Document:

Form of Warrant Agreement

 Exhibit 4.2 

WARRANT AGREEMENT 
 THE WARRANTS AND THE
SECURITIES THAT MAY BE ACQUIRED UPON THE EXERCISE OF THE WARRANTS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER
THE WARRANTS NOR THE SECURITIES THAT MAY BE ACQUIRED UPON THE EXERCISE OF THE WARRANTS MAY BE SOLD, PLEDGED, TRANSFERRED, ASSIGNED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND
APPLICABLE STATE SECURITIES LAWS OR UPON DELIVERY TO THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAW IS NOT REQUIRED. 

OXBRIDGE RE HOLDINGS LIMITED 

WARRANTS TO PURCHASE ORDINARY SHARES 

This is to certify that, for value received,
[                    ] (the “Holder”), or his, her or its successor, is the registered holder of
[                    ] ([            ]) warrants
(“Warrants”), and is entitled, upon the due exercise hereof, at any time during the period commencing on the Commencement Date and terminating at 5:00 p.m., New York City time on the Termination Date (each as defined herein) to
purchase, per Warrant, one (1) Ordinary Share of $0.001 (USD) par value (each share, a “Warrant Share” and collectively, the “Warrant Shares”) of Oxbridge Re Holdings Limited, a Cayman Islands exempted company
limited by shares (the “Company”), subject to adjustment as provided herein, at a price per share as specified in Section 2 of this Warrant Agreement and to exercise the other rights, powers and privileges hereinafter
provided, all on the terms and subject to the conditions specified herein. 
 Section 1. Certain Definitions. Unless the
context otherwise requires, the following terms as used in this Warrant Agreement shall have the following meanings: 
 (a)
“Affiliate” shall mean, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common control with, such Person, it being understood for purposes of this definition that
“control” of a Person means the power directly or indirectly either to vote 10% or more of the stock having ordinary voting power for the election of directors of such Person or direct or cause the direction of the management and policies
of such Person whether by contract or otherwise. 
 (b) “Commencement Date” shall mean May 31, 2013. 

(c) “Company” shall mean Oxbridge Re Holdings Limited, a Cayman Islands exempted company limited by shares, and its
successors and assigns. 
 (d) “Exercise Date” shall mean the date on which the Company shall have received from the Holder
all deliveries required by Section 3 of this Warrant Agreement. 

 (e) “Exercise Price” shall mean the price per ordinary share specified in
Section 2 hereof, as the same shall be adjusted from time to time pursuant to the provisions of this Warrant Agreement. 
 (f)
“Ordinary Shares” shall mean the ordinary shares of $0.001 (USD) par value of the Company, any security into which such ordinary shares shall have been changed or any security resulting from reclassification of such ordinary shares.

 (g) “Person” shall mean an individual, a limited liability company, a partnership, a joint venture, a corporation, a
trust, an unincorporated organization, any other entity and a government or any department or agency thereof. 
 (h) “Securities
Act” means the Securities Act of 1933, as amended. 
 (i) “Termination Date” means May 31, 2018. 

(j) “Warrant Agreement” means this Warrant Certificate, including any amendment or replacement hereof. 

Section 2. Exercise Price. Subject to the adjustments provided for in this Warrant Agreement, the exercise price per share
shall be equal to $7.50 per share. 
 Section 3. Exercise of Warrants. 

(a) Subject to the terms of this Warrant Agreement, following the Commencement Date, the Warrants shall be exercisable, in the manner
described under Section 3(b) below, with respect to all or part of the Warrant Shares, and it shall remain exercisable at any time and from time to time prior to the Termination Date as described herein. Each Warrant not exercised on or
before the Termination Date shall become void, and all rights thereunder and in respect thereof under this Agreement shall cease at 5:00 p.m., New York City time on the Termination Date. The Company in its sole discretion may extend the duration of
the Warrants by delaying the Termination Date. 
 (b) The Warrants may be exercised by the Holder delivering to the Company (i) a
written notice of exercise signed by the Holder in substantially the form attached hereto as Exhibit A (a “Notice of Exercise”) and which shall specify the number of Warrant Shares as to which the Warrants are being exercised
and be accompanied by this original Warrant Agreement, and (ii) a check or wire transfer payable to the Company in the amount of the total Exercise Price for the Warrant Shares to be purchased pursuant to the Notice of Exercise. To be an
effective exercise, the Holder’s Notice of Exercise and payment must be actually received by the Company prior to the time the Warrants terminate or are exchanged for Exchange Warrants, in each case as described herein. 

Within 10 business days after the exercise of a Warrant as provided in this Section 3(b), the Company shall deliver to the Holder
a certificate or certificates for the total Warrant Shares being purchased, in such names and denominations as are requested by the Holder. In the event the Warrants are not exercised in full, the Warrant Shares shall be reduced by the number of
Warrant Shares subject to such partial exercise, and the Company, at its expense, shall forthwith issue and deliver to the Holder a new original copy of this Warrant Agreement signed by the Company reflecting the adjusted number of Warrants and/or
Warrant Shares as to which the Warrants remain exercisable. 

  
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 (c) Notwithstanding anything to the contrary contained in this Warrant Agreement, the Company
shall not effect the exercise of the Warrants pursuant to the terms and conditions of this Warrant Agreement and any such exercise shall be null and void and treated as if never made, and the Holder shall not have the right to exercise the Warrants,
to the extent that giving effect to such exercise would be inconsistent with the Company’s memorandum and articles of association. 

Section 4. Warrant Registration. At all times while any of the Warrants remain outstanding and exercisable, the Company
shall keep and maintain at its principal offices a register in which the ownership and any exchange of the Warrants shall be recorded. The Company shall not at any time, except upon the dissolution, liquidation or winding up of the Company, close
such register so as to result in the prevention or delay of the proper exercise of a Warrant. 
 Section 5. Exchange.
This Warrant Agreement and the Warrants are exchangeable, upon the surrender of the Warrant Agreement by the Holder at the offices of the Company, for a new warrant agreement or warrants, in such denominations as the Holder shall designate at the
time of surrender for exchange, of like tenor and date, representing in the aggregate the right to subscribe for and purchase the number of shares which may be subscribed for and purchased hereunder. 

Section 6. Representations and Covenants of the Company. 

(a) The Company hereby represents to the Holder as follows: 

(i) The Company was incorporated on April 4, 2013 and is in good standing under the laws of the Cayman Islands. 

(ii) The Company has the corporate power and authority to execute and deliver this Warrant Agreement and to perform the terms hereof,
including the issuance of the Ordinary Shares issuable upon exercise hereof. The Company has taken all action necessary to authorize the execution, delivery and performance of this Warrant Agreement and the issuance of the Warrants and the Ordinary
Shares issuable upon exercise hereof. This Warrant Agreement has been duly authorized and executed by the Company and constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms,
except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors’ rights generally. 

(b) The Company covenants and agrees that all Ordinary Shares which may be issued upon the exercise of the Warrants will, upon issuance, be
fully paid and nonassessable and free from all taxes, liens and charges (other than taxes in respect of any transfer occurring contemporaneously with such issuance). 

  
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 (c) The Company shall at all times reserve and keep available a number of its authorized but
unissued Ordinary Shares sufficient to permit the exercise in full of all outstanding Warrants under this Warrant Agreement. 

Section 7. Representations and Covenants of the Holder. By accepting this Warrant Agreement and the Warrants described
herein, the Holder represents and warrants to the Company as follows: 
 (a) The Warrants and the securities to be acquired upon exercise of
the Warrants by the Holder will be acquired for investment for the Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Securities Act. If the Holder is an entity, the
Holder also represents that the Holder has not been formed for the specific purpose of acquiring the Warrants or the Warrant Shares. 
 (b)
The Holder is an “accredited investor” as that term is defined in Rule 501 of Regulation D, promulgated by the United States Securities and Exchange Commission under the Securities Act, as presently in effect. 

(c) The Holder understands that the Warrants and the Warrant Shares issuable upon exercise of the Warrants have not been registered under the
Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. The Holder understands that the Warrants and the
Warrant Shares issued upon exercise of the Warrants must be held indefinitely unless subsequently registered under the Securities Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification
are otherwise available. 
 Section 8. Adjustments to Exercise Price and Number of Shares Purchasable. The Exercise Price
and number of Ordinary Shares which may be purchased pursuant to this Warrant Agreement shall be subject to adjustment from time to time as follows: 

(a) In the event the Company shall at any time exchange, as a whole, by subdivision or combination in any manner or by the making of a stock
dividend, the number of Ordinary Shares then outstanding into a different number of shares, then thereafter the number of Ordinary Shares which the Holder shall be entitled to purchase pursuant to this Warrant Agreement shall be increased or
decreased, as the case may be, in direct proportion to the increase or decrease in the number of outstanding Ordinary Shares of the Company by reason of such change, and the Exercise Price after such change shall, in the event of an increase in the
number of Ordinary Shares outstanding, be proportionately reduced, and, in the event of a decrease in the number of Ordinary Shares outstanding, be proportionately increased. 

(b) In the event of any reclassification or change of outstanding Ordinary Shares (other than as a result of a subdivision, combination or
stock dividend as provided for in Section 8(a)), or in the event of any consolidation of the Company with, or merger of the Company into, another corporation, or in the event of any sale of all or substantially all of the property,
assets, business and goodwill of the Company, the Company, or such successor or purchasing corporation, as the case may be, shall provide that the Holder of the Warrants shall thereafter be 

  
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entitled to purchase, by exercise of the Warrants, the kind and amount of shares of stock and other securities and property receivable upon such reclassification, change, consolidation, merger or
sale by a holder of the number of Ordinary Shares which this Warrant Agreement entitles the Holder to purchase immediately prior to such reclassification, change, consolidation, merger or sale. Any such successor corporation thereafter shall be
substituted for the Company for purposes of this Warrant Agreement. 
 (c) The Company will not, by amendment of its memorandum and articles
of association or other governing documents or through any reorganization, recapitalization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Section 8 and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Holder of the Warrants against impairment, provided that, the Company may amend its memorandum and articles of association in connection with an IPO (as defined below). 

Section 9. Exchange of Warrants in Connection with IPO.  

(a) If, following the Commencement Date, the Company sells, in an initial public offering of securities for cash (“IPO”),
warrants to purchase Ordinary Shares for an exercise price per share (“New Exercise Price”) that is less than the Exercise Price in effect immediately prior to the closing of such IPO, then, during the period beginning on the date
on which separate trading of the warrants issued in the IPO (i.e., trading separate from any units, ordinary shares or other securities issued in the IPO) commences on a national securities exchange and ending at 5:00 p.m., New York City time, on
the date that is one hundred eighty (180) calendar days after such trading commencement date (the “Exchange Period”), the Holder may exchange all the Warrants then held by the Holder for warrants to purchase, at an exercise
price per share equal to the New Exercise Price, an aggregate number of Ordinary Shares equivalent to the number of Ordinary Shares purchasable by the Holder upon the exercise of the Warrants then held by the Holder (the “Exchange
Warrants”), with each Exchange Warrant representing the right to purchase one Ordinary Share. 
 (b) In order to exercise the
exchange rights described in Section 9(a), the Holder must deliver to the Company: (i) a written notice signed by the Holder specifying the number of Warrants that are being exchanged (i.e., the number of Warrants then held by the
Holder) and the number of Ordinary Shares purchasable by the Holder upon the exercise of such Warrants, in the form attached hereto as Exhibit B, and (ii) the Holder’s original Warrant Agreement (or any amendment(s) or
replacement(s) therefor) (collectively, the “Exchange Notice”). To be valid and effective, the Exchange Notice must be actually received by the Company prior to the end of the Exchange Period. Upon the Company’s receipt of a
valid and effective Exchange Notice, the Holder’s original Warrant Agreement and the Warrants that are being exchanged by the Holder shall be deemed to be surrendered, cancelled, and terminated, and the rights thereunder to be exchanged for the
rights under the Exchange Warrants (and the related warrant agreement between the Company and its transfer agent to the extent applicable to the Holder). 

  
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 (c) Within ten (10) business days after the Company’s receipt of a valid and effective
Exchange Notice from the Holder, the Company shall issue the Exchange Warrants to the Holder, provided that such Exchange Warrants shall be issued in registered or book-entry form only. 

(d) The Exchange Warrants issued to the Holder shall be in the same form as, and shall be subject to the same terms and conditions as, the
warrants sold in the IPO (which terms and conditions shall be set forth in a warrant agreement between the Company and the Company’s transfer agent and in the form of warrant certificate held by the transfer agent and filed with the Securities
and Exchange Commission in connection with the IPO); provided, however, that the Exchange Warrants shall bear the following legend or such other restrictive legend as shall, in the reasonable opinion of the Company’s legal counsel, be
required by applicable law: 
 “THE WARRANTS REPRESENTED BY THIS WARRANT CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933 (THE “SECURITIES ACT”) OR UNDER THE SECURITIES LAWS OF ANY STATE IN RELIANCE ON EXEMPTIONS CONTAINED THEREIN, AND THE WARRANTS MAY NOT BE SOLD OR TRANSFERRED BY THE HOLDER THEREOF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT, OR AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION, AND COMPLIANCE WITH THE REQUIREMENTS OF APPLICABLE STATE SECURITIES LAWS.” 

(e) The Holder acknowledges and agrees that the Exchange Warrants may be subject to different terms and conditions than the Warrants,
including, but not limited to, different cancellation, redemption, and exchange provisions, and, upon delivery of a valid and effective Exchange Notice in accordance with Section 9(b), the Holder accepts such terms and conditions. 

(f) The Company and the Holder acknowledge and agree that, if Exchange Warrants are issued to the Holder pursuant to this
Section 9, such Exchange Warrants shall be issued solely in exchange for other securities of the Company for purposes of Rule 144(d)(3)(ii) under the Securities Act. 

Section 10. Lock-Up. In connection with the IPO and upon request of the Company or the underwriters managing the IPO, the
Holder agrees not to register, offer, sell, contract to sell, grant any option to purchase, or otherwise dispose of any securities of the Company, any securities convertible into or exercisable or exchangeable for securities of the Company, or any
warrants to purchase securities of the Company (including, but not limited to, the Warrants and the Warrant Shares) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180
days but subject to such extension or extensions as may be required by the underwriters) from the effective date of the IPO registration statement or the closing of the IPO as may be requested by the Company or such underwriters and to execute an
agreement reflecting the foregoing as requested by the underwriters in connection with the Company’s IPO. Each certificate or other instrument for Warrant Shares issued upon the exercise of this Warrant shall bear a legend substantially to the
foregoing effect. 

  
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 Section 11. Holder’s Rights. Except as otherwise expressly set forth
herein, this Warrant Agreement shall not entitle the Holder to any rights of a shareholder of the Company, except that if the Company, during the period in which the Warrants are exercisable, declares a dividend upon its Ordinary Shares payable
other than in cash out of earnings or earned surplus (computed in accordance with generally accepted accounting principles) or other than in Ordinary Shares or securities convertible into Ordinary Shares, then the Holder, upon exercise of a Warrant,
shall receive the number of Ordinary Shares purchasable upon such exercise and, in addition and without further payment, the stock or other securities or property which the Holder would have received by way of dividend or other distribution if,
continuously since the date hereof, such Holder: (a) had been the record holder of the number of Ordinary Shares then being purchased, and (b) had retained all such stock and other securities (other than Ordinary Shares or securities
convertible into Ordinary Shares) and/or other property payable in respect of such Ordinary Shares or in respect of any stock or securities paid as dividends and originating directly or indirectly from such Ordinary Shares. 

Section 12. Notices. If there shall be any adjustment to the shares, or if securities or property other than Ordinary
Shares of the Company shall become purchasable in lieu of Ordinary Shares upon exercise of the Warrants, then the Company shall forthwith cause written notice thereof to be sent to the registered Holder of the Warrants at the address of such Holder
shown on the books of the Company, which notice shall be accompanied by an explanation setting forth in reasonable detail the basis for the Holder’s becoming entitled to purchase such shares and the number of shares which may be purchased and
the exercise price thereof, or the facts requiring any such adjustment and the exercise price and number of shares purchasable subsequent to such adjustment, or the kind and amount of any such securities or property so purchasable upon the exercise
of the Warrants. At the request of the Holder and upon surrender of this Warrant Agreement, the Company shall reissue the Warrants in a form conforming to such adjustments. Failure to give such notice, or any defect therein, shall not affect the
legality or validity of such event. 
 Section 13. No Fractional Shares. Notwithstanding any provision contained in this
Warrant Agreement to the contrary, the Company shall not issue fractional shares upon exercise of the Warrants and no payment will be made with respect to any fractional Ordinary Share to which the Holder might otherwise be entitled upon exercise of
the Warrants. 
 Section 14. Lost, Stolen, Mutilated, or Destroyed Warrants. If this Warrant Agreement shall become lost,
stolen, mutilated, or destroyed, the Company shall, on such terms as to indemnity or otherwise as it may in its reasonable discretion impose upon the registered Holder hereof (as shown on the register of Warrants maintained by the Company), issue a
new warrant of like denomination, tenor, and date as the Warrant Agreement so lost, stolen, mutilated, or destroyed. 

Section 15. Limitation of Liability. No provision hereof, in the absence of affirmative action by the Holder hereof
to purchase Ordinary Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of such Holder for the purchase price of the shares or as a shareholder of the Company, whether such liability is
asserted by the Company or by creditors of the Company. 

  
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 Section 16. Applicable Law. The laws of the State of Florida (USA)
shall govern the validity, interpretation, and performance of this Warrant Agreement. 
 Section 17. Successors and
Assigns. This Warrant Agreement, the Warrants and the rights evidenced hereby shall inure to the benefit of and be binding upon any successor of the Company and any transferees of the Warrants, including any creditors of the Holder.

 Section 18. Headings. Headings of the paragraphs in this Warrant Agreement are for convenience of reference
only and shall not, for any purpose, be deemed a part of this Warrant Agreement. 
 Section 19. Legend.
Neither the Warrants nor the shares issued on exercise of the Warrants have been registered under the Securities Act, or under the securities laws of any state or other jurisdiction. Each certificate representing Warrant Shares issued upon the
exercise of a Warrant, if required by law, shall bear the following legend or such other restrictive legend as shall, in the reasonable opinion of the Company’s legal counsel, be required by applicable law: 

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES
ACT”) OR UNDER THE SECURITIES LAWS OF ANY STATE IN RELIANCE ON EXEMPTIONS CONTAINED THEREIN, AND THE SHARES MAY NOT BE SOLD OR TRANSFERRED BY THE HOLDER THEREOF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT, OR AN AVAILABLE EXEMPTION FROM SUCH REGISTRATION, AND COMPLIANCE WITH THE REQUIREMENTS OF APPLICABLE STATE SECURITIES LAWS.” 

  
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 IN WITNESS WHEREOF, the Company has caused this Warrant Agreement to be executed this
         day of                 , 2013, by its duly authorized officer. 

 

			
	OXBRIDGE RE HOLDINGS LIMITED
		
	By:	 	 
	Name: Jay Madhu
	Title: Chief Executive Officer

 EXHIBIT A 

NOTICE OF EXERCISE 
 [DATE]

 Oxbridge Re Holdings Limited 
 Re:
    Exercise Warrant for Cash 
 Dear
                    : 
 The
undersigned, pursuant to that certain Warrant Agreement, dated                     , 2013, by Oxbridge Re Holdings Limited (the
“Agreement”), hereby exercises the Warrants granted under the Agreement to purchase for cash the following number of Warrant Shares, subject to the terms and conditions of the Agreement: 

 

					
	 Number of Warrant Shares Being Purchased
	  	 	  	
			
	 Total Exercise Price and Amount Remitted
	  	 	  	

  

			
	Very truly yours,
		
	By:	 	 
		 	

 EXHIBIT B 

EXCHANGE NOTICE 
 [DATE]

 Oxbridge Re Holdings Limited 
 Re:
    Exchange of Warrants 
 Dear
                    : 
 The
undersigned, pursuant to that certain Warrant Agreement, dated                     , 2013, by Oxbridge Re Holdings Limited (the
“Agreement”), hereby exercises his, her or its right to exchange all of the Warrants held by the undersigned for Exchange Warrants, subject to the terms and conditions of the Agreement: 

 

					
	Number of Warrants Being Exchanged	  	 	  	
			
	Number of Ordinary Shares Purchasable Upon Exercise of Such Warrants	  	 	  	

 In addition, the undersigned has enclosed herewith the originally executed Agreement (or any amendment(s) or
replacement(s) therefor). 
  

			
	Very truly yours,
		
	By:Excess of Loss Retrocession Contract

 Exhibit 10.1 
  

 
 EXCESS OF LOSS RETROCESSION CONTRACT 

EFFECTIVE: JUNE 1, 2013 

ISSUED TO 
 CLADDAUGH
CASUALTY INSURANCE COMPANY, LTD. 
 BERMUDA 

Including any and/or all companies that are or may hereafter become affiliated therewith 

 
 

 

 

 
  

 EXCESS OF LOSS RETROCESSION CONTRACT 

TABLE OF CONTENTS 
  

					
	 ARTICLE 1
	  			
	 BUSINESS COVERED
	  	 	1	  
	 ARTICLE 2
	  			
	 TERM
	  	 	1	  
	 ARTICLE 3
	  			
	 TERRITORY
	  	 	2	  
	 ARTICLE 4
	  			
	 CONCURRENCY OF CONDITIONS
	  	 	2	  
	 ARTICLE 5
	  			
	 LIMIT AND RETENTION
	  	 	2	  
	 ARTICLE 6
	  			
	 REINSURANCE PREMIUM
	  	 	3	  
	 ARTICLE 7
	  			
	 LIMITED RECOURSE AND CAYMAN ISLANDS REGULATIONS
	  	 	3	  
	 ARTICLE 8
	  			
	 ACCESS TO RECORDS
	  	 	3	  
	 ARTICLE 9
	  			
	 AGENCY
	  	 	4	  
	 ARTICLE 10
	  			
	 ARBITRATION
	  	 	4	  
	 ARTICLE 11
	  			
	 COLLATERAL
	  	 	5	  
	 ARTICLE 12
	  			
	 COLLATERAL RELEASE
	  	 	6	  
	 ARTICLE 13
	  			
	 CONFIDENTIALITY
	  	 	6	  
	 ARTICLE 14
	  			
	 CURRENCY
	  	 	7	  
	 ARTICLE 15
	  			
	 ENTIRE AGREEMENT
	  	 	8	  
	 ARTICLE 16
	  			
	 ERRORS AND OMISSIONS
	  	 	8	  
	 ARTICLE 17
	  			
	 FEDERAL EXCISE TAX
	  	 	8	  
	 ARTICLE 18
	  			
	 GOVERNING LAW
	  	 	8	  

  
 

 

 

 
  

					
	 ARTICLE 19
	  			
	 INSOLVENCY
	  	 	9	  
	 ARTICLE 20
	  			
	 LATE PAYMENTS
	  	 	10	  
	 ARTICLE 21
	  			
	 NON WAIVER
	  	 	12	  
	 ARTICLE 22
	  			
	 NOTICES AND AGREEMENT EXECUTION
	  	 	12	  
	 ARTICLE 23
	  			
	 OFFSET
	  	 	12	  
	 ARTICLE 24
	  			
	 SERVICE OF SUIT
	  	 	13	  
	 ARTICLE 25
	  			
	 SEVERABILITY
	  	 	14	  
	 ARTICLE 26
	  			
	 TAXES
	  	 	14	  
	 ARTICLE 27
	  			
	 INTERMEDIARY
	  	 	14	  

  
 

 

 

 
  

 EXCESS OF LOSS RETROCESSION CONTRACT 

(hereinafter called the “Contract”) 

EFFECTIVE: JUNE 1, 2013 

issued to 
 CLADDAUGH CASUALTY
INSURANCE COMPANY, LTD. 
 BERMUDA 

Including any and/or all companies that are or may hereafter become affiliated therewith 

(hereinafter called the “Reinsured”) 

by 
 THE SUBSCRIBING
REINSURER(S) SPECIFIED IN THE INTERESTS AND LIABLITIES AGREEMENT 
 ATTACHED TO THIS CONTRACT 

(hereinafter called, with other participants, the “Reinsurers”) 

ARTICLE 1 
 BUSINESS COVERED

 By this Contract the Reinsurer agrees to reimburse the Reinsured for the Ultimate Net Loss arising from Loss Occurrences commencing during the
Term of this Contract in respect of the Reinsured’s liability under the provisions of the Homeowners Choice Property & Casualty Insurance Company Working Layer Catastrophe Excess of Loss Contract, effective June 1, 2013 (hereinafter
referred to as the “Original Contract”). 
 The liability of the Reinsurer shall follow that of the Reinsured in every case and shall be subject
in all respects to all the general and specific stipulations, clauses, waivers, extensions, modifications and endorsements of the Original Contract subject to the exclusions set forth in the Exclusions Article, and the other terms and conditions of
this Contract as set forth herein. 
 ARTICLE 2 

TERM 
  

	1.	This Contract shall become effective at 12:00:01 a.m., Local Standard Time June 1, 2013, with respect to the Ultimate Net Loss arising from Loss Occurrences payable by the Reinsured under the provisions of the Original
Contract, and shall remain in force until 11:59:59 p.m., Local Standard Time, May 31, 2018. “Local Standard Time” as used herein shall mean local standard time at the location where the Loss Occurrence commences. 

  
 

 

 

 
  

	2.	The obligations of the Reinsurer under this Contract shall continue for Loss Occurrences commencing during the Term of this Contract until the Reinsured has no further liability under the Original Contract.

 ARTICLE 3 

TERRITORY 
 The territorial limits of this Contract
shall be identical with those of the Reinsured’s Policies of the Original Contract issued in the State of Florida. 
 ARTICLE 4

 CONCURRENCY OF CONDITIONS 
  

	1.	It is agreed that this Contract will follow those terms, conditions, exclusions, definitions, warranties and settlements of the Reinsured under the Original Contract, including any addenda thereto, which are not
inconsistent with the provisions of this Contract. 

  

	2.	The Reinsured shall advise the Reinsurer of any material changes in the Original Contract which may affect the liability of the Reinsurer under this Contract. 

ARTICLE 5 
 LIMIT AND RETENTION

  

	1.	The Reinsurer shall be liable for the Ultimate Net Loss arising from Loss Occurrences deemed payable under the Original Contract. 

  

	2.	As promptly as possible after calculation of the Ultimate Net Loss arising from Loss Occurrences due from the Reinsured under the Original Contract as a result of a loss thereunder, or any subsequent recalculation
thereof, the Reinsured shall report the amount due from the Reinsurer hereunder. The amount, if any, shown to be due from the Reinsurer shall be paid by the Reinsurer as promptly as possible following receipt and verification of the Reinsured’s
request for payment. 

  
 

 

 

 
  

 ARTICLE 6 

REINSURANCE PREMIUM 
 The annual deposit premium
shall follow the payment schedule of the Original Contract including any endorsements. If this Contract is terminated, no deposit premium shall be due after the effective date of termination. 

ARTICLE 7 
 LIMITED RECOURSE AND
CAYMAN ISLANDS REGULATIONS 
 The liability of the Reinsurer for the performance and discharge of all of its obligations, however they may arise, in
relation to this Contract (together “Obligations” for purposes of this Article), shall be limited to and payable solely from the proceeds of realization of the assets of the Reinsurance Trust and accordingly there shall be no recourse to
any other assets of the Reinsurer, whether or not allocated to any other segregated portfolio or the general account of the Reinsurer. In the event that the proceeds of realization of the assets of the Reinsurance Trust are insufficient to meet all
Obligations, any Obligations remaining after the application of such proceeds shall be extinguished, and the Reinsured undertakes in such circumstances to take no further action against the Reinsurer in respect of any such Obligations. In
particular, neither the Reinsured nor any party acting on its behalf shall petition or take any steps for the winding up or receivership of the Reinsurer. 

Notwithstanding any matter referred to herein, the Reinsured understands and accepts that all corporate matters relating to the creation of the Reinsurer,
capacity of the Reinsurer, operation and liquidation of the Reinsurer and any matters relating to the Reinsurer thereof shall be governed by, and construed in accordance with, the laws of the Cayman Islands. The Reinsurer has had the opportunity to
take advice and to obtain all such additional information that it considers necessary to evaluate the terms, conditions and risks of entering into this Contract with the Reinsurer. 

ARTICLE 8 
 ACCESS TO RECORDS

 The Reinsurer or its designated representatives shall have access to the books and records of the Reinsured on matters relating to this
reinsurance at all reasonable times, and at the location where such books and records are maintained in the ordinary course of business, for the purpose of obtaining information concerning this Contract or the subject matter thereof. Notification of
a request for inspection of records shall be sent to the Reinsured by the 

  
 

 

 

 
  

 
Reinsurer in written form, and shall normally be given four weeks in advance. Notwithstanding the above, the Reinsurer shall not have any right of access to the records of the Reinsured if it is
not current in all undisputed payments due the Reinsured. “Undisputed” as used herein shall mean any amount that the Reinsurer has not contested in writing to the Reinsured specifying the reason(s) why the payments are disputed. 

ARTICLE 9 
 AGENCY 

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

ARTICLE 10 
 ARBITRATION

  

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

  

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

  
 

 

 

 
  

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

  

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

  

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

 ARTICLE 11 

COLLATERAL 
  

	1.	As promptly as possible following execution of this Contract, the Reinsurer (as Grantor) shall enter into a Trust Agreement (the “Trust Agreement”) with the Reinsured (as Beneficiary) and the trustee, pursuant
to which the Reinsurer shall provide collateral in the form of eligible Assets deposited and held in a Trust Account, with such Assets having a market value greater than or equal to the total annual limit of liability as detailed in the Retention
and Limit Article of the Original Contract (the “Collateral”) less unpaid premium (net of brokerage and applicable Federal Excise Tax). It is understood that deposit premium paid in accordance with the Rate and Premium Article shall be
deposited into the Trust Account. 

  

	2.	The Reinsured agrees that if the Reinsurer makes payment(s) to the Reinsured under this Contract, the Reinsurer may withdraw Assets from the Trust Account, reducing the market value of Assets in the Trust Account to an
amount at least equal to the unused Reinsurance Limit, in accordance with the provisions of the Trust Agreement. 

  
 

 

 

 
  

	3.	The Trust Fund may be drawn upon by the Reinsured at any time and the Assets may be used at the Reinsured’s option in accordance with the provisions of the Trust Agreement. 

 

	4.	At any time prior to expiration or termination of this Contract, if the value of the Assets in the Trust Account is less than the Reinsurer’s Obligations hereunder, the Reinsurer shall promptly deposit the
difference into the Trust Account. 

  

	5.	Except as provided in the Collateral Release Article, the Reinsured agrees to release the Assets in the Trust Account required under this Article as promptly as provided in the Trust Agreement. 

ARTICLE 12 
 COLLATERAL RELEASE

  

	1.	At the expiration or termination of this Contract, if the Trust has not yet been terminated, the Reinsured shall calculate on a monthly basis, how much, if any, of the collateral shall be released from the Trust.

  

	2.	Thirty-six months following the expiration of this Contract, the Reinsurer shall have the option to commute this Contract by sending the Reinsured written notice thereof. In such event, the Reinsurer shall pay to the
Reinsured an amount equal to the reinstatement premium reserves hereunder, as estimated by the Reinsured, which would be recoverable hereunder. Upon the Reinsurer’s payment of such amount, both parties shall be completely released from all
liability under this Contract, whether known or unknown. 

 ARTICLE 13 

CONFIDENTIALITY 
  

	1.	The Reinsurer hereby acknowledges that the documents, information and data provided to it by the Reinsured, whether directly or through an authorized agent, in connection with the placement and execution of this
Contract (hereinafter referred to as “Confidential Information”) are proprietary and confidential to the Reinsured. Confidential Information shall not include documents, information or data that the Reinsurer can show: 

 

	 	a.	Are publicly available or have become publicly available through no unauthorized act of the Reinsurer; 

  

	 	b.	Have been rightfully received from a third person without obligation of confidentiality; or 

  
 

 

 

 
  

	 	c.	Were known by the Reinsurer prior to the placement of this Contract without an obligation of confidentiality. 

  

	2.	Absent the written consent of the Reinsured, the Reinsurer shall not disclose any Confidential Information to any third parties, including any affiliated companies (except to the extent necessary to enable affiliated
companies or third parties engaged by the Reinsurer to perform services related to this Contract on behalf of the Reinsurer), except: 

  

	 	a.	When required by regulators performing an audit of the Reinsurer’s records and/or financial condition; 

  

	 	b.	When required by external auditors performing an audit of the Reinsurer’s records in the normal course of business; 

  

	 	c.	When required by attorneys in connection with an actual or potential dispute hereunder; or 

  

	 	d.	When required for the Reinsurer’s internal operations directly related to carrying out the terms and conditions of this Contract. 

Further, the Reinsurer agrees not to use any Confidential Information for any purpose not related to the performance of its obligations or
enforcement of its rights under this Contract. 
  

	3.	Notwithstanding the above, in the event that the Reinsurer is required by court order, other legal process or any regulatory authority to release or disclose any or all of the Confidential Information, the Reinsurer
agrees to provide the Reinsured with written notice of same at least 10 days prior to such release or disclosure and to use its best efforts to assist the Reinsured in maintaining the confidentiality provided in this Article. 

 

	4.	The provisions of this Article shall extend to the officers, directors, shareholders and employees of the Reinsurer and its affiliates, and shall be binding upon their successors and assigns. 

ARTICLE 14 
 CURRENCY 

 

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

  
 

 

 

 
  

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

 ARTICLE 15 

ENTIRE AGREEMENT 
 This Contract shall constitute
the entire agreement between the parties hereto with respect to the business being reinsured hereunder, and there are no understandings between the parties hereto other than as expressed in this Contract. Any change or modification to this Contract
shall be null and void unless made by amendment to this Contract and signed by the parties hereto. 
 ARTICLE 16 

ERRORS AND OMISSIONS 
 Inadvertent delays, errors
or omissions made in connection with this Contract or any transaction hereunder shall not relieve either party from any liability which would have attached had such delay, error or omission not occurred, provided always that such error or omission
is rectified as soon as possible after discovery. 
 ARTICLE 17 

FEDERAL EXCISE TAX 
  

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

  

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

 ARTICLE 18 

GOVERNING LAW 
 This Contract shall be governed by
and construed in accordance with the laws of the State of Florida. 

  
 

 

 

 
  

 ARTICLE 19 

INSOLVENCY 
  

	1.	If more than one reinsured company is included within the definition of “Reinsured” hereunder, this Article shall apply individually to each such company. 

 

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

  

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

  

	4.	It is further understood and agreed that, in the event of the insolvency of one or more of the Reinsured’s companies, the reinsurance under this Contract shall be payable directly by the Reinsurer to the Reinsured
or to its liquidator, receiver or statutory successor, except as provided by Section 4118(a) of the New York Insurance Law or except (1) where this Contract specifically provides another payee of such reinsurance in the event of the insolvency of
the Reinsured or (2) where the Reinsurer with the consent of the direct insured or insureds has assumed such policy obligations of the Reinsured as direct obligations of the Reinsurer to the payees under such policies and in substitution for the
obligations of the Reinsured to such payees. However, the exceptions provided in (1) and (2) above shall apply only to the extent that applicable statutes or regulations specifically permit such exceptions. 

  
 

 

 

 
  

 ARTICLE 20 

LATE PAYMENTS 
  

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

 

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

  

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

  

	 	b.	1/365ths of the sum of 1.0% and the U.S. prime rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times 

 

	 	c.	The amount past due, including accrued interest. 

 It is agreed that interest shall accumulate
until payment of the original amount due plus interest penalties have been received by the Intermediary. 
 Notwithstanding the provisions of
subparagraph (b) above and the immediately preceding sentence, the interest rate for a Runoff Reinsurer will increase by 1.0% for every month that payment of the claim is past due, subject to a maximum annual interest rate of 12.0%. 

 

	3.	If the interest rate provided under this Article exceeds the maximum interest rate allowed by any applicable law or is held unenforceable by an arbitrator or a court of competent jurisdiction, such interest rate shall
be modified to the highest rate permitted by the applicable law, and all remaining provisions of this Article and Contract shall remain in full force and effect without being impaired or invalidated in any way. 

  
 

 

 

 
  

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

  

	 	a.	As respects the payment of routine deposits and premiums due the Reinsurer, the due date shall be as provided for in the applicable section of this Contract. In the event a due date is not specifically stated for a
given payment, it shall be deemed due 30 days after the date of transmittal by the Intermediary of the initial billing for each such payment. 

  

	 	b.	Any claim or loss payment due the Reinsured hereunder shall be deemed due 30 days after the proof of loss or demand for payment is transmitted to the Reinsurer. If such loss or claim payment is not received within the
30 days, interest will accrue on the payment amount overdue in accordance with paragraphs (2) and (3) above, from the date the proof of loss or demand for payment was transmitted to the Reinsurer. 

 

	 	c.	As respects any payment, adjustment or return due either party not otherwise provided for in subparagraphs (a) and (b) of this paragraph, the due date shall be as provided for in the applicable section of this Contract.
In the event a due date is not specifically stated for a given payment, it shall be deemed due 30 days following transmittal of written notification that the provisions of this Article have been invoked. 

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

 

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

  

	6.	Interest penalties arising out of the application of this Article that are $1,000 or less from any party shall be waived unless there is a pattern of late payments consisting of three or more items over the course of
any 12-month period. 

  
 

 

 

 
  

 ARTICLE 21 

NON WAIVER 
 The failure of the Reinsured or the
Reinsurer to insist on compliance with this Contract or to exercise any right or remedy hereunder shall not constitute a waiver of any rights contained herein nor prevent either party from thereafter demanding full and complete compliance nor
prevent either party from exercising such remedy in the future. 
 ARTICLE 22 

NOTICES AND AGREEMENT EXECUTION 
  

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

 

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

  

	 	a.	Paper documents with an original; 

  

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

  

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

  

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

ARTICLE 23 
 OFFSET 

 

	1.	The Reinsured and the Reinsurer shall have the right to offset any balance or amounts due from one party to the other under the terms of this Contract. The party asserting the right of offset may exercise such right any
time whether the balances due are on account of premiums or losses or otherwise. 

  
 

 

 

 
  

	2.	Notwithstanding the provisions of paragraph (1) above, a Runoff Reinsurer shall not offset balances as outlined above without the prior consent of the Reinsured. 

ARTICLE 24 
 SERVICE OF SUIT

 (Applicable if the Reinsurer is not domiciled in the United States of America, and/or is not authorized in any State, Territory or District of the
United States where authorization is required by insurance regulatory authorities.) 
  

	1.	This Article will not be read to conflict with or override the obligations of the parties to arbitrate their disputes as provided for in the Arbitration Article. This Article is intended as an aid to compelling
arbitration or enforcing such arbitration or arbitral award, not as an alternative to the Arbitration Article for resolving disputes arising out of this Contract. 

 

	2.	In the event the Reinsurer fails to pay any amount claimed to be due hereunder or fails to otherwise perform its obligations hereunder, the Reinsurer, at the request of the Reinsured, will submit to the jurisdiction of
a court of competent jurisdiction within the United States. Nothing in this Article constitutes or should be understood to constitute a waiver of the Reinsurer’s rights to commence an action in any court of competent jurisdiction in the United
States, to remove an action to a United States District Court, or to seek a transfer of a case to another court as permitted by the laws of the United States or of any state in the United States. The Reinsurer, once the appropriate court is accepted
by the Reinsurer or is determined by removal, transfer, or otherwise, as provided for above, will comply with all requirements necessary to give said court jurisdiction and, in any suit instituted against any of the Reinsurers upon this Contract,
will abide by the final decision of such court or of any Appellate Court in the event of an appeal. 

  

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

  
 

 

 

 
  

 ARTICLE 25 

SEVERABILITY 
 If any provision of this Contract
shall be rendered illegal or unenforceable by the laws, regulations or public policy of any state, such provision shall be considered void in such state, but this shall not affect the validity or enforceability of any other provision of this
Contract or the enforceability of such provision in any other jurisdiction. 
 ARTICLE 26 

TAXES 
 In consideration of the terms under which
this Contract is issued, the Reinsured will not claim a deduction in respect of the premium hereon when making tax returns, other than income or profits tax returns, to any state or territory of the United States of America or the District of
Columbia. 
 ARTICLE 27 

INTERMEDIARY 
 Advocate Reinsurance Partners, LLC,
is hereby recognized as the Intermediary negotiating this Contract for all business hereunder. All communications (including but not limited to notices, statements, premium, return premium, commissions, taxes, losses, Loss Adjustment Expense,
salvages and loss settlements) relating to this Contract will be transmitted to the Reinsured or the Reinsurer through Advocate Reinsurance Partners, LLC, 2501 North Harwood Street, Suite 1250, Dallas, Texas 75201. Payments by the Reinsured to the
Intermediary will be deemed payment to the Reinsurers. Payments by the Reinsurers to the Intermediary will be deemed payment to the Reinsured only to the extent that such payments are actually received by the Reinsured. 

  
 

 

 

 
  

 INTERESTS AND LIABILITIES AGREEMENT 

attaching to, and forming part of, the 

EXCESS OF LOSS RETROCESSION CONTRACT 

(hereinafter called the “Contract”) 

EFFECTIVE: JUNE 1, 2013 

issued to 
 CLADDAUGH CASUALTY
INSURANCE COMPANY, LTD. 
 BERMUDA 

(hereinafter called the “Reinsured”) 

by 
 OXBRIDGE REINSURANCE
LIMITED 
 (hereinafter called, with other participants, the “Reinsurers”) 

Under the terms of this Contract the above Reinsurer agrees to assume severally and not jointly with other participants 

Participants 
 100% 

of the liability in the layer(s) described in the attached Contract including the same corresponding proportional participation of the Reinsurers’
additional obligations set forth within the layer(s) upon which the Reinsurer participates described above. 
 Signed in CAYMAN ISLANDS on
this 28 day of June, 2013 
  

			
	OXBRIDGE REINSURANCE LIMITED
		
	BY:	 	

 SANJAY MADHU
	TITLE:	 	CFO Director

 Signed in Tampa, on this 19 day of June , 2013 

 

			
	 CLADDAUGH CASUALTY INSURANCE COMPANY, LTD.

BERMUDA

		
	BY:	 	Richard R Allen
	TITLE:	 	CFO Director

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