Document:

Amended and Restated Run Off Services and Management Agreement

 Exhibit 10.27.1 
 Execution Copy 
 AMENDED AND RESTATED 
 RUN OFF SERVICES AND 
 MANAGEMENT AGREEMENT 
 among 
 AXA LIABILITIES MANAGERS, 
 AXA RE 
 and 
 PARIS RE

 of June 5, 2006 
 as amended and restated on December 21, 2006 

 TABLE OF CONTENTS 
 AMENDED AND RESTATED RUN OFF SERVICES AND MANAGEMENT 
 AGREEMENT 
  

			
	  	  	Page
		
	 ARTICLE I DEFINITIONS
	  	1
		
	 ARTICLE II APPOINTMENT AS SERVICE PROVIDER
	  	3
		
	 ARTICLE III COMPLIANCE
	  	5
		
	 ARTICLE IV DELEGATION
	  	5
		
	 ARTICLE V SERVICES TO BE RENDERED
	  	6
		
	 ARTICLE VI DUTIES AND UNDERTAKINGS OF THE PARTIES
	  	7
		
	 ARTICLE VII INTERIM UNDERTAKINGS
	  	11
		
	 ARTICLE VIII REMUNERATION AND PAYMENTS
	  	12
		
	 ARTICLE IX INDEMNIFICATION
	  	14
		
	 ARTICLE X LITIGATION; CLAIMS HANDLING
	  	16
		
	 ARTICLE XI TERM AND TERMINATION
	  	19
		
	 ARTICLE XII MISCELLANEOUS
	  	19
		
	 ARTICLE XIII GOVERNING LAW, DISPUTE RESOLUTION
	  	21

  

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 AMENDED AND RESTATED RUN OFF SERVICES AND MANAGEMENT 
 AGREEMENT 
 This AMENDED AND RESTATED RUN OFF SERVICES AND MANAGEMENT AGREEMENT (this “Agreement”) is entered into on December 21, 2006, among AXA Liabilities Managers, a French société par actions
simplifiée (“ALM”), AXA RE, a French société anonyme (“AXA_RE”), and PARIS RE, a French société anonyme formerly named Oudinot Fonction (“PARIS
RE”). ALM, AXA RE and PARIS RE are referred to herein collectively as the “Parties” and individually as a “Party.” 
 W I T N E S S E T H: 
 WHEREAS, AXA RE and PARIS RE Holdings Limited, a Bermuda holding company (“Purchaser”), have entered into the Stock Purchase Agreement, dated as of the date hereof (as such agreement may
have been, or may from time to time be, amended, supplemented or otherwise modified, the “Purchase Agreement”), whereby Purchaser agreed to purchase Shares of PARIS RE; 
 WHEREAS, AXA RE, PARIS RE, ALM and Purchaser have agreed to enter into the Master Agreement, to be dated as of the First Closing Date (as
such agreement may have been, or may from time to time be, amended, supplemented or otherwise modified, the “Master Agreement”); and 
 WHEREAS, as contemplated by the Master Agreement and the Purchase Agreement, the Parties entered into the Run Off Services and Management Agreement on June 5, 2006, and desire to amend and restate
such agreement as herein set forth. 
 NOW, THEREFORE, in consideration of the promises and covenants set forth herein and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Capitalized terms used but not defined in this Agreement shall have the meanings ascribed thereto in the Reserve Agreement unless otherwise
provided for herein. 
 “Accommodation Business” shall have the meaning ascribed thereto in the Issuance
Agreement. 
 “Americas Affiliates” means AXA RE America Insurance Company and Risc Limited. 

 “Americas Claims” means claims under the Americas Policies to the extent
such claims could result in Losses for which the Guarantor is liable under the Reserve Agreement. 
 “Americas
Policies” means those contracts of reinsurance, policies of insurance, riders, binders and other evidences of insurance or reinsurance included in the Guaranteed Portfolio and issued by the Americas Affiliates and agreements of assumed
reinsurance entered into by the Americas Affiliates (it being understood that the Americas Policies do not include the AXA Space Policies). 
 “Asia-Pacific & Monaco Affiliates” means AXA RE Asia-Pacific Pte. Ltd (including Labuan (Malaysia) Branch and Representative Office in India), AXA RE Services Japan Co. Ltd and
Compagnie Générale de Reassurance de Monte Carlo. 
 “Asia-Pacific & Monaco Claims”
means claims under the Asia-Pacific & Monaco Policies to the extent such claims could result in Losses for which the Guarantor is liable under the Reserve Agreement. 
 “Asia-Pacific & Monaco Policies” means those contracts of reinsurance, policies of insurance, riders, binders and
other evidences of insurance or reinsurance included in the Guaranteed Portfolio and issued by the Asia-Pacific & Monaco Affiliates and agreements of assumed reinsurance entered into by the Asia-Pacific & Monaco Affiliates.

 “AXA RE Claims” means claims under AXA RE Policies to the extent such claims could result in Losses for
which the Guarantor is liable under the Reserve Agreement. 
 “AXA Latin” means AXA RE Latin America, Inc.

 “AXA RE Policies” means those contracts of reinsurance, policies of insurance, riders, binders and other
evidences of insurance or reinsurance included in the Guaranteed Portfolio and issued by AXA RE and agreements of assumed reinsurance entered into by AXA RE. 
 “AXA Space” means AXA Space Inc. 
 “AXA Space &
Latin Claims” means claims under AXA Space & Latin Policies to the extent such claims could result in Losses for which the Guarantor is liable under the Reserve Agreement. 
 “AXA Space & Latin Policies” means those contracts of reinsurance, policies of insurance, riders, binders and
other evidences of insurance or reinsurance included in the Guaranteed Portfolio and bound by AXA Space or AXA Latin and agreements of assumed reinsurance bound by AXA Space or AXA Latin. 
 “Canada Branch” means the Canada branch of AXA RE or the Canada branch of PARIS RE by which the Canada Policies will be
reinsured, as the case may be. 
  

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 “Canada Claims” means claims under the Canada Policies to the extent such
claims could result in Losses for which the Guarantor is liable under the Reserve Agreement. 
 “Canada Life
Policies” means life Policies issued by the Canada branch of AXA RE. 
 “Canada Policies” means those
contracts of reinsurance, policies of insurance, riders, binders and other evidences of insurance or reinsurance included in the Guaranteed Portfolio and issued by the Canada Branch and agreements of assumed reinsurance entered into by the Canada
Branch. 
 “Canadian Closing Date” shall have the meaning ascribed thereto in the Purchase Agreement.

 “First Closing Date” shall have the meaning ascribed thereto in the Purchase Agreement. 
 “Guaranteed Portfolio” shall have the meaning ascribed thereto in the Reserve Agreement. 
 “Issuance Agreement” shall mean the issuance agreement of even date entered into between AXA RE and PARIS RE. 

“Non-Guaranteed Claims” means all claims under the Serviced Policies (excluding the Canada Life Policies) other than the
Americas Claims, the Asia-Pacific & Monaco Claims, the Canada Claims, the AXA RE Claims and the AXA Space & Latin Claims. 
 “Losses” shall have the meaning ascribed thereto in the Reserve Agreement. 
 “Policies” shall have the meaning ascribed thereto in the Reserve Agreement. 
 “Serviced Policies” means (i) the Policies that are included in the Guaranteed Portfolio and (ii) the Canada Life Policies. 
 ARTICLE II 
 APPOINTMENT AS SERVICE PROVIDER 
 Section 2.1 Appointment. 
 (a) AXA RE hereby irrevocably appoints ALM, as of the First Closing Date, to provide, and ALM hereby accepts such appointment and agrees to
provide (subject to Section 2.3), the services described in Schedule 5.1.1 to this Agreement for the term specified and on the terms and conditions set forth in this Agreement (the “Services”) with respect to the AXA RE
Policies, the Canada Life Policies and the Canada Policies (with respect to the Canada Claims) and the Asia-Pacific & Monaco Policies (with respect to the Asia-Pacific & Monaco Claims), including all Ceded Reinsurance. 

 

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 AXA RE hereby irrevocably appoints ALM, as of the First Closing Date, to provide, and ALM
hereby accepts such appointment and agrees to provide (subject to Section 2.3 of the Agreement), the additional services (the “Additional Services”) as described in Schedule 5.1.2 to this Agreement for the term specified and on
the terms and conditions set forth in the Agreement, except as otherwise specified in Schedule 5.1.2, with respect to the Accommodation Business. 
 (b) PARIS RE hereby irrevocably appoints ALM, as of the First Closing Date, to provide, and ALM hereby accepts such appointment and agrees to provide, the Services with respect to the Americas Policies
and the AXA Space & Latin Policies (with respect to the AXA Space & Latin Claims) and, as of the date the Canada Branch non-life businesses reinsured by PARIS RE and the Asia-Pacific & Monaco Affiliates are transferred to
PARIS RE, the Canada Policies (with respect to the Canada Claims) and the Asia-Pacific & Monaco Policies (with respect to the Asia-Pacific & Monaco Claims), including all Ceded Reinsurance. 
 Section 2.2 Notices. As promptly as reasonably practicable after the First Closing Date, AXA RE and PARIS RE, with the
cooperation of ALM, shall give written notice of ALM’s appointment to all ceding insurers under the Serviced Policies and to all reinsurers and retrocessionaires that are parties to the Ceded Reinsurance and to any Person who has submitted,
prior to the First Closing Date, a claim in respect of a Loss. Such notice shall specify that ALM has been appointed by AXA RE or PARIS RE, as the case may be, to provide the Services with respect to Losses under such Serviced Policies and that all
future dealings in respect of such Losses should be had directly with ALM (or such Delegated Service Provider as ALM may appoint under the terms of this Agreement). 
 Section 2.3 Personnel – Subcontractors. Subject to the provisions of Section 6.1, ALM agrees to maintain sufficient resources and personnel in order to provide or otherwise satisfy
any reasonable request for the Services and the Additional Services. Notwithstanding this, ALM shall be entitled to delegate and/or subcontract, without AXA RE’s or PARIS RE’s prior consent, any part of the Services and the Additional
Services to (i) any person if expressly contemplated by this Agreement, (ii) any external auditors, collection agencies (in respect of cash collection), adjusters, lawyers, experts (not including run off managers) or arbitrators,
(iii) to any subsidiary or branch of ALM or (iv) with AXA RE’s and PARIS RE’s prior written consent (which consent shall not be unreasonably withheld), to any other party, including any Affiliate of ALM (other than any subsidiary
or branch of ALM), (each such person, a “Delegated Service Provider”) and, upon such delegation or subcontracting, each such Delegated Service Provider shall be deemed appointed, to the extent applicable, by AXA RE and/or PARIS RE
pursuant to Section 2.1. 
 Section 2.4 Existing Services Providers. AXA RE and PARIS RE, or ALM acting on
their behalf pursuant to this Agreement, shall maintain in force and, if necessary, endorse and amend as appropriate any existing agreement by a party other than ALM or any Affiliate of ALM to provide services to AXA RE or PARIS RE in respect of the
Serviced Policies, so as to confer the practical and other benefit of such services upon ALM and to enable ALM to provide the Services and the Additional Services under, and otherwise to give full effect to, this Agreement. 
  

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 ARTICLE III 
 COMPLIANCE 
 Section 3.1 AXA RE Affiliates. AXA RE hereby
agrees to procure that: 
 (a) prior to such time as the Canada Policies are reinsured by PARIS RE, the Canada Branch takes any
and all actions required of it and performs, satisfies and fulfils any and all of its obligations under this Agreement; and 
 (b) prior to such time as the Asia-Pacific & Monaco Affiliates are transferred to PARIS RE, each of the Asia-Pacific & Monaco Affiliates takes any and all actions required of it and performs, satisfies and fulfils any and
all of its obligations under this Agreement. 
 Section 3.2 PARIS RE Affiliates. PARIS RE hereby agrees to procure
that: 
 (a) after such time as the Canada Policies are reinsured by PARIS RE, the Canada Branch takes any and all actions
required of it and performs, satisfies and fulfils any and all of its obligations under this Agreement; 
 (b) after such time
as the Asia-Pacific & Monaco Affiliates are transferred to PARIS RE, each of the Asia-Pacific & Monaco Affiliates takes any and all actions required of it and performs, satisfies and fulfils any and all of its obligations under
this Agreement; and 
 (c) AXA Space, AXA Latin and each of the Americas Affiliates takes any and all actions required of it and
performs, satisfies and fulfils any and all of its obligations under this Agreement. 
 ARTICLE IV 
 DELEGATION 
 Section 4.1 Delegation to Asia-Pacific & Monaco Affiliates. The Asia-Pacific & Monaco Affiliates shall, with respect to the Asia-Pacific & Monaco Policies and on the basis of subcontract or delegation
in accordance with Section 2.3 hereof, provide the Services as reasonably directed or instructed by ALM in accordance with the standards set forth in Section 6.1. Upon the effectiveness of such subcontract or delegation, each of the Asia
Pacific & Monaco Affiliates shall be deemed a Delegated Service Provider for purposes of this Agreement. 
 Section 4.2 Delegation to Canada Branch. The Canada Branch (which for these purposes shall be deemed to be the Canadian branch of PARIS RE as of the Canadian Closing Date) shall, with respect to the Canada Policies and on the
basis of subcontract or delegation in accordance with Section 2.3 hereof, provide the Services as reasonably directed or instructed by ALM in accordance with the standards set forth in Section 6.1. Upon the effectiveness of such
subcontract or delegation, the Canada branch of PARIS RE shall be deemed a Delegated Service Provider for purposes of this Agreement. 
  

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 Section 4.3 Delegation to PARIS RE. 
 (a) ALM hereby subcontracts and delegates, as of the First Closing Date, to PARIS RE, and PARIS RE agrees to provide, with respect to the
AXA Space & Latin Policies, the Services as reasonably directed or instructed by ALM. Upon the effectiveness of such subcontract and delegation, PARIS RE shall be deemed a Delegated Service Provider for purposes of this Agreement.

 (b) ALM hereby subcontracts and delegates, from the First Closing Date until all Services subcontracted and delegated
pursuant to this Section 4.3(b) are performed in full, to PARIS RE, and PARIS RE agrees to provide, with respect to the Serviced Policies, the Services listed on Schedule 4.3(b). 
 Section 4.4 Personnel. PARIS RE, the Asia-Pacific & Monaco Affiliates and the Canada Branch shall maintain sufficient
resources and personnel in order to provide or otherwise satisfy any reasonable request for the Services. 
 Section 4.5
Right to Withdraw. Subject to Section 2.3, ALM shall have an unconditional right to withdraw, at any time and for whatever reason, any subcontract or delegation of the Services (including pursuant to Sections 4.1,4.2 and/or 4.3).

 ARTICLE V 
 SERVICES TO BE RENDERED 
 Section 5.1 Scope of ALM Services and Additional Services. Subject to
Article 4, the Services to be rendered by ALM with respect to all Serviced Policies, extending also to all dealings with the Ceded Reinsurance and salvage, subrogation or other recoveries arising with respect to such Serviced Policies are set forth
in Schedule 5.1.1. The Additional Services to be rendered by ALM are set forth in Schedule 5.1.2. 
 Section 5.2 Scope
of Delegated Services. The Services to be rendered by PARIS RE with respect to the AXA Space & Latin Policies, by the Canada Branch with respect to the Canada Life Policies and the Canada Policies and by the Asia-Pacific &
Monaco Affiliates with respect to the Asia-Pacific & Monaco Policies, extending also to all dealings with related Ceded Reinsurance and salvage, subrogation or other recoveries arising with respect to any such Policies, are set forth in
Schedule 5.1.1 or as otherwise reasonably instructed by ALM from time to time. 
 Section 5.3 Power in relation to
Services and Additional Services. Except as otherwise set forth herein, ALM shall have full authority, discretion and power to act in the name and on behalf of AXA RE, PARIS RE, the Americas Affiliates, the Asia-Pacific & Monaco
Affiliates, the Canada Branch, AXA Latin and AXA Space in connection with the performance of the Services and the Additional Services, including, without limitation, to investigate and/or settle claims relating to the Serviced Policies and all Ceded
Reinsurance

  

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and to manage all commutations of the Serviced Policies and all Ceded Reinsurance. AXA RE, PARIS RE, the Americas Affiliates, the Asia-Pacific & Monaco Affiliates, the Canada Branch, AXA
Latin and AXA Space shall execute and deliver, from time to time, such instruments evidencing ALM’s authority, discretion and power to act in the name and on behalf of AXA RE, PARIS RE, the Americas Affiliates, the Asia-Pacific &
Monaco Affiliates, the Canada Branch, AXA Latin and AXA Space, respectively, as ALM may request. ALM shall have no authority to underwrite of accept any risk on behalf of any of AXA RE, PARIS RE, the Americas Affiliates, the Asia-Pacific &
Monaco Affiliates, the Canada Branch, AXA Latin or AXA Space or to extend or renew the term of any Serviced Policy except where AXA RE, PARIS RE, the relevant Americas Affiliate, the relevant Asia-Pacific & Monaco Affiliate, the Canada
Branch, AXA Latin or AXA Space, as applicable, is contractually obligated to grant such extension or make such renewal (except after consultations with relevant underwriters, where applicable (provided that such consultations shall not be deemed to
confer any consent rights on such underwriters)). 
 ARTICLE VI 
 DUTIES AND UNDERTAKINGS OF THE PARTIES 
 In connection
with the provision of the Services, the Parties shall have, perform and comply with the following respective duties and undertakings. 
 Section 6.1 Standard of Care, Licenses and Authorizations and Cooperation. 
 (a) ALM shall provide the
Services in good faith and with reasonable skill and care, in accordance with the terms and conditions of the applicable Serviced Policies and consistent with applicable law and regulations. ALM shall maintain any licence, authorization, approval,
consent or other regulatory requirement necessary for the purposes of entering into and giving effect to this Agreement. 
 (b)
PARIS RE shall provide the Services in respect of the AXA Space & Latin Claims at ALM’s direction, in good faith and with reasonable skill and care, in accordance with the terms and conditions of the applicable AXA Space &
Latin Policies, consistent with applicable law and regulations and as instructed by ALM from time to time. PARIS RE shall maintain any necessary licence, authorization, approval, consent or other regulatory requirement necessary for the purposes of
entering into and giving effect to this Agreement. 
 (c) The Canada Branch shall provide the Services in respect of the Canada
Life Policies and the Canada Policies and the Canada Claims at ALM’s direction, in good faith and with reasonable skill and care, in accordance with the terms and conditions of the applicable Canada Policies or Canada Life Policies, as the case
may be, consistent with applicable law and regulations and as reasonably instructed by ALM from time to time. The Canada Branch shall maintain any necessary licence, authorization, approval, consent or other regulatory requirement necessary for the
purposes of entering into and giving effect to this Agreement. 
  

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 (d) The Asia-Pacific & Monaco Affiliates shall provide the Services in respect of
the Asia-Pacific & Monaco Claims at ALM’s direction, in good faith and with reasonable skill and care, in accordance with the terms and conditions of the applicable Asia-Pacific & Monaco Policies, consistent with applicable
law and regulations and as reasonably instructed by ALM from time to time. The Asia-Pacific & Monaco Affiliates shall maintain any necessary licence, authorization, approval, consent or other regulatory requirement necessary for the
purposes of entering into and giving effect to this Agreement. 
 (e) AXA RE, PARIS RE, the Americas Affiliates, AXA Latin, AXA
Space, the Canada Branch and the Asia-Pacific & Monaco Affiliates shall provide all support reasonably required to enable ALM to perform this Agreement, including, without limitation, in connection with (i) any claims handling or
dispute resolution (including, without limitation, causing relevant personnel to testify or make depositions), (ii) investment back-office services and treasury services, (iii) accounting services and (iv) information technology
systems. 
 (f) Notwithstanding anything to the contrary in this Agreement, ALM and its Delegated Service Providers shall
process Non-Guaranteed Claims in full consultation with PARIS RE and shall provide PARIS RE with any information and documentation with respect to any such claim as reasonably requested by PARIS RE. PARIS RE shall have audit rights, to be exercised
reasonably, with respect to the performance of ALM and the Delegated Service Providers in respect of Non-Guaranteed Claims. Neither ALM nor any of its Delegated Service Providers shall (i) settle any Non-Guaranteed Claim involving any loss in
excess of (x) €500,000 in the case of any such claim under a facultative contract or involving one or more of Declaratory Judgment Expenses, Extra Contractual Obligations or Losses in Excess of Contract Limit or (y) €1,000,000 in
all other cases, (ii) initiate litigation or arbitration proceedings with respect to any Non-Guaranteed Claim, (iii) make a final denial of any Non-Guaranteed Claim involving any loss in excess of €150,000, (iv) commute any
policy or loss involving a Non-Guaranteed Claim or (v) take any action with respect to the Ceded Reinsurance applicable to the Non-Guaranteed Claims, except in the case of (i), (ii), (iii), (iv) or (v) with the prior written consent
of PARIS RE, which consent shall not be unreasonably withheld or delayed. 
 (g) ALM shall provide the Services hereunder with
respect to each Non-Guaranteed Claim in full consultation with PARIS RE including without limitation through consultation no less frequently than monthly between Appropriate Representatives of ALM and PARIS RE to discuss pending issues with respect
to such claims including without limitation, claims activity, audit rights, changes to applicable Ceded Reinsurance and premium collection issues which may reasonably be expected to result in policy losses or actual damage to PARIS RE or its
business reputation or prospects in excess of €1,000,000. 
 (h) Notwithstanding anything to the contrary in this
Agreement, with respect to any Americas Claim, Asia-Pacific & Monaco Claim, Canada Claim, AXA RE Claim or AXA Space & Latin Claim, which may reasonably be expected to exceed (x) €500,000 in the case of any such claim
under a facultative contract or involving one or more of Declaratory Judgment Expenses, Extra Contractual Obligations or Losses in Excess of Contract Limit or (y) €1,000,000 in all other cases, ALM’s and PARIS RE’s Appropriate

  

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Representatives shall discuss, on a monthly basis, (A) such matters as settlement demands, denials or reservations of rights and the initiation or progress of litigation or arbitration
proceedings, and (B) pending issues with respect to the related policies, including, without limitation, claims activity, the exercise of audit rights, changes to applicable Ceded Reinsurance, commutation proposals made in excess of
€10 million and premium collection issues, in each case (A) and (B) to the extent such matter could reasonably be expected by either Party to have a material impact on the business reputation or prospects of PARIS RE. 

(i) Notwithstanding anything to the contrary in this Agreement, neither ALM nor any Delegated Service Provider shall enter into a loss
portfolio transfer (excluding, for the avoidance of doubt, any commutation transaction) to a party other than the relevant ceding company or other transaction having the effect of a loss portfolio transfer (excluding, for the avoidance of doubt, any
commutation transaction) or effectuate a transfer of risk involving any of the Americas Policies, Asia-Pacific & Monaco Policies, Canada Policies (other than Canada Life Policies), AXA RE Policies or AXA Space & Latin Policies or
any liability under any such policy without the prior written consent of PARIS RE. 
 (j) In each of the five
(5) consecutive twelve (12) month periods following the First Closing Date, neither ALM nor any Delegated Service Provider shall effectuate commutations with respect to any Americas Claim, Asia-Pacific & Monaco Claim, Canada
Claims, AXA RE Claim or AXA Space & Latin Claim or any Americas Policy, Asia-Pacific & Monaco Policy, Canada Policy (other than Canada Life Policies), AXA RE Policy or AXA Space & Latin Policy which cannot give rise to any
Non-Guaranteed Claim, which in any case commute case reserves in excess of €100 million in the aggregate in any such twelve (12) month period, without the consent of PARIS RE unless mutually acceptable compensation is paid to PARIS RE
in respect of lost investment income resulting from such commutations to the extent in excess of €100 million. 
 (k) For
purposes of this Section 6.1, the “Appropriate Representatives” of each of ALM and PARIS RE shall be their respective CEOs, together with such senior claims or underwriting officers as they may deem appropriate. 
 Section 6.2 Access to Records and Underwriting Information. Promptly after the First Closing Date, AXA RE and PARIS RE shall
(i) to the extent applicable, use their respective reasonable efforts to acquire possession of all records relating to the Serviced Policies, including underwriting files, claims files, and accounting, reserving or reporting information or
other records, whether in paper or in electronic form (the “Serviced Policies Records”) and (ii) deliver to ALM originals of all Serviced Policies Records in their possession (or, if originals are not retrieved, executed
copies), and following such delivery, ALM will grant access, or cause access to be granted, to such records as AXA RE, PARIS RE or their respective designees may reasonably require. 
 Section 6.3 Letters of Credit, Trust Accounts and other Security. AXA RE, PARIS RE, the Americas Affiliates, AXA Latin, AXA
Space, the Canada Branch and the Asia-Pacific & Monaco Affiliates shall establish, maintain and if necessary increase or reduce in amount all letters of credit, trust accounts or other acceptable security (collectively,
“Facilities”) and take such other reasonable actions as ALM, in the course of discharging its

  

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duties under this Agreement, may direct with respect to such Facilities, if and to the extent that any such Facility is required under the terms of any applicable Serviced Policy, any related
arrangement or agreement, or applicable laws and regulations or consistent with the practices of AXA RE or its relevant reinsurance subsidiary or branch in effect prior to the First Closing Date with respect to the particular ceding insurer for
whose benefit the Facility is being established. 
 Section 6.4 Bank Accounts and Treasury Functions. For the
purposes of making all necessary payments, as advised and directed by ALM pursuant to this Agreement (and in accordance with the agreed payout guidelines), AXA RE, PARIS RE, the Americas Affiliates, AXA Latin, AXA Space, the Canada Branch and the
Asia-Pacific & Monaco Affiliates shall continue to perform all banking, treasury or related functions, and accordingly to maintain appropriate bank accounts in the currencies covered by the AXA RE Policies, the Americas Policies, the AXA
Space & Latin Policies, the Canada Policies, the Canada Life Policies and the Asia-Pacific & Monaco Policies. 
 Section 6.5 Information Technology. 
 (a) PARIS RE shall maintain or cause to be maintained and continue
to provide access to AXA RE, ALM and their respective Affiliates to PARIS RE’s information technology systems (other than the “Sics” system), including, without limitation, the “Osiris” system (including its satellites
“Pommard”, “Medoc”, “Petrus”, “Latour”, “Reporting” and “Statistics”) and other systems transferred to PARIS RE at or following the date hereof (each, an “IT System”), but
only to the extent necessary for the provision of Services and Additional Services under this Agreement, as well as any reasonably requested technical support. The services provided by PARIS RE to AXA RE and ALM pursuant to this Section 6.5(a)
shall be provided at no cost, except that AXA RE shall reimburse PARIS RE in respect of the on-going maintenance services provided pursuant to this Section 6.5(a) as set forth in Section 8.2. For purposes of this Agreement,
“system” and “IT System” shall mean software only, and not hardware. 
 (b) Prior to the 5th anniversary of
the First Closing Date, without the prior written consent of ALM (which consent shall not be unreasonably withheld), PARIS RE shall not, and shall cause its Affiliates not to, modify any IT System in a manner which would adversely affect the ability
of AXA RE, ALM and their respective Affiliates to provide the Services and the Additional Services hereunder. 
 (c) After the
5th anniversary of the First Closing Date, PARIS RE may discontinue to maintain and provide access to any IT System; provided that, prior to such discontinuation of any IT System, PARIS RE shall (i) transfer and migrate, at PARIS
RE’s cost, such discontinued IT System (including codes, title, licenses, all supporting documentation and data pertaining to Serviced Policies, in each case in condition reasonably satisfactory to ALM) to ALM or, upon a request from ALM, to an
Affiliate of ALM (any such transfer and migration shall include, without limitation, rebuilding of interfaces and training of users) and (ii) procure that AXA RE, ALM and their respective Affiliates continue to have uninterrupted access to all
IT Systems during such migration and until ALM or the respective Affiliate of ALM is able to operate such migrated IT System for the benefit

  

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of ALM or any Designated Service Provider; and provided, further, that promptly after the transfer and migration of such IT System, PARIS RE shall, and shall cause its Affiliates
to, discontinue all use of such IT System. After such transfer and migration of any IT System, PARIS RE shall provide the transferee of such discontinued IT System with such access to information technology systems of PARIS RE or its Affiliates as
may be necessary for ALM or any Designated Service Provider to provide Services or Additional Services hereunder. 
 (d) ALM
shall have the right to request that PARIS RE perform any modification to or development of any IT System but only to the extent necessary for the provision of Services or Additional Services under this Agreement. ALM agrees to reimburse PARIS RE
for all reasonable costs directly related to any such modification to or development of any IT System (other than in connection with on-going maintenance) performed by PARIS RE at such request. 
 ARTICLE VII 
 INTERIM UNDERTAKINGS 
 Section 7.1 Notice Preparation. As soon as practicable after the date
hereof, AXA RE and PARIS RE shall prepare (using their commercially reasonable efforts and in coordination with ALM) the notices to be delivered pursuant to Section 2.2. 
 Section 7.2 Access. Following the date hereof, AXA RE and PARIS RE shall grant access, or cause access to be granted, to such
records (including the Serviced Policies Records) and underwriting policies as ALM or its designee may reasonably require. 
 Section 7.3 Cooperation. Prior to the First Closing Date, AXA RE shall, to the extent permitted by the applicable laws and regulations, consult and cooperate with ALM and, at ALM’s request, shall cause their personnel to
consult and cooperate with ALM, including, without limitation, with respect to accounting functions, corporate legal functions and claims management and underwriting procedures and policies, and provide support in connection with any claims handling
or dispute resolution, including, without limitation, causing relevant personnel to testify or make depositions. 
 Section 7.4 Settlements; Claim Notification. 
 (a) Prior to the First Closing Date, without prior written
consent of ALM, AXA RE shall not, and shall cause its reinsurance subsidiaries and branches not to, commence litigation with respect to or settle any claim in excess of EUR 1 million. 
 (b) Prior to the First Closing Date, AXA RE shall, and shall cause its reinsurance subsidiaries and branches to, promptly notify ALM of
(i) any notice of litigation, arbitration or other proceeding that has been instituted and names any of AXA RE and its reinsurance subsidiaries and branches as a defendant or respondent, and (ii) any inquiry, complaint or notice of filing
of a complaint with any Government Entity with respect to any denied claim, any claims handling procedures of or any other matter relating to AXA RE or any of its reinsurance subsidiaries and branches. 
  

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 Section 7.5 Disclosure. Promptly after the date of this Agreement, AXA RE shall,
and shall cause its reinsurance subsidiaries and branches to, disclose to ALM any Policy (or provision, amendment or supplement thereto) that (i) is not evidenced by an instrument executed by each of AXA RE (or its relevant reinsurance
subsidiary or branch) and the relevant Cedant (e.g., unsigned Policies) and (ii) contains one or more provisions that differ materially from the standard reinsurance underwriting guidelines in effect on the date hereof. 
 ARTICLE VIII 
 REMUNERATION AND PAYMENTS 
 Section 8.1 Remuneration to AXA RE. AXA RE agrees that the
consideration to AXA RE and its Affiliates for any and all services required to be provided by them to ALM and/or PARIS RE pursuant to this Agreement shall be considered fully paid by ALM and PARIS RE on the date hereof and none of AXA RE and its
Affiliates shall be entitled to further payment after the date hereof for the provision of such services hereunder. 
 Section 8.2 Remuneration to PARIS RE. 
 (a) In consideration for any and all Services required to be
provided by PARIS RE and its Affiliates to ALM and/or AXA RE in respect of the Policies pursuant to Section 4.3(b) of this Agreement, AXA RE agrees to pay to PARIS RE a quarterly fee equal to the costs incurred, consistent with ordinary course
and past practice, in providing such Services. In consideration for any and all on-going maintenance services required to be provided by PARIS RE and its Affiliates to ALM and/or AXA RE pursuant to Section 6.5(a) of this Agreement, in respect
of every consecutive twelve-month period from the First Closing Date until such time as the “Osiris” system is transferred to ALM or its Affiliate pursuant to Section 6.5(c), AXA RE agrees to pay to PARIS RE an annual flat fee of
€50,000. For the avoidance of doubt, neither ALM nor AXA RE shall be required to make any payment hereunder in respect of (i) Services provided by PARIS RE or any of its Affiliates on a subcontracted or delegated basis pursuant to Sections
4.1,4.2 (other than in respect of Canada Life Policies) and 4.3(a) or (ii) additional support Services (other than pursuant to Sections 4.3(b) and 6.5) provided by PARIS RE in order to enable ALM to provide the Services hereunder. 

(b) Payments of the quarterly fee pursuant to Section 8.2(a) shall be invoiced by PARIS RE to AXA RE no later than 10 Business Days
after the end of the applicable quarter. The amount of fees set forth in such invoices shall be determined by PARIS RE, but shall be subject to review and approval by ALM or AXA RE, as applicable, and their respective representatives. Payments of
the annual fee pursuant to Section 8.2(a) shall be invoiced by PARIS RE to AXA RE no later than 10 Business Days after the end of the applicable twelve-month period. AXA RE shall remit payment for the quarterly fee or the annual fee so invoiced
by wire transfer of immediately available funds to the account specified in the invoice within 5 Business Days after receipt of the invoice. Any payments, other than payments in respect of services in connection with the Canada Life Policies,
pursuant to this Section 8.2(b) shall be made in accordance with Section 6.04 of, as

  

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applicable, (i) the Quota Share Retrocession Agreement through adjustment of the Funds Withheld Balance and/or (ii) the Canadian Quota Share Agreement through adjustment of the Canadian
Funds Withheld Balance. 
 (c) At least 30 days prior to the beginning of each calendar year (and with respect to 2006, within
10 days after the First Closing Date), PARIS RE shall deliver to ALM an annual budget showing the costs for which PARIS RE expects to be reimbursed pursuant to Section 8.2(a) during such calendar year. Each such annual budget shall be approved
by ALM, subject to ALM’s reasonable satisfaction, within 15 days of its receipt by ALM. The Parties agree that the budget provided pursuant to this Section 8,2(c) shall not be binding on AXA RE, ALM or PARIS RE. 
 Section 8.3 Remuneration to ALM. 
 (a) In consideration for the Services provided by ALM pursuant to this Agreement for AXA RE, AXA RE agrees to pay to ALM a quarterly fee calculated on the basis set forth in Schedule 8.3(a) which shall
not be settled by adjustment of the Funds Withheld Balance. 
 (b) In consideration for the Services provided by ALM pursuant to
this Agreement for PARIS RE, PARIS RE agrees to pay to ALM a quarterly fee calculated on the basis set forth in Schedule 8.3(b). Any payments pursuant to the foregoing sentence shall be made in accordance with Section 6.04 of, as applicable,
(i) the Quota Share Retrocession Agreement through adjustment of the Funds Withheld Balance and/or (ii) the Canadian Quota Share Agreement through adjustment of the Canadian Funds Withheld Balance.). In consideration for the Additional
Services provided by ALM pursuant to this Agreement for PARIS RE, PARIS RE agrees to pay to ALM a quarterly fee calculated on the basis set forth in Schedule 5.1.2, and such quarterly fee shall be payable directly to ALM by PARIS RE. 
 (c) Payments of the quarterly fees pursuant to Sections 8.3(a) and 8.3(b) shall be invoiced by ALM to AXA RE and PARIS RE, as applicable, no
later than 10 Business Days prior to the beginning of the applicable quarter. The amount of fees set forth in such invoices shall be determined by ALM and shall consist of (i) an estimated amount of fees payable in respect of the applicable
quarter and (ii) a ‘true-up’ amount reflecting any difference between the estimated amount of fees and the actual amount of fees payable in respect of the quarter immediately preceding the quarter in which the respective invoice is
issued, but shall be subject to review and approval, as applicable, by AXA RE or PARIS RE and their respective representatives. AXA RE and PARIS RE shall remit payment for their respective quarterly fee so invoiced by wire transfer of immediately
available funds to the account specified in the invoice within 5 Business Days after receipt of the invoice. 
 (d) At least 30
days prior to the beginning of each calendar year (and with respect to 2006, within 10 days after the First Closing Date), ALM shall deliver to AXA RE an annual budget showing the costs for which ALM expects to be reimbursed by AXA RE pursuant to
Section 8.3(a) during such calendar year. Each such annual budget shall be approved by AXA RE, subject to AXA RE’s reasonable satisfaction, within 15 days of its receipt by AXA RE. The Parties agree that the budget provided pursuant to
this Section 8.2(c) shall not be binding on ALM. 
  

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 (e) At least 30 days prior to the beginning of each calendar year (and with respect to 2006,
within 10 days after the First Closing Date), ALM shall deliver to PARIS RE an annual budget showing the costs for which ALM expects to be reimbursed by PARIS RE pursuant to Section 8.3(b) during such calendar year. Each such annual budget
shall be approved by PARIS RE, subject to PARIS RE’s reasonable satisfaction, within 15 days of its receipt by PARIS RE. The Parties agree that the budget provided pursuant to this Section 8.2(d) shall not be binding on ALM or PARIS RE.

 ARTICLE IX 
 INDEMNIFICATION 
 Section 9.1 Indemnification by PARIS RE. 
 (a) PARIS RE (the “Indemnifying Party”) shall indemnify and hold harmless (without any limitations) AXA RE, ALM and their
respective Affiliates and their respective officers and directors, employees, agents, successors and permitted assigns (collectively, the “Indemnified Parties”) from and against all Indemnified Liabilities arising from (i) any
fraud, willful misconduct or gross negligence of PARIS RE or any of its Affiliates or their respective directors, officers, employees or agents in connection with the performance of their respective obligations under this Agreement and (ii) a
material breach of this Agreement by PARIS RE. 
 (b) Notwithstanding Section 9.1(a) above, AXA RE and ALM are expressly
entitled to be indemnified and held harmless by PARIS RE under this Agreement against any Losses whatsoever and howsoever arising from any action taken by or any omission on the part of PARIS RE in exercise or support of its rights under
Section 10.6 of this Agreement. 
 (c) Notwithstanding anything else in this Agreement, PARIS RE shall not be liable to and
shall not be required to indemnify, pursuant to this Section 9.1 or otherwise, AXA RE or ALM in respect of any loss (including any Indemnified Liability) to the extent it results from any failure by AXA RE or ALM or any of their respective
Affiliates or Delegated Service Providers (other than PARIS RE and its Affiliates) to provide any Services or Additional Services delegated or subcontracted, other than Services or Additional Services delegated to PARIS RE or its Affiliates, in
accordance with the terms of this Agreement. 
 Section 9.2 Indemnification by AXA RE and ALM. 
 (a) ALM and AXA RE (each, an “Indemnifying Party”) shall indemnify and hold harmless (without any limitations) PARIS RE and
its Affiliates and their respective officers and directors, employees, agents, successors and permitted assigns (collectively, the “Indemnified Parties”) from and against all Indemnified Liabilities arising from (i) any fraud,
willful misconduct or gross negligence of AXA RE or ALM or any of their Affiliates or their

  

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respective directors, officers, employees or agents in connection with the performance of their respective obligations under this Agreement and (ii) a material breach of this Agreement by
AXA RE or ALM. The obligations of AXA RE and ALM under this Section 9.2 shall be joint and several. 
 (b) Notwithstanding
anything else in this Agreement, ALM shall not be liable to and shall not be required to indemnify, pursuant to this Section 9.2 or otherwise, PARIS RE in respect of any loss (including any Indemnified Liability) to the extent it results from
(i) any non-compliance by PARIS RE or any of its Affiliates with ALM’s written instructions made in compliance with this Agreement in connection with performance of any Services or Additional Services delegated or subcontracted hereunder
or (ii) any failure by PARIS RE or any of its Affiliates to provide any Services or Additional Services delegated or subcontracted in accordance with the terms of this Agreement. 
 Section 9.3 Indemnified Liabilities. As used in this Article, “Indemnified Liabilities” means all losses,
settlements, claims, actions, damages and liabilities, joint or several, judgments, debts, settlements, assessments, taxes (including any increase in tax liability due to a redetermination of tax attributes), penalties, costs and expenses (including
reasonable attorneys’ fees and other costs of litigation, arbitration and settlement) suffered or incurred by an Indemnified Party in respect of any claim for which such Indemnified Party is entitled to indemnification pursuant to this Article
IX, reduced by (i) any insurance proceeds and any indemnity, contribution or other similar payment actually received by the Indemnified Party, (ii) any payments in respect of such Indemnified Liabilities received from, or on behalf of, the
Indemnifying Party pursuant to another Transaction Agreement (as defined in the Purchase Agreement) and (iii) any actual tax savings actually realized by the Indemnified Party as a result of such losses, settlements, claims, damages and
liabilities, joint or several, judgments, debts, settlements, assessments, penalties, costs and expenses. If any such reduction is determined after payment by the Indemnifying Party of any amount otherwise required to be paid pursuant to this
Article IX, the Indemnified Party shall repay to the Indemnifying Party, promptly after such determination, any amount that such Indemnifying Party would not have had to pay pursuant to this Article IX had such determination been made at the time of
such payment. 
 Section 9.4 Indemnification Procedure. Any claim for indemnification under this Article IX shall be
subject to the applicable indemnification procedure set out in the Master Agreement. 
 Section 9.5 Interruption in
Services. Performance by any Party shall be suspended and such Party shall not be liable in damages or otherwise for any delay in performing or failure to perform its obligations under this Agreement if such delay or failure is caused in whole
or part by force majeure, including acts of God, war or insurrection, strike, fire, flood, telecommunications or other electronic modes of communication or power interruption or failures, work stoppage, inability to obtain materials or any other
event beyond the reasonable control of such Party. 
  

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 ARTICLE X 
 LITIGATION; CLAIMS HANDLING 
 Section 10.1 Notice of Litigation
Initiated by Others. 
 (a) AXA RE, PARIS RE, the Americas Affiliates, the Asia-Pacific & Monaco Affiliates, the
Canada Branch, AXA Latin and AXA Space shall promptly notify ALM of (i) any notice of litigation, arbitration or other proceeding that has been instituted and names any of ALM, AXA RE, PARIS RE, the Americas Affiliates, the
Asia-Pacific & Monaco Affiliates, the Canada Branch, AXA Latin and AXA Space as a defendant or respondent in connection with the Serviced Policies, and (ii) any inquiry, complaint or notice of filing of a complaint with any Government
Entity with respect to any denied claim or any claims handling procedure in connection with the Serviced Policies, regardless of whether or not the claim was paid or denied, or with respect to any other matter relating to the Serviced Policies or
the Ceded Reinsurance or the Services or Additional Services provided by ALM. 
 (b) ALM shall promptly notify AXA RE, PARIS RE
of (i) any notice of litigation, arbitration or other proceeding that has been instituted and names any of AXA RE, PARIS RE, the Americas Affiliates, the Asia-Pacific & Monaco Affiliates, the Canada Branch, AXA Latin and AXA Space as a
defendant or respondent in connection with the Serviced Policies, and (ii) any inquiry, complaint or notice of filing of a complaint with any Government Entity with respect to any denied claim or any claims handling procedure in connection with
the Serviced Policies, regardless of whether or not the claim was paid or denied, or with respect to any other matter relating to the Serviced Policies or the Ceded Reinsurance or the Services or Additional Services provided by ALM. 
 Section 10.2 Litigation Summaries. 
 (a) ALM shall provide AXA RE in writing, on a quarterly basis and no later than ten days after the end of each applicable quarter, a summary report describing (i) any notice of litigation,
arbitration or other proceeding that has been instituted and names any of AXA RE and, prior to such time as they are transferred to PARIS RE, the Canada Branch and the Asia-Pacific & Monaco Affiliates, as a defendant or respondent, and
(ii) any inquiry, complaint or notice of filing of a complaint with any Government Entity with respect to any denied claim or any claims handling procedure in connection with the AXA RE Policies or, prior to such time as the Canada Branch and
the Asia-Pacific & Monaco Affiliates are transferred to PARIS RE, the Canada Claims or the Asia-Pacific & Monaco Claims, regardless of whether or not the claim was paid or denied, or with respect to any other matter relating to the
AXA RE Policies or, prior to such time as the Canada Branch and the Asia-Pacific & Monaco Affiliates are transferred to PARIS RE, the Canada Claims or the Asia-Pacific & Monaco Claims, or the related Ceded Reinsurance or the
Services or the Additional Services provided by ALM. ALM shall, upon the request of AXA RE, promptly forward to it copies of all relevant pleadings, notices, demands, court filings or other documents received in connection with any such litigation,
arbitration, proceeding, inquiry, complaint or other proceeding or matter. AXA RE shall reimburse ALM for the reasonable costs of making and forwarding such copies. 
  

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 (b) ALM shall provide PARIS RE in writing, on a quarterly basis and no later than ten days
after the end of each applicable quarter, a summary report describing (i) any notice of litigation, arbitration or other proceeding that has been instituted and names any of PARIS RE, the Americas Affiliates, AXA Latin or AXA Space, the Canada
Branch and the Asia-Pacific & Monaco Affiliates as a defendant or respondent, and (ii) any inquiry, complaint or notice of filing of a complaint with any Government Entity with respect to any denied claim or any claims handling
procedure in connection with the Americas Policies, the AXA Space & Latin Claims, the Canada Claims or the Asia-Pacific & Monaco Claims, regardless of whether or not the claim was paid or denied, or with respect to any other matter
relating to the Americas Policies, the AXA Space & Latin Claims, the Canada Claims or the Asia-Pacific & Monaco Claims, or in each case the related Ceded Reinsurance or the Services or the Additional Services provided by ALM. ALM
shall, upon the request of PARIS RE, promptly forward to it copies of all relevant pleadings, notices, demands, court filings or other documents received in connection with any such litigation, arbitration, proceeding, inquiry, complaint or other
proceeding or matter. PARIS RE shall reimburse ALM for the reasonable costs of making and forwarding such copies. 
 Section 10.3 Conduct of Defense. 
 (a) ALM shall conduct the defense in the name and on behalf of AXA RE
in any litigation, arbitration or regulatory proceeding brought against it with respect to the AXA RE Policies, the Canada Life Policies or the related Ceded Reinsurance. AXA RE shall pay the reasonable expenses of any litigation, arbitration or any
regulatory proceeding or other matter with respect to the AXA RE Policies or the related Ceded Reinsurance. 
 (b) ALM shall,
directly or through the relevant entity, conduct the defense in the name and on behalf of any of PARIS RE, the Americas Affiliates, the Asia-Pacific & Monaco Affiliates, the Canada Branch, AXA Latin and AXA Space in any litigation,
arbitration or regulatory proceeding brought against any of them with respect to the Americas Policies, the AXA Space & Latin Claims, the Canada Claims and the Asia-Pacific & Monaco Claims, or the related Ceded Reinsurance. AXA RE
shall cause the Canada Branch or the relevant Asia-Pacific & Monaco Affiliate, as applicable, to pay the reasonable expenses of any litigation, arbitration or any regulatory proceeding or other matter with respect to, prior to such time as
the Canada Branch and the Asia-Pacific & Monaco Affiliates are transferred to PARIS RE, the Canada Claims or the Asia-Pacific & Monaco Claims, or the related Ceded Reinsurance. PARIS RE shall pay the reasonable expenses of any
litigation, arbitration or any regulatory proceeding or other matter with respect to the Americas Policies, the AXA Space & Latin Claims or, after such time as the Canada Branch and the Asia-Pacific & Monaco Affiliates are
transferred to PARIS RE, the Canada Claims or the Asia-Pacific & Monaco Claims, or the related Ceded Reinsurance. 
 Section 10.4 Support. AXA RE, PARIS RE, the Americas Affiliates, the Asia-Pacific & Monaco Affiliates, the Canada Branch, AXA Latin and AXA Space shall provide all reasonable support required (including making available
all personnel for any consultation, deposition or other litigation support) to enable ALM to respond to or conduct the defense in any litigation, arbitration or any regulatory proceeding or other matter with respect to the Serviced Policies or the
Ceded Reinsurance. 
  

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 Section 10.5 Prior Notice of Litigation Initiated by ALM. 
 (a) ALM shall provide AXA RE with at least ten Business Days’ prior notice of its intention to commence or initiate any suit,
arbitration or other formal proceeding against any person in the name or on behalf of any of AXA RE and, prior to such time as they are transferred to PARIS RE, the Canada Branch and the Asia-Pacific & Monaco Affiliates, with respect to any
matter arising out of or related to the AXA RE Policies or, prior to such time as the Canada Branch and the Asia-Pacific & Monaco Affiliates are transferred to PARIS RE, the Canada Policies or the Asia-Pacific & Monaco Policies, or
the Ceded Reinsurance. 
 (b) ALM shall provide PARIS RE with at least ten Business Days’ prior notice of its intention to
commence or initiate any suit, arbitration or other formal proceeding against any person in the name or on behalf of any of PARIS RE, the Americas Affiliates, AXA Space, AXA Latin and, after such time as they are transferred to PARIS RE, the Canada
Branch and the Asia-Pacific & Monaco Affiliates, with respect to any matter arising out of or related to the Americas Policies, the AXA Space & Latin Policies or, after such time as the Canada Branch and the Asia-Pacific &
Monaco Affiliates are transferred to PARIS RE, the Canada Policies or the Asia-Pacific & Monaco Policies, or the Ceded Reinsurance. ALM shall provide with such notice a reasonable description of the basis for its proposed action and shall
provide PARIS RE with a reasonable opportunity to consult and/or comment on ALM’s proposed action; provided that PARIS RE’s consent shall not be required with respect to any such action. 
 Section 10.6 PARIS RE’s Right to Participate in Claims. Notwithstanding the other terms of this Agreement, it is agreed
that PARIS RE may require that ALM, acting on behalf of PARIS RE, take any of the following actions with respect to any Non-Guaranteed Claim involving future payments in excess of €1 million or more, even if any such action is contrary to
the express written recommendation of ALM, provided that ALM’s proposed handling or adjustment of such claim or related loss is reasonably expected to cause (i) PARIS RE or any of its Affiliates to encounter actual material damage or
(ii) material damage to the commercial reputation of PARIS RE or any of its Affiliates, and, in each case, the request by PARIS RE is made in writing and the reason for such request and the nature of the actions are reasonably specified:

 (1) asserting or foregoing a defense to coverage available under a Serviced Policy; 
 (2) initiating or continuing court or arbitration proceedings; 
 (3) selecting a legal representative of PARIS RE or assuming from ALM the conduct of the defense (at PARIS RE’s own
expense) of any suit, arbitration or other formal proceeding brought against PARIS RE or any of its Affiliates; and 
 (4) exercising a right under a Serviced Policy to cause a Cedant to take any of the actions specified in (1) and (2) above; 
  

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 provided, further, that ALM shall not be bound by the provisions of this
Section 10.6 unless, prior to ALM taking any of the actions set forth above, PARIS RE confirms in writing it will indemnify (on terms satisfactory to ALM, including a posting of collateral or such other security undertakings as may be
commercially reasonable) ALM, AXA RE and their respective Affiliates for any liability ALM, AXA RE or any of their Affiliates may incur (including under the Reserve Agreement) as a result of ALM taking any such action. 
 ARTICLE XI 
 TERM
AND TERMINATION 
 Section 11.1 Effectiveness and Termination. This Agreement shall become effective
(i) with respect to Article VII, as of the date hereof, and (ii) with respect to all matters other than Article VII, as of the First Closing Date. This Agreement shall continue in force until the date when the earlier of (i) its
termination by mutual agreement of the Parties and (ii) its termination pursuant to Section 11.2. 
 Section 11.2
Material Breach. If AXA RE or PARIS RE breaches any material obligation under the Agreement and has failed to cure such breach within 30 days following receipt of a written notice of such breach by ALM, then ALM may terminate this Agreement
by giving a written notice of termination to AXA RE and PARIS RE. Such notice of termination shall specify the grounds for termination and designate the date on which termination of this Agreement shall be effective, which date shall not be less
than 20 days after the date such notice is deemed to have been given. 
 Section 11.3 No Prejudice. Termination of
this Agreement shall be without prejudice to accrued rights and obligations accrued hereunder prior to the effective date of termination. 
 ARTICLE XII 
 MISCELLANEOUS 
 Section 12.1 Payments. Should any payment hereunder by any Party become due and payable on a non-business day such payment shall
be made on the next succeeding business day. 
 Section 12.2 Modification; Waiver. This Agreement may be modified in
any manner and at any time only by a duly authorized written instrument executed by an executive officer of each of the Parties hereto. No delay on the part of any Party in exercising any right, power or privilege hereunder shall operate as a waiver
thereof. Any of the terms and conditions of this Agreement may be waived at any time by AXA RE, PARIS RE or ALM by the duly authorized writing of the Party entitled to the benefit of such term or condition. A waiver on one occasion will not be
deemed to be a waiver of the same or any other breach or non-fulfillment on a future occasion. Unless expressly provided otherwise herein, all remedies, whether under this Agreement or by Law or otherwise afforded, will be cumulative and not
alternative. 
  

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 Section 12.3 Binding Agreement; Assignment. This Agreement shall be binding upon
and inure to the benefit of the Parties hereto and their respective successors, legal representatives and permitted assigns. Except as expressly provided herein, this Agreement shall not be assignable in whole or in part by any Party hereto without
the prior written consent of the other Parties hereto. 
 Section 12.4 Headings. The headings in this Agreement are
for convenience of reference only and will not affect the construction of any provisions hereof. 
 Section 12.5 Further
Assurances. The Parties shall execute all documents, do all other things and take all other steps reasonably necessary to give full effect to this Agreement. 
 Section 12.6 Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of
the other provisions hereof. If any provision of this Agreement, or the application thereof to any Person or any circumstance, is invalid or unenforceable, (a) a suitable and equitable provision shall be substituted therefore in order to carry
out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected
by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction. 
 Section 12.7 Schedules. All Schedules to this Agreement are deemed to be integrated in and to form part of this Agreement in the
form and substance from time to time agreed upon between the Parties concerned in writing. 
 Section 12.8 Entire
Agreement. This Agreement, together with the Purchase Agreement, the Master Agreement and the other Ancillary Agreements, including, for the avoidance of doubt, to which they are a party, constitutes the entire agreement of the Parties with
respect to its subject matter and shall supersede all previous agreements and understandings, representations and discussions, written or oral, including without limitation the “Convention de gestion de portefeuille de contrats de
reassurance” between AXA RE and ALM, dated April 28, 2003, which shall terminate upon the execution of this Agreement and be of no further force and effect. 
 Section 12.9 No Third-Party Beneficiaries. Except as otherwise provided herein, nothing in this Agreement shall confer any rights upon any person or entity other than the Parties and their
respective successors and permitted assigns. 
 Section 12.10 Conflicts. To the extent any term or provision of the
Purchase Agreement, or any other document or other agreement executed in connection with the Purchase Agreement, is in conflict with any term or provision of this Agreement or any Schedule hereto, the terms and provisions of this Agreement and the
Schedules hereto shall

  

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govern solely to the extent of any such conflict. To the extent any term or provision of this Agreement is in conflict with any term or provision of any Schedule hereto, the terms and provisions
of the Schedules hereto shall govern solely to the extent of any such conflict. 
 ARTICLE XIII 
 GOVERNING LAW, DISPUTE RESOLUTION 
 Section 13.1 Governing Law. This Agreement shall be construed in accordance with and governed by the laws of France and without giving effect to conflicts of law principles. 
 Section 13.2 Dispute Resolution. Any dispute arising out of or relating to this Agreement, including the breach, termination or
invalidity thereof (each, a “Dispute”), shall initially be submitted for resolution pursuant to the applicable provisions of the Master Agreement. 
 Section 13.3 Jurisdiction. Subject to Section 13.2, all Disputes shall be subject to the exclusive jurisdiction of the competent courts within the jurisdiction of the court of appeals of
Paris. 
 [End of Text; Signature Page Follows] 
  

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 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first
written above. 
  

			
	AXA RE
	
	

	By:	 	
	Title:	 	
	
	AXA LIABILITIES MANAGERS
	
	

	By:	 	
	Title:	 	
	
	PARIS RE
	
	

	By:	 	
	Title:	 	

  

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 SCHEDULES 
 Schedule 4.3(b) – Services Delegated to PARIS RE on Temporary Basis 
 PARIS RE shall provide, with respect to the Serviced Policies and the Serviced Business (as defined in the Claims Management and Services Agreement), the following Services: 
 (A) Statutory and Consolidated Accounting. PARIS RE shall prepare the statutory accounts and the consolidated accounts
and perform all related activities (including, without limitation, tax returns, statutory returns and any required Sarbanes-Oxley Act reports) up to and including the year-end accounts for 2006. In preparation of the statutory accounts, PARIS RE
shall comply with all applicable French laws and regulations. In preparation of the consolidated accounts for standalone entities, PARIS RE shall comply with all applicable French laws and regulations. In preparation of the consolidated accounts for
AXA group contribution, PARIS RE shall comply with the applicable AXA group instructions. All statutory and consolidated accounting services shall be provided under control of, and subject to instructions from, ALM. 

 Schedule 5.1.1 – Services 
 ALM shall provide the Services referred to below, subject to Section 6.1 and other applicable provisions of this Agreement, in respect
of all AXA RE Policies (with respect to all claims thereunder), Americas Policies (with respect to all claims thereunder), AXA Space & Latin Policies (with respect to all claims thereunder), Canada life Policies and Canada Policies (with
respect to the Canada Claims) and Asia-Pacific & Monaco Policies (with respect to the Asia-Pacific & Monaco Claims), including, in each case, all dealings with the Ceded Reinsurance and salvage, subrogation or other recoveries
arising under the Serviced Policies, whether before or after January 1, 2006, the performance of which shall be binding on AXA RE, PARIS RE and their respective reinsurance subsidiaries and branches subject to the other terms of this Agreement:

 (A) Policy Administration. Policy administration, including the giving and receiving of all notices and
reports required or permitted or as may be given or received in the ordinary course of the administration of the Serviced Policies, including, without limitation, filing reports with applicable insurance authorities; review, agreement and signing of
all endorsements or amendments to all Serviced Policies (after consultations with relevant underwriters, where applicable (provided that such consultations shall not be deemed to confer any consent rights on such underwriters)) as may be necessary
in connection with the administration of the Serviced Policies. 
 (B) Administration of Ceded
Reinsurance. Administration of all Ceded Reinsurance, including review, agreement and signing of any slips, facultative certificates, treaty wordings, addenda, endorsements and amendments; including commutations and matters relating to
insolvency of any retrocessionaire. 
 (C) Claims Handling, Settlements and Commutations. Claims handling
services, including adjustment, agreement and settlement of claims; the securing, for the said purposes, of sufficient documentation as deemed appropriate by ALM concerning claims arising from the Serviced Policies; establishing appropriate
outstanding or known case reserves in respect of reported losses; audits of cedants (subject to 5-day prior notice to PARIS RE). Exercising rights to defend or associate in the defense of claims, and defense or pursuit of legal, arbitration and
alternative dispute resolution procedures and proceedings. Appointment of external auditors, collection agencies, adjusters, lawyers, experts, arbitrators, etc. Commutations of the Serviced Policies as ALM shall determine to be appropriate.

 (D) Salvage and Subrogation. Pursuit of subrogation and salvage or other recoveries and participating
in any scheme to minimize and/or avert loss. 
 (E) Retrocession Recoveries. Retrocession recovery
services, including the identification, documentation, evaluation and assertion, billing and collection of amounts due under the terms of any Ceded Reinsurance. Where necessary, the commencement, continuation, defense, compromise, settlement,
withdrawal or abandonment of any action, suit arbitration or other proceeding related to such recovery effort. 
  

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 (F) Reporting. Prepare and provide such quarterly reports as are
contemplated by the Reserve Agreement and, until the third anniversary of the First Closing Date, as may be reasonably requested by the Joint Advisory Committee (as defined in the Master Agreement). 
 (G) Technical and Fiduciary Accounting. All processing functions; processing of instructions for payment of premiums,
claims or losses, commissions and other deductions and the administration of refunds, returns and adjustments; reconciliation to cedants; intercompany reconciliation; credit control; data control. 
 (H) Actuarial. Calculating incurred but not reported losses (IBNR) reserves and cooperating with AXA RE in
establishing or revising reserves, including after scheduled periodic review; making or evaluating commutation proposals. The Canada branch of PARIS RE will provide the appointed actuary and Chief Agent to the Canada branch of AXA RE. 
 (I) Collections. Collecting premiums and transmitting payment of any related return premiums, collecting and
transmitting claim payments owed and collecting and transmitting any other monies owed with respect to all Serviced Policies (except in respect of claims not subject to this Agreement). 
 (J) General Accounting. Prepare the statutory and consolidated accounts of AXA RE (this Service is limited to AXA RE
only) and its Canada branch. 
 (K) Tax. Preparation of all required tax returns of AXA RE (this Service
is limited to AXA RE only) and its Canada branch. 
 (L) Corporate Legal Functions. Managing any matters
relating to the legal administration of AXA RE, including but not limited to regulatory and licensing issues, and claims and proceedings; drafting of wordings, slips, contracts, agreements and other documents with legal consequences (this Service is
limited to AXA RE only). 
 (M) Administration of Letters of Credit and Deposits. The services set forth
in Section 6.3 hereof. 
 (N) Excluded Services. Notwithstanding anything to the contrary herein, ALM
shall not provide the following services: (1) asset management, (2) maintenance, management, and development of information and IT systems, (3) investment back-office functions, and (4) treasury functions, including the
maintenance of bank accounts. Notwithstanding the foregoing, the Canada branch of PARIS RE will provide the services listed in the preceding sentence to the Canada branch of AXA RE. 
  

 -3- 

 Schedule 5.1.2 – Additional Services 
 ALM shall provide the Additional Services to PARIS RE for Accommodation Business (as defined under the Issuance Agreement) and Policies
issued by AXA RE in Paris in 2006 (collectively the “Additional Business”) under the terms and conditions set forth below, subject to the other terms of this Agreement: 
 (O) Scope of Additional Services: fiduciary accounting services with respect to the Additional Business, including:

 (1) All processing functions; processing of instructions for payment of premiums, claims or losses,
commissions and other deductions and the administration of refunds, returns and adjustments; reconciliation to cedants; intercompany reconciliation; credit control; data control. 
 (2) Management of letters of credit (LOCs) 
 (3) Collection of Minimum Deposit Premium (also known as PMD) 
 (4) Collection of other receivables 
 (5) Processing brokers’ statements of accounts 
 (6) Processing letters of credit and draw downs 
 (P) Duration: This Schedule shall have effect from the 1st January 2007 and shall remain in force for a period of
5 years. 
 (1) After the one year anniversary of this Schedule, any party may terminate this Schedule upon
giving a written notice to the other party. 
 (2) On occurrence of an Event of Default the affected party shall
have the right to terminate this Schedule upon giving a 6-month prior written notice of termination. 
 (3) Any
one of the following events or circumstances shall be deemed an Event of Default: 
 (i) ALM fails to observe or perform any
material obligation under this Schedule (including without limitation failure to achieve 50% of KPI (b), (d) and (f)), and in the case of a failure capable of being remedied does not remedy such failure to the reasonable satisfaction of PARIS
RE within 90 days after being given notice to do so by PARIS RE; or 
  

 -4- 

 (ii) PARIS RE fails to observe or perform any material obligation under this Schedule, and
in the case of a failure capable of being remedied does not remedy such failure to the reasonable satisfaction of ALM within 90 days after being given notice to do so by ALM; or 
 (Q) Consequences of termination: 
 (1) ALM shall stop supplying the Additional Services: 
 (a) 12 months after termination notice has been served in accordance with clause P (1) or 
 (b) 6 months after termination notice has been served in accordance with clause P (2) or 
 (c) at such other date as may be agreed between the Parties to enable business in hand at the date of termination to be
satisfactorily completed. 
 (2) PARIS RE shall pay to ALM all arrears of the Fees and any other sums due
pursuant to this Schedule through the date on which ALM stops supplying the Additional Services pursuant to Clause Q (1) of this Schedule. 
 (R) Reporting from ALM: ALM to prepare and provide monthly report on the basis of the format of the “Faits Marquants” report. 
 (S) Service level: ALM shall provide the Additional Services in good faith, with reasonable skill and care and in a
manner consistent with applicable law and regulations. 
 (T) Remuneration: In consideration for the
provision of the Additional Services, PARIS RE shall pay to ALM an Annual Fee equal to the aggregation of the actual costs and expenses (direct and indirect) incurred by ALM in furnishing the Additional Services plus a Service Fee and a Performance
Fee (together the ‘Fees’). The Fees are payable quarterly and shall be notified by ALM to PARIS RE by invoice. PARIS RE shall within ten days of receipt of the invoice, make payment of the amounts specified. 
 (1) Annual Fee 
 (i) The Annual Fee for the year 2007 will be equal to 900,000 € excluding VAT 
  

 -5- 

 (ii) The Parties agree that fixed costs incurred by AXA LM in providing the Additional
Services are deemed to evolve over time and have agreed to actualize accordingly the Annual Fee by applying a factor equal to the French Consumer Price Index (CPI) all Households excluding Tobacco (Indice des Prix à la Consommation
séries hors Tabac, Ensemble des Ménages) as published in the Journal Officiel of the French Republic. Base factor for November 2006 is 113,33. 
 (iii) In consideration for the contemplated decrease of activity, for each subsequent year the Annual Fee shall be
multiplied by a Decrease Rate equal to the number of technical balances created in connection with each underwriting year divided by the number of technical balances created in connection with the preceding year. For the avoidance of doubt the
Parties agree that the number of technical balances through November 30th 2006 for policies issued in 2006 is 14215. 
 (iv) For the sake of clarity, at the
end of the first quarter 2008 (“2008Q1”), AXA LM shall issue an invoice for an amount to be calculated as follows: 
 2008Q1 = (900,000/4) x (1+Variation of CPI) x DR 
 In this example, DR is equal to: 
 Number of technical balances created at the end of 2008Q1 [(total number of technical balances created in 2007)/4] 

(2) In addition to the Annual Fee PARIS RE has agreed to pay to ALM a fixed Service Fee equal to 14 % of the Annual
Fee and a Performance Fee based on six Key Performance Indicators (KPIs) which are described below and set out the performance target to be achieved by ALM. 
 (i) KPIs 
  

	 	(a)	Level of collection of PMD within 3 months of due date: average of 90 % in amount of premiums per quarter 

  

	 	(b)	Level of collection of PMD within 3 months of due date: average of 98 % in amount of premiums per year 

  

	 	(c)	Level of collection of other receivables within 3 months of due date: average of 80 % in amount of premiums per quarter 

  

	 	(d)	Level of collection of other receivables within 3 months of due date: average of 90 % in amount of premiums per year 

  

 -6- 

	 	(e)	Processing time on statements of accounts for all major brokers (as defined in the list indicated below in clause V): 15 business days 

  

	 	(f)	Processing time on letter of credits draw downs and establishment: within ten business days (Processing time means the number of business days between date of
notification of draw down or creation by cedant/broker and the date of actual draw down or creation of letter of credits) 

 (ii) Calculation of the Performance Fee 
 The Performance Fee shall be of 1 %
of the Annual Fee in connection with each KPI provided always that: 
  

	 	(a)	ALM must achieve at least 85 % of the target KPI in order to be eligible for a Performance Fee for that KPI 

  

	 	(b)	Performance between 85 and 100 % of the target KPI entitles ALM to the similar number of basis points for the applicable KPI (e.g. when performance reaches
92 % of the KPI, 92 bp are attributed for the applicable KPI) 

  

	 	(c)	The Performance Fee may not exceed 6 % per year 

 For the sake of clarity, it is reminded that one basis point (bp) equals to one hundredth of a percent (0.01 %). 
 (U) Access to books and records: ALM shall provide PARIS RE with reasonable access (during normal business hours,
without undue disruption to the business of ALM) on an ongoing basis to books, records, documents, data and information relevant to Additional Services and to verify the satisfaction of KPI in respect of this Schedule. 
 (V) List of Major Brokers 
 MARSH 
 GUY CARPENTER 
 WILLIS LTD 
 AON RE 
 BENFIELD 
 HEATH 
 JLT RE 
 TOWERS PERRIN 
 D.M CLAYTON 
  

 -7- 

 Schedule 8.3(a) – Calculation of Fee Payable by AXA RE 
 Fees payable by AXA RE to ALM in respect of Services pursuant to Section 8.3(a) shall be charged at ALM’s cost plus 10% margin. 
 The determination of ‘costs’ will be made based on the following principles: 
 1. The total costs charged shall reflect the sum of the costs of all departments determined as follows: (the “total cost of each
department”) x (the “percentage of the time” of such department spent on the Services for which a remuneration is provided for pursuant to Section 8.3(a)). 
 2. The “total cost of each department” shall mean all costs directly incurred or indirectly allocated to each department. Direct
costs include, but are not limited, to the employment cost of the personnel working in the relevant department. Indirect costs include, but are not limited to, the share of the occupancy costs, IT costs and other overhead costs allocated to each
department. 
 3. The “percentage of time” shall be calculated based on declaration of time spent by the personnel of
the relevant department to provide Services that should be remunerated pursuant to Section 8.3(a). Such declared time shall then be divided by the total time worked by the personnel of the relevant department during the applicable period in
order to obtain the percentage. 
  

 -8- 

 Schedule 8.3(b) – Calculation of Fee Payable by PARIS RE 
 Fees payable by PARIS RE to AIM in respect of Section 8.3(b) shall be charged at ALM’s cost. 
 The determination of ‘costs’ will be made based on the following principles: 
 1. The total costs charged shall reflect the sum of the costs of all departments determined as follows: (the “total cost of each
department”) x (the “percentage of the time” of such department spent on the Services for which a remuneration is provided for pursuant to Section 8.3(b)). 
 2. The “total cost of each department” shall mean all costs directly incurred or indirectly allocated to each department. Direct
costs include, but are not limited, to the employment cost of the personnel working in the relevant department. Indirect costs include, but are not limited to, the share of the occupancy costs, IT costs and other overhead costs allocated to each
department. 
 3. The “percentage of time” shall be calculated based on declaration of time spent by the personnel of
the relevant department to provide Services that should be remunerated pursuant to Section 8.3(b). Such declared time shall then be divided by the total time worked by the personnel of the relevant department during the applicable period in
order to obtain the percentage. 
  

 -9-Reserve Agreement dated December 21, 2006

 Exhibit 10.27.2 
 Execution Copy 
 RESERVE AGREEMENT 
 among 
 AXA,

 AXA RE 
 and 
 PARIS RE 
 Dated December 21, 2006 

 TABLE OF CONTENTS 
 RESERVE AGREEMENT 
  

					
	 	  	 	  	Page
	ARTICLE I
	Definitions
	
	ARTICLE II
	Payment Obligations
	 2.1
	  	 Interim Payments until the Seventh Anniversary
	  	8
	 2.2
	  	 Payment as of the Seventh Anniversary
	  	9
	 2.3
	  	 Additional Payments in respect of Reserves
	  	9
	 2.4
	  	 Calculation and Payment of Amounts Due
	  	10
	 2.5
	  	 Default Amounts
	  	12
	
	ARTICLE III
	Annual Reports
	 3.1
	  	 Annual Reports
	  	12
	 3.2
	  	 Quarterly Reports
	  	13
	
	ARTICLE IV
	Termination
	 4.1
	  	 Term
	  	13
	 4.2
	  	 No Prejudice
	  	13
	 4.3
	  	 Commutation
	  	13
	
	ARTICLE V
	Further Assurance regarding AXA RE
	
	ARTICLE VI
	Miscellaneous
	 6.1
	  	 Guarantor
	  	14
	 6.2
	  	 Modification; Waiver
	  	14
	 6.3
	  	 Integration
	  	14
	 6.4
	  	 Notices
	  	14
	 6.5
	  	 Assignment
	  	14
	 6.6
	  	 Headings
	  	15
	 6.7
	  	 Governing Law
	  	15
	 6.8
	  	 Dispute Resolution
	  	15

  

 -i- 

					
	 	  	 	  	Page
	 6.9
	  	 Jurisdiction
	  	15
	 6.10
	  	 Judgment Currency
	  	15
	 6.11
	  	 No Third Party Beneficiary
	  	15
	 6.12
	  	 Invalid Provisions
	  	15
	 6.13
	  	 Interpretation
	  	16

  

			
	 Schedule 1
	  	 Ceded Reinsurance

	 Schedule 2
	  	 Excluded Reserves

  

 -ii- 

 RESERVE AGREEMENT 
 This RESERVE AGREEMENT (this “Agreements”) is made and entered into as of December 21, 2006, by and among AXA, a
French société anonyme (“AXA”), AXA RE, a French société anonyme (“AXA RE”, and together with AXA, the “Guarantor”) and PARIS RE, a French
société anonyme (“PARIS RE”). Guarantor and PARIS RE are referred to herein collectively as the “Parties”. 
 RECITALS 
 WHEREAS, the consummation of the transactions contemplated by the Stock
Purchase Agreement dated as of June 5, 2006 (as such agreement may have been, or may from time to time be, amended, supplemented or otherwise modified, the “Purchase Agreement”), by and between AXA RE, and PARIS RE Holdings
Limited, a Bermuda holding company (“Purchaser”), is conditioned, among other things, upon the Parties entering into this Agreement, and AXA RE and AXA Liabilities Managers, a French société par actions
simplifiée “ALM”), entering into the Run Off Services and Management Agreement (defined below); 
 WHEREAS, Guarantor has agreed to provide a guarantee in respect of Losses (defined below) incurred by AXA RE and the Guaranteed Reinsurance Subsidiaries and Branches whether indirectly pursuant to the Quota Share Retrocession Agreement and
the Canadian Quota Share Retrocession Agreement (each as defined in the Purchase Agreement), or directly, in respect of the Guaranteed Portfolio (defined below), on the condition that the Guaranteed Portfolio be managed by ALM pursuant to the Run
Off Services and Management Agreement; and 
 WHEREAS, the Parties wish to provide, on the terms and conditions set forth
herein, for payments by Guarantor to PARIS RE or PARIS RE to Guarantor, as the case may be, based on the loss experience and the development of the insurance reserves in respect of Losses as further described herein. 
 NOW, THEREFORE, in consideration of the premises set forth above, and subject to the terms and conditions stated herein, the Parties agree
as follows: 
 ARTICLE I  
 Definitions 
 As used herein all capitalized terms shall have the same
meanings ascribed to such terms in the Purchase Agreement unless otherwise defined herein. The following terms shall have the meanings set forth below: 
 “Actuarial Certifications” shall have the meaning set forth in Section 2.4(b) hereof. 

 “Additional Calculation Date” shall mean each of September 30,
2017, September 30, 2022, September 30, 2027, September 30, 2032 or September 30, 2037. 
 “Additional Experience” shall have the meaning set forth in Section 2.3 hereof. 
 “Additional Losses” shall mean, as of any Additional Calculation Date, the portion of Losses paid after December 31, 2005, through the relevant Additional Calculation Date. 
 “Additional Reserve Deficiency” shall have the meaning set forth in Section 2.3 hereof. 
 “Additional Reserve Report” shall have the meaning set forth in Section 2.4(a) hereof. 
 “Additional Reserve Surplus” shall have the meaning set forth in Section 2.3 hereof. 
 “Allocated Loss Adjustment Expenses” shall mean any and all amounts paid or liable to be paid by AXA RE or any Guaranteed
Reinsurance Subsidiary or Branch as allocated loss adjustment expenses under or in relation to a Policy that is part of the Guaranteed Portfolio or the relevant portion thereof, including, without limitation, legal expenses and court costs, cost of
bonds, appeal bonds expense, and interest accrued after award or judgment and pre-judgment interest awarded, plus legal expenses and all other expenses incurred in connection with Extra Contractual Obligations, Loss in Excess of Contract Limits and
Declaratory Judgment Expenses. Allocated Loss Adjustment Expenses shall not include office expenses and salaries of employees of AXA RE, ALM or any Guaranteed Reinsurance Subsidiary or Branch. 
 “Calculation Date” shall mean an Additional Calculation Date, an Interim Calculation Date or the Seventh Anniversary, as
the case may be. 
 “Cedant” shall mean a ceding insurer under a Policy that is part of the Guaranteed
Portfolio. 
 “Ceded Reinsurance” shall mean those contracts of reinsurance or retrocession in effect as of the
date hereof to which AXA RE or one or more of the Guaranteed Reinsurance Subsidiaries and Branches is a party as a ceding insurer or reinsurer and that reinsure the obligations of AXA RE or one or more of the Guaranteed Reinsurance Subsidiaries and
Branches, including, without limitation, those contracts of ceded reinsurance listed on Schedule 1 hereto. Ceded Reinsurance shall not include the Quota Share Retrocession Agreement or the Canadian Quota Share Retrocession Agreement.

  

 2 

 “Companies Reserves” shall mean in respect of AXA RE and each Guaranteed
Reinsurance Subsidiary or Branch the amount (by currency) set forth next to the respective entity in Schedule 3 hereto. For the avoidance of doubt, the Companies Reserves do not include the reserves identified on Schedule 2 attached hereto which
(i) pertain-to Policies which gave rise to discounted reserves prior to January 1, 2006, as reflected in the Financial Statements, or Policies of subsidiaries or branches of AXA RE which are not transferred to PARIS RE or Purchaser
pursuant to the Purchase Agreement and (ii) were excluded from the Pro Forma Statements. 
 “Confidential
Information” shall have the meaning set forth in Section 5.14 hereof. 
 “Default Amount” shall
have the meaning ascribed to such term in the Quota Share Retrocession Agreement or the Canadian Quota Share Retrocession Agreement, as applicable, to the extent such amount is due or claimed to be due in respect of a Loss. 
 “Default Amount Notice” shall have the meaning set forth in Section 2.5(a) hereof. 
 “Default Amount Payment” shall have the meaning set forth in Section 2.5(b) hereof. 
 “Deficiency” shall mean an Interim Reserve Deficiency, the Reserve Deficiency or an Additional Reserve Deficiency, as the
case may be. 
 “Declaratory Judgment Expenses” shall mean all expenses, fees, costs and interest which AXA RE
or any Guaranteed Reinsurance Subsidiary or Branch has paid or which are payable by AXA RE or any Guaranteed Reinsurance Subsidiary or Branch in connection with or in relation to the analysis, prosecution, defense, or resolution of an action or
proceeding whether for declaratory judgment or other action or proceeding brought to determine the obligations under a Policy that is part of the Guaranteed Portfolio or the relevant portion thereof. Declaratory Judgment Expenses are deemed to have
been incurred by AXA RE or any Guaranteed Reinsurance Subsidiary or Branch on the date of the actual or alleged claim giving rise to the declaratory judgment or other action or proceeding. 
 “Developed Experience” shall mean the aggregate amount of all Losses paid during the period beginning on January 1,
2006 and ending on a given date. 
 “Dispute” shall have the meaning set forth in Section 5.7 hereof.

 “Extra Contractual Obligations” shall mean any and all liabilities, compensatory, punitive, exemplary or
consequential damages, losses, legal costs, expenses, interest, settlement amounts or other amounts assessed, incurred, awarded, paid or payable against or by AXA RE or any Guaranteed Reinsurance Subsidiary or Branch

  

 3 

 
relating to the Policies included within the Guaranteed Portfolio or the relevant portion thereof which are not covered by any Policy and which directly or indirectly arise out of or relate to:
(1) any actual or alleged negligence, fraud, bad faith or other tortious act or omission of or by any Cedant, AXA RE or any Guaranteed Reinsurance Subsidiary or Branch, and (2) either the handling, adjustment, rejection, settlement or
defense of, or offer or failure to settle within any policy limit, any claim, demand or action, or any failure to undertake the defense of any claim, demand or action, or participation in any proceeding, trial or hearing relating to any claim,
demand or action against an insured, a Cedant, AXA RE or any Guaranteed Reinsurance Subsidiary or Branch, or the preparation or prosecution of any appeal relating to any such claim, demand or action. For the avoidance of doubt, any amount included
in Extra Contractual Obligations shall not be duplicative of or include such amount to the extent already included in Loss in Excess of Contract Limits. An Extra Contractual Obligation shall be deemed to have occurred on the same date as the loss
covered or alleged to be covered by a Policy that is part of the Guaranteed Portfolio. 
 “Guaranteed
Portfolio” shall mean all Policies that were (i) issued, bound, renewed, agreed or written and (ii) in respect of which premiums were earned, in each case, prior to January 1, 2006; provided that any addendum,
endorsement, alteration, provision, amendment or supplement to any Policy or ancillary agreement in connection therewith or any renewal thereof, whether oral or written, which is made after the First Closing Date (each, an “extension”)
shall not be part of the Guaranteed Portfolio unless (i) with respect to any extension authorized by PARIS RE or any of the Guaranteed Reinsurance Subsidiaries and Branches, AXA RE consents thereto in writing, or (ii) an extension is
required by law or regulation; provided, further, that the Guaranteed Portfolio shall not include life Policies issued, bound, renewed, agreed or written by the Canadian Branch and Policies relating to the reserves excluded from the
definition of Companies Reserves pursuant to Schedule 2 hereto and clauses (i) to (iii) of the definition thereof. 
 “Guaranteed Reinsurance Subsidiaries and Branches” shall mean the Canadian, Hong Kong, Madeira and United Kingdom branches of AXA RE or PARIS RE, as appropriate, AXA RE America Insurance Company, AXA RE Latin America Inc.,
Rise Limited, AXA Space Inc., AXA RE Asia-Pacific Pte. Ltd, AXA RE Services Japan Co. Ltd, Compagnie Générate de Réassurance de Monte Carlo and Labuan/Malaysian Branch. 
 “Guarantor” shall have the meaning set forth in the Preamble hereto. 
 “IFRS” shall mean International Financial Reporting Standards as issued by the International Accounting Standards Board as
of December 31, 2005. 
 “Independent Actuarial Firm” shall mean Milliman, Inc. or the Tillinghast
business of Towers Perrin, as applicable, or such firm’s successors and assigns. 
  

 4 

 “Interim Calculation Date” shall mean each of September 30, 2008 and
September 30, 2010. 
 “Interim Experience” shall have the meaning set forth in Section 2.1 hereof;

 “Interim Losses” shall mean, as of any Interim Calculation Date, the portion of Losses paid after
December 31, 2005, through the relevant Interim Calculation Date. 
 “Interim Reserve Deficiency” shall
have the meaning set forth in Section 2.1 hereof. 
 “Interim Reserve Report” shall have the meaning set
forth in Section 2.4(a) hereof. 
 “Interim Reserve Surplus” shall have the meaning set forth in
Section 2.1 hereof. 
 “Loss” shall mean, as of the applicable date, the amount of liability paid or to be
paid by PARIS RE or the Guaranteed Reinsurance Subsidiaries and Branches (whether indirectly pursuant to the Quota Share Retrocession Agreement, the Canadian Quota Share Retrocession Agreement or directly) with respect to the Net Liabilities
incurred prior to January 1, 2006 by AXA RE and the Guaranteed Reinsurance Subsidiaries and Branches under the Guaranteed Portfolio or the relevant portion thereof and, for the avoidance of doubt, shall include adverse development in respect of
such Net Liabilities on or after January 1, 2006 (including incurred but not reported losses (IBNR)); provided that Loss shall exclude any amount of liability to the extent incurred as a result of (i) non-compliance by PARIS RE or
any of the Guaranteed Subsidiaries and Branches with their duties (including in respect of the Delegated Services) pursuant to the Run Off Services and Management Agreement or (ii) failure on the part of PARIS RE or any of the Guaranteed
Subsidiaries and Branches to perform the Delegated Services thereunder; provided, further, that the foregoing proviso shall apply to any act or omission on the part of any of the Guaranteed Subsidiaries and Branches only to the extent such
act or omission shall occur on or after the date on which PARIS RE shall acquire ownership of such entity; provided, further, that any reduction in Loss that shall occur pursuant to the first proviso hereof shall reduce any indemnification
obligation of PARIS RE under the Run Off Services and Management Agreement in respect of the same Loss. 
 “Loss in
Excess of Contract Limit” shall mean any and all amounts, legal costs, expenses, interest, settlement amounts or other amounts assessed, incurred, awarded, paid or payable against or by AXA RE or any Guaranteed Reinsurance Subsidiary or
Branch relating to the Policies included within the Guaranteed Portfolio or the relevant portion thereof which are in excess of the limits of a policy or reinsurance agreement, but otherwise within the coverage terms of such policy or reinsurance

  

 5 

 
agreement, for which there would have been contractual liability to pay had it not been for the limit of such policy agreement, which directly or indirectly arise out of or relate to:
(1) any actual or alleged negligence, fraud, bad faith or other tortious act or omission of or by any Cedant, AXA RE or any Guaranteed Reinsurance Subsidiary or Branch, (2) either the handling, adjustment, rejection, settlement or defense
of, or offer or failure to settle within any policy limit, any claim, demand or action, or any failure to undertake the defense of any claim, demand or action, or participation in any proceeding, trial or hearing relating to any claim, demand or
action against an insured, a Cedant, AXA RE or any Guaranteed Reinsurance Subsidiary or Branch, or the preparation or prosecution of any appeal relating to any such claim, demand or action and (3) all ex gratia payments and compromise
settlements made by AXA RE or the Guaranteed Reinsurance Subsidiaries and Branches in respect of the Policies included in the Guaranteed Portfolio. Without limiting the foregoing and notwithstanding any other provisions to the contrary in this
Agreement, the decision by a Cedant (or AXA RE or any Guaranteed Reinsurance Subsidiary or Branch) to settle a claim for an amount in excess of the limit when the Cedant (or AXA RE or any Guaranteed Reinsurance Subsidiary or Branch) has a reasonable
basis to believe that it is liable for the claim, will be deemed a Loss in Excess of Contract Limits. For the avoidance of doubt, any amount included in Loss in Excess of Contract Limits shall not be duplicative of or include such amount to the
extent already included in Extra Contractual Obligations. 
 “Loss Reserves” shall mean, as of the applicable
date, the aggregate amount of loss reserves (life and non-life) of PARIS RE in respect of Losses (including, without limitation, Losses incurred but not reported, claims reserves, reinstatement premiums, penalty premiums, scale commission reserves
and policy dividend reserves). 
 “AXA” shall have the meaning set forth in the Preamble hereto. 
 “AXA RE” shall have the meaning set forth in the Recitals hereto. 
 “PARIS RE” shall have the meaning set forth in the Preamble hereto. 
 “Master Agreement” shall mean that certain Master Agreement, dated as of the date hereof, as such agreement may have been,
or may from time to time be, amended, supplemented or otherwise modified, between AXA RE, PARIS RE, ALM and Purchaser. 
 “ALM” shall have the meaning set forth in the Recitals hereto. 
 “Net Liability”
shall mean any and all amounts paid or payable by AXA RE or the Guaranteed Reinsurance Subsidiaries and Branches under or in relation to any and all Policies included within the Guaranteed Portfolio, in respect of any loss, damage, damages,
occurrence, claim, settlement, interest, bond, fine, penalty, or other such amount and including Allocated Loss Adjustment Expenses, Extra Contractual Obligations, Loss in Excess of Contract Limits, Declaratory Judgment Expenses, and Subsidiary
ULAE, but minus Reinsurance Recoverables and salvage or subrogation or

  

 6 

 
other recoveries relating to the Policies included within the Guaranteed Portfolio or the relevant portion thereof. “Net Liability” shall, in addition, include: (1) any and all
liability of AXA RE or the Guaranteed Reinsurance Subsidiaries and Branches for brokerage, fees, commissions or other deductions paid or payable on or after January 1, 2006 with respect to the Guaranteed Portfolio, to the extent not already
settled, deducted from or allowed; (2) any and all liability for returns or refunds of premiums, experience adjustments related to retrospective premiums and contingent commissions, less any brokerage, fees, commissions or other deductions with
respect to the Guaranteed Portfolio minus any adjustment premium earned prior to January 1, 2006 but which is received by AXA RE or the Guaranteed Reinsurance Subsidiaries and Branches on or after January 1, 2006; (3) any
commutations entered into by AXA RE or the Guaranteed Reinsurance Subsidiaries and Branches to the extent relating to Policies included within the Guaranteed Portfolio or the relevant portion thereof; (4) any participation and/or assessments
incurred by AXA RE or the Guaranteed Reinsurance Subsidiaries and Branches in respect of mandatory pool, association, syndicate, scheme, fund or residual market mechanism and the like howsoever named arising from or in connection with the Guaranteed
Portfolio but only to the extent relating to Policies included within the Guaranteed Portfolio or the relevant portion thereof; and (5) amounts paid or payable by AXA RE or PARIS RE under weather derivative contracts entered into on or prior to
December 31, 2005. 
 “Parties” shall have the meaning set forth in the Preamble hereto. 
 “Policy” shall mean a life or non-life cover note, treaty, slip, facultative certificate, binder, policy or contract of
insurance or reinsurance, written, issued, bound, renewed or agreed by or on behalf of AXA RE or one or more of the Guaranteed Reinsurance Subsidiaries and Branches, any agreement of assumed reinsurance entered into by AXA RE or one or more of the
Guaranteed Reinsurance Subsidiaries and Branches and all legally binding addenda, endorsements, alterations, amendments and ancillary agreements in connection therewith of whatsoever nature. 
 “Purchase Agreement” shall have the meaning set forth in the recitals hereto. 
 “Reinsurance Recoverables” shall mean (i) the amount of reinsurance recoverables (x) that are paid to AXA RE or
the Guaranteed Reinsurance Subsidiaries and Branches under the Ceded Reinsurance with respect to Losses, or (y) in the event of a commutation of any of the Ceded Reinsurance agreements, that are paid to AXA RE or the Guaranteed Reinsurance
Subsidiaries and Branches as the commutation payment to the extent relating to Policies included within the Guaranteed Portfolio or the relevant portion thereof, and (ii) as of each applicable date, the aggregate amount of the Default Amount
Payments. 
 “Reserve Deficiency” shall have the meaning set forth in Section 2.2(a) hereof. 

 

 7 

 “Reserve Reports” shall have the meaning set forth in Section 2.4(b)
hereof. 
 “Reserve Surplus” shall have the meaning set forth in Section 2.2(a) 
 “Right to Inspect” shall have the meaning set forth in Section 2.4(c) hereof. 
 “Run Off Services and Management Agreement” shall mean that certain Run Off Services and Management Agreement, dated as of
the date of the Purchase Agreement, as such agreement may have been, or may from time to time be, amended, supplemented or otherwise modified, between AXA RE and ALM. 
 “Second Currency” shall have the meaning set forth in Section 6.10 hereof. 
 “Seven Year Losses” shall mean the portion of Losses paid from and after December 31, 2005, through the Seventh Anniversary. 
 “Seventh Anniversary” shall mean September 30, 2012. 
 “Seventh Anniversary Experience” shall have the meaning set forth in Section 2.2. 
 “Seventh Anniversary Reserve Report” shall have the meaning set forth in Section 2.4(a). 
 “Subsidiary ULAE” shall mean the overhead, personnel and other non-specific costs, fairly allocated, associated with the
handling and settlement of claims with respect to the Subject Business, to the extent actually utilized (x) in connection with the Guaranteed Portfolio, and (y) at a Guaranteed Reinsurance Subsidiary or Branch. 
 “Surplus” shall mean an Interim Reserve Surplus, the Reserve Surplus or an Additional Reserve Surplus, as the case
may be. 
 ARTICLE II 
 Payment Obligations 
 2.1 Interim Payments until the Seventh
Anniversary. Subject to the terms and conditions of this Agreement, if, as of any Interim Calculation Date, the aggregate of (i) Loss Reserves for each currency, calculated as of such Interim Calculation Date, and (ii) Interim Losses
for each currency, calculated as of such Interim Calculation Date (each such aggregate, an “Interim Experience”), is: 
 (A) greater than Companies Reserves for such currency by an amount exceeding 5% of Companies Reserves for such currency (each such amount in excess of 5% of Companies Reserves an “Interim Reserve
Deficiency”), Guarantor shall pay to PARIS RE an amount equal to such Interim Reserve Deficiency, or 
  

 8 

 (B) less than Companies Reserves for such currency by an amount exceeding 5%
of Companies Reserves for such currency (each such amount in excess of 5% of Companies Reserves an “Interim Reserve Surplus”), PARIS RE shall pay to Guarantor an amount equal to such Interim Reserve Surplus, 
 provided that any payments pursuant to this Section 2.1 shall be adjusted to take into account any prior payments
made by either Party (or both Parties) pursuant to this Section 2.1. For the avoidance of doubt, such adjustment may result in a payment due from PARIS RE to Guarantor in case of clause (A) of this Section 2.1, or from Guarantor to
PARIS RE in case of clause (B) of this Section 2.1. 
 2.2 Payment as of the Seventh Anniversary. Subject to
the terms and conditions of this Agreement, if the aggregate of (i) Loss Reserves for each currency, calculated as of the Seventh Anniversary, and (ii) Seven Year Losses for each currency, (such aggregate, the “Seventh Anniversary
Experience”), is: 
 (A) greater than Companies Reserves for such currency (a “Reserve
Deficiency”) Guarantor shall pay to PARIS RE an amount equal to such Reserve Deficiency, or 
 (B) less than
Companies Reserves for such currency (a “Reserve Surplus”). PARIS RE shall pay to Guarantor an amount equal to such Reserve Surplus, 
 provided that any payments pursuant to this Section 2.2 shall be adjusted to take into account any prior payments made by either Party (or both Parties) pursuant to Section 2.1. For the
avoidance of doubt, such adjustment may result in a payment due from PARIS RE to Guarantor in case of clause (A) of this Section 2.2, or from Guarantor to PARIS RE in case of clause (B) of this Section 2.2. 
 2.3 Additional Payments in respect of Reserves. Subject to the terms and conditions of this Agreement, if, as of any Additional
Calculation Date, the aggregate of (i) Loss Reserves for each currency, calculated as of such Additional Calculation Date, and (ii) Additional Losses for each currency, calculated as of such Additional Calculation Date (each such
aggregate, the “Additional Experience”), is: 
 (A) greater than Companies Reserves for such
currency (an “Additional Reserve Deficiency”), Guarantor shall pay to PARIS RE an amount equal to such Additional Reserve Deficiency, or 
  

 9 

 (B) less than Companies Reserves for such currency (an “Additional
Reserve Surplus”), PARIS RE shall pay to Guarantor an amount equal to such Additional Reserve Surplus, 
 provided that any payments pursuant to this Section 2.3 shall be adjusted to take into account any prior payments made by either Party (or both Parties) pursuant to Sections 2.1 and 2.2 or to this Section 2.3. For the
avoidance of doubt, such adjustment may result in a payment due from PARIS RE to Guarantor in case of clause (A) of this Section 2.3, or from Guarantor to PARIS RE in case of clause (B) of this Section 2.3. 
 2.4 Calculation and Payment of Amounts Due. 
 (a) Reserve Reports. 
 (i) Within sixty (60) calendar days following each Interim Calculation Date, Guarantor shall cause ALM to prepare, in accordance with IFRS and generally accepted reinsurance industry actuarial
standards, consistently applied, and to deliver to PARIS RE and to the Independent Actuarial Firm a report in reasonably specific detail, including all supporting calculations for each currency (an “Interim Reserve Report”), which
shall set forth, as of such Interim Calculation Date, (A) the Interim Experience for each currency, (B) the Loss Reserves for each currency and (C) any Interim Reserve Deficiency or Interim Reserve Surplus for each currency, as the
case may be, calculated on a best-estimate basis. Guarantor shall also cause ALM to deliver to PARIS RE the Actuarial Certification referred to in Section 2.4(b) hereof within one hundred and twenty (120) calendar days following each
Interim Calculation Date. 
 (ii) Within sixty (60) calendar days following the Seventh Anniversary,
Guarantor shall cause ALM to prepare, in accordance with IFRS and generally accepted reinsurance industry actuarial standards, consistently applied, and to deliver to PARIS RE and to the Independent Actuarial Firm a report in reasonably specific
detail, including all supporting calculations for each currency (the “Seventh Anniversary Reserve Report”), which shall set forth (A) the Seventh Anniversary Experience for each currency, (B) the Loss Reserves for each
currency and (C) any Reserve Deficiency or Reserve Surplus for each currency, as the case may be, calculated on a best-estimate basis. Guarantor shall also cause ALM to deliver to PARIS RE and the Actuarial Certification referred to in
Section 2.4(b) hereof within one hundred and twenty (120) calendar days following the Seventh Anniversary. 
 (iii) Within sixty (60) calendar days following each Additional Calculation Date, Guarantor shall cause ALM to prepare, in accordance with IFRS and generally accepted reinsurance industry actuarial standards, consistently applied, and
to deliver to PARIS RE and to the Independent Actuarial Firm a report in reasonably specific detail, including all supporting calculations for each currency (an “Additional Reserve Report”), which shall set forth, as of such
Additional Calculation Date, (A) the Additional Experience for each currency, (B) the Loss Reserves for each currency and

  

 10 

 
(C) any Additional Reserve Deficiency or Additional Reserve Surplus for each currency, as the case may be, calculated on a best-estimate basis. Guarantor shall also cause ALM to deliver to PARIS
RE the Actuarial Certification referred to in Section 2.4(b) hereof within one hundred and twenty (120) calendar days following each Additional Calculation Date. 
 (b) Actuarial Review. 
 (i) Within ten (10) Business Days after (A) each Interim Calculation Date, (B) the Seventh Anniversary and (C) each Additional Calculation Date, Guarantor and PARIS RE shall select an
Independent Actuarial Firm; provided that if Guarantor and PARIS RE do not agree on such Independent Actuarial Firm, such Independent Actuarial Firm shall be Milliman, Inc. The Independent Actuarial Firm shall review each Interim Reserve
Report for each currency, the Seventh Anniversary Reserve Report for each currency and each Additional Reserve Report for each currency (together, the “Reserve Reports”), and shall issue a written certification of agreement or
report of differences with respect to each Reserve Report for each currency (each such certification an “Actuarial Certification”), including with respect to any Interim Reserve Deficiency or Interim Reserve Surplus for each
currency, the Reserve Deficiency or Reserve Surplus for each currency and any Additional Reserve Deficiency or Additional Reserve Surplus for each currency, as soon as practicable within sixty (60) calendar days after delivery by ALM to the
Independent Actuarial Firm of a Reserve Report. All such calculations by the Independent Actuarial Firm shall be final and binding on the Parties hereto for purposes of determining all payments due hereunder and may be entered as a judgment by
either Party in any court of competent jurisdiction. 
 (ii) The fees and expenses incurred by the Independent
Actuarial Firm shall be borne by PARIS RE and paid (i) first, through deduction from the FW Subaccount Balances (as defined in the Quota Share Retrocession Agreement) and/or the FW Canadian Account (as defined in the Canadian Quota Share
Retrocession Agreement), as applicable, in accordance with Section 8.01(c) of the Quota Share Retrocession Agreement and/or the Canadian Quota Share Retrocession Agreement, as applicable, and (ii) if the FW Subaccount Balances and/or the
FW Canadian Account, as applicable, are insufficient, through a direct payment by PARIS RE to the Independent Actuarial Firm. 
 (c) Inspections and Audit. Guarantor and its Affiliates shall have the right to inspect and/or to cause its advisors to inspect at the place of business of AXA RE, PARIS RE and the other Guaranteed
Reinsurance Subsidiaries and Branches, during regular business hours, all business records of AXA RE, PARIS RE and the Guaranteed Reinsurance Subsidiaries and Branches pertaining to the Guaranteed Portfolio and the Developed Experience as Guarantor
or such Affiliate may reasonably request (the “Right to Inspect”). 
  

 11 

 (d) Payments and Calculation Convention. 
 (i) Within five (5) Business Days following receipt by Guarantor and PARIS RE of an Actuarial Certification, Guarantor
shall pay to PARIS RE (or as otherwise directed by PARIS RE) or PARIS RE shall pay or cause to be paid to Guarantor (or as otherwise directed by Guarantor), as the case may be, the amounts, if any, conclusively determined under this Article II to be
due pursuant to Sections 2.1, 2.2 and 2.3 hereof as set forth in the respective Actuarial Certification. 
 (ii)
All payments required to be made under this Article II shall be made by wire transfer of immediately available funds and shall be adjusted, as appropriate, to reflect payments made pursuant to Section 8.01 (c) of the Quota Share
Retrocession Agreement and/or the Canadian Quota Share Retrocession Agreement, as applicable. 
 (iii) All
calculations for each currency hereunder, including, without limitation, in respect of Loss Reserves, Seven Year Losses, Additional Losses, Ceded Reinsurance and any payments due hereunder shall be made or paid in the currency of the underlying
reserves, unless the Parties agree otherwise. 
 2.5 Default Amounts. 
 (a) Guarantor shall cause ALM to deliver to PARIS RE and Guarantor a written notice of each Default Amount that becomes the
liability of PARIS RE pursuant to the applicable provision of the Quota Share Retrocession Agreement and/or the Canadian Quota Share Retrocession Agreement (each, a “Default Amount Notice”). Any Default Amount Notice shall describe
in reasonable detail the basis for the relevant Default Amount. 
 (b) Guarantor shall reimburse PARIS RE for any
Default Amount notified to it pursuant to Section 2.5(a) within 30 days of the receipt of the relevant Default Amount Notice. Each such reimbursement shall be referred to as a “Default Amount Payment”. Notwithstanding the
foregoing, PARIS RE shall reimburse Guarantor for any portion of a Default Amount which shall cease to be a Default Amount within 30 days of the determination that the relevant portion was not due from the Inuring AXA RE Reinsurer (as defined in the
Quota Share Retrocession Agreement or the Canadian Quota Share Retrocession Agreement, as applicable) in accordance with the terms of the applicable agreement or to the extent a lower settlement is reached with the relevant Inuring AXA RE Reinsurer.

 ARTICLE III 
 Annual Reports 
 3.1 Annual Reports. 
 (a) Within sixty (60) calendar days following the end of each calendar year prior to the Seventh Anniversary, Guarantor
shall cause ALM to prepare and deliver to PARIS RE a written statement setting forth in specific detail, including all supporting calculations, the Developed Experience (including by entity and by currency) as of such year end. 
  

 12 

 (b) Within sixty (60) calendar days following the end of each calendar
year prior to the last Additional Calculation Date and subsequent to the Seventh Anniversary, Guarantor shall cause ALM to prepare and deliver to PARIS RE a written statement setting forth in specific detail, including all supporting calculations,
the Developed Experience as of such year end. 
 3.2 Quarterly Reports. Within forty five (45) calendar days
following the end of each of the first three (3) calendar quarters of every calendar year prior to the Seventh Anniversary, Guarantor shall cause ALM to prepare and deliver to PARIS RE a written statement setting forth the Developed Experience
(including by entity and by currency) as of the end of such quarter. 
 ARTICLE IV 
 Termination 
 4.1 Term. This Agreement shall become effective on the date hereof and continue in force until the earlier of (a) the date on which the payment in respect of the last Calculation Date has been made or (b) commutation of
this Agreement pursuant to Section 4.3 hereof. 
 4.2 No Prejudice. Except as provided in Section 4.3 hereof,
termination of this Agreement shall be without prejudice to accrued rights and obligations of the Parties prior to the effective date of termination. 
 4.3 Commutation. This Agreement may be terminated, by agreement of Guarantor and PARIS RE upon payment by either Party to the other Party of an amount mutually agreed to by both Parties. Upon
termination pursuant to this Section 4.3, Guarantor and PARIS RE shall be relieved of all obligations under this Agreement. 
 ARTICLE V 
 Further Assurance regarding AXA RE 
 AXA shall not, prior to the release of the funds withheld balances under the Quota Share Retrocession Agreement and the Canadian Quota Share
Retrocession Agreement and termination of the Quota Share Retrocession Agreement and the Canadian Quota Share Retrocession Agreement, (i) transfer (directly or indirectly) a Controlling Interest in AXA RE to a third party that is not an
affiliate of AXA, (ii) pledge any assets in any of the FW Canadian Account or the FW Subaccounts or (iii) take any steps to (x) appoint a liquidator, manager, receiver, administrator, administrative receiver or other similar officer
in respect of AXA RE or any of its assets or (y) cause or

  

 13 

 
commence to cause an Insolvency Event (as defined in the Quota Share Retrocession Agreement or the Canadian Quota Share Retrocession Agreement, as applicable) with respect to AXA RE. AXA RE shall
not, prior to termination of the Quota Share Retrocession Agreement and the Canadian Quota Share Retrocession Agreement, convene a meeting of its creditors or make or propose any arrangement or composition with, or any assignment for the benefit of,
its creditors. 
 ARTICLE VI 
 Miscellaneous 
 6.1 Guarantor. The obligations of each of AXA and
AXA RE as Guarantor shall be joint and several (“engagement à titre principal et solidaire”). 
 6.2
Modification; Waiver. This Agreement may be modified in any manner and at any time only by a duly authorized written instrument executed by an executive officer of each of the Parties hereto. Any of the terms and conditions of this Agreement
may be waived at any time by PARIS RE or Guarantor by the duly authorized writing of the Party entitled to the benefit of such term or condition. A waiver on one occasion will not be deemed to be a waiver of the same or any other breach or
nonfulfillment on a future occasion. Unless expressly provided otherwise herein, all remedies, whether under this Agreement or by Law or otherwise afforded, will be cumulative and not alternative. For purposes of this Section 5.1, “duly
authorized” in the case of PARIS RE shall mean, subject to applicable Law and to the charter or other organizational documents, bylaws and resolutions of the board of directors of PARIS RE, that such written instrument shall be authorized or
ratified by resolution of its board of directors. 
 6.3 Integration. This Agreement, the Purchase Agreement, the other
Ancillary Agreements and the Confidentiality Agreement constitute the entire agreement and understanding of the Parties relating to the subject matter hereof and supersede all prior and contemporaneous agreements and understandings, whether oral or
written, between the Parties hereto in respect of the subject matter of this Agreement. The terms of this Agreement cannot be changed, modified, release or discharged orally. 
 6.4 Notices. All notices, requests, demands, and other communications hereunder shall be made in accordance with the Master
Agreement; provided that all notices to Guarantor shall be made to both AXA RE and AXA. 
 6.5 Assignment. This Agreement
shall be binding upon and inure to the benefit of the Parties named herein and their respective successors and permitted assigns. Neither Party may assign either this Agreement or any of its rights, interests, or obligations hereunder without the
prior written approval of the other Party. Any purported assignment in violation of this Agreement is void. 
  

 14 

 6.6 Headings. The article and section headings in this Agreement are for convenience
of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 
 6.7
Governing Law. This Agreement shall be construed in accordance with and governed by the laws of France and without giving effect to conflicts of law principles. 
 6.8 Dispute Resolution. Any dispute arising out of or relating to this Agreement, including the breach, termination or invalidity thereof (each, a “Dispute”), shall initially be
submitted for resolution pursuant to the applicable provisions of the Master Agreement. 
 6.9 Jurisdiction. Subject to
Section 6.7, all Disputes shall be subject to the exclusive jurisdiction of the competent courts within the jurisdiction of the court of appeals of Paris. 
 6.10 Judgment Currency. Any sum due pursuant to any order, decision or judgment given or made under this Agreement or in connection thereto shall be in, or shall be paid in, euros. If any sum due
pursuant to any order or judgment given or made under this Agreement or in connection thereto must be converted from another currency (the “Second Currency”) into euros, or from euros into the Second Currency, for the purpose of
(i) making or filing a claim or proof, (ii) obtaining an order or judgment in any court or other tribunal or (iii) enforcing, paying or collecting such sum due pursuant to an order or judgment given or made under this Agreement or in
connection thereto, the exchange rate shall be determined by reference to the rate of exchange determined by the Commission of the European Union (or any successor thereto) as published in the Official Journal of the European Union on the relevant
date. In any event, the exchange rate shall take into account any loss suffered as a result of any discrepancy between (i) the rate of exchange used for such purpose to convert the sum in question from euros into the Second Currency or from the
Second Currency into euros and (ii) the rate or rates of exchange at which the Parties may, in the ordinary course of business, purchase euros with the Second Currency, or purchase the Second Currency with euros, as the case may be, at the time
of such conversion. The obligations of the Parties under this Section 5.10 are separate from their other obligations hereunder and shall survive the giving or making of any judgment or order in relation to all or any of such other obligations.

 6.11 No Third Party Beneficiary. The terms and provisions of this Agreement are intended solely for the benefit of,
and may be enforced only by, Guarantor and PARIS RE, and their respective successors and permitted assigns, and it is not the intention of the Parties to confer third-party beneficiary rights upon any other Person or to create any obligations of a
Party to any such other Person. 
 6.12 Invalid Provisions. In the event that any provision of this Agreement is held to
be illegal, invalid or unenforceable in a final, unappealable order or judgment, such provision shall be severed from this Agreement and shall be inoperative, and the

  

 15 

 
Parties promptly shall negotiate in good faith a lawful, valid and enforceable provision that is as similar to such provision as may be possible and that preserves the original intentions and
economic positions of the Parties as set forth herein to the maximum extent feasible, while the remaining provisions of this Agreement shall remain binding on the Parties hereto. Without limiting the generality of the foregoing sentence, in the
event a change in any applicable Law makes it unlawful for a Party to comply with any of its obligations hereunder, the Parties shall negotiate in good faith a modification to such obligation to the extent necessary to comply with such Law that is
as similar in terms to the original obligation as may be possible while preserving the original intentions and economic positions of the Parties as set forth herein to the maximum extent feasible. 
 6.13 Interpretation. Whenever the words “include,” “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation.” The words “herein,” “hereof,” “hereunder” and other words of similar import shall refer to this Agreement as a whole and not to
any particular part or subdivision of this Agreement. Whenever herein the singular is used, the same shall include the plural, where appropriate (and vice versa), and words of any gender, shall include each other gender, where appropriate. All
references in this Agreement to “dollars” or “$” shall be to the currency of the United States of America and all references to “euros” or “€” shall be to the currency of participating member states of
the European Union that have adopted a single currency in accordance with the Treaty on European Union of February 7,1992. No rule of construction against the draftsperson shall be applied in connection with the interpretation and enforcement
of this Agreement. 
  

 16 

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

			
	AXA
		
	By:	 	

		 	Name:
		 	Title:
	
	AXA RE
		
	By:	 	

		 	Name:
		 	Title:
	
	PARIS RE
		
	By:	 	

		 	Name:
		 	Title:

 Schedule 1  
 Ceded Reinsurance 
 [See attached disc, which, for
the avoidance of doubt, does not contain all contracts that constitute Ceded Reinsurance and is attached hereto for illustrative purposes only.] 

 Schedule 2  
 Excluded Reserves 
  

			
	 	  	Claims Reserves
(Net, undiscounted,
amounts in euros)
	 Entities/Portfolios excluded
	  	
	 AXA RE Paris (Life)
	  	75
	 AXA RE Canadian Branch (Life)
	  	nm
	 AXA RE FINANCE
	  	9
	 AXA RE UK
	  	98
		  	 
	 Total
	  	183

 nm – not meaningful

 Schedule 3  
 Companies Reserves 
  

																								
	 	  	Consolidated
Claims
reserves	  	In millions of euros	 	 	Local Net Claims reserves by currency
	 	  	Net1 (euros)	  	Exchange
rate
difference	  	Interco
accounts	 	 	CAD	  	EUR	 	 	GBP	  	JPY	  	SGD	  	USD	 	 	Other
in
EUR
	 Entities/Portfolios included
	  		  		  			 		  			 		  		  		  			 	
	 AXA RE America Insurance Company1
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	2	  	 	—  
	 AXA RE Latin America Inc., Rise Limited2
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	 	—  
	 AXA Space Inc.
	  	—  	  	—  	  	—  	  	 	—  	  	—  	  	 	—  	  	—  	  	—  	  	—  	  	 	—  
	 AXA RE Paris (Non life)
	  	2,279	  	—  	  	11	  	 	11	  	478	  	 	63	  	432	  	1	  	1,862	  	 	126
	 AXA RE Canadian Branch (Non life)
	  	334	  	1	  	(1	) 	 	443	  	—  	  	 	—  	  	—  	  	—  	  	13	  	 	—  
	 AXA RE Asia Pacific
	  	133	  	—  	  	(28	) 	 		  	(23	) 	 		  	4,224	  	52	  	(2	) 	 	74
	 C.G.R.M.
	  	3	  	—  	  	23	  	 	1	  	15	  	 	0	  	0	  		  	11	  	 	0
	 AXA RE Hong Kong Branch
	  	1	  	0	  	—  	  	 		  			 		  		  		  			 	1
	 AXA RE London Branch
	  	13	  	0	  	—  	  	 		  			 	9	  		  		  			 	
	 AXA RE Madeira Branch
	  	3	  	—  	  	0	  	 		  			 	2	  		  		  	0	  	 	
	 AXA RE Paris (Life, included part)
	  	50	  	—  	  	—  	  	 	—  	  	7	  	 	0	  	63	  	—  	  	42	  	 	6
	 Total
	  	2,816	  	2	  	5	  	 	454	  	477	  	 	75	  	4,719	  	52	  	1,928	  	 	207

  

	1	 Converted into euros at exchange rates set forth below. 

  

			
	Exchange rates:
		
	 CAD
	  	0.731797
	 EUR
	  	1.000000
	 GBP
	  	1.485443
	 JPY
	  	0.007042
	 SGD
	  	0.504134
	 USD
	  	0.848536

  

	1	 Entity not consolidated, therefore does not appear in the consolidated claims reserves column. 

	2	 Entity not consolidated, therefore does not appear in the consolidated claims reserves column.

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