemed and construed to include any other number,
singular or plural, and any other gender, masculine, feminine, or neuter, as the context requires. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed followed by the
words “without limitation.” Any reference to number of days shall mean calendar days unless otherwise specified. Any reference to monetary amounts shall refer to United States Dollars unless otherwise specified. 

(c) Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any Party, whether under any rule of
construction or otherwise. No Party to this Agreement shall be considered the draftsman. This Agreement has been reviewed, negotiated and accepted by each of the Parties and their respective attorneys and shall be construed and interpreted according
to the ordinary meaning of the words so as fairly to accomplish the purposes and intentions of all the Parties. 
 Section 3.15 USA Patriot Act;
Illegal Activities. 
 (a) Neither the Grantor nor the Beneficiary is (or will be) a Person with whom the Trustee is restricted from
doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury of the United States of America (including those Persons named on OFAC’s Specially Designated and Blocked
Persons list) or under any statute, executive order (including, the September 24, 2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental
action, and is not and shall not engage in any dealings or transactions or otherwise be associated with such Persons. In addition, the Grantor and the Beneficiary hereby agree to provide to the Trustee any additional information that the Trustee
deems necessary from time to time in order to ensure compliance with all applicable laws concerning money laundering and similar activities. 

  
 - 13 - 

 (b) The Trustee shall have the right, in its sole discretion, to reject appointment as trustee
and reject assets from the Grantor in the event that the Trustee has reason to believe that such assets violate applicable banking practices or applicable laws or regulations, including the USA Patriot Act of 2001, 31 U.S.C. § 5318. In the
event of suspicious or illegal activity and pursuant to all applicable laws, regulations and practices, the Grantor and the Beneficiary will assist the Trustee and comply with any reviews, investigations and examinations directed against the Trust
Assets. 
 [signatures on next page] 

  
 - 14 - 

 IN WITNESS WHEREOF the parties hereto have executed this Trust Agreement as of the 22 day of May, 2013. 

 

									
	 Osprey Re Ltd
 Grantor
	 		 	 Bank of America, N.A.

Trustee

					
	By:	 	

	 		 	By:	 	 /s/ Illegible

					
	Title:	 	President	 		 	Title:	 	 Vice President

				
	Heritage Property and Casualty Insurance Company Beneficiary	 		 		 	
					
	By:	 	

	 		 		 	
					
	Title:	 	CFO	 		 		 	

  
 - 15 -PR-M Non-Bonus Assumption Agreement

 Exhibit 10.9 

PR-M Non-Bonus Assumption Agreement 
  

 
 THIS ASSUMPTION AGREEMENT (the “Agreement”) is executed as of the 18 day of October 2012 (“Execution
Date”) by and between Heritage Property & Casualty Insurance Company a Florida licensed and authorized insurance company (“Insurer”) and Citizens Property Insurance Corporation, an entity created by the Legislature of
the State of Florida pursuant to Subsection 627.351(6), and any successor entity (“CITIZENS”). 
 RECITALS 

WHEREAS, CITIZENS desires to allow qualifying insurers to participate in the Program and remove policies from CITIZENS; 

WHEREAS, Insurer has made application to CITIZENS to participate in the Program; and 

WHEREAS, the Office of Insurance Regulation (“OIR”) has issued a Consent Order to this Insurer approving its Depopulation Plan. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the Parties hereto do covenant and agree as follows: 

DEFINITIONS 
 For
purposes of this Agreement: 
 A. “Aggregate Losses” shall mean those losses which include, but are not limited to, compensatory,
punitive, bad faith and other damages arising from, and all loss adjustment expenses relating to, the adjustment or defense of any and all claims with respect to losses on policies of insurance of Citizens or Issuer. 

B. “Assumed Premium” shall mean Initial Assumed Premium as adjusted by a monthly remittance and bordereau process developed by the
Insurer and CITIZENS to account for policy cancellations, return premiums, policyholder requested coverage changes, and Returned Policies after the Assumption Date, with the positive and negative adjustments. 

  

					
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 PR-M Non-Bonus Assumption Agreement 

 

 C. “Assumption” shall mean the transference of risks from CITIZENS to the Insurer
on a Removed Policy, whereby the Insurer is deemed to have directly issued the Removed Policy as provided in subparagraph (q)6 of Subsection 627.351(6) (as added by Chapter 2007-1 Laws of Florida). 

D. “Assumption Date” shall mean that date upon which the Assumption of a Removed Policy occurs. 

E. “Assumption Procedures” shall mean those procedures applicable to the depopulation of CITIZENS policies under subparagraphs
(q) 3-6 of Subsection 627.351(6), Section 627.3511, and Section 627.3517, Florida Statutes, and this Agreement, as set forth in Exhibit C attached hereto. 

F. “Independent Auditor” shall mean a certified public accountant or certified public accounting firm, licensed in the State of
Florida, to perform professional auditing services and who is without bias with respect to the outcome of the audit services and with respect to the Insurer. 

G. “Initial Assumed Premium” shall mean Written Premium, less the Written Premium earned by CITIZENS with respect to the Removed
Policies as of the respective Assumption Dates of such policies. 
 H. “Initial Notice” shall mean a notice, in substantially form
attached as Exhibit E, mailed to a policyholders more than thirty days prior to the Assumption Date of a Tagged Policy. 
 I.
“Office” shall mean the Florida Office of Insurance Regulation. 
 J. “Parties” shall mean the Insurer and CITIZENS.

 K. “Plan” shall mean the Plan of Operation of CITIZENS, as amended. 

L “Rejected Policy” shall mean any Tagged Policy the offer of which has been rejected by a policyholder as provided in section 3.E.
of this Agreement. 
 M. “Replacement Policy” shall mean a policy offered or issued by Insurer on its own policy forms, to take
effect upon the expiration or cancellation of a Removed Policy. 
 N. “Removed Policy or “Removed Policies” shall mean a
CITIZENS Policy that is assumed by the Insurer under this Agreement and is not a Rejected Policy. 
 O. “Program” shall mean any
program for the depopulation of policies by assumption or other take-out as approved by CITIZENS and the Office pursuant to subparagraph (q)3-6 of Subsection 627.351(6). 

P. “Returned Policy” shall mean a Removed Policy that is returned to Citizens as provided in section 3.F. of this Agreement. 

  

					
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 PR-M Non-Bonus Assumption Agreement 

 

 Q. “Subsection 627.351(6)” shall mean subsection 627.351(6), Florida Statutes
(2006), which is Citizens’ enabling statute. 
 R. “Tagged Policies” shall mean the Policies identified by CITIZENS policy
number and expiration date on Exhibit A or any supplement thereto. 
 S. “Written Premium” shall mean the gross written premium of
CITIZENS on the Removed Policies, less policy cancellation and return premiums, as of the respective Assumption Dates of such polices. Written Premium shall not include fees or surcharges invoiced for collection by CITIZENS on the Policies,
including a(n) (i) market equalization surcharge, (ii) CITIZENS policyholder surcharge, (iii) nonhomestead policyholder assessment, (iv) Citizens additional policyholder assessment, (v) regular assessment,
(vi) emergency assessment, (vii) tax-exempt surcharge, (viii) reinsurance or catastrophe financing surcharge, or (ix) other fees, taxes, assessments, or surcharges imposed on CITIZENS policyholders as determined by CITIZENS. 

TERMS AND CONDITIONS 
 1.
Term of this Agreement. This Agreement shall terminate 18 months from the date it is signed. No Assumptions may occur after the Agreement terminates. 

2. Agreement to Remove Policies. 

A. The Insurer and CITIZENS shall, prior to an Assumption Date, agree upon those Tagged Policies eligible to be removed under the Program by
the Insurer on the Assumption Date and shall set forth those Policies by CITIZENS policy number and expiration date on Exhibit A or any supplement thereto, which Exhibit A or supplement shall be attached hereto and made a part hereof by reference.

 B. Pursuant to this Agreement and the Assumption Procedures, the Insurer shall remove by Assumption all of the Tagged Policies set forth
on Exhibit A or supplements thereto, if available for removal on the Assumption Date pursuant to this Agreement and as approved by the Office. 

3. Terms of Assumption.  

A. Liabilities. 
 (i)
With respect to a Removed Policy, the Insurer is liable and obligated to pay all Aggregate Losses occurring on or after 12:01 A.M. Eastern Standard Time on the Assumption Date of a Removed Policy and CITIZENS has no obligation or liability with
respect to such Aggregate Losses. 
 (ii) The Insurer, in addition, agrees to assume and undertake all other obligations with respect to
the Removed Policies in the manner provided herein. Such obligations include, but are not limited to, accepting that the policy as written, and assumed, may not accurately reflect the risk. 

  

					
		  	3	  	

		  	  

 PR-M Non-Bonus Assumption Agreement 

 

 (iii) CITIZENS shall remain liable for all Aggregate Losses for the Removed Policies
occurring prior to the Assumption Date, and all Aggregate Losses for the Rejected Policies and the Returned Policies, and the Insurer shall have no responsibility with respect to such losses. 

(iv) The Insurer shall comply with all applicable Assumption Procedures. 

B. Notices. 
 (i) The
cost of any notice and ancillary documentation to current CITIZENS policyholders to effectuate Assumption of the Policies shall be borne equally by the Parties, except that the cost of the Initial Notice shall be borne solely by the Insurer. If
CITIZENS bears the cost for any expenditures, the Insurer agrees that its portion of such costs may be withheld from any Assumed Premium paid to Insurer by CITIZENS pursuant to this Agreement or any amendments or addenda to this Agreement. In the
event CITIZENS, for whatever reason, does not withhold the Insurer’s portion of such cost from any Assumed Premium paid to Insurer, Insurer agrees to pay said sum to CITIZENS within thirty (30) days of its receipt of a billing statement
from CITIZENS. 
 (ii) The parties shall coordinate the mailing of any documentation or notices required by this Agreement. 

C. Assumed Premium. 

(i) CITIZENS shall pay by wire transfer to the Insurer the Assumed Premium multiplied by 1.000 on or before the 20th day following the
Assumption Date. Any subsequent amounts due to or from CITIZENS as a result of the monthly remittance and bordereau process shall be remitted to the appropriate Party within ten (10) days following the end of each month without interest. 

D. Servicing of Policies. Commencing on the Assumption date of a Removed Policy: 

(i) Until a Removed Policy is renewed onto an Insurers policy form, on behalf of the Insurer, CITIZENS shall process endorsements and
cancellations and provide other policy services with respect to the Removed Policy. 
 (ii) The Insurer is responsible for offering and
processing offers of renewal coverage with respect to its Replacement Policies, utilizing its approved rates and forms. Insurer is responsible for all policyholder services with respect to its Replacement Policies. 

E. Rejected Policies. 

Under current procedures, policyholders may reject Insurer’s offer of coverage and remain policyholders of Citizens. Insurers shall mail
to policyholders the Initial Notice disclosing such option in a form substantially similar to Exhibit E. 

  

					
		  	4	  	

		  	  

 PR-M Non-Bonus Assumption Agreement 

 

 F. Returned Policies. 

Any policyholder under a Removed Policy may return to CITIZENS within thirty days after the Assumption Date and shall be reinstated by
CITIZENS. The insurer shall process all such received policyholder requests to return to CITIZENS and forward such requests, along with the appropriate unearned premium attributable to the Returned Policy, on a monthly basis to CITIZENS in an
electronic format acceptable to CITIZENS. After the thirty-day period following an Assumption Date, but prior to the date on which they are renewed onto a Replacement Policy issued by the Insurer, any assumed policyholder that elects to return to
CITIZENS may cancel their Policy with the Insurer, and may make application to CITIZENS for a new Policy, and shall be accepted for coverage by CITIZENS if otherwise eligible. 

G. Claims Servicing. 

(i) CITIZENS is solely responsible for the servicing of claims for losses occurring (a) prior to the Assumption Date under a Removed
Policy, (b) at any time under a Rejected Policy, and (c) at any time under a Returned Policy. 
 (ii) Insurer is solely
responsible for the servicing of claims for losses occurring on or after an Assumption Date under a Removed Policy. CITIZENS shall have no responsibility for payment of losses or loss adjustment expenses or for the servicing of claims with respect
to losses occurring under any Removed Policy on or after the Assumption Date. 
 (iii) CITIZENS agrees that in instances where the sharing
of information will facilitate the resolution of a claim which has occurred after the Assumption Date, and in accordance with applicable state and federal laws, it will share prior claims, underwriting and other information with the Insurer.
CITIZENS reserves the right at any time to deny access to any and all such information or to seek the permission of the Policyholder for release of such information. Insurer agrees to treat all information provided to them as confidential and
certifies that all such information provided to them by CITIZENS shall be used strictly to adjust a claim and for no other purpose. 
 (iv)
With regard to losses occurring on Removed Policies after the Assumption Date, CITIZENS shall give notice promptly to the Insurer of any claim by a third party or the commencement of any legal proceedings against CITIZENS with respect to such claim.
The Insurer shall have the exclusive right to control the contest and defense for any such claim incurred or litigation initiated as of the Assumption Date. The liability of the Insurer under the Removed Policies shall always follow that of
CITIZENS, and any error or omission of CITIZENS or its agents shall in no way relieve the Insurer of its liability or obligations in respect of the matters affected by such errors or omissions, it being understood and agreed that the Insurer shall
follow and share the same fortune as CITIZENS under all circumstances. 
 (v) CITIZENS agrees to assign to the Insurer any and all salvage
and subrogation rights arising with respect to losses occurring on or after an Assumption Date, which CITIZENS may have with respect to the Removed Policies. 

  

					
		  	5	  	

		  	  

 PR-M Non-Bonus Assumption Agreement 

 

 H. Conditions to Closing. 

The following conditions must be met prior to an Assumption Date: 

(i) Approval by the Office of an Assumption by issuance of a Consent Order or letter, which Consent Order or letter shall be attached hereto
as Exhibit B. 
 (ii) Satisfactory compliance with all requirements of CITIZENS for participation in the Assumption. 

(iii) The mailing, more than thirty days in advance of the Assumption Date, of the Initial Notice to each putative Policyholder of a Tagged
Policy. 
 I. Implementation. 

(i) The parties hereto acknowledge that, pursuant to all applicable laws and this Agreement, CITIZENS will use its sole judgment and
discretion in implementing the Assumption Procedures for participating Insurers. 
 (ii) Should the parties fail to agree on the Tagged
Policies to be set forth on Exhibit A, no obligation shall be created pursuant to this Agreement. 
 (iii) The Insurer and CITIZENS agree
to allow the Insurer to supplement Exhibit A from time to time with lists of additional Tagged Policies, but such additional Tagged Policies must be designated and assumed by the Insurer not later than eighteen (18) months from the initial
Assumption Date. All Assumptions for each supplement to Exhibit A (e.g., Exhibit A-1, A-2, etc.) shall be in accordance with the terms and provisions of this Agreement and the Assumption Procedures. The Policies so identified in any such
supplement to Exhibit A shall be treated as Removed Policies as of the date of their Assumption for the purposes of this Agreement. All such supplements to this Agreement shall be executed in writing by the Parties to effectuate and document such
additional Assumptions. 
 (iv) CITIZENS shall not enter into an agreement with any other insurer for the removal of the Tagged Policies
unless such policies are not removed by the Insurer in accordance with the terms and provisions of this Agreement, or are Rejected Policies or Returned Policies or are written new by Citizens after their removal by Insurer. 

4. Conditions of Assumption. 

A. The Insurer shall remove the Removed Policies by Assumption in accordance with this Agreement and the Assumption Procedures and shall offer
to renew the Insurer’s Replacement Policy for a period of three (3) years subsequent to the expiration of the Removed Policy. During the aforenoted period, the Insurer’s renewals of the Replacement Policy shall be at the
Insurer’s approved rates and on substantially similar terms or on such forms and rates as approved by the Office. No such Policy may be cancelled or nonrenewed by the Insurer during this period except for nonpayment of premium or in accordance
with the provisions of the Consent Order attached as Exhibit B. 

  

					
		  	6	  	

		  	  

 PR-M Non-Bonus Assumption Agreement 

 

 B. CITIZENS shall provide, or has provided, to the Insurer, by electronic data transfer, or
by such other means as is acceptable to CITIZENS, relevant information regarding the Tagged Policies available for assumption. The Insurer understands that CITIZENS cannot guarantee the reliability and accuracy of this data and the Insurer agrees
that policies will not be cancelled upon discovery that this information was not accurate, unless such inaccuracy amounts to a material misrepresentation or fraud on behalf of the insured. 

C. The Insurer understands that CITIZENS makes no guarantee that a Tagged Policy will be available for removal on the Assumption Date. 

D. Thirty-six (36) months after the first Assumption Date, the Insurer shall provide to CITIZENS an Independent Auditor’s report
performed in accordance with the instructions provided in the Audit Scope attached hereto and incorporated herein by reference as Exhibit D. At a minimum the Audit shall contain all pertinent data to verify the satisfactory completion of the
Insurer’s performance pursuant to this agreement. Prior to commencing work, the Independent Auditor shall be approved by CITIZENS, which approval shall not be unreasonably withheld. All expenses of the Independent Auditor shall be paid by the
Insurer. At the beginning of the Audit CITIZENS shall provide the approved auditor the procedures to be followed in meeting the requirements of Exhibit D. 

E. The Insurer agrees that as of the Assumption Date, no bonus, incentive plan, or consideration beyond the assumed premium will be paid by
CITIZENS for the Insurer’s removal of Removed Policies. 
 F. By signing this Agreement, Insurer certifies that its assumption of
policies complies with Section 627.3517, Florida Statutes. It is the Insurer’s sole responsibility to contact all agents involved with the Tagged Policies in order to obtain their permission to include those particular policies in the
Assumption. 
 5. Office Oversight. CITIZENS shall provide a fully executed copy of this Agreement to the Office. The Insurer
shall respond to any requests for information by the Office regarding the proposal or this Agreement. The Insurer and CITIZENS are, and shall remain, subject to all applicable laws of the State of Florida and the supervision, rules, regulations and
orders of the Office. 
 6. Right of Audit. CITIZENS or its representatives, upon reasonable advance written notice, shall be
entitled to audit, at its own cost and expense, the relevant books and records of the Insurer during normal business hours to confirm the Insurer’s compliance with the terms and conditions of this Agreement. 

7. Indemnification. Insurer shall indemnify CITIZENS, its Board of Governors, officers, agents and employees (“CITIZENS
Indemnitees”) against any costs, expenses (including reasonable counsel fees and costs of litigation), claims, demands, actions, losses or liabilities that CITIZENS Indemnitees may suffer or that may be asserted or claimed against CITIZENS
Indemnitees, caused by or arising directly out of any breach of this Agreement by the Insurer or Insurer’s Assumption of Removed Policies. 

8. Insurer’s Continuing Status. The Insurer, during the period of this Agreement, shall remain duly licensed and authorized
to transact property and casualty insurance business in the State of Florida and the lines of insurance applicable to Removed Policies and Replacement Policies. 

  

					
		  	7	  	

		  	  

 PR-M Non-Bonus Assumption Agreement 

 

 9. Breach, Default, Cure, Termination and Other Remedies. 

A. Events of Default. A default under this Agreement occurs in the event of any material breach of an obligation, representation or
undertaking of a party as set forth in this Agreement, including without limitation: 
 (i) (a) Insurer fails to maintain its authority and
licensing to conduct its business as provided in Section 8 of this Agreement; or 
 (b) Insurer becomes subject to an adverse finding
or an order of supervision, rehabilitation, or liquidation pursuant to Chapter 631, Florida Statutes; or 
 (c) The issuance of any other
order of the Office or a court of competent jurisdiction that in any material form or manner limits or constrains the ability of the Insurer to engage in the business of property and casualty insurance, which results in the Insurer canceling or
nonrenewing Removed Policies or Replaced Policies, other than the initial Consent Order issued by the Office in connection with this Agreement. 

(d) No notice or curative period is required for a material breach occurring pursuant to this Section (i). 

(ii) Insurer’s assumption of Tagged Policies, Replacement Policies, or Removed Policies at unapproved rates within one year of the
Assumption Date. 
 (iii) The Insurer’s cancellation or non-renewal of a Removed Policy for an invalid reason. For purposes of this
paragraph, an “invalid reason” shall be a cancellation of non-renewal not authorized by the terms of this Agreement or by the Consent Order attached as Exhibit B. 

(iv) The Insurer fails to materially comply with Section 627.3517, Florida Statutes. In addition to any other remedies provided in this
Agreement, if Section 627.3517 is violated, Insurer will be liable for any costs associated with CITIZENS re-assuming any Removed Policies, if Citizens in its sole discretion determines to do so. In
addition, Insurer will be assessed a monetary penalty in the amount of $1000.00 per Policy for every Policy assumed without the permission of the agent, if Insurer fails to cure under the provision of Paragraph 9.B. 

B. Cure. In the event of a default that may be cured, the non-defaulting party shall give the defaulting party written notice of the
material breach or default. Failure of the defaulting party to cure the material breach or default within fifteen (15) days of the receipt of the written notice as herein provided shall constitute and be deemed a material breach and default of
this Agreement unless the material breach or default is not capable of being cured within such period of time, and the defaulting party has commenced good faith efforts to cure such material breach or default within fifteen (15) days, and
thereafter continues in good faith to diligently pursue curing until the material breach or default is cured to the reasonable satisfaction of the non-breaching party. 

  

					
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 PR-M Non-Bonus Assumption Agreement 

 

 C. Termination and Other Remedies. Should the Insurer materially breach or default in
any obligation as set forth in this Agreement and not timely cure such material default and breach as set forth in this section, CITIZENS may in its sole discretion, take any or all of the follow actions: 

(i) Terminate this Agreement or declare this Agreement canceled or void. 

(ii) Prohibit Insurer from further assumption of policies pursuant to this Agreement or any future agreement. 

(iii) Notify the Office of the violation of the Agreement and request that the Office take appropriate administrative action. 

(iv) Forfeiture of up to the entire amount of any escrowed bonus instituted pursuant to Paragraph 4.E., which shall be set forth in detail in
any addendum negotiated pursuant to Paragraph 4.E. 
 (v) In addition to any rights and remedies set forth in this Agreement, the
non-defaulting party shall have all rights and remedies available at law and/or equity, including, but not being limited to, the right to specific performance, damages or injunctive relief. 

D. Removed Policies. Notwithstanding any breach of this Agreement, the Insurer shall remain responsible for Removed Policies
unless and until a judicial determination is rendered relieving, altering or limiting Insurer’s responsibility. 
 10.
Attorney’s Fees. If either of the parties hereto shall bring a Court action alleging material breach of this Agreement or seeking to enforce, rescind, renounce, declare void or terminate this Agreement or any provisions thereof,
the prevailing party shall be entitled to recover all of its legal expenses, including reasonable attorney’s fees and costs (including attorney’s fees and costs for any appeals taken), and to have the same awarded as part of the judgment
in the proceeding in which such legal expenses and attorney’s fees and costs were incurred. 
 11. Benefits. This
Agreement shall be binding upon the parties, their heirs, legal representatives, successors and assigns. 
 12. Captions. The
paragraph captions as to contents of the particular paragraphs herein are inserted only for convenience and are in no way to be construed as part of this Agreement or as a limitation of the scope of the particular paragraph in which they are
referred. 
 13. Construction of Agreement. Words of a gender used in this Agreement shall be held to include any other
gender, and words in a singular number shall be held to include the plural, when the sentence so requires. 
 14. Entire
Agreement. This Agreement contains all of the oral and/or previously written agreements, representations, and arrangements between the parties hereto concerning the Program, and all rights which the respective parties may have had under any
prior written or oral agreements are hereby canceled and terminated, and all parties agree that there are no representations or warranties other than those set forth herein. 

  

					
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 PR-M Non-Bonus Assumption Agreement 

 

 15. Florida Law and jurisdiction. It is acknowledged that this Agreement was
executed in and shall be construed and governed in accordance with the laws of the State of Florida and the rules, orders and regulations of the Office in effect at the time of the execution of this Agreement. In the event of any conflict between
such laws, rules, orders and regulations and Subsection 627.351(6), the provisions of that Subsection govern, If any legal action is filed pursuant to this agreement such action must be filed in a court of competent jurisdiction in Leon County
Florida. 
 16. Assignment. The Insurer may not assign or transfer this Agreement, or any benefit or right under this
Agreement without Citizens’ prior written consent. Any change in control or ownership is deemed a transfer of this Agreement requiring Citizens’ written consent. 

17. Invalidation. In the event any provision of this Agreement is determined to be invalid by a court of competent jurisdiction,
the remaining provisions of this Agreement remain in full force and effect. 
 18. No Intermediary. The Insurer represents and
warrants that it has not, and CITIZENS represents and warrants that it has not, incurred an obligation to make payment of any fees to any intermediary with respect to the obligations afforded under this Agreement. 

19. Modification. No change or modification of this Agreement shall be valid unless the same shall be in writing and signed by
all of the parties hereto and not disapproved by the Office. 
 20. Notices. Any and all notices, designations, consents,
offers, acceptances, or any other communications provided for herein shall be given in writing, by hand delivery, by overnight mail, by registered or certified mail, or by facsimile transmission and shall be addressed as follows: 

Notice to Insurer: 

Mr. Rich Widdicombe 

President/CEO 
 Heritage
Property & Casualty Insurance Company 
 700 Central Avenue, Suite 304 

St. Petersburg, FL 33701 
 Notice
to CITIZENS: 
 Mr. Barry Gilway 

President/CEO and Executive Director 

CITIZENS Property Insurance Corporation 

2312 Killearn Center Boulevard 

Tallahassee, Florida 32309 

(850) 513-3780 

  

					
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 PR-M Non-Bonus Assumption Agreement 

 

 Notices sent by hand delivery shall be deemed delivered on the date of hand delivery. Notices
sent by overnight Insurer shall be deemed delivered on the next business day after being placed into the hands of the overnight Insurer. Notices sent by registered or certified mail shall be deemed delivered on the third business day after being
deposited into the post office. Notices sent by facsimile transmission shall be deemed to be delivered on the day when sent if sent prior to 4:30 p.m. (the time being determined by the time zone of the recipient) otherwise they shall be deemed
delivered on the next business day. 
 21. Parties Represented. The parties acknowledge that each party and its counsel have
reviewed and revised this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or any amendments or exhibits
hereto. 
 22. Survival of Terms. Sections 3, 4, 5, 6, 7, 10, 15, 16, 17, and 20 shall survive the termination of this
Agreement. 
 IN WITNESS WHEREOF, the parties hereto have set their hands and seals as of the day and year first above set forth. 

 

					
		 	Citizens Property Insurance Corporation
			
		 	BY:	 	/s/ Barry Gilway
		 		 	Mr. Barry Gilway
		 		 	President/CEO and Executive Director

  

					
		 	Heritage Property & Casualty Insurance Company
		 		 	
		 	BY:	 	/s/ Rich Widdicombe
		 		 	Mr. Rich Widdicombe
		 		 	President/CEO

  

					
		  	11

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