Document:

Underwriting Services Agreement

 Exhibit 10.1 
 Underwriting Services Agreement 
 by and among 

New Point Re IV Limited, 
 Alterra Agency Limited 
 and 

Alterra Bermuda Limited 
 May 1, 2011 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 Defined Terms
	  	 	1	  
			
	 SECTION 1.1
	 	Defined Terms	  	 	1	  
		
	 ARTICLE 2 Appointment and Authority
	  	 	5	  
			
	 SECTION 2.1
	 	Appointment and Acceptance	  	 	5	  
	 SECTION 2.2
	 	Exclusivity	  	 	6	  
	 SECTION 2.3
	 	Non-Compete	  	 	6	  
	 SECTION 2.4
	 	Effective Date	  	 	6	  
	 SECTION 2.5
	 	Location	  	 	6	  
	 SECTION 2.6
	 	Instructions	  	 	6	  
	 SECTION 2.7
	 	Performance Standards	  	 	6	  
	 SECTION 2.8
	 	Limitations of Authority	  	 	7	  
		
	 ARTICLE 3 Contract Services
	  	 	7	  
			
	 SECTION 3.1
	 	Underwriting Services	  	 	7	  
	 SECTION 3.2
	 	Actuarial Services	  	 	8	  
	 SECTION 3.3
	 	Collections and Operating Account; Investment of Assets	  	 	8	  
	 SECTION 3.4
	 	Administrative Services	  	 	9	  
	 SECTION 3.5
	 	Underwriting Committee	  	 	10	  
	 SECTION 3.6
	 	Production	  	 	10	  
	 SECTION 3.7
	 	Acquisition Expenses	  	 	10	  
	 SECTION 3.8
	 	Claims Under Covered Contracts	  	 	11	  
	 SECTION 3.9
	 	Licenses and Authorities	  	 	11	  
		
	 ARTICLE 4 Retrocession Services
	  	 	12	  
			
	 SECTION 4.1
	 	Retrocession	  	 	12	  
		
	 ARTICLE 5 Fees
	  	 	12	  
			
	 SECTION 5.1
	 	Underwriting Fee	  	 	12	  
	 SECTION 5.2
	 	Performance Fee	  	 	12	  
	 SECTION 5.3
	 	Administrative Fee	  	 	13	  
	 SECTION 5.4
	 	Dispute Resolution	  	 	14	  
	 SECTION 5.5
	 	Offset	  	 	14	  
	 SECTION 5.6
	 	Insufficient Funds	  	 	14	  
		
	 ARTICLE 6 Reporting
	  	 	14	  
			
	 SECTION 6.1
	 	Accounting Reports	  	 	14	  
	 SECTION 6.2
	 	Underwriting Report	  	 	15	  
	 SECTION 6.3
	 	Reserve Reports	  	 	15	  
	 SECTION 6.4
	 	Performance Fee Reports	  	 	15	  

  
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	 SECTION 6.5
	 	Holidays	  	 	16	  
		
	 ARTICLE 7 Records
	  	 	16	  
			
	 SECTION 7.1
	 	Maintenance of and Access to Records	  	 	16	  
	 SECTION 7.2
	 	Ownership of Records	  	 	16	  
		
	 ARTICLE 8 Expenses
	  	 	16	  
			
	 SECTION 8.1
	 	Expenses of the Underwriting Manager and ABL	  	 	16	  
	 SECTION 8.2
	 	Expenses of the Company	  	 	16	  
		
	 ARTICLE 9 Term of Agreement
	  	 	17	  
			
	 SECTION 9.1
	 	Term and Extension	  	 	17	  
	 SECTION 9.2
	 	Effect of Termination	  	 	17	  
		
	 ARTICLE 10 Indemnification
	  	 	18	  
			
	 SECTION 10.1
	 	Indemnified Parties	  	 	18	  
	 SECTION 10.2
	 	Notice	  	 	19	  
		
	 ARTICLE 11 Confidentiality
	  	 	19	  
			
	 SECTION 11.1
	 	Confidential Information	  	 	19	  
		
	 ARTICLE 12 Miscellaneous
	  	 	20	  
			
	 SECTION 12.1
	 	Arbitration	  	 	20	  
	 SECTION 12.2
	 	Relationship of the Parties	  	 	21	  
	 SECTION 12.3
	 	Assignment	  	 	21	  
	 SECTION 12.4
	 	Amendment	  	 	21	  
	 SECTION 12.5
	 	No Waiver or Modification	  	 	22	  
	 SECTION 12.6
	 	Further Assurances	  	 	22	  
	 SECTION 12.7
	 	Severability	  	 	22	  
	 SECTION 12.8
	 	Governing Law	  	 	22	  
	 SECTION 12.9
	 	Notices	  	 	22	  
	 SECTION 12.10
	 	Entire Agreement	  	 	23	  
	 SECTION 12.11
	 	Headings	  	 	23	  
	 SECTION 12.12
	 	Interpretation	  	 	23	  
	 SECTION 12.13
	 	Counterparts	  	 	24	  
	 SECTION 12.14
	 	Currency	  	 	24	  
	 SECTION 12.15
	 	Force Majeure	  	 	24	  

  

			
	 APPENDIX 1
	  	Underwriting Guidelines
	 APPENDIX 2
	  	U.S. Federal Income Tax Operating Guidelines
	 APPENDIX 3
	  	Investment Guidelines

  
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 UNDERWRITING SERVICES AGREEMENT 

This UNDERWRITING SERVICES AGREEMENT (this “Agreement”) is dated the 1st day of May, 2011. 

AMONG 
  

	 	1.	New Point Re IV Limited (the “Company”), of Alterra House, 2 Front Street, Hamilton HM 11, Bermuda, a company organized under the laws of Bermuda and
licensed to carry on insurance and reinsurance business; 

  

	 	2.	Alterra Agency Limited (the “Underwriting Manager”), of Alterra House, 2 Front Street, Hamilton HM 11, Bermuda, a company organized under the laws of
Bermuda and registered as an insurance manager; and 

  

	 	3.	Alterra Bermuda Limited (“ABL”), of Alterra House, 2 Front Street, Hamilton HM 11, Bermuda, a company organized under the laws of Bermuda and licensed
to carry on insurance and reinsurance business. 

 The Company, the Underwriting Manager, and ABL may be referred
to herein individually as a “Party” and collectively as the “Parties.” 
 WHEREAS, the Company
desires to issue collateralized (i) contracts providing property catastrophe excess of loss retrocessional cover and (ii) industry loss warranties; and 
 WHEREAS, the Company desires to appoint the Underwriting Manager to act as its agent for the limited purposes described in this Agreement, and the Underwriting Manager is willing to accept such
appointment. 
 NOW, THEREFORE, subject to the terms and conditions of this Agreement, in consideration of the mutual covenants
set forth herein, intending to be legally bound, the Parties hereby agree as follows: 
 ARTICLE 1 

DEFINED TERMS 
 SECTION 1.1 Defined Terms. As used in this Agreement, the following terms shall have the following meanings (definitions are applicable to both the singular and the plural forms of each term
defined in this Article): 
 “ABL” has the meaning ascribed in the introductory paragraph hereto. 

“Accounting Report” has the meaning ascribed in Section 6.1. 

  
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 “Acquisition Expenses” means (i) commissions, fees and other expenses
directly allocable to the issuance of the Covered Contracts and owed by the Company to third- party agents, brokers, producers or other intermediaries and (ii) premium taxes, United States Federal excise taxes and other similar taxes payable by
the Company with respect to Covered Contracts. 
 “Adjusted Net Income (Loss)” means (i) the net income or
loss of the Company, determined in accordance with GAAP, with respect to the Covered Contracts underwritten hereunder and incepting during the Underwriting Term, including all income earned and expenses incurred during the Underwriting Term and all
income earned and expenses incurred thereafter that are allocable to such Covered Contracts, but before any Performance Fees payable with respect to the Underwriting Term, less (ii) any investment income of the Company. 

“Administrative Fee” has the meaning ascribed in Section 5.3. 

“Administrative Services” has the meaning ascribed in Section 3.4. 

“Affiliate” of a specific Person means a Person that (at the time when the determination is to be made) directly, or
indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the specified Person. For purposes of this Agreement, (i) ABL, the Underwriting Manager and their Affiliates (other than the Company
and New Point IV), on the one hand, and (ii) the Company and New Point IV, on the other hand, shall not be considered Affiliates of one another. 
 “Agreement” has the meaning ascribed in the preamble of this Agreement. 
 “Appointing Authority” has the meaning ascribed in Section 12.1. 
 “Board” has the meaning ascribed in Section 2.3. 

“Business Day” means any day other than a Saturday or Sunday or a day on which banking institutions in Bermuda are
permitted or obligated by law to close. 
 “Ceded Retrocession Agreements” has the meaning ascribed in
Section 4.1. 
 “Change of Control” means, with respect to the Person at issue (the
“Target”), (i) an acquisition by an individual, legal entity or group of effective control (whether through legal or beneficial ownership of shares of the applicable Person, by contract or otherwise) of voting shares having
more than 50% of the aggregate voting power of the Target or any parent company of the Target (a “Target Parent Company”) or (ii) any amalgamation or merger or consolidation of: (x) a Target Parent Company in which the
shareholders immediately prior to such amalgamation or merger or consolidation do not continue to hold or have the right to direct the voting of voting shares having more than 50% of the voting power of such Target Parent Company immediately after
such amalgamation or merger or consolidation; or (y) the Target in which a Target Parent Company does not continue to hold or have the right to direct the voting of voting shares having more than 50% of the voting power of the Target
immediately after such amalgamation or merger or consolidation or (iii) a sale of all or substantially all of the Target’s assets or (iv) the execution by the Target or any of its Affiliates of an agreement

  
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to which the Target or any of its Affiliates is a party or by which it is bound, providing for any of the events set forth above in clause (i), (ii) or (iii); provided, that none of
the transactions set forth in clause (i), (ii), (iii) or (iv) above between and among the Target and any controlled Affiliate of the Target shall constitute a Change of Control. 

“Company” has the meaning ascribed in the introductory paragraph hereto. 

“Company Indemnified Parties” has the meaning ascribed in Section 10.1. 

“Company Termination Notice” has the meaning ascribed in Section 9.1. 

“Company Trigger Event” means a Change of Control of New Point IV or the Company. 

“Confidential Information” has the meaning ascribed in Section 11.1. 

“Control” (including with correlative meaning, the terms “controlling,” “controlled
by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise. 
 “Covered Contracts” means (i) contracts providing collateralized
property catastrophe excess of loss retrocessional cover and (ii) collateralized industry loss warranties, in each case of clauses (i) and (ii) that comply with the Underwriting Guidelines. 

“Cumulative Adjusted Net Income (Loss)” means the Adjusted Net Income (Loss) from the first day of the Underwriting Term
until the calculation date of Cumulative Adjusted Net Income (Loss). 
 “Customer” means a retrocedent or
prospective retrocedent, or other acquiror or prospective acquiror of an industry loss warranty, or agent, broker or other intermediary acting on any of their behalf. 
 “Effective Date” has the meaning ascribed in Section 2.4. 

“Exempt Period” has the meaning ascribed in Section 2.3. 

“Exempt Period Termination Notice” has the meaning ascribed in Section 2.3. 

“GAAP” shall mean United States generally accepted accounting principles, as in effect from time to time, consistently
applied. 
 “Government Authority” means any legislature, executive branch or governmental department,
commission, board, agency, court, tribunal or instrumentality. 

  
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 “Included Company” means (i) any Affiliate of ABL that is controlled
by ABL and (ii) any Person for whom ABL or any Person identified in clause (i) above provides all or substantially all of the underwriting services. 
 “Losses” has the meaning ascribed in Section 10.1. 

“New Point IV” means New Point IV Limited, a company organized under the laws of Bermuda, and the parent company of the
Company. 
 “Operating Account” has the meaning ascribed in Section 3.3. 

“Party” has the meaning ascribed in the second paragraph hereto. 

“Performance Fee” has the meaning ascribed in Section 5.2. 

“Performance Fee Report” has the meaning ascribed in Section 5.2. 

“Person” means any individual, company, corporation, limited liability company, partnership, firm, joint venture,
association, trust, unincorporated organization, Government Authority or other entity. 
 “Premium” means the
premium and all other amounts payable to the Company on Covered Contracts. 
 “Risk Modeling Systems” means any
risk modeling systems, methods of pricing coverage for retrocessional risks, methods of tracking the subject business and related documents and materials developed by the Underwriting Manager at its own expense or in cooperation with third parties.

 “Settlement Auditor” has the meaning ascribed in Section 5.4. 

“Shareholders” means the holders of common shares, par value $1.00 per share, of New Point IV. 

“Target” has the meaning ascribed in the definition of Change of Control. 

“Target Parent Company” has the meaning ascribed in the definition of Change of Control. 

“Termination Date” has the meaning ascribed in Section 9.1. 

“UM Change of Control Event” has the meaning ascribed in the definition of Underwriting Manager Trigger Event.

 “UM Indemnified Parties” has the meaning ascribed in Section 10.1. 

“UM Termination Notice” has the meaning ascribed in Section 9.1. 

“Underwriting Committee” has the meaning ascribed in Section 3.5. 

  
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 “Underwriting Fee” has the meaning ascribed in Section 5.1.

 “Underwriting Guidelines” means the underwriting guidelines set forth in Appendix 1 to this
Agreement. 
 “Underwriting Manager” has the meaning ascribed in the introductory paragraph hereto. 

“Underwriting Manager Trigger Event” means the occurrence of any of the following events: 

(i) an assignment made for the benefit of creditors of ABL or the Underwriting Manager; 

(ii) the voluntary commencement of an insolvency or bankruptcy proceeding by ABL or the Underwriting Manager, or the
institution of a bankruptcy or insolvency proceeding against ABL or the Underwriting Manager that is not dismissed within five (5) Business Days after institution thereof; 

(iii) the commission by the Underwriting Manager or any of its directors, officers or employees, as reasonably determined
by the Company, of fraud, dishonesty or bad faith in the performance by such Underwriting Manager or any such director, officer or employee of the services under this Agreement; 

(iv) a material breach of this Agreement by the Underwriting Manager or ABL that is not cured within thirty (30) days
of receipt of written notice of such breach from the Company; or 
 (v) the Change of Control of ABL or the
Underwriting Manager (the “UM Change of Control Event”). 
 “Underwriting Term” means the
period commencing on May 1, 2011 and ending on the Termination Date. 
 ARTICLE 2 

APPOINTMENT AND AUTHORITY 
 SECTION 2.1 Appointment and Acceptance. (a) The Company hereby appoints the Underwriting Manager to be the Company’s limited agent solely to provide the services and exercise the
authorities specified in this Agreement. The Underwriting Manager hereby accepts this appointment. 
 (b) The Underwriting
Manager shall have the authority expressly conferred on it by this Agreement and the duty and authority to provide the services described in this Agreement. 

  
 5 

 SECTION 2.2 Exclusivity. Except as otherwise provided in this Agreement, the
appointment hereunder shall be exclusive during the term of this Agreement, and, except as otherwise provided by this Agreement, no other Person shall provide to the Company the services specified in this Agreement to be provided by, or exercise on
behalf of the Company the authorities conferred on, the Underwriting Manager pursuant to this Agreement. 
 SECTION 2.3
Non-Compete. From the Effective Date until the Termination Date, ABL will not, and will cause all of the Included Companies (including Included Companies on the date of this Agreement and in the future through acquisitions or otherwise) to
not, underwrite Covered Contracts; provided, that the foregoing restriction shall not apply (i) to any Covered Contract underwritten after March 30, 2012 if cover in respect of such Covered Contract does not incept until after the
Termination Date and (ii) during any period (any such period, an “Exempt Period”) that the Company does not have sufficient resources to underwrite Covered Contracts, as determined by the Board of Directors of the Company (the
“Board”) (based on the advice of the Underwriting Committee). Each Exempt Period shall commence upon receipt by ABL and the Underwriting Manager of notice from the Board that the Board has determined (after consultation with the
Underwriting Committee) that the Company’s resources are insufficient to underwrite Covered Contracts. Each Exempt Period shall terminate upon receipt by ABL and the Underwriting Manager of notice from the Board that the Board has determined
(after consultation with the Underwriting Committee) that the Company has sufficient resources to accept retrocessions of additional Covered Contracts (the “Exempt Period Termination Notice”). 

SECTION 2.4 Effective Date. This Agreement shall be effective as of 12:01 a.m. Atlantic Standard Time on May 1, 2011
(the “Effective Date”). 
 SECTION 2.5 Location. The Underwriting Manager shall provide the services
specified in this Agreement from its offices in Bermuda, shall in no event provide any such services within the United States and shall provide such services in accordance with and subject to the U.S. Federal Income Tax Operating Guidelines attached
as Appendix 2 to this Agreement. 
 SECTION 2.6 Instructions. The Underwriting Manager shall follow such
instructions as reasonably given to it from time to time by the Company regarding the services rendered under this Agreement. The Company shall give all instructions to the Underwriting Manager in writing and shall specify a reasonable amount of
time in which to allow the Underwriting Manager to take appropriate action. 
 SECTION 2.7 Performance Standards. The
Underwriting Manager agrees to perform faithfully its duties under this Agreement to the best of its professional ability, in accordance with the standard of care reasonably to be expected of a professional insurance underwriter, and with that
degree of knowledge, skill and judgment which is exercised by ABL with respect to its own business. In addition, the Underwriting Manager shall comply in all material respects with all applicable laws and regulations in respect of all activities
conducted by it under this Agreement. 

  
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 SECTION 2.8 Limitations of Authority. 

(a) The Underwriting Manager shall have no power or authority other than as granted and set forth herein and no other or greater power
shall be implied from the grant or denial of powers specifically mentioned herein. 
 (b) In addition to the other limitations
expressly contained in this Agreement, the Underwriting Manager has no authority to: 
 (i) make, accept or
endorse notes or otherwise incur any liability which is not incurred in the ordinary course of business of the Underwriting Manager on behalf of the Company pursuant to the terms and conditions of this Agreement; 

(ii) issue a guaranty, other than as provided for in this Agreement or as permitted expressly in writing by the Company;

 (iii) hold itself out as an agent of the Company in any other manner, or for any other purposes, than as
specifically prescribed in this Agreement; or 
 (iv) settle or conduct lawsuits or other disputes other than
coverage disputes relating to Covered Contracts or respond to any regulatory investigations on behalf of the Company. 
 (c)
Other than as set forth in Section 3.8(c), the Underwriting Manager shall have no authority to appoint sub-agents for the Company without prior written approval of the Company, which consent shall not be unreasonably withheld.

 ARTICLE 3 
 CONTRACT SERVICES 
 SECTION 3.1 Underwriting Services. The
Underwriting Manager agrees to underwrite Covered Contracts on behalf of the Company in accordance with the terms hereof. In underwriting the Covered Contracts, the Underwriting Manager shall perform the following services: 

(a) Provide indications, quotations and authorizations of terms and conditions to prospective Customers for the issuance of Covered
Contracts; 
 (b) Prepare and negotiate retrocession agreements and industry loss warranties and related documents, including
the arrangement of all collateral facilities to be put in place, in connection with the underwriting of Covered Contracts; 

(c) Determine premium rates and other underwriting terms and conditions with respect to the underwriting of Covered Contracts;

 (d) Establish commissions, fees and other expenses to be paid to agents, producers, brokers and other intermediaries in
connection with the underwriting of the Covered Contracts; provided, that no contingent commissions shall be paid to agents, producers, brokers or other intermediaries in connection with the issuance of Covered Contracts; 

  
 7 

 (e) Execute on behalf of the Company all Covered Contracts underwritten hereunder and obtain
executed copies of all Covered Contracts underwritten hereunder from the other parties thereto; 
 (f) Retain on behalf of the
Company at least one fully executed copy of each Covered Contract underwritten hereunder and provide fully executed copies of the Covered Contracts underwritten hereunder to the other parties thereto; 

(g) Establish fees to be paid to service providers by or for the account of the Company in connection with services as may be needed from
time to time with respect to the Covered Contracts; and 
 (h) Maintain on behalf of the Company collateral supporting all of
the Covered Contracts underwritten hereunder as required by the Underwriting Guidelines. 
 SECTION 3.2 Actuarial
Services. The Underwriting Manager agrees to provide actuarial support to the Company with respect to the Covered Contracts, including preparation of pricing indications and projections of profitability on Covered Contracts, utilizing and
analyzing the results of Risk Modeling Systems, compiling aggregate limit and probable maximum loss data, analyzing historical loss information and estimating loss reserves. 
 SECTION 3.3 Collections and Operating Account; Investment of Assets. The Underwriting Manager agrees to perform the following services with respect to the collection of amounts due to the Company
and the maintenance of the Operating Account: 
 (a) The Underwriting Manager shall diligently seek to collect all Premiums,
reinsurance recoverables and other funds due to the Company in connection with the Covered Contracts underwritten hereunder and any Ceded Retrocession Agreements and promptly (but in no event later than five (5) Business Days following receipt)
deposit such payments into a separate bank account owned and established by the Company (the “Operating Account”). All Premiums, reinsurance recoverables and other funds received by the Underwriting Manager on behalf of the Company
pursuant to this Agreement shall be held by the Underwriting Manager in a fiduciary capacity for the benefit of the Company. Unless otherwise directed by the Company or contemplated by paragraph (c) of this Section 3.3, the Underwriting
Manager shall have the right to withdraw from the Operating Account only those fees, expenses, taxes or other amounts either due to the Underwriting Manager pursuant to this Agreement or to be paid by the Underwriting Manager on behalf of the
Company pursuant to this Agreement, and in each case, only in accordance with the terms of this Agreement. 
 (b) In the event
that the Company receives any Premiums, reinsurance recoverables or other funds that the Underwriting Manager is authorized to collect pursuant to this Agreement, the Company shall promptly deposit such payments into the Operating Account.

  
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 (c) The Underwriting Manager shall cause to be invested all assets of the Company in the
Operating Account that are in excess of amounts reasonably determined by the Underwriting Manager to be necessary from time to time to satisfy the Company’s obligations as they become due. All such investments must be made in compliance with
the investment guidelines set forth in Appendix 3 to this Agreement. 
 (d) All payments of interest and other income, if
any, received in respect of the assets in the Operating Account shall be credited to and become part of the Operating Account. 

SECTION 3.4 Administrative Services. The Underwriting Manager shall perform the following administrative services, as well as all
other services that are necessary to ensure that New Point IV and the Company comply with all applicable legal and regulatory reporting and filing requirements (the “Administrative Services”): 

(a) act as Principal Representative for the Company pursuant to Bermuda law; 

(b) coordinate with the Company’s independent auditors in the preparation of statutory financial statements of the Company as may be
required to be filed from time to time with the Bermuda Monetary Authority and audited annual and unaudited quarterly financial statements of New Point IV and the Company prepared in accordance with GAAP; 

(c) prepare and distribute to Shareholders annual and quarterly financial statements of New Point IV and of the Company prepared in
accordance with GAAP; 
 (d) prepare and file with the Bermuda Monetary Authority statutory financial statements of the Company
as required by Bermuda law; 
 (e) prepare and file with the Bermuda Monetary Authority financial statements of the Company
prepared in accordance with GAAP when required by Bermuda law or requested by the Bermuda Monetary Authority; 
 (f) prepare and
distribute to Shareholders on a monthly basis the calculation of book value per share of New Point IV; 

(g) coordinate with the Company’s tax advisors in the preparation of, and forward to Shareholders at their
request on an annual basis, an “annual information statement” for New Point IV and the Company as described under Treasury Regulation § 1.1295-1(g) and, if relevant, information regarding New Point IV’s and the
Company’s earnings required for U.S. Internal Revenue Service Form 5471 filings, as soon as reasonably possible after December 31st of each year, and the Underwriting Manager shall use its reasonable best efforts to distribute such information, if
requested by a Shareholder, within seventy (70) days following December 31st of each year; 
 (h) coordinate with the Company’s tax advisors in the
preparation of protective U.S. Federal income tax returns for New Point IV and the Company; and 

  
 9 

 (i) maintain on the Company’s behalf all licenses and other registrations and
authorities required by law or regulation for the Company to conduct its business in accordance with this Agreement. 
 SECTION
3.5 Underwriting Committee. (a) On or prior to the Effective Date, ABL shall form, and during the term of this Agreement, maintain, an underwriting committee (the “Underwriting Committee”) to provide advice to the
Underwriting Manager and the Company in connection with the underwriting of Covered Contracts hereunder. Without limiting the foregoing, the Underwriting Committee shall: 

(i) meet at regular intervals, but not less often than quarterly, to review the Company’s portfolio of Covered
Contracts, review terms and conditions of proposed transactions with Customers and provide advice to the Underwriting Manager and the Company regarding the composition of the Company’s risk portfolio; 

(ii) monitor and report the sufficiency of the Company’s resources to continue to accept new business; 

(iii) consult with the Underwriting Manager and the Company regarding major underwriting decisions; 

(iv) evaluate proposals to acquire retrocessional cover for the benefit of the Company; and 

(v) provide such other advice as reasonably requested by the Underwriting Manager or the Company from time to time with
regard to the business of the Company. 
 (b) ABL shall cause the Underwriting Committee to exercise commercially reasonable due
care in providing its advice to the Underwriting Manager and the Company. ABL shall provide to the Underwriting Manager the services of its Chief Underwriting Officer, Reinsurance, other senior underwriters and such other personnel as is necessary
in the judgment of ABL to satisfy the Underwriting Manager’s responsibilities under the terms of this Agreement. 
 SECTION
3.6 Production. The Underwriting Manager shall have the authority to prepare, print, publish and mail descriptive brochures and other promotional material related to the possible issuance by the Company of Covered Contracts, subject to the
pre-approval by the Company of the form and content of such material. The Company shall bear all mailing, printing, publishing and other related expenses for any such promotional materials that the Underwriting Manager distributes. 

SECTION 3.7 Acquisition Expenses. The Underwriting Manager shall pay when due, from funds in the Operating Account, all applicable
Acquisition Expenses. 

  
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 SECTION 3.8 Claims Under Covered Contracts. (a) The Underwriting Manager shall
receive all notices of claims under Covered Contracts underwritten hereunder and shall promptly notify the Company of such notices received. The Underwriting Manager shall promptly notify the Company of the initiation of any suit, arbitration
proceeding or other legal proceeding against the Company or the Underwriting Manager served on the Underwriting Manager, or of any written or significant oral threat to initiate any suit, arbitration proceeding or other legal proceeding against the
Company or the Underwriting Manager received by the Underwriting Manager. The Underwriting Manager shall promptly supply the Company with a description of the nature of such claim, suit, arbitration proceeding or other legal proceeding. The Company
shall promptly forward to the Underwriting Manager any notices of claims, suits, arbitration proceedings or other legal proceedings against the Company that it receives other than from the Underwriting Manager. 

(b) The Underwriting Manager shall determine on behalf of the Company whether to pay, deny or settle all claims under the Covered
Contracts underwritten hereunder. The Underwriting Manager shall have exclusive control over the investigation, adjustment, negotiation, settlement or defense of any claims, suits, arbitration proceedings or other legal proceedings in connection
with such Covered Contracts; provided, that the Underwriting Manager shall conduct any such investigation, adjustment, negotiation, settlement or defense of claims, suits, arbitration proceedings or other legal proceedings in the same manner
as if it were performing such services with respect to business of its Affiliates not subject to this Agreement. The Underwriting Manager shall be entitled to pay any such claims from funds in the Operating Account. 

(c) The Underwriting Manager shall exercise all the rights of the Company to pursue and control salvage and subrogation recoveries in
connection with Covered Contracts underwritten hereunder using outside attorneys, experts, advisers, consultants, witnesses and investigators determined by the Underwriting Manager as necessary; provided, that the Underwriting Manager shall
pursue any such recoveries in the same manner as if it were pursuing such recoveries with respect to business of its Affiliates not subject to this Agreement. When so requested in writing by the Underwriting Manager, the Company shall, at the
expense of the Company, join in any pursuit of salvage and subrogation recoveries in connection with Covered Contracts underwritten hereunder. 
 (d) Notwithstanding anything in this Agreement to the contrary, the Company shall have the right, at its own expense, to participate jointly with the Underwriting Manager in the investigation, adjustment,
negotiation, settlement and defense of claims, suits, arbitration proceedings and other legal proceedings in connection with Covered Contracts underwritten hereunder, as well as the pursuit of salvage and subrogation recoveries. 

SECTION 3.9 Licenses and Authorities. The Underwriting Manager shall at all times maintain all licenses and other registrations
and authorities required by law or regulation to perform the services required to be performed by the Underwriting Manager hereunder. 

  
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 ARTICLE 4 
 RETROCESSION SERVICES 
 SECTION 4.1 Retrocession. (a) At the
direction of the Company, the Underwriting Manager shall arrange and purchase retrocessional cover for the benefit of the Company (“Ceded Retrocession Agreements”). Except as directed by the Company, the Underwriting Manager shall
have no authority hereunder to purchase or otherwise bind retrocessional cover for the benefit of the Company or to terminate, waive or amend the terms of any Ceded Retrocession Agreements. 

(b) The Underwriting Manager shall manage and administer the Ceded Retrocession Agreements, including providing all reports and notices
required in regard to the Ceded Retrocession Agreements to the retrocessionaires thereunder within the time required by the applicable retrocession agreement or agreements and doing all other things necessary to comply with the terms of the Ceded
Retrocession Agreements. Without limiting the foregoing, the Underwriting Manager shall timely pay retrocession premiums due to retrocessionaires under the Ceded Retrocession Agreements from funds in the Operating Account and shall diligently seek
to collect from such retrocessionaires all reinsurance receivables due thereunder. 
 ARTICLE 5 

FEES 

SECTION 5.1 Underwriting Fee. (a) The Company agrees to pay to the Underwriting Manager a service fee (the
“Underwriting Fee”) equal to four percent (4%) of the gross written premiums with respect to the Covered Contracts underwritten hereunder and incepting during the Underwriting Term. The Underwriting Fee shall be payable
quarterly as premiums are received within fourteen (14) days following the close of each fiscal quarter, commencing July 31, 2011. The Underwriting Manager shall be permitted to withdraw from the Operating Account the amount of each
quarterly Underwriting Fee payment concurrently with the delivery by the Underwriting Manager of the Accounting Report for such calendar quarter. 
 (b) In the event of any rebates, returns of premium or other adjustments to gross written premium with respect to the Covered Contracts underwritten hereunder, the Underwriting Manager shall be required
to return to the Company (by deposit into the Operating Account) any Underwriting Fees previously paid to the Underwriting Manager with respect to such rebates, returns of premium or other adjustments. 

SECTION 5.2 Performance Fee. (a) The Company agrees to pay to the Underwriting Manager a performance fee (the
“Performance Fee”) with respect to the Covered Contracts underwritten hereunder and incepting during the Underwriting Term equal to eight and one third percent (8 1/3%) of the Cumulative Adjusted Net Income for the Underwriting
Term. 

  
 12 

 (b) Within ninety (90) days following the end of the Underwriting Term and within
thirty (30) days following the end of each fiscal quarter thereafter, the Underwriting Manager shall (i) calculate the Performance Fee for the Underwriting Term as of the end of such period and (ii) deliver to the Company a report (a
“Performance Fee Report”) setting forth the Underwriting Manager’s calculation of the Performance Fee and the components thereof and the aggregate amount of Performance Fee previously paid with respect to the Underwriting Term.
The Performance Fee shall be calculated based on the Company’s audited financial statements determined in accordance with GAAP and all of the Company’s subsequent unaudited quarterly and audited annual financial statements determined in
accordance with GAAP through the calculation date. Following the delivery of each Performance Fee Report, the Underwriting Manager shall (x) provide to the Company and its authorized representatives copies of such work papers and other
documents relating to its preparation of the Performance Fee Report as the Company or its authorized representatives may reasonably request and (y) cooperate with, and make its personnel reasonably available to, the Company and its authorized
representatives for the purpose of providing such other information as the Company and its authorized representatives may reasonably request concerning the Performance Fee Report. 

(c) Subject to Section 5.4 below, within fifteen (15) days following the Company’s receipt of each Performance Fee Report,
(i) the Company shall pay to the Underwriting Manager the amount, if any, that the Performance Fee as set forth in the Performance Fee Report exceeds the aggregate amount of any Performance Fee previously paid by the Company to the Underwriting
Manager and not returned to the Company pursuant to this Section 5.2(c) or (ii) the Underwriting Manager shall pay to the Company the amount, if any, that the Performance Fee as set forth in the Performance Fee Report is less than the
aggregate amount of any Performance Fee previously paid by the Company to the Underwriting Manager and not returned to the Company pursuant to this Section 5.2(c). 
 (d) Notwithstanding anything to the contrary contained in this Section 5.2, in the event that this Agreement is terminated by the Company with respect to all of the services pursuant to
Section 9.2(b), the Performance Fee payable to the Underwriting Manager for any period subsequent to such termination shall be reduced by the amount of all fees and expenses incurred by the Company to perform, or to retain a third party
administrator to perform, all of the services that would be required to be provided by the Underwriting Manager hereunder were this Agreement not so terminated. 
 SECTION 5.3 Administrative Fee. The Company agrees to pay to the Underwriting Manager, as consideration for the performance of the Administrative Services, an administrative fee for each calendar
quarter until the first anniversary of the last day of the Underwriting Term in an amount equal to $50,000 (the “Administrative Fee”). The Administrative Fee shall be payable within fourteen (14) days following the close of
each fiscal quarter, commencing July 31, 2011. The Underwriting Manager shall be permitted to withdraw from the Operating Account the amount of each quarterly Administrative Fee payment concurrently with the delivery by the Underwriting Manager
of the Accounting Report for such quarter. 

  
 13 

 SECTION 5.4 Dispute Resolution. If the Underwriting Manager and the Company are
unable to agree on the amount of any payment pursuant to this Article 5, such disagreements shall be submitted to an independent certified public accounting firm of national standing and reputation jointly selected and retained by the Underwriting
Manager and the Company (the “Settlement Auditor”) for resolution. The Parties shall, and shall cause their respective Affiliates and independent auditors to, cooperate in good faith with the Settlement Auditor and shall give the
Settlement Auditor access to all books, records, work papers and other information requested by the Settlement Auditor for purposes of such resolution. The Settlement Auditor shall, within sixty (60) days after its engagement, deliver to the
Underwriting Manager and the Company a conclusive written resolution of all disagreements submitted to it, which shall be in accordance with this Agreement and shall be binding upon the Parties hereto. The Underwriting Manager and the Company shall
each pay one-half of the fees and expenses of the Settlement Auditor. The Underwriting Manager and the Company shall pay to each other any amount owed to the other as determined by the Settlement Auditor within ten (10) days of its final
determination. 
 SECTION 5.5 Offset. Any balance or balances due from one Party to another Party under this Agreement
shall be offset against any balance or balances due to the former from the latter under this Agreement. 
 SECTION 5.6
Insufficient Funds. Notwithstanding anything to the contrary contained in Sections 5.1 or 5.2, in the event that due to regulatory or collateral requirements, the Company does not have sufficient funds on hand to make a payment of the
Underwriting Fee or the Performance Fee (or any portion thereof) when due under this Agreement, the Company will not be in breach of this Agreement for failure to make such payment, but shall make such payment (without interest or any other penalty)
promptly as and when sufficient funds become available. 
 ARTICLE 6 

REPORTING 

SECTION 6.1 Accounting Reports. (a) Within fourteen (14) days following the close of each fiscal quarter, commencing
July 31, 2011, the Underwriting Manager will prepare and forward to the Company a detailed and itemized statement of account (the “Accounting Report”), in a form acceptable to both the Underwriting Manager and the Company,
setting forth the following: 
 (i) all Premiums, reinsurance recoverables, investment income and any other funds
received by the Underwriting Manager on the Company’s behalf during the previous fiscal quarter; 
 (ii) any
Underwriting Fees (and adjustments thereto) or Administrative Fees due for the previous fiscal quarter; 
 (iii)
any premiums paid in respect of Ceded Retrocession Agreements during the previous fiscal quarter; 

  
 14 

 (iv) all Acquisition Expenses paid during the previous fiscal quarter;

 (v) all claims and other amounts paid by the Underwriting Manager on behalf of the Company during the previous
fiscal quarter under the Covered Contracts; 
 (vi) the balance of the Operating Account as of the end of the
previous fiscal quarter (the reporting obligations set forth in this clause may be satisfied by delivery of a bank statement or statements); 
 (vii) the amount of all collateral supporting the Covered Contracts written through the date of such Accounting Report; and 

(viii) the market value of the Company’s assets that are invested pursuant to Section 3.3(c) as of the end of
the previous fiscal quarter. 
 (b) Within forty-five (45) days following the close of each fiscal year, the Underwriting
Manager will prepare and forward to the Company a compilation of the information set forth in the Accounting Reports for the immediately preceding fiscal year. 
 SECTION 6.2 Underwriting Report. Within fourteen (14) days following the close of each calendar month, the Underwriting Manager will prepare and forward to the Company a detailed and itemized
report, in a form acceptable to both the Underwriting Manager and the Company, setting forth the following: 
 (a) a list of all
Covered Contracts underwritten by the Underwriting Manager hereunder during the previous calendar month; 
 (b) with respect to
each of the Covered Contracts listed pursuant to Section 6.2(a), the name of the Customer, the dates of coverage, the premium charged thereon, the per occurrence and aggregate insured amounts provided under each Covered Contract issued and such
other specific data or information regarding the Covered Contracts as the Company may reasonably request; and 
 (c) a list of
all Acquisition Expenses, paid losses, unearned premium reserve and deferred acquisition costs relating to all Covered Contracts listed pursuant to Section 6.2(a). 
 SECTION 6.3 Reserve Reports. Within thirty (30) days after the end of each fiscal quarter, the Underwriting Manager shall prepare and forward to the Company a report, in a form to be agreed
upon by the Underwriting Manager and the Company, setting forth a calculation and the amount of statutory reserves the Company is required to maintain under Bermuda law as of the quarter end in connection with the Covered Contracts. 

SECTION 6.4 Performance Fee Reports. The Underwriting Manager shall prepare and deliver to the Company the Performance Fee Reports
in accordance with Section 5.2. 

  
 15 

 SECTION 6.5 Holidays. If the last day on which a report may be prepared and forwarded
is not a Business Day, then the report may be prepared or forwarded on the next Business Day. 
 ARTICLE 7 

RECORDS 

SECTION 7.1 Maintenance of and Access to Records. The Underwriting Manager will keep full and accurate books and records, whether
in paper or electronic form, of all transactions pertaining to the Covered Contracts underwritten by the Underwriting Manager hereunder. The Underwriting Manager shall also keep full and accurate books and records clearly recording the deposits into
and withdrawals from the Operating Account. The Company and its representatives shall, as they may from time to time reasonably request, have access to and the right to inspect and copy, at the Underwriting Manager’s main offices, during
regular business hours, and upon reasonable notice, all books and records concerning such Covered Contracts and the Operating Account. The Underwriting Manager shall maintain all books and records required by this Agreement related to the Covered
Contracts until seven (7) years after the expiration of such Covered Contracts and shall maintain all books and records related to the Operating Account until seven (7) years after the Underwriting Manager ceases to perform any services
for the Company hereunder. The Underwriting Manager shall permit the books and records related to such Covered Contracts and the Operating Account to be audited by an auditor appointed by the Company at any time upon reasonable notice from the
Company. This Article shall survive any termination of this Agreement; provided, that if this Agreement is terminated pursuant to Section 9.2(b), the Underwriting Manager shall deliver all books and records maintained by the Underwriting
Manager pursuant to this Article 7 as directed by the Company at the time of such termination of this Agreement. 
 SECTION 7.2
Ownership of Records. The Company shall be the owner and entitled to possession of all books and records prepared by the Underwriting Manager in connection with the Covered Contracts, the Operating Account and this Agreement, provided,
that the Underwriting Manager shall be entitled to make and retain one copy of such materials. 
 ARTICLE 8 

EXPENSES 

SECTION 8.1 Expenses of the Underwriting Manager and ABL. Unless otherwise expressly provided herein, the Company will not be
responsible for any expenses of the Underwriting Manager and ABL whatsoever, including all wages and salaries of their officers and employees, all other personnel costs, rent, utilities, transportation expenses, travel expenses, entertainment
expenses, postage, advertising expenses, local license fees and taxes of any kind. 
 SECTION 8.2 Expenses of the
Company. The Company will bear the cost of all fees under Article 5 of this Agreement, all Acquisition Expenses and the Company’s engagement of a corporate secretary, independent auditor, outside legal counsel and other advisors retained by
the Company. 

  
 16 

 ARTICLE 9 
 TERM OF AGREEMENT 
 SECTION 9.1 Term and Extension. (a) Subject
to Section 9.2, the term of this Agreement begins on the Effective Date and shall continue until 11:59 p.m. Atlantic Standard Time on the earliest to occur of: (i) April 30, 2012, (ii) the date of termination specified in a Company
Termination Notice delivered by the Underwriting Manager to the Company pursuant to Section 9.1(b), and (iii) the date of termination specified in a UM Termination Notice delivered by the Company to the Underwriting Manager pursuant to
Section 9.1(c) (the earliest to occur of clauses (i), (ii) and (iii), the “Termination Date”). 
 (b)
In the event a Company Trigger Event occurs, the Company shall provide prompt written notice to the Underwriting Manager of such occurrence and the Underwriting Manager may, at its option, terminate this Agreement by delivering to the Company a
written notice of termination indicating the Company Trigger Event causing such termination and the effective date of such termination (the “Company Termination Notice”); provided, the Company Termination Notice must be
delivered to the Company within forty-five (45) days of the Underwriting Manager’s receipt of notice of the Company Trigger Event causing such termination. 
 (c) In the event an Underwriting Manager Trigger Event occurs, the Underwriting Manager shall provide prompt written notice to the Company of such occurrence and the Company may, at its option, terminate
this Agreement by delivering to the Underwriting Manager a written notice of termination indicating the Underwriting Manager Trigger Event causing such termination and the effective date of such termination (the “UM Termination
Notice”); provided, the UM Termination Notice must be delivered to the Underwriting Manager within forty-five (45) days of the Company’s receipt of notice of the Underwriting Manager Trigger Event causing such termination.

 SECTION 9.2 Effect of Termination. (a) Upon any termination of this Agreement, the Underwriting Manager will have
no authority hereunder, either directly or indirectly to: (i) underwrite any new or renewal Covered Contracts on behalf of the Company, (ii) extend the term of or alter the perils covered by any Covered Contract underwritten on or prior to
the Termination Date or (iii) increase the amount of reinsurance afforded by, or otherwise increase the Company’s liability on, any Covered Contract in effect on or prior to the Termination Date. Subject to Section 9.2(b), such
termination shall have no effect on the rights and duties of the Parties under this Agreement, including the obligation of the Underwriting Manager to provide the services set forth herein and the obligation of the Company to compensate the
Underwriting Manager pursuant to Article 5, with respect to Covered Contracts underwritten by the Underwriting Manager hereunder on or prior to the Termination Date, and such rights and duties shall continue until such Covered Contracts have
expired and all losses in connection therewith are settled or commuted. 

  
 17 

 (b) Upon any termination of this Agreement upon the occurrence of an Underwriting Manager
Trigger Event, other than an UM Change of Control Event, the Company shall have the option, in lieu of termination as contemplated by Section 9.2(a), to terminate this Agreement with respect to all services provided by the Underwriting Manager
hereunder. Upon any such termination, the Underwriting Manager shall cooperate fully in the transfer of services required by this Agreement, the transfer of all funds remaining in the Operating Account and any other assets of the Company held by the
Underwriting Manager and the books and records maintained by the Underwriting Manager pursuant to Article 7, in each case, as directed by the Company, so that the Company or a third party administrator selected by the Company will be able to perform
such services without interruption following such termination of this Agreement. If, following such termination of this Agreement, the Underwriting Manager receives any Premiums, reinsurance recoverables or other funds due the Company, the
Underwriting Manager shall promptly forward such funds as directed by the Company. 
 (c) Notwithstanding anything in this
Agreement to the contrary, this Section 9.2(c) and Articles 10, 11 and 12 shall survive any termination of this Agreement pursuant to Section 9.2(b) until the expiration of all Covered Contracts and the settlement or commutation of all
losses thereunder. Notwithstanding anything in this Agreement to the contrary, Section 2.3 shall not survive any termination of this Agreement. 
 ARTICLE 10 
 INDEMNIFICATION 

SECTION 10.1 Indemnified Parties. (a) The Company agrees to indemnify, defend and hold forever harmless the Underwriting
Manager and its Affiliates, directors, officers, employees, agents, successors and permitted assigns (collectively, the “UM Indemnified Parties”) from and against, and to promptly pay or reimburse any UM Indemnified Party, all
losses, claims, liabilities, damages, deficiencies, costs or expenses of any type (including, without limitation, attorneys’ fees) (collectively “Losses”) incurred by the UM Indemnified Parties (i) on account of any
third-party claim or proceeding arising out of this Agreement, or (ii) arising from any breach of, or failure to perform, any covenant or obligation of the Company contained in this Agreement unless such breach or failure to perform is the
result of a failure by the Underwriting Manager or ABL to perform any of their covenants or obligations hereunder; provided, that notwithstanding the foregoing, for purposes of this Section 10.1(a), the term “Losses” shall not
include any Losses arising due to (x) the fraud, dishonesty, bad faith, gross negligence or willful misconduct of any of the UM Indemnified Parties or (y) acts of the Underwriting Manager that are outside the grant of agency authority
specified in this Agreement. 

  
 18 

 (b) Each of the Underwriting Manager and ABL agrees, severally not jointly, to indemnify,
defend and hold forever harmless the Company and its Affiliates, directors, officers, employees, agents, successors and permitted assigns (collectively, the “Company Indemnified Parties”) from and against, and to promptly pay or
reimburse any Company Indemnified Party, all Losses incurred by the Company Indemnified Parties arising from any breach of, or failure to perform, any covenant or obligation of the Underwriting Manager or ABL, as applicable, contained in this
Agreement; provided, that notwithstanding the foregoing, for purposes of this Section 10.1(b), the term “Losses” shall not include any Losses arising due to the fraud, dishonesty, bad faith, gross negligence or willful
misconduct of any of the Company Indemnified Parties. 
 SECTION 10.2 Notice. Upon becoming aware of a claim for which an
indemnified party may be entitled to indemnification hereunder, the indemnified party shall promptly notify the indemnifying party thereof in writing (provided, that the failure to promptly notify the indemnifying party in writing shall not
constitute a defense to the right of indemnity unless such delay materially prejudices the indemnifying party’s defense of such claim), and the indemnifying party shall have the right to assume the defense of such claim with counsel of its own
choice; provided, that the indemnified party shall be entitled to participate, at its cost and expense, with counsel of its own choice, provided that the indemnifying party shall control the defense of the claim. An indemnifying party may not
settle any claim without the prior written consent of the indemnified party, which consent shall not be unreasonably withheld. 

ARTICLE 11 

CONFIDENTIALITY 
 SECTION 11.1 Confidential Information. 
 (a) Each Party acknowledges that
it may receive confidential or proprietary information or trade secrets (collectively “Confidential Information”) of the other Parties hereto. Each Party agrees: 

(i) to hold such Confidential Information in confidence and to protect such Confidential Information with at least the
same degree of care as it normally exercises to protect its own confidential or proprietary information or trade secrets of a similar nature; 
 (ii) to use such Confidential Information solely for the purpose of performing its obligations under this Agreement; 

(iii) to reproduce such Confidential Information only to the extent necessary for such purposes; 

(iv) to restrict disclosure of such Confidential Information to its employees, officers, directors, shareholders,
consultants, agents, auditors, actuaries, legal counsel and other external advisors with a need to know for the purposes of performing its obligations under this Agreement and to inform such employees, officers, directors, shareholders, consultants,
agents, auditors, actuaries, legal counsel and other external advisors of its confidentiality obligations under this Agreement; and 

  
 19 

 (v) not to otherwise disclose such Confidential Information to any third
party (including, without limitation, in any public statement or announcement) without the prior written approval of the other Parties. 
 (b) The restrictions on the use or disclosure of Confidential Information in Section 11.1(a) shall not apply to any Confidential Information: 

(i) after it has become generally available to the public without breach of this Agreement; 

(ii) which is disclosed to a Party by a third party not known by such Party to be bound by an obligation of
confidentiality; 
 (iii) which is disclosed by a Party pursuant to any statute, regulation, order, subpoena or
document discovery request (with reasonable prior notice to the other Parties); or 
 (iv) which the Parties
agree in writing is free of such restrictions. 
 ARTICLE 12 

MISCELLANEOUS 
 SECTION 12.1 Arbitration. 
 (a) Except with respect to disagreements covered
by Section 5.4, as a condition precedent to any right of action hereunder in the event of any dispute or difference of opinion arising out of, relating to, or in connection with this Agreement, including any question regarding its existence,
breach, validity or termination, such dispute or difference of opinion shall be referred to and finally resolved by arbitration. The arbitration shall be conducted under the UNCITRAL Model Law in accordance with the Bermuda International
Conciliation and Arbitration Act 1993 and the UNCITRAL Arbitration Rules presently in force, except as same may be expressly modified herein or by mutual agreement of the Parties. 

(b) The tribunal shall consist of three (3) arbitrators, one of whom shall be nominated by the Underwriting Manager on behalf of
itself and ABL and the other of whom shall be nominated by the Company. The two (2) arbitrators so nominated shall nominate the third arbitrator, who shall be the chairman. If either of the Underwriting Manager or the Company refuses or
neglects to appoint an arbitrator within forty-five (45) days of a written request by the other Party to do so, the Appointments’ Committee of the Chartered Institute of Arbitrators Bermuda Branch (the “Appointing
Authority”) shall appoint an arbitrator on such Party’s behalf. If the two (2) arbitrators do not agree on a third arbitrator within thirty (30) days of their appointment, the chairman shall be appointed by the Appointing
Authority. The arbitrators shall be present or former officers of property reinsurance companies, other than the Parties or any of their respective Affiliates, or other professionals with significant experience in the property reinsurance business.

  
 20 

 (c) The place of the arbitration shall be Bermuda. 

(d) The substantive law of the arbitration shall be that of Bermuda. 

(e) Each Party shall bear its own expenses and attorneys’ fees and the expense of its own arbitrator, and shall jointly and equally
bear with the other the expense of the chairman and of the arbitration. In the event that an arbitrator is chosen by the Appointing Authority because of a Party’s failure to appoint an arbitrator, as above provided, the expense of that
arbitrator shall be borne by that Party. Notwithstanding the foregoing, the arbitrators shall have the discretion to award costs. 
 (f) The arbitration award shall be final and binding on the Parties. Judgment upon the award may be entered in any court having jurisdiction thereof or having jurisdiction over the relevant Party or its
assets. 
 (g) In order to facilitate the comprehensive resolution of related disputes, and upon request of any Party to the
arbitration proceeding, the arbitration tribunal may consolidate the arbitration proceeding with any other arbitration proceeding or proceedings involving any of the Parties hereto relating to this Agreement. The arbitration tribunal shall
consolidate such arbitrations if, but only if, it determines that (i) there are issues of fact or law common to the two proceedings so that a consolidated proceeding would be more efficient than separate proceedings and (ii) no Party would
be unduly prejudiced as a result of such consolidation through undue delay or otherwise. All Parties to this Agreement have by its execution consented to this procedure and no further consent is required from any Party for this procedure to be
effective. 
 SECTION 12.2 Relationship of the Parties. The Underwriting Manager and ABL, on the one hand, and the
Company on the other, and their respective Affiliates are and shall remain independent contractors and not employees or agents of each other. Except as expressly granted by the other Party in writing, neither Party shall have any authority, express
or implied, to act as an agent of the other Party or its subsidiaries or Affiliates under this Agreement. It is not the intent of the Parties hereto to create, nor should this Agreement be construed to create, a partnership, joint venture or
employment relationship among or between the Parties (including their respective officers, employees, agents or representatives). 
 SECTION 12.3 Assignment. This Agreement will be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns. Notwithstanding the foregoing, and
except as otherwise provided in this Agreement, no Party may pledge, assign, transfer, subcontract or delegate, either in whole or in part its rights and obligations under this Agreement without the prior written consent of the other Parties.

 SECTION 12.4 Amendment. This Agreement, including any appendices, may be amended by the Parties in a writing signed by
a duly authorized representative of each Party. 

  
 21 

 SECTION 12.5 No Waiver or Modification. None of the Parties shall be deemed to have
waived any rights or remedies accruing to it hereunder unless such waiver is in writing and signed by such Party. Any waiver by any Party of a breach of any provision of this Agreement by another Party shall not be held to constitute a course of
conduct or a waiver of a subsequent breach of that or any other provision. 
 SECTION 12.6 Further Assurances. Each Party
agrees to perform any further acts and execute and deliver any further documents which may be reasonably necessary to carry out the provisions of this Agreement. 
 SECTION 12.7 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this
Agreement is held to be prohibited by or invalid under applicable law or rule in any jurisdiction in any respect, such invalidity shall not affect the validity, legality and enforceability of any other provision or any other jurisdiction and the
remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby, all of which shall remain in full force and effect, and the affected term or provision shall be modified to the minimum extent permitted by law so
as to achieve most fully the intention of this Agreement. 
 SECTION 12.8 Governing Law. The laws of Bermuda shall govern
all matters concerning the validity, performance, and interpretation of this Agreement. 
 SECTION 12.9 Notices. Any
written notices, demands or other communication required to be sent or given under this Agreement by any of the Parties shall be deemed properly served if sent to the recipient by reputable express courier service (charges paid) or by facsimile.
Date of service of such notice shall be one (1) Business Day after date of delivery to the overnight courier if sent by overnight courier, or if by facsimile, the date the facsimile is confirmed if received during the recipient’s normal
business hours, or at the beginning of the recipient’s next Business Day if not received during the recipient’s normal business hours. Such notices, demands and other communications shall be sent to the addresses indicated below or such
other address or to the attention of such other person as the recipient has indicated by prior written notice to the sending Party in accordance with this Section 12.9: 
 If to the Underwriting Manager, to: 
 Alterra Agency Limited 

Alterra House 
 2
Front Street 
 Hamilton HM11, Bermuda 
 Facsimile: (441) 292-5331 
 Attention: General Counsel 

If to ABL, to: 

Alterra Bermuda Limited 
 Alterra House 

  
 22 

 2 Front Street 
 Hamilton HM11, Bermuda 
 Facsimile: (441) 292-5331 

Attention: General Counsel 
 If to the Company, to: 
 New Point Re IV Limited 

c/o Alterra Agency Limited 
 Alterra House 
 2 Front Street 

Hamilton HM11, Bermuda 
 Facsimile: (441) 292-5331 
 Attention: General Counsel 

with copies to: 

Each director on the Board of Directors of the Company at the address for such director given to the Underwriting Manager in accordance
with this Section 12.9. 
 SECTION 12.10 Entire Agreement. Except as otherwise expressly set forth herein, this
Agreement, and any appendices hereto (all of which are hereby incorporated in this Agreement and made a part hereof), constitutes the entire agreement of the Parties with respect to the subject matter hereof and supersedes all prior agreements or
understandings between the Parties on the subject matter. Any and all prior representations, statements, or agreements between the Parties hereto are merged herein and shall not survive or exist except as stated herein. 

SECTION 12.11 Headings. The descriptive headings of this Agreement are intended for reference only and shall not affect the
construction or interpretation of this Agreement. 
 SECTION 12.12 Interpretation. The language used in this Agreement
will be deemed to be the language chosen by the Parties to express their mutual intent, and no rule of strict construction will be applied against any Party. This Agreement has been negotiated by the Parties, and the fact that the initial and final
draft will have been prepared by any Party or an intermediary will not give rise to any presumption for or against any Party to this Agreement to be used in any respect or forum in the construction or interpretation of this Agreement. Each Party
participated in drafting this Agreement. Words in the singular or plural include the singular and plural, and pronouns stated in either the masculine, the feminine or neuter gender shall include the masculine, feminine and neuter. Whenever the words
“include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” 

  
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 SECTION 12.13 Counterparts. This Agreement may be executed in any number of
counterparts, each of which counterpart, when so executed and delivered, shall be deemed to be an original and all of which counterparts, when taken together, shall constitute one and the same agreement. 

SECTION 12.14 Currency. Whenever the word “dollars” or the “$” sign appears in this Agreement, they shall be
construed to mean United States Dollars, and all transactions under this Agreement shall be denominated in United States Dollars. 
 SECTION 12.15 Force Majeure. Neither the Company nor the Underwriting Manager shall have any liability for any failure to perform this Agreement in accordance with its terms if such failure is
caused by unforeseeable causes beyond the control of such Party, which may include unavailability of communications, facilities, acts of God or the public enemy, acts of third parties including delays of maintenance and vendors, acts of civil or
military authority, fires, floods, storms, earthquakes, accidents, explosions, sabotage, strikes, lockouts or other labor disturbances, national emergency, system failure, unavailability of energy sources, materials or equipment, delay in
transportation, riots, terrorism or war, provided, that such Party promptly (a) notifies the other Parties of its inability to so perform, the steps and plans it will take to rectify such inability and the anticipated length of such
inability and (b) acts diligently to rectify such inability. 
 [signatures appear on following page] 

  
 24 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed by their
authorized officers as of the date first set forth above. 
  

			
	NEW POINT RE IV LIMITED
		
	By:	 	 
		 	Name:
		 	Title:
	
	ALTERRA AGENCY LIMITED
		
	By:	 	 
		 	Name:
		 	Title:
	
	ALTERRA BERMUDA LIMITED
		
	By:	 	 
		 	Name:
		 	Title:

  
 25 

 APPENDIX 1 
 UNDERWRITING GUIDELINES 2011 
  

	1.	Contracts 

 Contracts to
be underwritten shall consist of collateralized property catastrophe excess of loss retrocession contracts written on an ultimate net loss basis and collateralized industry loss warranties. The contracts may include occurrence and aggregate loss
triggers that attach following an accumulation of smaller catastrophes. Contracts ceded by Alterra Bermuda Limited or its affiliates will not be covered. 
  

	2.	Reinstatements 

 Contracts
shall not include any provisions for automatic reinstatement of limit. 
  

	3.	Term of Cover 

 Cover in
respect of contracts underwritten hereunder must incept on or after May 1, 2011 and before April 30, 2012 and terminate on or before April 30, 2013. 
  

	4.	Reinsured Portfolio 

 The
majority of risk of loss will be derived from reinsurance written by the underlying cedent, but it is permissible to include some elements of direct insurance. 
  

	5.	Territorial Scope 

 The
territorial scope of contracts generally will be on a worldwide basis, a U.S.-only basis, a worldwide excluding US. basis or a named territories basis. 
  

	6.	Exclusions 

 Contracts are
intended to cover only natural catastrophe exposure and, therefore, will contain customary exclusions for Nuclear, Terrorism, War (active/passive), Pollution, Offshore Marine/Energy, Aviation and Space Risks, or sublimit contributions to loss from
such perils 
  

	7.	Brokerage 

 Brokerage
commissions on each contract shall not exceed 10% of premium. No contingent commissions shall be paid to agents, producers, brokers or other intermediaries in connection with the issuance of contracts. 

  
 A-1

	8.	Deposit Accounting 

Contracts that would be given deposit accounting treatment will not be written. 

 

	9.	Approval 

 Each contract
will be approved by the Chief Underwriting Officer, Reinsurance of Alterra Bermuda Limited prior to binding. 
  

	10.	Collateral 

 All contracts
will be collateralized by a trust agreement or letter of credit. Collateral will be posted in an amount equal to the policy limit on such contracts, less the amount of any uncollected premium (net of acquisition expenses and underwriting fees) and
less paid losses under such contracts. Each contract will have contractual provisions, individually negotiated, under which collateral held in trust or supporting letters of credit can be released and/or any claims settled. 

  
 A-2

 APPENDIX 2 
 U.S. FEDERAL INCOME TAX 
 OPERATING GUIDELINES 

New Point Re IV Limited (“New Point Re IV”) intends to provide retrocession cover to reinsurance companies through
reinsurance transactions developed and negotiated by Alterra Agency Limited (the “Underwriting Manager”) pursuant to an Underwriting Services Agreement. 
 To minimize the risk that New Point Re IV is engaged in a U.S. trade or business (a “USTB”), it is necessary to put in place safeguards with respect to the types of activities conducted
in the United States. The following guidelines must be complied with in order that New Point Re IV not be characterized as engaged in a USTB. 
 (i) Marketing and Solicitation Activities 
 (A) Neither New Point
Re IV nor any of its officers, directors, employees, or agents (including Alterra Capital Holdings Limited and Alterra Bermuda Limited) (collectively “Alterra”) and the Underwriting Manager, or their officers, directors, employees
or agents acting on behalf of New Point Re IV) (collectively, “New Point Re IV Representatives”) should advertise the sale of or otherwise solicit persons with regard to the products of New Point Re IV while physically present in
the United States. 
 (B) Advertisements in trade journals and on a New Point Re IV or Alterra website (if any)
should not include a phone number, e-mail address, address or contact person. A website must be passive – i.e., it should not provide for a method that would allow potential insureds or reinsureds to complete applications online for
submission to New Point Re IV. 
 (C) Additionally, with respect to internet advertisements on other websites,
such advertisement must not constitute a referral with respect to a product (e.g., a recommendation, endorsement or promotion of the advertised product). Fees paid by New Point Re IV for such advertisement should be on an arm’s length
flat fee or fee per website hit basis. 
 (D) The server (if any) for New Point Re IV’s e-mail facilities,
primary data storage and website and e-mail system should be located outside the United States and should have an “address” outside the United States. 

  
 A-3

 (E) New Point Re IV Representatives may attend insurance conventions and
seminars and speak or participate in panel discussions, even if clients, insurers or potential clients are in attendance. However, only general business objectives of New Point Re IV may be discussed and specific projects should not be discussed.
This cautionary advice applies regardless whether the clients or potential clients are U.S. or non-U.S. reinsurers. 
 (F) Although no assurance can be given, sporadic, occasional visits and marketing contacts with reinsurance clients, potential reinsurance clients or reinsurance intermediaries in the United States may be
undertaken. Such visits or contacts should be conducted at the office of the reinsurance client, potential reinsurance client or reinsurance intermediary, and New Point Re IV should not (1) maintain an office in the United States or
(2) use the office, personnel, business equipment and the like of an affiliate or agent in the United States, including, without limitation, a shareholder or an affiliate of a
shareholder,1 for purposes of such visits or contacts. An
officer or agent of New Point Re IV should monitor such visits to ensure that such visits are not “regular and continuous.” In particular, as discussed below, New Point Re IV Representatives should not meet in the United States with
reinsurance clients, potential reinsurance clients or reinsurance intermediaries to discuss specific reinsurance transactions. Regular visits and marketing contacts must be avoided. 

(G) New Point Re IV Representatives may discuss general business objectives of New Point Re IV during sporadic occasional
visits. New Point Re IV Representatives should not negotiate or discuss the terms of specific reinsurance transactions; rather, New Point Re IV Representatives should advise potential clients or intermediaries to call, or call on, New Point Re IV
(through the Underwriting Manager) in Bermuda or elsewhere outside the United States. Although the potential client or intermediary may negotiate from the United States, New Point Re IV (through the Underwriting Manager) should negotiate from
Bermuda or elsewhere outside the United States, whether by meetings, letter, facsimile, email or telephone. Regular visits and marketing contacts must be avoided. 

(H) A U.S. reinsurer ceding business to New Point Re IV, or any agent thereof (including the Underwriting Manager), while
physically present in the United States, should not represent to any client or potential client that it represents the interests of, or is conducting business on behalf of, New Point Re IV. 

 

	1 	 All references to
(1) an affiliate of New Point Re IV, (2) a shareholder of New Point Re IV or (3) an affiliate of a shareholder of New Point Re IV, include the U.S. agents, if any, of such person. 

  
 A-4

 (I) U.S. personnel of (1) affiliates of New Point Re IV,
(2) shareholders of New Point Re IV, (3) affiliates of shareholders of New Point Re IV or (4) agents of New Point Re IV, if any, while physically present in the United States should not contact potential ceding reinsurers to solicit
business on behalf of New Point Re IV, however, independent U.S. or non-U.S. reinsurance intermediaries may be utilized in this regard. 
 (ii) Negotiating, Underwriting and Contracting Activities 
 (A)
Underwriting guidelines, practices, etc. for New Point Re IV should be adopted by its Board of Directors (“Board”) at meetings convened outside the United States. 

(B) Potential cedents should be required to submit their reinsurance proposals and all other documents related to
reinsurance coverage to New Point Re IV (through the Underwriting Manager) either through a U.S. licensed reinsurance intermediary or directly to New Point Re IV (through the Underwriting Manager) in Bermuda or elsewhere outside the United States,
and such proposals should be received by New Point Re IV (through the Underwriting Manager) in Bermuda or elsewhere outside the United States. 
 (C) Any reinsurer licensed to do business in the United States that cedes business to New Point Re IV should not in any manner be directed by New Point Re IV with respect to such reinsurer’s conduct
of its insurance business. New Point Re IV and the Underwriting Manager must not participate in the preparation of underwriting, claims and payments guidelines to be applied by any U.S. reinsurer ceding business to New Point Re IV or any managing
general underwriter underwriting business on behalf of such admitted U.S. reinsurer. This guideline would not preclude New Point Re IV (through the Underwriting Manager) from conducting a review from outside the United States of the underwriting,
claims and payments guidelines of a U.S. licensed ceding reinsurer and declining to participate in a reinsurance transaction absent modifications to such guidelines. New Point Re IV must not compensate any U.S. managing general underwriter with
respect to business ceded from any admitted U.S. reinsurer (although the admitted U.S. reinsurer ceding business to New Point Re IV may share any ceding commission charged to New Point Re IV with a managing general underwriter). 

(D) Any U.S. reinsurer ceding business to New Point Re IV should retain a significant portion of its business
(e.g., not cede to New Point Re IV more than a specified percentage or a specified dollar amount within the reinsured policy’s limits) so that the cedent will continue to hold a significant interest in the underwritten business.

  
 A-5

 (E) Any U.S. reinsurer ceding business to New Point Re IV should have
significant unrelated business (i.e., business other than business ceded to New Point Re IV). 
 (F) Any
reinsurance arrangement between New Point Re IV and a U.S. reinsurer must be on an arm’s length basis and must be consistent with industry standards with respect to similar arrangements (e.g., the reinsurance premium payable by, and the
ceding commission payable to, the licensed reinsurer must be arm’s length and the termination provisions must be reasonable). 
 (G) New Point Re IV should not specifically reimburse any U.S. licensed reinsurer that cedes business to it for its ordinary and necessary trade or business expenses (e.g., rent, salaries and
similar expenses). This guideline would not preclude New Point Re IV from paying an arm’s length ceding commission to such reinsurers. 
 (H) The business of New Point Re IV should incorporate adequate risk shifting and risk distribution for U.S. federal income tax purposes. In this respect, its insurance and reinsurance contracts should,
at a minimum, satisfy the requirements of Financial Accounting Standards 113, 5 and 60, as appropriate. 
 (I)
Risk proposal review, including review of a quota share treaty, and any subsequent commitment by New Point Re IV (through the Underwriting Manager) should be made while physically present in Bermuda or elsewhere outside the United States.
Additionally, no underwriters should engage in negotiations or discussions on behalf of New Point Re IV (including, without limitation, by e-mail or telephone) with respect to a particular risk proposal while physically present in the United States

 (J) U.S. personnel of (1) affiliates of New Point Re IV, (2) shareholders of New Point Re IV,
(3) affiliates of shareholders of New Point Re IV or (4) agents of New Point Re IV, if any, while physically present in the United States should not contact potential reinsurers during the negotiation, underwriting and contracting process
on behalf of New Point Re IV. However, independent U.S. or non-U.S. reinsurance intermediaries may be utilized in this regard. 
 (K) All negotiations and decisions with respect to the terms of reinsurance contracts and similar matters should be conducted and made independently by New Point Re IV in Bermuda or elsewhere outside the
United States. New Point Re IV Representatives who are U.S. residents may participate in these negotiations only when physically present outside the United States. These negotiations and decisions must not constitute mere ministerial ratifications
of evaluations and decisions 

  
 A-6

 
made in the United States with respect to proposals by potential reinsurance clients. If approval of an underwriting committee is required, the underwriting committee should meet and consider
proposals in Bermuda or elsewhere outside the United States. 
 (L) No person, including New Point Re IV
Representatives, should have the authority to directly or indirectly, or may directly or indirectly, solicit, negotiate, accept or conclude contracts on behalf of New Point Re IV while in the United States, and no such contracts may be executed in
the United States on behalf of New Point Re IV. 
 (M) Documents relating to the reinsurance contracts of New
Point Re IV should be mailed to the potential ceding reinsurer from Bermuda or elsewhere outside the United States. Alternatively, reinsurance intermediaries located outside the United States may be utilized. Documents related to “outward”
retrocession coverage should be mailed by the potential retrocessionaire to New Point Re IV in Bermuda or elsewhere outside the United States. 
 (N) All evidences of reinsurance, as well as all “outward” retrocession contracts, should be signed and delivered by New Point Re IV (through the Underwriting Manager) in Bermuda or elsewhere
outside the United States. Similarly, ongoing policy renewal and maintenance activities should be conducted in Bermuda or elsewhere outside the United States. Consistent with industry practices, payment of reinsurance premiums and losses and
delivery of reinsurance contracts may also be made through a broker or intermediary. 
 (O) Each contract of
reinsurance should clearly set forth which party (e.g. the ceding company) is liable for the U.S. federal insurance excise tax, if any. 
 (P) Once the negotiations, decisions and contract terms with respect to the underwriting of any reinsurance contract have been completed, to the extent it is necessary, occasional follow-up meetings
relating to the contract with independent professionals (such as lawyers, accountants or actuaries) may be held in the United States at the offices of the professionals. These meetings should generally not include reinsureds (or their
representatives) as participants. 
 (Q) Except to the extent explicitly permitted in these guidelines, due
diligence activities with respect to reinsurance transactions generally should not be conducted in the United States by New Point Re IV or an agent thereof; rather, New Point Re IV should request the necessary information be submitted to it in
Bermuda. If it becomes necessary to conduct such activities in the United States, they should be conducted by an independent agent hired for this purpose. 

  
 A-7

 (iii) Premium Billing and Collection 

(A) Premiums should be billed by New Point Re IV (through the Underwriting Manager) from Bermuda. 

(B) Premium payments should be made by a reinsured to New Point Re IV in Bermuda or through an independent reinsurance
intermediary (although such payments may be made from an account of the reinsured maintained with a U.S. bank or a U.S. branch of a non-U.S. bank). 
 (iv) Licensing 
 (A) New Point Re IV must be licensed in Bermuda.

 (B) New Point Re IV should not seek authorization as an insurer or reinsurer in any state or jurisdiction of
the United States without consultation with counsel to determine the effect of such authorization in combination with other relevant factors on their United States tax status. U.S. letters of credit and Regulation 114 trusts, standing alone, should
not cause a U.S. federal income tax problem. 
 (v) Investment and Trading Activities 

(A) Although trading in stock or securities for the accounts of New Point Re IV (whether conducted by New Point Re IV, its
employees, shareholders or U.S. brokers) should not constitute engaging in a U.S. trade or business, it is preferable for all investment decisions to be made by New Point Re IV in Bermuda or elsewhere outside the United States. Such investing or
trading activities do not include asset/liability management functions. Such functions should be conducted from Bermuda or elsewhere outside the United States. 
 (B) New Point Re IV’s investment guidelines should be adopted at a meeting of its Board held in Bermuda or elsewhere outside the United States. 

(C) The holding of money or assets in the United States and contracting for investment services with independent
investment advisors in the United States who will act in accordance with the investment guidelines adopted by New Point Re IV’s Board is not precluded (although it would be preferable for day-to-day portfolio decisions to be made by non-U.S.
investment advisors). 

  
 A-8

 (D) Use of an investment advisor in the United States by New Point Re IV
should be contracted for on an arm’s-length basis. Additionally, if a “related” investment advisor is utilized, the related investment advisor should offer similar services to unrelated parties. 

(E) New Point Re IV should not maintain capital and surplus in excess of the reasonable needs of its insurance business.

 (vi) Claims Handling Activities 

(A) Claims and payment guidelines for New Point Re IV should be adopted by its Board at meetings convened in Bermuda.

 (B) Claims under reinsurance contracts should be made directly to and from New Point Re IV in Bermuda or
elsewhere outside the United States. 
 (C) Reinsurance contracts should preferably provide for arbitration
outside the United States. 
 (D) Investigation, settlement and other claims handling activities should be
conducted (1) outside of the United States or (2) if within the United States, by unrelated independent contractors and/or attorneys hired by New Point Re IV for this purpose. To the extent that independent contractors or attorneys are
engaged to assist in the investigation and settlement of claims, they should be employed on a case-by-case basis and given limited settlement authority, and ultimate settlement authority should be exercised outside the United States by New Point Re
IV. Alternatively, New Point Re IV’s policy forms may provide that reinsureds are permitted to handle their own claims. 
 (E) Final determination as to New Point Re IV’s liability for claims should be made in Bermuda or elsewhere outside the United States, and payment instructions should be prepared and executed in
Bermuda or elsewhere outside the United States. Payment of claims and expenses should be initiated from Bermuda or elsewhere outside the United States, although payment may be made from assets situated within the United States (e.g.,
reinsurance trusts). 
 (F) A quota share arrangement with a reinsurer licensed to do business in the United
States which cedes business to New Point Re IV should not include a “cut-through” endorsement that would allow an insured of the licensed reinsurer to proceed directly against New Point Re IV. 

  
 A-9

 (vii) Management Activities 

(A) Actual management authority with respect to the activities of New Point Re IV should be vested in its respective
officers and directors. 
 (B) Fundamental corporate policy decisions must be made by New Point Re IV’s
Board, and New Point Re IV’s Board should approve a resolution granting the appropriate authority to conduct New Point Re IV’s business to its officers. 

(C) All shareholders’ meetings, Board meetings and meetings of committees and subcommittees of New Point Re IV’s
Board must be conducted in Bermuda or elsewhere outside the United States. 
 (D) A majority of directors of New
Point Re IV (and a majority of the directors present at each meeting of the board of directors or an executive committee thereof) should have business experience commensurate with their positions and should not be merely passive board members.

 (E) A director of New Point Re IV who also serves as an officer of New Point Re IV (or otherwise directly
participates in operating decisions) should not engage in any management activity on behalf of New Point Re IV in the United States. A director of New Point Re IV who does not serve as an officer (and does not otherwise participate in operating
decisions) may prepare for Board meetings while in the United States, provided such director does not communicate with any other person with respect to such matters within the United States. In this regard, directors may receive board packages in
the United States. 
 (F) Directors, shareholders and service providers (other than independent professionals,
such as lawyers, accountants or actuaries) should be instructed not to discuss the substantive affairs of New Point Re IV in the United States. 
 (G) A majority of the meetings of the New Point Re IV Board should be held in Bermuda, and a U.S. director who is unable to attend a Board meeting should not participate in such meeting by telephone from
the United States. 
 (H) All day-to-day management activities of New Point Re IV, including communications with
the general public and maintenance and auditing of corporate books and records, should be conducted in Bermuda by New Point Re IV employees or service providers. 

(I) No U.S. resident should participate in the day-to-day management of New Point Re IV while physically present in the
United States. Any officer of or service provider to New Point Re that is a U.S. resident may not engage in any substantive activity on New Point Re 

  
 A-10

 
IV’s behalf unless such officer or service provider is physically present in Bermuda or elsewhere outside the United States. Accordingly, to alleviate difficult evidentiary issues
(i.e., establishing that an officer or service provider of New Point Re IV who is a U.S. resident did not perform activity on New Point Re IV’s behalf while physically present in the United States), we would recommend that all officers
or service provider of New Point Re IV expected to provide services to New Point Re IV that are U.S. residents maintain accurate and contemporaneous logs of daily activity. 

(J) No New Point Re IV Representative, including U.S.-based officers and directors of New Point Re IV, or employees of
U.S. based shareholders of New Point Re IV or its affiliates should engage in any activity on behalf of New Point Re IV (including, without limitation, telephone conversations, communications via “e-mail” or oral discussions) with respect
to a specific insurance related transaction while physically present in the United States. 
 (K) New Point Re IV
should have its own officers, and the officers of New Point Re IV should have relevant experience in the business to be performed commensurate with their positions. If New Point Re IV does not have employees, work performed on behalf of New Point Re
IV should be performed by a service provider which has contracted with New Point Re IV to provide such services on an arm’s length basis. 
 (L) New Point Re IV should not maintain or have available to it any office, room or other fixed place of business in the United States through which its business is conducted, including the office or home
of a New Point Re IV Representative or the office of an affiliate. Care should be taken not to conduct any meetings or operations of New Point Re IV at the U.S. offices of (1) affiliates of New Point Re IV, (2) shareholders of New Point Re
IV, (3) affiliates of shareholders of New Point Re IV or (4) agents of New Point Re IV. For example, if a New Point Re IV Representative visits his or her residence in the United States on weekends, such person should not conduct any
business on behalf of New Point Re IV from his or her residence. 
 (M) All communications with New Point Re IV
should be directed to it or the Underwriting Manager at its or the Underwriting Manager’s Bermuda office. 

(N) The letterhead of New Point Re IV should not include an address in the United States, and business cards of New Point
Re IV Representatives should not have an address or telephone number in the United States. 

  
 A-11

 (O) New Point Re IV should not be listed in any directory with a U.S.
address or contact and should not have any telephone or facsimile numbers in the United States. 
 (P) No act of
New Point Re IV should intimate that it has a U.S. business presence. 
 (Q) There should be persons in Bermuda
with the qualifications, experience, power and authority to negotiate and conclude contracts on behalf of New Point Re IV, and such persons must be the only persons who habitually exercise such authority and must do so only when in Bermuda or
elsewhere outside the United States. The number of such persons will be based on the volume of business of New Point Re IV. 
 (R) New Point Re IV should have an operating account in Bermuda or elsewhere outside the United States. This account should be used to pay all operating expenses, including travel expenses of a New Point
Re IV Representative. It would be preferable for persons in Bermuda to have signatory authority over such account. If a person in the United States has signatory authorization over such account, such U.S. person must indicate this authority on their
U.S. federal income tax returns and must file a TD F 90-22.1. 
 (S) All disbursements paid from such operating
account should be approved in Bermuda or elsewhere outside the United States. 
 (T) Cash management activities
should be conducted in Bermuda or elsewhere outside the United States. 
 (U) No New Point Re IV Representative
should serve as an officer or director of a reinsurer licensed to do business in the United States which cedes business to New Point Re IV. 
 (V) Any service arrangements with any U.S. entity that may be affiliated with or related to New Point Re IV, or affiliated with or related to a shareholder of New Point Re IV, must be consistent with
industry standards with respect to similar arrangements. New Point Re IV must have the right to terminate such contracts with any U.S. entity with or without cause upon reasonable notice (i.e., notice consistent with industry standards).
Employees of a U.S. affiliate should not provide “core” insurance services to New Point Re IV (e.g., actuarial or underwriting services) while physically present in the United States. Moreover, any U.S. company that provides support
services to New Point Re IV shall not (1) conduct any insurance or reinsurance business on behalf of New Point Re IV in the United States or (2) have contact with customers or potential customers of New Point Re IV (except to the extent
explicitly permitted in the guidelines). 

  
 A-12

 (W) New Point Re IV should consider filing protective U.S. tax returns
annually reflecting no income. Such filings have the consequence of (1) ensuring that if the IRS were to argue that New Point Re IV is engaged in a U.S. trade or business for U.S. federal income tax purposes, it would be allowed its ordinary
and necessary business deductions and (2) commencing the running of the statute of limitation on the taxable year with respect to which the return was filed. 

(viii) Related Person Insurance Income Procedures 

(A) The Underwriting Manager shall (i) establish reasonable procedures to monitor related person insurance income and
to determine the application of the exceptions therefrom; and (ii) report to New Point Re IV if it reasonably determines that a shareholder of Holdings may be required to include related person insurance income under section 951 of the Internal
Revenue Code. 

  
 A-13

 APPENDIX 3 
 INVESTMENT GUIDELINES 
 The Underwriting Manager shall cause to be invested all assets of
the Company in the Operating Account that are in excess of amounts reasonably determined by the Underwriting Manager to be necessary from time to time to satisfy the Company’s obligations as they become due. All such investments must be made in
one or more funds with daily liquidity that are rated at least A1+, P1, F1+, AAAm, Aaa or AAA/V1+ by a nationally recognized rating agency. 

  
 A-14Form of Non-Employee Director Restricted Stock Award Agreement

 Exhibit 10.2(a) 
 For grants to non-employee directors beginning May 3, 2011. 

ALTERRA CAPITAL HOLDINGS LIMITED 
 2006 EQUITY INCENTIVE PLAN 
 RESTRICTED STOCK AWARD AGREEMENT

 This Restricted Stock Award Agreement (the “Agreement”) is made, effective as of the _____ day of
_________, 2___ (the “Grant Date”), by and between Alterra Capital Holdings Limited (the “Company”) and _______________ (the “Grantee”). 

RECITALS: 

WHEREAS, the Company has adopted the Alterra Capital Holdings Limited 2006 Equity Incentive Plan (the
“Plan”) pursuant to which awards of restricted common shares of the Company (“Common Shares”) may be granted; and 
 WHEREAS, the Committee has determined that it is in the best interests of the Company and its shareholders to grant the award of restricted Common Shares provided for herein (the
“Restricted Stock Award”) to the Grantee in recognition of the Grantee’s services to the Company, such grant to be subject to the terms set forth herein. 

NOW, THEREFORE, in consideration for the mutual covenants hereinafter set forth, the parties hereto agree as follows: 

 

	1.	Grant of Restricted Stock Award. Pursuant to Section 5 of the Plan, the Company hereby issues to the Grantee on the Grant Date a Restricted Stock
Award consisting of, in the aggregate, ____ Common Shares in the capital of the Company (hereinafter called the “Restricted Stock”). 

 

	2.	Incorporation by Reference. The provisions of the Plan are hereby incorporated herein by reference. Except as otherwise expressly set forth herein, this
Agreement shall be construed in accordance with the provisions of the Plan and any capitalized terms not otherwise defined in this Agreement shall have the definitions set forth in the Plan. The Committee shall have the authority to interpret and
construe the Plan and this Agreement and to make any and all determinations thereunder, and its decision shall be binding and conclusive upon the Grantee and his/her legal representative in respect of any questions arising under the Plan or this
Agreement. 

  

	3.	Restrictions. Except as provided in the Plan or this Agreement, the Restricted Stock shall be forfeited by the Grantee and all of the Grantee’s
rights to such shares shall immediately terminate without any payment or consideration by the Company, in the event of any sale, assignment, transfer, hypothecation, pledge or other alienation of such Restricted Stock made or attempted, whether
voluntary or involuntary, and if involuntary whether by process of law in any civil or criminal suit, action or proceeding, whether in the nature of an insolvency or bankruptcy proceeding or otherwise, without the written consent of the Board.

  
 1 

	4.	Vesting. 

  

	 	(a)	General. Except as otherwise provided herein, the restrictions described in Section 3 above will lapse with respect to 100% of the Restricted Stock on the
third anniversary of the Grant Date (the “Vesting Date”); provided, that, except as otherwise provided herein, the Grantee remains on the Board through the Vesting Date. If the Grantee’s service as a
director on the Board is terminated at any time prior to the Vesting Date, the unvested Restricted Stock shall automatically be forfeited without consideration upon such cessation of service, unless otherwise provided in this Section 4.

  

	 	(b)	Death or Disability. In the event of the Grantee’s death or if the Grantee’s service on the Board is terminated by the Company for Disability (as
defined below), the restrictions described in Section 3 above will lapse with respect to 100% of the Restricted Stock as of the date of such termination. 

 For purposes of this Agreement, “Disability” shall mean the removal of the Grantee as a director on the Board upon 30 days’ notice in the event that the Grantee suffers a
mental or physical disability that shall have prevented him/her from performing his/her material duties for a period of at least 120 consecutive days or 180 non-consecutive days within any 365 day period; provided, that, the Grantee
shall not have returned to full-time performance of his/her duties within 30 days following receipt of such notice. 
  

	 	(c)	Retirement. Upon the Grantee’s termination of service as a director on the Board on or after the date the Grantee reaches age 55 with at least five
consecutive years of service as a director on the Board immediately prior to the termination date, the Committee may determine, at its sole discretion, to permit the Restricted Stock to continue to vest in accordance with the schedule set forth in
Section 4(a) as if the Grantee were still providing service as a director on the Board. In the event that the Committee does not approve the continued vesting, all unvested Restricted Stock shall be immediately forfeited.

  

	 	(d)	Change in Control. Unless otherwise determined by the Committee, the occurrence of a Change in Control (as defined in the Plan) shall not result in accelerated
vesting of the Restricted Stock. 

  

	 	(e)	Not Re-Elected. In the event that the Grantee’s service on the Board is terminated as a result of the shareholder’s failure to elect the Grantee as a
director on the Board, the restrictions described in Section 3 above will lapse with respect to 100% of the Restricted Stock as of the date of such termination. 

 

	5.	Rights as Shareholder; Dividends. The Grantee shall be the record owner of the Restricted Stock unless and until such Restricted Stock is sold or
otherwise disposed of, and as record owner shall be entitled to all rights of a shareholder of the Company, including, without limitation, voting rights, if any, with respect to the Restricted Stock and the right to receive dividends, if any,
declared by the Company on its Common Shares. 

  

	6.	Compliance with Laws and Regulations. The issuance and transfer of Common Shares shall be subject to compliance by the Company and the Grantee with all
applicable requirements of securities laws and with all applicable requirements of any stock exchange on which the Common Shares may be listed at the time of such issuance or transfer. 

  
 2 

	7.	No Right to Continued Service. Nothing in this Agreement shall be deemed by implication or otherwise to impose any limitation on any right of the Company
to terminate the Grantee’s service as a director at any time. 

  

	8.	Notices. All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be delivered by personal
delivery, courier service, registered or certified first class mail, return receipt requested, or facsimile: 

 If
to the Company: 
 Alterra Capital Holdings Limited 
 Alterra House 
 2 Front Street 

Hamilton HM 11 

Bermuda 
 If to
the Grantee, at the Grantee’s last known address on file with the Company. 
 All such notices, demands and other
communications shall be deemed to have been duly given when delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial courier service; five (5) business days after being deposited in the mail, postage
prepaid, if mailed; and when receipt is mechanically acknowledged, if sent by facsimile. 
  

	9.	Bound by Plan. By signing this Agreement, the Grantee acknowledges that he/she has received a copy of the Plan and has had an opportunity to review the
Plan and agrees to be bound by all of the terms and provisions of the Plan. 

  

	10.	Beneficiary. The Grantee may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may,
from time to time, amend or revoke such designation. If no designated beneficiary survives the Grantee, the beneficiary shall be deemed to be the Grantee’s spouse or, if the Grantee is unmarried at the time of death, his or her estate.

  

	11.	Successors. The terms of this Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, and on the Grantee and
the beneficiaries, executors and administrators, heirs and successors of the Grantee. 

  

	12.	Amendment of Restricted Stock Award. Subject to Section 13 of this Agreement, the Committee at any time and from time to time may amend the terms of
this Restricted Stock Award; provided, however, the Grantee’s rights under this Restricted Stock Award shall not be materially and adversely affected by any such amendment without the Grantee’s consent.

  

	13.	Adjustments. Pursuant to Section 4(b) of the Plan, the Committee in its sole discretion may make adjustments to this Restricted Stock Award.

  

	14.	Governing Law. This Agreement shall be governed by the laws of Bermuda. 

 

	15.	Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Grantee or the Company to the Committee for review.
The resolution of such a dispute by the Committee shall be binding and conclusive on the Company and the Grantee. 

  

	16.	Severability. Every provision of this Agreement is intended to be severable and any illegal or invalid term shall not affect the validity or legality of
the remaining terms. 

  
 3 

	17.	Headings. The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation of construction, and
shall not constitute a part of this Agreement. 

  

	18.	Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be deemed an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument. 

 [SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set
forth above. 
  

			
	ALTERRA CAPITAL HOLDINGS LIMITED
		
	By:	 	 
		 	 Name:   Joseph W. Roberts
 Title:     EVP and Chief Financial Officer

	
	GRANTEE
		
	By:	 	 
		 	Name:

  
 5

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