Document:

Separation Agreement

 Exhibit 10.7 
 Executive Officer Separation Agreement 
 THIS
EXECUTIVE OFFICER SEPARATION AGREEMENT (the “Separation Agreement”) is made and entered into and is effective as of this 1st day of March, 2010 (the “Effective Date”) by and between AMERISAFE, INC.
(herein the “Employer”) and David O. Narigon (herein “Employee”) and for good and valuable consideration including the mutual covenants contained herein, Employer and Employee agree as follows:

 RECITALS 
 WHEREAS, Employee has been employed by Employer in the position of Executive Vice President, Claims and Premium Audit pursuant to an Executive Officer Employment Agreement entered into by and
between Employer and Employee. 
 WHEREAS, Employee and Employer have agreed upon a mutual separation of Employee’s
employment and are entering into this Separation Agreement in order to effectuate same. 
 WHEREAS, Employee and Employer
are entering into this Separation Agreement in order to resolve any and all outstanding disputes that may exist or that could arise between Employee and Employer in connection with Employee’s separation of employment and in connection with any
rights and obligations that may exist or which may be in dispute under the Executive Officer Employment Agreement. 
 WHEREAS, Employer and Employee acknowledge that the terms and conditions of this Separation Agreement are fair and reasonable and promote the respective best interests of Employer and Employee. 
 NOW, THEREFORE, for good and valuable consideration, including the mutual covenants contained herein, Employer and Employee agree as
follows: 
 AGREEMENT 
  

	1.	TERMINATION OF EMPLOYMENT. In consideration of the mutual promises and covenants contained in this Separation Agreement, Employer’s employment of Employee
is terminated by Employee’s resignation effective as of March 15, 2010. 

  

	2.	PAYMENTS. Subject to Employee’s compliance with the provisions of this Separation Agreement, and subject to the terms contained in this Separation
Agreement, Employer will pay Employee or provide Employee with the following benefits in connection with the termination of his employment with Employer (the “Separation Benefits”): 

  

	 	A.	Separation Payments. 

  

	 	1.	On the Effective Date of this Separation Agreement, Employer shall pay Employee for all salary or wages and any accrued vacation due through the Effective Date.

  

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	 	2.	Additionally and in consideration of Employee’s obligations under this Separation Agreement, Employer shall pay to Employee the total gross amount of Three Hundred
Twenty-Nine Thousand One Hundred Eighty-One and No/100s Dollars ($329,181.00), to be paid in Twenty-Four (24) equal bi-weekly installments of Thirteen Thousand Seven Hundred Fifteen and 88/100s ($13,715.88), subject to all applicable
withholdings (such as state and federal income tax, Social Security and Medicare taxes and all other required withholdings) and in accordance with Employer’s customary payroll procedures. The first installment of the Separation Payment will be
processed during Employer’s first payroll period beginning more than eight (8) days after receipt of a fully executed Separation Agreement. 

  

	 	3.	Additionally and in consideration of Employee’s obligations under the Separation Agreement, Employer shall pay to Employee the total gross amount of Seventy-Six
Thousand Five Hundred and No/100s ($76,500.00) that will be paid in one lump sum on or before March 15, 2010. This amount is subject to all applicable withholdings (such as state and federal income tax, Social Security and Medicare taxes and
all other required withholdings). 

  

	 	B.	 COBRA Rights. Commencing on the Effective Date, Employee may be entitled to group health insurance continuation benefits pursuant to the
relevant provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 and any other statutory health insurance rights at his sole cost and expense. Separate notice of COBRA rights and an election form will be provided to Employee, as
applicable. In the event that Employee timely elects COBRA continuing coverage, Employer will pay or reimburse Employee the actual cost of COBRA continuing health coverage premiums incurred and to be paid by Employee for up to a maximum of twelve
(12) months from the Effective Date. If Employee does not timely elect COBRA continuing coverage, Employer shall not have any payment or reimbursement obligations. If Employee discontinues or cancels COBRA continuing coverage or if COBRA
continuing coverage is otherwise terminated prior to the maximum period of twelve (12) months, Employer shall not have any further payment or reimbursement obligations. If Employee’s COBRA continuing coverage remains in effect for twelve
(12) months, then Employer shall not have any further obligation beyond the twelve (12) month maximum period for any further payment or reimbursement obligations and any and all premiums and costs associated with COBRA continuing coverage
beyond the maximum twelve (12) month period shall be the sole responsibility of Employee. In the event that Employee becomes eligible for health care coverage under any other group health plan (including any employer sponsored plans),
Employer’s payment and reimbursement obligations shall end on the date that Employee

  

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becomes eligible for such other health care coverage, regardless of whether Employee elects such other health care coverage. To the extent that any COBRA subsidies or other COBRA reductions or
offsets to premiums apply during the pendency of any payment obligations of Employer, Employer shall be entitled to such subsidies, offsets and reductions. 

  

	 	C.	Benefit Plans. To the extent that Employee participated in any employee welfare benefit plans, retirement plans, 401(k) plans, profit sharing plans, employee
welfare pension plans, deferred compensation plans, stock option plans or any other similar benefit program, Employee’s right to continue participation, vesting, distribution or other rights shall be governed and controlled by the specific
terms, conditions and requirements of such plans. Any other applicable required notices to Employee will be separately provided. Employee acknowledges that he will refer to plan documents for further information concerning any rights under such
plans. 

  

	 	D.	Set-off. All amounts payable by Employer hereunder shall be subject to claims of set-off, counterclaim, recoupment, or other right Employer or any of its
Affiliates may have against Employee, including, specifically, any breach of the terms of this Separation Agreement. Employer acknowledges that as of the Effective Date it has no actual knowledge of any such claims. 

  

	 	E.	Death. If Employee dies prior to the payment of any of the amounts set forth in this Section, said amounts will be paid in accordance with applicable law. In
such event, Employee’s group health insurance benefits shall be terminated in accordance with the plan’s procedures in the event of death of an employee or under applicable law. 

  

	 	F.	No Other Benefits. Except as expressly set forth in this Section, Employee shall not be entitled to any other payments or benefits from Employer or to
participate in any Employee benefit program of the Employer on or after the Effective Date. Employee agrees that Employee has received full reimbursement for all business expenses owed to Employee by the Employer. 

  

	3.	PROTECTION OF INTERESTS. 

  

	 	A.	Confidentiality and Non-Disclosure. Employee acknowledges that his position with Employer was one of the highest trust and confidence, both by reason of
Employee’s position and by reason of Employee’s access to and contact with trade secrets and confidential and proprietary business information of Employer, as well as information technology, during the term of the Employee’s
employment. 

  

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 Therefore, in consideration of the payments to be made by Employer to Employee hereunder,
Employee covenants and agrees as follows: 
  

	 	i.	Employee will use his best efforts to protect and safeguard, and shall not use, directly or indirectly, for Employee’s own benefit or for the benefit of another,
any Confidential Information (as hereinafter defined); and 

  

	 	ii.	Employee shall not disclose to any person or entity any Confidential Information, either directly or indirectly, whether or not for compensation or other
remuneration, except as may be required by law. 

 As used in this Separation Agreement, the term
“Confidential Information” shall include, but is not limited to, all business information, proprietary information and trade secrets of any nature which was maintained, generated, received, acquired or accessed by Employee during
his term of employment and which is confidential in nature or is not generally known by the public or by third parties. “Confidential Information” also includes, without any limitations, the following: financial information,
budgets, plans, data, trade secrets, computer software, information technology, technical information, research and development, product information, service information, processes, customer lists, consumer information, customer data, pricing
information, sales information, marketing information, bid information, job or project information, contracts, insurance information, underwriting information, audit information, claims information, policy information, data processing, processes,
formulas, designs, drafts, drawings, systems, specifications, means, methods, techniques, protocols, compilations, intellectual property, inventions and improvements, operational methods, business plans and strategies, market information, supplier
information, vendor information, personnel matters and records, and any and all other matters, information and documentation that is sensitive, business, proprietary or confidential in nature. “Confidential Information” also
includes any and all items that would be designated as trade secrets under any applicable federal or state law. 
 Additionally,
Employee acknowledges and affirms that the confidentiality obligations set forth in Section 8 of the Executive Officer Employment Agreement entered into between Employer and Employee shall remain in effect and shall continue to be binding on
Employee and said obligations shall survive Employee’s separation of employment with Employer. Employee expressly agrees to comply with any and all such confidentiality obligations in addition to any and all confidentiality obligations set
forth in this Separation Agreement. 
  

	 	B.	 Non-Disparagement. In consideration of the payments to be made by Employer to Employee hereunder, Employee agrees that he shall make no
statements, remarks or comments, orally or in writing, publicly or privately, to any third party that would constitute actionable defamation with regard to Employer, its Affiliates, related companies, or any of their current or former respective
management, officers, directors, shareholders, members, employees, agents, or representatives, or any of their products, services, divisions, or Employer’s business. In consideration of Employee’s obligations under this agreement, Employer
agrees, on behalf of itself and its subsidiaries, that it shall refrain from

  

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making any statements or comments to any third party that would constitute actionable defamation with regard to Employee. Notwithstanding the foregoing, neither Employer nor Employee will be
restricted from providing information about the other as required by a court or governmental agency or by applicable law. 

  

	 	C.	Injunction. Employee acknowledges and agrees that if he shall violate any of the provisions of this Section 3 with respect to non-disclosure,
confidentiality and non-disparagement, Employer and its Affiliates would sustain irreparable harm and, therefore, in addition to any other remedies which Employer may have under this Separation Agreement or as otherwise provided by law, Employer
shall be entitled to an injunction to be issued by any court of competent jurisdiction restraining Employee from committing any such violation under this Separation Agreement. Employee agrees that Employer shall be entitled to injunctive relief
without proof of irreparable harm and that Employer shall have the right to seek any and all other available relief and damages and that all available remedies shall be cumulative and not exclusive. Employer acknowledges and agrees that if it or its
subsidiaries violate Section 3(B) Employee would sustain irreparable harm and, therefore, in addition to any other remedies which Employee may have under this Separation Agreement or as otherwise provided by law, Employee shall be entitled to
an injunction to be issued by any court of competent jurisdiction restraining Employer or its subsidiary from committing any such violation under this Separation Agreement. Employer agrees that Employee shall be entitled to injunctive relief without
proof of irreparable harm and that Employee shall have the right to seek any and all other available relief and damages and that all available remedies shall be cumulative and not exclusive. 

  

	 	D.	 Employee Release of Claims. In consideration of the payments to be made by Employer to Employee hereunder, as recited hereinabove, Employee
hereby releases and forever discharges Employer, and any of its present, former and future partners, Affiliates, direct and indirect parents, subsidiaries, successors, directors, officers, shareholders, partners, joint venturers, members, insurers,
affiliates, guarantors, investors, employees, agents, managers, representatives, consultants, independent contractors, attorneys, predecessors and assigns (collectively, the “Released Parties”), from any and all claims, actions and causes
of action arising out of, related to or in any way associated with Employee’s employment and separation of employment with Employer, including Employee’s rights to any compensation or benefits from the Released Parties in connection with
his employment and separation of employment, other than that which is expressly set forth herein, whether such claims are known or unknown, asserted or unasserted, anticipated or unanticipated or arising in tort, contract, law, or equity and
including, but in no way limited to, any and all claims for violation of any federal, state or local law or regulation which are in any way related to employment matters, benefit matters and compensation matters with respect to the Released Parties.
This release includes, without limitation, any and all claims,

  

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causes of action, rights of action, damages and amounts related to any past, present and future damages, future costs and expenses whatsoever, loss of income, economic damages, compensation,
distributions, emotional damages, damage to reputation, physical damages, personal injuries, loss of commissions, loss of profits, back pay, future pay, loss of bonuses, loss of benefits, defamation damages, incidental damages, consequential
damages, general damages, special damages, compensatory damages, any consequence of the foregoing and any and all damages of whatsoever kind and character, including any and all claims for punitive damages, exemplary damages, liquidated damages,
treble damages, stipulated damages, double damages and multiple damages and for the recovery of penalties, fines, costs and attorney’s fees. This release also includes, but is in no way limited to, any and all claims under the following
provisions of law: Title VII of the Civil Rights Act of 1964 (as amended by the Civil Rights Act of 1991); Fair Labor Standards Act (FLSA); Employee Retirement Income Security Act of 1974 (ERISA); Consolidated Omnibus Budget Reconciliation Act
(COBRA); Americans With Disabilities Act (ADA); Family and Medical Leave Act (FMLA); Health Insurance Portability & Accountability Act (HIPAA); National Labor Relations Act (NLRA); Occupational Safety and Health Act (OSHA); Ledbetter Fair
Pay Act (LFPA); the Age Discrimination in Employment Act (ADEA); Older Worker Benefit Protection Act (OWBPA); Worker Adjustment Retraining and Notification Act (WARN); Uniform Services Employment and Reemployment Rights Act (USERRA); Executive Order
11246; Fair Credit Reporting Act (FCRA); state workers compensation laws (save and except any pending workers compensation claims); state discrimination laws (including La.R.S. 23:301, et seq.); state tort laws; state laws of obligations or
contracts; state wage payment statutes (including La.R.S. 23:631, et seq.); state unfair and deceptive trade practice statutes; state and federal whistleblower statutes; and any and all federal, state and local laws and ordinances related to or in
any way associated with employment, discharge of employment, separation from employment, compensation, benefits and any matters related thereto. Employee acknowledges that the above list is illustrative only and is not an exclusive listing of laws,
regulations and ordinances to which the release applies. This release does not pertain to liability for wrongful actions by Employer occurring after its effective date. 

 Employee further releases and forever discharges Employer from any and all claims, causes of action, rights, demands and amounts arising out
of, related to, or in any way associated with the Executive Officer Employment Agreement entered into between Employer and Employee. This includes, but is in no way limited to, any and all contractual payments, contractual obligations, compensation,
distributions, bonuses and any and all other amounts that may be due and owing and to which Employee may assert are due and owing under the terms of said Executive Officer Employment Agreement. Employee agrees that he will not assert against
Employer (and the Released Parties) any claims, rights or causes of action pursuant to, arising out of or in any way related to the Executive Officer Employment Agreement. 
  

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	 	E.	Employee acknowledges that he has been given a full and fair opportunity to review this Separation Agreement and he has been specifically advised to consult with an
attorney before executing this Separation Agreement, and that he has been allowed up to twenty-one (21) days to consider whether to accept the benefits of this Separation Agreement in return for the releases contained in this Separation
Agreement. If Employee decides to execute the Separation Agreement before the expiration of the twenty-one (21) day period after presentment, Employee hereby certifies and represents that it was his own decision, made after adequate reflection
concerning the purposes and effects of this Separation Agreement and that execution of this Separation Agreement was not coerced by the Released Parties or anyone acting on their behalf or in concert with them. Before execution of this Separation
Agreement, Employee warrants and represents that he understands the reason for his employment separation and had the opportunity to discuss with representatives of Employer the terms, contents and conditions of this Separation Agreement.
Consequently, Employee has fully informed himself and warrants and represents that he executed this Separation Agreement knowingly and voluntarily. This Separation Agreement may be revoked by Employee at any time within seven (7) days after the
Separation Agreement’s execution by notifying the Employer’s General Counsel (Todd Walker) of the revocation of the acceptance of this Separation Agreement. Such revocation must be submitted to Employer’s home office located at
Amerisafe, Inc., ATTN: Todd Walker, 2301 Hwy. 190 West, DeRidder, LA 70634, Phone: (337) 463-9052, Fax: (337) 463-7298, E-mail: twalker@amerisafe.com. If not revoked before the expiration of seven (7) days following its execution,
this Separation Agreement will become effective and binding and payment will be submitted for processing on or about Employer’s first regular payroll period occurring more than eight (8) days after Employer’s receipt of a fully
executed original of this Separation Agreement. 

  

	 	F.	Pending Claims Representation. Employee represents, acknowledges and confirms that he has not filed or otherwise initiated any lawsuit, complaint, charge, demand
or any other proceedings against Employer in any local, state or federal court or governmental agency or commission based upon any events or items occurring prior to and through the date of execution of this Separation Agreement. Employee expressly
waives any right to damages or any other legal and equitable relief in connection with any legal proceedings, agency proceedings and any lawsuit that is filed in the future and which is in any way based upon the events occurring before execution of
this Separation Agreement or which is in any way related to the claims, causes of action, damages and relief released herein. 

  

	 	G.	 Employer Release of Non-Competition Restrictions. In consideration of the releases provided by Employee to Employer and for other good and
valuable consideration, Employer hereby releases Employee from the non-competition prohibitions set forth in Section 10.06 of the Executive Officer Employment

  

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Agreement entered into between Employer and Employee. In this regard, Employer agrees that it will not take any legal action to enforce the specific restrictions set forth in Section 10.06
of the Executive Officer Employment Agreement and that Employer will not attempt to prohibit or restrict Employee from rendering services, in an employment or officer capacity, with any company or entity which would otherwise be prohibited under the
terms of Section 10.06 of the Executive Officer Employment Agreement. Employee is not, however, released from the non-solicitation provisions set forth in Section 10.07 of the Executive Officer Employment Agreement and Employee hereby
acknowledges and affirms that the non-solicitation obligations set forth in Section 10.07 of the Executive Officer Employment Agreement shall survive Employee’s separation of employment and shall remain in full force and effect in
accordance with the specific terms and conditions, geographic areas and time periods set forth in the Executive Officer Employment Agreement, and attachment “A” thereto, and including the specific restrictions set forth in Section 10
of the Executive Officer Employment Agreement. Employee represents, warrants and agrees that he will comply with the non-solicitation restrictions set forth in Section 10 of the Executive Officer Employment Agreement.

  

	 	H.	Continuing Obligations of Employee. In addition to any continuing obligations or surviving obligations that are specifically addressed in this Separation
Agreement or that are otherwise applicable as a matter of law, Employee expressly agrees, represents and warrants that he will comply with any and all applicable rules, laws, policies, regulations, directives and orders which may be applicable to
him and which may have existed by virtue of his position as an Executive Officer with Employer and that, to the fullest extent applicable, Employee shall continue to comply with same. Employee further acknowledge, represents and warrants that he has
not been requested by Employer and has not been induced by Employer to breach any legal obligations or regulatory obligations that may be applicable to Employer or to Employee by virtue of his Executive Officer position with Employer and whether or
not arising during Employee’s employment with Employer or in connection with this Separation Agreement. Additionally, Employee represents and warrants that he has complied with any and all applicable legal and regulatory obligations during his
employment with Employer and that, during the course and scope of his employment with Employer, he did not violate or breach, or cause Employer to violate or breach, any such legal or regulatory obligations or requirements. 

 

	4.	 DEFINITION OF “AFFILIATES”. As used herein, the term “Affiliates” shall include any person, corporation,
partnership, limited liability company, joint venture or other entity that directly, or indirectly, through one or more intermediaries, owns or controls, or is owned or is controlled by, or is under common ownership or control with, or, in certain
instances is managed by, Employer, and further, shall include Employer’s and each Affiliate’s respective predecessors, successors and assigns. Affiliates also include the following named entities: Amerisafe Risk Services, Inc., American
Interstate Insurance Company, Amerisafe General Agency, Inc., Silver Oak Casualty, Inc., and American

  

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Interstate Insurance Company of Texas. Affiliates also include the shareholders, officers, directors, managers, agents, employees, attorneys and insurers of Affiliates. Protections afforded
Employer under this Separation Agreement and the obligations imposed on Employee, including the releases contained in this Separation Agreement, shall be for the benefit of and shall inure to the benefit of Affiliates and the Affiliates are
expressly declared and deemed third party beneficiaries to this Separation Agreement. 

  

	5.	MISCELLANEOUS 

  

	 	A.	The obligations of Employee under this Separation Agreement are personal and may not be assigned or delegated to any other person. The obligations of Employee under
this Separation Agreement shall be binding upon Employee’s heirs, personal representatives and successors in interest, and shall inure to the benefit of the Employer, the Released Parties, Affiliates and any of their successors, representatives
and assigns. 

  

	 	B.	This Separation Agreement shall be assignable by Employer, in whole or in part without the Employee’s prior consent. 

  

	 	C.	This Separation Agreement contains the sole and entire agreement and understanding of the parties with respect to the entire subject matters hereof and any and all
prior discussions, negotiations, commitments, letters of intent, memoranda, writings and understandings related hereto are hereby superseded. This Separation Agreement can be amended only by a written agreement executed by each party hereto.

  

	 	D.	This Separation Agreement is being entered into, in whole or in part, in Beauregard Parish, Louisiana, for performance, in whole or in part, in Beauregard Parish,
Louisiana. This Separation Agreement shall be interpreted in accordance with the laws of the State of Louisiana and Louisiana law shall apply. This Separation Agreement shall be governed by the laws of the State of Louisiana, without regard to the
application of conflicts of laws principles. This Separation Agreement may be executed in multiple originals or counterparts and is effective upon signature of the parties. 

  

	 	E.	Each term and condition of this Separation Agreement shall be considered severable, and if, for any reason, any provision or provisions, or portions thereof, are
determined to be invalid, overbroad, or unenforceable for any reason, such provision or provisions shall be deemed modified or may be reformed by a court of competent jurisdiction, to the extent required to render it valid, enforceable and binding,
and such determination shall not affect the validity or enforceability of any other provision of this Separation Agreement. In the event that such an invalid, excessively broad, or otherwise unenforceable provision cannot be modified or reformed
such that it may be enforced, then said court shall, only to the extent necessary, strike or sever the invalid, excessively broad or unenforceable provision and enforce the remaining provisions of this Separation Agreement. Severability and
reformation shall apply. 

  

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	 	F.	In the event Employee breaches any of his obligations or terms as set forth in this Separation Agreement or any representations and warranties contained in this
Separation Agreement or in the event the Employer seeks enforcement of any term, obligation, representation or warranty set forth in this Separation Agreement, Employer shall be entitled to recover and Employee shall be obligated to pay all
attorney’s fees, court costs and expenses incurred by Employer. 

  

	 	G.	This Separation Agreement and the presentment of this Separation Agreement to Employee shall not in any way be construed as an admission by Employer that it has in any
way acted wrongfully or that any particularized claim exists with respect to Employee or any other person or entity or that Employee has any causes of action or rights of action whatsoever against Employer. 

  

	 	H.	Employee agrees and acknowledges that the amount being paid to him, as referenced herein, by Employer is fair, reasonable and adequate and constitutes good and valuable
consideration based on his independent evaluation and diligence. 

  

	 	I.	Upon acceptance and execution of this Agreement, Employee shall forward one fully executed original to Employer’s General Counsel (Todd Walker), 2301 Hwy. 190
West, DeRidder, LA 70634, Phone: (337) 463-9052, Fax: (337) 463-7298, E-mail: twalker@amerisafe.com. 

  

	6.	ACKNOWLEDGMENT. Employee represents, warrants and agrees that he: (i) fully understands his rights to discuss all aspects of this Separation Agreement with an
attorney of his choice; (ii) to the extent, if any, that he desires, he has availed himself of these rights; (iii) has carefully read and fully understands the provisions of this Separation Agreement; and (iv) has entered into and
executed this Separation Agreement without duress or coercion from any source. 

  

									
	 EMPLOYER
  
 Amerisafe, Inc.
	 		 	EMPLOYEE
				
	BY:	 	/S/    TODD
WALKER        	 		 	/S/    DAVID O.
NARIGON        
		 	 Todd Walker,
 Executive Vice President,
 General Counsel and
Secretary
	 		 	David O. Narigon
	Date:	 	03/02/2010            	 		 	Date:	 	03/02/2010

  

 Page 10 of 10Casualty Catastrophe Excess of Loss Reinsurance Contract

 Exhibit 10.29 
 AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder,
Louisiana 
 and 
 AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas

 and 
 SILVER OAK CASUALTY, INC. 
 DeRidder, Louisiana 
 and 
 any other insurance companies which are now or
hereafter come under the ownership, 
 control or management of Amerisafe, Inc. 
 CASUALTY CATASTROPHE EXCESS OF LOSS 
 REINSURANCE CONTRACT 
  

					
	93948003-10 (1-1-10)	  		  	12-22-09
	Casualty Catastrophe XOL Contract	  		  	

  

 TABLE OF CONTENTS 
  

					
	 ARTICLE
	  	 	  	PAGE
	 I
	  	BUSINESS COVERED	  	1
	 II
	  	TERM	  	1
	 III
	  	SPECIAL TERMINATION	  	2
	 IV
	  	DEFINITIONS	  	3
		  	 Act of Terrorism
	  	3
		  	 Declaratory Judgment Expense
	  	4
		  	 Extra Contractual Obligations/Loss in Excess of Policy Limits
	  	4
		  	 Loss Adjustment Expense
	  	4
		  	 Loss Occurrence
	  	5
		  	 Net Earned Pr
 emium
	  	5
		  	 Policy
	  	6
		  	 Ultimate Net Loss
	  	6
	 V
	  	TERRITORY	  	6
	 VI
	  	EXCLUSIONS	  	6
	 VII
	  	TERRORISM ACT RECOVERIES	  	8
	 VIII
	  	COVERAGE	  	9
	 IX
	  	REINSTATEMENT	  	10
	 X
	  	SPECIAL ACCEPTANCE	  	10
	 XI
	  	ACCOUNTING BASIS	  	11
	 XII
	  	REINSURANCE PREMIUM	  	11
	 XIII
	  	NOTICE OF LOSS AND LOSS SETTLEMENTS	  	11
	 XIV
	  	LIABILITY OF REINSURERS	  	12
	 XV
	  	LATE PAYMENTS	  	12
	 XVI
	  	ANNUITIES AT THE COMPANY’S OPTION	  	13
	 XVII
	  	AGENCY AGREEMENT	  	14
	 XVIII
	  	SUBROGATION	  	14
	 XIX
	  	ERRORS AND OMISSIONS	  	14
	 XX
	  	OFFSET	  	14
	 XXI
	  	CURRENCY	  	15
	 XXII
	  	TAXES	  	15
	 XXIII
	  	FEDERAL EXCISE TAX	  	15
	 XXIV
	  	RESERVES AND FUNDING	  	15
	 XXV
	  	NET RETAINED LINES	  	17
	 XXVI
	  	THIRD PARTY RIGHTS	  	18

  

					
	93948003-10 (1-1-10)	  		  	12-22-09
	Casualty Catastrophe XOL Contract	  		  	

					
	 XXVII
	  	SEVERABILITY	  	18
	 XXVIII
	  	GOVERNING LAW	  	18
	 XXIX
	  	ACCESS TO RECORDS	  	18
	 XXX
	  	SUNSET AND COMMUTATION	  	18
	 XXXI
	  	INSOLVENCY	  	20
	 XXXII
	  	ARBITRATION	  	21
	 XXXIII
	  	SERVICE OF SUIT	  	22
	 XXXIV
	  	ENTIRE AGREEMENT	  	23
	 XXXV
	  	MODE OF EXECUTION	  	24
	 XXXVI
	  	INTERMEDIARY	  	24
		  	Nuclear Incident Exclusion Clause - Liability - Reinsurance - U.S.A.	  	

  

					
	93948003-10 (1-1-10)	  		  	12-22-09
	Casualty Catastrophe XOL Contract	  		  	

  

 CASUALTY CATASTROPHE EXCESS OF LOSS 
 REINSURANCE CONTRACT 
 (the “Contract”) 
 between 
 AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder, Louisiana

 and 
 AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas 
 and 
 SILVER
OAK CASUALTY, INC. 
 DeRidder, Louisiana 
 and any other insurance companies which are now or hereafter come under the ownership, 
 control or management of Amerisafe, Inc. 
 (collectively the
“Company”) 
 and 
 THE SUBSCRIBING REINSURER(S) EXECUTING THE 
 INTERESTS AND LIABILITIES
AGREEMENT(S) 
 ATTACHED HERETO 
 (the “Reinsurer”) 
 ARTICLE I 
 BUSINESS COVERED 
 By this Contract
the Reinsurer agrees to reinsure the excess liability of the Company under its Policies in force at the effective time and date hereof or issued or renewed at or after that time and date, and classified by the Company as Workers’ Compensation,
Employers Liability, including but not limited to, coverage provided under the U.S. Longshore and Harbor Workers’ Compensation Act, Jones Act, Outer Continental Shelf Land Act and any other Federal Coverage extensions and General Liability
business, subject to the terms, conditions and limitations hereafter set forth. 
 ARTICLE II 
 TERM 
  

	A.	This Contract will apply to all losses occurring during the period January 1, 2010, 12:01 a.m. Standard Time (as set forth in the Company’s policies), to
January 1, 2011, 12:01 a.m. Standard Time. 

  

					
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	Casualty Catastrophe XOL Contract	  	1	  	

	B.	Upon the expiration or termination of this Contract, the entire liability of the Reinsurer for losses occurring subsequent to the date of expiration shall cease
concurrently with the date of expiration of this Contract. 

  

	C.	Notwithstanding the above, upon expiration or termination of this Contract, the Company shall have the option of requiring that the Reinsurer shall remain liable for
losses occurring under Policies in force on the expiration or termination date of this Contract until the next renewal, termination, or natural expiration date of such Policies or until 12 months (plus “odd time,” not to exceed 18 months
in all) following the date of expiration (whichever occurs first). 

  

	D.	If this Contract expires while a Loss Occurrence covered hereunder is in progress, the Reinsurer’s liability hereunder shall, subject to the other terms and
conditions of this Contract, be determined as if the entire Loss Occurrence had occurred prior to the expiration of this Contract, provided that no part of such Loss Occurrence is claimed against any renewal or replacement of this Contract.

 ARTICLE III 
 SPECIAL TERMINATION 
  

	A.	The Company may terminate a subscribing reinsurer’s share in this Contract by giving written notice to the subscribing reinsurer upon the happening of any one of
the following circumstances: 

  

	 	1.	A State Insurance Department or other legal authority orders the subscribing reinsurer to cease writing business, or 

  

	 	2.	The subscribing reinsurer has become insolvent or has been placed into liquidation or receivership (whether voluntary or involuntary), or there has been instituted
against it proceedings for the appointment of a receiver, liquidator, rehabilitator, conservator, or trustee in bankruptcy, or other agent known by whatever name, to take possession of its assets or control of its operations, or

  

	 	3.	For any period not exceeding 12 months which commences no earlier than 12 months prior to the inception of this Contract, the subscribing reinsurer’s
policyholders’ surplus, as reported in the financial statements of the subscribing reinsurer, has been reduced by 20.0% or more, or 

  

	 	4.	The subscribing reinsurer has become merged with, acquired or controlled by any company, corporation, or individual(s) not controlling the subscribing reinsurer’s
operations previously, or 

  

	 	5.	The subscribing reinsurer has reinsured its entire liability under this Contract without the Company’s prior written consent, or 

  

	 	6.	The subscribing reinsurer receives an A. M. Best rating of lower than A-, or an S&P financial strength rating of lower than A-, or 

  

					
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	 	7.	The subscribing reinsurer has ceased writing new and renewal reinsurance for the lines of business covered hereunder. 

  

	B.	In the event of such termination, the liability of the subscribing reinsurer shall be terminated, at the Company’s option, either in accordance with the cutoff
provisions of paragraph B of the TERM ARTICLE or in accordance with the runoff provisions of paragraph C of the TERM ARTICLE, and such termination shall be effective as of the date the subscribing reinsurer receives written notice of termination
pursuant to paragraph A above. 

  

	C.	In the event the Company terminates a subscribing reinsurer’s share in this Contract under the provisions of this Article, the Company shall have the option to
commute the excess liabilities of the subscribing reinsurer. If this commutation option is exercised, the provisions of the paragraphs B through G of the SUNSET AND COMMUTATION ARTICLE shall apply. 

  

	D.	In the event the Company terminates a subscribing reinsurer’s share in this Contract under the provision of this Article, the Company shall have the option to
require the subscribing reinsurer to fund its share of ceded unearned premium, outstanding loss and Loss Adjustment Expense reserves, reserves for losses and Loss Adjustment Expense incurred but not reported to the Company (IBNR as determined by the
Company) and any other balances or financial obligations. Within 30 days of the Company’s written request to fund, the subscribing reinsurer shall provide to the Company a clean, unconditional, evergreen, irrevocable letter of credit or a trust
agreement which establishes a trust account for the benefit of the Company. The method of funding must be acceptable to the Company, shall be established with a financial institution suitable to the Company, shall comply with any applicable state or
federal laws or regulations involving the Company’s ability to recognize these agreements as assets or offsets to liabilities in such jurisdictions and shall be at the sole expense of the subscribing reinsurer. The Company and the subscribing
reinsurer may mutually agree on alternative methods of funding or the use of a combination of methods. This option is available to the Company at any time there remains any outstanding liabilities of the subscribing reinsurer. Notwithstanding the
foregoing, the Company shall not require funding in accordance with this subparagraph in the event the subscribing reinsurer has otherwise fully funded its obligations under this Contract in a manner acceptable to the Company.

 ARTICLE IV 
 DEFINITIONS 
  

	A.	Act of Terrorism 

 “Act of
Terrorism” as used herein shall follow the definition provided under the Terrorism Risk Insurance Act of 2002 (TRIA) and as amended by the Terrorism Risk Insurance Extension Act of 2005 (TRIEA) and the Terrorism Risk Insurance Program
Reauthorization Act of 2007 (TRIPRA), together and including any extensions or replacement thereof, the “Terrorism Act.” 
  

					
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	B.	Declaratory Judgment Expense 

 “Declaratory Judgment Expense” as used herein shall mean all expenses incurred by the Company in connection with a declaratory judgment action brought to determine the Company’s defense and/or indemnification obligations that
are allocable to a specific claim subject to this Contract. Declaratory Judgment Expense shall be deemed to have been incurred on the date of the original loss (if any) giving rise to the declaratory judgment action. 
  

	C.	Extra Contractual Obligations/Loss in Excess of Policy Limits 

  

	 	1.	Extra Contractual Obligations 

 This Contract shall protect the Company for any “Extra Contractual Obligations” which as used herein shall mean any punitive, exemplary, compensatory or consequential damages, other than Loss in Excess of Policy Limits, paid or
payable by the Company as a result of an action against it by its insured, its insured’s assignee or a third party claimant, by reason of alleged or actual negligence, fraud or bad faith on the part of the Company in handling a claim under a
Policy subject to this Contract. 
 An Extra Contractual Obligation shall be deemed to have occurred on the same date as the loss
covered or alleged to be covered under the Policy. 
  

	 	2.	Loss in Excess of Policy Limits 

 This Contract shall protect the Company for any “Loss in Excess of Policy Limits” which as used herein shall mean an amount that the Company would have been contractually liable to pay had it not been for the limit of the original
Policy as a result of an action against it by its insured, its insured’s assignee or a third party claimant. Such loss in excess of the limit shall have been incurred because of failure by the Company 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 its insured or in the preparation or prosecution of an appeal consequent upon
such action. 
  

	 	3.	This paragraph C shall not apply where an Extra Contractual Obligation and/or Loss in Excess of Policy Limits has been incurred due to an adjudicated finding of fraud
committed by a member of the Board of Directors or a corporate officer of the Company acting individually or collectively or in collusion with a member of the Board of Directors or a corporate officer or a partner of any other corporation or
partnership. 

  

	D.	Loss Adjustment Expense 

 “Loss Adjustment Expense” as used herein shall mean all costs and expenses allocable to a specific claim that are incurred by the Company in the investigation, appraisal, adjustment, settlement, litigation, defense or appeal of a
specific claim, including court costs and costs of supersedeas and appeal bonds, and including 1) pre-judgment interest, unless included as part of the award or judgment; 2) post-judgment interest; 3) legal expenses and costs

  

					
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incurred in connection with coverage questions and legal actions connected thereto, including Declaratory Judgment Expense; and 4) a pro rata share of salaries and expenses of Company field
employees, and expenses of other Company employees who have been temporarily diverted from their normal and customary duties and assigned to the field adjustment of losses covered by this Contract. Loss Adjustment Expense does not include
unallocated loss adjustment expense. Unallocated loss adjustment expense includes, but is not limited to, salaries and expenses of employees, other than (4) above, and office and other overhead expenses. 
  

	E.	Loss Occurrence 

 “Loss
Occurrence” as used in this Contract shall mean any one disaster or casualty or accident or loss or series of disasters or casualties or accidents or losses arising out of or caused by one event. The Company shall be the sole judge of what
constitutes one event as outlined herein and in the original Policy. 
  

	 	1.	As respects losses resulting from Occupational or Industrial Disease or Cumulative Trauma, each employee shall be considered a separate Loss Occurrence subject to the
following: 

 Losses resulting from Occupational or Industrial Disease or Cumulative Trauma suffered by employees
of an insured for which the employer is liable, as a result of a sudden and accidental event not exceeding 72 hours in duration, shall be considered one Loss Occurrence and may be combined with losses classified as other than Occupational or
Industrial Disease or Cumulative Trauma which arise out of the same event and the combination of such losses shall be considered as one Loss Occurrence within the meaning hereof. 
 A loss with respect to each employee affected by an Occupational Disease or Cumulative Trauma shall be deemed to have been sustained by the
Company on the date of the beginning of the disability for which compensation is payable. 
 The terms “Occupational or
Industrial Disease” and “Cumulative Trauma” as used in this Contract shall be as defined by applicable statutes or regulations. 
  

	 	2.	As respects General Liability policies where the Company’s limit of liability for Products and Completed Operations coverages is determined on the basis of the
insured’s aggregate losses during a policy period, all such losses proceeding from or traceable to the same causative agency shall, at the Company’s option, be deemed to have been caused by one occurrence commencing at the beginning of the
policy period, it being understood and agreed that each renewal or annual anniversary date of the policy involved shall be deemed the beginning of a new policy period. 

  

	F.	Net Earned Premium 

 “Net
Earned Premium” as used herein is defined as gross earned premium of the Company for the classes of business reinsured hereunder, less the earned portion of premiums ceded by the Company for reinsurance which inures to the benefit of this
Contract and less dividends paid or accrued. 
  

					
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	G.	Policy 

 “Policy” or
“Policies” as used herein shall mean the Company’s binders, policies and contracts providing insurance or reinsurance on the classes of business covered under this Contract. 
  

	H.	Ultimate Net Loss 

 “Ultimate Net Loss” shall mean the actual loss, including any pre-judgment interest which is included as part of the award or judgment, “Second Injury Fund” assessments that can be allocated to specific claims, Loss
Adjustment Expense, 90% of Loss in Excess of Policy Limits, and 90% of Extra Contractual Obligations, paid or to be paid by the Company on its net retained liability after making deductions for all recoveries, subrogations and all claims on inuring
reinsurance, whether collectible or not; provided, however, that in the event of the insolvency of the Company, payment by the Reinsurer shall be made in accordance with the provisions of the INSOLVENCY ARTICLE. Nothing herein shall be construed to
mean that losses under this Contract are not recoverable until the Company’s Ultimate Net Loss has been ascertained. 
 Notwithstanding the definition of “Ultimate Net Loss” herein, the provisions of paragraph H of the COVERAGE ARTICLE as respects the Minnesota Workers’ Compensation Reinsurance Association shall apply. 
 ARTICLE V 
 TERRITORY 
 The territorial limits of this Contract shall be identical with those of the Company’s Policies.

 ARTICLE VI 
 EXCLUSIONS 
  

	A.	This Contract does not apply to and specifically excludes the following: 

  

	 	1.	Reinsurance assumed by the Company under obligatory reinsurance agreements, except: 

 a. Agency reinsurance where the policies involved are to be reunderwritten in accordance with the underwriting standards of the Company and
reissued as Company policies at the next anniversary or expiration date; and 
 b. Intercompany reinsurance between any of the
reinsured companies under this Contract. 
  

	 	2.	Nuclear risks as defined in the “Nuclear Incident Exclusion Clause – Liability – Reinsurance – U.S.A.” (NMA 1590 21/9/67) attached hereto.

  

	 	3.	Liability as a member, subscriber or reinsurer of any Pool, Syndicate or Association, including Assigned Risk Plans or similar plans; however, this exclusion shall not
apply to liability under a Policy specifically designated to the Company from an Assigned Risk Plan or similar plan. 

  

					
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	 	4.	All liability of the Company arising by contract, operation of law, or otherwise, from its participation or membership, whether voluntary or involuntary, in any
Insolvency Fund. “Insolvency Fund” includes any guaranty fund, insolvency fund, plan, pool, association, fund or other arrangement, however denominated, established or governed, which provides for any assessment of or payment or assumption
by the Company of part or all of any claim, debt, charge, fee or other obligation of an insurer, or its successors or assigns, which has been declared by any competent authority to be insolvent, or which is otherwise deemed unable to meet any claim,
debt, charge, fee or other obligation in whole or in part. 

  

	 	5.	Any “Act of Terrorism” involving the use of nuclear, chemical, biological or radiological devices. 

  

	 	6.	Business written to apply in excess of a deductible of more than $25,000, and business issued to apply specifically in excess over underlying insurance. However, if the
Company is required, by any state regulation, to provide a deductible of more than $25,000, this exclusion shall not apply. 

  

	 	7.	Workers’ Compensation where the principal exposure, as defined by the governing class code, is: 

  

	 	a.	Operation of aircraft, but only if the annual estimated policy premium is $250,000 or more; 

  

	 	b.	Operation of Railroads, subways or street railways; 

  

	 	c.	Manufacturing, assembly, packing or processing of fireworks, fuses, nitroglycerine, magnesium, pyroxylin, ammunition or explosives. This exclusion does not apply to the
assembly, packing or processing of explosives when the estimated annual premium is under $250,000 and does not apply to the commercial use of explosives; 

  

	 	d.	Underground mining. 

  

	 	8.	As respects General Liability policies, exposures other than those identified below, as included in the General Liability section of the Company’s Commercial Lines
Manual: 

  

	 	a.	Class 97111 – Logging; 

  

	 	b.	Class 58873 – Sawmill; 

  

	 	c.	Class 59984 – Woodyard and Drivers; 

  

	 	d.	Class 95410 – Grading of Land; 

  

	 	e.	Class 45819 – Lumber Yard; 

  

	 	f.	Class 10073 – Repair Shops and Drivers; 

  

	 	g.	Class 43822 – Timber Cruiser; 

  

	 	h.	Class 99793 – Truckmen Not Otherwise Classified; 

  

	 	i.	Class 91591 – Contractors – Subcontracted Work Other Than Construction; 

  

	 	j.	Class 49452 – Vacant Land. 

  

					
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	B.	Notwithstanding the foregoing, insureds regularly engaged in operations not excluded under paragraph A above, but whose operations may include one or more perils
excluded therein, shall not be excluded from coverage afforded by this Contract, provided said operations are incidental to the main operations of the insured. Notwithstanding the foregoing, coverage extended under this paragraph for incidental
operations of an insured shall not apply to exposures excluded under subparagraphs 1 though 5 of paragraph A above. The Company shall be the judge of what constitutes an incidental part of the insured’s operation. 

  

	C.	Except for subparagraphs 1 through 5 of paragraph A above, if the Company is inadvertently bound or is unknowingly exposed (due to error or automatic provisions of
policy coverage) on a risk otherwise excluded in paragraph A above, such exclusion shall be waived. The duration of said waiver will not extend beyond the time that notice of such coverage has been received by a responsible underwriting authority of
the Company and for a period not exceeding 30 days thereafter, or such longer period required to conform with any notice of cancellation provisions prescribed by regulatory authorities, such period not to exceed 12 months plus odd time
(not exceeding 18 months). 

  

	D.	If the Company is required to accept an assigned risk which conflicts with one or more of the exclusions set forth in subparagraph 6 of paragraph A, reinsurance shall
apply, but only for the difference between the Company’s retention and the limit required by the applicable state statute, and in no event shall the Reinsurer’s liability exceed the limit set forth in the Coverage Article.

  

	E.	Notwithstanding the foregoing, any reinsurance falling within the scope of one or more of the exclusions set forth above that is specially accepted by the Reinsurer
from the Company shall be covered under this Contract and be subject to the terms hereof. 

  

	F.	Except for subparagraphs 1 through 5 of paragraph A above, should a court of competent jurisdiction invalidate any exclusion or expand coverage of the original Policy
of the Company, any amount of Loss for which the Company would not be liable, except for such invalidation or expansion of coverage, shall not be subject to any of the exclusions, conditions and limitations hereinafter set forth under this Contract.

 ARTICLE VII 
 TERRORISM ACT RECOVERIES 
  

	A.	Any financial assistance the Company receives under the Terrorism Act, shall apply as follows: 

  

	 	1.	Except as provided in subparagraph 2 below, any such financial assistance shall inure solely to the benefit of the Company and shall be entirely disregarded in applying
all of the provisions of this Contract. 

  

	 	2.	 If losses occurring hereunder result in recoveries made by the Company both under this Contract and under the Terrorism Act, and such recoveries,
together with any other reinsurance recoverables made by the Company applicable to said losses, exceed the total amount of the Company’s insured losses, any amount in excess

  

					
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thereof shall reduce the Ultimate Net Loss subject to this Contract for the losses to which the Terrorism Act assistance applies. These recoveries shall be returned in proportion to each
Reinsurer’s paid share of the loss. 

  

	B.	Nothing herein shall be construed to mean that the losses under this Contract are not recoverable until the Company has received financial assistance under the
Terrorism Act. 

 ARTICLE VIII 
 COVERAGE 
  

	A.	The Reinsurer shall be liable for the Ultimate Net Loss in excess of $10,000,000 as a result of any one Loss Occurrence. The Reinsurer’s liability in respect of
any one Loss Occurrence shall not exceed $40,000,000. 

  

	B.	The Reinsurer’s liability in respect of Ultimate Net Loss amounts recoverable hereunder for an Act of Terrorism (as defined in the definition of “Act of
Terrorism”) occurring during the term of this Contract shall not exceed $40,000,000. This paragraph is not subject the REINSTATEMENT ARTICLE. 

  

	C.	The Reinsurer’s liability in respect of all losses occurring during the term of this Contract shall not exceed $80,000,000. 

  

	D.	As respects the statutory portion of any Workers’ Compensation Policy, the Company’s Ultimate Net Loss subject to this Contract shall not exceed $10,000,000
as respects any one life, each Loss Occurrence 

  

	E.	The Company shall be permitted to purchase (or maintain) other reinsurance which inures to the benefit of this Contract. 

  

	F.	The Company shall be permitted to carry underlying reinsurance, recoveries under which shall inure solely to the benefit of the Company and be entirely disregarded in
applying all of the provisions of this Contract. 

  

	G.	As respects Employers Liability and General Liability, the maximum net subject Policy limit (except statutory where required by law) as respects any one Policy shall be
$2,000,000 or the Company shall be deemed to have purchased inuring excess facultative reinsurance for subject Policy limits in excess of $2,000,000. 

  

	H.	The Company shall be permitted to carry excess of loss reinsurance applying to Workers’ Compensation risks in the State of Minnesota, actual recoveries under which
shall inure to the benefit of this Contract. Such coverage shall be provided through the Minnesota Workers’ Compensation Reinsurance Association. Notwithstanding the treatment of inuring coverage in the definition of Ultimate Net Loss, the
liability of the Reinsurer for Minnesota Workers’ Compensation risks is not released. 

  

					
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 ARTICLE IX 
 REINSTATEMENT 
  

	A.	Should all or any part of the Reinsurer’s limit of liability be exhausted as a result of a Loss Occurrence, the sum so exhausted shall be reinstated from the date
the Loss Occurrence commenced. 

  

	B.	For each amount so reinstated, the Company agrees to pay an additional premium at the time of the Reinsurer’s payment of the loss calculated in accordance with the
following formula: 

  

	 	1.	The percentage of the Reinsurer’s limit of liability exhausted for the Loss Occurrence; times 

  

	 	2.	The Net Earned Premium for the term of this Contract (exclusive of reinstatement premium). 

 The dollar amount resulting from the multiplication of subparagraphs 1 and 2 above shall equal the reinstatement premium. If at the time of
the Reinsurer’s payment of a loss hereon, the reinsurance premium as calculated under this Contract is unknown, the calculation of the reinstatement premium shall be based upon the deposit premium subject to adjustment when the reinsurance
premium is finally established. 
  

	C.	Nevertheless, the Reinsurer’s liability hereunder shall not exceed $40,000,000 in respect of any one Loss Occurrence, and shall be further limited to $80,000,000
in respect of all losses occurring during the term of this Contract. 

 ARTICLE X 
 SPECIAL ACCEPTANCE 
 From time to
time the Company may request a special acceptance applicable to this Contract. For purposes of this Contract, in the event each subscribing reinsurer whose share in the interests and liabilities of the Reinsurer is 20% or greater agree to a special
acceptance, such agreement shall be binding on all subscribing reinsurers. If such agreement is not achieved, such special acceptance shall be made to this Contract only with respect to the interests and liabilities of each subscribing reinsurer who
agrees to the special acceptance. Should denial for special acceptance not be received within 10 working days of said request, the special acceptance shall be deemed automatically agreed. In the event a reinsurer becomes a party to this Contract
subsequent to one or more special acceptances hereunder, the new reinsurer shall automatically accept such special acceptance(s) as being covered hereunder. 
  

					
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 ARTICLE XI 
 ACCOUNTING BASIS 
 All premiums and losses under this Contract shall be reported on
an “accident year” accounting basis. Unless specified otherwise herein, all premiums shall be credited to the period during which they earn, and all losses shall be charged to the period during which they occur. 
 ARTICLE XII 
 REINSURANCE PREMIUM 
  

	A.	As premium for the reinsurance provided hereunder, the Company shall pay the Reinsurer 0.5597% times its Net Earned Premium for the term of this Contract subject to a
Minimum Premium of $1,088,000. 

  

	B.	The Company shall pay the Reinsurer a Deposit Premium of $1,360,000 payable in quarterly installments on January 1, April 1, July 1 and
October 1. 

  

	C.	Within 90 days after the expiration of this Contract, the Company shall provide a report to the Reinsurer setting forth the premium due hereunder, computed in
accordance with paragraph A, and if the premium so computed is greater than the previously paid Deposit Premium, the balance shall be remitted by the Company with its report. 

  

	D.	If this Contract expires on a runoff basis, the Company shall pay to the Reinsurer a premium for the runoff period equal to the expiring rate times its Net Earned
Premium for the runoff period. The runoff premium shall be calculated and paid within 90 days after the end of each three-month period during the runoff period. There shall be no minimum premium requirement for the runoff period.

 ARTICLE XIII 
 NOTICE OF LOSS AND LOSS SETTLEMENTS 
  

	A.	As soon as practicable, the Company shall advise the Reinsurer of all bodily injury claims or losses involving any of the following: 

  

	 	1.	Any claim or loss reserved at 50.0% or more of the Company’s retention under this Contract. 

  

	 	2.	Any claim involving any of the following injuries where the Company’s incurred loss is greater than or equal to $500,000: 

  

	 	a.	Fatality. 

  

	 	b.	Spinal cord injuries (e.g., quadriplegia, paraplegia). 

  

	 	c.	Brain damage (e.g., seizure, coma or physical/mental impairment). 

  

					
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	 	d.	Severe burn injuries resulting in disfigurement or scarring. 

  

	 	e.	Total or partial blindness in one or both eyes. 

  

	 	f.	Major organ (e.g., heart, lungs). 

  

	 	g.	Amputation of a limb or multiple fractures. 

  

	B.	The Company shall also advise the Reinsurer promptly of all losses which, in the opinion of the Company, may result in a claim hereunder and of all subsequent
developments thereto which, in the opinion of the Company, may materially affect the position of the Reinsurer. 

  

	C.	When so requested in writing, the Company shall afford the Reinsurer or its representatives an opportunity to be associated with the Company, at the expense of the
Reinsurer, in the defense of any claim, suit or proceeding involving this reinsurance, and the Company and the Reinsurer shall cooperate in every respect in the defense of such claim, suit or proceeding. 

  

	D.	All loss settlements made by the Company that are within the terms and conditions of this Contract (including but not limited to ex gratia payments) shall be binding
upon the Reinsurer. Upon receipt of satisfactory proof of loss, the Reinsurer agrees to promptly pay or allow, as the case may be, its share of each such settlement in accordance with this Contract. 

 ARTICLE XIV 
 LIABILITY OF REINSURERS 
 All reinsurances for which the Reinsurer shall be liable by virtue of this Contract shall be
subject in all respects to the same rates, terms, conditions, interpretations and waivers and to the same modifications, alterations, and cancellations, as the respective policies to which such reinsurances relate, the true intent of the parties to
this Contract being that the Reinsurer shall follow the fortunes of the Company. 
 ARTICLE XV 
 LATE PAYMENTS 
  

	A.	In the event any premium, loss or other payment due either party is not received by the Intermediary hereunder by the payment due date, the party to whom payment is due
may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest penalty on the amount past due calculated for each such payment on the last business day of each month as follows:

  

	 	1.	The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 

  

					
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	 	2.	1/365ths of a rate equal to the 90-day Treasury Bill rate as published in The Wall Street Journal on the first business day following the date a remittance
becomes due; times 

  

	 	3.	The amount past due, including accrued interest. 

 It is agreed that interest shall accumulate until payment of the original amount due plus interest penalties have been received by the Intermediary. 
  

	B.	The establishment of the due date shall, for purposes of this Article, be determined as follows: 

  

	 	1.	As respects the payment of deposits and premiums due the Reinsurer, the due date shall be as provided for in the applicable section of this Contract.

  

	 	2.	Any claim or loss payment due the Company hereunder shall be deemed due 10 business days after the proof of loss or demand for payment is transmitted to the Reinsurer.
If such loss or claim payment is not received within the10 days, interest will accrue on the payment or amount overdue in accordance with the interest penalty calculation above, from the date the proof of loss or demand for payment was transmitted
to the Reinsurer. 

  

	 	3.	As respects any payment, adjustment or return due either party not otherwise provided for in subparagraphs 1 and 2 of this paragraph, the due date shall be as provided
for in the applicable section of this Contract. 

  

	C.	For purposes of interest calculation only, amounts due hereunder shall be deemed paid upon receipt by the Intermediary. The validity of any claim or payment may be
contested under the provisions of this Contract. If the debtor party prevails in an arbitration, or any other proceeding, there shall be no interest penalty due. Otherwise, any interest will be calculated and due as outlined above.

  

	D.	Interest penalties arising out of the application of this Article that are $100 or less from any party shall be waived unless there is a pattern of late payments
consisting of three or more items over the course of any 12-month period. 

 ARTICLE XVI 

ANNUITIES AT THE COMPANY’S OPTION 
  

	A.	Whenever the Company is required, or elects, to purchase an annuity or to negotiate a structured settlement, either in satisfaction of a judgment or in an out-of-court
settlement or otherwise, the cost of the annuity or the structured settlement, as the case may be, shall be deemed part of the Company’s Ultimate Net Loss. 

  

	B.	The terms “annuity” or “structured settlement” shall be understood to mean any insurance policy, lump sum payment, agreement or device of whatever
nature resulting in the payment of a lump sum by the Company in settlement of any or all future liabilities which may attach to it as a result of an occurrence. 

  

					
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	C.	In the event the Company purchases an annuity which inures in whole or in part to the benefit of the Reinsurer, it is understood that the liability of the Reinsurer is
not released thereby. In the event the Company is required to provide benefits not provided by the annuity for whatever reason, the Reinsurer shall pay its share of any loss. 

 ARTICLE XVII 
 AGENCY AGREEMENT 
 If more than one reinsured company is named as a party to this Contract, the first named company will be deemed the agent of the other reinsured companies
for purposes of sending or receiving notices required by the terms and conditions of this Contract and for purposes of remitting or receiving any monies due any party. 
 ARTICLE XVIII 
 SUBROGATION 
 The Reinsurer shall be credited with subrogation recoveries (i.e., reimbursement obtained or recovery made by the Company, less Loss Adjustment Expense
incurred in obtaining such reimbursement or making such recovery) on account of claims and settlements involving reinsurance hereunder. Subrogation recoveries thereon shall always be used to reimburse the excess carriers in the reverse order of
their priority according to their participation before being used in any way to reimburse the Company for its primary loss. The Company, at its sole option and discretion, may enforce its rights to subrogation relating to any loss, a part of which
loss was sustained by the Reinsurer, and may prosecute all claims arising out of such rights. 
 ARTICLE XIX

 ERRORS AND OMISSIONS 
 Any inadvertent delay, omission or error shall not be held to relieve either party hereto from any liability which would attach to it hereunder if such delay, omission or error had not been made, provided such omission or error is rectified
upon discovery. 
 ARTICLE XX 
 OFFSET 
 The Company and the Reinsurer may offset any balance or amount due from one
party to the other under this Contract or any other contract heretofore or hereafter entered into between the Company and the Reinsurer, whether acting as assuming reinsurer or ceding company. The party asserting the right of offset may exercise
such right any time whether the balances due are on account of premiums or losses or otherwise. 
  

					
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 ARTICLE XXI 
 CURRENCY 
  

	A.	Whenever the word “Dollars” or the “$” sign appears in this Contract, they shall be construed to mean United States Dollars and all transactions
under this Contract shall be in United States Dollars. 

  

	B.	Amounts paid or received by the Company in any other currency shall be converted to United States Dollars at the rate of exchange at the date such transaction is
entered on the books of the Company. 

 ARTICLE XXII 
 TAXES 
 In consideration of the terms
under which this Contract is issued, the Company will not claim a deduction in respect of the premium hereon when making tax returns, other than income or profits tax returns, to any state or territory of the United States of America, the District
of Columbia or Canada. 
 ARTICLE XXIII 
 FEDERAL EXCISE TAX 
 (Applicable to those subscribing reinsurers who are domiciled
outside the United States of America, excepting subscribing reinsurers exempt from Federal Excise Tax.) 
  

	A.	The subscribing reinsurer has agreed to allow for the purpose of paying the Federal Excise Tax the applicable percentage of the premium payable hereon (as imposed under
Section 4371 of the Internal Revenue Code) to the extent such premium is subject to the Federal Excise Tax. 

  

	B.	In the event of any return of premium becoming due hereunder the subscribing reinsurer will deduct the applicable percentage from the return premium payable hereon and
the Company or its agent should take steps to recover the tax from the United States Government. 

 ARTICLE
XXIV 
 RESERVES AND FUNDING 
  

	A.	A subscribing reinsurer will provide funding under the terms of this Article only if the Company will be denied statutory credit for reinsurance ceded to that
subscribing reinsurer pursuant to the credit for reinsurance law or regulations in any applicable jurisdiction. In the event any of the provisions of this Article conflict with or otherwise fail to satisfy the requirements of the appropriate credit
for reinsurance statute or regulation, this Article will be deemed amended to conform to the appropriate statute or regulation; the intent of this Article being that the Company will be permitted to realize full credit for the reinsurance ceded to
the Reinsurer under this Contract. 

  

					
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	B.	As regards Policies or bonds issued by the Company coming within the scope of this Contract, the Company agrees that when it shall file with the insurance regulatory
authority or set up on its books reserves for losses covered hereunder which it shall be required by law to set up, it will forward to the subscribing reinsurer a statement showing the proportion of such reserves which is applicable to the
subscribing reinsurer. The subscribing reinsurer hereby agrees to fund such reserves in respect of known outstanding losses that have been reported to the subscribing reinsurer and allocated Loss Adjustment Expense relating thereto, losses and
allocated Loss Adjustment Expense paid by the Company but not recovered from the subscribing reinsurer, plus reserves for losses incurred but not reported, as shown in the statement prepared by the Company (hereinafter referred to as
“subscribing reinsurer’s obligations”) by funds withheld, cash advances or a Letter of Credit. The subscribing reinsurer shall have the option of determining the method of funding provided it is acceptable to the Company and to the
insurance regulatory authorities having jurisdiction over the Company’s reserves. 

  

	B.	When funding by a Letter of Credit, the subscribing reinsurer agrees to apply for and secure timely delivery to the Company of a clean, irrevocable and unconditional
Letter of Credit issued by a bank and containing provisions acceptable to the insurance regulatory authorities having jurisdiction over the Company’s reserves in an amount equal to the subscribing reinsurer’s proportion of said reserves.
Such Letter of Credit shall be issued for a period of not less than one year, and shall be automatically extended for one year from its date of expiration or any future expiration date unless 30 days (60 days where required by insurance regulatory
authorities) prior to any expiration date the issuing bank shall notify the Company by certified or registered mail that the issuing bank elects not to consider the Letter of Credit extended for any additional period. 

  

	C.	The subscribing reinsurer and Company agree that the Letters of Credit provided by the subscribing reinsurer pursuant to the provisions of this Contract may be drawn
upon at any time, notwithstanding any other provision of this Contract, and be utilized by the Company or any successor, by operation of law, of the Company including, without limitation, any liquidator, rehabilitator, receiver or conservator of the
Company for the following purposes, unless otherwise provided for in a separate Trust Agreement: 

  

	 	1.	To reimburse the Company for the subscribing reinsurer’s obligations, the payment of which is due under the terms of this Contract and which has not been otherwise
paid; 

  

	 	2.	To make refund of any sum which is in excess of the actual amount required to pay the subscribing reinsurer’s obligations under this Contract;

  

	 	3.	To fund an account with the Company for the subscribing reinsurer’s obligations. Such cash deposit shall be held in an interest bearing account separate from the
Company’s other assets, and interest thereon not in excess of the prime rate shall accrue to the benefit of the subscribing reinsurer; 

  

	 	4.	To pay the subscribing reinsurer’s share of any other amounts the Company claims are due under this Contract. 

  

					
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 In the event the amount drawn by the Company on any Letter of Credit is in excess of the
actual amount required for subparagraph 1 or 3, or in the case of subparagraph 4, the actual amount determined to be due, the Company shall promptly return to the subscribing reinsurer the excess amount so drawn. All of the foregoing shall be
applied without diminution because of insolvency on the part of the Company or the subscribing reinsurer. 
  

	D.	The issuing bank shall have no responsibility whatsoever in connection with the propriety of withdrawals made by the Company or the disposition of funds withdrawn,
except to ensure that withdrawals are made only upon the order of properly authorized representatives of the Company. 

  

	E.	At annual intervals, or more frequently as agreed but never more frequently than quarterly, the Company shall prepare a specific statement of the subscribing
reinsurer’s obligations, for the sole purpose of amending the Letter of Credit, in the following manner: 

  

	 	1.	If the statement shows that the subscribing reinsurer’s obligations exceed the balance of credit as of the statement date, the subscribing reinsurer shall, within
30 days after receipt of notice of such excess, secure delivery to the Company of an amendment to the Letter of Credit increasing the amount of credit by the amount of such difference. 

  

	 	2.	If, however, the statement shows that the subscribing reinsurer’s obligations are less than the balance of credit as of the statement date, the Company shall,
within 30 days after receipt of written request from the subscribing reinsurer, release such excess credit by agreeing to secure an amendment to the Letter of Credit reducing the amount of credit available by the amount of such excess credit.

 ARTICLE XXV 
 NET RETAINED LINES 
  

	A.	This Contract applies only to that portion of any Policy which the Company retains net for its own account (prior to deduction of any underlying reinsurance
specifically permitted in this Contract), and in calculating the amount of any loss hereunder and also in computing the amount or amounts in excess of which this Contract attaches, only loss or losses in respect of that portion of any Policy which
the Company retains net for its own account shall be included. 

  

	B.	The amount of the Reinsurer’s liability hereunder in respect of any loss or losses shall not be increased by reason of the inability of the Company to collect from
any other reinsurer(s), whether specific or general, any amounts which may have become due from such reinsurer(s), whether such inability arises from the insolvency of such other reinsurer(s) or otherwise. 

  

 17 

 ARTICLE XXVI 
 THIRD PARTY RIGHTS 
 This Contract is solely between the Company and the Reinsurer,
and in no instance shall any other party have any rights under this Contract except as expressly provided otherwise in the INSOLVENCY ARTICLE. 
 ARTICLE XXVII 
 SEVERABILITY 
 If any provision of this Contract shall be rendered illegal or unenforceable by the laws or regulations of any state, 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 enforceability of such provision in any other jurisdiction. 
 ARTICLE XXVIII 
 GOVERNING LAW 
 This Contract shall be governed as to performance, administration and interpretation by the laws of the State of Louisiana, exclusive of that state’s
rules with respect to conflicts of law, except as to rules with respect to credit for reinsurance in which case the applicable rules of all states shall apply. 
 ARTICLE XXIX 
 ACCESS TO RECORDS 
 The Reinsurer or its designated representatives shall have access to the books and records of the Company on matters relating to this reinsurance at all
reasonable times for the purpose of obtaining information concerning this Contract or the subject matter hereof. Notwithstanding the above, the Reinsurer shall not have any access to the books and records of the Company if it is not current in all
undisputed payments due to the Company. 
 ARTICLE XXX 
 SUNSET AND COMMUTATION 
  

	A.	Ten years after the expiration of this Contract, the Company shall advise the Reinsurer of any Loss Occurrences attaching to this Contract which have not been finally
settled and which may result in a claim by the Company under this Contract. No liability shall attach hereunder for any claim or claims not reported to the Reinsurer within this ten year period. If a loss arising out of a Loss Occurrence is reported
during this period, all losses arising out of the same Loss Occurrence shall be deemed reported under this paragraph regardless of when notification of loss is provided. 

  

					
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	B.	If both parties agree to commute the unsettled losses subject to the Contract, then the Reinsurer’s liability for all such unsettled losses shall then be commuted.

  

	C.	It is understood that commutation of all such losses shall be made using tabular reserving methods. For each loss, the nominal ultimate value of the Company’s
Ultimate Net Loss shall be established by projecting out future medical and indemnity payments and loss expenses by year based on appropriate trends and escalations applied to annual cost estimates. The Contract limit and retention (where
applicable) shall then be applied to the nominal ultimate value of the Company’s Ultimate Net Loss to determine the nominal ultimate Contract loss. Mortality factors and discount factors shall then be applied by year to the nominal ultimate
Contract loss. The discounted, mortality adjusted projected annual loss payments shall be summed to determine the present value (“commutation price”) of the ultimate Contract loss. The medical escalation, discount and mortality factors are
described in paragraph C. 

  

	D.	The following factors shall be utilized in establishing the commutation price: 

  

	 	1.	Medical Escalation Rate 

 The medical escalation rate shall be a reasonable estimate of future medical inflation. 
  

	 	2.	Discount Rate 

 The discount rate
shall be the annualized 10-year US Treasury Bill rate at the Valuation Date. 
  

	 	3.	Mortality Tables 

 Mortality
factors shall be based on the most recent mortality table at the Valuation Date from the “Vital Statistics of the United States” as published by the US Department of Health and Human Services, Center for Disease Control and Prevention.
Factors for extension beyond age 85 shall also be included. 
  

	 	4.	Impairment 

 Impairment factors
shall be based on the individual claim characteristics. 
 Any other method of calculating the commutation price of one or more
losses subject to this Contract may be used as mutually agreed between the Company and the Reinsurer. 
  

	E.	If the Company and the Reinsurer cannot agree on a commutation value, the effort can be abandoned. Alternatively, the Company and the Reinsurer may mutually agree to
settle any difference using a panel of three actuaries, one to be chosen by each party and the third by the two so chosen. If either party refuses or neglects to appoint an actuary within 30 days, the other party may appoint two actuaries. If the
two actuaries fail to agree on the selection of a third actuary within 30 days of their appointment, each of them shall name two, of whom the other shall decline one and the decision shall be made by drawing lots. All the actuaries shall be
regularly engaged in the valuation of Workers’ Compensation claims and shall be Fellows of the Casualty Actuarial Society or members of the American Academy of Actuaries. All of the actuaries shall be independent of either party to this
Contract. 

  

					
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	Casualty Catastrophe XOL Contract	  	19	  	

	F.	The settlement agreed upon by a majority of the panel of actuaries shall be final and binding on both parties and set forth in a sworn written document expressing their
professional opinion that said value is fair for the complete mutual release of all liabilities in respect of such reserves. 

  

	G.	The Reinsurer’s commutation payment shall be due within 7 days following the date the Company and the Reinsurer agree to the commutation price. Such payment by the
Reinsurer shall constitute both a complete release of the Reinsurer of its liability for all losses, known or unknown, under this Contract, and a complete release of the Company of its liabilities and obligations, known or unknown, under this
Contract. 

  

	H.	This Article shall survive the expiration of this Contract. 

 ARTICLE XXXI 
 INSOLVENCY 
  

	A.	In the event of the insolvency of the Company, this reinsurance shall be payable directly to the Company or to its liquidator, receiver, conservator or statutory
successor, with reasonable provision for verification, on the basis of the liability of the Company without diminution because of the insolvency of the Company or because the liquidator, receiver, conservator or statutory successor of the Company
has failed to pay all or a portion of any claim. It is agreed, however, that the liquidator, receiver, conservator or statutory successor of the Company shall give written notice to the Reinsurer of the pendency of a claim against the Company
indicating the Policy or bond reinsured which claim would involve a possible liability on the part of the Reinsurer within a reasonable time after such claim is filed in the conservation or liquidation proceeding or in the receivership, and that
during the pendency of such claim, the Reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any defense or defenses that it may deem available to the Company or its
liquidator, receiver, conservator or statutory successor. The expense thus incurred by the Reinsurer shall be chargeable, subject to the approval of the Court, against the Company as part of the expense of conservation or liquidation to the extent
of a proportionate share of the benefit which may accrue to the Company solely as a result of the defense undertaken by the Reinsurer. 

  

	B.	Where two or more subscribing reinsurers are involved in the same claim and a majority in interest elect to interpose defense to such claim, the expense shall be
apportioned in accordance with the terms of this Contract as though such expense had been incurred by the Company. 

  

	C.	 It is further agreed that, in the event of the insolvency of the Company, the reinsurance under this Contract shall be payable directly by the
Reinsurer to the Company or its liquidator, receiver, conservator, or statutory successor, except as provided by Section 4118(a) of the New York Insurance Law or except 1) where this Contract specifically provides another payee of such
reinsurance in the event of the insolvency of the Company or 2) where the Reinsurer with the consent of the direct insured or insureds

  

					
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	Casualty Catastrophe XOL Contract	  	20	  	

	 	 
has assumed such Policy obligations of the Company as direct obligations of the Reinsurer to the payee under such Policies and in substitution for the obligations of the Company to such payees.

  

	D.	In the event of the insolvency of any company or companies listed in the designation of “Company” under this Contract, this Article shall apply only to the
insolvent company or companies. 

 ARTICLE XXXII 
 ARBITRATION 
  

	A.	As a condition precedent to any right of action hereunder, any irreconcilable dispute arising out of the interpretation, performance or breach of this Contract,
including the formation or validity thereof, whether arising before or after the expiry or termination of the Contract, shall be submitted for decision to a panel of 3 arbitrators. Notice requesting arbitration will be in writing and sent by
certified mail, return receipt requested, or such reputable courier service as is capable of returning proof of receipt of such notice by the recipient to the party demanding arbitration. 

  

	B.	The Company shall have the option to either litigate or arbitrate where: 

  

	 	1.	The Reinsurer makes any allegation of misrepresentation, non-disclosure, concealment, fraud or bad faith; or 

  

	 	2.	The Reinsurer experiences any of the circumstances set forth in subparagraphs 1 through 7 of paragraph A of the SPECIAL TERMINATION ARTICLE. 

 

	C.	One arbitrator shall be appointed by each party. If either party fails to appoint its arbitrator within 30 days after being requested to do so by the other party, the
latter, after 10 days notice by certified mail or reputable courier as provided above of its intention to do so, may appoint the second arbitrator. 

  

	D.	The two arbitrators shall, before instituting the hearing, appoint an impartial third arbitrator who shall preside at the hearing. If the 2 arbitrators are unable to
agree upon the third arbitrator within 30 days of their appointment, the Company shall petition the American Arbitration Association to appoint the third arbitrator. If the American Arbitration Association fails to appoint the third arbitrator
within 30 days of being requested to do so, either party may request a district court judge of the federal district court having jurisdiction over the geographical area in which the arbitration is to take place, or if the federal court declines to
act, the state court having general jurisdiction in such area to select the third arbitrator from a list of 6 individuals (3 named by each arbitrator previously appointed). All arbitrators shall be disinterested active or former senior executives of
insurance or reinsurance companies or Underwriters at Lloyd’s, London. 

  

	E.	 Within 30 days after notice of appointment of all arbitrators, the panel shall meet and determine timely periods for briefs, discovery procedures and
schedules for hearings. The panel shall be relieved of all judicial formality and shall not be bound by the strict rules of procedure and evidence. Unless the panel agrees otherwise, arbitration shall take place in

  

					
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DeRidder, Louisiana but the venue may be changed when deemed by the panel to be in the best interest of the arbitration proceeding. Insofar as the arbitration panel looks to substantive law, it
shall consider the law of the State of Louisiana. The decision of any 2 arbitrators when rendered in writing shall be final and binding. The panel is empowered to grant interim relief as it may deem appropriate. 

  

	F.	The panel shall make its decision considering the custom and practice of the applicable insurance and reinsurance business as promptly as possible following the
termination of the hearings. Judgment upon the award may be entered in any court having jurisdiction thereof. 

  

	G.	If more than one subscribing reinsurer is involved in arbitration where there are common questions of law or fact and a possibility of conflicting awards or
inconsistent results, all such subscribing reinsurers shall constitute and act as one party for purposes of this Article and communications shall be made by the Company to each of the subscribing reinsurers constituting the one party; provided,
however, that nothing therein shall impair the rights of such subscribing reinsurers to assert several, rather than joint defenses or claims, nor be construed as changing the liability of the subscribing reinsurers under the terms of this Contract
from several to joint. 

  

	H.	Each party shall bear the expense of its own arbitrator and shall jointly and equally bear with the other party the cost of the third arbitrator. The remaining costs of
the arbitration shall be allocated by the panel. The panel may, at its discretion, award such further costs and expenses as it considers appropriate, including but not limited to attorneys fees, to the extent permitted by law. However, the panel may
not award any Exemplary or Punitive Damages and Enhanced Compensatory Damages. 

 ARTICLE XXXIII 

 SERVICE OF SUIT 
 (This Article is applicable if the subscribing reinsurer is not domiciled in the United States of America and/or is not authorized in any State, Territory or District of the United States where authorization is required by insurance
regulatory authorities. This Article is not intended to conflict with or override the obligation of the parties to arbitrate their disputes in accordance with the ARBITRATION ARTICLE.) 
  

	A.	In the event of the failure of the subscribing reinsurer to pay any amount claimed to be due hereunder, the subscribing reinsurer, at the request of the Company, shall
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 subscribing reinsurer’s rights to commence an action in any
court of competent jurisdiction in the United States, to remove an action to a United States District Court, or to seek a transfer of a case to another court as permitted by the laws of the United States or of any state in the United States. The
subscribing reinsurer, once the appropriate court is selected, whether such court is the one originally chosen by the Company and accepted by subscribing reinsurer or is determined by removal, transfer, or otherwise, as provided for above, shall
comply with all requirements necessary to give said court jurisdiction and, in any suit instituted against it upon this Contract, and shall abide by the final decision of such court or of any appellate court in the event of an appeal.

  

					
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	Casualty Catastrophe XOL Contract	  	22	  	

	B.	Service of process in such suit may be made upon the agent for the service of process (“agent”) named below, depending on the jurisdiction where the Company
chooses to bring suit: 

  

	 	1.	If the suit is brought in the State of California, the law firm of Mendes and Mount, 445 South Figueroa Street, 38th Floor, Los Angeles, California 90071 shall be
authorized and directed to accept service of process on behalf of the subscribing reinsurer in any such suit; 

  

	 	2.	If the suit is brought in the State of New York, the law firm of Mendes and Mount, 750 Seventh Avenue, New York, New York 10019 shall be authorized and directed to
accept service of process on behalf of the subscribing reinsurer in any such suit; 

  

	 	3.	If the suit is brought in any state other than California or New York, either of the agents described in subparagraphs 1 or 2 above shall be authorized and directed to
accept service of process on behalf of the subscribing reinsurer in any such suit; or 

  

	 	4.	If the subscribing reinsurer has designated an agent in the subscribing reinsurer’s Interests and Liabilities Agreement attached hereto, then that agent shall be
authorized and directed to accept service of process on behalf of the subscribing reinsurer in any suit. However, if an agent is designated in the subscribing reinsurer’s Interests and Liabilities Agreement and the agent is not located in
California as respects a suit brought in California or New York as respects a suit brought in New York, in keeping with the laws of the states of California and New York which require that service be made on an agent located in the respective state
if a suit is brought in that state, the applicable office of Mendes and Mount stipulated in subparagraphs 1 and 2 above must be used for service of suit unless the provisions of paragraph C of this Article apply. 

  

	C.	Further, pursuant to any statute of any state, territory or district of the United States that makes provision therefor, the subscribing reinsurer hereby designates the
Superintendent, Commissioner or Director of Insurance, or other officer specified for that purpose in the statute, or his successor or successors in office, as its true and lawful attorney upon whom may be served any lawful process in any action,
suit or proceedings instituted by or on behalf of the Company or any beneficiary hereunder arising out of this Contract, and hereby designates the above-named as the person to whom the said officer is authorized to mail such process or a true copy
thereof. 

 ARTICLE XXXIV 
 ENTIRE AGREEMENT 
 This Contract shall constitute the entire agreement between the
parties with respect to the business being reinsured hereunder. There are no understandings between the parties other than as expressed in this Contract. Any change or modification to this Contract shall be null and void unless made by amendment to
this Contract and signed by both parties. 
  

					
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	Casualty Catastrophe XOL Contract	  	23	  	

 ARTICLE XXXV 
 MODE OF EXECUTION 
 This Contract may be executed either by an original written ink
signature of paper documents, by an exchange of facsimile copies showing the original written ink signature of paper documents, or by electronic signature by either party employing appropriate software technology as to satisfy the parties at the
time of execution that the version of the document agreed to by each party shall always be capable of authentication and satisfy the same rules of evidence as written signatures. The use of any one or a combination of these methods of execution
shall constitute a legally binding and valid signing of this Contract. This Contract may be executed in one or more counterparts, each of which, when duly executed, shall be deemed an original. 
 ARTICLE XXXVI 
 INTERMEDIARY 
 Willis Re Inc., One Galleria Tower, 13355 Noel Road, Suite 400, Dallas, Texas 75240-6643 is hereby
recognized as the intermediary negotiating this Contract and through whom all communications relating thereto shall be transmitted to the Company or the Reinsurer. However, all communications concerning accounts, claim information, funds and
inquiries related thereto shall be transmitted to the Company or the Reinsurer through Willis Re Inc., 5420 Millstream Road, Suite 200, McLeansville, North Carolina 27301-9528. Payments by the Company to Willis Re Inc. shall be deemed to constitute
payment to the Reinsurer and payments by the Reinsurer to Willis Re Inc. shall be deemed to constitute payment to the Company only to the extent that such payments are actually received by the Company. 
 IN WITNESS WHEREOF, the Company by its duly authorized representative has executed this Contract as of the date specified below: 
 Signed this          day of
                    , 200    . 
  

			
	AMERICAN INTERSTATE INSURANCE COMPANY
	AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS
	SILVER OAK CASUALTY, INC.

  

			
	By	 	  

		
	Printed Name	 	  

		
	Title	 	  

  

					
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	Casualty Catastrophe XOL Contract	  	24	  	

 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: 
  

	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 
  

					
	93948003-10 (1-1-10)	  		  	12-22-09
	Casualty Catastrophe XOL Contract	  	1	  	

 (c) the          (injury, sickness,
disease, death or destruction 
 (bodily injury or property damages 
 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 threat. 
  

	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 byproduct 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. 
  

	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 of 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 
 BRMA 35A 
  

					
	93948003-10 (1-1-10)	  		  	12-22-09
	Casualty Catastrophe XOL Contract	  	2	  	

 ARTICLE XXXV 
 MODE OF EXECUTION 
 This Contract may be executed either by an original written ink
signature of paper documents, by an exchange of facsimile copies showing the original written ink signature of paper documents, or by electronic signature by either party employing appropriate software technology as to satisfy the parties at the
time of execution that the version of the document agreed to by each party shall always be capable of authentication and satisfy the same rules of evidence as written signatures. The use of any one or a combination of these methods of execution
shall constitute a legally binding and valid signing of this Contract. This Contract may be executed in one or more counterparts, each of which, when duly executed, shall be deemed an original. 
 ARTICLE XXXVI 
 INTERMEDIARY 
 Willis Re Inc., One Galleria Tower, 13355 Noel Road, Suite 400, Dallas, Texas 75240-6643 is hereby
recognized as the intermediary negotiating this Contract and through whom all communications relating thereto shall be transmitted to the Company or the Reinsurer. However, all communications concerning accounts, claim information, funds and
inquiries related thereto shall be transmitted to the Company or the Reinsurer through Willis Re Inc., 5420 Millstream Road, Suite 200, McLeansville, North Carolina 27301-9528. Payments by the Company to Willis Re Inc. shall be deemed to constitute
payment to the Reinsurer and payments by the Reinsurer to Willis Re Inc. shall be deemed to constitute payment to the Company only to the extent that such payments are actually received by the Company. 
 IN WITNESS WHEREOF, the Company by its duly authorized representative has executed this Contract as of the date specified below: 
 Signed this 7th day of January, 2010. 
  

			
	AMERICAN INTERSTATE INSURANCE COMPANY
	AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS
	SILVER OAK CASUALTY, INC.

  

			
	By	 	 /s/ Allan Farr

		
	Printed Name	 	 Allan Farr

		
	Title	 	 Senior Vice President

 INTERESTS AND LIABILITIES AGREEMENT 
 (the “Agreement”) 
 of 
 ARCH REINSURANCE COMPANY 
 (the “Subscribing Reinsurer”) 
 with respect to the 
 CASUALTY CATASTROPHE EXCESS OF LOSS 
 REINSURANCE CONTRACT 
 (the “Contract”) 
 issued to 
 AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder, Louisiana 
 and 
 AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas 
 and 
 SILVER
OAK CASUALTY, INC. 
 DeRidder, Louisiana 
 and any other insurance companies which are now or hereafter come under the ownership, 
 control or management of Amerisafe, Inc. 
 (the “Company”)

 The Subscribing Reinsurer shall have a 5.00% share in the interests and liabilities of the “Reinsurer” as set forth in the Contract
attached hereto and executed by the Company. 
 This Agreement shall commence at 12:01 a.m., Standard Time, January 1, 2010 and shall
continue in force until 12:01 a.m., Standard Time, January 1, 2011. 
 The share of the Subscribing Reinsurer in the interests and
liabilities of the “Reinsurer” shall be several and not joint with the share of any other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers.

 IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date
specified below: 
 Signed this 7th day of January, 2010. 
  

			
	ARCH REINSURANCE COMPANY
		
	By	 	 /s/ Thomas G. Devine

		
	Print Name	 	 Thomas G. Devine

		
	Title	 	 Director – Casualty Clash

  

					
	93948003-10 (1-1-10)	  		  	12-22-09v.1
	Casualty Catastrophe XOL – Arch	  		  	

 INTERESTS AND LIABILITIES AGREEMENT 
 (the “Agreement”) 
 of 
 CATLIN UNDERWRITING, INC. 
 (For and on behalf of Lloyd’s Syndicate #2003) 
 (the “Subscribing
Reinsurer”) 
 with respect to the 
 CASUALTY CATASTROPHE EXCESS OF LOSS 
 REINSURANCE CONTRACT 

(the “Contract”) 
 issued to 
 AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder, Louisiana 
 and 
 AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas 
 and 
 SILVER OAK CASUALTY, INC. 
 DeRidder, Louisiana 
 and 
 any other insurance companies which are now or hereafter come under the ownership, control or 
 management of Amerisafe, Inc. 
 (the “Company”) 
 The Subscribing Reinsurer shall have a 9.00% share in the interests
and liabilities of the “Reinsurer” as set forth in the Contract attached hereto and executed by the Company. 
 This Agreement shall
commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011. 
 The share of the Subscribing Reinsurer in the interests and liabilities of the “Reinsurer” shall be several and not joint with the share of any other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate
in the interests and liabilities of the other subscribing reinsurers. 
 IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly
authorized representative has executed this Agreement as of the date specified below: 
 Signed this 13th day of January, 2010. 
  

			
	CATLIN UNDERWRITING, INC.
	(For and behalf of Lloyd’s Syndicate # 2003)
		
	By	 	 /s/ Bryan Monush

		
	Print Name	 	 Bryan Monush

		
	Title	 	 Senior Vice President

  

					
	93948003-10 (1-1-10)	  		  	12-22-09v.1
	Casualty Catastrophe XOL – Catlin	  		  	

 INTERESTS AND LIABILITIES AGREEMENT 
 (the “Agreement”) 
 of 
 HANNOVER RUCKVERSICHERUNG AG 
 (the “Subscribing Reinsurer”) 
 with respect to the 
 CASUALTY CATASTROPHE EXCESS OF LOSS 
 REINSURANCE CONTRACT 
 (the “Contract”) 
 issued to 
 AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder, Louisiana 
 and 
 AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas 
 and 
 SILVER
OAK CASUALTY, INC. 
 DeRidder, Louisiana and any other insurance companies which are now or hereafter come under the
ownership, 
 control or management of Amerisafe, Inc. 
 (the “Company”) 
 The Subscribing Reinsurer shall have a 7.50%
share in the interests and liabilities of the “Reinsurer” as set forth in the Contract attached hereto and executed by the Company. 
 This Agreement shall commence at 12:0l a.m., Standard Time, January 1, 2010 and shall continue in force until 12:0l a.m., Standard Time, January 1, 2011. 
 The share of the Subscribing Reinsurer in the interests and liabilities of the “Reinsurer” shall be several and not joint with the share of any other subscribing reinsurer. In no event shall the
Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers. 
 IN WITNESS WHEREOF, the
Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below: 
 Signed this 18th day of January, 2010.

  

									
	HANNOVER RUCKVERSICHERUNG AG	  		  		  	
			
		  	

	  	
					
	By	  	 /s/ A. Freiboth
	  		  	 /s/ N. Weber
	  	our ref: 3001296
					
	Print Name	  	 Freiboth
	  		  	 N. Weber
	  	
					
	Title	  	 S.V.P.
	  		  	 Underwriter
	  	
			
		  	North American Treaty Dpt.	  	

  

					
	93948003-10 (1-1-10)	  		  	12-22-09v.1
	Casualty Catastrophe XOL – Hannover	  		  	

 INTERESTS AND LIABILITIES AGREEMENT 
 (the “Agreement”) 
 of 
 HARBOR POINT REINSURANCE U.S., INC. 
 (the “Subscribing Reinsurer”) 
 with respect to the

 CASUALTY CATASTROPHE EXCESS OF LOSS 
 REINSURANCE CONTRACT 
 (the “Contract”) 
 issued to 
 AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder, Louisiana 
 and 
 AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas 
 and 
 SILVER
OAK CASUALTY, INC. 
 DeRidder, Louisiana 
 and 
 any other insurance companies which are now or hereafter come under
the ownership, 
 control or management of Amerisafe, Inc. 
 (the “Company”) 
 The Subscribing Reinsurer shall have a 5.00%
share in the interests and liabilities of the “Reinsurer” as set forth in the Contract attached hereto and executed by the Company. 
 This Agreement shall commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011. 
 The share of the Subscribing Reinsurer in the interests and liabilities of the “Reinsurer” shall be several and not joint with the share of any other subscribing reinsurer. In no event shall the
Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers. 
 IN WITNESS WHEREOF, the
Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below: 
 Signed this 11th day of January, 2010.

  

			
	HARBOR POINT REINSURANCE U.S., INC.
		
	 By
	 	 /s/ William Pentony

		
	 Print Name
	 	 William Pentony

		
	 Title
	 	 SVP

  

					
	93948003-10 (1-1-10)	  		  	12-22-09v.1
	Casualty Catastrophe XOL – Harbor Point	  		  	

 INTERESTS AND LIABILITIES AGREEMENT 
 (the “Agreement”) 
 of 
 MUNICH REINSURANCE AMERICA, INC. 
 (the “Subscribing Reinsurer”) 
 with respect to the

 CASUALTY CATASTROPHE EXCESS OF LOSS 
 REINSURANCE CONTRACT 
 (the “Contract”) 
 issued to 
 AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder, Louisiana 
 and 
 AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas 
 and 
 SILVER
OAK CASUALTY, INC. 
 DeRidder, Louisiana 
 and 
 any other insurance companies which are now or hereafter come under
the ownership, 
 control or management of Amerisafe, Inc. 
 (the “Company”) 
 The Subscribing Reinsurer shall have a 10.00%
share in the interests and liabilities of the “Reinsurer” as set forth in the Contract attached hereto and executed by the Company. 
 This Agreement shall commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in force until 12:0l a.m., Standard Time, January 1, 2011. 
 The share of the Subscribing Reinsurer in the interests and liabilities of the “Reinsurer” shall be several and not joint with the share of any other subscribing reinsurer. In no event shall the
Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers. 
 IN WITNESS WHEREOF, the
Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below: 
 Signed this 12th day of January, 2010 

 

			
	MUNICH REINSURANCE AMERICA, INC.
		
	 By
	 	 /s/ Michelle R. Glass

		
	 Print Name
	 	 Michelle R. Glass

		
	 Title
	 	 Vice President

  

					
	93948003-10 (1-1-10)	  		  	12-22-09v.1
	Casualty Catastrophe XOL – Munich	  		  	

 INTERESTS AND LIABILITIES AGREEMENT 
 (the “Agreement”) 
 of 
 PARIS RE 
 (the “Subscribing Reinsurer”) 
 with respect to the 
 CASUALTY CATASTROPHE EXCESS OF LOSS 
 REINSURANCE CONTRACT 
 (the “Contract”) 
 issued to 
 AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder, Louisiana 
 and 
 AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas 
 and 
 SILVER
OAK CASUALTY, INC. 
 DeRidder, Louisiana 
 and 
 any other insurance companies which are now or hereafter come under
the ownership, 
 control or management of Amerisafe, Inc. 
 (the “Company”) 
 The Subscribing Reinsurer shall have a 10.00%
share in the interests and liabilities of the “Reinsurer” as set forth in the Contract attached hereto and executed by the Company. 
 This Agreement shall commence at 12:0l a.m., Standard Time, January 1, 2010 and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011. 
 The share of the Subscribing Reinsurer in the interests and liabilities of the “Reinsurer” shall be several and not joint with the share of any other subscribing reinsurer. In no event shall the
Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers. 
 IN WITNESS WHEREOF, the
Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below: 
 Signed this 11th day of January, 2010.

  

			
	PARIS RE
		
	 By
	 	 /s/ Railorey Boyer

		
	 Print Name
	 	 Railorey Boyer

		
	 Title
	 	 Senior Casualty Underwriter

 

 

  

					
	93948003-10 (1-1-10)	  		  	12-22-09v.1
	Casualty Catastrophe XOL – Paris Re	  		  	

 INTERESTS AND LIABILITIES AGREEMENT 
 (the “Agreement”) 
 of 
 TOKIO MILLENIUM RE LTD. 
 (the “Subscribing Reinsurer”) 
 with respect to the 
 CASUALTY CATASTROPHE EXCESS OF LOSS 
 REINSURANCE CONTRACT 
 (the “Contract”) 
 issued to 
 AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder, Louisiana 
 and 
 AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas 
 and 
 SILVER
OAK CASUALTY, INC. 
 DeRidder, Louisiana 
 and 
 any other insurance companies which are now or hereafter come under
the ownership, 
 control or management of Amerisafe, Inc. 
 (the “Company”) 
 The Subscribing Reinsurer shall have a 10.00%
share in the interests and liabilities of the “Reinsurer” as set forth in the Contract attached hereto and executed by the Company. 
 This Agreement shall commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in force until 12:01 a.m., Standard Time, January 1, 2011. 
 The share of the Subscribing Reinsurer in the interests and liabilities of the “Reinsurer” shall be several and not joint with the share of any other subscribing reinsurer. In no event shall the
Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers. 
 IN WITNESS WHEREOF, the
Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below: 
 Signed this 19th day of January, 2010.

  

			
	TOKIO MILLENIUM RE LTD.
		
	By	 	 /s/ Jerome Faure

		
	Print Name	 	 Jerome Faure

		
	Title	 	 C.U.O

  

					
	93948003-10 (1-1-10)	  		  	12-22-09v.1
	Casualty Catastrophe XOL – Tokio	  		  	

 INTERESTS AND LIABILITIES AGREEMENT 
 (the “Agreement”) 
 of 
 UNDERWRITERS AT LLOYD’S, LONDON 
 AS SET FORTH IN THE SIGNING PAGE(S) ATTACHED HERETO 
 (the “Subscribing Reinsurer”) 
 with respect to the 
 CASUALTY CATASTROPHE EXCESS OF LOSS 
 REINSURANCE
CONTRACT 
 (the “Contract”) 
 issued to 
 AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder, Louisiana 
 and 
 AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas 
 and 
 SILVER OAK CASUALTY, INC. 
 DeRidder, Louisiana 
 and 
 any other insurance companies which are now or hereafter come under the ownership, 
 control or management of Amerisafe, Inc. 
 (the “Company”) 
 The Subscribing Reinsurer shall have a share in the interests and
liabilities of the “Reinsurer” as set forth in the Contract attached hereto and executed by the Company. The Subscribing Reinsurer’s percentage share shall equal the sum of the final signed lines percentage share(s) as executed on the
attached signing page(s) for Lloyd’s Underwriters. 
 This Agreement shall commence at 12:01 a.m., Standard Time, January 1, 2010 and
shall continue in force until 12:01 a.m., Standard Time, January 1, 2011. 
 The share of the Subscribing Reinsurer in the interests and
liabilities of the “Reinsurer” shall be several and not joint with the share of any other subscribing reinsurer. In no event shall the Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers.

 IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement per the attached
signing page(s). 

 

 

  

					
	93948003-10 (1-1-10)	  		  	12-22-09v.1
	Casualty Catastrophe XOL – Lloyd’s	  		  	

 INTERESTS AND LIABILITIES AGREEMENT 
 (the “Agreement”) 
 of 
 ASPEN INSURANCE UK LIMITED 
 (the “Subscribing Reinsurer”) 
 with respect to the 
 CASUALTY CATASTROPHE EXCESS OF LOSS 
 REINSURANCE CONTRACT 
 (the “Contract”) 
 issued to 
 AMERICAN INTERSTATE INSURANCE COMPANY 
 DeRidder, Louisiana 
 and 
 AMERICAN INTERSTATE INSURANCE COMPANY OF TEXAS 
 Austin, Texas 
 and 
 SILVER
OAK CASUALTY, INC. 
 DeRidder, Louisiana 
 and 
 any other insurance companies which are now or hereafter come under
the ownership, 
 control or management of Amerisafe, Inc. 
 (the “Company”) 
 The Subscribing Reinsurer shall have a 10.00%
share in the interests and liabilities of the “Reinsurer” as set forth in the Contract attached hereto and executed by the Company. 
 This Agreement shall commence at 12:01 a.m., Standard Time, January 1, 2010 and shall continue in force until 12:0l a.m., Standard Time, January 1, 2011. 
 The share of the Subscribing Reinsurer in the interests and liabilities of the “Reinsurer” shall be several and not joint with the share of any other subscribing reinsurer. In no event shall the
Subscribing Reinsurer participate in the interests and liabilities of the other subscribing reinsurers. 
 IN WITNESS WHEREOF, the
Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date specified below: 
 Signed this 31st day of December, 2009.

  

			
	ASPEN INSURANCE UK LIMITED
		
	By	 	 /s/ Miles Hunter

		
	Print Name	 	 Miles Hunter

		
	Title	 	 Underwriter

  

					
	93948003-10 (1-1-10)	  		  	12-22-09v.1
	Casualty Catastrophe XOL – Aspen UK	  		  	

 

 

  

					
	 UMR
	 	:	  	B0576UQX4990 (93948003-10)
	 Reinsured
	 	:	  	Amerisafe Insurance Company
	 Type
	 	:	  	Casualty Catastrophe Excess of Loss Reinsurance Contract

 WRITTEN LINES 
 B.I.P.A.R. Statement 
 In a co-reinsurance placement, following reinsurers may, but are not obliged to, follow the premium charged by the lead reinsurer. 

 Reinsurers may not seek to guarantee for themselves terms as favourable as those which others subsequently achieve during
the placement. 
  

					
	 Reinsurer and
 Reference:
	  		  	
	  

 

  

							
	Written Line:	  	30%	  	Ref.:	  	U00417710A0Y
		  		  		  	

				
	Final Signed Line:	  	10.00%	  		  	
				
	Line Conditions:	  		  		  	
				
	Dated:	  		  		  	

  

 Written Lines Page 1 of 6 
  

	
	Willis Limited, a LLoyd’s broker, authorised and regulated by the Financial Services Authority.
	Registered Office: 51 Lime Street, London EC3M 7DQ. Registered Number 181116 England and Wales.

 

 

  

					
	 UMR
	 	:	  	B0576UQX4990 (93948003-10)
	 Reinsured
	 	:	  	Amerisafe Insurance Company
	 Type
	 	:	  	Casualty Catastrophe Excess of Loss Reinsurance Contract

 WRITTEN LINES 
 B.I.P.A.R. Statement 
 In a co-reinsurance placement, following reinsurers may, but are not obliged to, follow the premium charged by the lead reinsurer. 

 Reinsurers may not seek to guarantee for themselves terms as favourable as those which others subsequently achieve during
the placement. 
  

							
	 Reinsurer and
 Reference:
	  		  		  	
	  

 

  

	Written Line:	  	15%	  	Ref.:	  	113136 0110 FC
				
	Final Signed Line:	  	10.00%	  		  	
				
	Line Conditions:	  		  		  	
				
	Dated:	  		  		  	

  

 Written Lines Page 2 of 6 
  

	
	Willis Limited, a LLoyd’s broker, authorised and regulated by the Financial Services Authority.
	Registered Office: 51 Lime Street, London EC3M 7DQ. Registered Number 181116 England and Wales.

 

 

  

					
	 UMR
	 	:	  	B0576UQX4990 (93948003-10)
	 Reinsured
	 	:	  	Amerisafe Insurance Company
	 Type
	 	:	  	Casualty Catastrophe Excess of Loss Reinsurance Contract

 WRITTEN LINES 
 B.I.P.A.R. Statement 
 In a co-reinsurance placement, following reinsurers may, but are not obliged to, follow the premium charged by the lead reinsurer. 

 Reinsurers may not seek to guarantee for themselves terms as favourable as those which others subsequently achieve during
the placement. 
  

							
	 Reinsurer and
 Reference:
	  		  		  	
	  

 

  

	Written Line:	  	7 1/2%	  	Ref.:	  	10SU202901HA
				
	Final Signed Line:	  	3.75%	  		  	
				
	Line Conditions:	  		  		  	
				
	Dated:	  		  		  	

  

 Written Lines Page 3 of 6 
  

	
	Willis Limited, a LLoyd’s broker, authorised and regulated by the Financial Services Authority.
	Registered Office: 51 Lime Street, London EC3M 7DQ. Registered Number 181116 England and Wales.

 

 

  

					
	 UMR
	 	:	  	B0576UQX4990 (93948003-10)
	 Reinsured
	 	:	  	Amerisafe Insurance Company
	 Type
	 	:	  	Casualty Catastrophe Excess of Loss Reinsurance Contract

 WRITTEN LINES 
 B.I.P.A.R. Statement 
 In a co-reinsurance placement, following reinsurers may, but are not obliged to, follow the premium charged by the lead reinsurer. 

 Reinsurers may not seek to guarantee for themselves terms as favourable as those which others subsequently achieve during
the placement. 
  

							
	 Reinsurer and
 Reference:
	  		  		  	
	  

 

  

	 Written Line:
	  	7 1/2 %	  	Ref.:	  	
				
	 Final Signed Line:
	  	7.50%	  		  	
				
	 Line Conditions:
	  		  		  	
				
	 Dated:
	  		  		  	

  

 Written Lines Page 4 of 6 
  

	
	Willis Limited, a LLoyd’s broker, authorised and regulated by the Financial Services Authority.
	Registered Office: 51 Lime Street, London EC3M 7DQ. Registered Number 181116 England and Wales.

 

 

  

					
	 UMR
	 	:	  	B0576UQX4990 (93948003-10)
	 Reinsured
	 	:	  	Amerisafe Insurance Company
	 Type
	 	:	  	Casualty Catastrophe Excess of Loss Reinsurance Contract

 WRITTEN LINES 
 B.I.P.A.R. Statement 
 In a co-reinsurance placement, following reinsurers may, but are not obliged to, follow the premium charged by the lead reinsurer. 

 Reinsurers may not seek to guarantee for themselves terms as favourable as those which others subsequently achieve during
the placement. 
  

							
	 Reinsurer and
 Reference:
	  		  		  	
	  

 

  

	 Written Line:
	  	20%	  	Ref.:	  	Tba
				
	 Final Signed Line:
	  	6.25%	  		  	
				
	 Line Conditions:
	  		  		  	
				
	 Dated:
	  		  		  	

  

 Written Lines Page 5 of 6 
  

	
	Willis Limited, a LLoyd’s broker, authorised and regulated by the Financial Services Authority.
	Registered Office: 51 Lime Street, London EC3M 7DQ. Registered Number 181116 England and Wales.

 

 

  

					
	 UMR
	 	:	  	B0576UQX4990 (93948003-10)
	 Reinsured
	 	:	  	Amerisafe Insurance Company
	 Type
	 	:	  	Casualty Catastrophe Excess of Loss Reinsurance Contract

 WRITTEN LINES 
 B.I.P.A.R. Statement 
 In a co-reinsurance placement, following reinsurers may, but are not obliged to, follow the premium charged by the lead reinsurer. 

 Reinsurers may not seek to guarantee for themselves terms as favourable as those which others subsequently achieve during
the placement. 
  

							
	 Reinsurer and
 Reference:
	  		  		  	
	  

 

  

	 Written Line:
	  	12 1/2%	  	Ref.:	  	BA543V10A000
				
	 Final Signed Line:
	  	6.00%	  		  	
				
	 Line Conditions:
	  		  		  	
				
	 Dated:
	  		  		  	

  

 Written Lines Page 6 of 6 
  

	
	Willis Limited, a LLoyd’s broker, authorised and regulated by the Financial Services Authority.
	Registered Office: 51 Lime Street, London EC3M 7DQ. Registered Number 181116 England and Wales.

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