Document:

Homeowners Choice, Inc. 2007 Stock Option and Incentive Plan.

 Exhibit 10.6 
 HOMEOWNERS CHOICE, INC. 
 2007 Stock Option and Incentive Plan 
  

	 	1.	Purpose and Eligibility 

 The purpose of this 2007 Stock
Option and Incentive Plan (the “Plan”) of Homeowners Choice, Inc. (the “Company”) is to provide stock options and other equity interests in the Company (each an “Award”) to employees, officers,
directors, consultants and advisors of the Company and its Subsidiaries, all of whom are eligible to receive Awards under the Plan. Any person to whom an Award has been granted under the Plan is called a “Participant”. Additional
definitions are contained in Section 8. 
  

	 	2.	Administration 

 a. Administration by
Board of Directors. The Plan will be administered by the Board of Directors of the Company (the “Board”). The Board, in its sole discretion, shall have the authority to grant and amend Awards, to adopt, amend and repeal
rules relating to the Plan and to interpret and correct the provisions of the Plan and any Award. All decisions by the Board shall be final and binding on all interested persons. Neither the Company nor any member of the Board shall be liable for
any action or determination relating to the Plan. 
 b. Appointment of Committees. To the extent permitted by
applicable law, the Board may delegate any or all of its powers under the Plan to one or more committees or subcommittees of the Board (a “Committee”). All references in the Plan to the “Board” shall mean such
Committee or the Board. 
 c. Delegation to Executive Officers. To the extent permitted by applicable law, the
Board may delegate to one or more executive officers of the Company the power to grant Awards and exercise such other powers under the Plan as the Board may determine, provided that the Board shall fix the maximum number of Awards to be
granted and the maximum number of shares issuable to any one Participant pursuant to Awards granted by such executive officers. 
  

	 	3.	Stock Available for Awards 

 a. Number
of Shares. Subject to adjustment under Section 3(b), the aggregate number of shares of Common Stock of the Company (the “Common Stock”) that may be issued pursuant to the Plan is six million (6,000,000) shares. If
any Award expires, or is terminated, surrendered or forfeited, in whole or in part, the unissued Common Stock covered by such Award shall again be available for the grant of Awards under the Plan. If shares of Common Stock issued pursuant to the
Plan are repurchased by, or are surrendered or forfeited to, the Company at no more than cost, such shares of Common Stock shall again be available for the grant of Awards under the Plan; provided, however, that the cumulative number of such
shares that may be so reissued under the Plan will not exceed six million (6,000,000) shares. Shares issued under the Plan may consist in whole or in part of authorized but unissued shares or treasury shares. 

 b. Adjustment to Common Stock. In the event of any stock split, stock
dividend, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, combination, exchange of shares, liquidation, spin-off, split-up, or other similar change in capitalization or event, (i) the number and class of
securities available for Awards under the Plan and the per-Participant share limit, (ii) the number and class of securities, vesting schedule and exercise price per share subject to each outstanding Option, (iii) the repurchase price per
security subject to repurchase, and (iv) the terms of each other outstanding stock-based Award shall be adjusted by the Company (or substituted Awards may be made) to the extent the Board shall determine, in good faith, that such an adjustment
(or substitution) is appropriate. 
  

	 	4.	Stock Options 

 a. General. The
Board may grant options to purchase Common Stock (each, an “Option”) and determine the number of shares of Common Stock to be covered by each Option, the exercise price of each Option and the conditions and limitations applicable to
the exercise of each Option and the Common Stock issued upon the exercise of each Option, including vesting provisions, repurchase provisions and restrictions relating to applicable federal or state securities laws, as it considers advisable.

 b. Incentive Stock Options. An Option that the Board intends to be an “incentive stock option” as
defined in Section 422 of the Code (an “Incentive Stock Option”) shall be granted only to employees of the Company and shall be subject to and shall be construed consistently with the requirements of Section 422 of the
Code. The maximum aggregate number of shares of Common Stock which may be issued under this Plan as Incentive Stock Options is six million (6,000,000), subject to adjustment under Section 3(c). The Board and the Company shall have no liability
if an Option or any part thereof that is intended to be an Incentive Stock Option does not qualify as such. An Option or any part thereof that does not qualify as an Incentive Stock Option is referred to herein as a “Nonstatutory Stock
Option.” 
 c. Exercise Price. The Board shall establish the exercise price (or determine the method by
which the exercise price shall be determined) at the time each Option is granted and specify it in the applicable option agreement. 
 d. Duration of Options. Each Option shall be exercisable at such times and subject to such terms and conditions as the Board may specify in the applicable option agreement. 
 e. Exercise of Option. Options may be exercised only by delivery to the Company of a written notice of exercise signed by the
proper person together with payment in full as specified in Section 4(f) for the number of shares for which the Option is exercised. 
 f. Payment Upon Exercise. Common Stock purchased upon the exercise of an Option shall be paid for by one or any combination of the following forms of payment: 
 i. by check payable to the order of the Company; 
  

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 ii. except as otherwise explicitly provided in the applicable option agreement, and only
if the Common Stock is then publicly traded, delivery of an irrevocable and unconditional undertaking by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price, or delivery by the Participant to the
Company of a copy of irrevocable and unconditional instructions to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price; or 
 iii. to the extent explicitly provided in the applicable option agreement, by (a) delivery of shares of Common Stock owned by the
Participant valued at fair market value (as determined by the Board or as determined pursuant to the applicable option agreement), (b) delivery of a promissory note of the Participant to the Company (and delivery to the Company by the
Participant of a check in an amount equal to the par value of the shares purchased), or (c) payment of such other lawful consideration as the Board may determine. 
  

	 	5.	Restricted Stock 

 a.
Grants. The Board may grant Awards entitling recipients to acquire shares of Common Stock, subject to (i) delivery to the Company by the Participant of a check in an amount at least equal to the par value of the shares purchased,
and (ii) the right of the Company to repurchase all or part of such shares at their issue price or other stated or formula price from the Participant in the event that conditions specified by the Board in the applicable Award are not satisfied
prior to the end of the applicable restriction period or periods established by the Board for such Award (each, a “Restricted Stock Award”). 
 b. Terms and Conditions. The Board shall determine the terms and conditions of any such Restricted Stock Award. Any stock
certificates issued in respect of a Restricted Stock Award shall be registered in the name of the Participant and, unless otherwise determined by the Board, deposited by the Participant, together with a stock power endorsed in blank, with the
Company (or its designee). After the expiration of the applicable restriction periods, the Company (or such designee) shall deliver the certificates no longer subject to such restrictions to the Participant or, if the Participant has died, to the
beneficiary designated by a Participant, in a manner determined by the Board, to receive amounts due or exercise rights of the Participant in the event of the Participant’s death (the “Designated Beneficiary”). In the absence
of an effective designation by a Participant, Designated Beneficiary shall mean the Participant’s estate. 
  

	 	6.	Other Stock-Based Awards 

 The Board shall have the right
to grant other Awards based upon the Common Stock having such terms and conditions as the Board may determine, including, without limitation, the grant of shares based upon certain conditions, the grant of securities convertible into Common Stock
and the grant of stock appreciation rights, phantom stock awards or stock units. 
  

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	 	7.	General Provisions Applicable to Awards 

 a. Transferability of Awards. Except as the Board may otherwise determine or provide in an Award, Awards shall not be sold, assigned, transferred, pledged or otherwise encumbered by the person to whom they are granted, either
voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the life of the Participant, shall be exercisable only by the Participant. References to a Participant, to the extent relevant in the context,
shall include references to authorized transferees. 
 b. Documentation. Each Award under the Plan shall be
evidenced by a written instrument in such form as the Board shall determine or as executed by an officer of the Company pursuant to authority delegated by the Board. Each Award may contain terms and conditions in addition to those set forth in the
Plan provided that such terms and conditions do not contravene the provisions of the Plan. 
 c. Board
Discretion. The terms of each type of Award need not be identical, and the Board need not treat Participants uniformly. 
 d. Termination of Status. The Board shall determine the effect on an Award of the disability, death, retirement, authorized leave of absence or other change in the employment or other status of a Participant and the extent to
which, and the period during which, the Participant, or the Participant’s legal representative, conservator, guardian or Designated Beneficiary, may exercise rights under the Award. 
 e. Consolidations or Mergers. If the Company is to be consolidated with or acquired by another entity in a merger or other
reorganization in which the holders of the outstanding voting stock of the Company immediately preceding the consummation of such event, shall, immediately following such event, hold, as a group, less than a majority of the voting securities of the
surviving or successor entity, or in the event of a sale of all or substantially all of the Company’s assets or otherwise (each, an “Acquisition”), the Board or the board of directors of any entity assuming the obligations of
the Company hereunder (as used in this Section 7(e), also the “Board”), shall, as to outstanding Options, either (i) make appropriate provision for the continuation of such Options by substituting on an equitable basis for
the shares then subject to such Options either (a) the consideration payable with respect to the outstanding shares of Common Stock in connection with the Acquisition, (b) shares of stock of the surviving or successor corporation or
(c) such other securities as the Board deems appropriate, the fair market value of which shall not materially exceed the fair market value of the shares of Common Stock subject to such Options immediately preceding the Acquisition; or
(ii) upon written notice to the Participants, provide that all Options must be exercised, to the extent then exercisable or to be exercisable as a result of the Acquisition, within a specified number of days of the date of such notice, at the
end of which period the Options shall terminate; or (iii) terminate all Options in exchange for a cash payment equal to the excess of the fair market value of the shares subject to such Options (to the extent then exercisable or to be
exercisable as a result of the Acquisition) over the exercise price thereof. 
 f. Withholding. Each Participant
shall pay to the Company, or make provisions satisfactory to the Company for payment of, any taxes required by law to be 

  

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withheld in connection with Awards to such Participant no later than the date of the event creating the tax liability. The Board may allow Participants to
satisfy such tax obligations in whole or in part by transferring shares of Common Stock, including shares retained from the Award creating the tax obligation, valued at their fair market value (as determined by the Board or as determined pursuant to
the applicable option agreement). The Company may, to the extent permitted by law, deduct any such tax obligations from any payment of any kind otherwise due to a Participant. 
 g. Amendment of Awards. The Board may amend, modify or terminate any outstanding Award including, but not limited to,
substituting therefor another Award of the same or a different type, changing the date of exercise or realization, and converting an Incentive Stock Option to a Nonstatutory Stock Option, provided that, the Participant’s consent to such
action shall be required unless the Board determines that the action, taking into account any related action, would not materially and adversely affect the Participant. 
 h. Conditions on Delivery of Stock. The Company will not be obligated to deliver any shares of Common Stock pursuant to the
Plan or to remove restrictions from shares previously delivered under the Plan until (i) all conditions of the Award have been met or removed to the satisfaction of the Company, (ii) in the opinion of the Company’s counsel, all other
legal matters in connection with the issuance and delivery of such shares have been satisfied, including any applicable securities laws and any applicable stock exchange or stock market rules and regulations, and (iii) the Participant has
executed and delivered to the Company such representations or agreements as the Company may consider appropriate to satisfy the requirements of any applicable laws, rules or regulations. 
 i. Acceleration. The Board may at any time provide that any Options shall become immediately exercisable in full or in part,
that any Restricted Stock Awards shall be free of some or all restrictions, or that any other stock-based Awards may become exercisable in full or in part or free of some or all restrictions or conditions, or otherwise realizable in full or in part,
as the case may be, despite the fact that the foregoing actions may (i) cause the application of Sections 280G and 4999 of the Code if a change in control of the Company occurs, or (ii) disqualify all or part of the Option as an Incentive
Stock Option. 
  

	 	8.	Miscellaneous 

 a. Definitions.

 i. “Company,” for purposes of eligibility under the Plan, shall include any present or future subsidiary
corporations of Homeowners Choice, Inc., as defined in Section 424(f) of the Code (a “Subsidiary”), and any present or future parent corporation of Homeowners Choice, Inc., as defined in Section 424(e) of the Code. For
purposes of Awards other than Incentive Stock Options, the term “Company” shall include any other business venture in which the Company has a direct or indirect significant interest, as determined by the Board in its sole
discretion. 
  

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 ii. “Code” means the Internal Revenue Code of 1986, as amended, and any
regulations promulgated thereunder. 
 iii. “employee” for purposes of eligibility under the Plan (but not
for purposes of Section 4(b)) shall include a person to whom an offer of employment has been extended by the Company. 
 b. No Right To Employment or Other Status. No person shall have any claim or right to be granted an Award, and the grant of an Award shall not be construed as giving a Participant the right to continued employment or any other
relationship with the Company. The Company expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any liability or claim under the Plan. 
 c. No Rights As Stockholder. Subject to the provisions of the applicable Award, no Participant or Designated Beneficiary shall
have any rights as a stockholder with respect to any shares of Common Stock to be distributed with respect to an Award until becoming the record holder thereof. 
 d. Effective Date and Term of Plan. The Plan shall become effective on the date on which it is adopted by the Board. No Awards
shall be granted under the Plan after the completion of ten years from the date on which the Plan was adopted by the Board, but Awards previously granted may extend beyond that date. 
 e. Amendment of Plan. The Board may amend, suspend or terminate the Plan or any portion thereof at any time. 
 f. Governing Law. The provisions of the Plan and all Awards made hereunder shall be governed by and interpreted in accordance
with the laws of the State of Florida, without regard to any applicable conflicts of law. 
  

	
	Adopted by the Board of Directors on
April 30, 2007
	
	Approved by the stockholders on
April 30, 2007

  

 6Excess Catastrophe Reinsurance Contract

 Exhibit 10.13 
 

 
  

			
	Policy No	    	H3O1010
	Reinsured	    	Homeowners Choice Property and Casualty Insurance Company
	Account	    	Property Catastrophe Excess of Loss Reinsurance

 MRC Exempt – Client Requirement 
  

					
	

	 	Account Executive / Broker:	    	Derek Keating
	 	  
 Account Manager:
	    	Anthony Winckley
	 	  
 Unique Market Reference
	    	
	 	  
 B11082008H3O1010
	    	
	 	  
 for Lloyd’s use
	    	
	 	  
 for ILU use
	    	
	 	  
 for LIRMA use
	    	

 Benfield Limited is authorised by the Financial Services Authority under the reference number
311884. 
 Registered in England no 1170753. Registered office 55 Bishopsgate. 
  
  

 

 
 1108 BEN 
  
  
 Contract Endorsement 
  

			
	 Unique Market Reference
	  	B11082008H3O1010
		
	 Endorsement Reference
	  	001
		
	 Reinsured
	  	Homeowners Choice Property and Casualty Insurance Company

  
  
 CONTRACT CHANGES 
  
  
 It is hereby noted and agreed, effective on June 1, 2008,
that paragraph C of Article - VII - Definitions shall be deleted and the following substituted therefor: 
  

	 	“C.	‘Loss adjustment expense’ as used herein shall be defined as expenses assignable to the investigation, appraisal, adjustment, settlement, litigation, defense and/or appeal
of claims, regardless of how such expenses are classified for statutory reporting purposes. Loss adjustment expense shall include, but not be limited to, interest on judgments, expenses of outside adjusters, a pro rata share of salaries and expenses
of the Company’s field employees and expenses of other employees of the Company who have been temporarily diverted from their normal and customary duties and assigned to the adjustment of losses covered by this Contract, expenses of the
Company’s officials incurred in connection with losses covered by this Contract, and declaratory judgment expenses or other legal expenses and costs incurred in connection with coverage questions and legal actions connected thereto. Loss
adjustment expense shall not include normal office expenses or salaries of the Company’s officials.” 

 All other terms, clauses, and
conditions remain unaltered. 
  
  
  

 Page 1 

 

 
  
  
 Contract Endorsement 
  

			
	Unique Market Reference	  	B11082008H3O1010
		
	Endorsement Reference	  	001
		
	Reinsured	  	Homeowners Choice Property and Casualty Insurance Company

  
  
 AGREEMENT 
  
  
 

 
  
  
  

 Page 2 

 

 
  
  
 Contract Endorsement 
  

			
	Unique Market Reference	  	B11082008H3O1010
		
	Endorsement Reference	  	001
		
	Reinsured	  	Homeowners Choice Property and Casualty Insurance Company

  
  
 AGREEMENT 
  
  
 

 
  
  
  

 Page 3 

 

 
  
  
 Contract Endorsement 
  

			
	Unique Market Reference	  	B11082008H3O1010
		
	Endorsement Reference	  	001
		
	Reinsured	  	Homeowners Choice Property and Casualty Insurance Company

  
  
 AGREEMENT 
  
  
 

 
  
  
  

 Page 4 

 

 
  

			
	Risk Details	  	1108 BEN

  
  
  

			
	Unique Market	    	B11082008H3O1010
	Reference (UMR)	    	
		
	Type	    	Property Catastrophe Excess of Loss Reinsurance

 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to 
 Homeowners Choice Property and
Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of 
 Homeowners Choice Property
and Casualty Insurance Company 
 (hereinafter referred to collectively as the “Company”) 
 by 
 The Subscribing Reinsurer(s) Executing
the 
 Interests and Liabilities Agreement(s) 
 Attached Hereto  
 (hereinafter referred to as the “Reinsurer”) 
 Article I - Classes of Business Reinsured 
 By this Contract the
Reinsurer agrees to reinsure the excess liability which may accrue to the Company under its policies, contracts and binders of insurance or reinsurance (hereinafter called “policies”) in force at the effective date hereof or issued or
renewed on or after that date, and classified by the Company as Homeowners Multiple Peril (property sections only) and Dwelling Fire (property sections only), subject to the terms, conditions and limitations set forth herein and in Schedule A
attached hereto. 
 Article II - Commencement and Termination 
  

	A.	This Contract shall become effective on June 1, 2008, with respect to losses arising out of loss occurrences commencing on or after that date, and shall remain in force until
May 31, 2009, both days inclusive, Local Standard Time at the location where the loss occurrence commences. 

  

	B.	Notwithstanding the provisions of paragraph A above, the Company may terminate a Subscribing Reinsurer’s percentage share in this Contract in the event any of the following
circumstances occur, as clarified by public announcement for subparagraphs 1 through 6 below, or upon discovery for subparagraphs 7 and 8 below. To terminate a Subscribing Reinsurer’s percentage share in this Contract, the Company must give the
Subscribing Reinsurer written notice by either certified or registered mail for which a return receipt is requested. The effective date of termination will be as selected by the Company, which may be a date that is retroactively applied up to a
maximum of 65 days prior to the date of applicable public announcement or discovery, subject to the condition that such selected date must be the last day of a calendar month: 

  

	 	1.	The Subscribing Reinsurer’s policyholders’ surplus (or its equivalent under the Subscribing Reinsurer’s accounting system) at the inception of this Contract has been
reduced by more than 20.0% of the amount of surplus (or the applicable equivalent) 12 months prior to that date; or 

  
  
  

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	UMR B11082008H3O1010	  	

		  	1108 BEN

  
  
  

	 	2.	The Subscribing Reinsurer’s policyholders’ surplus (or its equivalent under the Subscribing Reinsurer’s accounting system) at any time during the term of this
Contract has been reduced by more than 20.0% of the amount of surplus (or the applicable equivalent) at the date of the Subscribing Reinsurer’s most recent financial statement filed with regulatory authorities and available to the public as of
the inception of this Contract; or 

  

	 	3.	The Subscribing Reinsurer’s A.M. Best’s rating has been assigned or downgraded below A- and/or Standard & Poor’s rating has been assigned or downgraded below
BBB+; or 

  

	 	4.	The Subscribing Reinsurer has become merged with, acquired by or controlled by any other entity or individual(s) not controlling the Subscribing Reinsurer’s operations
previously; or 

  

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

  

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

  

	 	7.	The Subscribing Reinsurer has reinsured its entire liability under this Contract without the Company’s prior written consent; or 

  

	 	8.	The Subscribing Reinsurer has ceased assuming new or renewal property or casualty treaty reinsurance business. 

  

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

 Article III - Territory (BRMA 51A) 
 The territorial limits of this Contract shall be identical with those of the Company’s policies. 
 Article IV - Exclusions 

 

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

  

	 	1.	All excess of loss reinsurance assumed by the Company. 

  

	 	2.	Reinsurance assumed by the Company under obligatory reinsurance agreements, except intercompany reinsurance between the reinsured companies under this Contract and agency
reinsurance where the policies involved are to be reunderwritten in accordance with the underwriting standards of the Company and reissued as Company policies at the next anniversary or expiration date. 

  

	 	3.	Financial guarantee and insolvency. 

  

  
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	 	4.	All Accident and Health, Fidelity and Surety, Boiler and Machinery, Workers’ Compensation and Credit business. 

  

	 	5.	Nuclear risks as defined in the “Nuclear Incident Exclusion Clause - Physical Damage - Reinsurance (U.S.A.)” attached to and forming part of this Contract.

  

	 	6.	Loss or damage caused by or resulting from war, invasion, hostilities, acts of foreign enemies, civil war, rebellion, insurrection, military or usurped power, or martial law or
confiscation by order of any government or public authority, but this exclusion shall not apply to loss or damage covered under a standard policy with a standard War Exclusion Clause. 

  

	 	7.	Loss or liability from any Pool, Association or Syndicate and any assessment or similar demand for payment related to the Florida Hurricane Catastrophe Fund or Citizens Property
Insurance Corporation. 

  

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

  

	 	9.	Pollution and seepage coverages excluded under the provisions of the “Pollution and Seepage Exclusion Clause (BRMA 39A)” attached to and forming part of this Contract.

  

	 	10.	Loss or liability excluded under the “Terrorism Exclusion” attached to and forming part of this Contract. 

  

	 	11.	Losses from mold-related claims, unless arising out of an otherwise covered peril. 

  

	 	12.	Flood, when written as such. 

  

	B.	Notwithstanding the foregoing, the Company may request a special acceptance of reinsurance falling within the scope of the exclusions set forth in paragraph A (other than exclusions
3, 5, 6 and 10). Within five days of receipt of such a request, each Subscribing Reinsurer shall accept such request, ask for additional information, or reject the request. Any reinsurance that is specially accepted by the Reinsurer shall be covered
under this Contract and shall be subject to the terms hereof, except as such terms shall be modified by the special acceptance. If a Subscribing Reinsurer fails to respond to a special acceptance request within five days, the Subscribing Reinsurer
will be deemed to have agreed to the special acceptance. 

 In the event a reinsurer becomes a party to this Contract subsequent
to one or more special acceptances hereunder, the new reinsurer shall automatically accept such special acceptance(s) as being covered hereunder. Further, if one or more Subscribing Reinsurers under this Contract agreed to special acceptance(s)
under the contract being replaced by this Contract, such special acceptance(s) shall be automatically covered hereunder with respect to the interests and liabilities of such Subscribing Reinsurer(s). 
 Article V - Retention and Limit 
  

	A.	 As respects each excess layer of reinsurance coverage provided by this Contract, the Company shall retain and be liable for the first amount of ultimate net loss,
shown as “Company’s Retention” for that excess layer in Schedule A attached hereto, arising out of each loss occurrence. The Reinsurer shall then be liable, as respects each excess layer, for the amount by which such ultimate net loss
exceeds the Company’s applicable retention, but the liability of the Reinsurer under each excess layer shall not exceed the amount, shown as “Reinsurer’s Per Occurrence Limit” for that excess layer in Schedule A attached hereto,
as respects any one loss occurrence. 

  

  
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	B.	No claim shall be made under any excess layer of reinsurance coverage provided by this Contract as respects any one loss occurrence unless at least two risks insured or reinsured by
the Company are involved in such loss occurrence. For purposes of this Contract, the Company shall be the sole judge of what constitutes one risk. 

 Article VI - Reinstatement 
  

	A.	In the event all or any portion of the reinsurance under any excess layer of reinsurance coverage provided by this Contract is exhausted by loss, the amount so exhausted shall be
reinstated immediately from the time the loss occurrence commences hereon. 

  

	 	1.	As respects each amount so reinstated under the first excess layer, the Company shall pay no additional premium. 

  

	 	2.	As respects each amount so reinstated under the second through fourth excess layers, the Company agrees to pay additional premium equal to the product of the following:

  

	 	a.	The percentage of the occurrence limit for the excess layer reinstated (based on the loss paid by the Reinsurer under that excess layer); times 

  

	 	b.	The earned reinsurance premium for the excess layer reinstated for the term of this Contract (exclusive of reinstatement premium). 

  

	B.	Whenever the Company requests payment by the Reinsurer of any loss under any excess layer hereunder, the Company shall submit a statement to the Reinsurer of reinstatement premium
due the Reinsurer for that excess layer. If the earned reinsurance premium for any excess layer for the term of this Contract has not been finally determined as of the date of any such statement, the calculation of reinstatement premium due for that
excess layer shall be based on the deposit premium for that excess layer and shall be readjusted when the earned reinsurance premium for that excess layer for the term of this Contract has been finally determined. Any reinstatement premium shown to
be due the Reinsurer for any excess layer as reflected by any such statement (less prior payments, if any, for that excess layer) shall be payable by the Company concurrently with payment by the Reinsurer of the requested loss for that excess layer.
Any return reinstatement premium shown to be due the Company shall be remitted by the Reinsurer as promptly as possible after receipt and verification of the Company’s statement. 

  

	C.	Notwithstanding anything stated herein, the liability of the Reinsurer under any excess layer of reinsurance coverage provided by this Contract shall not exceed either of the
following: 

  

	 	1.	The amount, shown as “Reinsurer’s Per Occurrence Limit” for that excess layer in Schedule A attached hereto, as respects loss or losses arising out of any one loss
occurrence; or 

  

	 	2.	The amount, shown as “Reinsurer’s Term Limit” for that excess layer in Schedule A attached hereto, in all during the term of this Contract. 

Article VII - Definitions 
  

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

  

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

  

	 	1.	“Loss in excess of policy limits” shall mean 90.0% of any amount paid or payable by the Company in excess of its policy limits, but otherwise within the terms of its
policy, such loss in excess of the Company’s policy limits having been incurred because of, but not limited to, failure by the Company to settle within the policy limits or by reason of the Company’s alleged or actual negligence, fraud or
bad faith in rejecting an offer of settlement or in the preparation of the defense or in the trial of an action against its insured or reinsured or in the preparation or prosecution of an appeal consequent upon such an action.

  

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

 However, as respects ultimate net loss for each excess layer of reinsurance coverage provided by this Contract, loss in excess of policy limits and extra contractual
obligations arising out of each loss occurrence shall not exceed an amount equal to 25.0% of the loss under each excess layer of reinsurance coverage provided by this Contract. 
 Notwithstanding anything stated herein, this Contract shall not apply to any loss in excess of policy limits or any extra contractual obligation incurred by the Company as a result of any fraudulent and/or criminal
act by any officer or director of the Company acting individually or collectively or in collusion with any individual or corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered
hereunder. 
  

	C.	“Loss adjustment expense” as used herein shall be defined as expenses assignable to the investigation, appraisal, adjustment, settlement, litigation, defense and/or appeal
of claims, regardless of how such expenses are classified for statutory reporting purposes. Loss adjustment expense shall include, but not be limited to, interest on judgments, expenses of outside adjusters, a pro rata share of salaries of the
Company’s field employees and expenses of other employees of the Company who have been temporarily diverted from their normal and customary duties and assigned to the adjustment of losses covered by this Contract, expenses of the Company’s
officials incurred in connection with losses covered by this Contract, and declaratory judgment expenses or other legal expenses and costs incurred in connection with coverage questions and legal actions connected thereto. Loss adjustment expense
shall not include normal office expenses or salaries of the Company’s officials. 

  

	D.	“Term of this Contract” as used herein shall be defined as the period from June 1, 2008 until May 31, 2009, both days inclusive, Local Standard Time at the
location where the loss occurrence commences. However, if this Contract is terminated, “term of this Contract” as used herein shall mean the period from June 1, 2008 through the effective date of termination. 

Article VIII - Other Reinsurance 
 The Company shall be permitted
to carry other reinsurance, recoveries under which shall inure solely to the benefit of the Company and be entirely disregarded in applying all of the provisions of this Contract. 
  

  
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 Article IX - Loss Occurrence 
  

	A.	The term “loss occurrence” shall mean the sum of all individual losses directly occasioned by any one disaster, accident or loss or series of disasters, accidents or
losses arising out of one event which occurs within the area of one state of the United States or province of Canada and states or provinces contiguous thereto and to one another. However, the duration and extent of any one “loss
occurrence” shall be limited to all individual losses sustained by the Company occurring during any period of 168 consecutive hours arising out of and directly occasioned by the same event except that the term “loss occurrence” shall
be further defined as follows: 

  

	 	1.	As regards windstorm, hail, tornado, hurricane, cyclone, including ensuing collapse and water damage, all individual losses sustained by the Company occurring during any period of
72 consecutive hours arising out of and directly occasioned by the same event. However, the event need not be limited to one state or province or states or provinces contiguous thereto. 

  

	 	2.	As regards riot, riot attending a strike, civil commotion, vandalism and malicious mischief, all individual losses sustained by the Company occurring during any period of 96
consecutive hours within the area of one municipality or county and the municipalities or counties contiguous thereto arising out of and directly occasioned by the same event. The maximum duration of 96 consecutive hours may be extended in respect
of individual losses which occur beyond such 96 consecutive hours during the continued occupation of an assured’s premises by strikers, provided such occupation commenced during the aforesaid period. 

  

	 	3.	As regards earthquake (the epicenter of which need not necessarily be within the territorial confines referred to in the introductory portion of this paragraph A) and fire following
directly occasioned by the earthquake, only those individual fire losses which commence during the period of 168 consecutive hours may be included in the Company’s “loss occurrence.” 

  

	 	4.	As regards “freeze,” only individual losses directly occasioned by collapse, breakage of glass and water damage (caused by bursting frozen pipes and tanks) may be included
in the Company’s “loss occurrence.” 

  

	 	5.	As regards firestorms, brush fires and any other fires or series of fires, irrespective of origin (except as provided in subparagraphs 2 and 3 above), which spread through trees,
grassland or other vegetation, all individual losses sustained by the Company which occur during any period of 168 consecutive hours within the area of one state of the United States or province of Canada and states or provinces contiguous thereto
and to one another may be included in the Company’s “loss occurrence.” 

  

	B.	For all those “loss occurrences,” other than those referred to in subparagraph 2 of paragraph A above, the Company may choose the date and time when any such period of
consecutive hours commences, provided that it is not earlier than the date and time of the occurrence of the first recorded individual loss sustained by the Company arising out of that disaster, accident or loss, and provided that only one such
period of 168 consecutive hours shall apply with respect to one event, except for any “loss occurrence” referred to in subparagraph 1 of paragraph A above where only one such period of 72 consecutive hours shall apply with respect to one
event, regardless of the duration of the event. 

  

	C.	As respects those “loss occurrences” referred to in subparagraph 2 of paragraph A above, if the disaster, accident or loss occasioned by the event is of greater duration
than 96 consecutive hours, then the Company may divide that disaster, accident or loss into two or more “loss occurrences,” provided that no two periods overlap and no individual loss is included in more than one such period, and provided
that no period commences earlier than the date and time of the occurrence of the first recorded individual loss sustained by the Company arising out of that disaster, accident or loss. 

  

	D.	No individual losses occasioned by an event that would be covered by a 72 or 96 hours clause may be included in any “loss occurrence” claimed under a 168 hours provision.

  

  
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 Article X - Loss Notices and Settlements 
  

	A.	Whenever losses sustained by the Company appear likely to result in a claim hereunder, the Company shall notify the Reinsurer, and the Reinsurer shall have the right to participate
in the adjustment of such losses at its own expense. 

  

	B.	All loss settlements made by the Company, provided they are within the terms of this Contract and the terms of the Company’s policies (except as respects loss in excess of
policy limits and extra contractual obligations), shall be binding upon the Reinsurer, and the Reinsurer agrees to pay all amounts for which it may be liable upon receipt of reasonable evidence of the amount paid (or scheduled to be paid within 14
days) by the Company. 

 Article XI - Salvage and Subrogation 
 The Reinsurer shall be credited with salvage (i.e., reimbursement obtained or recovery made by the Company, less the actual cost, excluding salaries of officials and employees of the Company and sums paid to attorneys
as retainer, of obtaining such reimbursement or making such recovery) on account of claims and settlements involving reinsurance hereunder. Salvage thereon shall always be used to reimburse the excess carriers in the reverse order of their priority
according to their participation before being used in any way to reimburse the Company for its primary loss. The Company hereby agrees to enforce its rights to salvage or subrogation relating to any loss, a part of which loss was sustained by the
Reinsurer, and to prosecute all claims arising out of such rights if, in the Company’s opinion, it is economically reasonable to do so. 
 Article
XII - Florida Hurricane Catastrophe Fund 
  

	A.	The Company shall provisionally purchase Florida Hurricane Catastrophe Fund (“FHCF”) reimbursement coverage, including any Temporary Increase in Coverage Limit Options,
with a limit and retention of 90.0% of $120,467,044 excess of $26,073,109. 

 The provisional limit and retention detailed above
may increase or decrease depending on the Company’s actual exposures on policies subject to the FHCF reimbursement coverage during the term of this Contract. The Company and the Reinsurer agree to accept and be bound by the final determination
of the FHCF. 
  

	B.	The Company shall purchase from the FHCF additional underlying coverage of 100% of $1,000,000 excess of $3,225,000 (including one reinstatement) provided by the FHCF to Limited
Apportionment Companies. 

  

	C.	Any loss reimbursement paid or payable to the Company under the mandatory and optional coverage layers provided by the FHCF as set forth in paragraphs A and B above, as a result of
loss occurrences commencing during the term of this Contract shall inure to the benefit of this Contract. Further, any FHCF loss reimbursement shall be deemed to be paid to the Company in accordance with the reimbursement contract between the
Company and the State Board of Administration of the State of Florida at the full payout level set forth therein and will be deemed not to be reduced by any reduction or exhaustion of the FHCF’s claims paying capacity. 

 

	C.	Prior to the determination of the Company’s FHCF retention and payout, if any, under the mandatory and optional coverage layers set forth between the Company and the State
Board of Administration of the State of Florida in paragraph A above, the Reinsurer’s liability hereunder will be determined provisionally based on the projected payout, determined in accordance with the provisions of the reimbursement
contract. Following the FHCF’s final determination of the payout under the coverage layers provided by the reimbursement contract, the ultimate net loss under this Contract will be recalculated. If, as a result of such calculation, the loss to
the Reinsurer under any excess layer of this Contract in any one loss occurrence is less than the amount previously paid by the Reinsurer under that excess layer, the Company shall promptly remit the difference to the Reinsurer. If the loss to the
Reinsurer under any excess layer in any one loss occurrence is greater than the amount previously paid by the Reinsurer, the Reinsurer shall promptly remit the difference to the Company. 

  

  
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	D.	If an FHCF reimbursement amount is based on the Company’s losses in more than one loss occurrence commencing during the term of this Contract, the total such FHCF reimbursement
received by the Company shall be allocated to individual loss occurrences in chronological order of the dates such loss occurrences commence, beginning with the first such loss occurrence commencing during the term of this Contract, provided that:

  

	 	1.	The portion of the total FHCF reimbursement amount to be allocated by the Company to any individual loss occurrence shall be equal to the lesser of (a) the amount of such FHCF
reimbursement to which the Company would be entitled for that loss occurrence alone, or (b) the remaining such FHCF reimbursement which has not been allocated by the Company to prior loss occurrences; and 

  

	 	2.	The total amount allocated by the Company to all such loss occurrences shall be equal to the total FHCF reimbursement received by the Company for such loss occurrences.

 Article XIII - Reinsurance Premium 
  

	A.	As premium for each excess layer of reinsurance coverage provided by this Contract, the Company shall pay the Reinsurer the greater of the following: 

  

	 	1.	The amount shown as “Contract Minimum Premium” (or a pro rata portion thereof if this Contract is terminated prior to May 31, 2009, subject to no known losses) for
that excess layer in Schedule A attached hereto; or 

  

	 	2.	The sum of the Company’s aggregate total insured value for policies that include wind coverage in force on September 30, 2008, multiplied by the percentage shown as
“Adjustment Rate” for that excess layer in Schedule A attached hereto. 

  

	B.	The Company shall pay the Reinsurer a deposit premium for each excess layer equal to the amount, shown as “Contract Deposit Premium” for that excess layer in Schedule A
attached hereto, payable in four installments. The first and second installments shall each be an amount equal to 20.0% of the “Contract Deposit Premium” for that excess layer in Schedule A attached hereto, and are due on June 1 and
September 1 of 2008. The third and fourth installments shall each be an amount equal to 30.0% of the “Contract Deposit Premium” for that excess layer in Schedule A attached hereto, and are due on December 1, 2008 and
March 1, 2009. In the event this Contract is terminated in accordance with the provisions of paragraph B of the Commencement and Termination Article, no deposit premium installments shall be due after the effective date of termination; however,
notwithstanding the foregoing and subject to no known losses for any excess layer hereunder, the Reinsurer shall be due a pro rata portion of the “Contract Deposit Premium” for that excess layer in Schedule A attached hereto as of the
effective date of termination. 

 Notwithstanding the provisions above, in the event of a loss to any excess layer hereunder and
as respects any offset provided herein for the loss paid by the Reinsurer for that excess layer, in lieu of the “Contract Deposit Premium” percentages set forth above, the four installments shall be due on the aforementioned dates and
shall be an amount equal to 25.0% of the “Contract Deposit Premium” for that excess layer in Schedule A attached hereto. 
  

	C.	Within 30 days after the effective date of termination or expiration, or within 30 days after September 30, 2008 (the date to be selected by the Company), the Company shall
provide a report to the Reinsurer setting forth the premium due hereunder for each excess layer, computed in accordance with paragraph A above, and any additional premium due the Reinsurer or return premium due the Company for each excess layer
shall be promptly remitted. 

  

  
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 Article XIV - Late Payments 
  

	A.	The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. 

  

	B.	In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article (BRMA 23A) (hereinafter referred to as the
“Intermediary”) by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest penalty on the amount past due
calculated for each such payment on the last business day of each month as follows: 

  

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

  

	 	2.	1/365ths of the six-month United States Treasury Bill rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made;
times 

  

	 	3.	The amount past due, including accrued interest. 

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

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

  

	 	1.	As respects the payment of routine deposits and premiums due the Reinsurer, the due date shall be as provided for in the applicable section of this Contract. In the event a due date
is not specifically stated for a given payment, it shall be deemed due 45 days after the date of transmittal by the Intermediary of the initial billing for each such payment. 

  

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

 

	 	3.	As respects any payment, adjustment or return due either party not otherwise provided for in subparagraphs 1 and 2 of this paragraph C, the due date shall be as provided for in the
applicable section of this Contract. In the event a due date is not specifically stated for a given payment, it shall be deemed due 45 days following transmittal of written notification that the provisions of this Article have been invoked.

 For purposes of interest calculations only, amounts due hereunder shall be deemed paid upon receipt by the Intermediary.

  

	D.	Nothing herein shall be construed as limiting or prohibiting a Subscribing Reinsurer from contesting the validity of any claim, or from participating in the defense of any claim or
suit, or prohibiting either party from contesting the validity of any payment or from initiating any arbitration or other proceeding in accordance with the provisions of this Contract. If the debtor party prevails in an arbitration or other
proceeding, then any interest penalties due hereunder on the amount in dispute shall be null and void. If the debtor party loses in such proceeding, then the interest penalty on the amount determined to be due hereunder shall be calculated in
accordance with the provisions set forth above unless otherwise determined by such proceedings. If a debtor party advances payment of any amount it is contesting, and proves to be correct in its contestation, either in whole or in part, the other
party shall reimburse the debtor party for any such excess payment made plus interest on the excess amount calculated in accordance with this Article. 

  

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

 Article XV - Offset (BRMA 36C) 
 The Company and the Reinsurer shall have the right to offset any balance or amounts due from one party to the other under the terms of this Contract. The party asserting
the right of offset may exercise such right any time whether the balances due are on account of premiums or losses or otherwise. 
 Article XVI - Access
to Records (BRMA 1D) 
 The Reinsurer or its designated representatives shall have access at any reasonable time to all records of the Company which
pertain in any way to this reinsurance. 
 Article XVII - Liability of the Reinsurer 
  

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

  

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

 Article XVIII - Net Retained Lines (BRMA 32E) 
  

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

  

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

 Article XIX - Errors and Omissions (BRMA 14F) 
 Inadvertent delays,
errors or omissions made in connection with this Contract or any transaction hereunder shall not relieve either party from any liability which would have attached had such delay, error or omission not occurred, provided always that such error or
omission is rectified as soon as possible after discovery. 
 Article XX - Currency (BRMA 12A) 
  

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

  

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

  

  
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 Article XXI - Taxes (BRMA 50B) 
 In consideration of the terms under which this Contract is issued, the Company will not claim a deduction in respect of the premium hereon when making tax returns, other than income or profits tax returns, to any
state or territory of the United States of America or the District of Columbia. 
 Article XXII - Federal Excise Tax (BRMA 17D) 
  

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

  

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

 Article XXIII - Reserves 
  

	A.	The Reinsurer agrees to fund its share of the Company’s ceded unearned premium and outstanding loss and loss adjustment expense reserves (including all case reserves plus any
reasonable amount estimated to be unreported from known loss occurrences) by: 

  

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

  

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

  

	 	3.	Cash advances; 

 if the Reinsurer: 
  

	 	1.	Is unauthorized in any state of the United States of America or the District of Columbia having jurisdiction over the Company and if, without such funding, a penalty would accrue to
the Company on any financial statement it is required to file with the insurance regulatory authorities involved; or 

  

	 	2.	Has experienced any of the circumstances described in paragraph B of the Commencement and Termination Article. However, if such circumstance is rectified, then no special funding
requirements shall apply and any such current funding in accordance with the provisions above shall be released to the Reinsurer. 

 For purposes of this Contract, the Lloyd’s United States Credit for Reinsurance Trust Fund shall be considered an acceptable funding instrument. The Reinsurer, at its sole option, may fund in other than cash if its method and form of
funding are acceptable to the insurance regulatory authorities involved. 
  

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

  

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

  

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

  

	 	3.	To fund a cash account in an amount equal to the Reinsurer’s share of any ceded unearned premium and/or outstanding loss and loss adjustment expense reserves (including all
case reserves plus any reasonable amount estimated to be unreported from known loss occurrences) funded by means of a letter of credit which is under non-renewal notice, if said letter of credit has not been renewed or replaced by the Reinsurer 10
days prior to its expiration date; 

  

	 	4.	To refund to the Reinsurer any sum in excess of the actual amount required to fund the Reinsurer’s share of the Company’s ceded unearned premium and/or outstanding loss
and loss adjustment expense reserves (including all case reserves plus any reasonable amount estimated to be unreported from known loss occurrences), if so requested by the Reinsurer; and 

  

	 	5.	To reimburse itself for the Reinsurer’s portion of the unearned reinsurance premium paid to the Reinsurer hereunder. 

 In the event the amount drawn by the Company on any letter of credit is in excess of the actual amount required for B(1), B(3) or B(5), or in the case of
B(2), the actual amount determined to be due, the Company shall promptly return to the Reinsurer the excess amount so drawn. 
 Article XXIV - Insolvency

  

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

  

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

  

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

  

  
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 Article XXV - Arbitration 
  

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

  

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

  

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

  

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

  

	E.	Any arbitration proceedings shall take place at a location mutually agreed upon by the parties to this Contract, but notwithstanding the location of the arbitration, all proceedings
pursuant hereto shall be governed by the law of the State of Florida. 

 Article XXVI - Service of Suit (BRMA 49C) 
 (Applicable if the Reinsurer is not domiciled in the United States of America, and/or is not authorized in any State, Territory or District of the United States where
authorization is required by insurance regulatory authorities) 
  

	A.	It is agreed that in the event the Reinsurer fails to pay any amount claimed to be due hereunder, the Reinsurer, at the request of the Company, will submit to the jurisdiction of a
court of competent jurisdiction within the United States. Nothing in this Article constitutes or should be understood to constitute a waiver of the Reinsurer’s rights to commence an action in any court of competent jurisdiction in the United
States, to remove an action to a United States District Court, or to seek a transfer of a case to another court as permitted by the laws of the United States or of any state in the United States. 

  

	B.	Further, pursuant to any statute of any state, territory or district of the United States which makes provision therefor, the Reinsurer hereby designates the party named in its
Interests and Liabilities Agreement, or if no party is named therein, the Superintendent, Commissioner or Director of Insurance or other officer specified for that purpose in the statute, or his successor or successors in office, as its true and
lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on behalf of the Company or any beneficiary hereunder arising out of this Contract. 

  

  
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 Article XXVII - Governing Law (BRMA 71B) 
 This Contract shall be governed by and construed in accordance with the laws of the State of Florida. 
 Article XXVIII -
Confidentiality 
 The Reinsurer shall maintain the confidentiality of all information reviewed during any inspection as well as the results of such
inspection and shall not disclose such materials to third parties other than the Reinsurer’s auditors, legal counsel, retrocessionaires, or as required in any action brought to enforce the Reinsurer’s rights under this Contract, or as
required by a London market lead, regulatory agency, court order or subpoena, provided that the other party is given prior notice of such regulatory requirement, court order or subpoena. 
 Article XXIX - Entire Agreement 
 This written Contract constitutes the entire agreement between the parties hereto
with respect to the business being reinsured hereunder, and there are no understandings between the parties hereto other than as expressed in this Contract. Any change or modification to this Contract will be made by amendment to this Contract and
signed by the parties. 
 Article XXX - Severability (BRMA 72E) 
 If any provision of this Contract shall be rendered illegal or unenforceable by the laws, regulations or public policy of any state, such provision shall be considered void in such state, but this shall not affect the validity or
enforceability of any other provision of this Contract or the enforceability of such provision in any other jurisdiction. 
 Article XXXI - Agency
Agreement (BRMA 73A) 
 If more than one reinsured company is named as a party to this Contract, the first named company shall be deemed the agent of the
other reinsured companies for purposes of sending or receiving notices required by the terms and conditions of this Contract, and for purposes of remitting or receiving any monies due any party. 
 Article XXXII - Notices and Contract Execution 
  

	A.	Whenever a notice, statement, report or any other written communication is required by this Contract, unless otherwise specified, such notice, statement, report or other written
communication may be transmitted by certified or registered mail, nationally or internationally recognized express delivery service, personal delivery, electronic mail, or facsimile. With the exception of notices of termination, first class mail is
also acceptable. 

  

	B.	The use of any of the following shall constitute a valid execution of this Contract or any amendments thereto: 

  

	 	1.	Paper documents with an original ink signature; 

  

	 	2.	Facsimile or electronic copies of paper documents showing an original ink signature; and/or 

  

	 	3.	Electronic records with an electronic signature made via an electronic agent. For the purposes of this Contract, the terms “electronic record,” “electronic
signature” and “electronic agent” shall have the meanings set forth in the Electronic Signatures in Global and National Commerce Act of 2000 or any amendments thereto. 

  

  
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	C.	This Contract may be executed in one or more counterparts, each of which, when duly executed, shall be deemed an original. 

 Article XXXIII - Intermediary (BRMA 23A) 
 Benfield Inc. is hereby
recognized as the Intermediary negotiating this Contract for all business hereunder. All communications (including but not limited to notices, statements, premium, return premium, commissions, taxes, losses, loss adjustment expense, salvages and
loss settlements) relating thereto shall be transmitted to the Company or the Reinsurer through Benfield Inc. Payments by the Company to the Intermediary shall be deemed to constitute payment to the Reinsurer. Payments by the Reinsurer to the
Intermediary shall be deemed to constitute payment to the Company only to the extent that such payments are actually received by the Company. 
  

  
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 Schedule A 
 Excess Catastrophe 
 Reinsurance Contract E Effective: June 1, 2008 
 issued to 
 Homeowners Choice Property and
Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of 
 Homeowners Choice Property
and Casualty Insurance Company 
  

																	
	 	  	First
Excess	 	 	Second
Excess	 	 	Third
Excess	 	 	Fourth
Excess	 
	 Company’s Retention
	  	$	3,225,000	 	 	$	13,250,000	 	 	$	26,000,000	 	 	$	40,000,000	 
					
	 Reinsurer’s Per Occurrence Limit
	  	$	9,025,000	 	 	$	12,750,000	 	 	$	14,000,000	 	 	$	45,000,000	 
					
	 Reinsurer’s Term Limit
	  	$	18,050,000	 	 	$	25,500,000	 	 	$	28,000,000	 	 	$	90,000,000	 
					
	 Contract Minimum Premium
	  	$	4,115,400	 	 	$	3,519,000	 	 	$	1,960,000	 	 	$	3,780,000	 
					
	 Adjustment Rate
	  	 	0.07746	%	 	 	0.06624	%	 	 	0.03689	%	 	 	0.07115	%
					
	 Contract Deposit Premium
	  	$	5,144,250	 	 	$	4,398,750	 	 	$	2,450,000	 	 	$	4,725,000	 

 The figures listed above for each excess layer shall apply to each Subscribing Reinsurer in the percentage share
for that excess layer as expressed in its Interests and Liabilities Agreement attached hereto. 
  

  
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 Nuclear Incident Exclusion Clause - Physical Damage - Reinsurance (U.S.A.) 
  

	1.	This Reinsurance does not cover any loss or liability accruing to the Reassured, directly or indirectly and whether as Insurer or Reinsurer, from any Pool of Insurers or Reinsurers
formed for the purpose of covering Atomic or Nuclear Energy risks. 

  

	2.	Without in any way restricting the operation of paragraph (1) of this Clause, this Reinsurance does not cover any loss or liability accruing to the Reassured, directly or
indirectly and whether as Insurer or Reinsurer, from any insurance against Physical Damage (including business interruption or consequential loss arising out of such Physical Damage) to: 

  

	 	I.	Nuclear reactor power plants including all auxiliary property on the site, or 

  

	 	II.	Any other nuclear reactor installation, including laboratories handling radioactive materials in connection with reactor installations, and “critical facilities” as such,
or 

  

	 	III.	Installations for fabricating complete fuel elements or for processing substantial quantities of “special nuclear material,” and for reprocessing, salvaging, chemically
separating, storing or disposing of “spent” nuclear fuel or waste materials, or 

  

	 	IV.	Installations other than those listed in paragraph (2) III above using substantial quantities of radioactive isotopes or other products of nuclear fission.

  

	3.	Without in any way restricting the operations of paragraphs (1) and (2) hereof, this Reinsurance does not cover any loss or liability by radioactive contamination accruing
to the Reassured, directly or indirectly, and whether as Insurer or Reinsurer, from any insurance on property which is on the same site as a nuclear reactor power plant or other nuclear installation and which normally would be insured therewith
except that this paragraph (3) shall not operate 

  

	 	(a)	where Reassured does not have knowledge of such nuclear reactor power plant or nuclear installation, or 

  

	 	(b)	where said insurance contains a provision excluding coverage for damage to property caused by or resulting from radioactive contamination, however caused. However on and after
1st January 1960 this sub-paragraph (b) shall only apply provided the said radioactive contamination exclusion provision has been approved by the Governmental Authority having jurisdiction thereof. 

  

	4.	Without in any way restricting the operations of paragraphs (1), (2) and (3) hereof, this Reinsurance does not cover any loss or liability by radioactive contamination
accruing to the Reassured, directly or indirectly, and whether as Insurer or Reinsurer, when such radioactive contamination is a named hazard specifically insured against. 

  

	5.	It is understood and agreed that this Clause shall not extend to risks using radioactive isotopes in any form where the nuclear exposure is not considered by the Reassured to be the
primary hazard. 

  

	6.	The term “special nuclear material” shall have the meaning given it in the Atomic Energy Act of 1954 or by any law amendatory thereof. 

  

	7.	Reassured to be sole judge of what constitutes: 

  

	 	(a)	substantial quantities, and 

  

	 	(b)	the extent of installation, plant or site. 

  

  
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 Note.-Without in any way restricting the operation of paragraph (1) hereof, it is understood and agreed
that 
  

	 	(a)	all policies issued by the Reassured on or before 31st December 1957 shall be free from the application of the other provisions of this Clause until expiry date or
31st December 1960 whichever first occurs whereupon all the provisions of this Clause shall apply. 

  

	 	(b)	with respect to any risk located in Canada policies issued by the Reassured on or before 31st December 1958 shall be free from the application of the other provisions of this
Clause until expiry date or 31st December 1960 whichever first occurs whereupon all the provisions of this Clause shall apply. 

 12/12/57

 N.M.A. 1119 
 BRMA 35B 
  

  
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 Pollution and Seepage Exclusion Clause 
 This Contract excludes loss and/or damage and/or costs and/or expenses arising from seepage and/or pollution and/or contamination, other than contamination from smoke.
Nevertheless, this exclusion does not preclude payment of the cost of removing debris of property damaged by a loss otherwise covered hereunder, subject always to a limit of 25% of the Company’s property loss under the applicable original
policy. 
 BRMA 39A 
  

  
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 Terrorism Exclusion (Treaty Reinsurance) 
 Notwithstanding any provision to the contrary within this Contract or any amendment thereto, it is agreed that this Contract excludes loss, damage, cost or expense
directly or indirectly caused by, contributed to by, resulting from, or arising out of or in connection with any act of terrorism, as defined herein, regardless of any other cause or event contributing concurrently or in any other sequence to the
loss. 
 An act of terrorism includes any act, or preparation in respect of action, or threat of action designed to influence the government de jure
or de facto of any nation or any political division thereof, or in pursuit of political, religious, ideological or similar purposes to intimidate the public or a section of the public of any nation by any person or group(s) of persons
whether acting alone or on behalf of or in connection with any organization(s) or government(s) de jure or de facto, and which: 
  

	 	1.	Involves violence against one or more persons; or 

  

	 	2.	Involves damage to property; or 

  

	 	3.	Endangers life other than the person committing the action; or 

  

	 	4.	Creates a risk to health or safety of the public or a section of the public; or 

  

	 	5.	Is designed to interfere with or disrupt an electronic system. 

 This
Contract also excludes loss, damage, cost or expense directly or indirectly caused by, contributed to by, resulting from, or arising out of or in connection with any action in controlling, preventing, suppressing, retaliating against or responding
to any act of terrorism. 
 Notwithstanding the above and subject otherwise to the terms, conditions and limitations of this Contract, in respect only of
personal lines, this Contract will pay actual loss or damage (but not related cost and expense) caused by any act of terrorism provided such act is not directly or indirectly caused by, contributed to by, resulting from, or arising out of or in
connection with biological, chemical, radioactive or nuclear pollution, contamination or explosion. 
  

  
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	 Taxes Payable by
 Reinsured and

Administered by
 Reinsurers
	  	None.
		
	Wording	  	The Risk Details section of this Contract and any endorsements and/or amendments attached hereto set out all the terms and conditions of this reinsurance. The Contract Wording for such
reinsurance shall consist of such terms and conditions and shall set out Reinsurers’ participations hereon. Such Contract Wording may include Contract Title Front Sheet, Table of Contents, Reinsured’s attestation clause, Interests and
Liabilities Agreements and/ or Signing Page(s) / Schedules, as appropriate. Agreement by the Reinsurers to this Contract and any endorsements and/or amendments attached hereto shall constitute agreement to such Contract Wording.
		
	Subjectivities	  	None.
		
	Reinsurer Contract Documentation	  	To follow the “Wording” article except:
		
		  	 1.      The Broker to produce the Contract Wording and/or Addenda, as appropriate;

		
		  	 2.      Lloyd’s and Company Reinsurers hereon authorise Xchanging Ins-sure Services (XIS) to sign and seal
the Contract Wording on a FDO basis;

		
		  	 3.      XIS to sign Lloyd’s policy.

  

  
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 APPENDIX - Information 
  
  
  

			
	Information	  	 1.      Benfield Placing Information Booklet dated 28th April, 2008

		
	.	  	 2.      2008 Estimated Aggregate Wind TIV as of 30th
 September, 2008: 2008 Estimated Aggregate USD6,640,706,700

  

  
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 APPENDIX – Security Details 
  
  
  

			
	 Reinsurer’s
 Liability

	    	 (Re)lnsurer’s Liability Clause ~ LMA3333
  

	    	(Re)insurer’s liability several not joint
		
		    	The liability of a (re)insurer under this contract is several and not joint with other (re)insurers party to this contract. A (re)insurer is liable only for the proportion of liability it has
underwritten. A (re)insurer is not jointly liable for the proportion of liability underwritten by any other (re)insurer. Nor is a (re)insurer otherwise responsible for any liability of any other (re)insurer that may underwrite this
contract.
		
		    	The proportion of liability under this contract underwritten by a (re)insurer (or, in the case of a Lloyd’s syndicate, the total of the proportions underwritten by all the members of the
syndicate taken together) is shown next to its stamp. This is subject always to the provision concerning “signing” below.
		
		    	In the case of a Lloyd’s syndicate, each member of the syndicate (rather than the syndicate itself) is a (re)insurer. Each member has underwritten a proportion of the total shown for the
syndicate (that total itself being the total of the proportions underwritten by all the members of the syndicate taken together). The liability of each member of the syndicate is several and not joint with other members. A member is liable only for
that member’s proportion. A member is not jointly liable for any other member’s proportion. Nor is any member otherwise responsible for any liability of any other (re)insurer that may underwrite this contract. The business address of each
member is Lloyd’s, One Lime Street, London EC3M 7HA. The identity of each member of a Lloyd’s syndicate and their respective proportion may be obtained by writing to Market Services, Lloyd’s, at the above address.
		
		    	Proportion of liability
		
		    	Unless there is “signing” (see below), the proportion of liability under this contract underwritten by each (re)insurer (or, in the case of a Lloyd’s syndicate, the total of the
proportions underwritten by all the members of the syndicate taken together) is shown next to its stamp and is referred to as its “written line”.
		
		    	Where this contract permits, written lines, or certain written lines, may be adjusted (“signed”). In that case a schedule is to be appended to this contract to show the definitive
proportion of liability under this contract underwritten by each (re)insurer (or, in the case of a Lloyd’s syndicate, the total of the proportions underwritten by all the members of the syndicate taken together). A definitive proportion (or, in
the case of a Lloyd’s syndicate, the total of the proportions underwritten by all the members of a Lloyd’s syndicate taken together) is referred to as a “signed line”. The signed lines shown in the schedule will prevail over the
written lines unless a proven error in calculation has occurred.
		
		    	Although reference is made at various points in this clause to “this contract” in the singular, where the circumstances so require this should be read as a reference to contracts in
the plural.

  

  
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	Order Hereon	    	 First Layer: 11.000% of 100%
 Second Layer: 8.000%
of 100%
 Third Layer: 46.500% of 100%
 Fourth Layer:
41.500% of 100%

		
	Basis of Written Lines	    	Percentage of Whole
		
	 Signing
 Provisions
	    	 In the event that the written lines hereon exceed 100% of the order, any lines written “to stand” will be allocated in full and all other
lines will be signed down in equal proportions so that the aggregate signed lines are equal to 100% of the order without further agreement of any of the Reinsurers.
  
 However:
  
 a)      In the event that the placement order is not completed by the commencement date of the
Contract then all lines written by that date will be signed in full;
  
 b)      The Reinsured may elect for the disproportionate signing of Reinsurers lines, without further specific agreement of Reinsurers, providing that any such variation is made prior to
the commencement date of the period of the Contract, and that lines written “to stand” may not be varied without the documented agreement of those Reinsurers;
  

c)      The signed lines resulting from the application of the above provisions can be varied,
before or after commencement date of the period of the Contract, by the documented agreement of the Reinsured and all Reinsurers whose lines are to be varied. The variation to the Contract will take effect only when all such Reinsurers have agreed,
with the resulting variation in signed lines commencing from the date set out in that agreement.
  
 The signed line will be entered on the respective Reinsurer signing page by the Broker and shall be notified to the Reinsurer.

		
	 Signing
 Pages
	    	 This Contract incorporates a Reinsurer Interests and Liabilities Agreement and corresponding Signing Page, signature of which binds the Reinsurer and
the Reinsured to the terms and conditions of this Contract.
  
 Where the Reinsurer
provides acceptance of a share by alternative correspondence, this shall constitute their formal signature until superseded by a completed Interests and Liabilities Agreement or Signing Page.
  
 For the purposes of the application of (Re)Insurer’s Liability Clause ~ LMA3333, each Reinsurer
signed line is recorded on the Reinsurer’s Signing Page and not in a separate schedule appended to this Contract.

  

  
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 APPENDIX - Subscription Agreement 
  
  
  

			
	Slip Leader	  	 1st & 2nd - MAP 2791
 3rd & 4th - MAP
2007

		
	 Basis of
 Agreement to
 Contract
 Changes
	  	 Additions, deletions or amendments to this Contract can only be made by an endorsement produced by Benfield Limited and shall be binding upon both
parties on the same basis as stated under the Signing Pages section of Security Details.
  
 The agreement process, other than for Special Acceptances, is as follows:

		
		  	 1.      Reinsurers whose participation is subject to the General Underwriter Agreement October 2001. Excess of
Loss and Treaty Reinsurance Schedule (October 2002),

		
		  	 Part 1 changes to be agreed by Slip Leader only on behalf of all other Reinsurers within the GUA. Part 2 changes to be agreed by
the Slip Leader and Agreement Parties only on behalf of all Reinsurers within the GUA.
 Part 3 changes to be agreed by all Reinsurers
within the GUA.

		
		  	 2.      Reinsurers whose participation is not subject to the General Underwriter Agreement October
2001.

		
		  	 Each such Reinsurer to agree all amendments and alterations.

		
		  	With regard to special acceptances, these shall be handled in accordance with the provisions of the Special Acceptance section of Risk Details.
		
		  	When details of agreed endorsements are required to be provided to following Reinsurer(s) a Broker visit, e-mail or other electronic means, facsimile or letter will be used by Benfield Limited.

		
	 Other Agreement
 Parties for
Contract
 Changes, for Part 2
 GUA Changes only

	  	Where no other agreement parties are specified, Part 2 changes will be agreed by the Slip Leader only.
		
	 Agreement Parties for
 Contract Changes,
for
 their proportion only
	  	None.
		
	 Basis of Claims
 Agreement
	  	Claims to be managed in accordance with the Lloyd’s 2006 Claims Scheme and IUA Claims Agreement Practices, except as amended by the following:
		
		  	 1.      Lloyd’s Reinsurers agree to waive the Xchanging Ins-sure Services settlement delay procedures in
respect of first advice and settlement;

		
		  	 2.      All loss settlements within or equal to a previously agree reserve shall be automatically payable by
Reinsurers. Where losses are advised and/or settled on a “block” or “bordereaux” basis, this shall still apply in relation to each individual loss comprising the “block” or “bordereaux”;

  

  
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		  	 3.      On any claim agreed by the Claims Leaders any action to subrogate, pursue or investigate a claim against
a third party shall not delay settlement hereon;

		
		  	 4.      A request for further information shall not delay payment of a claim once it has been approved by the
Claims Leaders but such information request will still be pursued after payment;

		
		  	 5.      XIS Company Reinsurers to agree settlement requests on a Claims Electronic Settlements (CES) basis via
the Class system;

		
		  	 6.      In the event of the Leaders receiving an arbitration request or wishing to commence arbitration, each
subscribing Reinsurer agreed EITHER to follow the Leader’s conduct of such arbitration and be bound by its outcome OR to elect to pay their share of any claim and/or reject going to arbitration;

		
		  	 7.      Agree to allow collection of claims and returns hereunder against the production of original or
designated copy policies as required.

		
		  	 8.      All Non-Bureaux Reinsurers to agree claims for their own proportion only.

		
	Claims Agreement Parties	  	By the first Lloyd’s and all XIS company Reinsurers subscribing to this Contract plus Xchanging Claims Services (London) on behalf of all following Lloyd’s Syndicates; and by each
non-bureau Reinsurer subscribing to this Contract (by correspondence).
		
	Claims Administration	  	Benfield Limited and Bureau Reinsurers agree that any claims hereunder (including any claims related costs/fees) will be notified and administered via ECF with any payment(s) processed via
CLASS, unless both parties agree to do otherwise.
		
		  	Only losses incurred excess of the Treaty Retention to be advised on an individual basis.
		
	 Rules and Extent
 of any other
Delegated Claims Authority
	  	None.
		
	Expert(s) Fees Collection	  	For the avoidance of any doubt, it is understood that Benfield Limited shall have no responsibility whatsoever for the collection of any expert fees and expenses.
		
	Settlement Due Date	  	30th June, 2008
		
	 Deferred Premium
 Period of Credit

	  	30 days

  

  
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	Adjustment Premium Period of Credit	  	120 days
		
	Bureaux Arrangements	  	Where possible Benfield Limited will submit De-linked accounts to Xchanging Ins-sure Services. Premium payment requirements deemed met if accounts are correctly released for settlement to
Ins-sure in line with bureau procedures on or before settlement due date.
		
	Non Bureaux Arrangements	  	The provisions of the General Underwriters Agreement (GUA October 2001) and accompanying Excess of Loss and Treaty Reinsurance Schedule (October 2002) shall not apply in relation to the
participation of non-bureau markets subscribing hereto. All non-bureau Reinsurers to agree all contract changes for their respective shares (by correspondence).
		
	 Additional
 Administrative
Agreements
	  	 Underwriting Audit/Claims Reviews and Fees:
  
 Underwriting Audit/Claims reviews to be authorised by the Slip Leader and XCS, and at the cost to current Reinsurers hereon. Settlement of fees to be agreed by the Slip
Leader and XCS.

  

  
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 APPENDIX - Fiscal and Regulatory 
  
  
  

					
	Tax Payable by Reinsurer(s)	  	 As provided in the Risk Details Section, the rate of Federal Excise Tax is 1%.
 The statutory tax amount shown above is correct at the attachment date of this Contract; however, by its very nature may be subject to revision during the currency of the
period hereon. All such revisions are deemed to be automatically accepted by reinsurers subscribing hereto.

		
	Country of Origin	  	The United States of America
		
	Overseas Broker	  	Benfield Inc.
		  	3655 North Point Parkway
		  	Suite 300
		  	Alpharetta, GA 30005
		  	USA
		
	US Classification	  	U.S. Reinsurance.
		
	NAIC Codes	  	The NAIC Codes for the reinsured companies are as follows:
			
		  	Company	 	NAIC Code
		  	 Homeowners Choice Property and
 Casualty Insurance
Company
	 	12944
		
		  	LSW 1007 (Reinsurance) - NAIC Clause
		
		  	 “The NAIC Identification number for each participating Syndicate shown herein is AA-1 12 followed by a four (4) digit number that
can be derived by adding 6000 to the Syndicate number.” 
 (This item will be included in the Cover Note). 

		
	Allocation of Premium to Coding	  	XA
		
	FSA Client Classification	  	Reinsurance

  

  
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 APPENDIX - Broker Remuneration and Deductions 
  
  
  

			
	 Fee Payable
 By
Client?
	  	No.
		
	Total Brokerage	  	15% (nil on reinstatement premiums).
		
	Other Deductions from Premium	  	None.

  

  
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 Interests and Liabilities Agreement 
 of 
 Certain Underwriting Members of Lloyd’s 
 shown in the Signing Page(s) attached hereto 
 (hereinafter referred to as the “Subscribing Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance
Contract 
 Effective: June 1, 2008 
 issued to and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of 
 Homeowners Choice Property and Casualty Insurance Company 

The Subscribing Reinsurer hereby accepts the following percentage share(s) in the interests and liabilities of the “Reinsurer” as set forth in the
attached Contract captioned above: 
   8.000% of the First Excess Catastrophe Reinsurance 
   5.000% of the Second Excess Catastrophe Reinsurance 
 33.500% of the Third Excess Catastrophe Reinsurance 
 28.500% of the Fourth Excess Catastrophe Reinsurance 
 This Agreement shall become effective on June 1, 2008, and shall continue in force until May 31, 2009, both days inclusive, Local Standard Time at the location where the loss occurrence commences, unless earlier terminated in
accordance with the provisions of the attached Contract. 
 In any action, suit or proceeding to enforce the Subscribing Reinsurer’s obligations
under the attached Contract, service of process may be made upon Mendes & Mount, 750 Seventh Avenue, New York, New York 10019. 
 Signed for and on
behalf of the Subscribing Reinsurer in the Signing Page(s) attached hereto. 
  

  
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 Signing Page 
 attaching to and forming part of the 
 Interests and Liabilities Agreement(s) 
 with respect to the 
 Excess Catastrophe

 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company, et al, 
 as defined in the
above captioned Contract 
 The Subscribing Reinsurer hereby agrees to the terms and conditions of the reinsurance as contained in the attached
Interests and Liabilities Agreement and Contract. The Broker is also allowed to subsequently allocate a signed line, which is entered below and shall be separately notified to the Subscribing Reinsurer. 
 Signed in London, this 11th day of June in the year 2008 
 For and on behalf of: 
 

 
  

								
	 	 	WRITTEN LINES	  	SIGNED LINES
(entered by Broker)	 
	 LAYER
	 	 Percentage
	  	Reference	  
	 First Layer
	 	5%	  	70% X 1108YG03539	  	3.500	%
		 		  	30% X 1108LX03540	  	1.500	%
	 Second Layer
	 	5%	  	70% X 1108MG03541	  	3.500	%
		 		  	30% X 1108NX03542	  	1.500	%
	 Third Layer
	 	5%	  	70% X 1108PG03543	  	3.500	%
		 		  	30% X 1108RX03544	  	1.500	%
	 Fourth Layer
	 	5%	  	70% X 1108TG03545	  	3.500	%
		 		  	30% X 1108WX03546	  	1.500	%

  

  
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 Signing Page 
 attaching to and forming part of the 
 Interests and Liabilities Agreement(s) 
 with respect to the 
 Excess Catastrophe

 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company, et al, 
 as defined in the
above captioned Contract 
 The Subscribing Reinsurer hereby agrees to the terms and conditions of the reinsurance as contained in the attached
Interests and Liabilities Agreement and Contract. The Broker is also allowed to subsequently allocate a signed line, which is entered below and shall be separately notified to the Subscribing Reinsurer. 
 Signed in London, this 11th day of June in the year 2008 
 For and on behalf of: 
 

 
  

									
	 	  	WRITTEN LINES	  	SIGNED LINES
(entered by Broker)	 
	 LAYER
	  	Percentage	 	 	Reference	  
	 First Layer
	  	0	%	 		  		
	 Second Layer
	  	0	%	 		  		
	 Third Layer
	  	7 1/2	%	 	CAC2397508UA	  	7.500	%
	 Fourth Layer
	  	5	%	 	CAC2397608FA	  	5.000	%

  

  
 Page 36 

			
	UMR B11082008H3O1010	  	

		  	1108 BEN

  
  
  

 Signing Page 
 attaching to and forming part of the 
 Interests and Liabilities Agreement(s) 
 with respect to the 
 Excess Catastrophe

 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company, et al, 
 as defined in the
above captioned Contract 
 The Subscribing Reinsurer hereby agrees to the terms and conditions of the reinsurance as contained in the attached
Interests and Liabilities Agreement and Contract. The Broker is also allowed to subsequently allocate a signed line, which is entered below and shall be separately notified to the Subscribing Reinsurer. 
 Signed in London, this 11th day of June in the year 2008. 
 For and on behalf of: 
 

 
  
  
  

									
	 	  	WRITTEN LINES	  	SIGNED LINES
(entered by Broker)	 
	 LAYER
	  	Percentage	 	 	Reference	  
	 First Layer
	  			 		  		
	 Second Layer
	  			 		  		
	 Third Layer
	  	10	%	 	XC08CX914Y2X	  	10.000	%
	 Fourth Layer
	  	10	%	 	XC08CX915H2X	  	10.000	%

  

  
 Page 37 

			
	UMR B11082008H3O1010	  	

		  	1108 BEN

  
  
  

 Signing Page 
 attaching to and forming part of the 
 Interests and Liabilities Agreement(s) 
 with respect to the 
 Excess Catastrophe

 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company, et al, 
 as defined in the
above captioned Contract 
 The Subscribing Reinsurer hereby agrees to the terms and conditions of the reinsurance as contained in the attached
Interests and Liabilities Agreement and Contract. The Broker is also allowed to subsequently allocate a signed line, which is entered below and shall be separately notified to the Subscribing Reinsurer. 
 Signed in London, this 11th day of June in the year 2008. 
 For and on behalf of: 
 

 
  

									
	 	  	WRITTEN LINES	  	SIGNED LINES
(entered by Broker)	 
	 LAYER
	  	Percentage	 	 	Reference	  
	 First Layer
	  	3	%	 	YPT1XA2965BX	  	3.000	%
	 Second Layer
	  	/	 	 		  		
	 Third Layer
	  	10	%	 	YPT1XA2966BX	  	10.000	%
	 Fourth Layer
	  	/	 	 		  		

  

  
 Page 38 

			
	UMR B11082008H3O1010	  	

		  	1108 BEN

  
  
  

 Signing Page 
 attaching to and forming part of the 
 Interests and Liabilities Agreement(s) 
 with respect to the 
 Excess Catastrophe

 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company, et al, 
 as defined in the
above captioned Contract 
 The Subscribing Reinsurer hereby agrees to the terms and conditions of the reinsurance as contained in the attached
Interests and Liabilities Agreement and Contract. The Broker is also allowed to subsequently allocate a signed line, which is entered below and shall be separately notified to the Subscribing Reinsurer. 
 Signed in London, this 11th day of June in the year 2008. 
 For and on behalf of: 
 

 
  

									
	  	  	WRITTEN LINES	  	SIGNED LINES
(entered by Broker)	 
	 LAYER
	  	Percentage	 	 	Reference	  
	 First Layer
	  	/	 	 		  		
	 Second Layer
	  	/	 	 		  		
	 Third Layer
	  	/	 	 		  		
	 Fourth Layer
	  	1	%	 	XPTIXA2968BX	  	1.000	%

  

  
 Page 39 

			
	UMR B11082008H3O1010	  	

		  	1108 BEN

  
  
  

 Signing Page 
 attaching to and forming part of the 
 Interests and Liabilities Agreement(s) 
 with respect to the 
 Excess Catastrophe

 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company, et al, 
 as defined in the
above captioned Contract 
 The Subscribing Reinsurer hereby agrees to the terms and conditions of the reinsurance as contained in the attached
Interests and Liabilities Agreement and Contract. The Broker is also allowed to subsequently allocate a signed line, which is entered below and shall be separately notified to the Subscribing Reinsurer. 
 Signed in London, this 11th day of June in the year 2008. 
 For and on behalf of: 
 

 
  

								
	  	  	WRITTEN LINES	  	SIGNED LINES
(entered by Broker)	 
	 LAYER
	  	Percentage	  	Reference	  
	 First Layer
	  	/	  		  		
	 Second Layer
	  	/	  		  		
	 Third Layer
	  	/	  		  		
	 Fourth Layer
	  	5	  	RW24508ACSA7	  	5.000	%

  

  
 Page 40 

			
	UMR B11082008H3O1010	  	

		  	1108 BEN

  
  
  

 Signing Page 
 attaching to and forming part of the 
 Interests and Liabilities Agreement(s) 
 with respect to the 
 Excess Catastrophe

 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company, et al, 
 as defined in the
above captioned Contract 
 The Subscribing Reinsurer hereby agrees to the terms and conditions of the reinsurance as contained in the attached
Interests and Liabilities Agreement and Contract. The Broker is also allowed to subsequently allocate a signed line, which is entered below and shall be separately notified to the Subscribing Reinsurer. 
 Signed in London, this 11th day of June in the year 2008. 
 For and on behalf of: 
 

 
  

									
	 	  	WRITTEN LINES	  	SIGNED LINES
(entered by Broker)	 
	 LAYER
	  	Percentage	 	 	Reference	  
	 First Layer
	  	NIL	 	 		  		
	 Second Layer
	  	NIL	 	 		  		
	 Third Layer
	  	1	%	 	300153700008	  	1.000	%
	 Fourth Layer
	  	2.5	%	 	300153800008	  	2.500	%

  

  
 Page 41 

			
	UMR B11082008H3O1010	  	

		  	1108 BEN

  
  
  

 Signing Page 
 for 
 Amlin Bermuda Limited 
 Hamilton, Bermuda  
 (hereinafter referred to as the “Subscribing Reinsurer”)

 with respect to the 
 Excess
Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company, et al, 
 as defined in the above captioned Contract 
 The Subscribing Reinsurer hereby accepts the percentage shares set forth
below as Signed Lines in the interests and liabilities of the “Reinsurer” as set forth in the attached Contract captioned above. 
 The
Subscribing Reinsurer’s share in the attached Contract shall be separate and apart from the shares of the other reinsurers, and shall not be joint with the shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the other reinsurers. 
 The Subscribing Reinsurer hereby agrees to
the terms and conditions of the reinsurance as contained in this Agreement and Contract. The Broker is also allowed to subsequently allocate a signed line, which is entered below and shall be separately notified to the Subscribing Reinsurer.

 Signed in Hamilton, Bermuda, this 11th day of June in the year 2008. 
  

									
	  	  	WRITTEN LINES	  	SIGNED LINES
(entered by Broker)	 
	 LAYER
	  	Percentage	 	 	Reference	  
	 First Layer
	  			 		  		
	 Second Layer
	  			 		  		
	 Third Layer
	  	10	%	 	CAC6168608LB	  	10.000	%
	 Fourth Layer
	  	10	%	 	CAC6168708ZB	  	10.000	%

 

 
  

  
 Page 42 

			
	UMR B11082008H3O1010	  	

		  	1108 BEN

  
  
  

 Signing Page 
 for 
 SCOR Switzerland Limited 
 Zurich, Switzerland  
 (hereinafter referred to as the “Subscribing Reinsurer”)

 with respect to the 
 Excess
Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company, et al, 
 as defined in the above captioned Contract 
 The Subscribing Reinsurer hereby accepts the percentage shares set forth
below as Signed Lines in the interests and liabilities of the “Reinsurer” as set forth in the attached Contract captioned above. 
 The
Subscribing Reinsurer’s share in the attached Contract shall be separate and apart from the shares of the other reinsurers, and shall not be joint with the shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the other reinsurers. 
 The Subscribing Reinsurer hereby agrees to
the terms and conditions of the reinsurance as contained in this Agreement and Contract. The Broker is also allowed to subsequently allocate a signed line, which is entered below and shall be separately notified to the Subscribing Reinsurer.

 Signed in Zurich, this 13th day of June in the year 2008. 
  

									
	  	  	WRITTEN LINES	  	SIGNED LINES
(entered by Broker)	 
	LAYER	  	Percentage	 	 	Reference	  
	 First Layer
	  	3	%	 	PR2HA0105GG6084	  	3.000	%
	 Second Layer
	  	3	%	 	PR2HB0105GG6084	  	3.000	%
	 Third Layer
	  	3	%	 	PR2HC0105GG6084	  	3.000	%
	 Fourth Layer
	  	3	%	 	PR2HD0105GG6084	  	3.000	%

 

 
  

  
 Page 43 

 Interests and Liabilities Agreement 
 of 
 Amlin Bermuda Limited 
 Hamilton, Bermuda  
 (hereinafter referred to as the “Subscribing
Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to
and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership,
control or management of 
 Homeowners Choice Property and Casualty Insurance Company 
 The Subscribing Reinsurer hereby accepts the following percentage shares in the interests and liabilities of the “Reinsurer” as set forth in the
attached Contract captioned above: 
    0% of the First Excess Catastrophe Reinsurance 
         0% of the Second Excess Catastrophe Reinsurance 
 10.0% of the Third Excess Catastrophe Reinsurance 
   10.0% of the Fourth
Excess Catastrophe Reinsurance 
 This Agreement shall become effective on June 1, 2008, and shall continue in force until May 31, 2009, both days
inclusive, Local Standard Time at the location where the loss occurrence commences, unless earlier terminated in accordance with the provisions of the attached Contract. 
 The Subscribing Reinsurer’s share in the attached Contract shall be separate and apart from the shares of the other reinsurers, and shall not be joint with the shares of the other reinsurers, it being
understood that the Subscribing Reinsurer shall in no event participate in the interests and liabilities of the other reinsurers. 
 In Witness
Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date undermentioned at: 
 Hamilton, Bermuda, this 11th day of July in the year 2008. 
 

 
  

			
	08IL\H3O1010	  	 

  
 Page 44

 Interests and Liabilities Agreement 
 of 
 Flagstone Reinsurance Limited 
 Hamilton, Bermuda 
 (hereinafter referred to
as the “Subscribing Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to
and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership,
control or management of 
 Homeowners Choice Property and Casualty Insurance Company 
 The Subscribing Reinsurer hereby accepts the following percentage shares in the interests and liabilities of the “Reinsurer” as set forth in the
attached Contract captioned above: 
  

							
	35.0%	  	of the First Excess Catastrophe Reinsurance	  	REF:	  	AN2116A - 08
	15.0%	  	of the Second Excess Catastrophe Reinsurance	  		  	AN2116B - 08
	15.0%	  	of the Third Excess Catastrophe Reinsurance	  		  	AN2116C - 08
	15.0%	  	of the Fourth Excess Catastrophe Reinsurance	  		  	AN2116D - 08

 This Agreement shall become effective on June 1, 2008, and shall continue in force until May 31, 2009,
both days inclusive, Local Standard Time at the location where the loss occurrence commences, unless earlier terminated in accordance with the provisions of the attached Contract. 
 The Subscribing Reinsurer’s share in the attached Contract shall be separate and apart from the shares of the other reinsurers, and shall not be joint with the shares of the other reinsurers, it being
understood that the Subscribing Reinsurer shall in no event participate in the interests and liabilities of the other reinsurers. 
 In Witness
Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date undermentioned at: 
 Hamilton, Bermuda, this 13th day of June in the year 2008. 
 

 
 

                                       
              
  

			
	08IL\H3O1010	  	

  
 Page 45

 Interests and Liabilities Agreement 
 of 
 DaVinci Reinsurance Ltd. 
 Hamilton, Bermuda 
 by 
 Renaissance Underwriting Managers 
 Hamilton, Bermuda  
 (hereinafter referred to as the “Subscribing Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to and duly executed by 
 Homeowners
Choice Property and Casualty insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of 
 Homeowners Choice Property and Casualty Insurance Company 
 The Subscribing Reinsurer hereby accepts the following
percentage shares in the interests and liabilities of the “Reinsurer” as set forth in the attached Contract captioned above: 
  

			
	0%	  	of the First Excess Catastrophe Reinsurance
	16.0%	  	of the Second Excess Catastrophe Reinsurance
	0%	  	of the Third Excess Catastrophe Reinsurance
	0%	  	of the Fourth Excess Catastrophe Reinsurance

 This Agreement shall become effective on June 1, 2008, and shall continue in force until May 31,
2009, both days inclusive, Local Standard Time at the location where the loss occurrence commences, unless earlier terminated in accordance with the provisions of the attached Contract. 
 The Subscribing Reinsurer’s share in the attached Contract shall be separate and apart from the shares of the other reinsurers, and shall not be joint with the shares of the other reinsurers, it being
understood that the Subscribing Reinsurer shall in no event participate in the interests and liabilities of the other reinsurers. 
 In Witness
Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date undermentioned at: 
 Hamilton, Bermuda, this 13 day of June in the year 2008. 
 

 
 

                                       
      
  

			
	08IL\H3O1010	  	 

  
 Page 46

 Interests and Liabilities Agreement 
 of 
 Motors Insurance Corporation 
 Detroit, Michigan 
 by 
 GMAC Re Corporation 
 Mt. Laurel, New Jersey 

 (hereinafter referred to as the “Subscribing Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective:
June 1, 2008 
 issued to and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are
now or 
 hereafter come under the ownership, control or management of 
 Homeowners Choice Property and Casualty Insurance Company 
 The Subscribing Reinsurer hereby
accepts the following percentage shares in the interests and liabilities of the “Reinsurer” as set forth in the attached Contract captioned above: 
  

			
	0%	  	of the First Excess Catastrophe Reinsurance
	6.5%	  	of the Second Excess Catastrophe Reinsurance
	8.0%	  	of the Third Excess Catastrophe Reinsurance
	2.0%	  	of the Fourth Excess Catastrophe Reinsurance

 This Agreement shall become effective on June 1, 2008, and shall continue in force until May 31,
2009, both days inclusive, Local Standard Time at the location where the loss occurrence commences, unless earlier terminated in accordance with the provisions of the attached Contract. 
 The Subscribing Reinsurer’s share in the attached Contract shall be separate and apart from the shares of the other reinsurers, and shall not be joint with the shares of the other reinsurers, it being
understood that the Subscribing Reinsurer shall in no event participate in the interests and liabilities of the other reinsurers. 
 In Witness
Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date undermentioned at: 
 Mt. Laurel, New Jersey, this 12th day of June in the year 2008. 
 

 
  

 

 

			
	08IL\H3O1010	  	  
 Page 47

 Interests and Liabilities Agreement 
 of 
 Hannover Re (Bermuda), Ltd. 
 Hamilton, Bermuda 
 (hereinafter referred to as the “Subscribing
Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to
and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership,
control or management of 
 Homeowners Choice Property and Casualty Insurance Company 
 The Subscribing Reinsurer hereby accepts the following percentage shares in the interests and liabilities of the “Reinsurer” as set forth in the
attached Contract captioned above: 
  

									
		  	0%	  	of the First Excess Catastrophe Reinsurance	  		  	
		  	0%	  	of the Second Excess Catastrophe Reinsurance	  		  	
		  	5.0%	  	of the Third Excess Catastrophe Reinsurance	  	US02732 0308	  	
		  	7.5%	  	of the Fourth Excess Catastrophe Reinsurance	  	US02732 0408	  	

 This Agreement shall become effective on June 1, 2008, and shall continue in force until May 31, 2009,
both days inclusive, Local Standard Time at the location where the loss occurrence commences, unless earlier terminated in accordance with the provisions of the attached Contract. 
 The Subscribing Reinsurer’s share in the attached Contract shall be separate and apart from the shares of the other reinsurers, and shall not be joint with the shares of the other reinsurers, it being
understood that the Subscribing Reinsurer shall in no event participate in the interests and liabilities of the other reinsurers. 
 In any action,
suit or proceeding to enforce the Subscribing Reinsurer’s obligations under the attached Contract, service of process may be made upon Mendes & Mount, 750 Seventh Avenue, New York, New York 10019. 
 In Witness Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date undermentioned at:

 Hamilton, Bermuda, this 12TH day of June in the year 2008. 
 

 
  

 

 

			
	08IL\H3O1010	  	  
 Page 48

 Interests and Liabilities Agreement 
 of 
 Lehman Re Ltd. 
 Hamilton, Bermuda 
 (hereinafter referred to as the “Subscribing Reinsurer”)

 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership, control or management of

 Homeowners Choice Property and Casualty Insurance Company 
 The Subscribing Reinsurer hereby accepts the following percentage shares in the interests and liabilities of the “Reinsurer” as set forth in the attached Contract captioned above: 
  

							
		 	0%	 	of the First Excess Catastrophe Reinsurance	  	
		 	0%	 	of the Second Excess Catastrophe Reinsurance	  	
		 	4.0%	 	of the Third Excess Catastrophe Reinsurance	  	
		 	3.0%	 	of the Fourth Excess Catastrophe Reinsurance	  	

 This Agreement shall become effective on June 1, 2008, and shall continue in force until May 31, 2009,
both days inclusive, Local Standard Time at the location where the loss occurrence commences, unless earlier terminated in accordance with the provisions of the attached Contract. 
 The Subscribing Reinsurer’s share in the attached Contract shall be separate and apart from the shares of the other reinsurers, and shall not be joint with the shares of the other reinsurers, it being
understood that the Subscribing Reinsurer shall in no event participate in the interests and liabilities of the other reinsurers. 
 In Witness
Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date undermentioned at: 
 Hamilton, Bermuda, this 17th day of June in the year 2008. 
 

 
  

 

 

			
	08IL\H3O1010	  	  
 Page 49

 Interests and Liabilities Agreement 
 of 
 Montpelier Reinsurance Ltd. 
 Pembroke, Bermuda  
 (hereinafter referred to as the “Subscribing
Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to
and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership,
control or management of 
 Homeowners Choice Property and Casualty Insurance Company 
 The Subscribing Reinsurer hereby accepts the following percentage shares in the interests and liabilities of the “Reinsurer” as set forth in the
attached Contract captioned above: 
  

			
	12.0%     of the First Excess Catastrophe Reinsurance
	     12.0%     of the Second Excess Catastrophe Reinsurance
	  12.0%     of the Third Excess Catastrophe Reinsurance
	    12.0%     of the Fourth Excess Catastrophe Reinsurance

 This Agreement shall become effective on June 1, 2008, and shall continue in force until May 31, 2009,
both days inclusive, Local Standard Time at the location where the loss occurrence commences, unless earlier terminated in accordance with the provisions of the attached Contract. 
 The Subscribing Reinsurer’s share in the attached Contract shall be separate and apart from the shares of the other reinsurers, and shall not be joint with the shares of the other reinsurers, it being
understood that the Subscribing Reinsurer shall in no event participate in the interests and liabilities of the other reinsurers. 
 In Witness
Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date undermentioned at: 
 Hamilton, Bermuda, this 13th day of June in the year 2008. 
 

 
  

			
	08IL\H3O1010	  	 

  
 Page 50

 Interests and Liabilities Agreement 
 of 
 New Castle Reinsurance Company Ltd. 
 Hamilton, Bermuda  
 (hereinafter
referred to as the “Subscribing Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to
and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership,
control or management of 
 Homeowners Choice Property and Casualty Insurance Company 
 The Subscribing Reinsurer hereby accepts the following percentage shares in the interests and liabilities of the “Reinsurer” as set forth in the
attached Contract captioned above: 
  0%     of the First Excess Catastrophe Reinsurance 
    7.5%     of the Second Excess Catastrophe Reinsurance 
 5.0%     of the Third Excess Catastrophe Reinsurance 
      0%     of the Fourth Excess Catastrophe Reinsurance 
 This Agreement shall become effective on
June 1, 2008, and shall continue in force until May 31, 2009, both days inclusive, Local Standard Time at the location where the loss occurrence commences, unless earlier terminated in accordance with the provisions of the attached
Contract. 
 The Subscribing Reinsurer’s share in the attached Contract shall be separate and apart from the shares of the other reinsurers, and
shall not be joint with the shares of the other reinsurers, it being understood that the Subscribing Reinsurer shall in no event participate in the interests and liabilities of the other reinsurers. 
 In Witness Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date undermentioned at:

 Hamilton, Bermuda, this 16 day of June in the year 2008. 
 

 
  

			
	08IL\H3O1010	  	 

  
 Page 51

 Interests and Liabilities Agreement 
 of 
 PARIS RE 
 Paris, France  
 (hereinafter referred to as the “Subscribing
Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to
and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership,
control or management of 
 Homeowners Choice Property and Casualty Insurance Company 
 The Subscribing Reinsurer hereby accepts the following percentage shares in the interests and liabilities of the “Reinsurer” as set forth in the
attached Contract captioned above: 
  

			
	0%	  	of the First Excess Catastrophe Reinsurance
	0%	  	of the Second Excess Catastrophe Reinsurance
	3.0%	  	of the Third Excess Catastrophe Reinsurance
	3.0%	  	of the Fourth Excess Catastrophe Reinsurance

 This Agreement shall become effective on June 1, 2008, and shall continue in force until May 31,
2009, both days inclusive, Local Standard Time at the location where the loss occurrence commences, unless earlier terminated in accordance with the provisions of the attached Contract. 
 The Subscribing Reinsurer’s share in the attached Contract shall be separate and apart from the shares of the other reinsurers, and shall not be joint with the shares of the other reinsurers, it being
understood that the Subscribing Reinsurer shall in no event participate in the interests and liabilities of the other reinsurers. 
 In Witness
Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date undermentioned at: 
 Paris, France, this 13th day of June in the year 2008. 
 

 
  

			
	08IL\H3O1010	  	 

  
 Page 52

 Interests and Liabilities Agreement 
 of 
 QBE Reinsurance Corporation 
 Philadelphia, Pennsylvania  
 (hereinafter referred to as the “Subscribing
Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to
and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership,
control or management of 
 Homeowners Choice Property and Casualty Insurance Company 
 The Subscribing Reinsurer hereby accepts the following percentage shares in the interests and liabilities of the “Reinsurer” as set forth in the
attached Contract captioned above: 
  

			
	0%	  	of the First Excess Catastrophe Reinsurance
	0%	  	of the Second Excess Catastrophe Reinsurance
	1.5%	  	of the Third Excess Catastrophe Reinsurance
	1.5%	  	of the Fourth Excess Catastrophe Reinsurance

 This Agreement shall become effective on June 1, 2008, and shall continue in force until May 31,
2009, both days inclusive, Local Standard Time at the location where the loss occurrence commences, unless earlier terminated in accordance with the provisions of the attached Contract. 
 The Subscribing Reinsurer’s share in the attached Contract shall be separate and apart from the shares of the other reinsurers, and shall not be joint with the shares of the other reinsurers, it being
understood that the Subscribing Reinsurer shall in no event participate in the interests and liabilities of the other reinsurers. 
 In Witness
Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date undermentioned at: 
 New York, New York, this 23rd day of June in the year 2008. 
 

 
  

			
	08IL\H3O1010	  	 

  
 Page 53

 Interests and Liabilities Agreement 
 of 
 Renaissance Reinsurance, Ltd. 
 Hamilton, Bermuda 
 (hereinafter referred to
as the “Subscribing Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to
and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership,
control or management of 
 Homeowners Choice Property and Casualty Insurance Company 
 The Subscribing Reinsurer hereby accepts the following percentage shares in the interests and liabilities of the “Reinsurer” as set forth in the
attached Contract captioned above: 
  

					
	0%	  	of the First Excess Catastrophe Reinsurance	  	
	24.0%	  	of the Second Excess Catastrophe Reinsurance	  	
	0%	  	of the Third Excess Catastrophe Reinsurance	  	
	0%	  	of the Fourth Excess Catastrophe Reinsurance	  	

 This Agreement shall become effective on June 1, 2008, and shall continue in force until May 31, 2009,
both days inclusive, Local Standard Time at the location where the loss occurrence commences, unless earlier terminated in accordance with the provisions of the attached Contract. 
 The Subscribing Reinsurer’s share in the attached Contract shall be separate and apart from the shares of the other reinsurers, and shall not be joint with the shares of the other reinsurers, it being
understood that the Subscribing Reinsurer shall in no event participate in the interests and liabilities of the other reinsurers. 
 In Witness
Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date undermentioned at: 
 Hamilton, Bermuda, this 13 day of June in the year 2008. 
 

 
 

                                       
                      
  

			
	08IL\H3O1010	  	 

  
 Page 54

 Interests and Liabilities Agreement 
 of 
 Tokio Millennium Re Ltd. 
 Hamilton, Bermuda  
 (hereinafter referred to as the “Subscribing
Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to
and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership,
control or management of 
 Homeowners Choice Property and Casualty Insurance Company 
 The Subscribing Reinsurer hereby accepts the following percentage shares in the interests and liabilities of the “Reinsurer” as set forth in the
attached Contract captioned above: 
  

					
	0%	  	of the First Excess Catastrophe Reinsurance	  	
	0%	  	of the Second Excess Catastrophe Reinsurance	  	
	0%	  	of the Third Excess Catastrophe Reinsurance	  	
	8.0%	  	of the Fourth Excess Catastrophe Reinsurance	  	

 This Agreement shall become effective on June 1, 2008, and shall continue in force until May 31, 2009,
both days inclusive, Local Standard Time at the location where the loss occurrence commences, unless earlier terminated in accordance with the provisions of the attached Contract. 
 The Subscribing Reinsurer’s share in the attached Contract shall be separate and apart from the shares of the other reinsurers, and shall not be joint with the shares of the other reinsurers, it being
understood that the Subscribing Reinsurer shall in no event participate in the interests and liabilities of the other reinsurers. 
 In Witness
Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date undermentioned at: 
 Hamilton, Bermuda, this 19th day of June in the year 2008. 
 

 
  

 

 

			
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 Page 55

 Interests and Liabiliities Agreement 
 of 
 Wentworth Insurance Company-Limited 
 Christ Church, Barbados 
 (hereinafter
referred to as the “Subscribing Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to
and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St, Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership,
control or management of 
 Homeowners Choice Property and Casualty Insurance Company 
 (hereinafter referred to collectively as the “Company”) 
 It Is Hereby Agreed
that the Subscribing Reinsurer shall have the following percentage shares in the interests and liabilities of the “Reinsurer” as set forth in the attached Contract captioned above: 
  

					
	30.0%	  	of the First Excess Catastrophe Reinsurance	  	
	0%	  	of the Second Excess Catastrophe Reinsurance	  	
	0%	  	of the Third Excess Catastrophe Reinsurance	  	
	0%	  	of the Fourth Excess Catastrophe Reinsurance	  	

 It Is Further Agreed that this Agreement shall become effective on June 1, 2008, and shall continue in
force until May 31, 2009, both days inclusive, Local Standard Time at the location where the loss occurrence commences, unless earlier terminated in accordance with the provisions of the attached Contract. 
 It Is Also Agreed that further to the conditions described in Article XXIII - Reserves - the following shall apply: 
  

	A.	The Subscribing Reinsurer agrees to transfer its share of ceded reinsurance premium into a Trust Account in order to fund its share of the Company’s ceded unearned
premium and outstanding loss and loss adjustment expense reserves (including all case reserves plus any reasonable amount estimated to be unreported from known loss occurrences) (the “Subscribing Reinsurer’s obligations”).

 If, during the course of the 12 months ending May 31, 2009, the Subscribing Reinsurer’s obligations exceed
the market value of the eligible assets held in the Trust Account, the Subscribing Reinsurer shall, after receipt of notice of such excess from the Company, add eligible assets to the Trust Account with a market value equal to such
difference. 
  

			
	 08IL\H3O1010
 Page 1 of 3
	  	 

  
 Page 56

	B.	In all events, the Trust Account will comply with the requirements of New York Regulation 114. The assets deposited in the Trust Account shall be valued according to their current
fair market value and shall consist only of cash (United States legal tender), certificates of deposit (issued by a United States bank and payable in United States legal tender) and investments of the types specified in paragraphs 1, 2, 3, 8, and 10
of Section 1404(a) of the New York Insurance Law provided that such investments are issued by an institution that is not the parent, subsidiary, or affiliate of either the Subscribing Reinsurer or the Company. The Subscribing
Reinsurer, prior to depositing assets with the trustee, will execute assignments, endorsements in blank, or transfer legal title to the trustee of all shares, obligations or any other assets requiring assignments, in order that the Company, or
the trustee upon the direction of the Company, may whenever necessary negotiate any such trust assets without the consent or signature from the Subscribing Reinsurer or any other entity. All settlement of account between the Company and the
Subscribing Reinsurer will be made in cash or its equivalent. The Subscribing Reinsurer and Company agree, notwithstanding anything to the contrary in this Contract, that the Trust Account provided by the Subscribing Reinsurer
pursuant to the provisions of this Contract may be drawn upon by the Company or its successors in interest at any time without diminution because of the insolvency of the Company or the Subscribing Reinsurer, but only for one or more of
the following purposes: 

  

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

  

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

  

	 	3.	To fund a cash account in an amount equal to the Subscribing Reinsurer’s share of any ceded unearned premium and/or outstanding loss and loss adjustment expense reserves
(including all case reserves plus any reasonable amount estimated to be unreported from known loss occurrences) funded by means of a letter of credit which is under non-renewal notice, if said letter of credit has not been renewed or replaced by the
Subscribing Reinsurer 10 days prior to its expiration date; 

  

	 	4.	To refund to the Subscribing Reinsurer any sum in excess of the actual amount required to fund the Subscribing Reinsurer’s share of the Company’s ceded
unearned premium and/or outstanding loss and loss adjustment expense reserves (including all case reserves plus any reasonable amount estimated to be unreported from known loss occurrences), if so requested by the Subscribing Reinsurer, and

  

	 	5.	To reimburse itself for the Subscribing Reinsurer’s portion of the unearned reinsurance premium paid to the Subscribing Reinsurer hereunder.

 In the event the amount drawn by the Company on any letter of credit is in excess of the actual amount required for B(1),
B(3) or B(5), or in the case of B(2), the actual amount determined to be due, the Company shall promptly return to the Subscribing Reinsurer the excess amount so drawn. 
  

			
	 08IL\H3O1010
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 Page 57

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

  

	D.	At quarterly intervals beginning May 31, 2009, or more frequently as required by the Company in the event of a loss occurrence prior to May 31, 2009, the Company shall
prepare a specific statement of the Subscribing Reinsurer’s obligations for the sole purpose of adjusting the Trust Account balance, in the following manner: 

  

	 	1.	If the statement shows that the Subscribing Reinsurer’s obligations exceed the market value of the eligible assets held in the Trust Account as of the statement date,
the Subscribing Reinsurer shall, after receipt of notice of such excess, add eligible assets to the Trust Account with a market value equal to such difference. 

  

	 	2.	If, however, the statement shows that the Subscribing Reinsurer’s obligations are less than the market value of the eligible assets held in the Trust Account as of the
statement date, the Company shall, within 30 days after receipt of written request from the Subscribing Reinsurer, release such assets by agreement to withdraw assets from the Trust Account with such excess value and delivering them to the
Subscribing Reinsurer. 

 It Is Also Agreed that the Subscribing Reinsurer’s share in the attached Contract shall be
separate and apart from the shares of the other reinsurers, and shall not be joint with the shares of the other reinsurers, it being understood that the Subscribing Reinsurer shall in no event participate in the interests and liabilities of
the other reinsurers. 
 In Witness Whereof, the parties hereto by their duly authorized representatives have executed this Agreement as of the dates
undermentioned at: 
 Port St. Lucie, Florida, this 18 day of JULY in the year 2008. 
 

 
 Christ Church, Barbados, this 17th day of June in the year 2008. 
 

 
  

 

 

			
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 Page 3 of 3
	  	  
 Page 58

 Interests and Liabilities Agreement 
 of 
 XL Re Ltd 
 Hamilton, Bermuda  
 (hereinafter referred to as the “Subscribing
Reinsurer”) 
 with respect to the 
 Excess Catastrophe 
 Reinsurance Contract 
 Effective: June 1, 2008 
 issued to
and duly executed by 
 Homeowners Choice Property and Casualty Insurance Company 
 Port St. Lucie, Florida 
 and 
 any other insurance companies which are now or 
 hereafter come under the ownership,
control or management of 
 Homeowners Choice Property and Casualty Insurance Company 
 The Subscribing Reinsurer hereby accepts the following percentage shares in the interests and liabilities of the “Reinsurer” as set forth in the
attached Contract captioned above: 
  

			
	0%	  	of the First Excess Catastrophe Reinsurance
	0%	  	of the Second Excess Catastrophe Reinsurance
	0%	  	of the Third Excess Catastrophe Reinsurance
	6.5%	  	of the Fourth Excess Catastrophe Reinsurance

 This Agreement shall become effective on June 1, 2008, and shall continue in force until May 31,
2009, both days inclusive, Local Standard Time at the location where the loss occurrence commences, unless earlier terminated in accordance with the provisions of the attached Contract. 
 The Subscribing Reinsurer’s share in the attached Contract shall be separate and apart from the shares of the other reinsurers, and shall not be joint with the shares of the other reinsurers, it being
understood that the Subscribing Reinsurer shall in no event participate in the interests and liabilities of the other reinsurers. 
 In Witness
Whereof, the Subscribing Reinsurer by its duly authorized representative has executed this Agreement as of the date undermentioned at: 
 Hamilton, Bermuda, this 12th day of June in the year 2008. 
 

 
  

 

 

			
	08IL\H3O1010	  	  
 Page 59

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