Document:

Exhibit
10(yyy)

Medical
Professional Liability Excess of Loss

Reinsurance Contract

Effective: January 1, 2004

issued to

Member Companies
of FPIC Insurance Group, Inc.
including
First Professionals Insurance Company, Inc.

Jacksonville, Florida

Anesthesiologists’ Professional Assurance Company

Coral Gables, Florida

and

Intermed Insurance Company

St. Louis, Missouri

Table of Contents

	
  Article
	
   
	
  Page

	
   
	
   
	
  

  
	
  I
	
   
	
       Business Reinsured
	
  1
	
   

	
   
	
   
	
   
	
   
	
   

	
  II
	
   
	
       Commencement and
  Termination
	
  2
	
   

	
   
	
   
	
   
	
   
	
   

	
  III
	
   
	
       Territory (BRMA 51D)
	
  3
	
   

	
   
	
   
	
   
	
   
	
   

	
  IV
	
   
	
       Exclusions
	
  3
	
   

	
   
	
   
	
   
	
   
	
   

	
  V
	
   
	
       Retention and Limit
	
  4
	
   

	
   
	
   
	
   
	
   
	
   

	
  VI
	
   
	
       Definitions
	
  5
	
   

	
   
	
   
	
   
	
   
	
   

	
  VII
	
   
	
       Claims and Loss
  Adjustment Expense
	
  7
	
   

	
   
	
   
	
   
	
   
	
   

	
  VIII
	
   
	
       Reinsurance Premium
	
  8
	
   

	
   
	
   
	
   
	
   
	
   

	
  IX
	
   
	
       Ceding Commission
	
  9
	
   

	
   
	
   
	
   
	
   
	
   

	
  X
	
   
	
       Profit Sharing
	
  9
	
   

	
   
	
   
	
   
	
   
	
   

	
  XI
	
   
	
       Other Reinsurance
	
  11
	
   

	
   
	
   
	
   
	
   
	
   

	
  XII
	
   
	
       Salvage and Subrogation
	
  11
	
   

	
   
	
   
	
   
	
   
	
   

	
  XIII
	
   
	
       Offset (BRMA 36C)
	
  12
	
   

	
   
	
   
	
   
	
   
	
   

	
  XIV
	
   
	
       Access to Records (BRMA
  1A)
	
  12
	
   

	
   
	
   
	
   
	
   
	
   

	
  XV
	
   
	
       Net Retained Lines (BRMA
  32E)
	
  12
	
   

	
   
	
   
	
   
	
   
	
   

	
  XVI
	
   
	
       Errors and Omissions
  (BRMA 14F)
	
  12
	
   

	
   
	
   
	
   
	
   
	
   

	
  XVII
	
   
	
       Liability of the Reinsurer
	
  12
	
   

	
   
	
   
	
   
	
   
	
   

	
  XVIII
	
   
	
       Currency (BRMA 12A)
	
  13
	
   

	
   
	
   
	
   
	
   
	
   

	
  XIX
	
   
	
       Taxes (BRMA 50B)
	
  13
	
   

	
   
	
   
	
   
	
   
	
   

	
  XX
	
   
	
       Federal Excise Tax
  (BRMA 17A)
	
  13
	
   

	
   
	
   
	
   
	
   
	
   

	
  XXI
	
   
	
       Unauthorized Reinsurers
	
  13
	
   

	
   
	
   
	
   
	
   
	
   

	
  XXII
	
   
	
       Insolvency
	
  14
	
   

	
   
	
   
	
   
	
   
	
   

	
  XXIII
	
   
	
       Arbitration (BRMA 6J)
	
  15
	
   

	
   
	
   
	
   
	
   
	
   

	
  XXIV
	
   
	
       Service of Suit (BRMA
  49E)
	
  16
	
   

	
   
	
   
	
   
	
   
	
   

	
  XXV
	
   
	
       Agency Agreement
	
  17
	
   

	
   
	
   
	
   
	
   
	
   

	
  XXVI
	
   
	
       Intermediary (BRMA 23A)
	
  17
	
   

Medical
Professional Liability Excess of Loss

Reinsurance Contract

Effective:  January 1, 2004

issued to

Member Companies
of FPIC Insurance Group, Inc.
including
First Professionals Insurance Company, Inc.

Jacksonville, Florida

Anesthesiologists’ Professional Assurance Company

Coral Gables, Florida

and

Intermed Insurance Company

St. Louis, Missouri

(hereinafter
referred to collectively as the “Company”)

by

The Subscribing
Reinsurer(s) Executing the

Interests and Liabilities Agreement(s)

Attached Hereto

(hereinafter
referred to as the “Reinsurer”)

Article
I - Business Reinsured

	
  A.
	
  By this Contract the Reinsurer agrees to reinsure
  the excess liability which may accrue to the Company under its policies,
  contracts and binders of insurance or reinsurance (hereinafter called “policies”)
  issued or renewed on or after the effective date hereof and classified by the
  Company as follows:

	
   
	
   
	
   

	
   
	
  1.
	
  Professional Liability and ancillary coverages,
  covering physicians, surgeons, dentists, chiropractors, podiatrists and other
  allied medical practitioners and their professional associations;

	
   
	
   
	
   

	
   
	
  2.
	
  Health Care Facilities Liability and ancillary
  coverages, including employed medical technicians, partnerships, corporations
  and limited liability companies;

	
   
	
   
	
   

	
   
	
  subject to the terms, conditions and limitations
  hereinafter set forth.

	
   
	
   

	
  B.
	
  Coverage hereunder may include prior acts coverage
  and/or extended discovery or reporting coverage when provided in the Company’s
  original policies.

Article
II - Commencement and Termination

	
  A.

  	
  Subject to paragraphs B and C below, this
  Contract shall become effective on January 1, 2004, with respect to
  claims made against or reported to the Company on or after that date as
  respects policies allocated to underwriting years commencing on or after that
  date, and shall continue in force thereafter until terminated.

	
   
	
   

	
  B.
	
  As respects subject policies issued by Intermed
  Insurance Company prior to January 1, 2000 for the first $1,000,000 of
  limits, this Contract shall also apply to losses occurring prior to January
  1, 2000 on occurrence form policies whether expired prior to, or in force at,
  January 1, 2000, but where a claim as respects the occurrence is first made
  to the Company during the effective period of this Contract.  As respects this paragraph B, no
  occurrence shall be covered both under this Contract and under any prior
  contract, nor shall any occurrence be covered under this Contract if the
  occurrence was reported to the Company by the insured prior to January 1,
  2000.

	
   
	
   

	
  C.
	
  As respects Extended Reporting Endorsements issued
  by Intermed Insurance Company prior to January 1, 2000, on subject
  policies written for the first $1,000,000 of limits, this Contract shall also
  apply to claims first made to the Company during the effective period of this
  Contract.

	
   
	
   

	
  D.
	
  Either party may terminate this Contract on any
  December 31 by giving the other party not less than 90 days prior
  written notice by certified mail.

	
   
	
   

	
  E.
	
  Notwithstanding paragraph
  D above, the Company may terminate this Contract or the share of a
  Subscribing Reinsurer at any time by giving the Subscribing Reinsurer not
  less than 30 days prior written notice in the event any of the following
  circumstances occur:

	
   
	
   

	
   
	
  1.
	
  The Subscribing Reinsurer’s policyholders’ surplus
  at the inception of any underwriting year has been reduced by more than 25.0%
  of the amount of surplus 12 months prior to that date; or

	
   
	
   
	
   

	
   
	
  2.
	
  The Subscribing Reinsurer’s policyholders’ surplus
  at any time during any underwriting year has been reduced by more than 25.0%
  of the amount of surplus at the date of the Subscribing Reinsurer’s most
  recent financial statement filed with regulatory authorities and available to
  the public as of the inception of this Contract; or

	
   
	
   
	
   

	
   
	
  3.
	
  The Subscribing Reinsurer’s A.M. Best’s rating has
  been assigned or downgraded below A- and/or Standard and Poor’s Counterparty
  Credit and Financial Strength rating is assigned or downgraded below A-; or

	
   
	
   
	
   

	
   
	
  4.
	
  A State Insurance Department or other legal authority
  has ordered the Subscribing Reinsurer to cease writing business; or

	
   
	
   
	
   

	
   
	
  5.
	
  The Subscribing Reinsurer has become insolvent or
  has been placed into liquidation or receivership (whether voluntary or
  involuntary) or proceedings have been instituted against the Subscribing
  Reinsurer for the appointment of a receiver, liquidator, rehabilitator,
  conservator or trustee in bankruptcy, or other agent known by whatever name,
  to take possession of its assets or control of its operations; or

	
   
	
  6.
	
  The Subscribing Reinsurer has ceased assuming new
  and renewal property and casualty treaty reinsurance business.

	
   
	
   
	
   

	
  F.
	
  Unless the Company elects to reassume the unearned
  reinsurance premium in force on the effective date of termination, and so
  notifies the Reinsurer prior to or as promptly as possible after the
  effective date of termination, reinsurance hereunder on business in force on
  the effective date of termination shall remain in full force and effect until
  expiration, cancellation or next premium anniversary of such business,
  whichever first occurs, but in no event beyond 12 months, plus odd time
  and any extension of coverage for extended discovery or reporting coverage,
  following the effective date of termination.

	
   
	
   

	
  G.
	
  Any claims made under the extended reporting
  coverage provision, in accordance with Article I, shall be deemed to have
  been made on the date the original policy expired or was cancelled.  Premium for such extended reporting
  coverage shall be considered fully earned by the Reinsurer on the last date
  the original policy was in force.

	
   
	
   

	
  H.
	
  “Underwriting year” as used herein shall mean the
  period from January 1, 2004 through December 31, 2004, and each
  12-month period thereafter, unless this Contract is terminated, in which
  event the final underwriting year shall be from the beginning of the then
  current underwriting year through the effective date of termination.  All premiums and all claims or losses from
  both new and renewal policies incepting during a given underwriting year
  shall be allocated, credited or charged, respectively, to such underwriting
  year, regardless of the date said premiums earn or such claims are made or
  losses occur (subject to the “cutoff” provisions of paragraph F
  above).  Any extended reporting period
  provided under a subject policy shall be deemed to incept during the same
  underwriting year as the subject policy.

Article
III - Territory (BRMA 51D)

This Contract shall be
worldwide in its geographical scope.

Article
IV - Exclusions

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

	
   
	
   

	
   
	
  1.
	
  Reinsurance assumed by the
  Company other than:

	
   
	
   
	
   

	
   
	
   
	
  a.
	
  Intra-company reinsurance; and

	
   
	
   
	
   
	
   

	
   
	
   
	
  b.
	
  Policies underwritten by the Company but issued by
  another carrier at the Company’s request and reinsured 100% by the Company.

	
   
	
   
	
   
	
   

	
   
	
  2.
	
  Business produced and
  underwritten by others.

	
   
	
   
	
   

	
   
	
  3.
	
  Hospital Professional
  Liability and related General Liability Business. 

	
   
	
   
	
   

	
   
	
  4.
	
  Occurrence
  form policies except for those policies noted in paragraph B of
  Article II.

	
   
	
  5.
	
Insureds written under the Company’s Non-Standard
  Medical and Dental Malpractice Quota Share Reinsurance Agreement (or
  replacement thereof).  

	
   
	
   
	
   

	
   
	
  6.
	
  Nuclear risks as defined in the “Nuclear Incident
  Exclusion Clause - Liability - Reinsurance” attached to and forming
  part of this Contract.

	
   
	
   
	
   

	
   
	
  7.
	
  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.

	
   
	
   
	
   

	
   
	
  8.
	
  Liability as a member, subscriber or reinsurer of
  any Pool, Syndicate or Association.

	
   
	
   
	
   

	
  B.
	
  Business falling within the scope of one or more of
  the exclusions set forth in paragraph A or not within the terms, conditions
  or limitations of this Contract may be submitted to the Reinsurer for special
  acceptance and, if accepted by the Reinsurer, shall be subject to all the
  terms of this Contract except as modified by the special acceptance.

Article
V - Retention and Limit

	
  A.

  	
  Coverage
  A:

	
   
	
   

	
   
	
  1.
	
  As respects all business covered hereunder, the
  Company shall retain and be liable for the first $500,000 of ultimate net
  loss each insured, each claim or occurrence. 
  The Reinsurer shall then be liable for the amount by which such
  ultimate net loss exceeds the Company’s retention, but the liability of the
  Reinsurer shall not exceed $2,500,000 as respects each insured, each claim or
  occurrence.

	
   
	
   
	
   

	
   
	
  2.
	
  In accordance with paragraph B of Article II, the
  maximum aggregate amount of ultimate net loss recoverable hereunder from
  occurrence policies issued by Intermed Insurance Company is $4,000,000 as
  respects all claims made for each underwriting year.

	
   
	
   
	
   

	
   
	
  3.
	
  The Company shall purchase or be deemed to have
  purchased inuring excess reinsurance to limit its ultimate net loss subject
  to Coverage A from any one coverage, any one policy (exclusive of loss
  in excess of policy limits or extra contractual obligations) to $1,000,000
  each claim or occurrence.

	
   
	
   
	
   

	
  B.
	
  Coverage
  B:

	
   
	
   

	
   
	
  1.
	
  As respects all business covered hereunder with
  policy limits exceeding $1,000,000, the Company shall retain and be liable
  for the first $1,000,000 of ultimate net loss each insured, each claim or
  occurrence.  The Reinsurer shall then
  be liable for the 

	
   
	
   
	
  amount by which such ultimate net loss exceeds the
  Company’s retention, but the liability of the Reinsurer shall not exceed the
  following:

	
   
	
   
	
   

	
   
	
   
	
  a.
	
  $4,000,000 as respects each insured, each claim or
  occurrence, for all Health Care Facilities, all Clinics and Corporations, all
  individual Dentists, and all individual Doctors in Arkansas; or

	
   
	
   
	
   
	
   

	
   
	
   
	
  b.
	
  $1,000,000 as respects each insured, each claim or
  occurrence, for individual insureds not included in (a) above.

	
   
	
   
	
   
	
   

	
   
	
  2.
	
  As respects business written in the State of Kansas,
  the Company’s retention shall be deemed to include coverage provided by the
  Healthcare Stabilization Fund.

	
   
	
   
	
   

	
   
	
  3.
	
  Provided that a policy cession has been made to
  Coverage B, a separate limit shall be payable by the Reinsurer for Extra
  Contractual Obligations (“ECO”) and Loss in Excess of Policy Limits (“XPL”),
  without a separate retention by the Company other than its 10.0%
  co-participation as respects ECO and XPL losses hereunder.

	
   
	
   
	
   

	
  C.
	
  The Company shall purchase or be deemed to have
  purchased inuring excess reinsurance to limit its ultimate net loss subject
  hereto from any one coverage, any one policy (exclusive of loss in excess of
  policy limits or extra contractual obligations) to $5,000,000 each insured,
  each claim or occurrence, and to $7,000,000 each insured in the annual
  aggregate.

	
   
	
   

	
  D.
	
  As respects any declaratory judgment action
  regarding a claim on a policy subject hereto, if the Company is successful or
  settles prior to judgment, the Company shall retain the first $70,000 of
  declaratory judgment expense and the Reinsurer shall be liable for 80.0% of
  the amount excess of the Company’s retention.  However, the liability of the Reinsurer for successful
  declaratory judgment expense shall not exceed $1,000,000 arising out of
  policies allocated to any one underwriting year.

Article
VI - Definitions

	
  A.

  	
  “Ultimate net loss” as used herein is defined as the
  sum or sums (including deductibles or self insured retentions of $250,000 or
  less paid by the Company or the insured, loss in excess of policy limits,
  extra contractual obligations and any loss adjustment expense, as hereinafter
  defined, which reduces the Company’s limit of liability under the policy
  involved) paid or payable by the Company in settlement of claims and in
  satisfaction of judgments rendered on account of such claims, after deduction
  of all salvage, all recoveries and all claims on inuring insurance or
  reinsurance, whether collectible or not. 
  Nothing herein shall be construed to mean that losses under this
  Contract are not recoverable until the Company’s ultimate net loss has been
  ascertained.

	
   
	
   

	
  B.
	
  “Loss in excess of policy limits” and “extra
  contractual obligations” as used herein shall be defined as follows:

	
   
	
   

	
   
	
  1.
	
  “Loss in excess of policy
  limits” shall mean 90.0% of any amount paid or payable by the Company in
  excess of its policy limits, but otherwise within the terms of its policy,
  such loss in excess of the Company’s policy limits having been incurred
  because of,

	
   
	
   
	
  but not limited to, failure by
  the Company to settle within the policy limits or by reason of the Company’s
  alleged or actual negligence, fraud or bad faith in rejecting an offer of
  settlement or in the preparation of the defense or in the trial of an action
  against its insured or reinsured or in the preparation or prosecution of an
  appeal consequent upon such an action.

	
   
	
   
	
   

	
   
	
  2.
	
  “Extra contractual obligations”
  shall mean 90.0% of any punitive, exemplary, compensatory or consequential
  damages paid or payable by the Company, not covered by any other provision of
  this Contract and which arise from the handling of any claim on business
  subject to this Contract, such liabilities arising because of, but not
  limited to, failure by the Company to settle within the policy limits or by
  reason of the Company’s alleged or actual negligence, fraud or bad faith in
  rejecting an offer of settlement or in the preparation of the defense or in
  the trial of an action against its insured or reinsured or in the preparation
  or prosecution of an appeal consequent upon such an action.  An extra contractual obligation shall be
  deemed, in all circumstances, to have occurred on the same date as the loss
  covered or alleged to be covered under the policy.

	
   
	
   
	
   

	
   
	
  Notwithstanding anything stated herein, this
  Contract shall not apply to any loss in excess of policy limits or any extra
  contractual obligation incurred by the Company as a result of any
  deliberately fraudulent and/or criminal act by any officer or director of the
  Company acting individually or collectively or in collusion with any
  individual or corporation or any other organization or party involved in the
  presentation, defense or settlement of any claim covered hereunder.

	
   
	
   

	
   
	
  If any provision of this paragraph B shall be
  rendered illegal or unenforceable by the laws, regulations or public policy
  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.

	
   
	
   

	
  C.
	
  “Insured” as used herein shall mean any party or
  parties provided with a separate policy limit by the Company. 

	
   
	
   

	
  D.
	
  “Claim” and “occurrence” shall have the same meaning
  as the term occurrence, claim, medical incident, wrongful act or such similar
  term, as applicable, under the Company’s policy forms.

	
   
	
   

	
  E.
	
  “Loss adjustment expense” as used herein shall mean
  expenses assignable to the appraisal, adjustment, settlement, litigation,
  investigation, defense and/or appeal of specific claims, regardless of how
  such expenses are classified for statutory reporting purposes.  Loss adjustment expense shall include, but
  not be limited to interest on judgments, legal expenses, costs incurred in
  connection with coverage questions and legal actions connected thereto and
  expenses associated with unsuccessful declaratory judgment actions, but shall
  not include office expenses or salaries of the Company’s regular employees.

	
   
	
   

	
  F.
	
  “Declaratory
  judgment expense” as used herein shall mean all court costs, attorney’s fees
  and expense incurred by the Company in contesting insurance coverage on
  policies reinsured hereunder. 
  Declaratory judgment expenses shall be deemed to have occurred on the
  same date as the loss covered or alleged to be covered under the policy.

Article
VII - Claims and Loss Adjustment Expense

	
  A.

  	
  Whenever a claim is reserved by the Company for an
  amount greater than $250,000 and/or whenever a claim appears likely to result
  in a claim under this Contract, the Company shall notify the Reinsurer.  All cases of serious injury which,
  regardless of considerations of liability or coverage, in the opinion of the
  Company, might result in a claim under this Contract shall be reported to the
  Reinsurer, including, but not limited to the following:

	
   
	
   

	
   
	
  1.
	
  Brain injury with significant cognitive, behavioral
  or physical residual damages;

	
   
	
   
	
   

	
   
	
  2.
	
  Quadriplegia or paraplegia including Cauda Equina
  Syndrome;

	
   
	
   
	
   

	
   
	
  3.
	
  Fatalities or significantly diminished life
  expectancy of wage earners or parents with minor children;

	
   
	
   
	
   

	
   
	
  4.
	
  Any claim where the Company sustains a verdict for
  loss in excess of the policy limit and/or any action alleging extra
  contractual or bad faith obligations against the Company;

	
   
	
   
	
   

	
   
	
  5.
	
  Any declaratory judgment action brought by or
  against the Company where the expense amount is greater than $50,000.  

	
   
	
   
	
   

	
   
	
  The Company will provide individual claim reports on
  reported claims to the Reinsurer and will provide updates as needed.

	
   
	
   

	
  B.
	
  The Reinsurer shall have the right to participate,
  at its own expense, in the defense of any claim or suit involving this
  reinsurance.

	
   
	
   

	
  C.
	
  All claim settlements made by the Company, provided
  they are within the terms of this Contract, shall be binding upon the
  Reinsurer, and the Reinsurer agrees to pay all amounts for which it may be
  liable upon receipt of reasonable evidence of the amount paid by the Company.

	
   
	
   

	
  D.
	
  In the event of loss hereunder, loss adjustment
  expense incurred by the Company in connection therewith which does not reduce
  the Company’s limit of liability under the policy involved shall be shared by
  the Company and the Reinsurer in the proportion the ultimate net loss paid or
  payable by the Reinsurer bears to the total loss paid or payable by the
  Company, prior to any reinsurance recoveries, but after deduction of all
  salvage, subrogation and other recoveries. 
  However, if a verdict or judgment is reduced by any process other than
  by the trial court, resulting in an ultimate saving to the Reinsurer, or a
  judgment is reversed outright, the expenses incurred in securing such
  reduction or reversal shall be shared by the Company and the Reinsurer in the
  proportion that each benefits from such reduction or reversal, and the
  expenses incurred up to the time of the original verdict or judgment which do
  not reduce the Company’s limit of liability under the policy involved shall
  be shared in proportion to each party’s interest in such original verdict or
  judgment.  The Reinsurer’s liability
  for such loss adjustment expense shall be in addition to its liability for
  ultimate net loss.

Article
VIII - Reinsurance Premium

	
  A.

  	
  Coverage
  A: As premium for the reinsurance provided under
  Coverage A for each underwriting year, the following shall apply:

	
   
	
   

	
   
	
  1.
	
  As respects policies issued by First Professionals
  Insurance Company:

	
   
	
   
	
   

	
   
	
   
	
  a.
	
  The Company shall pay the Reinsurer 10.4% of its
  gross net written premium applicable to all subject business for the
  underwriting year.

	
   
	
   
	
   
	
   

	
   
	
   
	
  b.
	
  The Company shall pay the Reinsurer an annual
  deposit premium of $23,000,000 in four equal installments of $5,750,000 on
  January 1, April 1, July 1 and October 1 of each underwriting year.  In the event this Contract is terminated
  prior to any December 31, no deposit premium installments shall be due after
  the effective date of termination.

	
   
	
   
	
   
	
   

	
   
	
  2.
	
  As respects policies issued by Anesthesiologists’
  Professional Assurance Company:

	
   
	
   
	
   

	
   
	
   
	
  a.
	
  The Company shall pay the Reinsurer 20.5% of its
  gross net written premium applicable to all subject business for the
  underwriting year.

	
   
	
   
	
   
	
   

	
   
	
   
	
  b.
	
  The Company shall pay the Reinsurer an annual deposit
  premium of $4,850,000 in four equal installments of $1,212,500 on January 1,
  April 1, July 1 and October 1 of each underwriting year.  In the event this Contract is terminated
  prior to any December 31, no deposit premium installments shall be due after
  the effective date of termination.

	
   
	
   
	
   
	
   

	
   
	
  3.
	
  As respects policies issued by Intermed Insurance Company:

	
   
	
   

	
   
	
   
	
  a.
	
  The Company shall pay the Reinsurer 26.5% of its
  gross net written premium applicable to all subject business for the
  underwriting year.

	
   
	
   
	
   
	
   

	
   
	
   
	
  b.
	
  The Company shall pay the Reinsurer an annual
  deposit premium of $9,250,000 in four equal installments of $2,312,500 on
  January 1, April 1, July 1 and October 1 of each underwriting year.  In the event this Contract is terminated
  prior to any December 31, no deposit premium installments shall be due after
  the effective date of termination.

	
   
	
   
	
   
	
   

	
   
	
  As respects Coverage A, within 60 days after the end
  of each underwriting year, the Company shall provide a report to the
  Reinsurer setting forth the premium due hereunder for the underwriting year,
  computed in accordance with subparagraphs 1, 2 and 3 above, and any
  additional premium due the Reinsurer shall be paid by the Company with its
  report.  Any return premium due the
  Company shall be remitted by the Reinsurer as promptly as possible after
  receipt of the Company’s report.  In
  the event this Contract is terminated prior to any December 31, premium
  due shall be pro rated accordingly.

	
  B.

  	
  Coverage
  B:

	
   
	
   

	
   
	
  1.
	
  As premium for the reinsurance provided under
  Coverage B for each underwriting year, the Company shall pay the
  Reinsurer 100% of its gross excess limits net written premium applicable to
  subject business for the underwriting year.

	
   
	
   
	
   

	
   
	
  2.
	
  As respects Coverage B, within 30 days following the
  end of each calendar quarter, the Company shall report its gross excess
  limits net written premium applicable to subject business.  The premium due the Reinsurer, less any
  commission thereon, shall be paid by the Company with its report.

	
   
	
   
	
   

	
  C.
	
  Regardless of the option chosen by the Company at
  expiration or cancellation in accordance with the provisions of Article II,
  in the event the Company is bound by statute or regulation to continue
  coverage, the Reinsurer shall continue to receive premium as set forth above
  on such policies quarterly as written.

	
   
	
   

	
  D.
	
  “Gross net written premium” as used herein is
  defined as gross written premium of the Company for primary policy limits of
  $1,000,000 each claim or less for the classes of business reinsured
  hereunder, less cancellations and return premiums, and less premiums ceded by
  the Company for inuring facultative reinsurance, if any.  

	
   
	
   

	
  E.
	
  “Gross excess limits net written premium” as used
  herein is defined as gross written premium of the Company for policy limits
  greater than $1,000,000 each claim for the classes of business reinsured
  hereunder, less cancellations and return premiums, and less premiums ceded by
  the Company for inuring facultative reinsurance, if any. 

Article IX - Ceding
Commission

	
  A.

  	
  As respects Coverage B, the Reinsurer shall allow
  the Company a 22.5% commission on all premiums ceded to the Reinsurer
  hereunder.  The Company shall allow
  the Reinsurer return commission on return premiums at the same rate. 

	
   
	
   

	
  B.
	
  It is expressly agreed that the ceding commission
  allowed the Company includes provision for all dividends, commissions, taxes,
  assessments, and all other expenses of whatever nature, except loss
  adjustment expense and successful declaratory judgment expense.

Article X - Profit
Sharing

	
  A.
	
  As respects Coverage A, the
  Reinsurer shall pay the Company profit sharing equal to 35.0% of the net
  profit, if any, in accordance with the provisions of paragraphs B and C
  hereunder, accruing to the Reinsurer for each underwriting year.  The Reinsurer’s net profit for each
  underwriting year shall be calculated in accordance with the following
  formula, it being understood that a positive balance equals net profit and a
  negative balance equals net loss:

	
   
	
   

	
   
	
  1.
	
  Premiums earned for policies allocated to the underwriting
  year; less 

	
   
	
  2.
	
  Expenses incurred by the Reinsurer at 30.0% of
  premiums earned for policies allocated to the underwriting year; less

	
   
	
   
	
   

	
   
	
  3.
	
  Losses incurred for policies allocated to the
  underwriting year; less

	
   
	
   
	
   

	
   
	
  4.
	
  Incurred but not reported loss reserves (“IBNR”) as
  original (to correspond with IBNR funding by Letter of Credit); less

	
   
	
   
	
   

	
   
	
  5.
	
  The Reinsurer’s net loss, if any, from the
  immediately preceding underwriting year of this Contract and/or the Reinsurer’s
  net loss, if any, carried forward from the following agreements:

	
   
	
   
	
   

	
   
	
   
	
  a.
	
  First Professionals Insurance Company Casualty
  Excess of Loss Reinsurance Agreement CXS-3014(1994) for calendar years 1994
  and 1995; and/or

	
   
	
   
	
   
	
   

	
   
	
   
	
  b.
	
  First Professionals Insurance Company Physicians,
  Dentists, and Chiropractors Casualty First through Fourth and Clash Excess of
  Loss Reinsurance Agreement AR 4302 for calendar year 1996; and/or

	
   
	
   
	
   
	
   

	
   
	
   
	
  c.
	
  First Professionals Insurance Company Physicians,
  Dentists, and Chiropractors Casualty First through Fourth and Clash Excess of
  Loss Reinsurance Agreement AR 4373 for calendar years 1997 through 1999;
  and/or

	
   
	
   
	
   
	
   

	
   
	
   
	
  d.
	
  FPIC Insurance Group Medical Malpractice and Lawyers
  Professional Liability Excess of Loss Reinsurance Agreement AR 12427 for
  calendar years 2000, 2001, 2002 and 2003; less

	
   
	
   
	
   
	
   

	
   
	
  6.
	
  The Reinsurer’s net loss, if any, from Coverage B of
  this Contract, calculated as follows:

	
   
	
   
	
   

	
   
	
   
	
  a.
	
  Premiums earned for policies allocated to the
  underwriting year; less

	
   
	
   
	
   
	
   

	
   
	
   
	
  b.
	
  Ceding commission allowed on (a) above; less 

	
   
	
   
	
   
	
   

	
   
	
   
	
  c.
	
  Expenses incurred by the Reinsurer at 30.0% of net
  premiums earned (premiums earned less ceding commission thereon) for policies
  allocated to the underwriting year; less

	
   
	
   
	
   
	
   

	
   
	
   
	
  d.
	
  Losses incurred for policies allocated to the
  underwriting year; less

	
   
	
   
	
   
	
   

	
   
	
   
	
  e.
	
  IBNR as original (to correspond with IBNR funding by
  Letter of Credit); less

	
   
	
   
	
   
	
   

	
   
	
   
	
  f.
	
  The Reinsurer’s net loss, if any, from the
  immediately preceding underwriting year (beginning with the Medical
  Malpractice Liability Excess of Loss Reinsurance Agreement, effective January
  1, 2003, as respects the second layer of coverage therein, which is similar
  to Coverage B hereunder).  It is
  understood that the net loss, if any, from an underwriting year shall be
  carried forward to extinction.

	
  B.
	
  The Company shall calculate and report the Reinsurer’s
  net profit within 45 days after 24 months following the end of each
  underwriting year, and within 45 days after the end of each 12-month period
  thereafter until all losses subject hereto have been finally settled.  At the first calculation, one-third of the
  profit sharing shown to be due the Company will be payable by the Reinsurer;
  at the second calculation, (first recalculation), two-thirds (less any amount
  previously paid) will be payable; and at the third and subsequent
  calculations, the full amount (less any amounts previously paid) will be
  payable.  Any return profit
  sharing shown to be due the Reinsurer shall be paid by the Company with its
  report.

	
   
	
   

	
  C.
	
  “Losses incurred” as used herein shall mean ceded
  losses and loss adjustment expense paid as of the effective date of
  calculation, plus the Company’s ceded reserves for losses and loss adjustment
  expense outstanding as of the same date, it being understood and agreed that
  all losses and related loss adjustment expense under policies allocated to an
  underwriting year shall be charged to that underwriting year, regardless of
  the date said losses actually occur, unless this Contract is terminated on a “cutoff”
  basis, in which event the Reinsurer shall have no liability for claims made
  or occurrences commencing after the effective date of termination.

	
   
	
   

	
  D.
	
  “Premiums earned” as used herein shall mean the
  ceded net written premium for policies (or endorsements) allocated to the
  underwriting year, less the unearned portion thereof as of the effective date
  of calculation, it being understood that all premium from policies (or
  endorsements) allocated to an underwriting year shall be credited to that
  underwriting year, unless this Contract is terminated on a “cutoff” basis and
  the Company reassumes the unearned premium as of the effective date of
  termination.

Article
XI - Other Reinsurance

The Company shall be
permitted to maintain underlying “Net Account Quota Share Reinsurance” which
will be disregarded for purposes of this Contract.  In addition, the Company may purchase individual facultative
reinsurance, which may inure to the benefit of this Contract.  Premiums for inuring reinsurance, if any,
shall be deducted from the subject premiums hereunder.

Article
XII - Salvage and Subrogation

The Reinsurer shall be
credited with salvage (i.e., reimbursement obtained or recovery made by the
Company, less the actual cost, excluding salaries of officials and employees of
the Company and sums paid to attorneys as retainer unless allocated to a
specific claim, of obtaining such reimbursement or making such recovery) on
account of claims and settlements involving reinsurance hereunder.  Salvage thereon shall always be used to
reimburse the excess carriers in the reverse order of their priority according
to their participation before being used in any way to reimburse the Company
for its primary loss.  The Company
hereby agrees to enforce its rights to salvage or subrogation relating to any
loss, a part of which loss was sustained by the Reinsurer, and to prosecute all
claims arising out of such rights.

Article
XIII - Offset (BRMA 36C)

The Company and the
Reinsurer shall have the right to offset any balance or amounts due from one
party to the other under the terms of this Contract.  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.

Article
XIV - Access to Records (BRMA 1A)

The Reinsurer or its
designated representatives shall have free access at any reasonable time to all
records of the Company which pertain in any way to this reinsurance.

Article
XV - Net Retained Lines (BRMA 32E)

	
  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.

Article
XVI - Errors and Omissions (BRMA 14F)

Inadvertent delays,
errors or omissions made in connection with this Contract or any transaction
hereunder shall not relieve either party from any liability which would have
attached had such delay, error or omission not occurred, provided always that
such error or omission is rectified as soon as possible after discovery.

Article
XVII - Liability of the Reinsurer

	
  A.
	
  The liability of the Reinsurer shall follow that of
  the Company in every case and be subject in all respects to all the general
  and specific stipulations, clauses, waivers and modifications of the Company’s
  policies and any endorsements thereon. 
  However, in no event shall this be construed in any way to provide
  coverage outside the terms and conditions set forth in this Contract.

	
   
	
   

	
  B.
	
  Nothing herein shall in any manner create any
  obligations or establish any rights against the Reinsurer in favor of any
  third party or any persons not parties to this Contract.

Article
XVIII - Currency (BRMA 12A)

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

	
   
	
   

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

Article
XIX - Taxes (BRMA 50B)

In consideration of the
terms under which this Contract is issued, the Company will not claim a
deduction in respect of the premium hereon when making tax returns, other than
income or profits tax returns, to any state or territory of the United States
of America or the District of Columbia.

Article
XX - Federal Excise Tax (BRMA 17A)

(Applicable to those
reinsurers, excepting Underwriters at Lloyd’s London and other reinsurers
exempt from Federal Excise Tax, who are domiciled outside the United States of
America.)

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

	
   
	
   

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

Article
XXI - Unauthorized Reinsurers

	
  A.
	
  If
  the Reinsurer is unauthorized in any state of the United States of America or
  the District of Columbia, the Reinsurer agrees to fund its share of the
  Company’s ceded unearned premium and outstanding loss and loss adjustment
  expense reserves (including incurred but not reported loss reserves) by:

	
   
	
   

	
   
	
  1.
	
  Clean, irrevocable and unconditional letters of
  credit issued and confirmed, if confirmation is required by the insurance
  regulatory authorities involved, by a bank or banks meeting the NAIC
  Securities Valuation Office credit standards for issuers of letters of credit
  and acceptable to said insurance regulatory authorities; and/or

	
   
	
   
	
   

	
   
	
  2.
	
  Escrow accounts for the benefit of the Company;
  and/or

	
   
	
   
	
   

	
   
	
  3.
	
  Cash advances;

	
   
	
  if, without such funding, a penalty would accrue to
  the Company on any financial statement it is required to file with the
  insurance regulatory authorities involved.  The Reinsurer, at its sole
  option, may fund in other than cash if its method and form of funding are
  acceptable to the insurance regulatory authorities involved.

	
   
	
   

	
  B.
	
  With regard to funding in whole or in part by
  letters of credit, it is agreed that each letter of credit will be in a form
  acceptable to insurance regulatory authorities involved, will be issued for a
  term of at least one year and will include an “evergreen clause,” which
  automatically extends the term for at least one additional year at each
  expiration date unless written notice of non-renewal is given to the Company
  not less than 30 days prior to said expiration date.  The Company
  and the Reinsurer further agree, notwithstanding anything to the contrary in
  this Contract, that said letters of credit may be drawn upon by the Company
  or its successors in interest at any time, without diminution because of the
  insolvency of the Company or the Reinsurer, but only for one or more of the
  following purposes:

	
   
	
   

	
   
	
  1.
	
  To reimburse itself for the Reinsurer’s share of
  unearned premiums returned to insureds on account of policy cancellations,
  unless paid in cash by the Reinsurer;

	
   
	
   
	
   

	
   
	
  2.
	
  To reimburse itself for the Reinsurer’s share of
  losses and loss adjustment expense paid under the terms of policies reinsured
  hereunder, unless paid in cash by the Reinsurer;

	
   
	
   
	
   

	
   
	
  3.
	
  To reimburse itself for the Reinsurer’s share of any
  other amounts claimed to be due hereunder, unless paid in cash by the
  Reinsurer;

	
   
	
   
	
   

	
   
	
  4.
	
  To fund a cash account in an amount equal to the
  Reinsurer’s share of any ceded unearned premium and/or outstanding loss and
  loss adjustment expense reserves (including incurred but not reported loss
  reserves) funded by means of a letter of credit which is under non-renewal
  notice, if said letter of credit has not been renewed or replaced by the
  Reinsurer 10 days prior to its expiration date;

	
   
	
   
	
   

	
   
	
  5.
	
  To refund to the Reinsurer any sum in excess of the
  actual amount required to fund the Reinsurer’s share of the Company’s ceded
  unearned premium and/or outstanding loss and loss adjustment expense reserves
  (including incurred but not reported loss reserves), if so requested by the
  Reinsurer.

	
   
	
   
	
   

	
   
	
  In the event the amount drawn by the Company on any
  letter of credit is in excess of the actual amount required for B(1), B(2) or
  B(4), or in the case of B(3), the actual amount determined to be due, the
  Company shall promptly return to the Reinsurer the excess amount so drawn. 

Article
XXII - Insolvency

	
  A.

  	
  In the event of the insolvency of one or more of the
  reinsured companies, this reinsurance shall be payable directly to the
  company or to its liquidator, receiver, conservator or statutory successor on
  the basis of the liability of the company without diminution because of the
  insolvency of the company or because the liquidator, receiver, conservator or
  statutory successor of the company has failed to pay all or a portion of any
  claim.  It is

	
   
	
  agreed, however, that the liquidator, receiver,
  conservator or statutory successor of the company shall give written notice
  to the Reinsurer of the pendency of a claim against the company indicating
  the policy or bond reinsured which claim would involve a possible liability
  on the part of the Reinsurer within a reasonable time after such claim is
  filed in the conservation or liquidation proceeding or in the receivership,
  and that during the pendency of such claim, the Reinsurer may investigate
  such claim and interpose, at its own expense, in the proceeding where such
  claim is to be adjudicated, any defense or defenses that it may deem
  available to the company or its liquidator, receiver, conservator or
  statutory successor.  The expense thus
  incurred by the Reinsurer shall be chargeable, subject to the approval of the
  Court, against the company as part of the expense of conservation or
  liquidation to the extent of a pro rata share of the benefit which may accrue
  to the company solely as a result of the defense undertaken by the Reinsurer.

	
   
	
   

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

	
   
	
   

	
  C.
	
  It is further understood and agreed that, in the
  event of the insolvency of one or more of the reinsured companies, the
  reinsurance under this Contract shall be payable directly by the Reinsurer to
  the company or to its liquidator, receiver or statutory successor, except as
  provided by Section 4118(a) of the New York Insurance Law or except (1) where
  this Contract specifically provides another payee of such reinsurance in the
  event of the insolvency of the company or (2) where the Reinsurer with the
  consent of the direct insured or insureds has assumed such policy obligations
  of the company as direct obligations of the Reinsurer to the payees under
  such policies and in substitution for the obligations of the company to such
  payees.

Article
XXIII - Arbitration (BRMA 6J)

	
  A.

  	
  As a condition precedent to any right of action
  hereunder, in the event of any dispute or difference of opinion hereafter
  arising with respect to this Contract, it is hereby mutually agreed that such
  dispute or difference of opinion shall be submitted to arbitration.  One Arbiter shall be chosen by the
  Company, the other by the Reinsurer, and an Umpire shall be chosen by the two
  Arbiters before they enter upon arbitration, all of whom shall be active or
  retired disinterested executive officers of insurance or reinsurance
  companies or Lloyd’s London Underwriters. 
  In the event that either party should fail to choose an Arbiter within
  30 days following a written request by the other party to do so, the
  requesting party may choose two Arbiters who shall in turn choose an Umpire
  before entering upon arbitration.  If
  the two Arbiters fail to agree upon the selection of an Umpire within
  30 days following their appointment, each Arbiter shall nominate three
  candidates within 10 days thereafter, two of whom the other shall
  decline, and the decision shall be made by drawing lots.

	
   
	
   

	
  B.
	
  Each party shall present its case to the Arbiters
  within 30 days following the date of appointment of the Umpire.  The Arbiters shall consider this Contract
  as an honorable engagement rather than merely as a legal obligation and they
  are relieved of all judicial formalities and may abstain from following the
  strict rules of law.  The decision of
  the Arbiters shall be final and binding on both parties; but failing to
  agree, they shall call in the Umpire and the decision of the majority shall
  be final and binding upon both parties.

	
   
	
  Judgment upon the final decision of the Arbiters may
  be entered in any court of competent jurisdiction.

	
   
	
   

	
  C.
	
  If more than one reinsurer is involved in the same
  dispute, all such reinsurers shall constitute and act as one party for
  purposes of this Article and communications shall be made by the Company to
  each of the reinsurers constituting one party, provided, however, that
  nothing herein shall impair the rights of such reinsurers to assert several,
  rather than joint, defenses or claims, nor be construed as changing the
  liability of the reinsurers participating under the terms of this Contract
  from several to joint.

	
   
	
   

	
  D.
	
  Each party shall bear the expense of its own
  Arbiter, and shall jointly and equally bear with the other the expense of the
  Umpire and of the arbitration.  In the
  event that the two Arbiters are chosen by one party, as above provided, the
  expense of the Arbiters, the Umpire and the arbitration shall be equally
  divided between the two parties.

	
   
	
   

	
  E.
	
  Any arbitration proceedings shall take place at a
  location mutually agreed upon by the parties to this Contract, but notwithstanding
  the location of the arbitration, all proceedings pursuant hereto shall be
  governed by the law of the state in which the Company has its principal
  office.

Article
XXIV - Service of Suit (BRMA 49E)

(This Article applies to
Reinsurers domiciled outside the United States of America and/or unauthorized
in any state, territory, or district of the United States of America that has
jurisdiction over the Company and in which a subject suit has been
instituted.  This Article is not
intended to conflict with or override the parties’ obligation to arbitrate
their disputes in accordance with the Arbitration Article.)

	
  A.
	
  In the event any Reinsurer hereon fails to pay any
  amount claimed due hereunder, such Reinsurer, at the request of the Company,
  shall submit to the jurisdiction of a court of competent jurisdiction within
  the United States and shall comply with all requirements necessary to give
  that court jurisdiction.  Nothing in
  this Article constitutes or should be understood to constitute a waiver of
  the Reinsurer’s right 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.  Service of process in such suit may be
  made upon Mendes and Mount, 750 Seventh Avenue, New York, New York
  10019-6829, or another party specifically designated in the applicable Interests
  and Liabilities Agreement attached hereto. 
  In any suit instituted against it upon this Contract, the Reinsurer
  shall abide by the final decision of such court or of any appellate court in
  the event of an appeal.

	
   
	
   

	
  B.
	
  The above named are authorized and directed to
  accept service of process on behalf of the Reinsurer in any such suit and/or
  upon the request of the Company to give a written undertaking to the Company
  that they shall enter a general appearance upon the Reinsurer’s behalf in the
  event such a suit is instituted.

	
   
	
   

	
  C.
	
  Further, pursuant to any statute of any state,
  territory, or district of the United States that makes provision therefor,
  the 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 proceeding 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
XXV - Agency Agreement

If more than one
reinsured company is named as a party to this Contract, the first named company
shall be deemed the agent of the other reinsured companies for purposes of
sending or receiving notices required by the terms and conditions of this
Contract, and for purposes of remitting or receiving any monies due any party.

Article XXVI
- Intermediary (BRMA 23A)

Benfield Inc. is
hereby recognized as the Intermediary negotiating this Contract for all
business hereunder.  All communications
(including but not limited to notices, statements, premium, return premium,
commissions, taxes, losses, loss adjustment expense, salvages and loss
settlements) relating thereto shall be transmitted to the Company or the
Reinsurer through Benfield Inc., 3600 West 80th Street, Minneapolis,
Minnesota 55431.  Payments by the
Company to the Intermediary shall be deemed to constitute payment to the
Reinsurer.  Payments by the Reinsurer to
the Intermediary shall be deemed to constitute payment to the Company only to
the extent that such payments are actually received by the Company.

In Witness Whereof, the Company by its duly
authorized representative has executed this Contract as of the date
undermentioned at:

	
  Jacksonville, Florida,
	
     this 13th of April in
  the year 2004.

	
   
	
   

	
   
	
  /s/ Kim D. Thorpe

	
   
	
  

  
	
   
	
  FPIC Insurance Group, Inc., on behalf of its

  insurance company subsidiaries

  First Professionals Insurance Company, Inc.,

  Anesthesiologists’ Professional Assurance Company, and

  Intermed Insurance Company

Nuclear
Incident Exclusion Clause - Liability - Reinsurance (U.S.A.)
(Approved by Lloyd’s
Underwriters’ Fire and Non-Marine Association)

	
  (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

	
   
	
   
	
   
	
   

	
   
	
   
	
  (c)
	
  the 

            (injury,
  sickness, disease, death or destruction 

            (bodily injury or
  property damage

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

            (injury to or
  destruction of property at such nuclear facility 

            (property damage
  to such nuclear facility and any property thereat.

	
   
	
   
	
   

	
   
	
  IV.
	
  As
  used in this endorsement:

	
   
	
   
	
   

	
   
	
   
	
  “hazardous
  properties” include radioactive, toxic or explosive properties; “nuclear
  material” means source material, special nuclear material or byproduct
  material; “source material”, “special nuclear material”, and “byproduct
  material” have the meanings given them in the Atomic Energy Act of 1954 or in
  any law amendatory thereof; “spent fuel” means any fuel element or fuel
  component, solid or liquid, which has been used or exposed to radiation in a
  nuclear reactor; “waste” means any waste material (1) containing 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 or the Independent Insurance Conference of
  Canada.

							

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

Medical
Professional Liability Excess of Loss

Reinsurance Contract

Effective:  January 1, 2004

issued to

Member Companies
of FPIC Insurance Group, Inc.
including
First Professionals Insurance Company, Inc.

Jacksonville, Florida

Anesthesiologists’ Professional Assurance Company

Coral Gables, Florida

and

Intermed Insurance Company

St. Louis, Missouri

	
  Reinsurers
	
   
	
  Participations
	
   

	
   
	
   
	
  

  	
   

	
   
	
   
	
   
	
   
	
   
	
   
	
   

	
  ACE Tempest Re USA, Inc. (for ACE Property & Casualty Insurance Company)
	
   
	
   
	
   
	
  7.5
	
  %
	
   

	
  Partner Reinsurance Company of the U.S.
	
   
	
   
	
   
	
  15.0
	
   
	
   

	
  Transatlantic Reinsurance Company
	
   
	
   
	
   
	
  20.5
	
   
	
   

	
   
	
   
	
   
	
   
	
   
	
   
	
   

	
  Through Benfield Limited
	
   
	
   
	
   
	
   
	
   
	
   

	
  Hannover Ruckversicherungs-Aktiengesellschaft
	
   
	
   
	
   
	
  30.0
	
   
	
   

	
  Lloyd’s Underwriters and Companies Per Signing
  Schedule(s)
	
   
	
   
	
   
	
  27.0
	
   
	
   

	
   
	
   
	
   
	
   
	
   
	
   
	
   

	
  Total
	
   
	
   
	
   
	
  100.0
	
  %
	
   

Interests
and Liabilities Agreement

of

ACE Property &
Casualty Insurance Company

Philadelphia, Pennsylvania

by

ACE Tempest Re USA, Inc.

Stamford, Connecticut

(hereinafter
referred to as the “Subscribing Reinsurer”)

with respect to
the

Medical
Professional Liability Excess of Loss

Reinsurance Contract

Effective:  January 1, 2004

issued to and duly
executed by

Member Companies
of FPIC Insurance Group, Inc.
including
First Professionals Insurance Company, Inc.

Jacksonville, Florida

Anesthesiologists’ Professional Assurance Company

Coral Gables, Florida

and

Intermed Insurance Company

St. Louis, Missouri

The Subscribing Reinsurer hereby
accepts a 7.5% share in the interests and liabilities of the “Reinsurer” as set
forth in the attached Contract captioned above.

This Agreement shall
become effective on January 1, 2004, and shall continue in force until
terminated in accordance with the provisions of the attached Contract.

The Subscribing Reinsurer’s
share in the attached Contract shall be separate and apart from the shares of
the other reinsurers, and shall not be joint with the shares of the other
reinsurers, it being understood that the Subscribing Reinsurer shall in no event
participate in the interests and liabilities of the other reinsurers.

In
Witness Whereof, the Subscribing Reinsurer by its duly
authorized representative has executed this Agreement as of the date
undermentioned at:

Stamford,
Connecticut,     this 8th day of April in the year
2004.

	
   
	
  /s/ David C. Riek

	
   
	
  

  
	
   
	
  ACE Tempest Re USA, Inc.

	
   
	
  (for and on behalf of ACE Property & Casualty
  Insurance Company)

Interests
and Liabilities Agreement

of

Hannover
Ruckversicherungs-Aktiengesellschaft

Hannover, Germany

(hereinafter
referred to as the “Subscribing Reinsurer”)

with respect to
the

Medical
Professional Liability Excess of Loss

Reinsurance Contract

Effective:  January 1, 2004

issued to and duly
executed by

Member Companies
of FPIC Insurance Group, Inc.
including
First Professionals Insurance Company, Inc.

Jacksonville, Florida

Anesthesiologists’ Professional Assurance Company

Coral Gables, Florida

and

Intermed Insurance Company

St. Louis, Missouri

The Subscribing Reinsurer hereby
accepts a 30.0% share in the interests and liabilities of the “Reinsurer” as
set forth in the attached Contract captioned above.

This Agreement shall
become effective on January 1, 2004, and shall continue in force until
terminated in accordance with the provisions of the attached Contract.

The Subscribing Reinsurer’s
share in the attached Contract shall be separate and apart from the shares of
the other reinsurers, and shall not be joint with the shares of the other
reinsurers, it being understood that the Subscribing Reinsurer shall in no event
participate in the interests and liabilities of the other reinsurers.

In
Witness Whereof, the Subscribing Reinsurer by its duly
authorized representative has executed this Agreement as of the date
undermentioned at:

Hannover,
Germany,     this _______ day of _________________________
in the year ____________.

	
   
	
  

  
	
   
	
  Hannover
  Ruckversicherungs-Aktiengesellschaft

Interests
and Liabilities Agreement

of

Partner
Reinsurance Company of the U.S.

New York, New York

(hereinafter
referred to as the “Subscribing Reinsurer”)

with respect to
the

Medical
Professional Liability Excess of Loss

Reinsurance Contract

Effective:  January 1, 2004

issued to and duly
executed by

Member Companies of FPIC Insurance Group, Inc.
including
First Professionals Insurance Company, Inc.

Jacksonville, Florida

Anesthesiologists’ Professional Assurance Company

Coral Gables, Florida

and

Intermed Insurance Company

St. Louis, Missouri

The Subscribing Reinsurer hereby
accepts a 15.0% share in the interests and liabilities of the “Reinsurer” as
set forth in the attached Contract captioned above.

This Agreement shall
become effective on January 1, 2004, and shall continue in force until
terminated in accordance with the provisions of the attached Contract.

The Subscribing Reinsurer’s
share in the attached Contract shall be separate and apart from the shares of
the other reinsurers, and shall not be joint with the shares of the other
reinsurers, it being understood that the Subscribing Reinsurer shall in no event
participate in the interests and liabilities of the other reinsurers.

In
Witness Whereof, the Subscribing Reinsurer by its duly
authorized representative has executed this Agreement as of the date
undermentioned at:

Greenwich,
Connecticut,   this 23rd day of April in the year
2004.

	
   
	
  /s/ Giuseppe A. Ruggieri

	
   
	
  

  
	
   
	
  Partner Reinsurance Company of the U.S.

Interests
and Liabilities Agreement

of

Transatlantic
Reinsurance Company

New York, New York

(hereinafter
referred to as the “Subscribing Reinsurer”)

with respect to
the

Medical
Professional Liability Excess of Loss

Reinsurance Contract

Effective:  January 1, 2004

issued to and duly
executed by

Member Companies
of FPIC Insurance Group, Inc.
including
First Professionals Insurance Company, Inc.

Jacksonville, Florida

Anesthesiologists’ Professional Assurance Company

Coral Gables, Florida

and

Intermed Insurance Company

St. Louis, Missouri

The Subscribing Reinsurer hereby
accepts a 20.5% share in the interests and liabilities of the “Reinsurer” as
set forth in the attached Contract captioned above.

This Agreement shall become
effective on January 1, 2004, and shall continue in force until terminated
in accordance with the provisions of the attached Contract.

The Subscribing Reinsurer’s
share in the attached Contract shall be separate and apart from the shares of
the other reinsurers, and shall not be joint with the shares of the other
reinsurers, it being understood that the Subscribing Reinsurer shall in no event
participate in the interests and liabilities of the other reinsurers.

In
Witness Whereof, the Subscribing Reinsurer by its duly
authorized representative has executed this Agreement as of the date
undermentioned at:

New York, New
York,   this 24th
day of May in the year 2004.

	
   
	
  /s/ Niick Tzaneteas

	
   
	
  

  
	
   
	
  Transatlantic Reinsurance Company

Interests
and Liabilities Agreement

of

Certain
Underwriting Members of Lloyd’s

shown in the Signing Schedule attached hereto

(hereinafter
referred to as the “Subscribing Reinsurer”)

with respect to
the

Medical
Professional Liability Excess of Loss

Reinsurance Contract

Effective:  January 1, 2004

issued to and duly
executed by

Member Companies
of FPIC Insurance Group, Inc.
including
First Professionals Insurance Company, Inc.

Jacksonville, Florida

Anesthesiologists’ Professional Assurance Company

Coral Gables, Florida

and

Intermed Insurance Company

St. Louis, Missouri

The Subscribing Reinsurer hereby
accepts a 12.0% share in the interests and liabilities of the “Reinsurer” as
set forth in the attached Contract captioned above.

This Agreement shall
become effective on January 1, 2004, and shall continue in force until
terminated in accordance with the provisions of the attached Contract.

The Subscribing Reinsurer’s
share in the attached Contract shall be separate and apart from the shares of
the other reinsurers, and shall not be joint with the shares of the other
reinsurers, it being understood that the Subscribing Reinsurer shall in no event
participate in the interests and liabilities of the other reinsurers.

Signed for and on behalf
of the Subscribing
Reinsurer in the Signing Schedule attached hereto.

          Now
Know Ye that We the Underwriters, Members of the Syndicates whose definitive
numbers in the after-mentioned List of Underwriting Members of Lloyd’s are set
out in the attached Table, hereby bind ourselves each for his own part and not
one for another, our Executors and Administrators, and in respect of his due
proportion only, to pay or make good to the Assured or to the Assured’s
Executors or Administrators or to indemnify him or them against all such loss,
damage or liability as herein provided, such payment to be made after such
loss, damage or liability is proved and the due proportion for which each of
us, the Underwriters, is liable shall be ascertained by reference to his share,
as shown in the said List, of the Amount, Percentage or Proportion of the total
sum insured hereunder which is in the Table set opposite the definitive number
of the Syndicate of which such Underwriter is a Member AND FURTHER THAT the
List of Underwriting Members of Lloyd’s referred to above shows their
respective Syndicates and Shares therein, is deemed to be incorporated in and
to form part of this policy, bears the number specified in the attached Table
and is available for inspection at Lloyd’s Policy Signing Office by the Assured
or his or their representatives and a true copy of the material parts of the
said List certified by the General Manager of Lloyd’s Policy Signing Office
will be furnished to the Assured on application.

          In
Witness whereof the General Manager of Lloyd’s Policy Signing Office has
subscribed his name on behalf of each of us.

	
  (NM)
	
  LLOYD’S POLICY SIGNING OFFICE,

	
   
	
   

	
   
	
  /s/ Peter George

	
   
	
   

	
   
	
  General Manager

Definitive Numbers of
Syndicates and Amount,

Percentage

or Proportion of the Total Sum insured hereunder 

shared 

	
  BUREAU REFERENCE
	
  61656 08/06/04
	
  BROKER NUMBER  
  1108

	
   
	
   
	
   

	
  PROPORTION
%
	
  SYNDICATE
	
  UNDERWRITER’S

  REFERENCE

	
   
	
   
	
   

	
  7.00
	
  435
	
  83667600

	
  5.00
	
  2488
	
  BBCM54JE4330

	
   
	
   
	
   

	
  TOTAL LINE
	
  No. OF SYNDICATES
	
   

	
  12.00
	
  2
	
   

THE LIST OF UNDERWRITING MEMBERS

OF LLOYDS IS IN RESPECT OF 2004

YEAR OF ACCOUNT

          Now
Know Ye that We the Underwriters, Members of the Syndicates whose definitive
numbers in the after-mentioned List of Underwriting Members of Lloyd’s are set
out in the attached Table, hereby bind ourselves each for his own part and not
one for another, our Executors and Administrators, and in respect of his due proportion
only, to pay or make good to the Assured or to the Assured’s Executors or
Administrators or to indemnify him or them against all such loss, damage or
liability as herein provided, such payment to be made after such loss, damage
or liability is proved and the due proportion for which each of us, the
Underwriters, is liable shall be ascertained by reference to his share, as
shown in the said List, of the Amount, Percentage or Proportion of the total
sum insured hereunder which is in the Table set opposite the definitive number
of the Syndicate of which such Underwriter is a Member AND FURTHER THAT the
List of Underwriting Members of Lloyd’s referred to above shows their
respective Syndicates and Shares therein, is deemed to be incorporated in and
to form part of this policy, bears the number specified in the attached Table
and is available for inspection at Lloyd’s Policy Signing Office by the Assured
or his or their representatives and a true copy of the material parts of the
said List certified by the General Manager of Lloyd’s Policy Signing Office
will be furnished to the Assured on application.

          In
Witness whereof the General Manager of Lloyd’s Policy Signing Office has
subscribed his name on behalf of each of us.

	
  (NM)
	
  LLOYD’S POLICY SIGNING OFFICE,

	
   
	
   

	
   
	
  /s/ Peter George

	
   
	
   

	
   
	
   

	
   
	
  General Manager

Definitive Numbers of
Syndicates and Amount, 

Percentage

or Proportion of the Total Sum insured hereunder

shared 

	
  BUREAU REFERENCE

  	
  61656 08/06/04

  	
  BROKER NUMBER 1108

	
   
	
   
	
   

	
  PROPORTION
%
	
  SYNDICATE
	
  UNDERWRITER’S

  REFERENCE

	
   
	
   
	
   

	
   
	
   
	
   

	
  7.00
	
  435
	
  83667600

	
  5.00
	
  2488
	
  BBCM54JE4330

	
   
	
   
	
   

	
  TOTAL LINE
	
  No. OF SYNDICATES
	
   

	
  12.00
	
  2
	
   

THE
LIST OF UNDERWRITING MEMBERS

OF LLOYDS IS IN RESPECT OF 2004

YEAR OF ACCOUNT

Interests
and Liabilities Agreement

of

Certain Insurance
Companies

shown in the Signing Schedule(s) attached hereto

(hereinafter
referred to as the “Subscribing Reinsurer”)

with respect to
the

Medical
Professional Liability Excess of Loss

Reinsurance Contract

Effective:  January 1, 2004

issued to and duly
executed by

Member Companies
of FPIC Insurance Group, Inc.
including
First Professionals Insurance Company, Inc.

Jacksonville, Florida

Anesthesiologists’ Professional Assurance Company

Coral Gables, Florida

and

Intermed Insurance Company

St. Louis, Missouri

The Subscribing Reinsurer hereby
accepts a 15.0% share in the interests and liabilities of the “Reinsurer” as
set forth in the attached Contract captioned above.

This Agreement shall
become effective on January 1, 2004, and shall continue in force until
terminated in accordance with the provisions of the attached Contract.

The Subscribing Reinsurer’s
share in the attached Contract shall be separate and apart from the shares of
the other reinsurers, and shall not be joint with the shares of the other
reinsurers, it being understood that the Subscribing Reinsurer shall in no event
participate in the interests and liabilities of the other reinsurers.

Signed for and on
behalf of the Subscribing Reinsurer in the Signing Schedule(s) attached
hereto.

	
  BUREAU
  REFERENCE
	
  0403190001483

	
   
	
   
	
   

	
  PROPORTION
	
  CODE
	
  MEMBER
  COMPANY AND REFERENCE

	
   
	
   
	
   

	
  %
	
   
	
   

	
   
	
   
	
   

	
  7.5000000
	
  W4006
	
  WELLINGTON REINSURANCE LIMITED

	
   
	
   
	
  NOW KNOWN AS ASPEN INSURANCE UK LIMITED
UW702622FOX

	
  7.5000000
	
  R4003
	
                 ALEA
  LONDON LIMITED

	
   
	
   
	
  AFXEX0114713

	
   
	
   
	
   

	
  15.000000%  TOTAL
	
   
	
   

          the
Reinsurers, hereby severally agree to reinsure the Reinsured in the manner and
proportions set forth in this reinsurance contract.

The
subscribing Reinsurers’ obligations under this contract are several and not
joint and are limited solely to the extent of their individual signed
subscriptions. The subscribing Reinsurers are not responsible for the
subscription of any co-subscribing Reinsurer who for any reason does not satisfy
all or part of its obligations.

In
witness whereof the name of the Managing Director of Ins-sure Services Limited
is subscribed on behalf of each of the Reinsurers in accordance with the
provisions of the Services Agreement that each of the Reinsurers has with
London Processing Centre Limited (a wholly owned subsidiary of Ins-sure
Services Limited).

	
                 /s/
  David Andrews
	
  Managing Director
	
   

	
  

  	
   
	
   

	
  This wording is not valid
  unless it bears the signature of the Managing Director of Ins-sure Services
  Limited.

	
  BUREAU
  REFERENCE
	
  0406080001174

	
   
	
   
	
   

	
  PROPORTION
	
  CODE
	
  MEMBER
  COMPANY AND REFERENCE

	
   
	
   
	
   

	
  %
	
   
	
   

	
   
	
   
	
   

	
  7.5000000
	
  W4006
	
  WELLINGTON REINSURANCE LIMITED

	
   
	
   
	
  NOW KNOWN AS ASPEN INSURANCE UK LIMITED
UW702623DOX

	
  7.5000000
	
  R4003
	
                 ALEA
  LONDON LIMITED

	
   
	
   
	
  AFXEX0114714

	
   
	
   
	
   

	
  15.000000%  TOTAL
	
   
	
   

The
subscribing Reinsurers’ obligations under this contract are several and not
joint and are limited solely to the extent of their individual signed
subscriptions. The subscribing Reinsurers are not responsible for the
subscription of any co-subscribing Reinsurer who for any reason does not satisfy
all or part of its obligations.

In
witness whereof the name of the Managing Director of Ins-sure Services Limited
is subscribed on behalf of each of the Reinsurers in accordance with the
provisions of the Services Agreement that each of the Reinsurers has with
London Processing Centre Limited (a wholly owned subsidiary of Ins-sure
Services Limited).

	
                 /s/
  David Andrews
	
  Managing Director
	
   

	
  

  	
   
	
   

	
  This wording is not valid unless it bears the
  signature of the Managing Director of Ins-sure Services Limited.<PAGE>

                                                                   Exhibit 10.17

                                LINENS 'N THINGS

                                  July 6, 2004

                        Restricted Stock Units Agreement

                             To: Jack E. Moore, Jr.,

        On July 6, 2004, you have been awarded 25,000 restricted stock units
("Restricted Stock Units"), each unit representing the right to receive one
share of common stock, par value $0.01 per share, of Linens 'n Things, Inc. (the
"Company") pursuant to the Company's New Hire Authorization (the
"Authorization"), subject in all respect to the terms of this Restricted Stock
Units Agreement (this "Agreement").

        By signing a copy of this Agreement, you hereby agree to the following
terms and conditions:

        1.      INCORPORATION BY REFERENCE OF PLAN. The provisions of the
Authorization are incorporated by reference in this Agreement and shall govern
as to all matters not expressly provided for in this Agreement. Terms not
defined in this Agreement have the meanings set forth in the Authorization. In
the event of any actual conflict between the terms of this Agreement and the
Authorization, the terms of the Authorization shall govern.

        2.      VESTING. Except as expressly provided elsewhere in this
Agreement, the Restricted Stock Units shall vest according to the dates shown
below (each a "Vesting Date"):

        PERCENTAGE OF SHARES                    FIRST DATE ON WHICH
        WHICH VEST HEREUNDER                    SUCH SHARES VEST
        --------------------                    ----------------

                20%                             June 14, 2005
                20%                             June 14, 2006
                20%                             June 14, 2007
                20%                             June 14, 2008
                20%                             June 14, 2009

        3.      PAYMENT OR CONVERSION OF RESTRICTED STOCK UNITS.

                (a)     On the Vesting Date, the Company shall deliver to you
                        the number of shares of stock corresponding to such
                        vested Restricted Stock Units, except to the extent you
                        have otherwise elected to defer receipt in accordance
                        with terms and conditions determined by the Company. On
                        or before each vesting date set forth in Section 2 of
                        this Agreement, you shall pay to the Company and amount
                        equal to $0.01 multiplied by the number of common shares
                        underlying the Restricted Stock Units which have vested
                        on such date.

<PAGE>

                (b)     For so long as you hold Restricted Stock Units, at the
                        time any dividend is paid with respect to a share of
                        Company common stock, the Company shall pay to you in
                        respect of each Restricted Stock Unit an amount in cash,
                        in Company common stock, in other property or in a
                        combination thereof, in each case having a value equal
                        to the fair market value of such dividend on the
                        dividend payment date (hereinafter "Dividend
                        Equivalents") subject to any deferral election you may
                        have made in accordance with the Company's
                        authorization; provided, however, that unless otherwise
                        determined by the Company, any such Dividend Equivalent
                        payment in respect of stock dividends, dividends in kind
                        or extraordinary dividends will be subject to the
                        vesting provisions applicable to such Restricted Stock
                        Unit.

        4.      CHANGE IN CONTROL. The Restricted Stock Units granted hereunder
shall become fully vested upon a Change in Control (as such term is defined in
the Authorization) without regard to the vesting schedule contained in Section 2
of this Agreement.

        5.      VESTING ON DEATH. Upon your death during your active employment
at the Company, all then outstanding and unvested Restricted Stock Units granted
hereunder shall become immediately vested without regard to the vesting schedule
contained in Section 2 of this Agreement.

        6.      VESTING ON TERMINATION OF EMPLOYMENT. Upon the termination of
your employment with the Company for any reason other than your death, you will
be entitled only to the percentage of the Restricted Stock Units which had
vested under this Agreement as of your termination date except as may be
otherwise set forth in your written employment agreement executed by you and the
Company, if applicable.

        7.      COMPLIANCE WITH SECURITIES LAWS. You understand and acknowledge
that the Restricted Stock Units issued to you pursuant to this Agreement may not
be offered, sold, transferred or otherwise disposed of except in accordance with
the Securities Act of 1933, as amended, the rules and regulations thereunder and
all applicable state securities laws. In addition, the Restricted Stock Units,
like any stock of the Company which you may own directly or indirectly, may not
be traded during a period when the Company has advised you that trading in the
Company's stock is prohibited.

        8.      RESTRICTIONS ON RESALE. You understand that the Restricted Stock
Units are subject to restrictions set forth in this Agreement and are only
transferable on the books and records of the Company and its transfer agent and
registrar and that the Company and such transfer agent and registrar will not
register any transfer of the Restricted Stock Units which the Company in good
faith believes violates the restrictions set forth herein.

        9.      DESIGNATED BENEFICIARY. You may designate a Beneficiary who will
have the right to receive the Restricted Stock Units, if any, which vest on your
death. The form which may be used for this purpose is attached to this
Agreement. If you do not designate a Beneficiary by completing the attached form
and returning it to the Company, the Company will automatically default payment
to your estate.

        10.     RIGHTS AS A SHAREHOLDER. You shall have no rights as a
shareholder with respect to

<PAGE>

the common shares underlying any Restricted Stock Units unless and until a
certificate representing such common shares is duly issued and delivered to you.

        11.     WITHHOLDING TAXES. The Company's obligation to deliver shares to
you upon vesting of any Restricted Stock Units shall be subject to your
satisfaction of all applicable federal, state and local income tax, employment
tax and withholding requirements.

        12.     ANTI-DILUTION PROVISIONS. If prior to the vesting of the
Restricted Stock Units, there shall occur any change in the outstanding shares
of the Company's common stock by reason of any stock dividend, stock split,
combination or exchange of such shares of common stock, merger, consolidation,
recapitalization, reorganization, liquidation, dissolution or similar event, and
as often as the same shall occur, then the kind and number of Restricted Stock
Units may be adjusted by the Compensation Committee of the Board of Directors
(the "Committee") in such manner as it may deem equitable, the determination of
which shall be binding and conclusive. Failure of the Committee to provide for
any such adjustment shall be conclusive evidence that no adjustment is required.

        13.     ACCEPTANCE OF PROVISIONS. The execution of this Agreement by you
shall constitute your acceptance of and agreement to all of the terms and
conditions of the Authorization and this Agreement.

        14.     CONFIDENTIALITY AND RESTRICTIVE COVENANT PROVISIONS. In
consideration of the grant of Restricted Stock Units to you and the compensation
now and hereafter paid to you, you hereby acknowledge and agree as follows:

                (a)     CONFIDENTIALITY

                (i)     You are aware that the Company owns proprietary and
                        confidential information and materials covering or
                        related to the Company's finances, business and
                        operations which from time to time may be disclosed to
                        you or to which you may obtain access or develop or
                        create on behalf of the Company. Such information and
                        materials may include, but are not limited to, sales
                        information, plans and projections, trade secrets,
                        marketing plans, product plans, margin information,
                        vendor compensation, store plans and information,
                        pricing techniques and plans, training programs,
                        strategies, statistical data, forecasts, replenishment
                        programs and systems and other information concerning
                        the Company and its past, present or future operations,
                        financing, sales, marketing or business (collectively
                        "Confidential Information"). Confidential Information
                        does not include information which is or becomes known
                        generally by the public other than through your breach
                        of this Agreement. You acknowledge the confidential and
                        secret character of the Confidential Information and
                        agree that the Confidential Information is the sole,
                        exclusive and extremely valuable property of the Company
                        which gives the Company an advantage over its
                        competitors and is critical to the success of the
                        Company and its business.

                (ii)    All Confidential Information is the property of the
                        Company and neither your employment nor the disclosure
                        of such information to you should be construed to grant
                        any right, license or authorization to you to use the

<PAGE>

                        Confidential Information except in connection with the
                        performance by you of the services for which you are
                        employed by the Company. You will not during your
                        employment by the Company or at any time thereafter
                        exploit, reproduce or use for yourself or any third
                        parties, or divulge or convey to any third parties, any
                        Confidential Information except to the extent that
                        Confidential Information shall be required to be used
                        and/or divulged in order to enable you to perform in the
                        ordinary course the services for which you are then
                        currently employed by the Company.

                (iii)   You will comply with all regulations established by the
                        Company to maintain the confidentiality of the
                        Confidential Information and will not remove
                        Confidential Information from your place of employment
                        without the express consent of the Company.

                (iv)    On termination of your employment with the Company or at
                        any other time as the Company may request, you shall end
                        all use of any Confidential Information and return to
                        the Company all originals and copies of any Confidential
                        Information then in or thereafter coming into your
                        possession (in whatever form and however such
                        Confidential Information might be obtained or recorded).
                        You shall not thereafter retain a copy of any such
                        Confidential Information.

                (b)     RESTRICTIVE COVENANT

                (i)     During your employment by the Company and for a period
                        of two (2) calendar years thereafter (the "Restriction
                        Period"), you will not, alone or with others, directly
                        or indirectly, induce or attempt to induce any person
                        who, during the term of your employment with the
                        Company, was an employee or representative of the
                        Company, to terminate his or her employment or
                        relationship with the Company or to violate the terms of
                        any agreement between such employee or representative
                        and the Company, or hire or attempt to hire any employee
                        of the Company within one hundred eighty (180) after the
                        termination of such employee's relationship with the
                        Company.

                (ii)    During your employment by the Company and for a period
                        of two (2) calendar years thereafter, You will not
                        accept any employment or related position, or act as a
                        consultant (either directly or indirectly) with the
                        following competitors of the Company: Bed Bath & Beyond,
                        Party City, Spencer Gifts, J.C. Penny's, Target, Ross
                        stores, TJ Maxx Corp, or Federated Department stores. In
                        the case of a termination of employment by the Company
                        for any other reason than by "Cause" (as defined in
                        Section 5(b)), the Restriction Period shall terminate
                        immediately upon the employee's termination of
                        employment.

                (iii)   You agree that the above restrictions are reasonable and
                        necessary in light of your position and responsibilities
                        with the Company.

                (c)     REMEDIES

<PAGE>

                (i)     You acknowledge that the Company will not have an
                        adequate remedy at law for your breach of any provision
                        of this Section 14. You consent to the entry of
                        injunctive or other appropriate equitable relief against
                        you with respect to any such breach (without proof of
                        monetary or immediate damage and without any bond or
                        other security being required), in addition to any other
                        remedies which might be available to the Company at law
                        or in equity.

                (ii)    Upon your breach of this Section 14, all outstanding
                        Restricted Stock Units granted to you (A) to the extent
                        not yet vested or otherwise not then issued to you for
                        any reason, shall be immediately forfeited and
                        cancelled, and (B) to the extent any such Restricted
                        Stock Units have vested and the certificates for the
                        underlying common shares have been issued to you, the
                        value of such underlying common shares shall be
                        immediately returned by you to the Company, either (x)
                        in "kind" by the transfer and delivery to the Company of
                        that number of shares of Company common stock equal to
                        the number of common shares represented by such vested
                        Restricted Stock Units, (y) in cash equal to the Fair
                        Market Value (as defined in the Authorization) of a
                        share of Company common stock on the date of the breach
                        multiplied by the number of common shares represented by
                        such vested Restricted Stock Units, or (z) a combination
                        of (x) and (y). The determination of whether you have
                        breached this Section 14 shall be determined by the
                        Committee or the Board in good faith. This Section 14
                        shall have no application following a termination of
                        employment following a Change in Control (as defined in
                        the Authorization).

                (iii)   You agree to reimburse the Company for all costs and
                        expenses (including, without limitation, court costs and
                        the reasonable fees and expenses of attorneys) incurred
                        by the Company in connection with any action by the
                        Company seeking to enforce this Section 14.

                (iv)    If any court of competent jurisdiction determines that
                        any provision of this Section 14, as written, is too
                        broad in scope or duration to be enforceable, such
                        provision should be narrowed in scope and duration to
                        the extent (and only to such extent) necessary to make
                        such provision enforceable. The invalidity or
                        unenforceability of any provision or provisions of this
                        Section 14 shall not affect the validity or
                        enforceability of any other provision of this Agreement,
                        which shall remain in full force and effect.

        15.     VENUE AND JURISDICTION; WAIVER OF JURY TRIAL. Any claim brought
by you arising out of or in connection with this Agreement or the Authorization
(as incorporated herein by reference), the subject matter thereof, or the
performance or non-performance of any obligation thereunder (other than a
counterclaim maintained by you in an action originally brought by the Company),
shall be brought in either the state or federal courts located in the State of
New Jersey. You hereby irrevocably submit to the jurisdiction of each of the
state or federal courts located in the State of New Jersey for the purposes of
any suit, civil action or other proceeding ("Suit") arising out of or in
connection with this Agreement or the Authorization, the subject matter thereof,
or the performance or non-performance of any obligation thereunder. You hereby
waive and agree not to assert by way of motion, as a defense or otherwise in any
such Suit, any claim that you are not subject to the jurisdiction of the state
or federal courts located in the State of New Jersey, that such Suit is

<PAGE>

brought in an inconvenient forum, or that the venue of such Suit is improper.
You hereby consent to service of process by first-class mail with respect to any
action brought by the Company against you arising out of or in connection with
this Agreement or the Authorization.

        YOU HEREBY WAIVE ANY TRIAL BY JURY WITH RESPECT TO ANY CLAIM ARISING OUT
OF OR IN CONNECTION WITH THIS AGREEMENT OR THE AUTHORIZATION, THE SUBJECT MATTER
THEREOF, OR THE PERFORMANCE OR NON-PERFORMANCE OF ANY OBLIGATION THEREUNDER.

        16.     MISCELLANEOUS. This Agreement and the Authorization contain a
complete statement of all the arrangements between the parties with respect to
their subject matter, and this Agreement cannot be changed except in a writing
executed by both parties. This Agreement shall be governed by and construed in
accordance with the laws of the State of New Jersey applicable to agreements
made and to be performed exclusively in New Jersey. The headings in this
Agreement are solely for the convenience of reference and shall not affect its
meaning or interpretation.

        Please indicate your acceptance of the foregoing terms and conditions by
signing a copy of this Agreement and returning it to the Company to the
attention of the Compensation Department.

Linens 'n Things, Inc.                              Employee:

By:      BRIAN D. SILVA                             JACK E. MOORE, JR.
         --------------                             ------------------
Name:    Brian D. Silva                             Jack E. Moore, Jr.
Title:   Senior Vice President, Human
         Resources, Administration
         and Corporate Secretary

Date:    July 6, 2004                               Date: July 10, 2004
         ------------                                     -------------

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