Document:

<PAGE>

                                                                   Exhibit 10.79

                        REINSTATEMENT PREMIUM PROTECTION
                              REINSURANCE CONTRACT
                            EFFECTIVE: JUNE 1, 2005

                                   issued to

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                      and
                   any and all other companies which are now
                  or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

                                                                 (BENFIELD LOGO)
<PAGE>

                        REINSTATEMENT PREMIUM PROTECTION
                              REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                                    issued to

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

               Second Reinstatement Premium Protection Reinsurance

<TABLE>
<CAPTION>
                REINSURERS                   PARTICIPATIONS
                ----------                   --------------
<S>                                          <C>
ACE Tempest Reinsurance Ltd.                      15.0%
Aspen Insurance Limited                           13.5
AXIS Specialty Limited                            25.0
Rosemont Reinsurance Limited                       6.5

THROUGH BENFIELD LIMITED
Lloyd's Underwriters Per Signing Schedules        40.0

TOTAL                                            100.0%
</TABLE>

               Third Reinstatement Premium Protection Reinsurance

<TABLE>
<CAPTION>
                REINSURERS                   PARTICIPATIONS
                ----------                   --------------
<S>                                          <C>
ACE Tempest Reinsurance Ltd.                      15.0%
Aspen Insurance Limited                           13.5
AXIS Specialty Limited                            25.0
Rosemont Reinsurance Limited                       6.5

THROUGH BENFIELD LIMITED
Lloyd's Underwriters Per Signing Schedules        40.0

TOTAL                                            100.0%
</TABLE>

                                                                 (BENFIELD LOGO)

Page 1 of 2
<PAGE>

               Fourth Reinstatement Premium Protection Reinsurance

<TABLE>
<CAPTION>
                REINSURERS                   PARTICIPATIONS
                ----------                   --------------
<S>                                          <C>
ACE Tempest Reinsurance Ltd.                      15.0%
Aspen Insurance Limited                           13.5
AXIS Specialty Limited                            25.0
Rosemont Reinsurance Limited                       6.5

THROUGH BENFIELD LIMITED
Lloyd's Underwriters Per Signing Schedules        40.0

TOTAL                                            100.0%
</TABLE>

               Fifth Reinstatement Premium Protection Reinsurance

<TABLE>
<CAPTION>
                REINSURERS                   PARTICIPATIONS
                ----------                   --------------
<S>                                          <C>
ACE Tempest Reinsurance Ltd.                      15.0%
AXIS Specialty Limited                            25.0
Hannover Re (Bermuda), Ltd.                       13.5
Rosemont Reinsurance Limited                       6.5

THROUGH BENFIELD LIMITED
Lloyd's Underwriters Per Signing Schedules        40.0

TOTAL                                            100.0%
</TABLE>

               Sixth Reinstatement Premium Protection Reinsurance

<TABLE>
<CAPTION>
                REINSURERS                   PARTICIPATIONS
                ----------                   --------------
<S>                                          <C>
ACE Tempest Reinsurance Ltd.                      15.0%
AXIS Specialty Limited                            25.0
Hannover Re (Bermuda), Ltd.                       13.5
Rosemont Reinsurance Limited                       6.5

THROUGH BENFIELD LIMITED
Lloyd's Underwriters Per Signing Schedules        40.0

TOTAL                                            100.0%
</TABLE>

                                                                 (BENFIELD LOGO)

Page 2 of 2
<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
ARTICLE                                                                     PAGE
-------                                                                     ----
<S>                                                                         <C>
     I  Coverage                                                              1
    II  Commencement and Termination                                          1
   III  Concurrency of Conditions                                             2
    IV  Premium                                                               3
     V  Loss Notices and Settlements                                          3
    VI  Late Payments                                                         3
   VII  Offset (BRMA 36D)                                                     5
  VIII  Access to Records (BRMA 1D)                                           5
    IX  Errors and Omissions (BRMA 14F)                                       5
     X  Currency (BRMA 12A)                                                   5
    XI  Taxes (BRMA 50B)                                                      5
   XII  Federal Excise Tax                                                    5
  XIII  Reserves                                                              6
   XIV  Insolvency                                                            7
    XV  Arbitration                                                           8
   XVI  Service of Suit                                                       9
  XVII  Agency Agreement                                                      9
 XVIII  Governing Law                                                         9
   XIX  Confidentiality                                                       9
    XX  Severability                                                         10
   XXI  Intermediary (BRMA 23A)                                              10
        Schedule A
</TABLE>

                                                                 (BENFIELD LOGO)
<PAGE>

                        REINSTATEMENT PREMIUM PROTECTION
                              REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                                    issued to

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.
             (hereinafter referred to collectively as the "Company")

                                       by

                   The Subscribing Reinsurer(s) Executing the
                     Interests and Liabilities Agreement(s)
                                 Attached Hereto
                  (hereinafter referred to as the "Reinsurer")

ARTICLE I - COVERAGE

By this Contract the Reinsurer agrees to indemnify the Company for 100% of any
reinstatement premium which the Company pays or becomes liable to pay as a
result of loss occurrences commencing during the term of this Contract under the
provisions of the second through sixth excess layers of the Company's Florida
Only Excess Catastrophe Reinsurance Contract, effective June 1, 2005
(hereinafter referred to as the "Underlying Contract" and described in Schedule
A attached to and forming part of this Contract), subject to the terms and
conditions set forth herein. However, the liability of the Reinsurer shall not
exceed $21,175,000 during the term of this Contract.

ARTICLE II - COMMENCEMENT AND TERMINATION

A.   This Contract shall become effective on June 1, 2005, with respect to
     reinstatement premium payable by the Company under the provisions of the
     Underlying Contract as a result of losses arising out of loss occurrences
     commencing on or after that date, and shall remain in force until May 31,
     2006, both days inclusive.

B.   Notwithstanding the provisions of paragraph A above, the Company may
     terminate a Subscribing Reinsurer's percentage share in this Contract by
     giving written notice to the Subscribing Reinsurer in the event any of the
     following circumstances occur as clarified by public announcement for
     subparagraphs 1 through 6 below and upon discovery for subparagraphs 7 and
     8 below:

                                                                 (BENFIELD LOGO)

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<PAGE>

     1.   The Subscribing Reinsurer's policyholders' surplus subsequent to the
          date that lines are bound for this Contract has been reduced by more
          than 20.0% of the amount of surplus 12 months prior to that date; or

     2.   The Subscribing Reinsurer's policyholders' surplus at any time between
          the date that lines are bound and the effective date of termination of
          this Contract has been reduced by more than 20.0% of the amount of
          surplus at the date of the Subscribing Reinsurer's most recent
          financial statement filed with regulatory authorities and available to
          the public as of the date that lines are bound for this Contract; or

     3.   The Subscribing Reinsurer's A.M. Best's rating has been assigned or
          downgraded below A- (inclusive of "Not Rated" ratings) and/or Standard
          & Poor's rating has been assigned or downgraded below BBB+ at any time
          between the date that lines are bound and the date of termination of
          this Contract; or

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

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

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

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

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

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

D.   The Reinsurer shall have no liability hereunder with respect to losses
     arising out of loss occurrences commencing after the effective date of
     termination or expiration.

ARTICLE III - CONCURRENCY OF CONDITIONS

A.   It is agreed that this Contract will follow the terms, conditions,
     exclusions, definitions, warranties and settlements of the Company under
     the Underlying Contract which are not inconsistent with the provisions of
     this Contract.

                                                                 (BENFIELD LOGO)

Page 2

<PAGE>

B.   The Company shall advise the Reinsurer of any material changes in the
     Underlying Contract which may affect the liability of the Reinsurer under
     this Contract.

ARTICLE IV - PREMIUM

A.   As premium for the reinsurance provided hereunder, the Company shall pay
     the Reinsurer $1,950,000 for the second excess layer, $1,150,000 for the
     third excess layer, $525,000 for the fourth excess layer, $600,000 for the
     fifth excess layer and $400,000 for the sixth excess layer of the
     Underlying Contract.

B.   The Company shall pay the Reinsurer the amount set forth in paragraph A
     above for each excess layer in four equal installments on June 1, September
     1 and December 1 of 2005 and March 1, 2006.

ARTICLE V - LOSS NOTICES AND SETTLEMENTS

A.   Whenever reinstatement premium settlements made by the Company under the
     Underlying Contract appear likely to result in a claim hereunder, the
     Company shall notify the Reinsurer. The Company will advise the Reinsurer
     of all subsequent developments relating to such claims that, in the opinion
     of the Company, may materially affect the position of the Reinsurer.

B.   All reinstatement premium settlements made by the Company under the
     Underlying Contract, provided they are within the terms of the Underlying
     Contract and within the terms of this Contract, shall be binding upon the
     Reinsurer, and the Reinsurer agrees to pay all amounts for which it may be
     liable upon receipt of reasonable evidence of the amount paid (or scheduled
     to be paid) by the Company.

ARTICLE VI - LATE PAYMENTS

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

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

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

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

     3.   The amount past due, including accrued interest.

                                                                 (BENFIELD LOGO)

Page 3

<PAGE>

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

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

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

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

     3.   As respects any payment, adjustment or return due either party not
          otherwise provided for in subparagraphs 1 and 2 of this paragraph C,
          the due date shall be as provided for in the applicable section of
          this Contract. In the event a due date is not specifically stated for
          a given payment, it shall be deemed due 10 business days following
          transmittal of written notification that the provisions of this
          Article have been invoked.

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

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

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

                                                                 (BENFIELD LOGO)

Page 4

<PAGE>

ARTICLE VII - OFFSET (BRMA 36D)

The Company and the Reinsurer, each at its option, may offset any balance or
balances, whether on account of premiums, claims and losses, loss expenses or
salvages due from one party to the other under this Contract; provided, however,
that in the event of the insolvency of a party hereto, offsets shall only be
allowed in accordance with applicable statutes and regulations.

ARTICLE VIII - ACCESS TO RECORDS (BRMA 1D)

The Reinsurer or its designated representatives shall have access at any
reasonable time to all records of the Company which pertain in any way to this
reinsurance.

ARTICLE IX - ERRORS AND OMISSIONS (BRMA 14F)

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

ARTICLE X - CURRENCY (BRMA 12A)

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

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

ARTICLE XI - TAXES (BRMA 50B)

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

ARTICLE XII - FEDERAL EXCISE TAX

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

                                                                 (BENFIELD LOGO)

Page 5

<PAGE>

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

ARTICLE XIII - RESERVES

A.   The Reinsurer agrees to fund, within 30 days of the Company's request,
     subject to receipt of satisfactory information from the Company, its share
     of the Company's ceded outstanding loss reserves (being the sum of all
     reinstatement premiums paid by the Company under the Underlying Contract
     but not yet recovered from the Reinsurer, plus the Company's reserves for
     reinstatement premiums due under the Underlying Contract, if any) by:

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

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

     3.   Cash advances;

     if the Reinsurer is unauthorized in any state of the United States of
     America or the District of Columbia having jurisdiction over the Company
     and if, without such funding a penalty would accrue to the Company on any
     financial statement, including but not limited to quarterly filings, it is
     required to file with the insurance regulatory authorities involved.

     The Reinsurer, at its sole option, may fund in other than cash if its
     method of funding is acceptable to the Company and to the insurance
     regulatory authorities involved.

     For the purpose of this Contract, the Lloyd's U.S. Credit for Reinsurance
     Trust Fund shall be considered an acceptable funding instrument.

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

     1.   To reimburse itself for the Reinsurer's share of reinstatement
          premiums paid by the Company under the terms of the Underlying
          Contract, unless paid in cash by the Reinsurer;

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

                                                                 (BENFIELD LOGO)

Page 6

<PAGE>

     3.   To fund a cash account in an amount equal to the Reinsurer's share of
          ceded outstanding loss reserves funded by means of a letter of credit
          which is under non-renewal notice, if said letter of credit has not
          been renewed or replaced by the Reinsurer 10 days prior to its
          expiration date;

     4.   To refund to the Reinsurer any sum in excess of the actual amount
          required to fund the Reinsurer's share of the Company's ceded
          outstanding loss reserves if so requested by the Reinsurer.

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

ARTICLE XIV - INSOLVENCY

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

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

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

                                                                 (BENFIELD LOGO)

Page 7

<PAGE>

ARTICLE XV - ARBITRATION

A.   As a condition precedent to any right of action hereunder, any dispute or
     difference between the Company and any Reinsurer relating to the
     interpretation or performance of this Contract, including its formation or
     validity, or any transaction under this Contract, whether arising before or
     after termination, shall be submitted to arbitration.

B.   If more than one reinsurer is involved in the same dispute, all such
     reinsurers shall constitute and act as one party for purposes of this
     Article provided that communication shall be made by the Company to each of
     the reinsurers constituting the one party, and provided, however, that
     nothing therein 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 Reinsurer under the terms of this Contract
     from several to joint.

C.   Upon written request of any party, each party shall choose an arbitrator
     and the two chosen shall select a third arbitrator. If either party refuses
     or neglects to appoint an arbitrator within 30 days after receipt of the
     written request for arbitration, the requesting party may appoint a second
     arbitrator. If the two arbitrators fail to agree on the selection of a
     third arbitrator within 30 days of their appointment, the Company shall
     petition the American Arbitration Association to appoint the third
     arbitrator. If the American Arbitration Association fails to appoint the
     third arbitrator within 30 days after it has been requested to do so,
     either party may request a justice of a court of general jurisdiction of
     the state in which the arbitration is to be held to appoint the third
     arbitrator. All arbitrators shall be active or retired officers of
     insurance or reinsurance companies, or Lloyd's London Underwriters, and
     disinterested in the outcome of the arbitration. Each party shall submit
     its case to the arbitrators within 30 days of the appointment of the third
     arbitrator.

D.   The parties hereby waive all objections to the method of selection of the
     arbitrators, it being the intention of both sides that all the arbitrators
     be chosen from those submitted by the parties.

E.   The arbitrators shall have the power to determine all procedural rules for
     the holding of the arbitration including but not limited to inspection of
     documents, examination of witnesses and any other matter relating to the
     conduct of the arbitration. The arbitrators shall interpret this Contract
     as an honorable engagement and not as merely a legal obligation; they are
     relieved of all judicial formalities and may abstain from following the
     strict rules of law. The arbitrators may award interest and costs. Each
     party shall bear the expense of its own arbitrator and shall share equally
     with the other party the expenses of the third arbitrator and of the
     arbitration.

F.   The decision in writing of the majority of the arbitrators shall be final
     and binding upon both parties. Judgment may be entered upon the final
     decision of the arbitrators in any court having jurisdiction. The
     arbitration shall take place in Pinellas Park, Florida, unless otherwise
     mutually agreed between the Company and the Reinsurer.

G.   This Article shall remain in full force and effect in the event any other
     provision of this Contract shall be found invalid or non-binding.

H.   All time limitations stated in this Article may be amended by mutual
     consent of the parties, and will be amended automatically to the extent
     made necessary by any circumstances beyond the control of the parties.

                                                                 (BENFIELD LOGO)

Page 8

<PAGE>

ARTICLE XVI - 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. This
Article is not intended to conflict with or override the parties' obligations to
arbitrate their disputes in accordance with Article XV).

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

B.   Further, pursuant to any statute of any state, territory or district of the
     United States which makes provision 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 Company or any beneficiary hereunder
     arising out of this Contract.

ARTICLE XVII - AGENCY AGREEMENT

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 XVIII - GOVERNING LAW

This Contract shall be governed as to performance, administration and
interpretation by the laws of the State of Florida exclusive of the rules with
respect to conflicts of law, except as to rules with respect to credit for
reinsurance in which case the applicable rules of all states shall apply.

ARTICLE XIX - CONFIDENTIALITY

The Reinsurer, except with the express prior written consent of the Company,
shall not directly or indirectly, communicate, disclose or divulge to any third
party, any knowledge or information that may be acquired either directly or
indirectly as a result of the inspection of the Company's books, records and
papers. The restrictions as outlined in this Article shall not apply to
communication or disclosures that the Reinsurer is required to make to its
statutory auditors, retrocessionaires, legal counsel, arbitrators involved in
any arbitration procedures under this

                                                                 (BENFIELD LOGO)

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<PAGE>

Contract or disclosures required upon subpoena or other duly-issued order of a
court or other governmental agency or regulatory authority.

ARTICLE XX - SEVERABILITY

If any provision of this Contract should be invalid under applicable laws, the
latter shall control but only to the extent of the conflict without affecting
the remaining provisions of this Contract.

ARTICLE XXI - INTERMEDIARY (BRMA 23A)

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

IN WITNESS WHEREOF, the Company by its duly authorized representative has
executed this Contract as of the date undermentioned at:

Pinellas Park, Florida, this 21st day of SEPTEMBER in the year 2005.

/s/ Bruce Meyer, Senior Vice President and Treasurer
----------------------------------------------------
Liberty American Insurance Group, Inc.
(for and on behalf of the "Company")

                                                                 (BENFIELD LOGO)

Page 10
<PAGE>

                                   SCHEDULE A

                        REINSTATEMENT PREMIUM PROTECTION
                              REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                                    issued to

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

<TABLE>
<CAPTION>
                    SECOND        THIRD         FOURTH         FIFTH          SIXTH
                    EXCESS        EXCESS        EXCESS        EXCESS         EXCESS
                 -----------   -----------   -----------   ------------   ------------
<S>              <C>           <C>           <C>           <C>            <C>
Company's        $ 7,000,000   $20,000,000   $35,000,000   $ 60,000,000   $120,000,000
Retention

Reinsurer's      $13,000,000   $15,000,000   $25,000,000   $ 60,000,000   $ 65,000,000
Per Occurrence
Limit

Reinsurer's      $26,000,000   $30,000,000   $50,000,000   $120,000,000   $130,000,000
Term Limit

Minimum          $ 3,640,000   $ 2,940,000   $ 2,400,000   $  4,320,000   $  3,640,000
Premium

Condominium,           5.358%        4.327%        3.532%         6.358%         5.358%
Dwelling and
Homeowners
Premium Rate

Manufactured          10.526%        8.502%        6.940%        12.492%        10.526%
Homeowners
Premium Rate

Deposit          $ 4,550,000   $ 3,675,000   $ 3,000,000   $  5,400,000   $  4,550,000
Premium

Quarterly        $ 1,137,500   $   918,750   $   750,000   $  1,350,000   $  1,137,500
Deposit
Premium
</TABLE>

                                                                  (BENFIED LOGO)

Schedule A
<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                          ACE Tempest Reinsurance Ltd.
                                Hamilton, Bermuda
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                        REINSTATEMENT PREMIUM PROTECTION
                              REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

     15.0% of the Second Reinstatement Premium Protection Reinsurance
     15.0% of the Third Reinstatement Premium Protection Reinsurance
     15.0% of the Fourth Reinstatement Premium Protection Reinsurance
     15.0% of the Fifth Reinstatement Premium Protection Reinsurance
     15.0% of the Sixth Reinstatement Premium Protection Reinsurance

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized
representative has executed this Agreement as of the date undermentioned at:

Hamilton, Bermuda, this 27th day of September in the year 2005.

/s/ Michael Clarke, Underwriter
------------------------------------
ACE Tempest Reinsurance Ltd.

                                                                  (BENFIED LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                             Aspen Insurance Limited
                                Hamilton, Bermuda
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                        REINSTATEMENT PREMIUM PROTECTION
                              REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

     13.5% of the Second Reinstatement Premium Protection Reinsurance
     13.5% of the Third Reinstatement Premium Protection Reinsurance
     13.5% of the Fourth Reinstatement Premium Protection Reinsurance
        0% of the Fifth Reinstatement Premium Protection Reinsurance
        0% of the Sixth Reinstatement Premium Protection Reinsurance

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized
representative has executed this Agreement as of the date undermentioned at:

Hamilton, Bermuda, this 29th day of September in the year 2005.

/s/ Piers Vacher, Underwriter
------------------------------------
Aspen Insurance Limited

                                                                  (BENFIED LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                             AXIS Specialty Limited
                                Pembroke, Bermuda
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                        REINSTATEMENT PREMIUM PROTECTION
                              REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

     25.0% of the Second Reinstatement Premium Protection Reinsurance
     25.0% of the Third Reinstatement Premium Protection Reinsurance
     25.0% of the Fourth Reinstatement Premium Protection Reinsurance
     25.0% of the Fifth Reinstatement Premium Protection Reinsurance
     25.0% of the Sixth Reinstatement Premium Protection Reinsurance

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized
representative has executed this Agreement as of the date undermentioned at:

Pembroke, Bermuda, this 11th day of October in the year 2005.

/s/ Christian Dunleavy, Vice President
--------------------------------------
AXIS Specialty Limited

                                                                  (BENFIED LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                           Hannover Re (Bermuda), Ltd.
                                Hamilton, Bermuda
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                        REINSTATEMENT PREMIUM PROTECTION
                              REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                            Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

        0% of the Second Reinstatement Premium Protection Reinsurance
        0% of the Third Reinstatement Premium Protection Reinsurance
        0% of the Fourth Reinstatement Premium Protection Reinsurance
     13.5% of the Fifth Reinstatement Premium Protection Reinsurance
     13.5% of the Sixth Reinstatement Premium Protection Reinsurance

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

In any action, suit or proceeding to enforce the Subscribing Reinsurer's
obligations under the attached Contract, service of process may be made upon
Mendes & Mount, 750 Seventh Avenue, New York, New York 10019.

IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized
representative has executed this Agreement as of the date undermentioned at:

Hamilton, Bermuda, this 11th day of October in the year 2005.

/s/ Joerg Schuenemann, Underwriter
------------------------------------
Hannover Re (Bermuda), Ltd.

                                                                  (BENFIED LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                          Rosemont Reinsurance Limited
                                Hamilton, Bermuda
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                        REINSTATEMENT PREMIUM PROTECTION
                              REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

     6.5% of the Second Reinstatement Premium Protection Reinsurance
     6.5% of the Third Reinstatement Premium Protection Reinsurance
     6.5% of the Fourth Reinstatement Premium Protection Reinsurance
     6.5% of the Fifth Reinstatement Premium Protection Reinsurance
     6.5% of the Sixth Reinstatement Premium Protection Reinsurance

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

IN WITNESS WHEREOF, the Subscribing Reinsurer by its duly authorized
representative has executed this Agreement as of the date undermentioned at:

Hamilton, Bermuda, this 28th day of September in the year 2005.

/s/ Steve Velotti, Senior Vice President
------------------------------------------
Rosemont Reinsurance Limited

                                                                  (BENFIED LOGO)

<PAGE>

                       INTERESTS AND LIABILITIES AGREEMENT

                                       of

                     Certain Underwriting Members of Lloyd's
                 shown in the Signing Schedules attached hereto
            (hereinafter referred to as the "Subscribing Reinsurer")

                               with respect to the

                        REINSTATEMENT PREMIUM PROTECTION
                              REINSURANCE CONTRACT
                             EFFECTIVE: JUNE 1, 2005

                         issued to and duly executed by

                       Liberty American Insurance Company
                             Pinellas Park, Florida
                          Mobile USA Insurance Company
                             Pinellas Park, Florida
                                       and
                    any and all other companies which are now
                   or may hereafter become member companies of
                     Liberty American Insurance Group, Inc.

The Subscribing Reinsurer hereby accepts the following percentage shares in the
interests and liabilities of the "Reinsurer" as set forth in the attached
Contract captioned above:

     40.0% of the Second Reinstatement Premium Protection Reinsurance
     40.0% of the Third Reinstatement Premium Protection Reinsurance
     40.0% of the Fourth Reinstatement Premium Protection Reinsurance
     40.0% of the Fifth Reinstatement Premium Protection Reinsurance
     40.0% of the Sixth Reinstatement Premium Protection Reinsurance

This Agreement shall become effective on June 1, 2005, and shall continue in
force until May 31, 2006, both days inclusive, unless earlier terminated in
accordance with the provisions of the attached Contract.

The Subscribing Reinsurer's share in the attached Contract shall be separate and
apart from the shares of the other reinsurers, and shall not be joint with the
shares of the other reinsurers, it being understood that the Subscribing
Reinsurer shall in no event participate in the interests and liabilities of the
other reinsurers.

In any action, suit or proceeding to enforce the Subscribing Reinsurer's
obligations under the attached Contract, service of process may be made upon
Mendes & Mount, 750 Seventh Avenue, New York, New York 10019.

Signed for and on behalf of the Subscribing Reinsurer in the Signing Schedules
attached hereto. Signed on behalf of K.C., General Manager

                                                                  (BENFIED LOGO)<PAGE>
                                                                   Exhibit 10.80

                        PROFESSIONAL LIABILITY INSURANCE
                              QUOTA SHARE CONTRACT

                                     BETWEEN

                         PHILADELPHIA INSURANCE COMPANY
                    PHILADELPHIA INDEMNITY INSURANCE COMPANY
                                     ("PIC")

                                       AND

                          CUMIS INSURANCE SOCIETY, INC.
                                    ("CUMIS")

                             EFFECTIVE: JULY 1, 2005

IN CONSIDERATION OF THE MUTUAL PROMISES AND OTHER GOOD AND VALUABLE
CONSIDERATION, PIC and CUMIS agree as follows:

ARTICLE I. DEFINITIONS

Unless the context clearly requires otherwise:

A.   "Allocated Loss Expense" means costs and expenses incurred by PIC on its
     Net Retained Line and allocable to a specific claim or loss that are
     incurred by PIC in the investigation, appraisal, adjustment, settlement,
     litigation, defense or appeal of a specific claim, including court costs
     and costs of supersedeas and appeal bonds expense, including a pro rata
     share of salaries and expenses of PIC employees and expenses of PIC
     officers who have been temporarily diverted from their normal and customary
     duties and assigned to the field adjustment of losses covered by this
     Contract, interest accrued after award or judgment and pre-judgment
     interest awarded against the insured, legal expenses and costs incurred by
     PIC in connection with coverage questions and legal actions connected
     therewith, and legal costs and expenses associated with Extra-Contractual
     Obligations and Loss in Excess of Certificate Limits.

B.   "Certificate" or "Certificates" means a Professional Liability ("PL")
     Contract issued or renewed by PIC during the Term of this Contract
     evidencing PL coverage and sold under the General Agent Agreement ("GA
     Agreement") by and between CUNA Mutual Insurance Agency, Inc. ("CMIA") and
     PIC.

C.   "Contract Year" means each separate twelve (12) month period from July 1,
     2005 or any period of less than twelve (12) months subsequent thereto
     resulting from termination of this Contract.

                                        1

<PAGE>

D.   "Extra-Contractual Obligations" means one hundred percent (100%) of any
     punitive, exemplary, compensatory or consequential damages for which PIC is
     liable, other than Loss in Excess of Certificate Limits as a result of a
     demand, claim or action by its insured, its insured's assignee or a third
     party claimant, on business covered hereunder. Such liabilities shall be
     those arising because of, but not limited to, the following: failure to
     settle within the policy limits, by reason of alleged or actual negligence,
     fraud, or bad faith in rejecting an offer of settlement, in the preparation
     of the defense, in the trail of any action against the insured or
     reinsured, or in the preparation or prosecution of an appeal consequent
     upon such action or failure to pay a claim. There will be no recovery
     hereunder where the extra contractual obligation has been incurred due to
     fraud committed by a member of the board of directors or a cooperate
     officer of PIC, acting individually, collectively, or in collusion with a
     member of the board of directors, a corporate officer, or a partner of any
     other cooperation, partnership, or organization involved in the defense or
     settlement of a claim on behalf of PIC. An Extra-Contractual Obligation
     shall be deemed to have occurred on the same date as the Loss covered or
     alleged to be covered under a Certificate. Nothing in this Article will be
     constructed to create a separate or distinct Loss apart from the original
     covered Loss. Indemnification by CUMIS for Extra Contractual Obligations
     will be considered primary and any Errors and Omissions policy purchased by
     PIC will be considered excess.

E.   "Gross Net Premium" means direct premium written on Certificates less: (i)
     direct brokerage Commissions, (ii) refunds and returns (but not dividends)
     on Certificates and (iii) premiums paid or payable by PIC for all other
     facultative reinsurance coverage applicable to Certificates.

F.   "Loss" means the amount of loss or liability paid by PIC to or on behalf of
     its insured to a claimant(s) under a Certificate. Only loss in excess of
     any collectable inuring other insurance or facultative reinsurance shall be
     included. Loss shall include losses incurred under a Certificate by reason
     of the inability to apply or collect any other coverage from any insurer or
     reinsurer that has become due whether that inability arises from insolvency
     or otherwise.

G.   "Loss In Excess of Certificate Limits" means one hundred percent (100%) of
     any amount for which PIC is liable in excess of its Certificate limits, but
     otherwise within the terms of its Certificate as a result of a demand,
     claim or action by its insured or its insured's assignee or other third
     party to recover damages the insured is legally obligated to pay to a third
     party claimant. Payment by CUMIS for Loss in Excess of Certificate Limits
     will be considered primary and any Errors and Omissions policy purchased by
     PIC will be considered excess.

H.   "Net Loss" means that amount of Loss, Allocated Loss Expense, Extra
     Contractual Obligations, and Loss in Excess of Certificate Limits that PIC
     has paid or is obligated to pay on its Net Retained Line. Net Loss shall
     not include any Loss excluded under Article III of this Contract.

                                       2

<PAGE>

I.   "Net Retained Line" means that portion of any Net Loss that PIC has
     retained net for its own account under a Certificate after application of
     all facultative reinsurance and after deduction of all net salvage and
     subrogation recoveries actually made. All subrogation recoveries, or
     payments recovered or received subsequent to a Loss settlement under this
     Contract shall be applied as if recovered or received prior to payment or
     settlement, and all necessary adjustments shall be made by the parties to
     this Contract. Nothing in this definition, however, shall be construed to
     mean that Net Loss is not recoverable from CUMIS until the ultimate Net
     Loss of PIC has been absolutely ascertained.

ARTICLE II. COVERAGE

CUMIS shall be liable to and will indemnify PIC, for fifty percent (50%) of
PIC's Net Loss on each Certificate.

ARTICLE III. EXCLUSIONS

A.   The Exclusions of this Contract shall be identical with those of the
     Certificates.

B.   Any Loss arising from Certificates issued or renewed with a coverage period
     inception date not during the Term of this Contract is not covered by this
     Contract.

Notwithstanding any other provisions of this Contract, CUMIS shall have no
obligation or liability for any loss, expense, damage, fees, fine, penalty or
other amount that arises from (i) the acts, errors, omissions, or conduct of PIC
that arises or results from the general conduct or procedures ("procedures") of
PIC contrary to or inconsistent with applicable statutes, regulations, insurance
department bulletins and attorney general opinions applicable to the claims
function and claims practices applied in general or as those procedures are or
were applied to a specific claim or claims, (ii) the failure of PIC to obtain
and follow the advice and approval of CUMIS provided under Article IX. or (iii))
fraudulent, criminal, negligent or tortuous acts of PIC except as provided under
Extra-Contractual Obligations.

ARTICLE IV. PREMIUM

A.   PREMIUM. PIC shall cede to CUMIS fifty percent (50%) of the Gross Net
     Premium arising from the Certificates including that developed by
     endorsement or audit on each Certificate less any premiums paid or payable
     for facultative reinsurance that inures to the benefit of this Contract.

B.   PREMIUM ADJUSTMENT. If any alteration is made in the terms of any
     Certificate whereby the amount of the premium payable in respect thereof is
     affected, the premium shall be adjusted and any difference credited to or
     charged against CUMIS as the case may warrant. Upon cancellation of any
     Certificate, PIC and CUMIS shall be entitled to the proportionate return of
     premium.

                                       3

<PAGE>

C.   CANCELLATION FEES. PIC and CUMIS will share equally in all cancellation of
     fees when permitted by law.

D.   CEDING COMMISSION. CUMIS shall allow PIC in the monthly accounts a ceding
     commission of fifteen percent (15%) of Gross Net Premium arising from the
     Certificates including that developed by endorsement or audit on each
     certificate ceded to CUMIS on the Certificates under this Contract. On
     return and refund premiums, PIC shall return and refund commissions at the
     rate originally allowed thereon.

ARTICLE V. PAYMENT.

     The net balance due as reflected by the reports provided under Article VII
     and Article IX of this Contract shall be payable by PIC within forty-five
     (45) days of the end of the month or by CUMIS within forty-five (45) days
     after receipt of the reports under Article VII and Article IX, as
     applicable. A positive amount is a balance due CUMIS, a negative amount is
     a balance due PIC.

     All amounts due either PIC or CUMIS, whether by reason of premium,
     commission, Net Loss, or otherwise, under this Contract shall be subject to
     the right of recoupment and offset and upon the exercise of the same, only
     the net balance shall be due. All claims for such amounts whether or not
     fixed in amount at the time of the insolvency of any party to this
     Contract, arising from coverage placed in effect under this Contract prior
     to the insolvency of any party to this Contract shall be deemed
     pre-liquidation debts and subject to this Article.

     Interest shall accrue on any balance unpaid within the timeframes under
     this Article V at the rate of ten percent (10%) simple interest per annum
     calculated from the date payment is due.

ARTICLE VI. TERM AND TERMINATION

A.   COMMENCEMENT. This Contract incepts 12:01 A.M. Standard Time, July 1, 2005
     and shall terminate as of December 31, 2008 unless extended in writing by
     the Parties. Not withstanding the foregoing, this Contract is subject to
     termination as of the end of December each year upon at least ninety (90)
     days prior written notice by either party.

B.   TERMINATION. Upon termination of this Contract, coverage under this
     Contract will remain in effect for all Certificates to which this Contract
     attached including those which are in-force on the termination date until
     their natural expiration. However, should any Certificate to which this
     Contract applies be extended, continued, or renewed due to regulatory, or
     other legal restrictions, this Contract shall automatically provide
     extended coverage until those Certificates expire or are actually
     terminated by PIC.

C.   RUN-OFF. If coverage under this Contract shall expire while a Loss covered
     hereunder is in progress, subject to the other conditions of this Contract,
     CUMIS shall be responsible

                                       4

<PAGE>

     for its proportionate share of the Loss as if the entire Loss had occurred
     during the time this Contract is in force provided the Loss covered
     hereunder is stated before the time of coverage expiration.

ARTICLE VII. PREMIUM AND CERTIFICATE REPORTS

A.   PREMIUM REPORTS. PIC shall throughout the term of this Contract and
     thereafter, so long as either party hereto shall request until all
     liability on the Certificates has expired, report monthly as of the end of
     each month and, in addition, as of the end of each calendar year the
     following as the same pertain to activity on Certificates for and from
     inception through to the end of each applicable month, as specified in
     Appendix A.

B.   CERTIFICATE REPORTS. Reports under this Article VII shall be submitted by
     PIC to CUMIS within forty-five (45) days of the end of each month for which
     the activity report is rendered and shall be substantially in the form as
     provided in Appendix A. In addition, PIC shall provide CUMIS with such
     additional reports and statistics with respect to the Certificates as
     reasonably requested by CUMIS.

ARTICLE VIII. CURRENCY AND TAXES

A.   CURRENCY. 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. Amounts
     paid or received by PIC 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 PIC.

B.   APPOINTMENT. In the event of PIC being involved in a Loss requiring payment
     in two currencies, the amount recoverable under this Contract shall be
     apportioned to the two currencies in the same proportion as the amount of
     Loss in each currency bears to the total amount of Loss paid by PIC. For
     the purposes of this Contract, where PIC should receive premium or pay Loss
     in currencies other than United States currency, those premiums and Loss
     shall be converted into United States Dollars at the actual rates of
     exchange at which these premiums and Losses are entered on PIC's books.

C.   TAXES. In consideration of the terms under which this Contract is issued,
     PIC undertakes not to claim any deduction of the premium hereon when making
     Canadian Tax returns or when making tax returns, other than Income or
     Profits Tax returns, to any State or Territory of the United States of
     America or to the District of Columbia.

ARTICLE IX. CLAIMS REPORTS & LOSS SETTLEMENTS

A.   CLAIM REPORTS. Reports under this Article IX shall be submitted by PIC to
     CUMIS within forty-five (45) days of the end of each month for which the
     activity report is requested and shall be substantially in the form as
     provided in Appendix A. In addition,

                                       5

<PAGE>

     PIC shall provide CUMIS with such additional reports and statistics with
     respect to the Certificates as reasonably requested by CUMIS.

B.   LOSS SETTLEMENT. All claims and Loss shall be investigated, adjusted, and
     settled by PIC or its designee which settlements, judgments or compromises
     of claims or Loss will be finally binding upon CUMIS without undue
     interference of CUMIS, provided that in the event of a possible claim
     decision outside of mutually agreed parameters reduced to writing by PIC
     and CUMIS, PIC shall first seek and obtain advice and approval of CUMIS
     before adjusting, settling, or denying the claim in whole or in part.

C.   ORIGINAL CONDITIONS. CUMIS' liability to PIC, subject to the exclusions and
     the terms and conditions of this Contract, shall attach simultaneously with
     that of PIC and shall be subject in all respects to the same risks, terms,
     conditions, interpretations, waivers and the same modifications,
     alterations and cancellations as the respective insurances (or
     reinsurances) of PIC, the true intent of this Contract being that CUMIS
     shall, in every case to which this Contract applies, follow the settlements
     and the fortunes of PIC with respect to the Certificates.

D.   RIGHT TO ASSOCIATE. When so requested in writing, PIC shall afford CUMIS or
     its representatives an opportunity to be associated with PIC, at the
     expense of CUMIS, in the defense of any claim, suit or proceeding involving
     this reinsurance, and PIC and CUMIS shall cooperate in every respect in the
     defense of such claim, suit or proceeding.

E.   ERRORS AND OMISSIONS. Inadvertent delays, errors or omissions made by PIC
     in connection with this Contract shall not relieve CUMIS from any liability
     which would have attached had such delay, error or omission not occurred,
     provided always that such delay, error or omission shall be rectified as
     soon as possible after discovery by PIC.

F.   SUBROGATION AND RECOVERIES. All salvages, recoveries, payments and
     reversals or reductions of verdicts or judgments (net of the cost of
     obtaining such salvage, recovery, payment or reversal or reduction of a
     verdict or judgment) whether recovered, received or obtained prior or
     subsequent to a loss settlement under this Contract, including amounts
     recoverable under other reinsurance, shall be applied as if recovered,
     received or obtained prior to the aforesaid settlement and shall be
     deducted from the actual losses sustained to arrive at the amount of the
     Net Loss. Nothing in this Article shall be construed to mean losses are not
     recoverable until the Net Loss has been finally ascertained.

     CUMIS shall be subrogated, as respects any loss for which CUMIS shall
     actually pay or become liable, but only to the extent of the amount of
     payment by or the amount of liability to CUMIS, to all the rights of PIC
     against any person or other entity who may be legally responsible for
     damages as a result of said loss. Should PIC elect not to enforce such
     rights, CUMIS is hereby authorized and empowered to bring any appropriate
     action in the name of PIC or its policyholders, or otherwise to enforce
     such rights. CUMIS shall promptly remit to PIC the amount of any judgment
     awarded in such an action in excess of the amount of payment by, or the
     amount of liability to, CUMIS hereunder.

                                       6

<PAGE>

ARTICLE X. INSOLVENCY OF PIC

E.   REINSURANCE PAYABLE. In the event of the declared insolvency of PIC and the
     appointment of a liquidator, receiver, conservator or statutory successor,
     this reinsurance shall be payable immediately upon demand, with reasonable
     provision for verification, directly to PIC or to its liquidator, receiver,
     conservator or statutory successor on the basis of the liability of PIC as
     a result of claims allowed against PIC by any court of competent
     jurisdiction or any liquidator, receiver, conservator, or statutory
     successor having authority to allow such claims without diminution because
     of the insolvency of PIC or because the liquidator, receiver, conservator
     or statutory successor of PIC has failed to pay all or a portion of any
     claim. Payments by CUMIS as above set forth shall be made directly to PIC
     or to its conservator, liquidator, or statutory successor, except where the
     contract of insurance or reinsurance specifically provides another payee of
     such reinsurance or except as provided by applicable law and regulation
     (such as subsection (a) of section 4118 of the New York Insurance laws) in
     the event of the insolvency of PIC.

F.   NOTICE OF CLAIM. Every liquidator, receiver, conservator, statutory
     successor of PIC or guaranty fund or association shall give written notice
     to CUMIS of the pendency of a claim involving PIC indicating the
     Certificate, which claim would involve a possible liability on the part of
     CUMIS to PIC or to its liquidator, receiver, conservator or statutory
     successor, within a reasonable amount of time after the claim is filed in
     the conservation, liquidation, receivership or other proceeding.

G.   INVESTIGATION. During the pendency of any claim, CUMIS may investigate the
     same and interpose, at its own expense, in the proceeding where that claim
     is to be adjudicated, any defense or defenses that it may deem available to
     its Certificate holder, or to any liquidator, receiver, conservator,
     statutory successor of PIC or guaranty fund or association.

H.   EXPENSES. The expense thus incurred by CUMIS shall be chargeable, subject
     to the approval of the Court, against PIC as part of the expense of
     conservation or liquidation to the extent of a pro rata share of the
     benefit which may accrue to PIC as a result of the defense undertaken by
     CUMIS. Where two or more reinsurers are involved in the same claim and a
     majority in interest elect to interpose defense to the claim, the expense
     shall be apportioned in accordance with the terms of this Contract as
     though such expense had been incurred by PIC.

ARTICLE XI. LETTER OF CREDIT

A.   ESTABLISHMENT. PIC and CUMIS mutually understand and agree that during the
     term of this Agreement CUMIS will establish a claims reserve by a letter of
     credit described below. CUMIS will apply for and secure delivery to PIC on
     or before October 31, 2005 of a clean, irrevocable, unconditional letter of
     credit in the amount of $500,000 (which letter of credit shall expressly
     permit partial draws to be made thereunder), dated no

                                       7

<PAGE>

     earlier than October 20, 2005 issued by a bank approved by the NAIC
     Securities Valuation Office. The letter of credit will have an expiration
     date of the first anniversary of its issue date, and will be automatically
     extended for one year from its date of expiration or any future expiration
     date unless 60 days prior to any expiration date the issuing bank notifies
     PIC by registered mail that it elects not to consider the letter of credit
     extended for any additional period. The only condition of PIC being able to
     draw on the letter of credit is that PIC present to the issuing bank a
     certificate that PIC is entitled to draw on the letter of credit under the
     provisions of the Professional Liability Insurance Quota Share Contract
     among Philadelphia Insurance Company, Philadelphia Indemnity Insurance
     Company and CUMIS Insurance Society, Inc.

     PIC may draw on the letter of credit under the following circumstances: (a)
     PIC determines that a payment due to it by CUMIS under this Agreement is
     not timely made, including, without limitation, any payment to reimburse
     PIC for CUMIS' share of any loss reimbursed by this Agreement which has not
     otherwise been paid, and in such event PIC may draw upon the letter of
     credit the amount of such unpaid payment, or (b) a letter of credit meeting
     the terms set forth above with an expiration date at least one year beyond
     the expiration date of the existing letter of credit is not delivered to
     PIC at least 25 days prior to the expiration of the existing letter of
     credit. In the event of a draw pursuant to clause (b) of the immediately
     preceding sentence, the amount of the draw, which shall be the full undrawn
     amount of the letter of credit, shall serve as cash collateral for all of
     CUMIS' obligations under this Agreement. Such draw shall be held in an
     interest bearing account of PIC and interest thereon will accrue to the
     benefit of CUMIS.

     Any reference in this Article XI or in Article XIII.F to "letter of credit"
     shall include any additional letters of credit referred to in Article
     XIII.F.

B    The issuing bank will have no responsibility whatsoever in connection with
     the propriety of withdrawals made by PIC or the disposition of funds
     withdrawn.

ARTICLE XII. INSOLVENCY OF CUMIS

In the event of CUMIS's insolvency, bankruptcy, receivership, rehabilitation or
liquidation, PIC may retain all or any portion of any amount then due or which
may become due to CUMIS under this Agreement, and use such amounts for the
purpose of paying any and all liability CUMIS incurred under this Agreement.
When all such liability hereunder has been discharged, PIC will pay to CUMIS any
balance of such amounts withheld as may remain.

ARTICLE XIII. SPECIAL TERMINATION.

PIC may terminate this Agreement at any time by giving 30 days prior written
notice to CUMIS in the event that any one of the following circumstances has
occurred since the inception date of this Agreement (or, in the case of a
continuous Agreement, the immediately preceding anniversary date):

                                       8

<PAGE>

     A.   A State Insurance Department has ordered CUMIS to cease accepting
          business; or

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

     C.   CUMIS policyholders' surplus has been reduced by 50% of the amount at
          which it stood at the inception of this Agreement (or, in the case of
          a continuous Agreement, the immediately preceding anniversary date);
          or

     D.   CUMIS's AM Best rating has been assigned or downgraded below "A-"; or

     E.   CUMIS's Standard and Poor's rating has been assigned or downgraded
          below "BBB+".

     F.   PIC does not have a currently effective unexpired letter of credit
          meeting the requirements of Article XI of this Agreement in the
          undrawn amount of $500,000; provided, however, that if at any time
          such undrawn amount is less than $500,000 as a result of a draw on a
          letter of credit supplied to PIC by CUMIS under Article XI of this
          Agreement, PIC may not exercise its rights under this clause F unless,
          within 20 days after such draw, CUMIS has not delivered to PIC a
          letter of credit meeting the requirements of Article XI in an amount
          equal to the amount of such draw.

In the event of such termination the liability of CUMIS will cease upon receipt
of notice from PIC (except in respect of losses which may have occurred prior to
such date of termination but for which settlement remains outstanding) and CUMIS
will receive premium pro rata as to time of the full premium.

However, if losses have occurred between the inception date of this Agreement
(or, in the case of a continuous Agreement, the anniversary date immediately
preceding termination) and the date of termination which exceed pro rata as to
time of the full premium, then CUMIS will receive premium equal to the losses or
the full premium, whichever is less.

For the purpose of this Article "full premium" will mean the fully adjusted
premium that would have been earned by CUMIS for the period of this Agreement
had it not been terminated.

ARTICLE XIV. ARBITRATION

A.   CONDITION PRECEDENT. As a condition precedent to any cause of action, any
     and all disputes between PIC and CUMIS arising out of, relating to, or
     concerning this Contract, whether sounding in contract or tort and whether
     arising during or after termination of this Contract, shall be submitted to
     the decision of a board of arbitration composed of two

                                       9

<PAGE>

     arbitrators and an umpire ("Board") meeting at a site in Philadelphia,
     Pennsylvania. The arbitration shall be conducted under the Pennsylvania
     Arbitration Act or Federal Arbitration Act, as applicable, and shall
     proceed as set forth in the following paragraphs:

B.   SUBMISSION TO ARBITRATION. A notice requesting arbitration, or any other
     notice made in connection therewith, shall be in writing and shall be sent
     certified or registered mail, return receipt requested to the affected
     parties. The notice requesting arbitration shall state in particulars all
     issues to be resolved in the view of the claimant, shall appoint the
     arbitrator selected by the claimant and shall set a tentative date of the
     hearing, which date shall be no sooner than ninety (90) days and no later
     than one hundred fifty (150) days from the date that the notice requesting
     arbitration is mailed. Within thirty (30) days of receipt of claimant's
     notice, the respondent shall notify claimant of any additional issues to be
     resolved in the arbitration and of the name of its appointed arbitrator.

C.   ARBITRATION BOARD MEMBERSHIP. Unless otherwise mutually agreed, the members
     of the Board shall be impartial and disinterested and shall be active or
     retired lawyers with at least ten years experience in insurance and
     reinsurance, or active or retired officers of property-casualty insurance
     companies, reinsurance companies, or Lloyds Underwriters. PIC and CUMIS as
     aforesaid shall each appoint an arbitrator and the two (2) arbitrators
     shall choose an umpire before instituting the hearing. If the respondent
     fails to appoint its arbitrator within thirty (30) days after having
     received claimant's written request for arbitration, the claimant is
     authorized to and shall appoint the second arbitrator. If the two
     arbitrators fail to agree upon the appointment of an umpire within thirty
     (30) days after notification of the appointment of the second arbitrator,
     within ten (10) days thereof, the two (2) arbitrators shall request ARIAS
     U.S. to assist in the appointment of an umpire for the arbitration with the
     qualifications set forth above in this Article. If enlisting the aid of
     ARIAS U.S. fails to result in the naming of an umpire, either party may
     apply to the court named below to appoint an umpire with the above required
     qualifications. The umpire shall promptly notify in writing all parties to
     the arbitration of his selection and of the scheduled date for the hearing.
     Upon resignation or death of any member of the Board, a replacement shall
     be appointed in the same fashion as the resigning or deceased member was
     appointed.

D.   SUBMISSION OF BRIEFS. The claimant and respondent shall each submit initial
     briefs to the Board outlining the issues in dispute and the basis,
     authority and reasons for their respective positions within thirty (30)
     days of the date of notice of appointment of the umpire. The claimant and
     the respondent may submit reply briefs to the Board within ten (10) days
     after filing of the initial brief(s). Initial and reply briefs may be
     amended by the submitting party at any time, but not later than ten (10)
     days prior to the date of commencement of the arbitration hearing.
     Reasonable responses shall be allowed at the arbitration hearing to new
     material contained in any amendments filed to the briefs but not previously
     responded to.

A.   ARBITRATION HEARING AND AWARD. The Board shall make a decision and award
     with regard to this Contract, the original intentions of the parties to the
     extent reasonably ascertainable, and the custom and usage of the property
     and casualty insurance and

                                       10

<PAGE>

     reinsurance business which decision and award shall be in writing and shall
     state the factual and legal basis for the decision and award. The decision
     and award shall be based upon a hearing in which evidence shall be allowed
     and which the formal rules of evidence shall not strictly apply but in
     which cross examination and rebuttal shall be allowed. At its own election
     or at the request of the Board, either party may submit a post-hearing
     brief for consideration of the Board within twenty (20) days of the close
     of the hearing. The Board shall make its decision and award within thirty
     (30) days following the close of the hearing or the submission of
     post-hearing briefs, whichever is later, unless the parties consent to an
     extension. Every decision by the Board shall be a majority of the members
     of the Board and each decision and award by the majority of the member of
     the Board shall be final and binding upon all parties to the proceeding.
     Either party may apply to a federal district court of competent
     jurisdiction for an order confirming any decision and the award; a judgment
     of that Court shall thereupon be entered on any decision or award. If such
     an order is issued, the attorneys' fees of the party so applying and court
     costs will be paid by the party against whom confirmation is sought. The
     Board may award interest at a rate of ten (10%) percent simple interest per
     annum calculated from the date the Board determines that any amounts due
     the prevailing party should have been paid to the prevailing party.

B.   ARBITRATION EXPENSE. Each party shall bear the expense of the one
     arbitrator appointed by it and shall jointly and equally bear with the
     other party the expense of any stenographer requested, and of the umpire.
     The remaining costs of the arbitration proceedings shall be finally
     allocated by the Board.

C.   EVIDENCE. Subject to customary and recognized legal rules of privilege,
     each party participating in the arbitration shall have the obligation to
     produce those documents and as witnesses to the arbitration those of its
     employees as any participating party reasonably requests providing always
     that the same witnesses and documents be obtainable and relevant to the
     issues before the arbitration and not be unduly burdensome or excessive.
     The parties may mutually agree as to pre-hearing discovery prior to the
     arbitration hearing and in the absence of agreement, upon the request of
     any party, pre-hearing discovery may be conducted as the umpire shall
     determine in his/her sole discretion to be in the interest of fairness,
     full disclosure, and a prompt hearing, decision and award by the Board. The
     umpire shall be the final judge of the procedures of the Board, the conduct
     of the arbitration, of the rules of evidence, the rules of privilege and
     production and of excessiveness and relevancy of any witnesses and
     documents upon the petition of any participating party. To the extent
     permitted by law, the Board and the umpire shall have the authority to
     issue subpoenas and other orders to enforce their decisions.

D.   EQUITABLE RELIEF. Nothing herein shall be construed to prevent any
     participating party from applying to a federal district court of competent
     jurisdiction to issue a restraining order or other equitable relief to
     maintain the "status quo" of the parties participating in the arbitration
     pending the decision and award by the Board or to prevent any party from
     incurring irreparable harm or damage at any time prior to the decision and
     award of the Board. The Board shall also have the authority to issue
     interim decisions or awards in the

                                       11

<PAGE>

     interest of fairness, full disclosure and a prompt and orderly hearing and
     decision and award by the Board.

ARTICLE XV. ADMINISTRATION PROCEDURES

A.   Inasmuch as insurance premiums ceded to CUMIS under this Contract shall be
     collected directly by an affiliate of CUMIS ("CMIA") pursuant to the
     General Agent Agreement with PIC, it shall be the obligation of CUMIS to
     cause CMIA to provide all necessary premium information to PIC in order
     that PIC can make the reports required by this Contract.

B.   To the extent that CUMIS should receive any premium directly from CMIA,
     CUMIS shall remit the ceding commission allowed and due to PIC thereon in
     the time required under this Contract.

ARTICLE XVI. TERRORISM RECOVERY - TERRORISM RISK INSURANCE ACT OF 2002

A.   As respects the Insured Losses of PIC for each Program year, to the extent
     PIC's total reinsurance recoverables for Insured Losses, when combined with
     the compensation PIC receives under the Act exceeds the aggregate amount of
     Insured Losses paid by PIC, less any other recoveries or reimbursements,
     (the "Excess Recovery"), a share of the Excess Recovery shall be allocated
     to PIC and CUMIS. PIC's share of the Excess Recovery shall be deemed to be
     an amount equal to the proportion that PIC's Insured Losses bear to PIC's
     total Insured Losses for each Program Year. CUMIS' share of the Excess
     Recovery shall be deemed to be an amount equal to the proportion that
     CUMIS' payment of Insured Losses under this Contract bears to PIC's total
     collected reinsurance recoverables for Insured Losses. PIC shall provide
     CUMIS with all necessary data respecting the transactions covered under
     this Article.

B.   The method set forth herein for determining an Excess Recovery is intended
     to be consistent with the United States Treasury Department's construction
     and application of Section 103(g)(2) of the Act. To the extent it is
     inconsistent, it shall be amended to conform with such construction and
     application.

C.   "Act" as used herein shall mean the Terrorism Risk Insurance Act of 2002
     and any subsequent amendment thereof or any regulations promulgated
     thereunder. "PIC" shall have the same meaning as "Insurer" under the Act
     and "Insured Losses," and "Program Year" shall follow the definitions as
     provided in the Act.

ARTICLE XVII. OTHER TERMS AND CONDITIONS

A.   UTMOST GOOD FAITH. This Contract is entered into with the expectation that
     it correctly, adequately and appropriately describes the intent and
     agreement of the parties. The principles of honorable engagement and utmost
     good faith, traditional to reinsurance, will be adhered to in the
     performance of this Contract, will govern the parties' rights and

                                       12

<PAGE>

     obligations under the Contract, and will be the fundamental basis for
     resolving any dispute that may arise between the parties.

B.   WAIVER. The failure of PIC or CUMIS to insist on strict compliance with
     this Contract or to exercise any right or remedy shall not constitute a
     waiver of any rights contained in this Contract nor stop the parties from
     thereafter demanding full and complete compliance nor prevent the parties
     from exercising any remedy.

C.   SEVERABILITY. If any provisions of this Contract should be invalid under
     applicable laws, the latter shall control but only to the extent of the
     conflict without affecting the remaining provisions of this Contract.

A.   HEADINGS. The headings preceding the text of the Articles and paragraphs of
     this Contract are intended and inserted solely for the convenience of
     reference and shall not affect the meaning, interpretation, construction or
     effect of this Contract.

B.   ASSIGNMENT. This Contract shall be binding upon and inure to the benefit of
     PIC and CUMIS and their respective successors and assigns provided,
     however, that this Contract may not be assigned by either party without the
     prior written consent of the other party which consent may be withheld by
     either party in its sole unfettered discretion.

C.   GOVERNING LAW. This Contract shall be governed as to performance,
     administration, and interpretation by the laws of the Wisconsin, exclusive
     of its rules with respect to conflicts of law.

D.   NEGOTIATED CONTRACT. This Contract has been negotiated by the parties and
     the fact that the initial and other drafts shall have been prepared by
     either party shall not give rise to any presumption for or against any part
     to this Contract or be used in any form in the construction or
     interpretation of this Contract or any of its provisions.

E.   ENTIRE CONTRACT. This written contract and any agreed amendments made
     thereto, and the underwriting information provided for the formation of the
     Contract and in connection with the acceptance of risk, including letters
     of intent and/or other such clarification, if any, shall constitute the
     entire agreement between the parties with respect to the Certificates
     covered hereunder. Any change or modification of this Contract shall be
     null and void unless made by amendment to the Contract and signed by both
     parties.

F.   AGENCY. As PIC consists of two insurers, the first named insurer shall be
     the agent of the other companies as to all matters pertaining to this
     Contract. Performance of the respective obligations of each party under
     this Contract shall be rendered solely to the other party; however, in the
     event of insolvency of PIC, the liability of the Reinsurers shall be
     modified to the extent set forth in Article X of this Contract.

G.   TERRITORY. The territorial limits of this Contract shall be identical with
     those of the Certificates.

                                       13

<PAGE>

H.   NOTICES. Wherever written notice is required under this Contract, it shall
     be in writing and either delivered personally or, sent by certified mail,
     return receipt requested to the addresses indicated below:

     1.   To PIC:

          PHILADELPHIA INSURANCE COMPANY
          PHILADELPHIA INDEMNITY INSURANCE COMPANY
          One Bala Plaza, Suite 100
          Bala Cynwyd, PA 19004
          Attn: Douglas Gaudet
          Fax: 866-685-7697

     2.   To CUMIS:

          CUMIS INSURANCE SOCIETY, INC.
          5910 Mineral Point Road
          Madison, WI 53705
          Attn: James W. Hunt
          Fax: 608-236-8516

I.   PRIVACY AWARENESS. PIC and CUMIS are aware of and in compliance with their
     responsibilities and obligations under the Gramm-Leach-Bliley Act of 1999
     (the "Act") and applicable Federal and state laws and regulations
     implementing the Act. PIC and CUMIS will only use non-public personal
     information as permitted by law.

J.   CONFIDENTIALITY. The information, data statements, representations and
     other materials provided by either party to this Contract (hereinafter
     "Disclosing Party") to the other party (the "Receiving Party") arising from
     consideration and participation in this Contract whether contained in the
     reinsurance submission, this Contract, or in materials or discussions
     arising from or related to this Contract, may contain confidential or
     proprietary information as expressly indicated by the Disclosing Party in
     writing from time to time ("Confidential Information") to the Receiving
     Party.

     1.   This Confidential Information is intended for the sole use of the
          parties to this Contract (and their retrocessionaires, respective
          auditors and legal counsel) as may be necessary in analyzing and/or
          accepting a participation in and/or executing their respective
          responsibilities under or related to this Contract.

     2.   Disclosing or using Confidential Information disclosed under this
          Contract for any purpose beyond (i) the scope of this Contract, (ii)
          the reasonable extent necessary to perform rights and responsibilities
          expressly provided for under this Contract, (iii) the reasonable
          extent necessary to administer, report to and effect recoveries from a
          retrocessional reinsurer or (iv) persons with a need to know the
          information and who are obligated to maintain the confidentiality of
          the Confidential Information or who have agreed in writing to maintain
          the

                                       14

<PAGE>

          confidentiality of the Confidential Information is expressly forbidden
          without the prior written consent of the Disclosing Party.

     3.   Copying, duplicating, disclosing, or using Confidential Information
          for any purpose beyond this expressed purpose is forbidden without the
          prior written consent of the Disclosing Party.

K.   THIRD PARTY BENEFICIARY. Except as expressly provided for in Article X of
     this Contract, the provisions of this Contract are intended solely for the
     benefit of PIC and CUMIS. Nothing in this Contract shall in any manner
     create or be construed to create any obligations or to establish any rights
     against any party to this Contract in favor of any other persons not party
     to this Contract.

L.   ACCESS TO RECORDS. CUMIS, so long as liability under the Certificates has
     not expired and for five years thereafter, and as frequently as CUMIS deems
     reasonably necessary, upon reasonable notice may visit, inspect, examine,
     audit, and verify, at the offices of PIC, any of the policies,
     Certificates, claim files, accounts, files, documents, books, reports, work
     papers, and other records belonging to or in the possession or control of
     PIC relating to the Certificates and to make copies thereof and extracts
     therefrom.

IN WITNESS WHEREOF, PIC and CUMIS have executed this Contract, by their
duly-authorized representatives on the date indicated below.

PHILADELPHIA INSURANCE COMPANY

By: /s/ Christopher Maguire
    ---------------------------------
Title: Executive Vice President &       Date: 10/28/2005
       Chief Underwriting Officer

PHILADELPHIA INDEMNITY INSURANCE COMPANY

By: /s/ Christopher Maguire
    ---------------------------------
Title: Executive Vice President &       Date: 10/28/2005
       Chief Underwriting Officer

CUMIS INSURANCE SOCIETY, INC.

By: /s/ Mark Cis
    ---------------------------------
Title: Vice President & Chief P&C       Date: 10/31/2005
       Actuary

                                       15

<PAGE>

                                   Appendix A
                        Professional Liability Insurance
                             Reporting Requirements

MONTHLY PREMIUM REPORTS

     1.   Monthly Gross Net Premiums Written

     2.   Y-T-D Gross Net Premiums Written

     3.   Month End Gross Net Premiums Unearned

     4.   Monthly Gross Net Premiums Earned

     5.   Y-T-D Gross Net Premiums Earned

     6.   Monthly Gross Net Premiums Written Ceded

     7.   Y-T-D Gross Net Premiums Written Ceded

     8.   Month End Gross Net Premiums Unearned Ceded

     9.   Monthly Gross Net Premiums Earned Ceded

     10.  Y-T-D Gross Net Premiums Earned Ceded

     11.  Monthly Ceding Commissions Due Philadelphia

     12.  Y-T-D Ceding Commissions Due Philadelphia

MONTHLY CERTIFICATE REPORTS (for each policy written, changed and cancelled
during the month)

Policy Number
State
Name of Insured
Effective Date
Expiration Date
Premium Written/Premium Change/Premium Cancellation

Note: This information should reconcile with the Monthly Summary report.

MONTHLY CLAIMS REPORTS (for each claim outstanding)

Claim Number
Policy Number
Name of Insured
Loss Date
Loss Payments made during the month
External LAE Payment made during the month
S/S Expense payments made during the month
S/S received during the month
Loss Reserves as of month end
External LAE reserves as of month end.

                                       16

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