Document:

EX-10.1

CONFORMED COPY

CREDIT AGREEMENT

dated as of

March 23, 2007

among

DARWIN PROFESSIONAL UNDERWRITERS, INC.,

The Lenders Party Hereto

and

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

as Administrative Agent

J.P. MORGAN SECURITIES INC.,

as Sole Bookrunner and Sole Lead Arranger

1

TABLE OF CONTENTS

Page

	 	 	ARTICLE I	 

Definitions

	 	 	 	SECTION 1.01. Defined Terms	 

	 	 	 	SECTION 1.02. Classification of Loans and Borrowings	 

	 	 	 	SECTION 1.03. Terms Generally	 

	 	 	 	SECTION 1.04. Accounting Terms; GAAP	 

	 	 	ARTICLE II	 

The Credits

	 	 	 	SECTION 2.01. Commitments	 

	 	 	 	SECTION 2.02. Loans and Borrowings	 

	 	 	 	SECTION 2.03. Requests for Revolving Borrowings	 

	 	 	 	SECTION 2.04. Funding of Borrowings	 

	 	 	 	SECTION 2.05. Interest Elections	 

	 	 	 	SECTION 2.06. Termination and Reduction of Commitments	 

	 	 	 	SECTION 2.07. Repayment of Loans; Evidence of Debt	 

	 	 	 	SECTION 2.08. Prepayment of Loans	 

	 	 	 	SECTION 2.09. Fees	 

	 	 	 	SECTION 2.10. Interest	 

	 	 	 	SECTION 2.11. Alternate Rate of Interest	 

	 	 	 	SECTION 2.12. Increased Costs	 

	 	 	 	SECTION 2.13. Break Funding Payments	 

	 	 	 	SECTION 2.14. Taxes	 

	 	 	 	SECTION 2.15. Payments Generally; Pro Rata Treatment; Sharing of Set-offs	 

	 	 	 	SECTION 2.16. Mitigation Obligations; Replacement of Lenders	 

	 	 	ARTICLE III	 

Representations and Warranties

	 	 	 	SECTION 3.01. Organization; Powers	 

	 	 	 	SECTION 3.02. Authorization; Enforceability	 

	 	 	 	SECTION 3.03. Governmental Approvals; No Conflicts	 

	 	 	 	SECTION 3.04. Financial Condition; No Material Adverse Change	 

	 	 	 	SECTION 3.05. Properties	 

	 	 	 	SECTION 3.06. Litigation and Environmental Matters	 

	 	 	 	SECTION 3.07. Compliance with Laws and Agreements	 

	 	 	 	SECTION 3.08. Investment Company Status	 

	 	 	 	SECTION 3.09. Taxes	 

	 	 	 	SECTION 3.10. ERISA	 

	 	 	 	SECTION 3.11. Disclosure	 

	 	 	 	SECTION 3.12. Insurance Licenses	 

	 	 	 	SECTION 3.13. Pledge Agreement	 

	 	 	 	SECTION 3.14. Subsidiaries	 

	 	 	 	SECTION 3.15. Regulation U	 

	 	 	 	SECTION 3.16. Labor Relations	 

	 	 	ARTICLE IV	 

Conditions

	 	 	 	SECTION 4.01. Effective Date	 

	 	 	 	SECTION 4.02. Each Credit Event	 

	 	 	ARTICLE V	 

Affirmative Covenants

	 	 	 	SECTION 5.01. Financial Statements; Ratings Change and Other Information	 

	 	 	 	SECTION 5.02. Notices of Material Events	 

	 	 	 	SECTION 5.03. Existence; Conduct of Business	 

	 	 	 	SECTION 5.04. Payment of Obligations	 

	 	 	 	SECTION 5.05. Maintenance of Properties; Insurance	 

	 	 	 	SECTION 5.06. Books and Records; Inspection Rights	 

	 	 	 	SECTION 5.07. Compliance with Laws	 

	 	 	 	SECTION 5.08. Use of Proceeds	 

	 	 	 	SECTION 5.09. Further Assurances; etc	 

	 	 	ARTICLE VI	 

Negative Covenants

	 	 	 	SECTION 6.01. Indebtedness	 

	 	 	 	SECTION 6.02. Liens	 

	 	 	 	SECTION 6.03. Fundamental Changes	 

	 	 	 	SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions	 

	 	 	 	SECTION 6.05. Swap Agreements	 

	 	 	 	SECTION 6.06. Restricted Payments	 

	 	 	 	SECTION 6.07. Transactions with Affiliates	 

	 	 	 	SECTION 6.08. Restrictive Agreements	 

	 	 	 	SECTION 6.09. Fiscal Year	 

	 	 	 	SECTION 6.10. Other Indebtedness and Payments	 

	 	 	 	SECTION 6.11. Sale and Leaseback Transactions	 

	 	 	 	SECTION 6.12. Interest Coverage Ratio	 

	 	 	 	SECTION 6.13. Maximum Leverage Ratio	 

	 	 	 	SECTION 6.14. Minimum Consolidated Net Worth	 

	 	 	 	SECTION 6.15. Net Premiums Written to Statutory Surplus	 

	 	 	ARTICLE VII	 

Events of Default

	 	 	ARTICLE VIII	 

The Administrative Agent

	 	 	ARTICLE IX	 

Miscellaneous

	 	 	 	SECTION 9.01. Notices	 

	 	 	 	SECTION 9.02. Waivers; Amendments	 

	 	 	 	SECTION 9.03. Expenses; Indemnity; Damage Waiver	 

	 	 	 	SECTION 9.04. Successors and Assigns	 

	 	 	 	SECTION 9.05. Survival	 

	 	 	 	SECTION 9.06. Counterparts; Integration; Effectiveness	 

	 	 	 	SECTION 9.07. Severability	 

	 	 	 	SECTION 9.08. Right of Setoff	 

	 	 	 	SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process	 

	 	 	 	SECTION 9.10. WAIVER OF JURY TRIAL	 

	 	 	 	SECTION 9.11. Headings	 

	 	 	 	SECTION 9.12. Confidentiality	 

	 	 	 	SECTION 9.13. Interest Rate Limitation	 

	 	 	 	SECTION 9.14. USA PATRIOT Act	 

SCHEDULES:

Schedule 2.01 — Commitments

Schedule 3.06 — Disclosed Matters

Schedule 3.12 — Insurance Licenses

Schedule 3.14 — Subsidiaries

Schedule 6.01 — Existing Indebtedness

Schedule 6.02 — Existing Liens

Schedule 6.04 — Current Investment Policy

Schedule 6.07 — Affiliate Transactions

Schedule 6.08 — Existing Restrictions

EXHIBITS:

Exhibit A — Form of Assignment and Assumption

2

CREDIT AGREEMENT dated as of March 23, 2007, among DARWIN PROFESSIONAL UNDERWRITERS,
INC., the LENDERS party hereto, and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as Administrative
Agent.

The parties hereto agree as follows:

ARTICLE I

Definitions

SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the
meanings specified below:

“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to
the Alternate Base Rate.

“Acquired Entity or Business” means either (a) the assets constituting a business,
division, facility, product line or line of business of any Person not already a Subsidiary or
(b) all of the issued and outstanding capital stock of any such Person, which Person shall, as a
result of such acquisition or merger, become a Wholly-Owned Subsidiary of the Borrower (or shall be
merged with and into the Borrower, with the Borrower being the surviving Person).

“Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest
Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to
(a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.

“Administrative Agent” means JPMorgan Chase Bank, National Association, in its
capacity as administrative agent for the Lenders hereunder.

“Administrative Questionnaire” means an Administrative Questionnaire in a form
supplied by the Administrative Agent.

“Affiliate” means, with respect to a specified Person, another Person that directly,
or indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

“Alleghany” means Alleghany Corporation, a Delaware corporation.

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of
(a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such
day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the
Federal Funds Effective Rate shall be effective from and including the effective date of such
change in the Prime Rate or the Federal Funds Effective Rate, respectively.

“Annual Statement” means the annual statutory financial statement of any Insurance
Subsidiary required to be filed with the insurance commissioner (or similar authority) of its
jurisdiction of incorporation, which statement shall be in the form required by such Insurance
Subsidiary’s jurisdiction of incorporation or, if no specific form is so required, in the form of
financial statements permitted by such insurance commissioner (or such similar authority) to be
used for filing annual statutory financial statements and shall contain the type of information
permitted by such insurance commissioner (or such similar authority) to be disclosed therein,
together with all exhibits or schedules filed therewith.

“Applicable Percentage” means, with respect to any Lender, the percentage of the total
Commitments represented by such Lender’s Commitment. If the Commitments have terminated or
expired, the Applicable Percentages shall be determined based upon the Commitments most recently in
effect, giving effect to any assignments.

“Approved Fund” has the meaning assigned to such term in Section 9.04.

“Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an assignee (with the consent of any party whose consent is required by Section 9.04),
and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by
the Administrative Agent.

“Availability Period” means the period from and including the Effective Date to but
excluding the earlier of the Maturity Date and the date of termination of the Commitments.

“Board” means the Board of Governors of the Federal Reserve System of the United
States of America.

“Borrower” means Darwin Professional Underwriters, Inc., a Delaware corporation.

“Borrowing” means Revolving Loans of the same Type, made, converted or continued on
the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in
effect.

“Borrowing Request” means a request by the Borrower for a Revolving Borrowing in
accordance with Section 2.03.

“Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to remain closed;
provided that, when used in connection with a Eurodollar Loan, the term “Business
Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in
the London interbank market.

“Capital Expenditures” means, without duplication, any expenditures for any purchase
or other acquisition of any asset which would be classified as a fixed or capital asset on a
consolidated balance sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP.

“Capital Lease Obligations” of any Person means the obligations of such Person to pay
rent or other amounts under any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of
such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

“Change in Control” means (a) at any time that Alleghany beneficially owns (within the
meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange
Commission thereunder as in effect on the date hereof) Equity Interests of the Borrower
representing more than one-third of the aggregate ordinary voting power represented by the issued
and outstanding Equity Interests of the Borrower, the acquisition of ownership, directly or
indirectly, beneficially or of record, by any other Person or group of Equity Interests
representing a greater portion of the aggregate ordinary voting power represented by the issued and
outstanding Equity Interests of the Borrower than that held by Alleghany or (b) at any time that
Alleghany does not beneficially own such amount of the ordinary voting power represented by the
issued and outstanding Equity Interests of the Borrower, (i) the acquisition of ownership, directly
or indirectly, beneficially or of record, by any Person (other than Alleghany) or group of Equity
Interests representing more than one-third of the aggregate ordinary voting power represented by
the issued and outstanding Equity Interests of the Borrower; (ii) the occupation of a majority of
the seats (other than vacant seats) on the board of directors of the Borrower by Persons who were
neither (x) nominated by the board of directors of the Borrower nor (y) appointed by directors so
nominated; or (iii) the acquisition of direct or indirect Control of the Borrower by any Person
(other than Alleghany) or group.

“Change in Law” means (a) the adoption of any law, rule or regulation after the date
of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or
application thereof by any Governmental Authority after the date of this Agreement or (c)
compliance by any Lender (or, for purposes of Section 2.12, by any lending office of such Lender or
by such Lender’s holding company, if any) with any request, guideline or directive (whether or not
having the force of law) of any Governmental Authority made or issued after the date of this
Agreement.

“Charges” has the meaning set forth in Section 9.13.

“Class”, when used in reference to any Loan or Borrowing, refers to the fact that such
Loan, or the Loans comprising such Borrowing, are Revolving Loans.

“Code” means the Internal Revenue Code of 1986, as amended from time to time.

"Collateral Agent” means the Administrative Agent acting as collateral agent for the
Secured Creditors pursuant to the Pledge Agreement.

“Commitment” means, with respect to each Lender, the commitment of such Lender to make
Revolving Loans, as such commitment may be (a) reduced from time to time pursuant to Section 2.06
and (b) reduced from time to time pursuant to assignments by or to such Lender pursuant to Section
9.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the
Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as
applicable. The initial aggregate amount of the Lenders’ Commitments is $ 25,000,000.

"Consolidated Net Worth” means at any time the consolidated stockholders’ equity of
the Borrower and its Subsidiaries calculated on a consolidated basis as of such time in accordance
with GAAP.

“Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings
correlative thereto.

"Credit Documents” means this Agreement, the Pledge Agreement, the Subsidiary Guaranty
and, after the execution and delivery thereof pursuant to the terms of this Agreement, each
promissory note, if any, delivered pursuant to Section 2.7(e).

“Default” means any event or condition which constitutes an Event of Default or which
upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

“Disclosed Matters” means the actions, suits and proceedings and the environmental
matters disclosed in Schedule 3.06.

“DNAC” means Darwin National Assurance Company, a Delaware corporation.

“dollars” or “$” refers to lawful money of the United States of America.

“DSIC” means Darwin Select Insurance Company, an Arkansas corporation.

“EBITDA” means, for any applicable computation period, without duplication, the sum of
(a) (i) the aggregate unrestricted dividend capacity of the Borrower’s direct Insurance
Subsidiaries and other Insurance Subsidiaries which are not held directly or indirectly by
Insurance Subsidiaries (in each case taking into account (x) the dividend capacity of Insurance
Subsidiaries of such Persons and (y) the extent any restriction on dividend capacity has been
effectively waived by the applicable Governmental Authority) plus (ii) the aggregate amount of
dividends actually paid by such Subsidiaries during such period, plus (b) (i) the aggregate
Net Income of the Borrower and the Borrower’s Subsidiaries which are not Insurance Subsidiaries on
a consolidated basis from continuing operations, plus, (ii) to the extent included in the
determination of such Net Income, (A) income and franchise taxes paid or accrued during such
period, (B) Total Interest Expense for such period, (C) amortization and depreciation deducted in
determining Net Income for such period, (D) any non-cash stock-based compensation expense and (E)
any non-cash extraordinary loss, less, (iii) to the extent included in the determination
of such Net Income, any non-cash extraordinary gain.

“Effective Date” means the date on which the conditions specified in Section 4.01 are
satisfied (or waived in accordance with Section 9.02).

“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders,
decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into
by any Governmental Authority, relating in any way to the environment, preservation or reclamation
of natural resources, the management, release or threatened release of any Hazardous Material or to
health and safety matters.

“Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the
Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any
Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or
threatened release of any Hazardous Materials into the environment or (e) any contract, agreement
or other consensual arrangement pursuant to which liability is assumed or imposed with respect to
any of the foregoing.

“Equity Interests” means shares of capital stock, partnership interests, membership
interests in a limited liability company, beneficial interests in a trust or other equity ownership
interests in a Person, and any warrants, options or other rights entitling the holder thereof to
purchase or acquire any such equity interest.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time.

“ERISA Affiliate” means any trade or business (whether or not incorporated) that,
together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code
or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code.

“ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or
the regulations issued thereunder with respect to a Plan (other than an event for which the 30 day
notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived;
(c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application
for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the
Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to
the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC
or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to
appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA
Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or
Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the
receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice,
concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is,
or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

“Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such
Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by
reference to the Adjusted LIBO Rate.

“Event of Default” has the meaning assigned to such term in Article VII.

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any
other recipient of any payment to be made by or on account of any obligation of the Borrowers
hereunder, (a) income or franchise Taxes imposed on (or measured by) its net income, or other
franchise Taxes imposed in lieu of such income Taxes, by the United States of America, or by the
jurisdiction under the laws of which such recipient is organized or in which its principal office
is located or, in the case of any Lender, in which its applicable lending office is located, or
otherwise as a result of a present or former connection between the recipient and the jurisdiction
imposing such Tax, other than a connection arising solely from such recipient having executed,
received a payment under or enforced this Agreement, (b) any branch profits Taxes imposed by the
United States of America or any similar Tax imposed by any other jurisdiction in which any of the
Borrowers is organized or in which its principal office is located and (c) except in the case of an
assignee pursuant to a request by the Borrower under Section 2.16(b), any withholding Tax that is
imposed on amounts payable to the Administrative Agent or such Lender at the time the
Administrative Agent or such Lender becomes a party to this Agreement (or designates a new lending
office) or is attributable to the Administrative Agent’s or such Lender’s failure to comply with
Section 2.14(e) or (f), except to the extent that the Administrative Agent or such Lender (or its
assignor, if any) was entitled, at the time of designation of a new lending office (or assignment),
to receive additional amounts from the Borrowers with respect to such withholding Tax pursuant to
Section 2.14(a).

“Federal Funds Effective Rate” means, for any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received
by the Administrative Agent from three Federal funds brokers of recognized standing selected by it.

“Financial Officer” means the chief financial officer, principal accounting officer,
treasurer or controller of the Borrower.

“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction
other than that in which the Borrower is organized. For purposes of this definition, the United
States of America, each State thereof and the District of Columbia shall be deemed to constitute a
single jurisdiction.

“GAAP” means generally accepted accounting principles in the United States of America.

“Governmental Authority” means the government of the United States of America, any
other nation or any political subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government.

“Guarantee” of or by any Person (the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic effect of
guaranteeing any Indebtedness of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, and including any obligation of the guarantor, direct or indirect,
(a) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of)
any security for the payment thereof, (b) to purchase or lease property, securities or services for
the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof,
(c) to maintain working capital, equity capital or any other financial statement condition or
liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or
other obligation or (d) as an account party in respect of any letter of credit or letter of
guaranty issued to support such Indebtedness or obligation; provided, that the term
Guarantee shall not include endorsements for collection or deposit in the ordinary course of
business. The amount of any Guarantee made by any guarantor shall be deemed to be the lower of (a)
an amount equal to the stated or determinable amount of the primary obligation in respect of which
such Guarantee is made and (b) the maximum amount for which such guarantor may be liable pursuant
to the terms of the instrument embodying such Guarantee, unless (in the case of a primary
obligation that is not Indebtedness) such primary obligation and the maximum amount for which such
guarantor may be liable are not stated or determinable, in which case the amount of such Guarantee
shall be such guarantor’s maximum reasonably anticipated liability in respect thereof as determined
by the Borrower in good faith. For the avoidance of doubt, insurance contracts, reinsurance
contracts and other insurance products shall not constitute Guarantees hereunder.

“Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

"Hybrid Securities” means any trust preferred securities, deferrable interest
subordinated debt, junior subordinated debentures or other similar securities issued by the
Borrower either directly or through a Subsidiary (or a business trust, limited liability company,
limited partnership or similar entity) that is a special purpose vehicle created in connection
therewith; provided, that (a) notwithstanding GAAP, Hybrid Securities will be treated as
equity rather than debt securities for all purposes hereof (including without limitation (x) Hybrid
Securities shall not be deemed “Indebtedness” nor an “Off-Balance Sheet Liability” hereunder and
(y) Hybrid Securities shall be deemed equity for purposes of calculating “Consolidated Net Worth”)
in each case so long as (i) such securities represent less than 15% of Borrower’s Total
Capitalization on a consolidated basis, (ii) the maturity date of such securities is at least 20
years after the date of issuance, and (iii) such securities do not include a call or conversion
feature exercisable within 10 years of the date of issuance and (b) notwithstanding such treatment,
all recurring payments made in respect thereof shall be treated as interest.

“Indebtedness” of any Person means, without duplication, (a) all obligations of such
Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes
or similar instruments, (c) all obligations of such Person upon which interest charges are
customarily paid, (d) all obligations of such Person under conditional sale or other title
retention agreements relating to property acquired by such Person, (e) all obligations of such
Person in respect of the deferred purchase price of property or services (excluding current
accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others
secured by (or for which the holder of such Indebtedness has an existing right, contingent or
otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not
the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of
Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations,
contingent or otherwise, of such Person as an account party in respect of letters of credit and
letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of
bankers’ acceptances and (k) all Off-Balance Sheet Liabilities. The Indebtedness of any Person
shall include the Indebtedness of any other entity (including any partnership in which such Person
is a general partner) to the extent such Person is liable therefor as a result of such Person’s
ownership interest in or other relationship with such entity, except to the extent the terms of
such Indebtedness provide that such Person is not liable therefor.

“Indemnified Taxes” means Taxes other than Excluded Taxes.

“Insurance Subsidiary” means any Subsidiary which is engaged in the business of
providing insurance coverage, including, without limitation, DNAC and DSIC.

“Interest Coverage Ratio” means as of the end of any fiscal quarter of the Borrower,
the ratio of (a) EBITDA to (b) Total Interest Expense, in each case for the period of four fiscal
quarters then ended, computed on a consolidated basis for the Borrower and its Subsidiaries.

“Interest Election Request” means a request by the Borrower to convert or continue a
Revolving Borrowing in accordance with Section 2.05.

“Interest Payment Date” means (a) with respect to any ABR Loan, the last day of each
March, June, September and December and (b) with respect to any Eurodollar Loan, the last day of
the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a
Eurodollar Borrowing with an Interest Period of more than three months’ duration, each day prior to
the last day of such Interest Period that occurs at intervals of three months’ duration after the
first day of such Interest Period.

“Interest Period” means with respect to any Eurodollar Borrowing, the period
commencing on the date of such Borrowing and ending on the numerically corresponding day in the
calendar month that is one, two, three, six, or with the prior consent of each Lender, nine or
twelve months thereafter, as the Borrower may elect; provided, that (i) if any Interest
Period would end on a day other than a Business Day, such Interest Period shall be extended to the
next succeeding Business Day unless such next succeeding Business Day would fall in the next
calendar month, in which case such Interest Period shall end on the next preceding Business Day and
(ii) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business
Day of a calendar month (or on a day for which there is no numerically corresponding day in the
last calendar month of such Interest Period) shall end on the last Business Day of the last
calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially
shall be the date on which such Borrowing is made and, for purposes of Section 2.05, thereafter
shall be the effective date of the most recent conversion or continuation of such Borrowing.

“Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall
have become a party hereto pursuant to an Assignment and Assumption, other than any such Person
that ceases to be a party hereto pursuant to an Assignment and Assumption.

“Leverage Ratio” means at any time, the ratio of Total Debt at such time to Total
Capitalization for the most recently completed four fiscal quarters of the Borrower, computed on a
consolidated basis for the Borrower and its Subsidiaries.

“LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period,
the rate appearing on Page 3750 of the Dow Jones Market Service (or on any successor or substitute
page of such Service, or any successor to or substitute for such Service, providing rate quotations
comparable to those currently provided on such page of such Service, as determined by the
Administrative Agent from time to time for purposes of providing quotations of interest rates
applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar
deposits with a maturity comparable to such Interest Period. In the event that such rate is not
available at such time for any reason, then the “LIBO Rate” with respect to such Eurodollar
Borrowing for such Interest Period shall be the rate (rounded upwards, if necessary, to the next
1/16 of 1%) at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest
Period are offered by the principal London office of the Administrative Agent in immediately
available funds in the London interbank market at approximately 11:00 a.m., London time, two
Business Days prior to the commencement of such Interest Period.

“Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien,
pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the
interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of
the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call
or similar right of a third party with respect to such securities.

“Loan” means a Revolving Loan.

“Material Adverse Effect” means a material adverse effect on (a) the business, assets,
property, prospects or financial condition of the Borrower and the Subsidiaries taken as a whole,
(b) the validity or enforceability of any of the Credit Documents or (c) the rights of or benefits
available to the Lenders under this Agreement or the other Credit Documents.

“Material Indebtedness” means Indebtedness (other than the Loans), or obligations in
respect of one or more Swap Agreements, of any one or more of the Borrower and its Subsidiaries in
an aggregate principal amount exceeding $10,000,000. For purposes of determining Material
Indebtedness, the “principal amount” of the obligations of the Borrower or any Subsidiary in
respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to
any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap
Agreement were terminated at such time.

“Material Insurance Subsidiary” means (a) DNAC and DSIC, and (b) any other Insurance
Subsidiary with a Statutory Surplus equal to or in excess of 10% of the consolidated Statutory
Surplus of all of the Borrower’s Insurance Subsidiaries at such time.

“Maturity Date” means March 23, 2010.

“Maximum Rate” has the meaning set forth in Section 9.13.

“Moody’s” means Moody’s Investors Service, Inc.

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of
ERISA.

“NAIC” means the National Association of Insurance Commissioners or any successor
thereto, or in lieu thereof, any other association, agency or other organization performing
advisory, coordination or other like functions among insurance departments, insurance commissioners
and similar Governmental Authorities of the various states of the United States toward the
promotion of uniformity in the practices of such Governmental Authorities.

"Net Available Proceeds” means, in connection with any issuance or sale of Equity
Interests, the cash proceeds received from such issuance, net of attorneys’ fees, investment
banking fees, accountants’ fees, underwriting discounts and commissions and other customary fees
and expenses (including taxes, if any) actually incurred in connection therewith.

“Net Income” means, for any computation period, without duplication, with respect to
the Borrower on a consolidated basis with its Subsidiaries (other than any Subsidiary which is
restricted from declaring or paying dividends or otherwise advancing funds to its parent whether by
contract or otherwise, except to the extent such restriction on dividend capacity has been
effectively waived or such dividend is actually paid in compliance with applicable law and
regulation), cumulative net income earned during such period (determined before the deduction of
minority interests) as determined in accordance with GAAP.

"Net Premiums Written” means, with respect to any Insurance Subsidiary at any time,
the net written premiums of such Insurance Subsidiary at such time (page 8, part 1B, column 6, line
34 of the Annual Statement), as determined in accordance with SAP.

“Off-Balance Sheet Liability” of a Person means (a) any repurchase obligation or
liability of such Person with respect to accounts or notes receivable sold by such Person, (b) any
liability under any Sale and Leaseback Transaction other than Capital Lease Obligations, (c) any
liability under any so-called “synthetic lease” arrangement or transaction entered into by such
Person, or (d) any obligation arising with respect to any other transaction which is the functional
equivalent of or takes the place of borrowing but which does not constitute a liability on the
balance sheets of such Person.

“Other Taxes” means any and all present or future stamp or documentary taxes or any
other excise or property taxes, charges or similar levies arising from any payment made hereunder
or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement.

“Participant” has the meaning set forth in Section 9.04.

“PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA
and any successor entity performing similar functions.

“Permitted Acquisition” means the acquisition by the Borrower or any Subsidiary (80%
or more of the Equity Interests of which are owned directly or indirectly by the Borrower) of an
Acquired Entity or Business (including by way of merger of such Acquired Entity or Business with
and into the Borrower or any such Subsidiary (so long as the Borrower or such Subsidiary is the
surviving corporation); provided that, in each case, (a) the consideration paid or to be
paid by the Borrower or such Subsidiary consists solely of cash (including proceeds of Revolving
Loans), the issuance or incurrence of Indebtedness otherwise permitted by Section 6.01, the
issuance of common stock of the Borrower to the extent no Default or Event of Default exists
pursuant to clause (m) of Article VII or would result therefrom and the assumption/acquisition of
any Indebtedness (calculated at face value) which is permitted to remain outstanding in accordance
with the requirements of Section 6.01; (b) in the case of the acquisition of the Equity Interests
of any Person (including by way of merger), such Person shall own no Equity Interests of any other
Person (excluding de minimis amounts) unless either (i) such Person owns at least 80% of the Equity
Interests of such other Person or (ii) (x) such Person and its Subsidiaries own all or
substantially all of the consolidated assets of such other Person and its Subsidiaries and (y) any
non-Wholly-Owned Subsidiary of such Person was a non-Wholly-Owned Subsidiary prior to the date of
such Permitted Acquisition of such Person; (c) the Acquired Entity or Business acquired pursuant to
the respective Permitted Acquisition is in a business permitted by Section 6.03(c); (d) in the case
of a stock acquisition, such acquisition shall have been approved by the board of directors of the
Acquired Entity or Business; and (e) all applicable requirements of Sections 6.03 and 6.04(c)
applicable to Permitted Acquisitions are satisfied.

“Permitted Encumbrances” means:

(a) Liens imposed by law for taxes that are not yet delinquent or are being contested in
compliance with Section 5.04;

(b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens
imposed by law, arising in the ordinary course of business and securing obligations that are not
overdue by more than 30 days or are being contested in compliance with Section 5.04;

(c) pledges and deposits made in the ordinary course of business in compliance with workers’
compensation, unemployment insurance and other social security laws or regulations;

(d) deposits to secure the performance of bids, trade contracts, leases, statutory
obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in
each case in the ordinary course of business;

(e) judgment liens in respect of judgments that do not constitute an Event of Default under
clause (k) of Article VII;

(f) easements, zoning restrictions, rights-of-way and similar encumbrances on real property
imposed by law or arising in the ordinary course of business that do not secure any monetary
obligations and do not materially detract from the value of the affected property or interfere with
the ordinary conduct of business of the Borrower or any Subsidiary;

(g) pledges and deposits made in compliance with applicable law or regulation (or as directed
by any insurance department (or similar Governmental Authority)) in order to do business within
such jurisdiction or to obtain or maintain licenses;

(h) pledges and deposits made in connection with reinsurance obligations of the Insurance
Subsidiaries; and

(i) Liens incurred in the ordinary course of business of acquiring, holding, managing and
deposing of invested assets, including investment accounts, future accounts and deposit accounts,
in accordance with Borrower’s investment guidelines in effect on the date hereof (or as hereafter
amended with the prior written consent of the Required Lenders);

provided that the term “Permitted Encumbrances” shall not include any Lien securing
Indebtedness.

“Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity.

“Plan” means any employee pension benefit plan (other than a Multiemployer Plan)
subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA,
and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated,
would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of
ERISA.

“Pledge Agreement” means the Pledge Agreement dated as of the date hereof made by the
pledgors named therein in favor of the Collateral Agent for the benefit of the Secured Creditors,
as the same may be amended, restated, modified or supplemented from time to time.

“Pledge Agreement Collateral” means all “Collateral” as defined in the Pledge
Agreement.

“Prime Rate” means the rate of interest per annum publicly announced from time to time
by JPMorgan Chase Bank, National Association as its prime rate in effect at its principal office in
New York City; each change in the Prime Rate shall be effective from and including the date such
change is publicly announced as being effective.

“Purchase” means any transaction, or any series of related transactions, consummated
on or after the date of this Agreement, by which the Borrower or any of its Subsidiaries (a)
acquires any going business or all or substantially all of the assets of any firm, corporation or
division thereof, whether through the purchase of assets, merger or otherwise, or (b) directly or
indirectly acquires (in one transaction or as the most recent transaction in a series of
transactions) at least a majority (in number of votes) of the securities of a corporation which
have ordinary voting power for the election of directors (other than securities having such power
only by reason of the happening of a contingency) or a majority (by percentage or voting power) of
the outstanding partnership interests of a partnership.

“Quarterly Statement” means the quarterly statutory financial statement of any
Insurance Subsidiary required to be filed with the insurance commissioner (or similar authority) of
its jurisdiction of incorporation or, if no specific form is so required, in the form of financial
statements permitted by such insurance commissioner (or such similar authority) to be used for
filing quarterly statutory financial statements and shall contain the type of financial information
permitted by such insurance commissioner (or such similar authority) to be disclosed therein,
together with all exhibits or schedules filed therewith.

“Register” has the meaning set forth in Section 9.04.

“Related Parties” means, with respect to any specified Person, such Person’s
Affiliates and the respective directors, officers, employees, agents and advisors of such Person
and such Person’s Affiliates.

“Required Lenders” means, at any time, Lenders having unused Commitments representing
more than 50% of the unused Commitments at such time.

“Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any Equity Interests in the Borrower or any
Subsidiary, or any payment (whether in cash, securities or other property), including any sinking
fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any such Equity Interests in the Borrower or any option, warrant or
other right to acquire any such Equity Interests in the Borrower (in each case excluding Hybrid
Securities whether or not deemed to constitute equity).

“Revolving Loan” means a Loan made by the Lenders to the Borrower pursuant to Article
II hereof.

“S&P” means Standard & Poor’s Ratings Group, a division of McGraw-Hill, Inc.

“SAP” means, with respect to any Insurance Subsidiary, the statutory accounting
practices prescribed or permitted by the insurance commissioner (or other similar authority) in the
jurisdiction of such Person for the preparation of annual statements and other financial reports by
insurance companies of the same type as such Person in effect from time to time, applied in a
manner consistent with those used in preparing the financial statements referred to in Section
5.01; provided, that, except as otherwise provided in the definition of GAAP, with
respect to the financial covenants contained in Section 6.17 hereof, and the related
definitions, “SAP” means such statutory accounting practices in effect on the date hereof, applied
in a manner consistent with those used in preparing the financial statements referred to in
Section 5.01.

“Sale and Leaseback Transaction” means any sale or other transfer of property by any
Person with the intent to lease such property as lessee.

“Secured Creditors” shall have the meaning assigned that term in the Pledge Agreement.

“Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of
which is the number one and the denominator of which is the number one minus the aggregate of the
maximum reserve percentages (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Board to which the Administrative Agent is subject, with
respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency
Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed
pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding
and to be subject to such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender under such Regulation D
or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as
of the effective date of any change in any reserve percentage.

“Statutory Surplus” means, with respect to any Insurance Subsidiary at any time, the
statutory capital and surplus of such Insurance Subsidiary at such time, as determined in
accordance with SAP.

“Subsidiary” means, with respect to any Person (the “parent”) at any date, any
corporation, limited liability company, partnership, association or other entity the accounts of
which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as
well as any other corporation, limited liability company, partnership, association or other entity
(a) of which securities or other ownership interests representing more than 50% of the equity or
more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as
of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by
the parent and one or more subsidiaries of the parent. Unless the context otherwise requires, each
reference to a “Subsidiary” herein shall be a reference to any subsidiary of the Borrower.

"Subsidiary Guarantor” means Darwin Group, Inc., a Delaware corporation and each other
Subsidiary of the Borrower that may become a guarantor pursuant to the terms of the Subsidiary
Guaranty.

"Subsidiary Guaranty” means that certain Subsidiary Guaranty dated as of the date
hereof made by the Subsidiary Guarantors in favor of the Administrative Agent for the benefit of
the Lenders, as the same may be amended, restated, modified or supplemented from time to time.

“Swap Agreement” means any agreement with respect to any swap, forward, future or
derivative transaction or option or similar agreement involving, or settled by reference to, one or
more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any
similar transaction or any combination of these transactions; provided that no phantom
stock or similar plan providing for payments only on account of services provided by current or
former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a
Swap Agreement.

“Taxes” means any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority.

“Total Capitalization” means the sum of (a) Total Debt and (b) Consolidated Net Worth,
calculated in accordance with GAAP.

“Total Debt” means all Indebtedness of the Borrower and its Subsidiaries, on a
consolidated basis, calculated in accordance with GAAP plus, without duplication, (a) all
Off-Balance Sheet Liabilities and (b) the face amount of all outstanding letters of credit in
respect of which the Borrower or any Subsidiary has any actual or contingent reimbursement
obligation (excluding any such liability or obligation to the extent the same has been cash
collateralized).

“Total Interest Expense” means, for any period, total cash interest expense deducted
in the computation of Net Income for such period (including that attributable to Capital Lease
Obligations and interest paid under synthetic leases) of the Borrower and its Subsidiaries for such
period with respect to all outstanding Indebtedness of the Borrower and its Subsidiaries (including
all commissions, discounts and other fees and charges owed with respect to letters of credit and
bankers’ acceptance financing and net costs of rate hedging in respect of interest rates to the
extent such net costs are allocable to such period in accordance with GAAP).

“Transactions” means the execution, delivery and performance by the Borrower of this
Agreement, the borrowing of Loans and the use of the proceeds thereof.

“Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the
Adjusted LIBO Rate or the Alternate Base Rate.

“UCC” means the Uniform Commercial Code as from time to time in effect in the relevant
jurisdiction.

“Wholly-Owned Subsidiary” of a Person means (a) any subsidiary all of the outstanding
voting securities of which shall at the time be owned or controlled, directly or indirectly, by
such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or
more Wholly-Owned subsidiaries of such Person, or (b) any partnership, limited liability company,
association, joint venture or similar business organization 100% of the ownership interests having
ordinary voting power of which shall at the time be so owned or controlled (other than in the case
of Foreign Subsidiaries, director’s qualifying shares and/or other nominal amounts of shares
required to be held by Persons other than the Borrower and its Subsidiaries under applicable law).

“Withdrawal Liability” means liability to a Multiemployer Plan as a result of a
complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of
Subtitle E of Title IV of ERISA.

SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement,
Loans may be classified and referred to by Type (e.g., a “Eurodollar Loan”) or by Class and
Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may be classified and referred
to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar
Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”).

SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person
shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this
Agreement in its entirety and not to any particular provision hereof, (d) all references herein to
Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of,
and Exhibits and Schedules to, this Agreement, (e) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights and (f) references
herein to particular columns, lines or sections of any Person’s Annual Statement shall be deemed,
where appropriate, to be references to the corresponding column, line or section of such Person’s
Quarterly Statement, or if no such corresponding column, line or section exists or if any report
form changes, then to the corresponding item referenced thereby.

SECTION 1.04. Accounting Terms; GAAP. Except as otherwise expressly provided herein,
all terms of an accounting or financial nature shall be construed in accordance with GAAP or SAP,
as applicable, as in effect from time to time; provided that, if the Borrower notifies the
Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate
the effect of any change occurring after the date hereof in GAAP or SAP, as applicable, or in the
application thereof on the operation of such provision (or if the Administrative Agent notifies the
Borrower that the Required Lenders request an amendment to any provision hereof for such purpose),
regardless of whether any such notice is given before or after such change in GAAP or SAP, as
applicable, or in the application thereof, then such provision shall be interpreted on the basis of
GAAP or SAP, as applicable, as in effect and applied immediately before such change shall have
become effective until such notice shall have been withdrawn or such provision amended in
accordance herewith.

ARTICLE II

The Credits

SECTION 2.01. Commitments. Subject to the terms and conditions set forth herein, each
Lender agrees to make Revolving Loans to the Borrower from time to time during the Availability
Period in an aggregate principal amount that will not result in (a) the aggregate principal amount
of such Lender’s outstanding Revolving Loan exceeding such Lender’s Commitment or (b) the aggregate
principal amount of the total outstanding Revolving Loans exceeding the total Commitments. Within
the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may
borrow, prepay and reborrow Revolving Loans.

SECTION 2.02. Loans and Borrowings. (a) Each Revolving Loan shall be made as part of
a Borrowing consisting of Revolving Loans made by the Lenders ratably in accordance with their
respective Commitments. The failure of any Lender to make any Loan required to be made by it shall
not relieve any other Lender of its obligations hereunder; provided that the Commitments of
the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make
Loans as required.

(b) Subject to Section 2.11, each Revolving Borrowing shall be comprised entirely of ABR
Loans or Eurodollar Loans as the Borrower may request in accordance herewith. Each Lender at its
option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such
Lender to make such Loan; provided that any exercise of such option shall not affect the
obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.

(c) At the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such
Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less
than $5,000,000. At the time that each ABR Revolving Borrowing is made, such Borrowing shall be
in an aggregate amount that is an integral multiple of $1,000,000 and not less than $1,000,000;
provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to
the entire unused balance of the total Commitments. Borrowings of more than one Type and Class
may be outstanding at the same time; provided that there shall not at any time be more than a
total of three Eurodollar Revolving Borrowings outstanding.

(d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled
to request, or to elect to convert or continue, any Borrowing if the Interest Period requested
with respect thereto would end after the Maturity Date.

SECTION 2.03. Requests for Revolving Borrowings. To request a Revolving Borrowing,
the Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of
a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before
the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00
a.m., New York City time, one Business Day before the date of the proposed Borrowing. Each such
telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery
or telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the
Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing
Request shall specify the following information in compliance with Section 2.02:

(i) the aggregate amount of the requested Borrowing;

(ii) the date of such Borrowing, which shall be a Business Day;

(iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing;

(iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be
applicable thereto, which shall be a period contemplated by the definition of the term
“Interest Period”; and

(v) the location and number of the Borrower’s account to which funds are to be
disbursed, which shall comply with the requirements of Section 2.04.

If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving
Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any
requested Eurodollar Revolving Borrowing, then the Borrower shall be deemed to have selected an
Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in
accordance with this Section, the Administrative Agent shall advise each Lender of the details
thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

SECTION 2.04. Funding of Borrowings. (a) Each Lender shall make each Loan to be made
by it hereunder on the proposed date thereof by wire transfer of immediately available funds by
12:00 noon, New York City time, to the account of the Administrative Agent most recently designated
by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans
available to the Borrower by promptly crediting the amounts so received, in like funds, to an
account of the Borrower maintained with the Administrative Agent in New York City and designated by
the Borrower in the applicable Borrowing Request.

(b) Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed date of any Borrowing that such Lender will not make available to the Administrative
Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender
has made such share available on such date in accordance with paragraph (a) of this Section and
may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In
such event, if a Lender has not in fact made its share of the applicable Borrowing available to
the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to
the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for
each day from and including the date such amount is made available to the Borrower to but
excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the
greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation or (ii) in the case of the
Borrower, the Alternate Base Rate. If such Lender pays such amount to the Administrative Agent,
then such amount shall constitute such Lender’s Loan included in such Borrowing. Any payment by
the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that
shall have failed to make such payment to the Administrative Agent.

SECTION 2.05. Interest Elections. (a) Each Revolving Borrowing initially shall be of
the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Revolving
Borrowing, shall have an initial Interest Period as specified in such Borrowing Request.
Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue
such Borrowing and, in the case of a Eurodollar Revolving Borrowing, may elect Interest Periods
therefor, all as provided in this Section. The Borrower may elect different options with respect
to different portions of the affected Borrowing, in which case each such portion shall be allocated
ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising
each such portion shall be considered a separate Borrowing.

(b) To make an election pursuant to this Section, the Borrower shall notify the
Administrative Agent of such election by telephone by the time that a Borrowing Request would be
required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type
resulting from such election to be made on the effective date of such election. Each such
telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand
delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form
approved by the Administrative Agent and signed by the Borrower.

(c) Each telephonic and written Interest Election Request shall specify the following
information in compliance with Section 2.02:

(i) the Borrowing to which such Interest Election Request applies and, if different
options are being elected with respect to different portions thereof, the portions thereof
to be allocated to each resulting Borrowing (in which case the information to be specified
pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

(ii) the effective date of the election made pursuant to such Interest Election
Request, which shall be a Business Day;

(iii) whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar
Borrowing; and

(iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be
applicable thereto after giving effect to such election, which shall be a period
contemplated by the definition of the term “Interest Period”.

If, in any such Interest Election Request, the Borrower requests a Eurodollar Borrowing but does
not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest
Period of one month’s duration.

(d) Promptly following receipt of an Interest Election Request, the Administrative Agent
shall advise each Lender of the details thereof and of such Lender’s portion of each resulting
Borrowing.

(e) If the Borrower fails to deliver a timely Interest Election Request with respect to a
Eurodollar Revolving Borrowing prior to the end of the Interest Period applicable thereto, then,
unless such Borrowing is repaid as provided herein, at the end of such Interest Period such
Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof,
if an Event of Default has occurred and is continuing and the Administrative Agent, at the request
of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is
continuing (i) no outstanding Revolving Borrowing may be converted to or continued as a Eurodollar
Borrowing and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted to an ABR
Borrowing at the end of the Interest Period applicable thereto.

SECTION 2.06. Termination and Reduction of Commitments. (a) Unless previously
terminated, the Commitments shall terminate on the Maturity Date.

(b) The Borrower may at any time terminate, or from time to time reduce, the Commitments;
provided that (i) each reduction of the Commitments shall be in an amount that is an
integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the Borrower shall not
terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the
Loans in accordance with Section 2.08, the sum of the principal amount of the outstanding
Revolving Loans would exceed the total Commitments.

(c) The Borrower shall notify the Administrative Agent of any election to terminate or reduce
the Commitments under paragraph (b) of this Section at least three Business Days prior to the
effective date of such termination or reduction, specifying such election and the effective date
thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the
Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section
shall be irrevocable; provided that a notice of termination of the Commitments delivered
by the Borrower may state that such notice is conditioned upon the effectiveness of other credit
facilities, in which case such notice may be revoked by the Borrower (by notice to the
Administrative Agent on or prior to the specified effective date) if such condition is not
satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of
the Commitments shall be made ratably among the Lenders in accordance with their respective
Commitments.

SECTION 2.07. Repayment of Loans; Evidence of Debt. (a) The Borrower hereby
unconditionally promises to pay to the Administrative Agent for the account of each Lender the then
unpaid principal amount of each Revolving Loan on the Maturity Date.

(b) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such
Lender, including the amounts of principal and interest payable and paid to such Lender from time
to time hereunder.

(c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount
of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable
thereto, (ii) the amount of any principal or interest due and payable or to become due and payable
from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the
Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.

(d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this
Section shall be prima facie evidence of the existence and amounts of the
obligations recorded therein; provided that the failure of any Lender or the
Administrative Agent to maintain such accounts or any error therein shall not in any manner affect
the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.

(e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such
event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to
the order of such Lender (or, if requested by such Lender, to such Lender and its registered
assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by
such promissory note and interest thereon shall at all times (including after assignment pursuant
to Section 9.04) be represented by one or more promissory notes in such form payable to the order
of the payee named therein (or, if such promissory note is a registered note, to such payee and
its registered assigns).

(f) If at any time the aggregate principal amount of the outstanding Revolving Loans of the
Lenders exceeds the aggregate Commitments of the Lenders, the Borrower shall immediately prepay
the Revolving Loans in the amount of such excess.

SECTION 2.08. Prepayment of Loans. (a) The Borrower shall have the right at any time
and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in
accordance with paragraph (b) of this Section.

(b) The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy)
of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Revolving Borrowing, not
later than 11:00 a.m., New York City time, three Business Days before the date of prepayment or
(ii) in the case of prepayment of an ABR Revolving Borrowing, not later than 11:00 a.m., New York
City time, one Business Day before the date of prepayment. Each such notice shall be irrevocable
and shall specify the prepayment date and the principal amount of each Borrowing or portion
thereof to be prepaid; provided that, if a notice of prepayment is given in connection
with a conditional notice of termination of the Commitments as contemplated by Section 2.06, then
such notice of prepayment may be revoked if such notice of termination is revoked in accordance
with Section 2.06. Promptly following receipt of any such notice relating to a Revolving
Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each
partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the
case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02. Each
prepayment of a Revolving Borrowing shall be applied ratably to the Loans included in the prepaid
Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section
2.10.

SECTION 2.09. Fees. (a) The Borrower agrees to pay to the Administrative Agent for
the account of each Lender a commitment fee, which shall accrue at 0.25% per annum on the average
daily unused amount of the Commitment of such Lender during the period from and including the date
hereof to but excluding the date on which such Commitment terminates. Accrued commitment fees
shall be payable in arrears on the last day of March, June, September and December of each year and
on the date on which the Commitments terminate, commencing on the first such date to occur after
the date hereof. All commitment fees shall be computed on the basis of a year of 360 days and
shall be payable for the actual number of days elapsed (including the first day but excluding the
last day).

(b) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable
in the amounts and at the times separately agreed upon between the Borrower and the Administrative
Agent.

(c) All fees payable hereunder shall be paid on the dates due, in immediately available
funds, to the Administrative Agent (for distribution, in the case of commitment fees, to the
Lenders). Fees paid shall not be refundable under any circumstances.

SECTION 2.10. Interest. (a) The Loans comprising each ABR Borrowing shall bear
interest at the Alternate Base Rate.

(b) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO
Rate for the Interest Period in effect for such Borrowing plus 1.125%.

(c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or
other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity,
upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before
judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus
the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section
or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in
paragraph (a) of this Section.

(d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date
for such Loan upon termination of the Commitments; provided that (i) interest accrued
pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any
repayment or prepayment of any Loan (other than a prepayment of an ABR Loan prior to the end of
the Availability Period), accrued interest on the principal amount repaid or prepaid shall be
payable on the date of such repayment or prepayment and (iii) in the event of any conversion of
any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on
such Loan shall be payable on the effective date of such conversion.

(e) All interest hereunder shall be computed on the basis of a year of 360 days, except that
interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is
based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a
leap year), and in each case shall be payable for the actual number of days elapsed (including the
first day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate
shall be determined by the Administrative Agent, and such determination shall be conclusive absent
manifest error.

SECTION 2.11. Alternate Rate of Interest. If prior to the commencement of any
Interest Period for a Eurodollar Borrowing:

(a) the Administrative Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means do not exist for ascertaining the
Adjusted LIBO Rate for such Interest Period; or

(b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO
Rate for such Interest Period will not adequately and fairly reflect the cost to such
Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such
Borrowing for such Interest Period;

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by
telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent
notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer
exist, (i) any Interest Election Request that requests the conversion of any Revolving Borrowing
to, or continuation of any Revolving Borrowing as, a Eurodollar Borrowing shall be ineffective and
(ii) if any Borrowing Request requests a Eurodollar Revolving Borrowing, such Borrowing shall be
made as an ABR Borrowing; provided that if the circumstances giving rise to such notice
affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted.

SECTION 2.12. Increased Costs. (a) If any Change in Law shall:

(i) impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit extended by,
any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or

(ii) impose on any Lender or the London interbank market any other condition affecting
this Agreement or Eurodollar Loans made by such Lender;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Eurodollar Loan (or of maintaining its obligation to make any such Loan) or to
reduce the amount of any sum received or receivable by such Lender (whether of principal, interest
or otherwise), then the Borrower will pay to such Lender such additional amount or amounts as will
compensate such Lender for such additional costs incurred or reduction suffered.

(b) If any Lender determines that any Change in Law regarding capital requirements has or
would have the effect of reducing the rate of return on such Lender’s capital or on the capital of
such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by
such Lender, to a level below that which such Lender or such Lender’s holding company could have
achieved but for such Change in Law (taking into consideration such Lender’s policies and the
policies of such Lender’s holding company with respect to capital adequacy), then from time to
time the Borrower will pay to such Lender such additional amount or amounts as will compensate
such Lender or such Lender’s holding company for any such reduction suffered.

(c) A certificate of a Lender setting forth the amount or amounts necessary to compensate
such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of
this Section (and in reasonable detail the calculation thereof) shall be delivered to the Borrower
and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount
shown as due on any such certificate within 10 Business Days after receipt thereof.

(d) Failure or delay on the part of any Lender to demand compensation pursuant to this
Section shall not constitute a waiver of such Lender’s right to demand such compensation;
provided that the Borrower shall not be required to compensate a Lender pursuant to this
Section for any increased costs or reductions incurred more than 180 days prior to the date that
such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or
reductions and of such Lender’s intention to claim compensation therefor; provided
further that, if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the 180-day period referred to above shall be extended to include the period of
retroactive effect thereof.

SECTION 2.13. Break Funding Payments. In the event of (a) the payment of any
principal of any Eurodollar Loan other than on the last day of an Interest Period applicable
thereto (including as a result of an Event of Default), (b) the conversion of any Eurodollar Loan
other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow,
convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered
pursuant hereto (regardless of whether such notice may be revoked under Section 2.08(b) and is
revoked in accordance therewith) or (d) the assignment of any Eurodollar Loan other than on the
last day of the Interest Period applicable thereto as a result of a request by the Borrower
pursuant to Section 2.16, then, in any such event, the Borrower shall compensate each Lender for
the loss (other than loss of applicable margin), cost and expense attributable to such event. In
the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include
an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which
would have accrued on the principal amount of such Loan had such event not occurred, at the
Adjusted LIBO Rate (and not including the applicable margin) that would have been applicable to
such Loan, for the period from the date of such event to the last day of the then current Interest
Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that
would have been the Interest Period for such Loan), over (ii) the amount of interest which would
accrue on such principal amount for such period at the interest rate which such Lender would bid
were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and
period from other banks in the eurodollar market. A certificate of any Lender setting forth any
amount or amounts that such Lender is entitled to receive pursuant to this Section shall be
delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay
such Lender the amount shown as due on any such certificate within 10 Business Days after receipt
thereof.

SECTION 2.14. Taxes. (a) Any and all payments to the Administrative Agent or any
Lender by or on account of any obligation of the Borrower hereunder shall be made free and clear of
and without deduction for any Indemnified Taxes or Other Taxes; provided that if the
Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then
(i) the sum payable shall be increased as necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section) the Administrative
Agent or such Lender (as the case may be) receives an amount equal to the sum it would have
received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii)
the Borrower shall pay the full amount deducted to the relevant Governmental Authority in
accordance with applicable law.

(b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law.

(c) The Borrower shall indemnify the Administrative Agent and each Lender, within 10 days
after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by
the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by
or on account of any obligation of the Borrower hereunder (including Indemnified Taxes or Other
Taxes imposed or asserted on or attributable to amounts payable under this Section) and any
penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or
not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate specifying in reasonable detail the basis,
calculation and amount of such payment or liability delivered to the Borrower by a Lender or by
the Administrative Agent on its own behalf or on behalf of a Lender shall be conclusive absent
manifest error.

(d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the
Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the
original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such payment reasonably
satisfactory to the Administrative Agent.

(e) Each of the Administrative Agent and each Lender that is entitled to an exemption from or
reduction of withholding tax under the law of the jurisdiction in which the Borrower is located,
or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement
shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times
prescribed by applicable law or as reasonably requested by the Borrower or the Administrative
Agent from time to time, such properly completed and duly executed documentation prescribed by
applicable law or reasonably requested by the Borrower as will permit such payments to be made
without withholding or at a reduced rate.

(f) Without limiting the generality of Section 2.14(e), each Foreign Lender shall (i) deliver
to the Borrower (with a copy to the Administrative Agent) on or before it becomes a party to this
Agreement either (a) two properly completed and duly executed originals of U.S. Internal Revenue
Service Form W-8BEN and/or Form W-8IMY, as applicable (or successor form) or (b) two properly
completed and duly executed originals of U.S. Internal Revenue Service Form W-8ECI (or successor
form), certifying, in either case, to such Foreign Lender’s legal entitlement to an exemption or
reduction from U.S. federal withholding tax with respect to all interest payments hereunder, and
(ii) provide a new Form W-8BEN and/or Form W-8IMY, as applicable (or successor form), or Form
W-8ECI (or successor form) upon the expiration or obsolescence of any previously delivered form to
reconfirm any complete exemption from, or an entitlement to a reduction in, U.S. federal
withholding tax with respect to any payment hereunder; provided that any Foreign Lender that is
not a “bank” within the meaning of Section 881(c)(3)(A) of the Code and is relying on the
so-called “portfolio interest exemption” shall also furnish a “Non-Bank Certificate” in form
acceptable to the Administrative Agent together with a Form W-8BEN (or successor form). In
addition, any Lender that is a United States person, as defined in Section 7701(a)(30) of the
Code, shall, upon the request of the Borrower or the Administrative Agent, deliver to the Borrower
(with a copy to the Administrative Agent) two properly completed and duly executed originals of
U.S. Internal Revenue Service Form W-9, or any successor form that such person is entitled to
provide at such time in order to comply with United States back-up withholding requirements.

(g) If the Administrative Agent or a Lender determines, in its sole discretion, that it has
received a refund or credit of any Taxes or Other Taxes as to which it has been indemnified by the
Borrower or with respect to which the Borrower has paid additional amounts pursuant to this
Section 2.14, it shall pay over such refund or credit to the Borrower (but only to the extent of
indemnity payments made, or additional amounts paid, by the Borrower under this Section 2.14 with
respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses
of the Administrative Agent or such Lender and without interest (other than any interest paid by
the relevant Governmental Authority with respect to such refund or credit); provided, that the
Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount
paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative
Agent or such Lender is required to repay such refund or credit to such Governmental Authority.
This Section shall not be construed to require the Administrative Agent or any Lender to make
available its tax returns (or any other information relating to its taxes which it deems
confidential) to the Borrower or any other Person.

SECTION 2.15. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a) The
Borrower shall make each payment required to be made by it hereunder (whether of principal,
interest or fees, or of amounts payable under Section 2.12, 2.13 or 2.14, or otherwise) prior to
12:00 noon, New York City time, on the date when due, in immediately available funds, without set
off or counterclaim. Any amounts received after such time on any date may, in the discretion of
the Administrative Agent, be deemed to have been received on the next succeeding Business Day for
purposes of calculating interest thereon. All such payments shall be made to the Administrative
Agent at its offices at 270 Park Avenue, New York, New York, except that payments pursuant to
Sections 2.12, 2.13, 2.14 and 9.03 shall be made directly to the Persons entitled thereto. The
Administrative Agent shall distribute any such payments received by it for the account of any other
Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder
shall be due on a day that is not a Business Day, the date for payment shall be extended to the
next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon
shall be payable for the period of such extension. All payments hereunder shall be made in
dollars.

(b) If at any time insufficient funds are received by and available to the Administrative
Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds
shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among
the parties entitled thereto in accordance with the amounts of interest and fees then due to such
parties, and (ii) second, towards payment of principal then due hereunder, ratably among the
parties entitled thereto in accordance with the amounts of principal then due to such parties.

(c) If any Lender shall, by exercising any right of set off or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Revolving Loans resulting
in such Lender receiving payment of a greater proportion of the aggregate amount of its Revolving
Loans and accrued interest thereon than the proportion received by any other Lender, then the
Lender receiving such greater proportion shall purchase (for cash at face value) participations in
the Revolving Loans of other Lenders to the extent necessary so that the benefit of all such
payments shall be shared by the Lenders ratably in accordance with the aggregate amount of
principal of and accrued interest on their respective Revolving Loans; provided that (i)
if any such participations are purchased and all or any portion of the payment giving rise thereto
is recovered, such participations shall be rescinded and the purchase price restored to the
extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be
construed to apply to any payment made by the Borrower pursuant to and in accordance with the
express terms of this Agreement or any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Loans to any assignee or participant, other
than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this
paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may
effectively do so under applicable law, that any Lender acquiring a participation pursuant to the
foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with
respect to such participation as fully as if such Lender were a direct creditor of the Borrower in
the amount of such participation.

(d) Unless the Administrative Agent shall have received notice from the Borrower prior to the
date on which any payment is due to the Administrative Agent for the account of the Lenders
hereunder that the Borrower will not make such payment, the Administrative Agent may assume that
the Borrower has made such payment on such date in accordance herewith and may, in reliance upon
such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not
in fact made such payment, then each of the Lenders severally agrees to repay to the
Administrative Agent forthwith on demand the amount so distributed to such Lender with interest
thereon, for each day from and including the date such amount is distributed to it to but
excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds
Effective Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation.

(e) If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.05(c), 2.04(b), 2.15(d) or 9.03(c), then the Administrative Agent may, in its discretion
(notwithstanding any contrary provision hereof), apply any amounts thereafter received by the
Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under
such Sections until all such unsatisfied obligations are fully paid.

SECTION 2.16. Mitigation Obligations; Replacement of Lenders. (a) If any Lender
requests compensation under Section 2.12, or if the Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.14, then such Lender shall use reasonable efforts to designate a different lending office
for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to
another of its offices, branches or affiliates, if, in the judgment of such Lender, such
designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.12 or
2.14, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed
cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby
agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such
designation or assignment.

(b) If any Lender requests compensation under Section 2.12, or if the Borrower is required to
pay any additional amount to any Lender or any Governmental Authority for the account of any
Lender pursuant to Section 2.14, or if any Lender defaults in its obligation to fund Loans
hereunder, then the Borrower may, at its sole expense and effort, upon notice to such Lender and
the Administrative Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in Section 9.04), all its interests,
rights and obligations under this Agreement to an assignee that shall assume such obligations
(which assignee may be another Lender, if a Lender accepts such assignment); provided that
(i) the Borrower shall have received the prior written consent of the Administrative Agent, which
consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an
amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and
all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and
(iii) in the case of any such assignment resulting from a claim for compensation under Section
2.12 or payments required to be made pursuant to Section 2.14, such assignment will result in a
reduction in such compensation or payments. A Lender shall not be required to make any such
assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise,
the circumstances entitling the Borrower to require such assignment and delegation cease to
apply.

ARTICLE III

Representations and Warranties

The Borrower represents and warrants to the Administrative Agent and the Lenders that:

SECTION 3.01. Organization; Powers. Each of the Borrower and its Subsidiaries is duly
organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, has all requisite power and authority to carry on its business as now conducted and,
except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect, is qualified to do business in, and is in good
standing in, every jurisdiction where such qualification is required.

SECTION 3.02. Authorization; Enforceability. The Transactions are within the
Borrower’s corporate powers and have been duly authorized by all necessary corporate and, if
required, stockholder action. This Agreement has been duly executed and delivered by the Borrower
and constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance
with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other
laws affecting creditors’ rights generally and subject to general principles of equity, regardless
of whether considered in a proceeding in equity or at law.

SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not
require any consent or approval of, registration or filing with, or any other action by, any
Governmental Authority, except such as have been obtained or made and are in full force and effect,
(b) will not violate the charter, by-laws or other organizational documents of the Borrower or any
of its Subsidiaries, (c) will not violate any applicable law or regulation or any order of any
Governmental Authority, (d) will not violate or result in a default under any indenture, agreement
or other instrument binding upon the Borrower or any of its Subsidiaries or its assets, or give
rise to a right thereunder to require any payment to be made by the Borrower or any of its
Subsidiaries, and (e) will not result in the creation or imposition of any Lien on any asset of the
Borrower or any of its Subsidiaries except Liens created under the Credit Documents.

SECTION 3.04. Financial Condition; No Material Adverse Change. (a) The Borrower has
heretofore furnished to each of the Lenders (i) the December 31, 2004 and December 31, 2005 audited
consolidated financial statements of the Borrower and its Subsidiaries, (ii) the unaudited
consolidated financial statements of the Borrower and its Subsidiaries through December 31, 2006,
certified by its Chief Financial Officer (which financial statements have been reviewed by the
audit committee of the Borrower’s Board of Directors and by KPMG, LLP), (iii) the December 31, 2004
and December 31, 2005 audited Annual Statement of each Insurance Subsidiary and (iv) the September
30, 2006 Quarterly Statement of each Insurance Subsidiary, certified by its Chief Financial
Officer. Such financial statements present fairly, in all material respects, the financial
position and results of operations and cash flows of the Borrower and its consolidated Subsidiaries
as of such dates and for such periods in accordance with GAAP or SAP, as applicable, subject to
year end audit adjustments and the absence of footnotes in the case of the statements referred to
in clauses (ii) and (iv) above.

(b) Since December 31, 2006, there has been no material adverse change in the business,
assets, operations, prospects or condition, financial or otherwise, of the Borrower and its
Subsidiaries, taken as a whole.

SECTION 3.05. Properties. (a) Each of the Borrower and its Subsidiaries has good
title to, or valid leasehold interests in, all its real and personal property material to its
business, except (i) for minor defects in title that do not interfere with its ability to conduct
its business as currently conducted or to utilize such properties for their intended purposes and
(ii) where the failure to have such title or interest could not in the aggregate reasonably be
expected to result in a Material Adverse Effect.

(b) Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks,
tradenames, copyrights, patents and other intellectual property material to its business, and the
use thereof by the Borrower and its Subsidiaries does not infringe upon the rights of any other
Person, except for any such infringements that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect.

SECTION 3.06. Litigation and Environmental Matters. (a) There are no actions, suits
or proceedings by or before any arbitrator or Governmental Authority pending against or, to the
knowledge of the Borrower, threatened against or affecting the Borrower or any of its Subsidiaries
(i) as to which there is a reasonable possibility of an adverse determination and that, if
adversely determined, could reasonably be expected, individually or in the aggregate, to result in
a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve this Agreement or
the Transactions.

(b) Except for the Disclosed Matters and except with respect to any other matters that,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect, neither the Borrower nor any of its Subsidiaries (i) has failed to comply with any
Environmental Law or to obtain, maintain or comply with any permit, license or other approval
required under any Environmental Law, (ii) has become subject to any Environmental Liability,
(iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows
of any basis for any Environmental Liability.

(c) Since the date of this Agreement, there has been no change in the status of the Disclosed
Matters that, individually or in the aggregate, has resulted in, or materially increased the
likelihood of, a Material Adverse Effect.

SECTION 3.07. Compliance with Laws and Agreements. Each of the Borrower and its
Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority
applicable to it or its property and all indentures, agreements and other instruments binding upon
it or its property, except where the failure to do so, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is
continuing.

SECTION 3.08. Investment Company Status. Neither the Borrower nor any of its
Subsidiaries is an “investment company” as defined in, or subject to regulation under, the
Investment Company Act of 1940.

SECTION 3.09. Taxes. Each of the Borrower and its Subsidiaries has timely filed or
caused to be filed all federal income and other material Tax returns and reports required to have
been filed and has paid or caused to be paid all federal income and other material Taxes required
to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate
proceedings and for which the Borrower or such Subsidiary, as applicable, has set aside on its
books adequate reserves in accordance with GAAP or (b) to the extent that the failure to do so
could not reasonably be expected to result in a Material Adverse Effect.

SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur
that, when taken together with all other such ERISA Events for which liability is reasonably
expected to occur, could reasonably be expected to result in a Material Adverse Effect. The
present value of all accumulated benefit obligations under each Plan (based on the assumptions used
for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the
most recent financial statements reflecting such amounts, exceed by more than $2,500,000 the fair
market value of the assets of such Plan, and the present value of all accumulated benefit
obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of
Financial Accounting Standards No. 87) did not, as of the date of the most recent financial
statements reflecting such amounts, exceed by more than $2,500,000 the fair market value of the
assets of all such underfunded Plans.

SECTION 3.11. Disclosure. None of the reports, financial statements, certificates or
other information furnished by or on behalf of the Borrower to the Administrative Agent or any
Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or
supplemented by other information so furnished) contains any material misstatement of fact or omits
to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that, with respect to
projected financial information, the Borrower represents only that such information was prepared in
good faith based upon assumptions believed to be reasonable at the time (it being understood that
such projections are not to be viewed as fact and actual results during the periods covered thereby
may differ from such projections by material amounts).

SECTION 3.12. Insurance Licenses. Schedule 3.12 hereto lists all of the jurisdictions
in which any Insurance Subsidiary holds a license and is authorized to transact insurance business
as of the Effective Date. No such license, the loss of which could reasonably be expected to have
a Material Adverse Effect, is the subject of a proceeding for suspension or revocation. To the
Borrower’s knowledge, there is no sustainable basis for such suspension or revocation, and no such
suspension or revocation has been threatened by any Governmental Authority. Schedule 3.12 also
indicates the line or lines of insurance in which each such Insurance Subsidiary is engaged and the
state or states in which such Insurance Subsidiary is licensed to engage in any line of insurance,
in each case as of the Effective Date.

SECTION 3.13. Pledge Agreement. The security interests created in favor of the
Collateral Agent, as pledgee, for the benefit of the Secured Creditors, under the Pledge Agreement
constitute perfected security interests in the Pledge Agreement Collateral described in such Pledge
Agreement under the governing law of the Agreement, subject to no security interests of any other
Person, except as permitted by such Pledge Agreement. No filings or recordings are required in
order to perfect (or maintain the perfection or priority of) the security interests created in the
Pledge Agreement Collateral under the Pledge Agreement.

SECTION 3.14. Subsidiaries. As of the Effective Date, the Borrower has no
Subsidiaries other than those Subsidiaries listed on Schedule 3.14. Schedule 3.14 correctly sets
forth, as of the Effective Date, (i) the percentage ownership (direct or indirect) of the Borrower
in each class of capital stock or other equity of its Subsidiaries and also identifies the direct
owner thereof, and (ii) the jurisdiction of organization of each such Subsidiary. Schedule 3.14
correctly identifies those Subsidiaries which constitute Material Insurance Subsidiaries as of the
Effective Date.

SECTION 3.15. Regulation U. Margin stock (as defined in Regulation U of the Board of
Governors of the Federal Reserve System) constitutes less than 25% of the value of those assets of
the Borrower and its Subsidiaries which are subject to any limitation on sale, pledge, or other
restriction hereunder. Neither the making of any Loan hereunder, nor the use of the proceeds
thereof, will violate or be inconsistent with the provisions of Regulation T, Regulation U or
Regulation X of the Board of Governors of the Federal Reserve System.

SECTION 3.16. Labor Relations. Neither the Borrower nor any of its Subsidiaries is
engaged in any unfair labor practice that could reasonable be expected to have a Material Adverse
Effect. There is (a) no significant unfair labor practice complaint pending against the Borrower
or any of its Subsidiaries or, to the best knowledge of the Borrower, threatened against any of
them before the National Labor Relations Board or any similar Governmental Authority in any
jurisdiction, and no significant grievance or significant arbitration proceeding arising out of or
under any collective bargaining agreement is so pending against the Borrower or any of its
Subsidiaries or, to the best knowledge of the Borrower, threatened against any of them, (b) no
significant strike, labor dispute, slowdown or stoppage is pending against the Borrower or any of
its Subsidiaries or, to the best knowledge of the Borrower, threatened against the Borrower or any
of its Subsidiaries and (c) to the best knowledge of the Borrower, no question concerning union
representation exists with respect to the employees of the Borrower or any of its subsidiaries,
except (with respect to any matter specified in clause (a), (b) or (c) above, either individually
or in the aggregate) such as could not reasonably be expected to have a Material Adverse Effect.

ARTICLE IV

Conditions

SECTION 4.01. Effective Date. The obligations of the Lenders to make Loans hereunder
shall not become effective until the date on which each of the following conditions is satisfied
(or waived in accordance with Section 9.02):

(a) The Administrative Agent (or its counsel) shall have received from each party
hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii)
written evidence satisfactory to the Administrative Agent (which may include telecopy
transmission of a signed signature page of this Agreement) that such party has signed a
counterpart of this Agreement.

(b) The Administrative Agent shall have received a favorable written opinion (addressed
to the Administrative Agent and the Lenders and dated the Effective Date) of Timothy Curry,
Assistant General Counsel of the Borrower, covering such matters relating to the Borrower,
the Subsidiary Guarantors, this Agreement, the other Credit Documents and the Transactions
as the Required Lenders shall reasonably request. The Borrower hereby requests such counsel
to deliver such opinion.

(c) The Administrative Agent shall have received such documents and certificates as the
Administrative Agent or its counsel may reasonably request relating to the organization,
existence and good standing of the Borrower, each Insurance Subsidiary of the Borrower and
each Subsidiary Guarantor and a certificate of compliance from each Insurance Subsidiary’s
jurisdiction of domicile, the authorization of the Transactions and any other legal matters
relating to the Borrower, this Agreement, the other Credit Documents or the Transactions,
all in form and substance satisfactory to the Administrative Agent and its counsel.

(d) The Administrative Agent shall have received a certificate, dated the Effective
Date and signed by the President, a Vice President or a Financial Officer of the Borrower,
confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section
4.02.

(e) The Administrative Agent shall have received all fees and other amounts due and
payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement
or payment of all out of pocket expenses required to be reimbursed or paid by the Borrower
hereunder.

(f) The Administrative Agent shall have received any required regulatory or third party
approvals from any Governmental Authority, with respect to the transactions contemplated by
the Credit Documents. The Lenders shall have received satisfactory evidence that all
orders, letter agreements and other constraints upon the activities (including the payment
of dividends) and operations of the Insurance Subsidiaries imposed by any Governmental
Authority and not applicable to insurance companies generally shall have been rescinded.

(g) The Administrative Agent shall have received all stock certificates evidencing all
Equity Interests to be pledged pursuant to the Pledge Agreement, accompanied by stock powers
executed in blank.

(h) The Administrative Agent shall have received each of the Credit Documents duly
executed and dated the Closing Date, all in form and substance satisfactory to the
Administrative Agent.

The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such
notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the
Lenders to make Loans hereunder shall not become effective unless each of the foregoing conditions
is satisfied (or waived pursuant to Section 9.02) at or prior to 3:00 p.m., New York City time, on
March 31, 2007 (and, in the event such conditions are not so satisfied or waived, the Commitments
shall terminate at such time).

SECTION 4.02. Each Credit Event. The obligation of each Lender to make a Loan on the
occasion of any Borrowing is subject to the satisfaction of the following conditions:

(a) The representations and warranties of the Borrower set forth in this Agreement
shall be true and correct on and as of the date of such Borrowing (except for those which
expressly relate to an earlier date which shall be true and correct in all material respects
on and as of such earlier date).

(b) At the time of and immediately after giving effect to such Borrowing no Default or
Event of Default shall have occurred and be continuing.

Each Borrowing shall be deemed to constitute a representation and warranty by the Borrower on the
date thereof as to the matters specified in paragraphs (a) and (b) of this Section.

ARTICLE V

Affirmative Covenants

Until the Commitments have expired or been terminated and the principal of and interest on
each Loan and all fees payable hereunder shall have been paid in full, the Borrower covenants and
agrees with the Lenders that:

SECTION 5.01. Financial Statements; Ratings Change and Other Information. The
Borrower will furnish to the Administrative Agent:

(a) within 90 days after the end of each fiscal year of the Borrower, its audited
consolidated balance sheet and related statements of operations, stockholders’ equity and
cash flows as of the end of and for such year, setting forth in each case in comparative
form the figures for the previous fiscal year, all reported on by KPMG, LLP or other
independent public accountants of recognized national standing (without a “going concern” or
like qualification or exception and without any qualification or exception as to the scope
of such audit) to the effect that such consolidated financial statements present fairly in
all material respects the financial condition and results of operations of the Borrower and
its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently
applied;

(b) (i) upon the earlier of (A) fifteen (15) days after the regulatory filing date or
(B) seventy-five (75) days after the close of each fiscal year of each Insurance Subsidiary,
copies of the unaudited Annual Statement of such Insurance Subsidiary, certified by the
chief financial officer or the treasurer of such Insurance Subsidiary, all such statements
to be prepared in accordance with SAP consistently applied throughout the periods reflected
therein and (ii) no later than each June 15, copies of such Annual Statements audited and
certified by independent certified public accountants of recognized national standing;

(c) within 45 days after the end of each of the first three fiscal quarters of each
fiscal year of the Borrower, its consolidated balance sheet and related statements of
operations and cash flows as of the end of and for such fiscal quarter and the then elapsed
portion of the fiscal year, setting forth in each case in comparative form the figures for
the corresponding period or periods of (or, in the case of the balance sheet, as of the end
of) the previous fiscal year, all certified by one of its Financial Officers as presenting
fairly in all material respects the financial condition and results of operations of the
Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP
consistently applied, subject to normal year-end audit adjustments and the absence of
footnotes;

(d) upon the earlier of (i) ten (10) days after the regulatory filing date or (ii)
sixty (60) days after the close of each of the first three (3) fiscal quarters of each
fiscal year of each Insurance Subsidiary, copies of the unaudited Quarterly Statement of
each of the Insurance Subsidiaries, certified by the chief financial officer or the
treasurer of such Insurance Subsidiary, all such statements to be prepared in accordance
with SAP consistently applied through the period reflected therein;

(e) concurrently with any delivery of financial statements under clause (a) or (c)
above, a certificate of a Financial Officer of the Borrower (i) certifying as to whether a
Default has occurred and, if a Default has occurred, specifying the details thereof and any
action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably
detailed calculations demonstrating compliance with Sections 6.12 through 6.15 and (iii)
stating whether any change in GAAP or SAP, as applicable, or in the application thereof has
occurred which has caused a change in the way that the Borrower’s financial statements are
prepared since the date of the audited financial statements referred to in Section 3.04 and,
if any such change has occurred, specifying the effect of such change on the financial
statements accompanying such certificate;

(f) concurrently with any delivery of financial statements under clauses (a) and
(b)(ii) above, a certificate of the accounting firm that reported on such financial
statements stating whether they obtained knowledge during the course of their examination of
such financial statements of any Default (which certificate may be limited to the extent
required by accounting rules or guidelines);

(g) within (x) 75 days after the end of each fiscal year of each Insurance Subsidiary,
the annual actuarial certificate of loss reserves prepared with respect to such Insurance
Subsidiary issued by Milliman & Robertson, Inc. or another independent actuary reasonably
acceptable to the Administrative Agent and (y) 120 days after the end of each fiscal year of
each Insurance Subsidiary, the annual loss reserve analysis prepared by such actuary with
respect to such Insurance Subsidiary;

(h) promptly and in any event within ten (10) days after (i) learning thereof,
notification of any changes after the Effective Date in the rating given by any rating
agency in respect of the Borrower or any Insurance Subsidiary and (ii) receipt thereof,
copies of any ratings analysis by any rating agency relating to the Borrower or any
Insurance Subsidiary;

(i) promptly after the same become publicly available, copies of all periodic and other
reports, proxy statements and other materials filed by the Borrower or any Subsidiary with
the Securities and Exchange Commission, or any Governmental Authority succeeding to any or
all of the functions of said Commission, or with any national securities exchange, or with
any insurance commission or department or analogous Governmental Authority (including any
filing made by the Borrower or any Subsidiary pursuant to any insurance holding company act
or related rules or regulations but excluding any rate filing and any other filing made in
the ordinary course of business) or distributed by the Borrower to its shareholders
generally, as the case may be;

(j) within 45 days after the end of each fiscal year, financial projections for the
Borrower and its Subsidiaries for the following year on a quarterly basis prepared in a
manner consistent with the projections delivered by the Borrower to the Lenders prior to the
Closing Date or otherwise in a manner reasonably satisfactory to the Administrative Agent,
accompanied by a certificate of a chief financial officer of the Borrower to the effect that
(a) such projections were prepared by the Borrower in good faith, (b) the Borrower has a
reasonable basis for the assumptions contained in such projections and (c) such projections
have been prepared in accordance with such assumptions; and

(k) promptly following any request therefor, such other information regarding the
operations, business affairs and financial condition of the Borrower or any Subsidiary, or
compliance with the terms of this Agreement, as the Administrative Agent or any Lender may
reasonably request.

Notices and other information required to be delivered pursuant to the foregoing Section 5.01 shall
be deemed to have been delivered to the Administrative Agent and the Lenders on the date on which
Borrower delivered copies of such information to the Administrative Agent or on the date on which
the Borrower provides notice (including notice by e-mail) to the Administrative Agent (which notice
the Administrative Agent will convey promptly to the Lenders) that such information has been posted
on the SEC website on the Internet at sec.gov/edgar/searches.htm or at another website identified
in such notice and accessible by the Lenders without charge; provided that such notice may be
included in a certificate delivered pursuant hereto.

SECTION 5.02. Notices of Material Events. The Borrower will furnish to the
Administrative Agent prompt written notice of the following:

(a) any senior executive officer of the Borrower acquiring actual knowledge of the
occurrence of any Default;

(b) the filing or commencement of any action, suit or proceeding by or before any
arbitrator or Governmental Authority against or, to the actual knowledge of any senior
executive officer of the Borrower, affecting the Borrower, any Affiliate thereof or any
Insurance Subsidiary as to which there is a reasonable possibility of an adverse
determination and that, if adversely determined, could reasonably be expected to result in a
Material Adverse Effect;

(c) of any notice from any Governmental Authority of the expiration without renewal,
revocation or suspension of, or the institution of any proceedings to revoke or suspend, any
license now or hereafter held by any Insurance Subsidiary which is required to conduct
insurance business in compliance with all applicable laws and regulations and the
expiration, revocation or suspension of which could reasonably be expected to have a
Material Adverse Effect;

(d) any material judicial or administrative order of which Borrower or any Insurance
Subsidiary are aware limiting or controlling the insurance business of any Insurance
Subsidiary (and not the insurance industry generally) which has been issued or adopted;

(e) the occurrence of any ERISA Event that, alone or together with any other ERISA
Events that have occurred, could reasonably be expected to result in liability of the
Borrower and its Subsidiaries in an aggregate amount exceeding $1,000,000; and

(f) any other development that results in, or could reasonably be expected to result
in, a Material Adverse Effect.

Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer
or other executive officer of the Borrower setting forth the details of the event or development
requiring such notice and any action taken or proposed to be taken with respect thereto.

SECTION 5.03. Existence; Conduct of Business. The Borrower will, and will cause each
of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in
full force and effect its legal existence provided that the foregoing shall not prohibit
any merger, consolidation, liquidation or dissolution permitted under Section 6.03. The Borrower
will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary to
preserve, renew and keep in full force and effect the rights, licenses, permits, privileges and
franchises material to the conduct of its business (including all licenses necessary for any
Insurance Subsidiary to operate its insurance business in compliance with all applicable laws)
except where the failure to do so could not reasonably be expected to have a Material Adverse
Effect; provided that the foregoing shall not prohibit any merger, consolidation,
liquidation or dissolution permitted under Section 6.03.

SECTION 5.04. Payment of Obligations. The Borrower will, and will cause each of its
Subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, could result in
a Material Adverse Effect before the same shall become delinquent or in default, except where (a)
the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the
Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in
accordance with GAAP or SAP, as applicable, and (c) the failure to make payment pending such
contest could not reasonably be expected to result in a Material Adverse Effect.

SECTION 5.05. Maintenance of Properties; Insurance. The Borrower will, and will cause
each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of its
business in good working order and condition, ordinary wear and tear excepted, and (b) maintain,
with financially sound and reputable insurance companies, insurance in such amounts and against
such risks as are customarily maintained by companies engaged in the same or similar businesses
operating in the same or similar locations.

SECTION 5.06. Books and Records; Inspection Rights. The Borrower will, and will cause
each of its Subsidiaries to, keep proper books of record and account in which full, true and
correct entries are made of all material dealings and transactions in relation to its business and
activities. The Borrower will, and will cause each of its Subsidiaries to, permit any
representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice,
to visit and inspect its properties, to examine and make extracts from its books and records, and
to discuss its affairs, finances and condition with its officers and, so long as no Event of
Default has occurred and is continuing, in the presence of an authorized officer of the Borrower,
with its independent accountants, all at such reasonable times and as often as reasonably
requested.

SECTION 5.07. Compliance with Laws. The Borrower will, and will cause each of its
Subsidiaries to, comply with all laws, rules, regulations and orders of any Governmental Authority
applicable to it or its property, except where the failure to do so, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect.

SECTION 5.08. Use of Proceeds. The proceeds of the Loans will be used only for
general corporate purposes of the Borrower and its Subsidiaries in the ordinary course of business
and to finance acquisitions permitted hereunder. No part of the proceeds of any Loan will be used,
whether directly or indirectly, for any purpose that entails a violation of any of the Regulations
of the Board, including Regulations T, U and X.

SECTION 5.09. Further Assurances; etc. (a) The Borrower will, and will cause each of
its Subsidiaries to, at the expense of the Borrower, make, execute, endorse, acknowledge, file
and/or deliver to the Collateral Agent from time to time such schedules, confirmatory assignments,
conveyances, transfer endorsements, powers of attorney, certificates, reports, and other assurances
or instruments and take such further steps relating to the Pledge Agreement Collateral covered by
the Pledge Agreement as the Collateral Agent may reasonably require to assure the creation and
continuation of perfected security interests in the Pledge Agreement Collateral and as are
generally consistent with the terms of this Agreement and the Pledge Agreement. Furthermore, the
Borrower will, and will cause its Subsidiaries to, deliver to the Collateral Agent such opinions of
counsel and other related documents as may be reasonably requested by the Administrative Agent to
assure compliance with this Section 5.09.

(b) The Borrower agrees that each action required by clause (a) of this Section 5.09 shall be
completed as soon as reasonably practical, but in no event later than 30 days (or such greater
number of days as the Collateral Agent may agree) after such action is requested to be taken by the
Collateral Agent, the Administrative Agent or the Required Lenders.

(c) Effective upon the formation or acquisition of any Material Insurance Subsidiary by the
Borrower or any Wholly-Owned Subsidiary which is not an Insurance Subsidiary (nor is a Subsidiary
of an Insurance Subsidiary), such Person (and each of its shareholders (other than any Insurance
Subsidiary)) shall promptly use commercially reasonable efforts to obtain the approval of all
applicable Governmental Authorities to, to the extent required by law or regulation, enter into the
Subsidiary Guaranty (if such Person is not the Borrower or an existing Subsidiary Guarantor) and to
pledge the stock of such Material Insurance Subsidiary (or the stock of such intermediate
Wholly-Owned Subsidiary) to the Administrative Agent for the benefit of the Secured Creditors
pursuant to the Pledge Agreement and thereafter, if obtained or not so required, cause such stock
to be so pledged.

ARTICLE VI

Negative Covenants

Until the Commitments have expired or terminated and the principal of and interest on each
Loan and all fees payable hereunder have been paid in full, the Borrower covenants and agrees with
the Lenders that:

SECTION 6.01. Indebtedness. The Borrower will not, and will not permit any Subsidiary
to, create, incur, assume or permit to exist any Indebtedness, except:

(a) Indebtedness created hereunder;

(b) Indebtedness existing on the date hereof and set forth in Schedule 6.01 and
extensions, renewals and replacements of any such Indebtedness that do not increase the
outstanding principal amount thereof;

(c) Indebtedness of the Borrower to any Subsidiary and of any Subsidiary to the
Borrower or any other Subsidiary;

(d) Guarantees by the Borrower of Indebtedness of any Subsidiary and by any Subsidiary
of Indebtedness of the Borrower or any other Subsidiary;

(e) Indebtedness of the Borrower or any Subsidiary incurred to finance the acquisition,
construction or improvement of any fixed or capital assets, including Capital Lease
Obligations and any Indebtedness assumed in connection with the acquisition of any such
assets or secured by a Lien on any such assets prior to the acquisition thereof, and
extensions, renewals and replacements of any such Indebtedness that do not increase the
outstanding principal amount thereof; provided that (i) such Indebtedness is
incurred prior to or within 90 days after such acquisition or the completion of such
construction or improvement and (ii) the aggregate principal amount of Indebtedness
permitted by this clause (e) shall not exceed $1,000,000 at any time outstanding;

(f) Indebtedness of any Person that becomes an Insurance Subsidiary after the date
hereof; provided that (i) such Indebtedness exists at the time such Person becomes
an Insurance Subsidiary and is not created in contemplation of or in connection with such
Person becoming an Insurance Subsidiary and (ii) the aggregate principal amount of
Indebtedness permitted by this clause (f) shall not exceed $2,500,000 at any time
outstanding; and

(g) other unsecured Indebtedness so long as (x) the incurrence thereof would not cause
a violation of Section 6.13 hereof (as determined on a pro forma basis); provided,
that the aggregate Indebtedness incurred by the Borrower’s Subsidiaries at any one time
outstanding shall not exceed 10% of the aggregate Statutory Surplus of the Borrower’s
Insurance Subsidiaries and (y) the aggregate Indebtedness incurred by any Material Insurance
Subsidiary at any one time outstanding would not exceed 15% of such Material Insurance
Subsidiary’s Statutory Surplus.

SECTION 6.02. Liens. The Borrower will not, and will not permit any Subsidiary to,
create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter
acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights
in respect of any thereof, except:

(a) Permitted Encumbrances;

(b) any Lien on any property or asset of the Borrower or any Subsidiary existing on the
date hereof and set forth in Schedule 6.02; provided that (i) such Lien shall not
apply to any other property or asset of the Borrower or any Subsidiary and (ii) such Lien
shall secure only those obligations which it secures on the date hereof and extensions,
renewals and replacements thereof that do not increase the outstanding principal amount
thereof;

(c) any Lien existing on any property or asset prior to the acquisition thereof by the
Borrower or any Subsidiary or existing on any property or asset of any Person that becomes a
Subsidiary after the date hereof prior to the time such Person becomes a Subsidiary;
provided that (i) such Lien is not created in contemplation of or in connection with
such acquisition or such Person becoming a Subsidiary, as the case may be, (ii) such Lien
shall not apply to any other property or assets of the Borrower or any Subsidiary and (iii)
such Lien shall secure only those obligations which it secures on the date of such
acquisition or the date such Person becomes a Subsidiary, as the case may be and extensions,
renewals and replacements thereof that do not increase the outstanding principal amount
thereof;

(d) Liens on fixed or capital assets acquired, constructed or improved by the Borrower
or any Subsidiary; provided, that (i) such security interests secure Indebtedness
permitted by clause (e) of Section 6.01, (ii) such security interests and the Indebtedness
secured thereby are incurred prior to or within 90 days after such acquisition or the
completion of such construction or improvement, (iii) the Indebtedness secured thereby does
not exceed 90% of the cost of acquiring, constructing or improving such fixed or capital
assets and (iv) such security interests shall not apply to any other property or assets of
the Borrower or any Subsidiary;

(e) Liens created pursuant to the Pledge Agreement;

(f) Liens on assets of any special purpose vehicle created for the benefit of holders
and/or for the benefit of a trustee of any securities in each case pursuant to the terms of
any Hybrid Securities issuance which is not deemed to be Indebtedness hereunder; and

(g) Other Liens securing Indebtedness at no time exceeding $5,000,000 in aggregate
principal amount.

SECTION 6.03. Fundamental Changes. (a) The Borrower will not, and will not permit any
Subsidiary to, merge into or consolidate with any other Person, or permit any other Person to merge
into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction
or in a series of transactions) all or substantially all of its assets (including by means of bulk
reinsurance or financial reinsurance arrangements), or all or substantially all of the stock of any
of its Subsidiaries (in each case, whether now owned or hereafter acquired), or liquidate or
dissolve, except that, if at the time thereof and immediately after giving effect thereto no
Default shall have occurred and be continuing, (i) any Subsidiary may merge into the Borrower in a
transaction in which the Borrower is the surviving corporation, (ii) any Subsidiary may merge into
any Subsidiary in a transaction in which the surviving entity is a Subsidiary, (iii) any Subsidiary
may sell, transfer, lease or otherwise dispose of its assets to the Borrower or to another
Subsidiary and (iv) any Subsidiary may liquidate or dissolve if the Borrower determines in good
faith that such liquidation or dissolution is in the best interests of the Borrower and is not
materially disadvantageous to the Lenders; provided that any such merger involving a Person
that is not a wholly owned Subsidiary immediately prior to such merger shall not be permitted
unless also permitted by Section 6.04.

(b) The Borrower will not, and will not permit any of its Subsidiaries to, engage to any
material extent in any business other than businesses of the type conducted by the Borrower and
its Subsidiaries on the date of execution of this Agreement (including property and casualty
insurance, reinsurance and brokerage businesses) and businesses reasonably related thereto.

SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions. (a) The
Borrower will not, and will not permit any of its Subsidiaries which are not Insurance Subsidiaries
to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a
Wholly-Owned Subsidiary prior to such merger) any capital stock, evidences of indebtedness or other
securities (including any option, warrant or other right to acquire any of the foregoing) of, make
or permit to exist any loans or advances to, Guarantee any obligations of, or make or permit to
exist any investment or any other interest in, any other Person, or purchase or otherwise acquire
(in one transaction or a series of transactions) any assets of any other Person constituting a
business unit, except:

(i) investments made in accordance with the Borrower’s investment guidelines in effect on the
date hereof as set forth on Schedule 6.04 (or as hereafter amended with the prior written consent
of the Required Lenders);

(ii) investments by the Borrower or any Wholly-Owned Subsidiary which is not an Insurance
Subsidiary in its Subsidiaries so long as after giving effect thereto, Borrower shall be in pro
forma compliance with Sections 6.12 through 6.14 hereof;

(iii) loans or advances made by the Borrower to any Subsidiary and made by any Subsidiary to
the Borrower or any other Subsidiary;

(iv) Guarantees constituting Indebtedness permitted by Section 6.01;

(v) Purchases of businesses or entities engaged in the property and casualty insurance and
reinsurance and brokerage businesses which do not constitute hostile takeovers made for
consideration not to exceed (x) 10% of the Borrower’s consolidated shareholders’ equity in the
aggregate after the date of this Agreement, less (y) the aggregate consideration paid in respect of
any purchases made pursuant to Section 6.04(b)(iv); provided that only the Borrower may
Purchase or own a Subsidiary which is a Material Insurance Subsidiary; and

(vi) other investments not exceeding $10,000,000 in the aggregate at any one time;

(b) The Borrower will not permit any Insurance Subsidiary to, purchase, hold or acquire
(including pursuant to any merger with any Person that was not a wholly owned Subsidiary prior to
such merger) any capital stock, evidences of indebtedness or other securities (including any
option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any
loans or advances to, Guarantee any obligations of, or make or permit to exist any investment or
any other interest in, any other Person, or purchase or otherwise acquire (in one transaction or a
series of transactions) any assets of any other Person constituting a business unit, except:

(i) investments made in accordance with the Borrower’s investment guidelines in effect
on the date hereof as set forth on Schedule 6.04 (or as hereafter amended with the prior
written consent of the Required Lenders);

(ii) existing investments in Subsidiaries;

(iii) Purchases of businesses (including by means of bulk reinsurance or financial reinsurance
arrangements) or entities engaged in the property and casualty insurance and reinsurance and
brokerage businesses (which do not constitute hostile takeovers) made after the date of this
Agreement for an aggregate consideration not to exceed (A) 10% of the Borrower’s consolidated
shareholders’ equity in the aggregate after the date of this Agreement, less (B) the aggregate
consideration paid in respect of any Purchases made pursuant to Section 6.04(a)(v);
provided, that no Insurance Subsidiary may Purchase or own a Material Insurance Subsidiary;
and

(iv) other investments of a quality acceptable to the insurance commissioner in the respective
domiciliary state of such Insurance Subsidiary which are not permissible under Section 6.04(b)(i)
or (ii) (“Other Investments”); provided, that such other investments do not exceed
in the aggregate at any one time outstanding, a percentage of the aggregate Investments of all
Insurance Subsidiaries equal to 10%; and

(c) Subject to the provisions of this Section 6.04 and the requirements contained in the
definition of Permitted Acquisition, the Borrower and its Subsidiaries may from time to time effect
Permitted Acquisitions, so long as: (i) no Default shall have occurred and be continuing at the
time of the consummation of the proposed Permitted Acquisition or immediately after giving effect
thereto; (ii) if the proposed Permitted Acquisition is for aggregate consideration of $2,500,000 or
more, the Borrower shall have given to the Administrative Agent written notice of such proposed
Permitted Acquisition on the earlier of (x) the date on which the Permitted Acquisition is publicly
announced and (y) ten (10) Business Days prior to consummation of such Permitted Acquisition (or
such shorter period of time as may be reasonably acceptable to the Administrative Agent), which
notice shall be executed by its chief financial officer or treasurer and shall describe in
reasonable detail the principal terms and conditions of such Permitted Acquisition; and (iii) at
the time of any such Permitted Acquisition involving the creation or acquisition of a Subsidiary,
or the acquisition of capital stock or other Equity Interest of any Person, the Borrower and its
Subsidiaries shall have complied with Section 5.09.

SECTION 6.05. Swap Agreements. The Borrower will not, and will not permit any of its
Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or
mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than those in
respect of Equity Interests of the Borrower or any of its Subsidiaries), and (b) Swap Agreements
entered into in order to effectively cap, collar or exchange interest rates (from fixed to floating
rates, from one floating rate to another floating rate or otherwise) with respect to any
interest-bearing liability or investment of the Borrower or any Subsidiary.

SECTION 6.06. Restricted Payments. The Borrower will not, and will not permit any of
its Subsidiaries to, declare, pay or make, or agree to declare, pay or make, directly or
indirectly, any Restricted Payment, except (a) the Borrower may declare and pay dividends with
respect to its Equity Interests payable solely in additional shares of its common stock, (b)
Subsidiaries may declare and pay dividends ratably with respect to their Equity Interests and (c)
the Borrower may make Restricted Payments pursuant to and in accordance with stock option plans or
other benefit plans for management, directors or employees of the Borrower and its Subsidiaries.

SECTION 6.07. Transactions with Affiliates. The Borrower will not, and will not
permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or
purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other
transactions with, any of its Affiliates, except (a) in the ordinary course of business at prices
and on terms and conditions not less favorable to the Borrower or such Subsidiary than could be
obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among
the Borrower and its wholly owned Subsidiaries not involving any other Affiliate, (c) any
Restricted Payment permitted by Section 6.06 and (d) as disclosed in Schedule 6.07 attached hereto.

SECTION 6.08. Restrictive Agreements. The Borrower will not, and will not permit any
of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement
or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the
Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or
any material portion of its assets, or (b) the ability of any Subsidiary to pay dividends or other
distributions with respect to any shares of its capital stock or to make or repay loans or advances
to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the Borrower or any other
Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions
imposed by law, by Governmental Authority or by this Agreement, (ii) the foregoing shall not apply
to restrictions and conditions existing on the date hereof identified on Schedule 6.08 (but shall
apply to any extension or renewal of, or any amendment or modification expanding the scope of, any
such restriction or condition), (iii) the foregoing shall not apply to customary restrictions and
conditions contained in agreements relating to the sale of a Subsidiary pending such sale, provided
that such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale
is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or
conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if
such restrictions or conditions apply only to the property or assets securing such Indebtedness and
(v) clause (a) of the foregoing shall not apply to customary provisions in leases, licenses,
software agreements or service agreements restricting the assignment thereof.

SECTION 6.09. Fiscal Year. The Borrower shall not, nor shall it permit any Subsidiary
to, change its fiscal year to end on any date other than December 31 of each year.

SECTION 6.10. Other Indebtedness and Payments. The Borrower will not, and will not
permit any Subsidiary to, directly or indirectly voluntarily prepay, defease or in substance
defease, purchase, redeem, retire or otherwise acquire, any single Indebtedness that constitutes a
Material Indebtedness or collective Indebtedness that constitutes Material Indebtedness or any
subordinated Indebtedness prior to the date when due (other than its obligations hereunder) while a
Default has occurred and is continuing or in violation of any relevant term of subordination.

SECTION 6.11. Sale and Leaseback Transactions. The Borrower will not, nor will it
permit any Subsidiary to, enter into or suffer to exist any Sale and Leaseback Transaction.

SECTION 6.12. Interest Coverage Ratio. The Borrower will not permit the Interest
Coverage Ratio for the period then ended to be less than 2.00 to 1.00.

SECTION 6.13. Maximum Leverage Ratio. The Borrower will maintain a Leverage Ratio of
not greater than 35%.

SECTION 6.14. Minimum Consolidated Net Worth. The Borrower will maintain a
Consolidated Net Worth of at least the sum of (i) 80% of the Borrower’s Consolidated Net Worth as
of the Effective Date, plus (ii) the aggregate of (A) 50% of the Borrower’s positive Net
Income, if any, and (B) 50% of the Net Available Proceeds of equity issuances by the Borrower and,
to the extent not issued to the Borrower or other Wholly-Owned Subsidaries, its Subsidiaries, in
each case, as determined in accordance with GAAP for each fiscal quarter ending after the December
31, 2006 fiscal quarter and on or prior to the date of determination.

SECTION 6.15. Net Premiums Written to Statutory Surplus. At all times after the date
hereof, cause each Material Insurance Subsidiary that has been assigned an individual A.M. Best
rating (provided that all Material Insurance Subsidiaries whose A.M. Best rating is reliant upon
pooling or intercompany reinsurance arrangements or group ratings shall be considered together on a
consolidated basis) to maintain a ratio of Net Premiums Written to Statutory Surplus of not greater
than 2.00 to 1.00.

ARTICLE VII

Events of Default

If any of the following events (“Events of Default”) shall occur:

(a) the Borrower shall fail to pay any principal of any Loan when and as the same shall
become due and payable, whether at the due date thereof or at a date fixed for prepayment
thereof or otherwise;

(b) the Borrower shall fail to pay any interest on any Loan or any fee or any other
amount (other than an amount referred to in clause (a) of this Article) payable under this
Agreement, when and as the same shall become due and payable, and such failure shall
continue unremedied for a period of five days;

(c) any representation or warranty made or deemed made by or on behalf of the Borrower
or any Subsidiary in or in connection with this Agreement or any amendment or modification
hereof or waiver hereunder, or in any report, certificate, financial statement or other
document furnished pursuant to or in connection with this Agreement or any amendment or
modification hereof or waiver hereunder, shall prove to have been incorrect in any material
respect when made or deemed made;

(d) the Borrower or any Subsidiary Guarantor shall fail to observe or perform any
covenant, condition or agreement contained in Section 5.02(a), 5.03 (with respect to the
Borrower’s or any Material Insurance Subsidiary’s existence) or 5.08 or in Article VI hereof
or the Pledge Agreement or the Subsidiary Guaranty (after giving effect to any applicable
grace period set forth therein);

(e) the Borrower shall fail to observe or perform any covenant, condition or agreement
contained in this Agreement (other than those specified in clause (a), (b) or (d) of this
Article), and such failure shall continue unremedied for a period of 30 days after notice
thereof from the Administrative Agent to the Borrower (which notice will be given at the
request of the Required Lenders);

(f) the Borrower or any Subsidiary shall fail to make any payment (whether of principal
or interest and regardless of amount) in respect of any Material Indebtedness, when and as
the same shall become due and payable;

(g) any event or condition occurs that results in any Material Indebtedness becoming
due prior to its scheduled maturity or that enables or permits (with or without the giving
of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or
any trustee or agent on its or their behalf to cause any Material Indebtedness to become
due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to
its scheduled maturity; provided that this clause (g) shall not apply to secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of the property
or assets securing such Indebtedness;

(h) an involuntary proceeding shall be commenced or an involuntary petition shall be
filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or
any Subsidiary or its debts, or of a substantial part of its assets, under any Federal,
state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in
effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator
or similar official for the Borrower or any Subsidiary or for a substantial part of its
assets, and, in any such case, such proceeding or petition shall continue undismissed for 60
days or an order or decree approving or ordering any of the foregoing shall be entered;

(i) the Borrower or any Subsidiary shall (i) voluntarily commence any proceeding or
file any petition seeking liquidation, reorganization or other relief under any Federal,
state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in
effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate
manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for
or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator
or similar official for the Borrower or any Subsidiary or for a substantial part of its
assets, (iv) file an answer admitting the material allegations of a petition filed against
it in any such proceeding, (v) make a general assignment for the benefit of creditors or
(vi) take any action for the purpose of effecting any of the foregoing;

(j) the Borrower or any Subsidiary shall become unable, admit in writing its inability
or fail generally to pay its debts as they become due;

(k) one or more judgments for the payment of money in an aggregate amount in excess of
$2,500,000 shall be rendered against the Borrower, any Subsidiary or any combination thereof
and the same shall remain undischarged for a period of 30 consecutive days during which
execution shall not be effectively stayed, or any action shall be legally taken by a
judgment creditor to attach or levy upon any assets of the Borrower or any Subsidiary to
enforce any such judgment;

(l) an ERISA Event shall have occurred that, in the opinion of the Required Lenders,
when taken together with all other ERISA Events that have occurred, could reasonably be
expected to have a Material Adverse Effect;

(m) a Change in Control shall occur;

(n) (i) any license for the conduct of insurance business of any Insurance Subsidiary
(A) shall be revoked by the Governmental Authority which issued such license, or any action
(administrative or judicial) to revoke such license shall have been commenced against such
Insurance Subsidiary and shall not have been dismissed within thirty (30) days after the
commencement thereof, (B) shall be suspended by such Governmental Authority for a period in
excess of thirty (30) days or (C) shall not be reissued or renewed by such Governmental
Authority upon the expiration thereof following application for such reissuance or renewal
of such Insurance Subsidiary or (ii) any Insurance Subsidiary shall be the subject of a
final non-appealable order imposing a fine by or at the request of any state insurance
regulatory agency as a result of the violation by such Insurance Subsidiary of such state’s
applicable insurance laws or the regulations promulgated in connection therewith, which in
any such case under clause (i) or (ii) would reasonably be expected to have a Material
Adverse Effect;

(o) any Insurance Subsidiary shall become subject to any conservation, rehabilitation
or liquidation order, directive or mandate issued by any Governmental Authority or any
Insurance Subsidiary shall become subject to any other directive or mandate issued by any
Governmental Authority which could reasonably be expected to have a Material Adverse Effect
and which is not stayed within ten (10) days;

(p) the Pledge Agreement shall cease to be in full force and effect, or shall cease to
give the Collateral Agent, for the benefit of the Secured Creditors, the Liens, rights,
powers and privileges purported to be created thereby; or

(q) the Subsidiary Guaranty or any provisions thereof shall cease to be in full force
or effect as to any Subsidiary Guarantor, or any Subsidiary Guarantor or any Person acting
for or on behalf of any Subsidiary Guarantor shall deny or disaffirm such Subsidiary
Guarantor’s obligations under the Subsidiary Guaranty;

then, and in every such event (other than an event with respect to the Borrower described in clause
(h) or (i) of this Article), and at any time thereafter during the continuance of such event, the
Administrative Agent may, and at the request of the Required Lenders shall, by notice to the
Borrower, take either or both of the following actions, at the same or different times: (i)
terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii)
declare the Loans then outstanding to be due and payable in whole (or in part, in which case any
principal not so declared to be due and payable may thereafter be declared to be due and payable),
and thereupon the principal of the Loans so declared to be due and payable, together with accrued
interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become
due and payable immediately, without presentment, demand, protest or other notice of any kind, all
of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower
described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and
the principal of the Loans then outstanding, together with accrued interest thereon and all fees
and other obligations of the Borrower accrued hereunder, shall automatically become due and
payable, without presentment, demand, protest or other notice of any kind, all of which are hereby
waived by the Borrower.

ARTICLE VIII

The Administrative Agent

Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent and
authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers
as are delegated to the Administrative Agent by the terms hereof, together with such actions and
powers as are reasonably incidental thereto.

The bank serving as the Administrative Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the
Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and
generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate
thereof as if it were not the Administrative Agent hereunder.

The Administrative Agent shall not have any duties or obligations except those expressly set
forth herein. Without limiting the generality of the foregoing, (a) the Administrative Agent shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has
occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby that the Administrative Agent is required to exercise in writing as
directed by the Required Lenders (or such other number or percentage of the Lenders as shall be
necessary under the circumstances as provided in Section 9.02), and (c) except as expressly set
forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries
that is communicated to or obtained by the bank serving as Administrative Agent or any of its
Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or
not taken by it with the consent or at the request of the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the circumstances as provided in Section
9.02) or in the absence of its own gross negligence or willful misconduct. The Administrative
Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof
is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent
shall not be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement, (ii) the contents of any
certificate, report or other document delivered hereunder or in connection herewith, (iii) the
performance or observance of any of the covenants, agreements or other terms or conditions set
forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or
any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in
Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be
delivered to the Administrative Agent.

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other
writing believed by it to be genuine and to have been signed or sent by the proper Person. The
Administrative Agent also may rely upon any statement made to it orally or by telephone and
believed by it to be made by the proper Person, and shall not incur any liability for relying
thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the
Borrower), independent accountants and other experts selected by it, and shall not be liable for
any action taken or not taken by it in accordance with the advice of any such counsel, accountants
or experts.

The Administrative Agent may perform any and all its duties and exercise its rights and powers
by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative
Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers
through their respective Related Parties. The exculpatory provisions of the preceding paragraphs
shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any
such sub-agent, and shall apply to their respective activities in connection with the syndication
of the credit facilities provided for herein as well as activities as Administrative Agent.

Subject to the appointment and acceptance of a successor Administrative Agent as provided in
this paragraph, the Administrative Agent may resign at any time by notifying the Lenders and the
Borrower. Upon any such resignation, the Required Lenders shall have the right, in consultation
with the Borrower, to appoint a successor. If no successor shall have been so appointed by the
Required Lenders and shall have accepted such appointment within 30 days after the retiring
Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may,
on behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank with an
office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its
appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and
become vested with all the rights, powers, privileges and duties of the retiring Administrative
Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations
hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same
as those payable to its predecessor unless otherwise agreed between the Borrower and such
successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article
and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent,
its sub agents and their respective Related Parties in respect of any actions taken or omitted to
be taken by any of them while it was acting as Administrative Agent.

Each Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each
Lender also acknowledges that it will, independently and without reliance upon the Administrative
Agent or any other Lender and based on such documents and information as it shall from time to time
deem appropriate, continue to make its own decisions in taking or not taking action under or based
upon this Agreement, any related agreement or any document furnished hereunder or thereunder.

ARTICLE IX

Miscellaneous

SECTION 9.01. Notices. (a) Except in the case of notices and other communications
expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and
other communications provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:

(i) if to the Borrower or any Subsidiary Guarantor, to it at 9 Farm Springs Road,
Farmington, Connecticut 06032, Attention of Jack Sennott (Telecopy No. (860) 284-1919);

(ii) if to the Administrative Agent, to JPMorgan Chase Bank, National Association, Loan
and Agency Services Group-Chicago, 10 South Dearborn, 7th Floor, Chicago,
Illinois 60603, Attention of Anthony Catron (Telecopy No. (312) 385-7096);

(iii) if to any other Lender, to it at its address (or telecopy number) set forth in
its Administrative Questionnaire.

(b) Notices and other communications to the Lenders hereunder may be delivered or furnished
by electronic communications pursuant to procedures approved by the Administrative Agent; provided
that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by
the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may,
in its discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it; provided that approval of such procedures
may be limited to particular notices or communications.

(c) Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All notices and other
communications given to any party hereto in accordance with the provisions of this Agreement shall
be deemed to have been given on the date of receipt.

SECTION 9.02. Waivers; Amendments. (a) No failure or delay by the Administrative
Agent or any Lender in exercising any right or power hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The rights and remedies of the Administrative
Agent and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that
they would otherwise have. No waiver of any provision of this Agreement or consent to any
departure by the Borrower therefrom shall in any event be effective unless the same shall be
permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only
in the specific instance and for the purpose for which given. Without limiting the generality of
the foregoing, the making of a Loan shall not be construed as a waiver of any Default, regardless
of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default
at the time.

(b) Neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Borrower and the Required
Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders;
provided that no such agreement shall (i) increase the Commitment of any Lender without
the written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the
rate of interest thereon, or reduce any fees payable hereunder, without the written consent of
each Lender affected thereby, (iii) postpone the scheduled date of payment of the principal amount
of any Loan, or any interest thereon, or any fees payable hereunder, or reduce the amount of,
waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment,
without the written consent of each Lender affected thereby, (iv) change Section 2.18(b) or (c) in
a manner that would alter the pro rata sharing of payments required thereby, without the written
consent of each Lender, or (v) change any of the provisions of this Section or the definition of
“Required Lenders” or any other provision hereof specifying the number or percentage of Lenders
required to waive, amend or modify any rights hereunder or make any determination or grant any
consent hereunder, or release all or substantially all of the Pledge Agreement Collateral, without
the written consent of each Lender; provided further that no such agreement shall amend, modify
or otherwise affect the rights or duties of the Administrative Agent without the prior written
consent of the Administrative Agent.

SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all
reasonable out of pocket expenses incurred by the Administrative Agent and its Affiliates,
including the reasonable fees, charges and disbursements of counsel for the Administrative Agent,
the preparation and administration of this Agreement or any amendments, modifications or waivers of
the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be
consummated), and (ii) all reasonable out-of-pocket expenses incurred by the Administrative Agent
or any Lender, including the reasonable fees, charges and disbursements of any counsel for the
Administrative Agent and one additional counsel for the Lenders, in connection with the enforcement
or protection of its rights in connection with this Agreement, including its rights under this
Section, or in connection with the Loans made hereunder, including all such out-of pocket expenses
incurred during any workout, restructuring or negotiations in respect of such Loans.

(b) The Borrower shall indemnify the Administrative Agent and each Lender, and each Related
Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities
and reasonable related expenses, including the reasonable fees, charges and disbursements of any
counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in
connection with, or as a result of (i) the execution or delivery of this Agreement or any
agreement or instrument contemplated hereby, the performance by the parties hereto of their
respective obligations hereunder or the consummation of the Transactions or any other transactions
contemplated hereby, (ii) any Loan or the use of the proceeds therefrom, (iii) any actual or
alleged presence or release of Hazardous Materials on or from any property owned or operated by
the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the
Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or
any other theory and regardless of whether any Indemnitee is a party thereto; provided
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, liabilities or related expenses are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or
willful misconduct of such Indemnitee.

(c) To the extent that the Borrower fails to pay any amount required to be paid by it to the
Administrative Agent under paragraph (a) or (b) of this Section, each Lender severally agrees to
pay to the Administrative Agent, such Lender’s Applicable Percentage (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount;
provided that the unreimbursed expense or indemnified loss, claim, damage, liability or
related expense, as the case may be, was incurred by or asserted against the Administrative Agent
in its capacity as such.

(d) To the extent permitted by applicable law, the Borrower shall not assert, and hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement or any agreement or instrument contemplated
hereby, the Transactions, any Loan or the use of the proceeds thereof.

(e) All amounts due under this Section shall be payable promptly after written demand
therefor.

SECTION 9.04. Successors and Assigns. (a) The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of
its rights or obligations hereunder without the prior written consent of each Lender (and any
attempted assignment or transfer by the Borrower without such consent shall be null and void) and
(ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in
accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed
to confer upon any Person (other than the parties hereto, their respective successors and assigns
permitted hereby, Participants (to the extent provided in paragraph (c) of this Section) and, to
the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent
and the Lenders) any legal or equitable right, remedy or claim under or by reason of this
Agreement.

(b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign
to one or more assignees all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans at the time owing to it) with the
prior written consent (such consent not to be unreasonably withheld) of:

(A) the Borrower, provided that no consent of the Borrower shall be required
for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of
Default has occurred and is continuing, any other assignee; and

(B) the Administrative Agent.

(ii) Assignments shall be subject to the following additional conditions:

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an
assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of
any Class, the amount of the Commitment or Loans of the assigning Lender subject to each
such assignment (determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000
unless each of the Borrower and the Administrative Agent otherwise consent, provided
that no such consent of the Borrower shall be required if an Event of Default has occurred
and is continuing;

(B) each partial assignment shall be made as an assignment of a proportionate part of
all the assigning Lender’s rights and obligations under this Agreement, provided
that this clause shall not be construed to prohibit the assignment of a proportionate part
of all the assigning Lender’s rights and obligations in respect of one Class of Commitments
or Loans; 

(C) the parties to each assignment shall execute and deliver to the Administrative
Agent an Assignment and Assumption, together with a processing and recordation fee of
$3,500; and

(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative
Agent an Administrative Questionnaire in which the assignee designates one or more Credit
Contacts to whom all syndicate-level information (which may contain material non-public
information about the Borrower and its affiliates, the Subsidiaries and their related
parties or their respective securities) will be made available and who may receive such
information in accordance with the assignee’s compliance procedures and applicable laws,
including Federal and state securities laws.

For the purposes of this Section 9.04(b), the term “Approved Fund” has the following
meaning:

“Approved Fund” means any Person (other than a natural person) that is engaged in
making, purchasing, holding or investing in bank loans and similar extensions of credit in the
ordinary course of its business and that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a
Lender.

(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this
Section, from and after the effective date specified in each Assignment and Assumption the
assignee thereunder shall be a party hereto and, to the extent of the interest assigned by
such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned
by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto
but shall continue to be entitled to the benefits, and subject to the requirements, of
Sections 2.12, 2.13, 2.14 and 9.03). Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this Section 9.04 shall be
treated for purposes of this Agreement as a sale by such Lender of a participation in such
rights and obligations in accordance with paragraph (c) of this Section.

(iv) The Administrative Agent, acting for this purpose as an agent of the Borrower,
shall maintain at one of its offices a copy of each Assignment and Assumption delivered to
it and a register for the recordation of the names and addresses of the Lenders, and the
Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be
conclusive, and the Borrower, the Administrative Agent, and the Lenders may treat each
Person whose name is recorded in the Register pursuant to the terms hereof as a Lender
hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The
Register shall be available for inspection by the Borrower and any Lender, at any reasonable
time and from time to time upon reasonable prior notice.

(v) Upon its receipt of a duly completed Assignment and Assumption executed by an
assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire
(unless the assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in paragraph (b) of this Section and any written consent to such assignment
required by paragraph (b) of this Section, the Administrative Agent shall accept such
Assignment and Assumption and record the information contained therein in the Register;
provided that if either the assigning Lender or the assignee shall have failed to
make any payment required to be made by it pursuant to Section 2.04(b), 2.15(d) or 9.03(c),
the Administrative Agent shall have no obligation to accept such Assignment and Assumption
and record the information therein in the Register unless and until such payment shall have
been made in full, together with all accrued interest thereon. No assignment shall be
effective for purposes of this Agreement unless it has been recorded in the Register as
provided in this paragraph.

(c) (i) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell
participations to one or more banks or other entities (a “Participant”) in all or a
portion of such Lender’s rights and obligations under this Agreement (including all or a portion
of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations
under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to
the other parties hereto for the performance of such obligations and (C) the Borrower, the
Administrative Agent and the other Lenders shall continue to deal solely and directly with such
Lender in connection with such Lender’s rights and obligations under this Agreement. Any
agreement or instrument pursuant to which a Lender sells such a participation shall provide that
such Lender shall retain the sole right to enforce this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; provided that such agreement or
instrument may provide that such Lender will not, without the consent of the Participant, agree to
any amendment, modification or waiver described in the first proviso to Section 9.02(b) that
affects such Participant. Subject to paragraph (c)(ii) of this Section, the Borrower agrees that
each Participant shall be entitled to the benefits of Sections 2.12, 2.13 and 2.14 to the same
extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph
(b) of this Section. To the extent permitted by law, each Participant also shall be entitled to
the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be
subject to Section 2.15(c) as though it were a Lender.

(ii) A Participant shall not be entitled to receive any greater payment under Section 2.12 or
2.14 than the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to such Participant
is made with the Borrower’s prior written consent. A Participant that shall not be entitled to
the benefits of Section 2.14 unless the Borrower is notified of the participation sold to such
Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section
2.14 as though it were a Lender.

(d) Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement to secure obligations of such Lender, including without limitation
any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall
not apply to any such pledge or assignment of a security interest; provided that no such
pledge or assignment of a security interest shall release a Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

SECTION 9.05. Survival. All covenants, agreements, representations and warranties
made by the Borrower herein and in the certificates or other instruments delivered in connection
with or pursuant to this Agreement shall be considered to have been relied upon by the other
parties hereto and shall survive the execution and delivery of this Agreement and the making of any
Loans, regardless of any investigation made by any such other party or on its behalf and
notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any
Default or incorrect representation or warranty at the time any credit is extended hereunder, and
shall continue in full force and effect as long as the principal of or any accrued interest on any
Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so
long as the Commitments have not expired or terminated. The provisions of Sections 2.12, 2.13,
2.14 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the
consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or
termination of the Commitments or the termination of this Agreement or any provision hereof.

SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement may be
executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single
contract. This Agreement and any separate letter agreements with respect to fees payable to the
Administrative Agent constitute the entire contract among the parties relating to the subject
matter hereof and supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall
become effective when it shall have been executed by the Administrative Agent and when the
Administrative Agent shall have received counterparts hereof which, when taken together, bear the
signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy shall be effective as
delivery of a manually executed counterpart of this Agreement.

SECTION 9.07. Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability of the remaining provisions hereof; and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time
to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general
or special, time or demand, provisional or final) at any time held and other obligations at any
time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against
any of and all the obligations of the Borrower now or hereafter existing under this Agreement held
by such Lender, irrespective of whether or not such Lender shall have made any demand under this
Agreement and although such obligations may be unmatured. The rights of each Lender under this
Section are in addition to other rights and remedies (including other rights of setoff) which such
Lender may have.

SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This
Agreement shall be construed in accordance with and governed by the law of the State of Illinois.

(b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property,
to the nonexclusive jurisdiction of the Courts of the State of Illinois sitting in Cook County and
of the United States District Court of the Northern District of Illinois, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for
recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard
and determined in such Illinois State or, to the extent permitted by law, in such Federal court.
Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law. Nothing in this Agreement shall affect any right that the Administrative
Agent or any Lender may otherwise have to bring any action or proceeding relating to this
Agreement against the Borrower or its properties in the courts of any jurisdiction.

(c) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have to the laying of
venue of any suit, action or proceeding arising out of or relating to this Agreement in any court
referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court.

(d) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any
party to this Agreement to serve process in any other manner permitted by law.

SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

SECTION 9.11. Headings. Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Agreement and shall not affect
the construction of, or be taken into consideration in interpreting, this Agreement.

SECTION 9.12. Confidentiality. Each of the Administrative Agent and the Lenders
agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and
agents, including accountants, legal counsel and other advisors (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (b) to the extent requested by
any regulatory authority, (c) to the extent required by applicable laws or regulations or by any
subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with
the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement
or the enforcement of rights hereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any assignee of or Participant in, or any
prospective assignee of or Participant in, any of its rights or obligations under this Agreement or
(ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction
relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the
extent such Information (i) becomes publicly available other than as a result of a breach of this
Section or (ii) becomes available to the Administrative Agent or any Lender on a nonconfidential
basis from a source other than the Borrower. For the purposes of this Section,
“Information” means all information received from the Borrower relating to the Borrower or
its business, other than any such information that is available to the Administrative Agent or any
Lender on a nonconfidential basis prior to disclosure by the Borrower; provided that, in
the case of information received from the Borrower after the date hereof, such information is
clearly identified at the time of delivery as confidential. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential
information.

EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12(a) FURNISHED TO IT
PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND
ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE
PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH
MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING
FEDERAL AND STATE SECURITIES LAWS.

ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR
THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE
SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER
AND ITS AFFILIATES, THE SUBSIDIARIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES) AND
ITS SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER AND THE ADMINISTRATIVE AGENT
THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE
INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE
PROCEDURES AND APPLICABLE LAW.

SECTION 9.13. Interest Rate Limitation. Notwithstanding anything herein to the
contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges
and other amounts which are treated as interest on such Loan under applicable law (collectively the
“Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be
contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance
with applicable law, the rate of interest payable in respect of such Loan hereunder, together with
all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent
lawful, the interest and Charges that would have been payable in respect of such Loan but were not
payable as a result of the operation of this Section shall be cumulated and the interest and
Charges payable to such Lender in respect of other Loans or periods shall be increased (but not
above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the
Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

SECTION 9.14. USA PATRIOT Act. Each Lender that is subject to the requirements of the
USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby
notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain,
verify and record information that identifies the Borrower, which information includes the name and
address of the Borrower and other information that will allow such Lender to identify the Borrower
in accordance with the Act.

3

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
by their respective authorized officers as of the day and year first above written.

DARWIN PROFESSIONAL UNDERWRITERS, INC.

By: /s/ John L. Sennott, Jr.

Name: John L. Sennott, Jr.

Title: Senior Vice President and Chief Financial 

Officer

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

individually and as Administrative Agent,

By: /s/ Thomas A. Kiepura

Name: Thomas A. Kiepura

Title: Vice President

4

Schedule 2.01

Commitments

	 	 	 	 	 
	JPMorgan Chase Bank, N.A.
	 	$	25,000,000	 
	 
	 	 	 	 
	TOTAL
	 	$	25,000,000	 
	 
	 	 	 	 

5EX-10.2

Conformed

SUBSIDIARY GUARANTY

SUBSIDIARY GUARANTY dated as of March 23, 2007 (this “Guaranty”) made by each of the Persons
that is a signatory hereto (individually a “Guarantor” and collectively, the “Guarantors”) in favor
of JPMorgan Chase Bank, National Association, in its capacity as administrative agent (the
“Administrative Agent”) under the Credit Agreement referred to below for the benefit of the
Administrative Agent, the Collateral Agent, the Lenders and their Affiliates to the extent provided
below.

WITNESSETH:

WHEREAS, Darwin Professional Underwriters, Inc., a Delaware corporation (the “Borrower”), the
Administrative Agent and certain other financial institutions are contemporaneously herewith
entering into a credit agreement dated as of the date hereof (as same may be amended or modified
from time to time, the “Credit Agreement”), providing, subject to the terms and conditions thereof,
for extensions of credit to be made by the Lenders (as defined therein) to the Borrower.
Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to them by
the Credit Agreement;

WHEREAS, it is a condition precedent to the extension of credit by the Lenders under the
Credit Agreement that each of the Guarantors execute and deliver this Guaranty whereby each of the
Guarantors shall guarantee the payment when due of all Liabilities (as defined below); and

WHEREAS, in consideration of the financial and other support that the Borrower has provided,
and such financial and other support as the Borrower may in the future provide, to the Guarantors,
and in order to (a) induce the Lenders and the Administrative Agent to enter into the Credit
Agreement and extend credit thereunder and (b) induce the Lenders and their Affiliates to enter
into one or more Swap Agreements permitted by the Credit Agreement (such agreements, as from time
to time amended, supplemented or otherwise modified, being the “Covered Swap Agreements”) and
because each Guarantor has determined that executing this Guaranty is in its interest and to its
financial benefit, each of the Guarantors is willing to guarantee the obligations of the Borrower
under the Credit Agreement, any Note, the other Credit Documents and the Covered Swap Agreements
(all of the foregoing agreements or arrangements being the “Facilities” and any writing evidencing,
supporting or securing a Facility, including but not limited to this Guaranty, as such writing may
be amended, supplemented or otherwise modified from time to time, being a “Facility Document”).

NOW THEREFORE, in order to induce the Guaranteed Parties (as defined below) to enter into or
extend or continue credit or give financial accommodation under the Facilities, each Guarantor
agrees as follows:

1. Guaranty of Payment. Each Guarantor unconditionally and irrevocably guarantees to
each of the Administrative Agent, the Collateral Agent, the Lenders and each of their Affiliates
party to a Covered Swap Agreement (individually a “Guaranteed Party” and collectively, the
“Guaranteed Parties”) the punctual payment of all sums now owing or which may in the future be
owing by the Borrower under the Facility Documents, when the same are due and payable, whether on
demand, at stated maturity, by acceleration or otherwise, and whether for principal, interest,
fees, expenses, indemnification or otherwise (all of the foregoing sums being the
“Liabilities”). Upon failure by the Borrower to pay punctually any Liability, each of the
Guarantors agrees that it shall forthwith on demand pay to the Administrative Agent for the benefit
of the Guaranteed Parties (or in the case of amounts owing under a Covered Swap Agreement, to the
applicable Guaranteed Party) the amount not so paid at the place and in the manner specified in the
applicable Facility Document. The Liabilities include, without limitation, interest accruing after
the commencement of a proceeding under bankruptcy, insolvency or similar laws of any jurisdiction
at the rate or rates provided in the Facility Documents. This Guaranty is a guaranty of payment
and not of collection only. The Guaranteed Parties shall not be required to exhaust any right or
remedy or take any action against the Borrower or any other person or entity or any collateral.
Each Guarantor agrees that, as between such Guarantor and the Guaranteed Parties, the Liabilities
may be declared to be due and payable for the purposes of this Guaranty notwithstanding any stay,
injunction or other prohibition which may prevent, delay or vitiate any declaration as regards the
Borrower and that in the event of a declaration or attempted declaration, the Liabilities shall
immediately become due and payable by such Guarantor for the purposes of this Guaranty. All
liabilities of the Guarantors hereunder shall be the joint and several liabilities of each
Guarantor.

2. Guaranty Absolute. Each Guarantor guarantees that the Liabilities shall be paid
strictly in accordance with the terms of the Facility Documents. The liability of a Guarantor
under this Guaranty is absolute and unconditional irrespective of: (a) any change in the time,
manner or place of payment of, or in any other term of, all or any of the Facility Documents or
Liabilities, or any other amendment or waiver of or any consent to departure from any of the terms
of any Facility Document or Liability, including any increase or decrease in the rate of interest
thereon; (b) any release or amendment or waiver of, or consent to departure from, any other
guaranty or support document, or any exchange, release or non perfection of any collateral, for all
or any of the Facility Documents or Liabilities; (c) any present or future law, regulation or order
of any jurisdiction (whether of right or in fact) or of any agency thereof purporting to reduce,
amend, restructure or otherwise affect any term of any Facility Document or Liability; (d) without
being limited by the foregoing, any lack of validity or enforceability of any Facility Document or
Liability; and (e) any other setoff, defense or counterclaim whatsoever (in any case, whether based
on contract, tort or any other theory) with respect to the Facility Documents or the transactions
contemplated thereby which might constitute a legal or equitable defense available to, or discharge
of, the Borrower or a Guarantor.

3. Guaranty Irrevocable. This Guaranty is a continuing guaranty of the payment of all
Liabilities now or hereafter existing under the Facility Documents and shall remain in full force
and effect until payment in full of all Liabilities and other amounts payable under this Guaranty
and until the Facility Documents are no longer in effect.

4. Reinstatement. This Guaranty shall continue to be effective or be reinstated, as
the case may be, if at any time any payment of any of the Liabilities is rescinded or must
otherwise be returned by the Guaranteed Party on the insolvency, bankruptcy or reorganization of
the Borrower or otherwise, all as though the payment had not been made.

5. Subrogation. No Guarantor shall exercise any rights which it may acquire by way of
subrogation, by any payment made under this Guaranty or otherwise, until all the Liabilities have
been paid in full and the Facility Documents are no longer in effect. If any amount is paid to a
Guarantor on account of subrogation rights under this Guaranty at any time when all the Liabilities
have not been paid in full, the amount shall be held in trust by such Guarantor for the benefit of
the Guaranteed Parties and shall be promptly paid to the Administrative Agent for the benefit of
the Guaranteed Parties to be credited and applied to the Liabilities, whether matured or unmatured
or absolute or contingent, in accordance with the terms hereof and of the Facility Documents. If a
Guarantor makes payment to the Guaranteed Parties of all or any part of the Liabilities and all the
Liabilities are paid in full and the Facility Documents are no longer in effect, the applicable
Guaranteed Party shall, at such Guarantor’s request, execute and deliver to such Guarantor
appropriate documents, without recourse and without representation or warranty, necessary to
evidence the transfer by subrogation to such Guarantor of an interest in the Liabilities resulting
from the payment.

6. Subordination. Without limiting the Guaranteed Parties’ rights under any other
agreement, any liabilities owed by the Borrower to a Guarantor in connection with any extension of
credit or financial accommodation by a Guarantor to or for the account of the Borrower, including
but not limited to interest accruing at the agreed contract rate after the commencement of a
bankruptcy or similar proceeding, are hereby subordinated to the Liabilities, and such liabilities
of the Borrower to such Guarantor, if the Administrative Agent so requests, shall be collected,
enforced and received by such Guarantor as trustee for the Guaranteed Parties and shall be paid
over to the Administrative Agent for the benefit of the Guaranteed Parties on account of the
Liabilities but without reducing or affecting in any manner the liability of such Guarantor under
the other provisions of this Guaranty.

7. Payments Generally. All payments by a Guarantor hereunder shall be made in the
manner, at the place and in the currency (the “Payment Currency”) required by the applicable
Facility Document; provided, however, that (if the Payment Currency is other than dollars) a
Guarantor may, at its option (or, if for any reason whatsoever such Guarantor is unable to effect
payments in the foregoing manner, such Guarantor shall be obligated to) pay to the applicable
Guaranteed Party at its principal office the equivalent amount in dollars as reasonably determined
by the applicable Guaranteed Party. In any case in which a Guarantor makes or is obligated to make
payment in dollars, such Guarantor shall hold the applicable Guaranteed Party harmless from any
loss incurred by it arising from any change in the value of dollars in relation to the Payment
Currency between the date the Liability becomes due and the date the Guaranteed Party is actually
able, following the conversion of the dollars paid by such Guarantor into the Payment Currency and
remittance of such Payment Currency to the place where such Liability is payable, to apply such
Payment Currency to such Liability.

8. Certain Taxes. Except as otherwise provided herein, each Guarantor further agrees
that all payments to be made hereunder shall be made without setoff or counterclaim and free and
clear of, and without deduction for, any taxes, levies, imposts, duties, charges, fees, deductions,
withholdings or restrictions or conditions of any nature whatsoever now or hereafter imposed,
levied, collected, withheld or assessed by any country or by any political subdivision or taxing
authority thereof or therein (“Taxes”). If any Taxes are required to be withheld from any amounts
payable to a Guaranteed Party hereunder, the amounts so payable to such Guaranteed Party shall be
increased to the extent necessary to yield to such Guaranteed Party (after payment of all Taxes)
the amounts payable hereunder in the full amounts so to be paid. Whenever any such Tax is withheld
and paid by a Guarantor, as promptly as possible thereafter, such Guarantor shall send the
Administrative Agent an official receipt showing payment thereof, together with such additional
documentary evidence as may be reasonably required from time to time by the Administrative Agent or
such Guaranteed Party. Notwithstanding any of the foregoing, no Guarantor shall be required to
indemnify or make additional or increased payments with respect to Taxes in connection with a
payment hereunder to the extent that such payment, if made by the Borrower, would not give rise to
indemnification or additional or increased payments pursuant to Section 2.14 of the Credit
Agreement; provided, however that the preceding clause shall not apply with respect to any non-U.S.
Guarantor.

9. Representations and Warranties. Each Guarantor represents and warrants that: (a)
the execution, delivery and performance of this Guaranty by such Guarantor (i) are within such
Guarantor’s corporate or other organizational powers and have been duly authorized by all necessary
corporate or limited liability company and, if required, stockholder or similar action on the part
of such Guarantor; (ii) do not violate any agreement, instrument, law, regulation or order
applicable to such Guarantor; and (iii) do not require the consent or approval of any person or
entity, including but not limited to any governmental authority, or any filing or registration of
any kind except such as have been obtained or made and are in full force and effect; (b) this
Guaranty has been duly executed and delivered by such Guarantor and is the legal, valid and binding
obligation of such Guarantor enforceable against such Guarantor in accordance with its terms,
except to the extent that enforcement may be limited by applicable bankruptcy, insolvency and other
similar laws affecting creditors’ rights generally; and (c) in executing and delivering this
Guaranty, such Guarantor has (i) without reliance on any Guaranteed Party or any information
received from any Guaranteed Party and based upon such documents and information it deems
appropriate, made an independent investigation of the transactions contemplated hereby and the
Borrower, the Borrower’s business, assets, operations, prospects and condition, financial or
otherwise, and any circumstances which may bear upon such transactions, the Borrower or the
obligations and risks undertaken herein with respect to the Liabilities; (ii) adequate means to
obtain from the Borrower on a continuing basis information concerning the Borrower; (iii) has full
and complete access to the Facility Documents and any other documents executed in connection with
the Facility Documents; and (iv) not relied and will not rely upon any representations or
warranties of any Guaranteed Party not embodied herein or any acts heretofore or hereafter taken by
any Guaranteed Party (including but not limited to any review by any Guaranteed Party of the
affairs of the Borrower). Each Guarantor agrees that the foregoing representations and warranties
shall be deemed to have been made by such Guarantor on the date of this Guaranty and on the date of
each Borrowing and each issuance request with respect to each letter of credit (if any) requested
under the Credit Agreement.

10. Limitation on Obligations. The provisions of this Guaranty are severable, and in
any action or proceeding involving any state corporate law, or any state, federal or foreign
bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if
the obligations of any Guarantor under this Guaranty would otherwise be held or determined to be
avoidable, invalid or unenforceable on account of the amount of such Guarantor’s liability under
this Guaranty, then, notwithstanding any other provision of this Guaranty to the contrary, the
amount of such liability shall, without any further action by the Guarantors or any Guaranteed
Party, be automatically limited and reduced to the highest amount that is valid and enforceable as
determined in such action or proceeding (such highest amount determined hereunder being the
relevant Guarantor’s “Maximum Liability”). This Section 10 with respect to the Maximum Liability
of the Guarantors is intended solely to preserve the rights of the Guaranteed Parties hereunder to
the maximum extent not subject to avoidance under applicable law, and neither the Guarantor nor any
other person or entity shall have any right or claim under this Section 10 with respect to the
Maximum Liability, except to the extent necessary so that the obligations of the Guarantor
hereunder shall not be rendered voidable under applicable law.

Each of the Guarantors agrees that the Liabilities may at any time and from time to time
exceed the Maximum Liability of each Guarantor, and may exceed the aggregate Maximum Liability of
all other Guarantors, without impairing this Guaranty or affecting the rights and remedies of the
Guaranteed Parties hereunder. Nothing in this Section 10 shall be construed to increase any
Guarantor’s obligations hereunder beyond its Maximum Liability.

In the event any Guarantor (a “Paying Guarantor”) shall make any payment or payments under
this Guaranty or shall suffer any loss as a result of any realization upon any collateral granted
by it to secure its obligations under this Guaranty, each other Guarantor (each a “Non-Paying
Guarantor”) shall contribute to such Paying Guarantor an amount equal to such Non-Paying
Guarantor’s “Pro Rata Share” of such payment or payments made, or losses suffered, by such Paying
Guarantor. For the purposes hereof, each Non-Paying Guarantor’s “Pro Rata Share” with respect to
any such payment or loss by a Paying Guarantor shall be determined as of the date on which such
payment or loss was made by reference to the ratio of (i) such Non-Paying Guarantor’s Maximum
Liability as of such date (without giving effect to any right to receive, or obligation to make,
any contribution hereunder) or, if such Non-Paying Guarantor’s Maximum Liability has not been
determined, the aggregate amount of all monies received by such Non-Paying Guarantor from the
Borrower after the date hereof (whether by loan, capital infusion or by other means) to (ii) the
aggregate Maximum Liability of all Guarantors hereunder (including such Paying Guarantor) as of
such date (without giving effect to any right to receive, or obligation to make, any contribution
hereunder), or to the extent that a Maximum Liability has not been determined for any Guarantors,
the aggregate amount of all monies received by all Guarantors from the Borrower after the date
hereof (whether by loan, capital infusion or by other means). Nothing in this Section 10 shall
affect any Guarantor’s several liability for the entire amount of the Liabilities (up to such
Guarantor’s Maximum Liability). Each of the Guarantors covenants and agrees that its right to
receive any contribution under this Guaranty from a Non-Paying Guarantor shall be subordinate and
junior in right of payment to all the Liabilities. The provisions of this Section 10 are for the
benefit of both the Guaranteed Parties and the Guarantors and may be enforced by any one, or more,
or all of them in accordance with the terms hereof.

11. Application of Payments. All payments received by the Administrative Agent
hereunder shall be applied by the Administrative Agent to payment of the Liabilities in the
following order unless a court of competent jurisdiction shall otherwise direct:

FIRST, to payment of all reasonable costs and expenses of the Administrative Agent
incurred in connection with the collection and enforcement of the Liabilities or of any
security interest granted to the Administrative Agent in connection with any collateral
securing the Liabilities;

SECOND, to payment of that portion of the Liabilities constituting accrued and unpaid
interest and fees, pro rata among the Guaranteed Parties in accordance with the amount of
such accrued and unpaid interest and fees owing to each of them;

THIRD, to payment of the principal of the Liabilities and the net early termination
payments and any other obligations under Covered Swap Agreements then due and unpaid from
the Borrower to any of the Guaranteed Parties, pro rata among the Guaranteed Parties in
accordance with the amount of such principal and such net early termination payments and
other obligations under Covered Swap Agreements then due and unpaid owing to each of them;
and

FOURTH, to payment of any Liabilities (other than those listed above) pro rata among
those parties to whom such Liabilities are due in accordance with the amounts owing to each
of them.

12. Remedies Generally. The remedies provided in this Guaranty are cumulative and not
exclusive of any remedies provided by law.

13. Setoff. Each Guarantor agrees that, in addition to (and without limitation of)
any right of setoff, banker’s lien or counterclaim the Guaranteed Parties may otherwise have, each
Guaranteed Party shall be entitled, at its option, to offset balances (general or special, time or
demand, provisional or final) held by it for the account of such Guarantor at any of such
Guaranteed Party’s offices, in U.S. dollars or in any other currency, against any amount payable by
such Guarantor under this Guaranty which is not paid when due (regardless of whether such balances
are then due to such Guarantor), in which case it shall promptly notify such Guarantor thereof;
provided that the Guaranteed Parties’ failure to give such notice shall not affect the validity
thereof.

14. Formalities. Each Guarantor waives presentment, notice of dishonor, protest,
notice of acceptance of this Guaranty or incurrence of any Liability and any other formality with
respect to any of the Liabilities or this Guaranty.

15. Amendments and Waivers. No amendment or waiver of any provision of this Guaranty,
nor consent to any departure by a Guarantor therefrom, shall be effective unless it is in writing
and signed by the Administrative Agent, and then the waiver or consent shall be effective only in
the specific instance and for the specific purpose for which given. No failure on the part of any
Guaranteed Party to exercise, and no delay in exercising, any right under this Guaranty shall
operate as a waiver or preclude any other or further exercise thereof or the exercise of any other
right.

16. Expenses. The Guarantors shall reimburse the Guaranteed Parties on demand for all
reasonable costs, expenses and charges (including without limitation reasonable fees and charges of
external legal counsel and costs allocated by internal legal counsel) incurred by such Guaranteed
Parties in connection with the enforcement of this Guaranty. The obligations of each Guarantor
under this Section shall survive the termination of this Guaranty.

17. Assignment. This Guaranty shall be binding on, and shall inure to the benefit of
each Guarantor, each Guaranteed Party and their respective successors and assigns; provided that a
Guarantor may not assign or transfer its rights or obligations under this Guaranty. Without
limiting the generality of the foregoing: (a) the obligations of each Guarantor under this
Guaranty shall continue in full force and effect and shall be binding on any successor partnership
and on previous partners and their respective estates if the Guarantor is a partnership, regardless
of any change in the partnership as a result of death retirement or otherwise; and (b) each
Guaranteed Party may assign, sell participations in or otherwise transfer its rights under the
Facility Documents in accordance with the terms thereof to any other person or entity, and the
other person or entity shall then become vested with all the rights granted to the Guaranteed
Parties in this Guaranty or otherwise.

18. Captions. The headings and captions in this Guaranty are for convenience only and
shall not affect the interpretation or construction of this Guaranty.

19. Governing Law, Etc. THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAW OF THE STATE OF ILLINOIS. EACH GUARANTOR HEREBY IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE STATE
COURTS OF THE STATE OF ILLINOIS SITTING IN COOK COUNTY AND OF THE UNITED STATES DISTRICT COURT FOR
THE NORTHERN DISTRICT OF ILLINOIS, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY, OR FOR RECOGNITION OR ENFORCEMENT OF ANY
JUDGMENT, AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND
DETERMINED IN SUCH ILLINOIS STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT.
SERVICE OF PROCESS BY A GUARANTEED PARTY IN CONNECTION WITH ANY DISPUTE BEFORE ANY OF THE FOREGOING
SHALL BE BINDING ON A GUARANTOR IF SENT TO SUCH GUARANTOR BY REGISTERED MAIL AT THE ADDRESS
SPECIFIED FOR NOTICES BELOW OR AS OTHERWISE SPECIFIED BY SUCH GUARANTOR FROM TIME TO TIME. EACH
GUARANTOR WAIVES ANY RIGHT SUCH GUARANTOR MAY HAVE TO JURY TRIAL IN ANY ACTION RELATED TO THIS
GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY AND FURTHER WAIVES ANY RIGHT TO INTERPOSE ANY
COUNTERCLAIM RELATED TO THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY SUCH ACTION.
TO THE EXTENT THAT A GUARANTOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY
COURT OR FROM ANY LEGAL PROCESS (WHETHER FROM SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT,
ATTACHMENT IN AID OF EXECUTION OF A JUDGMENT, EXECUTION OR OTHERWISE), SUCH GUARANTOR HEREBY
IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS GUARANTY.

20. Integration; Effectiveness. This Guaranty alone sets forth the entire
understanding of each Guarantor and the Guaranteed Parties relating to the guarantee of the
Liabilities and constitutes the entire contract between the parties relating to the subject matter
hereof and supersedes any and all previous agreements and understandings, oral or written, relating
to the subject matter hereof. This Guaranty shall become effective when it shall have been
executed and delivered by each Guarantor to the Administrative Agent. Delivery of an executed
signature page of this Guaranty by telecopy shall be effective as delivery of a manually executed
signature page of this Guaranty.

21. Additional Subsidiary Guarantors. Pursuant to Section 5.09 of the Credit
Agreement, certain Subsidiaries are from time to time required to enter into this Guaranty as a
Guarantor. Upon execution and delivery after the date hereof by the Administrative Agent and a
Subsidiary of a supplement in the form of Exhibit A hereto, such Subsidiary shall become a
Guarantor hereunder with the same force and effect as if originally named as a Guarantor herein.
The execution and delivery of any instrument adding an additional Guarantor as a party to this
Guaranty shall not require the consent of any Guarantor hereunder, of the Borrower or of any
Guaranteed Party. The rights and obligations of each Guarantor hereunder shall remain in full
force and effect notwithstanding the addition of any new Guarantor as a party hereto.

22. Notices. All communications and notices hereunder shall be in writing and given
in accordance with the provisions of the Credit Agreement and at the address specified in the
Credit Agreement.

[signature pages follow]

1

IN WITNESS WHEREOF, each of the Guarantors has caused this Guaranty to be duly executed
and delivered by its authorized officer as of the date first above written.

DARWIN GROUP, INC.

By: /s/ John L. Sennott, Jr.

Name:  John L. Sennott, Jr.

Title:  Vice President and Treasurer

2

EXHIBIT A

TO GUARANTY

SUPPLEMENT NO.      dated as of      , 20     to the Guaranty dated as of March 23, 2007 (as
the same may be amended, supplemented or otherwise modified from time to time, the
“Guaranty”), by the Subsidiaries of Darwin Professional Underwriters, Inc., a Delaware
corporation (the “Borrower”), party thereto (individually, a “Guarantor” and collectively,
the “Guarantors”) in favor of the Administrative Agent (as defined below), for the benefit
of the Guaranteed Parties.

Reference is made to the Credit Agreement dated as of March 23, 2007 (as the same may be
amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the
Borrower, the lenders from time to time party thereto (the “Lenders”) and JPMorgan Chase Bank,
National Association, as Administrative Agent.

Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Guaranty and the Credit Agreement.

The Guarantors have entered into the Guaranty in order to induce the Guaranteed Parties to
extend credit and take other actions pursuant to the Facility Documents. Pursuant to Section 5.09
of the Credit Agreement, the undersigned Subsidiary is required to enter into the Guaranty as a
Guarantor. Section 21 of the Guaranty provides that additional Subsidiaries of the Borrower may
become Guarantors under the Guaranty by execution and delivery of an instrument in the form of this
Supplement. The undersigned Subsidiary of the Borrower (the “New Guarantor”) is executing this
Supplement in accordance with the requirements of the Credit Agreement to become a Guarantor under
the Guaranty in order to induce the Guaranteed Parties to extend and continue the extension of
credit pursuant to the Credit Agreement and/or to enter into and perform under other Facility
Documents.

Accordingly, the Administrative Agent and the New Guarantor agree as follows:

SECTION 1. In accordance with Section 21 of the Guaranty, the New Guarantor by its signature
below becomes a Guarantor under the Guaranty with the same force and effect as if originally named
therein as a Guarantor and the New Guarantor hereby (a) agrees to all the terms thereof and
warrants that the representations and warranties made by it as a Guarantor thereunder are true and
correct on and as of the date hereof (with all references to “the Guaranty” in Section 9 of the
Guaranty being deemed references to the Guaranty and this Supplement). Henceforth, each reference
to a “Guarantor” in the Guaranty shall be deemed to include the New Guarantor. The Guaranty is
hereby incorporated herein by reference.

SECTION 2. This Supplement may be executed in counterparts, each of which shall constitute an
original, but all of which when taken together shall constitute a single agreement. This
Supplement shall become effective when the Administrative Agent shall have received counterparts of
this Supplement that, when taken together, bear the signatures of the New Guarantor and the
Administrative Agent.

SECTION 3. Except as expressly supplemented hereby, the Guaranty shall remain in full force
and effect.

SECTION 4. THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE
STATE OF ILLINOIS.

SECTION 5. All communications and notices hereunder shall be in writing and given in
accordance with the provisions of the Credit Agreement. All communications and notices hereunder
to the New Guarantor shall be given to it at the address set forth under its signature below, with
a copy to the Borrower.

IN WITNESS WHEREOF, the New Guarantor and the Administrative Agent have duly executed this
Supplement to the Guaranty as of the day and year first above written.

[Name of New Guarantor]

By:

Name:

Title:

Address:

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as

Administrative Agent

By:

Name:

Title:

CHI:1881553.4

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]