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                                                                   Exhibit 10.45

                             PROFESSIONAL LIABILITY
                       EXCESS OF LOSS REINSURANCE CONTRACT
                                     INDEX

<TABLE>
<S>                                                                          <C>
PREAMBLE    .............................................................      3

ARTICLE 1   BUSINESS REINSURED...........................................      3

ARTICLE 2   EXCLUSIONS...................................................      3

ARTICLE 3   RETENTION AND LIMIT..........................................      4

ARTICLE 4   REINSTATEMENT................................................      6

ARTICLE 5   TERRITORIAL SCOPE............................................      7

ARTICLE 6   PERIOD.......................................................      7

ARTICLE 7   SPECIAL TERMINATION..........................................      7

ARTICLE 8   ULTIMATE NET LOSS............................................      9

ARTICLE 9   SPECIAL ACCEPTANCES..........................................     10

ARTICLE 10  EXCESS OF ORIGINAL POLICY LIMITS.............................     10

ARTICLE 11  EXTRA-CONTRACTUAL OBLIGATIONS................................     11

ARTICLE 12  NET RETAINED LINES...........................................     12

ARTICLE 13  PREMIUM......................................................     12

ARTICLE 14  LOSS RATIO CAP...............................................     13

ARTICLE 15  PREMIUM LIMITATION...........................................     14

ARTICLE 16  REPORTS......................................................     14

ARTICLE 17  NOTICE OF LOSS AND LOSS SETTLEMENTS..........................     14

ARTICLE 18  INTEREST PENALTY.............................................     16

ARTICLE 19  LOSS AND UNEARNED PREMIUM RESERVES...........................     17

ARTICLE 20  COMMUTATION..................................................     19

ARTICLE 21  CURRENCY.....................................................     19

ARTICLE 22  TAX PROVISIONS...............................................     19
</TABLE>

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<TABLE>
<S>                                                                          <C>
ARTICLE 23  INSOLVENCY OF THE REASSURED..................................     20

ARTICLE 24  OFFSET.......................................................     21

ARTICLE 25  DELAYS, ERRORS AND OMISSIONS.................................     21

ARTICLE 26  AMENDMENTS AND ALTERATIONS...................................     21

ARTICLE 27  ACCESS TO RECORDS AND CLAIMS REVIEW..........................     21

ARTICLE 28  ARBITRATION..................................................     22

ARTICLE 29  SERVICE OF SUIT..............................................     23

ARTICLE 30  CONFIDENTIALITY..............................................     24

ARTICLE 31  REGULATORY COMPLIANCE........................................     24

ARTICLE 32  GOVERNING LAW................................................     24

ARTICLE 33  PARTICIPATION................................................     25

ARTICLE 34  SEVERAL LIABILITY NOTICE.....................................     25

ARTICLE 35  INTERMEDIARY.................................................     25
</TABLE>

ATTACHMENTS:

NUCLEAR INCIDENT EXCLUSION CLAUSES - LIABILITY - REINSURANCE - U.S.A./CANADA

NUCLEAR ENERGY RISKS EXCLUSION CLAUSE - REINSURANCE - 1994 - (WORLDWIDE
excluding U.S.A. and CANADA)

APPENDIX A LOSS BORDEREAU FORMAT

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                             PROFESSIONAL LIABILITY
                       EXCESS OF LOSS REINSURANCE CONTRACT

                                    PREAMBLE

This Contract is made and entered into between Darwin National Assurance, Darwin
Select Insurance Company, Capitol Indemnity Corporation, Capital Specialty
Insurance Corporation, Platte River Insurance Company and/or any other
associated, affiliated or subsidiary companies of Alleghany Insurance Holding
LLC, but only in respect of business produced and underwritten by Professional
Governmental Underwriters and/or underwritten by Darwin Professional
Underwriters Inc. of 9 Farm Springs Road, Farmington, Connecticut 06032 (NAIC
Group Code 10472) (hereinafter referred to as "the Reassured") and the
Reinsurers signatory hereto (hereinafter referred to as "the Reinsurers"), (it
being understood and agreed that business will be produced and underwritten by
Professional Governmental Underwriters for and on behalf of Darwin Professional
Underwriters), on the following terms and conditions:

                                    ARTICLE 1

                               BUSINESS REINSURED

This Contract applies to policies of insurance classified by the Reassured as
Educators Legal Liability (including Professional Liability coverage for private
educational facilities), Police Professional and Public Officials Liability, but
only in respect of business produced and underwritten by Professional
Governmental Underwriters and/or underwritten by Darwin Professional
Underwriters, Inc., (it being understood and agreed that business will be
produced and underwritten by Professional Governmental Underwriters for and on
behalf of Darwin Professional Underwriters) within the Professional Governmental
Underwriters Program. For the purposes of this Contract, the terms "policy",
"policies" or "original policies" as used herein shall be understood to mean all
binders, policies, contracts, endorsements or other evidence of insurance issued
in the name of the Reassured.

                                    ARTICLE 2

                                   EXCLUSIONS

This Contract does not apply to and absolutely excludes the following:

1.    Nuclear Incidents, in accordance with the Nuclear Incident Exclusion
      Clauses - Liability - Reinsurance - U.S.A./Canada - as attached.

2.    Nuclear Energy Risks, in accordance with the Nuclear Energy Risks
      Exclusion Clause (Reinsurance) (1994) (Worldwide excluding U.S.A. and
      Canada) - as attached

3.    All liability of the Reassured arising by contract, operation of law, or
      otherwise, from its participation or membership, whether voluntary or
      involuntary, in any

                                       3
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      Insolvency Fund. "Insolvency Fund" includes any guarantee fund, insolvency
      fund, plan, pool, association, fund or other arrangement, howsoever
      denominated, established or governed, which provides for any assessment of
      or payment or assumption by the Reassured of part or all of any claim,
      debt, charge, fee or other obligation of an insurer, or its successors or
      assigns, which has been declared by any competent authority to be
      insolvent, or which is otherwise deemed unable to meet any claim, debt,
      charge, fee or other obligation in whole or in part.

4.    Liability assumed by the Reassured as a Member or Reinsurer of any Pool,
      Association or Syndicate.

5.    Financial Guarantee and Insolvency Insurance.

6.    Surety Business.

7.    Reinsurance Assumed Business, other than policies "fronted" by another
      carrier and individually underwritten by Darwin Professional Underwriters,
      Inc, and Inter-Company Pooling Arrangements.

8.    "Ex-gratia settlements", used in this Contract, will mean all settlements
      of losses not covered under the express terms of the policies that are
      primarily motivated by the customer business relationship. "Ex-gratia
      settlements" will not include settlements of losses which (1) arise from
      court decisions or other judicial acts or orders, (2) arise from the good
      faith position of the Reassured of probable coverage under the policies,
      nor (3) settlements made to avoid costs that could be incurred in
      connection with potential or actual litigation relating to coverage issues
      arising under the policies.

                                    ARTICLE 3

                               RETENTION AND LIMIT

SECTION I

A. The Reinsurers shall be liable under this Contract in respect of each and
every loss, each Insured, each policy/program, for the Reassured's Ultimate Net
Loss in excess of $250,000 each and every loss, each Insured, each
policy/program, subject to a limit of liability to the Reinsurers of up to
$750,000 Ultimate Net Loss each and every loss, each Insured, each
policy/program. The Reinsurers shall also be liable under this Contract for
ECO/XPL coverage as per the terms of this Contract being one additional ceded
policy limit with ECO/XPL included within ultimate net loss.

B. The Reassured shall retain the aforementioned $250,000 net and unreinsured,
except for internal reinsurance and/or Catastrophe Excess of Loss Reinsurance.

                                       4
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SECTION II

A. The Reinsurers shall be liable under this Contract in respect of each and
every loss, each Insured, each policy/program, for the Reassured's Ultimate Net
Loss in excess of $1,000,000 each and every loss, each Insured, each
policy/program, subject to a limit of liability to the Reinsurers of up to
$1,000,000 Ultimate Net Loss each and every loss, each Insured, each
policy/program. The Reinsurers shall also be liable under this Contract for
ECO/XPL coverage as per the terms of this Contract being one additional ceded
policy limit with ECO/XPL included within ultimate net loss.

B. The Reassured agrees to co-participate in this coverage (Section II) for a
minimum of 10%.

SECTION III

A. The Reinsurers shall be liable under this Contract in respect of each and
every loss, each Insured, each policy/program, for the Reassured's Ultimate Net
Loss in excess of $2,000,000 each and every loss, each Insured, each
policy/program, subject to a limit of liability to the Reinsurers of up to
$3,000,000 Ultimate Net Loss each and every loss, each Insured, each
policy/program. The Reinsurers shall also be liable under this Contract for
ECO/XPL coverage as per the terms of this Contract being one additional ceded
policy limit with ECO/XPL included within ultimate net loss.

B. The Reassured agrees to co-participate in this coverage (Section III) for a
minimum of 10%.

APPLIES TO SECTIONS I, II, AND III

A. It is understood and agreed that the limits hereon apply separately to each
original coverage and/or section thereof as applicable, issued by the Reassured,
unless written on a combined, shared limit basis, as per the original policies.

B. The meaning of "each and every loss", "claim", "claim made" and "losses
occurring" shall follow the definitions in the policies covered hereunder, as
finally determined by the Reassured. The Reassured shall also be the determinant
of what constitutes "each Insured", "each coverage", "each section" and "each
policy".

C. Where the Reassured issues more than one policy to the same original insured
covering the same class of business, (such as on a layered basis), then the
combination of such policies shall be considered a program for the purposes
hereof, as reasonably determined by the Reassured

                                       5
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                                    ARTICLE 4

                                  REINSTATEMENT

APPLIES TO SECTION II ONLY

A. Each claim hereunder shall reduce the amount of the Reinsurers liability from
the time of the occurrence of the loss by the sum paid, but the sum so exhausted
shall be reinstated immediately from the time of the occurrence of the loss.

B. For the first $1,000,000 of Limit so reinstated, the Reassured will pay no
additional premium. For the next $1,000,000 so reinstated thereafter, an
additional premium calculated by multiplying 50% of the annual reinsurance
premium under this Contract section by the product of the percentage that the
amount reinstated bears to the limit (i.e., $1,000,000) of this Section.
Nevertheless, the liability of the Reinsurers shall never be more than
$3,000,000 as respects all Net Loss covered under this Contract section.

APPLIES TO SECTION III ONLY

A. Each claim hereunder shall reduce the amount of the Reinsurers' liability
from the time of the occurrence of the loss by the sum paid, but the sum so
exhausted shall be reinstated immediately from the time of the occurrence of the
loss.

B. For the first $3,000,000 of limit so reinstated, the Reassured will pay an
additional premium calculated by multiplying 100% of the annual reinsurance
premium under this Contract section by the product of the percentage that the
amount reinstated bears to the limit (i.e., $3,000,000) of this Section.
Nevertheless, the liability of the Reinsurers shall never more than $6,000,000
as respects all Net Loss covered under this Contract section.

APPLIES TO SECTIONS II AND III

A. A provisional reinstatement premium shall be paid by the Reassured at the
time Reinsurers pay the Net Loss giving rise to the reinstatement premium
through an offset of the provisional reinstatement premium due the Reinsurers
against the Net Loss payment due the Reassured, with only the net amount due to
be remitted by the debtor party. The amount of this provisional reinstatement
premium shall be based on 75% of the estimated annual reinsurance premium
hereunder.

B. As promptly as possible after the Net Loss has been paid by the Reinsurers
and the annual reinsurance premium hereunder has been finally determined, the
Reassured shall prepare and submit to the Reinsurers a final statement of the
reinstatement premium due. Any reinstatement premium shown to be due the
Reinsurers (less prior payments, if any) shall be remitted by the Reassured with
its statement. Any return reinstatement premium shown to be due the Reassured
shall be remitted by the Reinsurers as promptly as possible after receipt of the
Reassured's final statement.

                                       6
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                                    ARTICLE 5

                                TERRITORIAL SCOPE

This Contract shall cover wherever the original policies cover.

                                    ARTICLE 6

                                     PERIOD

A. This Contract covers all claims made or losses occurring, as original, on
original policies issued or renewed during the period October 1, 2005 12:01 a.m.
Standard Time to January 1, 2007 12:01 a.m. Standard Time at the place and
location of risks insured.

B. Maximum original policy period 12 months plus odd time not to exceed 18
months in all, plus extended reporting period coverage or endorsements, as
original. Such extended reporting period coverage or endorsements shall be
limited to 36 months or so deemed, or such longer period as required by State
Regulations.

C. For the purposes of this Contract, any extension, discovery period or
extended reporting endorsement attaching to a policy covered hereunder shall be
considered as part of the period of the said policy, subject to the provision
that a separate limit of liability may apply in respect thereof.

D. Upon expiry of this Contract, policies in force at the effective time and
date of expiration hereof shall continue to be covered hereunder until their
individual natural expiration or termination dates, whichever sooner, including
extensions, discovery periods or other similar extended reporting endorsements
attaching to such policies. The Reassured may however, subject to agreement by
the Reinsurers hereon, terminate the liability of the Reinsurers for claims made
or losses occurring, as original, after the effective time and date of
expiration hereof and, in such event, the unearned premium at that date
applicable to in force policies, including extensions, discovery periods or
other similar extended reporting endorsements attached thereto, shall be
deducted from the Net Subject Written Premium Income for the purpose of the
premium rating hereunder.

                                    ARTICLE 7

                               SPECIAL TERMINATION

A. Either party may terminate this Contract upon 30 days' notice in the event
that the other party's surplus has been reduced by 30% or more of the amount of
surplus at September 30, 2005.

B. The Reassured may terminate the Reinsurer's participation hereon at any time
by giving 30 days' prior written notice to the Reinsurer in the event that:

      (1)   A State Insurance Department or other legal authority has ordered
            the Reinsurer to cease writing business; or

                                       7
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      (2)   The Reinsurer has become insolvent or has been placed into
            liquidation or receivership or proceedings have been instituted
            against the subscribing Reinsurer for the appointment of a receiver,
            liquidator, rehabilitator, conservator or trustee in bankruptcy, or
            other agents known by whatever name, to take possession of its
            assets or control of its operation; or

      (3)   The Reinsurer has reinsured its entire liability under this Contract
            without the Reassured's prior written consent. However, the
            Reinsurer shall be at liberty to effect catastrophe excess and/or
            aggregate stop loss excess reinsurance; or

      (4)   The Reinsurer has ceased assuming new and renewal treaty reinsurance
            business; or

      (5)   The Reinsurer experiences a downgrading in their financial strength
            rating from Standard and Poor's Group below BBB or a downgrading in
            rating from A.M. Best Company below A-.

C. In the event of such termination, the liability of the Reinsurer shall be
terminated as follows:

D. Policies in force at the effective time and date of termination of this
Contract shall continue to be covered hereunder until their individual
expiration dates, including extensions, discovery periods or other such similar
reporting endorsements or provisions attached thereto. For rating purposes, the
applicable Net Subject Written Premium Income shall be calculated on policies
issued or renewed from the inception date of this Contract to the effective time
and date of termination of this Contract.

E. The Reassured may however terminate the liability of the Reinsurer for claims
made or losses occurring, as original, after the effective time and date of
termination of this Contract and, in such event, the unearned premium at the
termination date applicable to in force policies, including extensions,
discovery periods or other similar extended reporting endorsements or provisions
attached thereto, shall be deducted from the Net Subject Written Premium Income
for the purpose of the premium rating hereunder.

APPLIES TO SECTION I ONLY

F. The Reassured shall have the right at the time of termination of this
Contract or at any time following the termination of the Reinsurer, provided the
rate at that time is strictly below the Maximum as set forth in Section I,
Paragraph C, of ARTICLE 13, PREMIUM, to commute losses at their discretionary
reserves, which for clarification purposes may be zero. The Reassured will then
give Reinsurers a full and final release of all future liabilities under this
Contract. It is understood and agreed that unearned premium at the termination
date applicable to in force policies, including extensions, discovery periods or
other similar extended reporting endorsements or provisions attached thereto,
shall be deducted from the Net Subject Written Premium Income for the purpose of
the premium rating hereunder.

                                       8
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                                    ARTICLE 8

                                ULTIMATE NET LOSS

A. The term "Ultimate Net Loss" as used in this Contract shall mean the sum
actually paid by the Reassured in settlement of any losses under its original
policies. In the event that the Reassured's original policies and/or specific
coverage parts of their original policies are issued on a cost inclusive basis,
such loss adjustment expenses shall be included within the Reassured's Ultimate
Net Loss for the purposes of recovery hereunder.

B. Where the Reassured's original policies and/or specific coverage parts of
their original policies provide for loss adjustment expenses in addition to
limit, all loss adjustment expenses paid by the Reassured shall be apportioned
in proportion to the respective interests in the loss of the parties hereto as
such interests finally appear, provided that in the event a verdict or judgment
is reduced by an appeal or a settlement, subsequent to the entry of the
judgment, resulting in an ultimate saving on such verdict or judgment, or a
judgment is reversed outright, the expense incurred in securing such final
reduction or reversal shall be pro rata between the Reinsurers and the Reassured
in the proportion that each benefits from such reduction or reversal; and the
expenses incurred up to the time and date of the original verdict or judgment
shall be pro-rated in proportion to each party's interest in such verdict or
judgment.

C. In the event of external legal or external adjustment expenses, including
outside monitoring counsel expenses, rescission expenses and declaratory
judgment expenses, which are incurred by the Reassured in connection with a
claim or potential claim hereunder and which are not the subject of the
Reassured's original policy, then the Reinsurers shall also be liable for their
proportion of such expenses in addition to their share of the loss recoverable
hereunder.

D. For the purposes of this Contract loss adjustment expenses shall include all
expenses of litigation, including post judgment interest, but shall exclude the
salaries of regular employees and all office expenses of the Reassured.

E. All salvages and recoveries shall first be deducted from such loss to arrive
at the amount of the Reassured's Ultimate Net Loss for the purposes of this
Contract. All salvages, recoveries or payments recovered or received subsequent
to a loss settlement under this Contract shall be applied as if recovered or
received prior to the aforesaid settlement and all necessary adjustments shall
be made by the parties hereto. However, nothing in the foregoing shall be
construed as meaning that losses are not recoverable hereunder until the
Reassured's Ultimate Net Loss has been ascertained.

                                       9
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                                    ARTICLE 9

                               SPECIAL ACCEPTANCES

This Contract applies to policies of insurance classified by the Reassured as
Educators Legal Liability (including Professional Liability coverage for private
educational facilities), Police Professional and Public Officials Liability
subject to the following limitations:

A. Any new business (not produced/underwritten by Professional Government
Underwriters prior to the inception date of this Contract) as respects Police
Professional and Public Officials policy or policies with a population of more
than 40,000 shall be referred to Reinsurers for special acceptance.

B. Any new business (not produced/underwritten by Professional Government
Underwriters prior to the inception date of this Contract) as respects Special
Service District policy or policies, with populations exceeding 40,000 and
revenues that exceed $25,000,000 shall be referred to Reinsurers for Special
Acceptance.

C. Any new business (not produced/underwritten by Professional Government
Underwriters prior to the inception date of this Contract) as respects Educators
Legal Liability (including Professional Liability coverage for private
educational facilities) policy or policies with more than 10,000 students shall
be referred to Reinsurers for Special Acceptance.

D. The Reassured agrees that no more than 7.5% of the Reassured's Net Subject
Written Premium for the contract period shall be from Police Professional and
Public Officials polices with populations over 25,000 and Educators Legal
Liability policies with more than 10,000 students.

E. The Reassured shall be the sole judge of which policies of insurance are
classified as Educators Legal Liability, Police Professional, Public Officials,
and Special Service District.

                                   ARTICLE 10

                        EXCESS OF ORIGINAL POLICY LIMITS

A. This Contract shall protect the Reassured in respect of 90% of any additional
liability incurred by the Reassured as the result of an award in excess of the
original policy limit as more fully defined below. Such excess of original
policy limits coverage shall be in addition to any contractual loss recovered
hereunder. The maximum additional recoverable in respect of specific excess of
original policy limits and extra contractual obligations coverage shall be one
additional ceded policy limit with XPL included within Ultimate Net Loss. The
Reinsurers agree that the said 90% of the additional liability so incurred, plus
the Reassured's contractual loss, shall be considered as one combined loss for
the purposes of the Reassured's retention.

                                       10
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B. Awards in excess of the original policy limit are defined as contractual
losses which the Reassured may be legally liable to pay, but in excess of the
original policy limit, such losses in excess of the original policy limit having
been incurred because of, but not limited to, the following: failure by the
Reassured to settle within the original policy limit or by reason of alleged or
actual negligence, fraud or bad faith in rejecting an offer of settlement or in
the preparation of the defense or in the trial of any action against an insured
or in the preparation or prosecution of an appeal consequent upon such action.

C. The date on which any liability in excess of original policy limits is
incurred by the Reassured shall be deemed, in all circumstances, to be the date
the original claim was made or discovered.

D. However, this Article shall not apply where such awards in excess of original
policy limit have been incurred due to the fraud of a member of the Board of
Directors or a corporate officer of the Reassured acting individually or
collectively or in collusion with any individual or corporation or any other
organization or party involved in the presentation, defense or settlement of any
claim.

                                   ARTICLE 11

                          EXTRA-CONTRACTUAL OBLIGATIONS

A. This Contract shall protect the Reassured in respect of 90% of any additional
liability incurred by the Reassured as the result of an award in respect of any
extra-contractual obligation, as more fully defined below. Such extra
contractual obligations coverage shall be in addition to any contractual loss
recovered hereunder. The maximum additional recoverable in respect of specific
extra contractual obligations coverage shall be one additional ceded policy
limit with ECO included within Ultimate Net Loss. The Reinsurers agree that the
said 90% of the additional liability so incurred, plus the Reassured's
contractual loss, shall be considered as one combined loss for the purposes of
the Reassured's retention.

B. "Extra-contractual obligations" are defined as those liabilities not covered
under any other provision of this Contract and which arise from the handling of
any claim on business covered hereunder, such liabilities arising because of,
but not limited to, the following: failure by the Reassured to settle within the
policy limit, or by reason of alleged or actual negligence, fraud or bad faith
in rejecting an offer of settlement or in the preparation of the defense or in
the trial of any action against an insured or in the preparation or prosecution
of an appeal consequent upon such action.

C. The date on which any extra-contractual obligation is incurred by the
Reassured shall be deemed, in all circumstances, to be the date the original
claim was made or discovered.

D. However, this Article shall not apply where such extra-contractual
obligations have been incurred due to the fraud of a member of the Board of
Directors or a corporate officer of the Reassured acting individually or
collectively or in collusion with any

                                       11
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individual or corporation or any other organization or party involved in the
presentation, defense or settlement of any claim.

                                   ARTICLE 12

                               NET RETAINED LINES

A. This Contract applies only to that portion of any insurance covered by this
Contract which the Reassured retains net for its own account and in calculating
the amount of any loss hereunder and also in computing the amount in excess of
which this Contract attaches, only loss or losses in respect of that portion of
any insurance which the Reassured retains net for its own account shall be
included.

B. It is understood and agreed that the amount of the Reinsurers' liability
hereunder in respect of any loss or losses shall not be increased by reason of
the inability of the Reassured to collect from any other reinsurers, whether
specific or general, any amounts which may have become due from them, whether
such inability arises from the insolvency of such other reinsurers or otherwise.

                                   ARTICLE 13

                                     PREMIUM

APPLIES TO SECTION I ONLY

In consideration of the liabilities undertaken by the Reinsurers in accordance
with the terms of this Contract, the Reassured shall pay to the Reinsurers their
share of the following premium:

A. Provisional Premium of $2,850,000 payable in four equal $712,500 installments
in arrears as follows: February 1, 2006, June 1, 2006, October 1, 2006 and
January 1, 2007.

B. Within 60 days of expiry of this Contract, the Reassured shall render a
statement of its Net subject Written Premium Income (as defined below) and the
Reassured shall pay, or be paid by the Reinsurers, the difference between the
Deposit Premium and a premium determined by applying a provisional rate of 15.0%
to the said Net Subject Written Premium Income.

C. 12 months after the expiry of this Contract and annually thereafter until all
losses are finally settled or commuted, the premium hereunder shall be adjusted
at a rate equivalent to 107.5% of the Case Incurred Loss Cost plus a minimum
rate of 8.0% applied to the Net Subject Written Premium Income. In no event,
however, shall the premium developed exceed a maximum rate equal to 29.5% of the
Net Subject Written Premium Income (hereinafter referred to as the "experience
adjustment").

                                       12
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D. Notwithstanding the foregoing, it is agreed that the first downward
experience adjustment of premium shall not be made until 36 months after the
expiry of this Contract.

E. For the purpose of this Contract, Case Incurred Loss Cost means the paid and
outstanding indemnity, defense and allocated loss adjustment expenses recovered
or recoverable hereunder on losses applicable to this Contract.

APPLIES TO SECTION II ONLY

A. Deposit Premium $936,700, payable in four installments of $234,175 in arrears
as follows: February 1, 2006, June 1, 2006, October 1, 2006 and January 1, 2007.

B. Subject to a Minimum Premium of: $656,690.

C. Deposit Premium shall be adjustable at a Gross Rate of 4.93% as applied to
the Reassured's Net Subject Written Premium.

APPLIES TO SECTION III ONLY

A. Deposit Premium $562,400, payable in four installments of $140,600 in arrears
as follows February 1, 2006, June 1, 2006, October 1, 2006 and January 1, 2007.

B. Subject to a Minimum Premium of: $393,680.

C. Deposit Premium shall be adjustable at a Gross Rate of 2.96% as applied to
the Reassured's Net Subject Written Premium.

APPLIES TO SECTIONS II AND III ONLY

The first premium adjustment is to be calculated and payable within forty-five
(45) days after the expiry of this Contract.

APPLIES TO SECTIONS I, II, AND III

"Net Subject Written Premium" as used herein shall mean the gross written
premium of the Reassured for the Business Covered and reinsured hereunder, plus
additional premiums related thereto, less return premium paid for cancellations
and reductions, and less written premiums paid for reinsurance, if any,
recoveries under which inure to the benefit of this Contract.

                                   ARTICLE 14

                                 LOSS RATIO CAP

APPLIES TO SECTION I ONLY

Notwithstanding any other provision of this Contract, the maximum recoverable
hereon shall not exceed 225% of the final adjusted reinsurance premium.

                                       13
<PAGE>

                                   ARTICLE 15

                               PREMIUM LIMITATION

The Reassured's Net Subject Written Premium for the contract period shall not be
greater than $30,000,000. This provision is subject to amendment with agreement
from Reinsurers.

                                   ARTICLE 16

                                     REPORTS

A bordereaux of risks shall be rendered by the Reassured within forty-five (45)
days from the end of each calendar quarter. The bordereaux shall contain the
following information: policy number, insured name, premium, policy limit,
policy term, SIR/attachment point, class of business, and applicable exposure
unit at the time the risk is written as determined by the Reassured.

                                   ARTICLE 17

                       NOTICE OF LOSS AND LOSS SETTLEMENTS

A. A paid and outstanding loss bordereaux for all claims with incurred amounts
(indemnity, defense and expense combined), established by the Reassured of
$125,000 or more shall be rendered by the Reassured within forty-five (45) days
of the end of each calendar quarter, being within forty-five (45) days of
December 31, 2005 and quarterly thereafter.

B. It is understood and agreed, both by the Reassured and the Reinsurers, that
all paid and outstanding losses shall be advised to Reinsurers solely by
quarterly bordereaux and that no individual loss reports are to be provided
unless specifically requested by Reinsurers.

C. The Reassured agrees to provide the following information for all claims with
incurred amounts (indemnity, defense and expense combined), established by the
Reassured of $125,000 in each Individual loss report:

      o     Name of Insured

      o     Name of Claimant

      o     Place of Occurrence

      o     Loss date/Date of Occurrence

      o     Claim made date

      o     Fact Summary

      o     Liability Analysis

      o     Damages Claimed and Defense Analysis

      o     Current Status of case

      o     Reserves, Paid, Total Incurred for Loss, Expense, and LAE

      o     Monitoring/Coverage costs

                                       14
<PAGE>

      o     Coverage information including:

            -     Policy Number

            -     Policy Period

            -     Policy Limits

            -     Deductible [and how collected

            -     Policy type (PPL, POL, ELL)

            -     Line of Business impacted by the claim

      o     Whether expenses are included or in addition to limits

      o     Specific Policy Endorsements

D. The bordereaux shall solely comprise numerical details of the paid and
outstanding amounts of each loss together with other data to identify the claim.
It is clearly understood and agreed that such bordereaux shall not provide any
other details of the claim and that there shall be no requirement to provide
assessment of potential liability or other evaluations of each claim.

E. The Reinsurers agree to abide by all loss settlements of the Reassured which
at its sole discretion shall adjust, settle or compromise all losses and all
such adjustments, settlements or compromises shall be binding upon the
Reinsurers subject to the terms, conditions and limitations of the original
policies and this Contract.

F. The Reinsurers agree to settle their share of such loss payments within
forty-five (45) days of receipt of the quarterly bordereaux; the bordereaux
being the sole billing documentation necessary to effect settlements from
Reinsurers.

G. It is understood and agreed that requests for individual loss reports by
Reinsurers hereon shall not delay their payment of a claim once billing of the
claim has been presented by the Reassured to the Reinsurers. In addition,
responses to requests for individual loss reports shall not be delayed or
withheld by the Reassured.

H. Notwithstanding such quarterly bordereaux settlements, the Reassured may
request an immediate cash loss settlement from the Reinsurers in the event that
the amount due from the Reinsurers in respect of an individual claim is $250,000
or more. Such cash loss billings shall be made solely utilizing the same format
as the quarterly bordereaux collections.

                                       15
<PAGE>

                                   ARTICLE 18

                                INTEREST PENALTY

The interest amounts provided for in this Article will apply to the Reinsurers
or to the Reassured in the following circumstances:

1.    Loss payment owed by the Reinsurer to the Reassured shall have a due date
      to the Reassured of forty-five (45) calendar days following the date of
      the Reinsurer's receipt of the billing, but no later than ninety (90) days
      from the Reassured's date of the billing.

2.    Payment of any premium installments shall be due to the Reinsurer within
      thirty (30) calendar days of the date specified in this Contract. Any
      premium adjustments will be due by the debtor party within sixty (60)
      calendar days of the date specified in this Contract.

3.    Payment of return premiums, commissions, profit sharing, or any other
      amounts not provided in paragraphs 1 or 2 above, shall be due by the
      debtor party within sixty (60) calendar days of the due date specified in
      this Contract. If no due date is specified, the due date shall be sixty
      (60) days following the date of the debtor party's receipt of the billing,
      but no later than ninety (90) days from the creditor party's date of the
      billing.

4.    Failure by the Reinsurer or Reassured to comply with their respective
      payment obligations within the time periods as herein provided will result
      in a compound interest penalty payable at a rate equal to the 90 day
      Treasury Bill rate as published in the Money Rate Section or any successor
      section of the Wall Street Journal on the first business day following the
      date a remittance becomes due, plus 2% per annum, to be compounded and
      adjusted quarterly. Any interest which occurs pursuant to this Article
      shall be calculated by the party to which it is owed. The accumulation of
      the number of days that any payment is past due will stop on the date the
      Intermediary, where applicable, receives payment.

5.    The validity of any claim or payment may be contested under the provisions
      of this Contract. If the debtor party prevails in such action, there shall
      be no interest penalty due. Otherwise, any interest will be calculated and
      due as outlined above.

6.    If a Reinsurer advances payment of any claim it is contesting, and
      prevails such action, the Reassured shall return such payment plus pay
      interest on same, calculated as per the provisions of this Article.

7.    Any interest which occurs pursuant to this Article may be waived by the
      party to which it is owed. Further, any interest which is calculated
      pursuant to this Article that is $100 or less shall be waived. Waiver of
      such interest, however, shall not affect the waiving party's right to
      similar interest for any other failure by the other party to make payment
      when due under this Article.

                                       16
<PAGE>

8.    Nothing in this Article shall diminish any legal remedies which either
      party may have against the other.

                                   ARTICLE 19

                       LOSS AND UNEARNED PREMIUM RESERVES

A. This Article applies only to those Reinsurers signatory hereto who do not
qualify for credit under the regulations of the State insurance authorities or
departments which have jurisdiction over the Reassured's loss reserves.

B. The Reassured agrees that when, for its Annual Convention Statement purposes,
it files with the authorities or departments mentioned above or sets up in its
books statutory reserves for known outstanding losses and allocated loss
expenses reinsured by this Contract, for unearned premium in respect of business
coming within the scope of this Contract, or for incurred but not reported
losses (IBNR), hereinafter "The Stated Reserves", it shall forward to the
Reinsurers a clear statement of the Reinsurers' proportion of The Stated
Reserves detailing separately the amounts involved for known outstanding losses
and allocated loss expenses and for unearned premium and IBNR, and also how
those amounts are calculated.

C. The Reinsurers, promptly upon receipt of the Reassured's statement, shall
apply for, and secure delivery to the Reassured of, clean irrevocable and
unconditional Letters of Credit or such equivalent funding acceptable to the
Reassured, for the benefit of the Reassured in amounts equal to their proportion
of The Stated Reserves.

D. Reserves for IBNR shall be equal to the lesser of the actual amount of IBNR
carried on the books of the Reassured for statutory reporting purposes or a
percentage (to be agreed) of Net Subject Earned Premium Income less known and
reported losses hereon. In the event that the Provisional Premium adjustment
and/or experience adjustment calculation hereon results in a reduced level of
collateral funding hereunder, the Reassured agrees to return such excess
collateral to Reinsurers within 90 days of the date the adjustment is made.

E. All Letters of Credit procured pursuant to this Contract shall be issued by a
Bank which is a Member of the Federal Reserve and acceptable to the authorities
or departments mentioned in the first paragraph of this Article current at the
date of the Reassured's statement. Such Letter of Credit shall be in full
conformity with the requirements of such authorities or departments.

F. Further, all such Letters of Credit shall be "Evergreen" in that they shall
be issued for an initial period of not less than one year and shall be
automatically extended for one year from their original expiration dates and
subsequently from their extended expiration dates unless and until, at least
thirty days before any expiration date, the issuing bank gives notice to the
Reassured by registered mail that the issuing bank elects not to extend the life
of the Letter of Credit in question beyond its forthcoming expiration date.

                                       17
<PAGE>

G. In consideration of the contract of the Reinsurers to furnish such Letters of
Credit to the Reassured to enable it to obtain credit for the reinsurance
provided under this Contract, the Reassured hereby undertakes to hold such
Letters of Credit and the proceeds of any drawings made upon them in trust for
the Reinsurers and to use and apply the proceeds of any such drawings for the
following purposes only:

      1.    To pay the Reinsurers' share or to reimburse the Reassured for that
            share of any liability for loss or allocated loss expense reinsured
            by this Contract or for unearned premium in respect of business
            coming within the scope of this Contract;

      2.    To refund to the Reinsurers any balance by which the amount of the
            Letter of Credit exceeds the Reinsurers' proportion of any liability
            for loss or allocated loss expense reinsured by this Contract,
            incurred but not reported losses (IBNR) or for unearned premium in
            respect of business coming within the scope of this Contract.

      3.    In the event that one or more of the Reinsurers participating in the
            Letter of Credit gives timely notice of cancellation or non-renewal
            of their participation in the Letter of Credit and provided that the
            obligations secured by the Letter of Credit remain unliquidated and
            undischarged at the time of receipt by the Reassured of such notice,
            the Reassured shall create a cash deposit account, separate from its
            own assets, in an amount equal to the participation of the canceling
            or non-renewing Reinsurer(s) in the Letter of Credit. That cash
            deposit account may then be used as in sub-paragraphs 1. and 2.
            above. It is understood and agreed that this procedure may only be
            implemented before the expiry of the notice period in respect of
            cancellation or non-renewal and that if it is implemented, the
            Reassured will ensure that a rate of interest is obtained for the
            Reinsurers on such a deposit account that is at least equal to the
            rate which would be paid by Citibank N.A. in New York, and further
            that the Reassured will account to the Reinsurers on an annual basis
            for all interest accruing on the cash deposit account for the
            benefit of the Reinsurers.

H. The issuing bank shall have no responsibility whatsoever in connection with
the propriety of drawings made by the Reassured on the Letters of Credit issued
under this Contract or in connection with the disposition of any funds so
withdrawn, except to ensure that drawings are made only upon the order of
properly authorized representatives of the Reassured.

I. All Letters of Credit procured for the Reassured under this Contract shall be
adjusted at annual intervals, or more frequently as agreed (but never more
frequently than quarterly), to reflect the current balance of the Reinsurers'
proportion of the Reassured's known outstanding loss and allocated loss expense
reserves and unearned premium reserves, and the Reassured shall produce a
statement for this purpose detailed in the same way as the original statement on
the basis of which such Letters of Credit were first issued. If the statement
shows that the Reinsurers' proportion of such losses and allocated

                                       18
<PAGE>

expenses, IBNR or unearned premium reserves exceeds the current amount of the
Letters of Credit, the Reinsurers shall, within thirty days after receipt of the
statement, secure the amendment of the Letters of Credit increasing their amount
to the amount of the current balance of these items. If, however, the statement
shows that the Reinsurers' proportion of the current balance of those items is
less than the amount of the Letters of Credit the Reassured shall, within thirty
days of receipt of a written request from the Reinsurers to do so, facilitate
the release of the excessive security by authorizing the amendment of the
Letters of Credit so as to reduce their amount to the current balance required.

J. All expenses incurred in the establishment or maintenance of such Letters of
Credit shall be paid by the Reinsurers.

                                   ARTICLE 20

                                   COMMUTATION

APPLIES TO SECTION I ONLY

A. One year after the expiry of this Contract, or at any time thereafter, the
Reassured may, at its option, commute all losses outstanding under this
Contract.

B. The Reinsurers agree to accept the Reassured's discretionary reserves, (which
may be deemed to be zero for the purpose of commutation), at the time of
commutation in consideration of which premiums shall be immediately adjusted,
and in consideration of which the Reinsurers shall be given a full and final
release of all future liability in respect of this Contract.

C. The option to commute may only be exercised by the Reassured provided that
the adjusted rate for the Contract, at that time, is less than the maximum rate
as specified in Paragraph C of ARTICLE 13, PREMIUM, Section I.

                                   ARTICLE 21

                                    CURRENCY

The currency to be used for all purposes of this Contract shall be United States
Dollars. All amounts paid or received by the Reassured in any other currency
shall be converted into United States Dollars at the rates of exchange at which
such transactions are converted in the books of the Reassured.

                                   ARTICLE 22

                                 TAX PROVISIONS

A. The Reassured shall be liable for all taxes (except Federal Excise Tax)
levied on it with respect to premiums payable to the Reinsurers hereunder.
Federal Excise Tax applies only to those Reinsurers, excepting Underwriters at
Lloyd's, London and other

                                       19
<PAGE>

Reinsurers exempt from the Federal Excise Tax, who are domiciled outside the
United States of America.

B. To the extent that such premium is subject to Federal Excise Tax, the
Reinsurers hereby agree to allow as a deduction from the premium, for the
purpose of paying Federal Excise Tax, all applicable percentages of the premium
payable hereon.

C. In the event of any return premium becoming due hereunder the Reinsurers will
deduct all applicable percentages from the amount of the return, and the
Reassured or its agents shall take steps to recover the tax from the Government
of the United States of America.

D. In consideration of the terms under which this Contract is issued, the
Reassured undertakes not to claim any deduction in respect of premium payable
hereon when making tax returns, other than Income or Profits tax returns, to any
fiscal authority of the United States of America or any State or Territory
thereof.

                                   ARTICLE 23

                           INSOLVENCY OF THE REASSURED

A. Amounts due to the Reassured under this Contract shall be payable by the
Reinsurers on the basis of the liability of the Reassured under the original
policies reinsured hereunder without diminution because of the insolvency of any
one or all of the Reassured Companies.

B. In the event of the insolvency of the Reassured, the Liquidator or Receiver
or Statutory Successor of the Reassured shall give written notice to the
Reinsurers of the pendency of any claim against the insolvent Reassured on the
original policies reinsured hereunder within a reasonable time after such claim
is filed in the insolvency proceedings. During the pendency of such claim the
Reinsurers may investigate such claim and intervene, at their own expense, in
the proceedings where such claim is to be adjudicated and interpose any defense
or defenses which they may deem available to the Reassured or its Liquidator or
Receiver or Statutory Successor. The expense thus incurred by the Reinsurers
shall be chargeable, subject to court approval, against the insolvent Reassured
as part of the expense of liquidation to the extent of a proportionate share of
the benefit which may accrue to the Reassured solely as a result of the defense
so undertaken by the Reinsurers.

C. When two or more Reinsurers are involved in the same claim and a majority in
interest elect to investigate the claim and/or to interpose defense to such
claim, the expense shall be apportioned in accordance with the terms of the
above paragraph as though such expense had been incurred by the Reassured.

D. Should the Reassured go into liquidation or should a receiver be appointed,
the Reinsurers shall be entitled to deduct from any sums which may be or may
become due to the Reassured under this Contract any sums which are due to the
Reinsurers from the Reassured under this Contract and which are payable at a
fixed or stated date, as well as

                                       20
<PAGE>

any other sums due to the Reinsurers which are permitted to be offset under
applicable law.

E. In the event of the insolvency of the Reassured, the amounts due to the
Reassured under this Contract shall be payable by the Reinsurers directly to the
Reassured or to its Liquidator, Receiver or Statutory Successor.

F. It is the mutual intent of the parties that, in the event of the insolvency
of the Reassured, this Article shall be read to conform with the state or
regulatory requirements of the jurisdiction in which the liquidation or
receivership is conducted In the event that any provision of this Article is in
conflict with such state or regulatory requirements, then such provision shall
be reformed to be in compliance with such state or regulatory requirements.

                                   ARTICLE 24

                                     OFFSET

Each party hereto shall have, and may exercise in the event of insolvency of the
other or the non-payment by the other of obligations when due hereunder, the
right to offset any balance or balances whether on account of premiums,
commissions, claims or losses, adjustment expenses, salvage or any amount due
from that party to the other party hereto under this Contract only against any
balance or balances due or to become due to the offsetting party from the other
party under this Contract only. The terms of this Article shall apply separately
to this Contract and to each successive renewal of this Contract.

                                   ARTICLE 25

                          DELAYS, ERRORS AND OMISSIONS

No inadvertent delay, error or omission shall be held to relieve either party
hereto of any liability which would have attached to them under this Contract if
such delay, error or omission had not been made, provided that rectification is
made immediately upon discovery.

                                   ARTICLE 26

                           AMENDMENTS AND ALTERATIONS

The terms herein contained comprise the whole Contract between the Reassured and
the Reinsurers and may only be changed in writing, signed by or on behalf of
both parties.

                                   ARTICLE 27

                       ACCESS TO RECORDS AND CLAIMS REVIEW

A. All documents and records in the possession of the Reassured concerning this
Contract shall be made available upon reasonable notice at the request of the
Reinsurers

                                       21
<PAGE>

for inspection at the Reassured's offices by the Reinsurers or their nominated
representatives for the purposes of obtaining information concerning this
Contract or the subject matter hereof.

B. Specifically, the Reinsurers shall be entitled to nominate a representative
to assess the Reassured's claims and claims procedures.

C. For the avoidance of doubt, it is hereby expressly agreed that the rights
given to the Reinsurers by this Article shall continue in effect notwithstanding
the expiration of this Contract and shall be exercised at the Reinsurers' own
expense.

                                   ARTICLE 28

                                   ARBITRATION

A. As a condition precedent to any right of action hereunder, all disputes or
differences arising out of or connected with this Contract (whether or not
arising before or after expiration) its interpretation or implementation, shall
be referred to arbitration in Farmington, Connecticut, U.S.A., the city in which
the Reassured's principal office is located.

B. Arbitration shall be initiated by the delivery of a written notice of demand
for arbitration by one party to the other within a reasonable time after the
dispute has arisen stating the nature of the dispute and the remedy sought.
Those Reinsurers involved in the dispute or other matter in controversy shall be
considered as one party for the purpose of allocating the cost of the
arbitration.

C. Each party shall appoint an individual as arbitrator and the two so appointed
shall then appoint a third arbitrator. If either party refuses or neglects to
appoint an arbitrator within sixty (60) days, the other party may appoint the
second arbitrator. If the two arbitrators do not agree on a third arbitrator
within sixty (60) days of their appointment, within ten (10) days thereafter the
two arbitrators will request the American Arbitration Association ("AAA") to
appoint a third arbitrator with the qualifications set forth below in this
Article without regard to the AAA's Commercial Arbitration Rules. If the AAA
fails to appoint a third arbitrator within thirty (30) days after its receipt of
the two arbitrators' request, either party may apply to a court of competent
jurisdiction to appoint a third arbitrator with the qualifications set forth
below in this Article. The third arbitrator will immediately notify each party
of his selection. In the event of the resignation or death of any member of the
arbitrator panel, a replacement will be appointed in the same manner as the
resigning or deceased member was appointed.

D. Each arbitrator shall be an active or retired officer of an insurance or
reinsurance company or Underwriter at Lloyd's London; no arbitrator shall have a
personal or financial interest in the result of the arbitration, and shall not
be a present or former officer, attorney, or consultant of the Reassured or the
Reinsurer or either's affiliates.

E. 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

                                       22
<PAGE>

from following the strict rules of law, and shall make any award with a view to
effecting the general purpose of this Contract in a reasonable manner with due
regard to the custom and usage of the insurance and reinsurance business.

F. The arbitrators shall have full discretion to make such orders as they think
fit in connection with all procedural matters in the Arbitration, including but
not limited to the conduct of the reference by written or oral submissions, the
production of documents, the examination of witnesses, and the imposition of
time limits for the taking of necessary procedural steps. The arbitrators shall
also have full discretion to make such orders as they think fit with regard to
the payment of the costs of the Arbitration including attorneys' costs and fees.

G. If more than one Reinsurer is involved in the same dispute, all such
Reinsurers shall constitute and act as one party for purposes of this Article
and communications shall be made by the Reassured to each of the Reinsurers
constituting the one party, provided that nothing herein shall impair the rights
of such Reinsurers to assert several, rather than joint, defenses or claims, nor
be construed as changing the liability of the Reinsurers under the terms of this
Contract from several to joint. H. Any Award or order of the arbitrators or a
majority thereof shall be binding on the parties and there shall be no right of
appeal there from.

I. Except as provided above, arbitration shall be based, insofar as applicable,
upon the procedures of the American Arbitration Association.

                                   ARTICLE 29

                                 SERVICE OF SUIT

A. This Article applies only to those Reinsurers signatory hereto who are
domiciled outside the United States of America or, should the Reassured be
authorized to do business in the State of New York, those Reinsurers who are
unauthorized in New York as respects suits instituted in New York.

B. It is agreed that in the event of the failure of the Reinsurer to pay any
amount awarded by the arbitration tribunal referred to in the Arbitration Clause
herein, the Reinsurers hereon, at the request of the Reassured, will submit to
the jurisdiction of a court of competent jurisdiction within the United States.
Nothing in this Article constitutes or should be understood to constitute a
waiver of Reinsurers' 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. It is
further agreed that service of process in such suit may be made upon Mendes &
Mount, 750 Seventh Avenue, New York, New York 10019, and that in any suit
instituted against any one of them upon this Contract, Reinsurers will abide by
the final decision of such court or of any appellate court in the event of an
appeal.

                                       23
<PAGE>

C. The above-named are authorized and directed to accept service of process on
behalf of Reinsurers in any such suit and/or upon the request of the Reassured
to give a written undertaking to the Reassured that they will enter a general
appearance upon Reinsurers' behalf in the event such a suit shall be instituted.

D. Further, pursuant to any statute of any state, territory or district of the
United States which makes provision therefore, Reinsurers hereon hereby
designate 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 their 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 Reassured or any beneficiary hereunder arising out of this Contract of
reinsurance, and hereby designate the above-named as the person to whom the said
officer is authorized to mail such process or a true copy thereof.

                                   ARTICLE 30

                                 CONFIDENTIALITY

A. The confidential nature of this Contract is acknowledged by all parties.
Moreover, the Reinsurers will only disclose to third parties, such as
regulators, auditors, rating agencies, shareholders, reinsurers and the like,
such details of this Contract as are necessary to comply with their obligations
to such third parties as part of their normal business practice.

B. It is a condition binding on Reinsurers hereon that they may not disclose any
details of this Contract at any time to any other third party without the
agreement of the Reassured.

                                   ARTICLE 31

                              REGULATORY COMPLIANCE

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

                                   ARTICLE 32

                                  GOVERNING LAW

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

                                       24
<PAGE>

                                   ARTICLE 33

                                  PARTICIPATION

This Contract obligates each of the Reinsurers for their proportion of the
interests and liabilities set forth under this Contract, such proportions being
shown in the attached Schedules.

                                   ARTICLE 34

                            SEVERAL LIABILITY NOTICE

The subscribing Reinsurers' obligations under contracts of reinsurance to which
they subscribe are several and not joint and are limited solely to the extent of
their individual subscriptions. The subscribing Reinsurers are not responsible
for the subscription of any co-subscribing Reinsurer who for any reason does not
satisfy all or part of its obligations.

                                   ARTICLE 35

                                  INTERMEDIARY

Towers Perrin Forster & Crosby, Inc. ("Towers Perrin") 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 Reassured or
the Reinsurer through Towers Perrin. Payments by the Reassured 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
Reassured only to the extent that such payments are actually received by the
Reassured.

                                       25
<PAGE>

          NUCLEAR INCIDENT EXCLUSION CLAUSE - LIABILITY - REINSURANCE
                               U.S.A. (BRMA 35A)

1. This reinsurance does not cover any loss or liability accruing to the
Reassured as a member of, or subscriber to, any association of insurers or
reinsurers formed for the purpose of covering nuclear energy risks or as a
direct or indirect reinsurer of any such member, subscriber or association.

2. Without in any way restricting the operation of paragraph 1 of this Clause,
it is understood and agreed that for all purposes of this reinsurance all the
original policies of the Reassured (new, renewal and replacement) of the classes
specified in Clause II of this paragraph 2 from the time specified in Clause III
in this paragraph 2 shall be deemed to include the following provision
(specified as the Limited Exclusion Provision):

      Limited Exclusion Provision*

      I.    It is agreed that the policy does not apply under any liability
            coverage, to (injury, sickness, disease, death or destruction,
            (bodily injury or property damage

            with respect to which an insured under the policy is also an insured
            under a nuclear energy liability policy issued by Nuclear Energy
            Liability Insurance Association, Mutual Atomic Energy Liability
            Underwriters or Nuclear Insurance Association of Canada, or would be
            an insured under any such policy but for its termination upon
            exhaustion of its limit of liability.

      II.   Family Automobile Policies (liability only), Special Automobile
            Policies (private passenger automobiles, liability only), Farmers
            Comprehensive Personal Liability Policies (liability only),
            Comprehensive Personal Liability Policies (liability only) or
            policies of a similar nature; and the liability portion of
            combination forms related to the four classes of policies stated
            above, such as the Comprehensive Dwelling Policy and the applicable
            types of Homeowners Policies.

      Ill.  The inception dates and thereafter of all original policies as
            described in II above, whether new, renewal or replacement, being
            policies which either

            (a)   become effective on or after 1st May, 1960, or

            (b)   become effective before that date and contain the Limited
                  Exclusion Provision set out above;

            provided this paragraph 2 shall not be applicable to Family
            Automobile Policies, Special Automobile Policies, or policies or
            combination policies of a similar nature, issued by the Reassured on
            New York risks, until 90 days following approval of the Limited
            Exclusion Provision by the Governmental Authority having
            jurisdiction thereof.

                                       26
<PAGE>

3. Except for those classes of policies specified in Clause II of paragraph 2
and without in any way restricting the operation of paragraph 1 of this Clause,
it is understood and agreed that for all purposes of this reinsurance the
original liability policies of the Reassured (new, renewal and replacement)
affording the following coverages:

      Owners, Landlords and Tenants Liability, Contractual Liability, Elevator
      Liability, Owners or Contractors (including railroad), Protective
      Liability, Manufacturers and Contractors Liability, Product Liability,
      Professional and Malpractice Liability, Storekeepers Liability, Garage
      Liability, Automobile Liability (including Massachusetts Motor Vehicle or
      Garage Liability)

shall be deemed to include, with respect to such coverages, from the time
specified in Clause V of this paragraph 3, the following provision (specified as
the Broad Exclusion Provision):

      Broad Exclusion Provision*

      It is agreed that the policy does not apply:

      I.    Under any Liability Coverage, to (injury, sickness, disease, death
            or destruction (bodily injury or property damage

            (a)   with respect to which an insured under the policy is also an
                  insured under a nuclear energy liability policy issued by
                  Nuclear Energy Liability Insurance Association, Mutual Atomic
                  Energy Liability Underwriters or Nuclear Insurance Association
                  of Canada, or would be an insured under any such policy but
                  for its termination upon exhaustion of its limit of liability;
                  or

            (b)   resulting from the hazardous properties of nuclear material
                  and with respect to which (1) any person or organization is
                  required to maintain financial protection pursuant to the
                  Atomic Energy Act of 1954, or any law amendatory thereof, or
                  (2) the insured is, or had this policy not been issued would
                  be, entitled to indemnity from the United States of America,
                  or any agency thereof, under any agreement entered into by the
                  United States of America, or any agency thereof, with any
                  person or organization.

      II.   Under any Medical Payments Coverage, or under any Supplementary
            Payments Provision relating to (immediate medical or surgical relief
            (first aid to expenses incurred with respect to (bodily injury,
            sickness, disease or death (bodily injury resulting from the
            hazardous properties of nuclear material and arising out of the
            operation of a nuclear facility by any person or organization.

      III.  Under any Liability Coverage, to (injury, sickness, disease, death
            or destruction (bodily injury or property damage resulting from the
            hazardous properties of nuclear material, if

                                       27
<PAGE>

            (a)   the nuclear material (1) is at any nuclear facility owned by,
                  or operated by or on behalf of, an insured, or (2) has been
                  discharged or dispersed therefrom;

            (b)   the nuclear material is contained in spent fuel or waste at
                  any time possessed, handled, used, processed, stored,
                  transported or disposed of by or on behalf of an insured; or

            (c)   the (injury, sickness, disease, death or destruction (bodily
                  injury or property damage

            arises out of the furnishing by an insured of services, materials,
            parts or equipment in connection with the planning, construction,
            maintenance, operation or use of any nuclear facility, but if such
            facility is located within the United States of America, its
            territories, or possessions or Canada, this exclusion (c) applies
            only to (injury to or destruction of property at such nuclear
            facility (property damage to such nuclear facility and any property
            thereat.

      IV.   As used in this endorsement:

            "Hazardous properties" include radioactive, toxic or explosive
            properties; "nuclear material" means source material, special
            nuclear material or byproduct material; "source material", "special
            nuclear material", and "byproduct material" have the meanings given
            them in the Atomic Energy Act of 1954 or in any law amendatory
            thereof; "spent fuel" means any fuel element or fuel component,
            solid or liquid, which has been used or exposed to radiation in a
            nuclear reactor; "waste" means any waste material (1) containing
            byproduct material other than tailings or wastes produced by the
            extraction or concentration of uranium or thorium from any ore
            processed primarily for its source material content, and (2)
            resulting from the operation by any person or organization of any
            nuclear facility included under the first two paragraphs of the
            definition of nuclear facility; "nuclear facility" means:

            (a)   any nuclear reactor,

            (b)   any equipment or device designed or used for (1) separating
                  the isotopes of uranium or plutonium, (2) processing or
                  utilizing spent fuel, or (3) handling, processing or packaging
                  waste,

            (c)   any equipment or device used for the processing, fabricating
                  or alloying of special nuclear material if at any time the
                  total amount of such material in the custody of the insured at
                  the premises where such equipment or device is located
                  consists of or contains more than 25 grams of plutonium or
                  uranium 233 or any combination thereof, or more than 250 grams
                  of uranium 235,

                                       28
<PAGE>

            (d)   any structure, basin, excavation, premises or place prepared
                  or used for the storage or disposal of waste,

and includes the site on which any of the foregoing is located, all operations
conducted on such site and all premises used for such operations; "nuclear
reactor" means any apparatus designed or used to sustain nuclear fission in a
self-supporting chain reaction or to contain a critical mass of fissionable
material;

            (With respect to injury to or destruction of property, the word
            "injury" or "destruction" ("property damage" includes all forms of
            radioactive contamination of property (includes all forms of
            radioactive contamination of property.

      V.    The inception dates and thereafter of all original policies
            affording coverages specified in this paragraph 3, whether new,
            renewal or replacement, being policies which become effective on or
            after 1st May, 1960, provided this paragraph 3 shall not be
            applicable to:

            (a)   Garage and Automobile Policies issued by the Reassured on New
                  York risks, or

            (b)   statutory liability insurance required under Chapter 90,
                  General Laws of Massachusetts,

            until 90 days following approval of the Broad Exclusion Provision by
            the Governmental Authority having jurisdiction thereof.

4. Without in any way restricting the operation of paragraph 1 of this Clause,
it is understood and agreed that paragraphs 2 and 3 above are not applicable to
original liability policies of the Reassured in Canada and that with respect to
such policies this Clause shall be deemed to include the Nuclear Energy
Liability Exclusion Provisions adopted by the Canadian Underwriters' Association
or the Independent Insurance Conference of Canada.

*NOTE: The words printed in italics in the Limited Exclusion Provision and in
the Broad Exclusion Provision shall apply only in relation to original liability
policies which include a Limited Exclusion Provision or a Broad Exclusion
Provision containing those words.

                                       29
<PAGE>

  NUCLEAR INCIDENT EXCLUSION CLAUSE - LIABILITY - REINSURANCE CANADA (BRMA 35D)

1. This Agreement does not cover any loss or liability accruing to the Reassured
as a member of, or subscriber to, any association of insurers or reinsurers
formed for the purpose of covering nuclear energy risks or as a direct or
indirect reinsurer of any such member, subscriber or association.

2. Without in any way restricting the operation of paragraph 1 of this clause,
it is agreed that for all purposes of this Agreement all the original liability
contracts of the Reassured, whether new, renewal or replacement, of the
following classes, namely:

      Personal Liability
      Farmers' Liability
      Storekeepers' Liability

3. which become effective on or after 31st December 1984, shall be deemed to
include, from their inception dates and thereafter, the following provision:

      Limited Exclusion Provision

      This Policy does not apply to bodily injury or property damage with
      respect to which the Insured is also insured under a contract of nuclear
      energy liability insurance (whether the Insured is unnamed in such
      contract and whether or not it is legally enforceable by the Insured)
      issued by the Nuclear Insurance Association of Canada or any other group
      or pool of insurers or would be an Insured under any such policy but for
      its termination upon exhaustion of its limits of liability.

      With respect to property, loss of use of such property shall be deemed to
      be property damage.

4. Without in any way restricting the operation of paragraph 1 of this clause,
it is agreed that for all purposes of this Agreement all the original liability
contracts of the Reassured, whether new, renewal or replacement, of any class
whatsoever (other than Personal Liability, Farmers' Liability, Storekeepers'
Liability or Automobile Liability contracts), which become effective on or after
31st December 1984, shall be deemed to include from their inception dates and
thereafter, the following provision:

      Broad Exclusion Provision

      It is agreed that this Policy does not apply:

      (a)   To liability imposed by or arising under the Nuclear Liability Act;
            nor

      (b)   To bodily injury or property damage with respect to which an Insured
            under this policy is also insured under a contract of nuclear energy
            liability insurance (whether the Insured is unnamed in such contract
            and whether or not it is legally enforceable by the Insured) issued
            by the Nuclear

                                       30
<PAGE>

            Insurance Association of Canada or any other insurer or group or
            pool of insurers or would be an Insured under any such policy but
            for its termination upon exhaustion of its limit of liability; nor

      (c)   To bodily injury or property damage resulting directly or indirectly
            from the nuclear energy hazard arising from:

            i)    the ownership, maintenance, operation or use of a nuclear
                  facility by or on behalf of an Insured.

            ii)   the furnishing by an Insured of services, materials, parts or
                  equipment in connection with the planning, construction,
                  maintenance, operation or use of any nuclear facility; and

            iii)  the possession, consumption, use, handling, disposal or
                  transportation of fissionable substances, or of other
                  radioactive material (except radioactive isotopes, away from a
                  nuclear facility, which have reached the final stage of
                  fabrication so as to be useable for any scientific, medical,
                  agricultural, commercial or industrial purpose) used,
                  distributed, handled or sold by an Insured.

As used in this Policy:

1. The term "nuclear energy hazard" means the radioactive, toxic, explosive or
other hazardous properties of radioactive material.

2 The term "radioactive material" means uranium, thorium, plutonium, neptunium,
their respective derivatives and compounds, radioactive isotopes of other
elements and any other substances that the Atomic Energy Control Board may, by
regulation, designate as being prescribed substances capable of releasing atomic
energy, or as being requisite for the production, use or application of atomic
energy.

3. The term "nuclear facility" means:

      (a) Any apparatus designed or used to sustain nuclear fission in a
      self-supporting chain reaction or to contain a critical mass of plutonium,
      thorium and uranium or any one or more of them;

      (b) Any equipment or device designed or used for (1) separating the
      isotopes of plutonium, thorium and uranium or any one or more of them, (2)
      processing or utilizing spent fuel, or (3) handling, processing or
      packaging waste;

      (c) Any equipment or device used for the processing, fabricating or
      alloying of plutonium, thorium or uranium enriched in the isotope uranium
      233 or in the isotope uranium 235, or any one or more of them if at any
      time the total amount of such material in the custody of the Insured at
      the premises where such equipment or device is located consists of or
      contains more than 25 grams of

                                       31
<PAGE>

      plutonium or uranium 233 or any combination thereof, or more than 250
      grams of uranium 235;

      (d) Any structure, basin, excavation, premises or place prepared or used
      for the storage or disposal of waste radioactive material;

and includes the site on which any of the foregoing is located, together with
all operations conducted thereon and all premises used for such operations.

4. The term "fissionable substance" means any prescribed substance that is, or
from which can be obtained, a substance capable of releasing atomic energy by
nuclear fission.

5. With respect to property, loss of use of such property shall be deemed to be
property damage.

                                       32
<PAGE>

 NUCLEAR ENERGY RISKS EXCLUSION CLAUSE (REINSURANCE) (1994)(WORLDWIDE EXCLUDING
                                U.S.A. & CANADA)

This Contract shall exclude Nuclear Energy Risks whether such risks are written
directly and/or by way of reinsurance and/or via Pools and/or Associations.

For all purposes of this Contract Nuclear Energy Risks shall mean all first
party and/or third party insurances or reinsurances (other than Workers'
Compensation and Employers' Liability) in respect of:-

      (I)   All Property on the site of a nuclear power station.

            Nuclear Reactors, reactor buildings and plant and equipment therein
            on any site other than a nuclear power station.

      (II)  All Property, on any site (including but not limited to the sites
            referred to in (I) above) used or having been used for :-

            (a)   The generation of nuclear energy; or

            (b)   The production Use or Storage of Nuclear Material.

      (III) Any other Property eligible for insurance by the relevant local
            Nuclear Insurance Pool and/or Association but only to the extent of
            the requirements of that local Pool and/or Association.

      (IV)  The supply of goods and services to any of the sites, described in
            (I) to (III), above unless such insurances or reinsurances shall
            exclude the perils of irradiation and contamination by Nuclear
            Material.

Except as undernoted, Nuclear Energy Risks shall not include

      (I)   Any insurance or reinsurance in respect of the construction or
            erection or installation or replacement or repair or maintenance or
            decommissioning of Property as described in (I) to (III) above
            (including contractors' plant and equipment).

      (II)  Any Machinery Breakdown or other Engineering insurance or
            reinsurance not coming within the scope of (I) above.

Provided always that such insurance or reinsurance shall exclude the perils of
irradiation and contamination by Nuclear Material.

However, the above exemption shall not extend to:-

      (1)   The provision of any insurance or reinsurance whatsoever in respect
            of

            (a)   Nuclear Material;

                                       33
<PAGE>

            (b)   any Property in the High Radioactivity Zone or Area of any
                  Nuclear Installation as from the introduction of Nuclear
                  Material or - for reactor installations - as from fuel loading
                  or first criticality where so agreed with the relevant local
                  Nuclear Insurance Pool and/or Association.

      (2)   The provision of any insurance or reinsurance for the undernoted
            perils:

            fire, lightning, explosion;
            earthquake;
            aircraft and other aerial devices or articles dropped
            therefrom; irradiation and radioactive contamination;
            any other peril insured by the relevant local Nuclear
            Insurance Pool and/or Association.

      in respect of any other Property not specified in (1) above which directly
      involves the production, use or storage of Nuclear Material as from the
      introduction of Nuclear Material into such Property.

Definitions

"Nuclear Material" means:

      (i)   nuclear fuel, other than natural uranium and depleted uranium,
            capable of producing energy by a self-sustaining chain process of
            nuclear fission outside a Nuclear Reactor, either alone or in
            combination with some other material; and

      (ii)  Radioactive Products or Waste.

"Radioactive Products or Waste" means any radioactive material produced in, or
any material made radioactive by exposure to the radiation incidental to the
production or utilization of nuclear fuel, but does not include radioisotopes
which have reached the final stage of fabrication so as to be usable for any
scientific, medical, agricultural, commercial or industrial purpose.

"Nuclear Installation" means

      (i)   any Nuclear Reactor;

      (ii)  any factory using nuclear fuel for the production of Nuclear
            Material, or any factory for the processing of Nuclear Material,
            including any factory for the reprocessing of irradiated nuclear
            fuel: and

      (iii) any facility where Nuclear Material is stored, other than storage
            incidental to the carriage of such material.

                                       34
<PAGE>

"Nuclear Reactor" means any structure containing nuclear fuel in such
arrangement that a self sustaining chain process of nuclear fission can occur
therein without an additional source of neutrons.

"Production, Use or Storage of Nuclear Material" means the production,
manufacture, enrichment, conditioning, processing, reprocessing, use, storage,
handling and disposal of Nuclear Material.

"Property" shall mean all land, buildings, structures, plant, equipment,
vehicles, contents (including but not limited to liquids and gases) and all
materials of whatever description whether fixed or not.

"High Radioactivity Zone or Area" means:

      (i)   for nuclear power stations and Nuclear Reactors, the vessel or
            structure which immediately contains the core (including its
            supports and shrouding) and all the contents thereof, the fuel
            elements, the control rods and the irradiated fuel store; and

      (ii)  for non reactor Nuclear Installations, any area where the level of
            radioactivity requires the provision of a biological shield.

In accordance with NMA 1975A (1/4/94)

                                       35
<PAGE>

                  Signed in Farmington, Connecticut this 7th day of March, 2006.

                                        Darwin Professional Underwriters

                                        By: /S/ Stephen J. Sills
                                            ------------------------------------
                                            Stephen J. Sills

                                        Title: President and CEO
                                               ---------------------------------

                             PROFESSIONAL LIABILITY
                       EXCESS OF LOSS REINSURANCE CONTRACT

                           (EFFECTIVE OCTOBER 1, 2005)

                                    issued to

                       DARWIN NATIONAL ASSURANCE COMPANY,
                        DARWIN SELECT INSURANCE COMPANY,
                         CAPITOL INDEMNITY CORPORATION,
                    CAPITOL SPECIALTY INSURANCE CORPORATION,
                         PLATTE RIVER INSURANCE COMPANY
                                     AND/OR
                              ANY OTHER ASSOCIATED,
                      AFFILIATED OR SUBSIDIARY COMPANIES OF
                        ALLEGHANY INSURANCE HOLDING LLC,
                             BUT ONLY IN RESPECT OF
                            BUSINESS UNDERWRITTEN BY
                      PROFESSIONAL GOVERNMENT UNDERWRITERS
                                     AND/OR
                     DARWIN PROFESSIONAL UNDERWRITERS, INC.
                             FARMINGTON, CONNECTICUT

                                       36<PAGE>
                                                                   Exhibit 10.46

                                                         Contract No.: E25538.05

and signed in Farmington, Connecticut, this     day of             , 2006.

                           DARWIN NATIONAL ASSURANCE COMPANY DARWIN SELECT
                           INSURANCE COMPANY CAPITOL INDEMNITY CORPORATION,
                           PLATTE RIVER INSURANCE COMPANY AND/OR ANY OTHER
                           ASSOCIATED, AFFILIATED OR SUBSIDIARY COMPANIES OF
                           ALLEGHANY INSURANCE HOLDING LLC, BUT ONLY IN RESPECT
                           OF BUSINESS UNDERWRITTEN BY DARWIN PROFESSIONAL
                           UNDERWRITERS, INC.

                           BY      /s/ Stephen Sills
                                   ---------------------------------------------

                           TITLE   President & CEO
                                   ---------------------------------------------

                        attaching to and forming part of

                      EXCESS OF LOSS REINSURANCE AGREEMENT
                           EFFECTIVE NOVEMBER 1, 2005
<PAGE>
                        DARWIN NATIONAL ASSURANCE COMPANY
                         DARWIN SELECT INSURANCE COMPANY
                         CAPITOL INDEMNITY CORPORATION,
                         PLATTE RIVER INSURANCE COMPANY
                   AND/OR ANY OTHER ASSOCIATED, AFFILIATED OR
            SUBSIDIARY COMPANIES OF ALLEGHANY INSURANCE HOLDING LLC,
             BUT ONLY IN RESPECT OF BUSINESS UNDERWRITTEN BY DARWIN
                         PROFESSIONAL UNDERWRITERS, INC.

                      EXCESS OF LOSS REINSURANCE AGREEMENT

                           EFFECTIVE NOVEMBER 1, 2005

                                      INDEX

<TABLE>
<CAPTION>
ARTICLE          SUBJECT                                                    PAGE
-------          -------                                                    ----
<S>           <C>                                                           <C>
              PREAMBLE.................................................        1
      I       BUSINESS COVERED.........................................        1
     II       EXCLUSIONS...............................................        1
    III       LIMIT AND RETENTION......................................        2
     IV       TERRITORIAL SCOPE........................................        2
      V       PERIOD...................................................        2
     VI       SPECIAL TERMINATION......................................        3
    VII       ULTIMATE NET LOSS........................................        4
   VIII       EXCESS OF ORIGINAL POLICY LIMITS.........................        5
     IX       EXTRA-CONTRACTUAL OBLIGATIONS............................        6
      X       NET RETAINED LINES.......................................        6
     XI       PREMIUM..................................................        7
    XII       NOTICE OF LOSS AND LOSS SETTLEMENTS......................        7
   XIII       UNEARNED PREMIUM AND OUTSTANDING LOSS RESERVES...........        8
    XIV       INTEREST PENALTY.........................................       10
     XV       COMMUTATION..............................................       11
    XVI       CURRENCY.................................................       12
   XVII       TAX PROVISIONS...........................................       12
  XVIII       INSOLVENCY OF THE REASSURED..............................       12
    XIX       OFFSET...................................................       13
     XX       DELAYS, ERRORS AND OMISSIONS.............................       13
    XXI       AMENDMENTS AND ALTERATIONS...............................       14
   XXII       ACCESS TO RECORDS AND CLAIMS REVIEW......................       14
  XXIII       ARBITRATION..............................................       14
   XXIV       SERVICE OF SUIT..........................................       15
    XXV       CONFIDENTIALITY..........................................       16
   XXVI       REGULATORY COMPLIANCE....................................       16
  XXVII       INTERMEDIARY.............................................       16
 XXVIII       GOVERNING LAW............................................       17
</TABLE>
<PAGE>
<TABLE>
<S>           <C>                                                           <C>
   XXIX       PARTICIPATION............................................       17
    XXX       SEVERAL LIABILITY NOTICE.................................       17
</TABLE>

ATTACHMENTS:   NUCLEAR INCIDENT EXCLUSION CLAUSES - LIABILITY - REINSURANCE -
               U.S.A / CANADA NUCLEAR ENERGY RISKS EXCLUSION CLAUSE -
               REINSURANCE - 1994 (WORLDWIDE excluding U.S.A. AND CANADA)
<PAGE>
                        DARWIN NATIONAL ASSURANCE COMPANY
                         DARWIN SELECT INSURANCE COMPANY
                         CAPITOL INDEMNITY CORPORATION,
                         PLATTE RIVER INSURANCE COMPANY
                   AND/OR ANY OTHER ASSOCIATED, AFFILIATED OR
            SUBSIDIARY COMPANIES OF ALLEGHANY INSURANCE HOLDING LLC,
             BUT ONLY IN RESPECT OF BUSINESS UNDERWRITTEN BY DARWIN
                         PROFESSIONAL UNDERWRITERS, INC.

                      EXCESS OF LOSS REINSURANCE AGREEMENT

                           EFFECTIVE NOVEMBER 1, 2005

PREAMBLE

This Contract is made and entered into between Darwin National Assurance
Company, Darwin Select Insurance Company, Capitol Indemnity Corporation, Capitol
Specialty Insurance Corporation, Platte River Insurance Company and/or any other
associated, affiliated or subsidiary companies of Alleghany Insurance Holding
LLC, (hereinafter referred to as "the Reassured") and the Reinsurers signatory
hereto (hereinafter referred to as "the Reinsurers") on the following terms and
conditions.

ARTICLE I -- BUSINESS COVERED

This Contract applies to policies of insurance classified by the Reassured as
Psychiatrists Professional and Office Liability, produced and underwritten by
American Professional Agency, Inc. for and on behalf of Darwin Professional
Underwriters arising from any claims or claims which are made on risks that
attach during the Contract period under its claims made, extended reporting
endorsement and retroactive coverage.

For the purposes of this Contract, the terms "policy", "policies" or "original
policies" as used herein shall be understood to mean all binders, policies,
contracts, endorsements or other evidence of insurance issued in the name of the
Reassured.

ARTICLE II -- EXCLUSIONS

This Contract does not apply to and absolutely excludes the following:

1.       Nuclear Incidents, in accordance with the Nuclear Incident Exclusion
         Clauses - Liability - Reinsurance - U.S.A./Canada - as attached.

2.       Nuclear Energy Risks, in accordance with the Nuclear Energy Risks
         Exclusion Clause (Reinsurance) (1994) (Worldwide excluding U.S.A. and
         Canada) - as attached.

3.       All liability of the Reassured arising by contract, operation of law,
         or otherwise, from its participation or membership, whether voluntary
         or involuntary, in any

                                       1
<PAGE>
         Insolvency Fund. "Insolvency Fund" includes any guarantee fund,
         insolvency fund, plan, pool, association, fund or other arrangement,
         howsoever denominated, established or governed, which provides for any
         assessment of or payment or assumption by the Reassured of part or all
         of any claim, debt, charge, fee or other obligation of an insurer, or
         its successors or assigns, which has been declared by any competent
         authority to be insolvent, or which is otherwise deemed unable to meet
         any claim, debt, charge, fee or other obligation in whole or in part.

4.       Liability assumed by the Reassured as a Member or Reinsurer of any
         Pool, Association or Syndicate.

5.       Financial Guarantee and Insolvency Insurance.

6.       Surety Business.

7.       Reinsurance Assumed Business, other than policies "fronted" by another
         carrier and individually underwritten by Darwin Professional
         Underwriters, Inc, and Inter-Company Pooling Arrangements.

ARTICLE III -- LIMIT AND RETENTION

The Reinsurers shall be liable under this Contract in respect of each and every
loss, each insured, for the Reassured's Ultimate Net Loss in excess of $250,000
each and every loss, each insured, subject to a limit of liability to the
Reinsurers of up to $1,750,000 Ultimate Net Loss each and every loss, each
insured.

The Reassured shall retain the aforementioned $250,000 net and unreinsured,
except for internal reinsurance and/or Catastrophe Excess of Loss Reinsurance.

It is understood and agreed that the limits hereon apply separately to each
original coverage and/or section thereof as applicable, issued by the Reassured,
unless written on a combined, shared limit basis, as per the original policies.

The meaning of "each and every loss", "claim", and "claim made" shall follow the
definitions in the policies covered hereunder, as finally determined by the
Reassured. The Reassured shall also be the determinant of what constitutes "each
Insured.

ARTICLE IV -- TERRITORIAL SCOPE

This contract shall cover whenever the original policies cover.

ARTICLE V -- PERIOD

This Contract covers all claims made, on original policies written or renewed
with effective dates during the period November 1, 2005 12:01 a.m. Standard Time
to November 1, 2006 12:01 a.m. Standard Time at the place and location of risks
insured.

                                       2
<PAGE>
The maximum original policy period shall be twelve (12) months plus odd time not
to exceed eighteen (18) months in all, plus extended reporting period coverage
or endorsements, as original.

For the purposes of this Contract, any extension, discovery period or extended
reporting endorsement attaching to a policy covered hereunder shall be
considered as part of the period of the said policy, subject to the provision
that a separate limit of liability will not apply in respect thereof unless
required by statute.

Upon expiry of this Contract, policies in force at the effective time and date
of expiration hereof shall continue to be covered hereunder until their
individual natural expiration or termination dates, whichever sooner, including
extensions, discovery periods, DDR (death, disability or retirement), or other
similar extended reporting endorsements attaching to such policies. The
Reassured may however, subject to agreement by Reinsurers hereon, terminate the
liability of the Reinsurers for claims made, as original, after the effective
time and date of expiration hereof and, in such event, the unearned premium at
that date applicable to in force policies, including extensions, discovery
periods, DDR, or other similar extended reporting endorsements attached thereto,
shall be deducted from the Subject Gross Net Written Premium Income for the
purpose of the premium rating hereunder.

ARTICLE VI -- SPECIAL TERMINATION

A.       Either party may terminate this Contract upon thirty (30) days notice
         in the event that the other party's surplus has been reduced by 30% or
         more of the mount of surplus at September 30, 2003.

B.       The Reassured may terminate the Reinsurer's participation hereon at any
         time by giving thirty (30) days' prior written notice to the Reinsurer
         in the event that:

         (1)      A State Insurance Department or other legal authority has
                  ordered the subscribing Reinsurer to cease writing business;
                  or

         (2)      The Reinsurer has become insolvent or has been placed into
                  liquidation or receivership or proceedings have been
                  instituted against the subscribing Reinsurer for the
                  appointment of a receiver, liquidator, rehabilitator,
                  conservator or trustee in bankruptcy, or other agents known by
                  whatever name, to take possession of its assets or control of
                  its operation; or

         (3)      The Reinsurer has reinsured its entire liability under this
                  Contract without the Reassured's prior written consent.
                  However, the Reinsurer shall be at liberty to effect
                  catastrophe excess and/or aggregate stop loss excess
                  reinsurance; or

         (4)      The Reinsurer has ceased assuming new and renewal treaty
                  reinsurance business; or

                                       3
<PAGE>
         (5)      The Reinsurer experiences a downgrading in their financial
                  strength rating from Standard and Poor's Group below BBB or a
                  downgrading in rating from A.M. Best Company below A-.

In the event of such termination, the liability of the Reinsurer shall be
terminated as follows:

Policies in force at the effective time and date of termination of this Contract
shall continue to be covered hereunder until their individual expiration dates,
including extensions, discovery periods, Death, Disability or Retirement or
other such similar reporting endorsements or provisions attached thereto. For
rating purposes, the applicable Subject Gross Net Written Premium Income shall
be calculated on policies issued or renewed from the inception date of this
Contract to the effective time and date of termination of this Contract.

The Reassured may however terminate the liability of the Reinsurer for claims
made as original, after the effective time and date of termination of this
Contract and, in such event, the unearned premium at the termination date
applicable to in force policies, including extensions, discovery periods, Death,
Disability or Retirement or other similar extended reporting endorsements or
provisions attached thereto, shall be deducted from the Subject Gross Net
Written Premium Income for the purpose of the premium rating hereunder.

The Reassured shall have the right at the time of termination of this Contract
or at any time following the termination of the Reinsurer, provided the rate at
that time is strictly below the Maximum hereon, to commute losses at their
discretionary reserves, which for clarification purposes may be zero. The
Reassured will then give Reinsurers a full and final release of all future
liabilities under this Contract. It is understood and agreed that unearned
premium at the termination date applicable to in force policies, including
extensions, discovery periods or other similar extended reporting endorsements
or provisions attached thereto, shall be deducted from the Subject Gross Net
Written Premium Income for the purpose of the premium rating hereunder.

ARTICLE VII -- ULTIMATE NET LOSS

The term "Ultimate Net Loss" as used in this Contract shall mean the sum
actually paid or payable by the Reassured in settlement of any losses under its
original policies and/or 100% of any additional liability incurred by the
Reassured as a result of an award in excess of policy limits, and/or 100% of any
liability incurred by the Reassured from any extra-contractual obligation, both
as more fully defined in EXCESS OF ORIGINAL POLICY LIMITS and EXTRA-CONTRACTUAL
OBLIGATIONS. In the event that the Reassured's original policies and/or specific
coverage parts of their original policies are issued on a cost inclusive basis,
such loss adjustment expenses shall be included within the Reassured's Ultimate
Net Loss for the purposes of recovery hereunder.

Where the Reassured's original policies and/or specific coverage parts of their
original policies provide for loss adjustment expenses in addition to limit, all
loss adjustment

                                       4
<PAGE>
expenses paid by the Reassured shall be apportioned in proportion to the
respective interests in the loss of the parties hereto as such interests finally
appear, provided that in the event a verdict or judgment is reduced by an appeal
or a settlement, subsequent to the entry of the judgment, resulting in an
ultimate saving on such verdict or judgment, or a judgment is reversed outright,
the expense incurred in securing such final reduction or reversal shall be pro
rata between the Reinsurers and the Reassured in the proportion that each
benefits from such reduction or reversal; and the expenses incurred up to the
time and date of the original verdict or judgment shall be pro-rated in
proportion to each party's interest in such verdict or judgment.

In the event of external legal or external adjustment expenses, including
outside monitoring counsel expenses, rescission expenses and declaratory
judgment expenses, which are incurred by the Reassured in connection with a
claim or potential claim hereunder and which are not the subject of the
Reassured's original policy, then Reinsurers shall also be liable for their
proportion of such expenses in addition to their share of the loss recoverable
hereunder.

For the purposes of this Contract loss adjustment expenses shall include all
expenses of litigation, including post judgment interest, but shall exclude the
salaries of regular employees and all office expenses of the Reassured.

All salvages and recoveries shall first be deducted from such loss to arrive at
the amount of the Reassured's Ultimate Net Loss for the purposes of this
Contract. All salvages, recoveries or payments recovered or received subsequent
to a loss settlement under this Contract shall be applied as if recovered or
received prior to the aforesaid settlement and all necessary adjustments shall
be made by the parties hereto. However, nothing in the foregoing shall be
construed as meaning that losses are not recoverable hereunder until the
Reassured's Ultimate Net Loss has been ascertained,

ARTICLE VIII -- EXCESS OF ORIGINAL POLICY LIMITS

As provided in ULTIMATE NET LOSS, this Contract shall protect and indemnify the
Reassured for up to one additional policy limit in respect of 100% of any
additional liability incurred by the Reassured as the result of an award in
excess of the original policy limit as more fully defined below. The Reinsurers
agree that the said 100% of the additional liability so incurred, plus the
Reassured's contractual loss, shall be considered as one combined loss for the
purposes of the Reassured's retention and of the recovery under this Contract
subject always, however, to the amount recoverable hereunder not exceeding the
limit of recovery under this Contract as provided in LIMIT, AND RETENTION, as
applicable.

Awards in excess of the original policy limit are defined as contractual losses
which the Reassured may be legally liable to pay, but in excess of the original
policy limit, such losses in excess of the original policy limit having been
incurred because of, but not limited to, the following: failure by the Reassured
to settle within the original policy limit or by reason of alleged or actual
negligence, fraud or bad faith in rejecting an offer of

                                       5
<PAGE>
settlement or in the preparation of the defense or in the trial of any action
against an insured or in the preparation or prosecution of an appeal consequent
upon such action.

The date on which any liability in excess of original policy limits is incurred
by the Reassured shall be deemed, in all circumstances, to be the date the
original claim was made or occurred.

However, this Article shall not apply where such awards in excess of original
policy limit have been incurred due to the fraud of a member of the Board of
Directors or a corporate officer of the Reassured acting individually or
collectively or in collusion with any individual or corporation or any other
organization or party involved in the presentation, defense or settlement of any
claim.

ARTICLE IX -- EXTRA-CONTRACTUAL OBLIGATIONS

As provided in ULTIMATE NET LOSS, this Contract shall protect and indemnify the
Reassured for up to one additional policy limit in respect of 100% of any
additional liability incurred by the Reassured as the result of any
extra-contractual obligation, as more fully defined below. The Reinsurers agree
that the said 100% of the additional liability so incurred, plus the Reassured's
contractual loss, shall be considered as one combined loss for the purposes of
the Reassured's retention and of the recovery under this Contract subject
always, however, to the amount recoverable hereunder not exceeding the limit of
recovery under this Contract as provided in LIMIT, AND RETENTION, as applicable.

"Extra-contractual obligations" are defined as those liabilities not covered
under any other provision of this Contract and which arise from the handling of
any claim on business covered hereunder, such liabilities arising because of,
but not limited to, the following: failure by the Reassured to settle within the
policy limit, or by reason of alleged or actual negligence, fraud or bad faith
in rejecting an offer of settlement or in the preparation of the defense or in
the trial of any action against an insured or in the preparation or prosecution
of an appeal consequent upon such action.

The date on which any extra-contractual obligation is incurred by the Reassured
shall be deemed, in all circumstances, to be the date the original claim was
made or occurred.

However, this Article shall not apply where such extra-contractual obligations
have been incurred due to the fraud of a member of the Board of Directors or a
corporate officer of the Reassured acting individually or collectively or in
collusion with any individual or corporation or any other organization or party
involved in the presentation, defense or settlement of any claim.

ARTICLE X -- NET RETAINED LINES

This Contract applies only to that portion of any insurance covered by this
Contract which the Reassured retains net for its own account and in calculating
the amount of any loss hereunder and also in computing the amount in excess of
which this Contract

                                       6
<PAGE>
attaches, only loss or losses in respect of that portion of any insurance which
the Reassured retains net for its own account shall be included.

It is understood and agreed that the amount of the Reinsurers' liability
hereunder in respect of any loss or losses shall not be increased by reason of
the inability of the Reassured to collect from any other reinsurers, whether
specific or general, any amounts which may have become due from them, whether
such inability arises from the insolvency of such other reinsurers or otherwise.

ARTICLE XI -- PREMIUM

In consideration of the liabilities undertaken by the Reinsurers in accordance
with the terms of this Contract, the Reassured shall pay to the Reinsurers their
share of the following premium:

A.       A provisional premium of $2,800,000 shall be payable in equal quarterly
         installments of $700,000 in arrears on February 1, May 1, August 1 and
         November 1, 2006.

B.       Within 60 days of expiry of this Contract, the Reassured shall render a
         statement of its Subject Gross Net Written Premium Income (as defined
         below) and the Reassured shall pay, or be paid by the Reinsurers, the
         difference between the Deposit Premium and a premium determined by
         applying a provisional rate of 14% to the said Subject Gross Net
         Written Premium Income.

C.       Twenty-four months after the expiry of this Contract and annually
         thereafter until all losses are finally settled or commuted, the
         premium hereunder shall be adjusted at a rate equivalent to 107.5% of
         the Case Incurred Loss Cost plus a minimum rate of 10% applied to the
         Subject Gross Net Written Premium Income. In no event, however shall
         the premium developed exceed a maximum rate equal to 31% of the Subject
         Gross Net Written Premium Income (hereinafter referred to as the
         "experience adjustment").

D.       A bordereaux of risks to be rendered by the Reassured within 45 days
         from end of each calendar quarter. The bordereaux shall contain the
         following information: policy number, insured name, premium, policy
         term, class of business.

ARTICLE XII -- NOTICE OF LOSS AND LOSS SETTLEMENTS

A paid and outstanding loss bordereaux for all claims with incurred amounts
(indemnity, defense and expense combined), established by the Reassured of
$125,000 or more shall be rendered by the Reassured within 45 days of the end of
each contract quarter beginning with January 31st, 2006 and quarterly
thereafter.

It is understood and agreed, both by the Reassured and the Reinsurers, that all
paid and outstanding losses shall be advised to Reinsurers solely by quarterly
bordereaux and that no individual loss reports are to be provided unless
specifically requested by Reinsurers.

                                       7
<PAGE>
The bordereaux shall solely comprise numerical details of the paid and
outstanding amounts of each loss together with other data to identify the claim,
all as shown on the example bordereaux format(s) attached hereto as Appendix A
to this Contract and which have been mutually agreed by the Reassured and
Reinsurers. It is clearly understood and agreed that such bordereaux shall not
provide any other details of the claim and that there shall be no requirement to
provide assessment of potential liability or other evaluations of each claim.

The Reinsurers agree to abide by all loss settlements of the Reassured which at
its sole discretion shall adjust, settle or compromise all losses and all such
adjustments, settlements or compromises shall be binding upon the Reinsurers
subject to the terms, conditions and limitations of the original policies and
this Contract.

The Reinsurers agree to settle their share of such loss payments within 45 days
of receipt of the quarterly bordereaux; the bordereaux being the sole billing
documentation necessary to effect settlements from Reinsurers.

It is understood and agreed that requests for individual loss reports by
Reinsurers hereon shall not delay their payment of a claim once billing of the
claim has been presented by the Reassured to the Reinsurers. In addition,
responses to requests for individual loss reports shall not be delayed or
withheld by the Reassured.

Notwithstanding such quarterly bordereaux settlements, the Reassured may request
an immediate cash loss settlement from the Reinsurers in the event that the
amount due from the Reinsurers in respect of an individual claim is $250,000 or
more. Such cash loss billings shall be made solely utilizing the same format as
the quarterly bordereaux collections.

ARTICLE XIII -- UNEARNED PREMIUM AND OUTSTANDING LOSS RESERVES

This Article applies only to those Reinsurers signatory hereto who do not
qualify for credit under the regulations of the State insurance authorities or
departments which have jurisdiction over the Reassured's reserves.

The Reassured agrees that when, for its Annual Convention Statement purposes, it
files with the authorities or departments mentioned above or sets up in its
books statutory reserves for known outstanding losses and allocated loss
expenses reinsured by this Contract, for unearned premium in respect of business
coming within the scope of this Contract, or for incurred but not reported
losses (IBNR), hereinafter "The Stated Reserves", it shall forward to the
Reinsurers a clear statement of the Reinsurers' proportion of The Stated
Reserves detailing separately the amounts involved for known outstanding losses
and allocated loss expenses, unearned premium and IBNR, and also how those
amounts are calculated. Reserves for IBNR shall not exceed the actual amount of
IBNR carried on the books of the Reassured for statutory reporting purposes.

The Reinsurers, promptly upon receipt of the Reassured's statement, shall apply
for, and secure delivery to the Reassured of, clean irrevocable and
unconditional Letters of Credit

                                       8
<PAGE>
or such equivalent funding acceptable to the Reassured, for the benefit of the
Reassured in amounts equal to their proportion of The Stated Reserves.

In the event that the Provisional Premium adjustment and/or experience
adjustment calculation hereon results in a reduced level of collateral funding
hereunder, the Reassured agrees to return such excess collateral to Reinsurers
within ninety (90) days of the date the adjustment is made.

All Letters of Credit procured pursuant to this Contract shall be issued by a
Bank which is a Member of the Federal Reserve and acceptable to the authorities
or departments mentioned in the first paragraph of this Article current at the
date of the Reassured's statement. Such Letter of Credit shall be in full
conformity with the requirements of such authorities or departments.

Further, all such Letters of Credit shall be "Evergreen" in that they shall be
issued for an initial period of not less than one year and shall be
automatically extended for one year from their original expiration dates and
subsequently from their extended expiration dates unless and until, at least
thirty days before any expiration date, the issuing bank gives notice to the
Reassured by registered mail that the issuing bank elects not to extend the life
of the Letter of Credit in question beyond its forthcoming expiration date.

In consideration of the contract of the Reinsurers to furnish such Letters of
Credit to the Reassured to enable it to obtain credit for the reinsurance
provided under this Contract, the Reassured hereby undertakes to hold such
Letters of Credit and the proceeds of any drawings made upon them in trust for
the Reinsurers and to use and apply the proceeds of any such drawings for the
following purposes only:

         a.       To pay the Reinsurers' share or to reimburse the Reassured for
                  that share of any liability for loss or allocated loss expense
                  reinsured by this Contract or for unearned premium in respect
                  of business coming within the scope of this Contract;

         b.       To refund to the Reinsurers any balance by which the amount of
                  the Letter of Credit exceeds the Reinsurers' proportion of any
                  liability for loss or allocated loss expense reinsured by this
                  Contract, incurred but not reported losses (IBNR) or for
                  unearned premium in respect of business coming within the
                  scope of this Contract.

         c.       In the event that one or more of the Reinsurers participating
                  in the Letter of Credit gives timely notice of cancellation or
                  non-renewal of their participation in the Letter of Credit and
                  provided that the obligations secured by the Letter of Credit
                  remain unliquidated and undischarged at the time of receipt by
                  the Reassured of such notice, the Reassured shall create a
                  cash deposit account, separate from its own assets, in an
                  amount equal to the participation of the canceling or
                  non-renewing Reinsurer(s) in the Letter of Credit. That cash
                  deposit account may then be used as in sub-paragraphs a. and
                  b. above. It is understood and agreed that this procedure

                                       9
<PAGE>
                  may only be implemented before the expiry of the notice period
                  in respect of cancellation or non-renewal and that if it is
                  implemented, the Reassured will ensure that a rate of interest
                  is obtained for the Reinsurers on such a deposit account that
                  is at least equal to the rate which would be paid by Citibank
                  N.A. in New York, and further that the Reassured will account
                  to the Reinsurers on an annual basis for all interest accruing
                  on the cash deposit account for the benefit of the Reinsurers.

The issuing bank shall have no responsibility whatsoever in connection with the
propriety of drawings made by the Reassured on the Letters of Credit issued
under this Contract or in connection with the disposition of any funds so
withdrawn, except to ensure that drawings are made only upon the order of
properly authorized representatives of the Reassured.

All Letters of Credit procured for the Reassured under this Contract shall be
adjusted at annual intervals, or more frequently as agreed (but never more
frequently than quarterly), to reflect the current balance of the Reinsurers'
proportion of the Reassured's known outstanding loss and allocated loss expense
reserves and unearned premium reserves, and the Reassured shall produce a
statement for this purpose detailed in the same way as the original statement on
the basis of which such Letters of Credit were first issued. If the statement
shows that the Reinsurers' proportion of such losses and allocated expenses,
IBNR or unearned premium reserves exceeds the current amount of the Letters of
Credit, the Reinsurers shall, within thirty days after receipt of the statement,
secure the amendment of the Letters of Credit increasing their amount to the
amount of the current balance of these items. If, however, the statement shows
that the Reinsurers' proportion of the current balance of those items is less
than the amount of the Letters of Credit the Reassured shall, within thirty days
of receipt of a written request from the Reinsurers to do so, facilitate the
release of the excessive security by authorizing the amendment of the Letters of
Credit so as to reduce their amount to the current balance required.

All expenses incurred in the establishment or maintenance of such Letters of
Credit shall be paid by the Reinsurers.

ARTICLE XIV -- INTEREST PENALTY

The provisions of this Article shall not be implemented unless specifically
invoked, in writing, by the Reassured or Reinsurer. The interest amounts
provided for in this Article will apply to the Reinsurer or to the Reassured in
the following circumstances:

1.       Loss payment owed by the Reinsurer to the Reassured shall have a due
         date to the Reassured of forty-five (45) calendar days following the
         date of the Reinsurer's receipt of the billing, but no later than
         ninety (90) days from the Reassured's date of the billing.

2.       Payment of any premium installments shall be due to the Reinsurer
         within thirty (30) calendar days of the date specified in this
         Contract. Any premium

                                       10
<PAGE>
         adjustments will be due by the debtor party within sixty (60) calendar
         days of the date specified in this Contract.

3.       Payment of return premiums, commissions, profit sharing, or any other
         amounts not provided in paragraphs 1 or 2 above, shall be due by the
         debtor party within sixty (60) calendar days of the due date specified
         in this Contract. If no due date is specified, the due date shall be
         sixty (60) days following the date of the debtor party's receipt of the
         billing, but no later than ninety (90) days from the creditor party's
         date of the billing.

4.       Failure by the Reinsurer or Reassured to comply with their respective
         payment obligations within the time periods as herein provided will
         result in a compound interest penalty payable at a rate equal to the
         ninety (90) day Treasury Bill rate as published in the Money Rate
         Section or any successor section of the Wall Street Journal on the
         first business day following the date a remittance becomes due, plus 2%
         per annum, to be compounded and adjusted quarterly. Any interest which
         occurs pursuant to this Article shall he calculated by the party to
         which it is owed. The accumulation of the number of days that any
         payment is past due will stop on the date the Intermediary, where
         applicable, receives payment.

5.       The validity of any claim or payment may be contested under the
         provisions of this Contract. If the debtor party prevails in such
         action, there shall be no interest penalty due. Otherwise, any interest
         will be calculated and due as outlined above.

6.       If a Reinsurer advances payment of any claim it is contesting, and
         prevails such action, the Reassured shall return such payment plus pay
         interest on same, calculated as per the provisions of this Article.

7.       Any interest which occurs pursuant to this Article may be waived by the
         party to which it is owed. Further, any interest which is calculated
         pursuant to this Article that is $100 or less shall be waived. Waiver
         of such interest, however, shall not affect the waiving party's right
         to similar interest for any other failure by the other party to make
         payment when due under this Article.

8.       Nothing in this Article shall diminish any legal remedies which either
         party may have against the other.

ARTICLE XV -- COMMUTATION

One year after the expiry of this Contract, or at any time thereafter, the
Reassured may, at its option, commute all losses outstanding under this
Contract.

The Reinsurers agree to accept the Reassured's discretionary reserves, (which
may be deemed to be zero for the purpose of commutation), at the time of
commutation in consideration of which premiums shall be immediately adjusted,
and in consideration of which the Reinsurers shall be given a full and final
release of all future liability in respect of this Contract.

                                       11
<PAGE>
The option to commute may only be exercised by the Reassured provided that the
adjusted rate for the Contract, at that time, is less than the maximum rate.

ARTICLE XVI -- CURRENCY

The currency to be used for all purposes of this Contract shall be United States
Dollars. All amounts paid or received by the Reassured in any other currency
shall be converted into United States Dollars at the rates of exchange at which
such transactions are converted in the books of the Reassured.

ARTICLE XVII -- TAX PROVISIONS

The Reassured shall be liable for all taxes (except Federal Excise Tax) levied
on it with respect to premiums payable to the Reinsurers hereunder. Federal
Excise Tax applies only to those Reinsurers, excepting Underwriters at Lloyd's,
London and other Reinsurers exempt from the Federal Excise Tax, who are
domiciled outside the United States of America.

To the extent that such premium is subject to Federal Excise Tax, the Reinsurers
hereby agree to allow as a deduction from the premium, for the purpose of paying
Federal Excise Tax, all applicable percentages of the premium payable hereon.

In the event of any return premium becoming due hereunder the Reinsurers will
deduct all applicable percentages from the amount of the return, and the
Reassured or its agents shall take steps to recover the tax from the Government
of the United States of America.

In consideration of the terms under which this Contract is issued, the Reassured
undertakes not to claim any deduction in respect of premium payable hereon when
making tax returns, other than Income or Profits tax returns, to any fiscal
authority of the United States of America or any State or Territory thereof.

ARTICLE XVIII -- INSOLVENCY OF THE REASSURED

Amounts due to the Reassured under this Contract shall be payable by the
Reinsurers on the basis of the liability of the Reassured under the original
policies reinsured hereunder without diminution because of the insolvency of any
one or all of the Reassured Companies.

In the event of the insolvency of the Reassured and the appointment of a
Liquidator, Receiver, Conservator or Statutory Successor, the Liquidator or
Receiver or Conservator or Statutory Successor of the Reassured shall give
written notice to the Reinsurers of the pendency of any claim against the
insolvent Reassured on the original policies reinsured hereunder within a
reasonable time after such claim is filed in the insolvency proceedings. During
the pendency of such claim the Reinsurers may investigate such claim and
intervene, at their own expense, in the proceedings where such claim is to be
adjudicated and interpose any defense or defenses which they may deem available
to the

                                       12
<PAGE>
Reassured or its Liquidator or Receiver or Conservator or Statutory Successor.
The expense thus incurred by the Reinsurers shall be chargeable, subject to
court approval, against the insolvent Reassured as part of the expense of
liquidation to the extent of a proportionate share of the benefit which may
accrue to the Reassured solely as a result of the defense so undertaken by the
Reinsurers.

When two or more Reinsurers are involved in the same claim and a majority in
interest elect to investigate the claim and/or to interpose defense to such
claim, the expense shall be apportioned in accordance with the terms of the
above paragraph as though such expense had been incurred by the Reassured.

Should the Reassured go into liquidation or should a receiver be appointed, the
Reinsurers shall be entitled to deduct from any sums which may be or may become
due to the Reassured under this Contract any sums which are due to the
Reinsurers from the Reassured under this Contract and which are payable at a
fixed or stated date, as well as any other sums due to the Reinsurers which are
permitted to be offset under applicable law.

In the event of the insolvency of the Reassured, the amounts due to the
Reassured under this Contract shall be payable by the Reinsurers directly to the
Reassured or to its Liquidator, Receiver or Conservator or Statutory Successor.

It is the mutual intent of the parties that, in the event of the insolvency of
the Reassured, this Article shall be read to conform with the state or
regulatory requirements of the jurisdiction in which the liquidation or
receivership is conducted In the event that any provision of this Article is in
conflict with such state or regulatory requirements, then such provision shall
be reformed to be in compliance with such state or regulatory requirements.

ARTICLE XIX -- OFFSET

Each party hereto shall have, and may exercise in the event of insolvency of the
other or the non-payment by the other of obligations when due hereunder, the
right to offset any balance or balances whether on account of premiums,
commissions, claims or losses, adjustment expenses, salvage or any amount due
from that party to the other party hereto under this Contract only against any
balance or balances due or to become due to the offsetting party from the other
party under this Contract only. The terms of this Article shall apply separately
to this Contract and to each successive renewal of this Contract.

ARTICLE XX -- DELAYS, ERRORS AND OMISSIONS

No inadvertent delay, error or omission shall be held to relieve either party
hereto of any liability which would have attached to them under this Contract if
such delay, error or omission had not been made, provided that rectification is
made immediately upon discovery.

                                       13
<PAGE>
ARTICLE XXI -- AMENDMENTS AND ALTERATIONS

The terms herein contained comprise the whole Contract between the Reassured and
the Reinsurers and may only be changed in writing, signed by or on behalf of
both parties.

ARTICLE XXII -- ACCESS TO RECORDS AND CLAIMS REVIEW

All documents and records in the possession of the Reassured concerning this
Contract shall be made available upon reasonable notice at the request of the
Reinsurers for inspection at the Reassured's offices by the Reinsurers or their
nominated representatives for the purposes of obtaining information concerning
this Contract or the subject matter hereof.

Specifically, the Reinsurers shall be entitled to nominate a representative to
assess the Reassured's claims and claims procedures.

For the avoidance of doubt, it is hereby expressly agreed that the rights given
to the Reinsurers by this Article shall continue in effect notwithstanding the
expiration of this Contract and shall be exercised at the Reinsurers' own
expense.

ARTICLE XXIII -- ARBITRATION

As a condition precedent to any right of action hereunder, all disputes or
differences arising out of or connected with this Contract (whether or not
arising before or after expiration) its interpretation or implementation, shall
be referred to arbitration in Farmington, Connecticut, U.S.A., the city in which
the Reassured's principal office is located.

Arbitration shall be initiated by the delivery of a written notice of demand for
arbitration by one party to the other within a reasonable time after the dispute
has arisen stating the nature of the dispute and the remedy sought. Those
Reinsurers involved in the dispute or other matter in controversy shall be
considered as one party for the purpose of allocating the cost of the
arbitration.

Each party shall appoint an individual as arbitrator and the two so appointed
shall then appoint a third arbitrator. If either party refuses or neglects to
appoint an arbitrator within sixty (60) days, the other party may appoint the
second arbitrator. If the two arbitrators do not agree on a third arbitrator
within sixty (60) days of their appointment, within ten (10) days thereafter the
two arbitrators will request the American Arbitration Association ("AAA") to
appoint a third arbitrator with the qualifications set forth below in this
Article without regard to the AAA's Commercial Arbitration Rules. If the AAA
fails to appoint a third arbitrator within thirty (30) days after its receipt of
the two arbitrators' request, either party may apply to a court of competent
jurisdiction to appoint a third arbitrator with the qualifications set forth
below in this Article. The third arbitrator will immediately notify each party
of his selection. In the event of the resignation or death of any member of the
arbitrator panel, a replacement will be appointed in the same manner as the
resigning or deceased member was appointed.

                                       14
<PAGE>
Each arbitrator shall be an active or retired officer of an insurance or
reinsurance company or Underwriter at Lloyd's London; no arbitrator shall have a
personal or financial interest in the result of the arbitration, and shall not
be a present or former officer, attorney, or consultant of the Reassured or the
Reinsurer or either's affiliates.

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, and shall make any award
with a view to effecting the general purpose of this Contract in a reasonable
manner with due regard to the custom and usage of the insurance and reinsurance
business.

The arbitrators shall have full discretion to make such orders as they think fit
in connection with all procedural matters in the Arbitration, including but not
limited to the conduct of the reference by written or oral submissions, the
production of documents, the examination of witnesses, and the imposition of
time limits for the taking of necessary procedural steps. The arbitrators shall
also have full discretion to make such orders as they think fit with regard to
the payment of the costs of the Arbitration including attorneys' costs and fees.

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

Any Award or order of the arbitrators or a majority thereof shall be binding on
the parties and there shall be no right of appeal there from.

Except as provided above, arbitration shall be based, insofar as applicable,
upon the procedures of the American Arbitration Association.

ARTICLE XXIV -- SERVICE OF SUIT

This Article applies only to those Reinsurers signatory hereto who are domiciled
outside the United States of America or, should the Reassured be authorized to
do business in the State of New York, those Reinsurers who are unauthorized in
New York as respects suits instituted in New York.

It is agreed that in the event of the failure of the Reinsurers hereon to pay
any amount claimed to be due hereunder, the Reinsurers hereon, at the request of
the Reassured, will submit to the jurisdiction of a Court of competent
jurisdiction within the United States. Nothing in this Clause constitutes or
should be understood to constitute a waiver of Reinsurers' 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.

                                       15
<PAGE>
It is further agreed that service of process in such suit may be made upon
Mendes & Mount, 750 Seventh Avenue, New York, New York 10019, and that in any
suit instituted against any one of them upon this contract, Reinsurers will
abide by the final decision of such Court or of any Appellate Court in the event
of an appeal.

The above-named are authorized and directed to accept service of process on
behalf of Reinsurers in any such suit and/or upon the request of the Reassured
to give a written undertaking to the Reassured that they will enter a general
appearance upon Reinsurers' behalf in the event such a suit shall be instituted.

Further, pursuant to any statute of any state, territory or district of the
United States which makes provision therefor, Reinsurers hereon hereby designate
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 their 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
Reassured or any beneficiary hereunder arising out of this contract of
reinsurance, and hereby designate the above-named as the person to whom the said
officer is authorized to mail such process or a true copy thereof.

NMA 1998

ARTICLE XXV -- CONFIDENTIALITY

The confidential nature of this Contract is acknowledged by all parties.
Moreover, the Reinsurers will only disclose to third parties, such as
regulators, auditors, rating agencies, shareholders, reinsurers and the like,
such details of this Contract as are necessary to comply with their obligations
to such third parties as part of their normal business practice.

It is a condition binding on Reinsurers hereon that they may not disclose any
details of this Contract at any time to any other third party without the
agreement of the Reassured.

ARTICLE XXVI -- REGULATORY COMPLIANCE

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

ARTICLE XXVII -- INTERMEDIARY

Towers Perrin Forster & Crosby, Inc. ("Towers Perrin") 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

                                       16
<PAGE>
shall be transmitted to the Reassured or the Reinsurers through Towers Perrin,
One Stamford Plaza, 263 Tresser Boulevard, Stamford, Connecticut, 06901-3226.
Payments by the Reassured to the Intermediary shall be deemed to constitute
payment to the Reinsurers. Payments by the Reinsurers to the Intermediary shall
be deemed to constitute payment to the Reassured only to the extent that such
payments are actually received by the Reassured.

ARTICLE XXVIII -- GOVERNING LAW

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

ARTICLE XXIX -- PARTICIPATION

This Contract obligates each of the Reinsurers for their proportion of the
interests and liabilities set forth under this Contract, such proportions being
shown in the attached Schedules.

ARTICLE XXX -- SEVERAL LIABILITY NOTICE

The subscribing Reinsurers' obligations under contracts of reinsurance to which
they subscribe are several and not joint and are limited solely to the extent of
their individual subscriptions. The subscribing Reinsurers are not responsible
for the subscription of any co-subscribing Reinsurer who for any reason does not
satisfy all or part of its obligations.

                                       17
<PAGE>
        NUCLEAR INCIDENT EXCLUSION CLAUSE-LIABILITY-REINSURANCE (U.S.A.)

(1)      This reinsurance does not cover any loss or liability accruing to the
         Reassured as a member of, or subscriber to, any association of insurers
         or reinsurers formed for the purpose of covering nuclear energy risks
         or as a direct or indirect reinsurer of any such member, subscriber or
         association.

(2)      Without in any way restricting the operation of paragraph (1) of this
         Clause it is understood and agreed that for all purposes of this
         reinsurance all the original policies of the Reassured (new, renewal
         and replacement) of the classes specified in Clause II of this
         paragraph (2) from the time specified in Clause III in this paragraph
         (2) shall he deemed to include the following provision (specified as
         the Limited Exclusion Provision).

         LIMITED EXCLUSION PROVISION:

         I.       It is agreed that the policy does not apply under any
                  liability coverage, to: injury, sickness, disease, death or
                  destruction bodily injury or property damage with respect to
                  which an insured under the policy is also an insured under a
                  nuclear energy liability policy issued by Nuclear Energy
                  Liability Insurance Association, Mutual Atomic Energy
                  Liability Underwriters or Nuclear Insurance Association of
                  Canada, or would be an insured under any such policy but for
                  its termination upon exhaustion of its limit of liability.

         II.      Family Automobile Policies (liability only), Special
                  Automobile Policies (private passenger automobiles, liability
                  only), Farmers Comprehensive Personal Liability Policies
                  (liability only), Comprehensive Personal Liability Policies
                  (liability only) or policies of a similar nature; and the
                  liability portion of combination forms related to the four
                  classes of policies stated above, such as the Comprehensive
                  Dwelling Policy and the applicable types of Homeowners
                  Policies.

         III.     The inception dates and thereafter of all original policies as
                  described in II above, whether new, renewal or replacement,
                  being policies which either

                  (a)   become effective on or after 1st May, 1960, or

                  (b)   become effective before that date and contain the
                        Limited Exclusion Provision set out above;

                  provided this paragraph (2) shall not be applicable to Family
                  Automobile Policies, Special Automobile Policies, or policies
                  or combination policies of a similar nature, issued by the
                  Reassured on New York risks, until 90 days following approval
                  of the Limited Exclusion Provision by the Governmental
                  Authority having jurisdiction thereof.

                  (3) Except for those classes of policies specified in Clause
                  II of paragraph (2) and without in any way restricting the
                  operation of paragraph (1) of this Clause, it is understood
                  and agreed that for all purposes of this reinsurance the
                  original liability policies of the Reassured (new, renewal and
                  replacement) affording the following coverages:

                      Owners, Landlords and Tenants Liability, Contractual
                      Liability, Elevator Liability, Owners or Contractors
                      (including railroad) Protective Liability, Manufacturers
                      and Contractors Liability, Product Liability, Professional
                      and Malpractice Liability, Storekeepers Liability, Garage
                      Liability, Automobile Liability (including Massachusetts
                      Motor Vehicle or Garage Liability) shall be deemed to
                      include, with respect to such coverages, from the time
                      specified in Clause V of this paragraph (3), the following
                      provision (specified as the Broad Exclusion Provision):

                                       18
<PAGE>
         road Exclusion Provision.*

         B

         It is agreed that the policy does not apply:

         I.       Under any Liability Coverage, to injury, sickness, disease,
                  death or destruction bodily injury or property damage

                  (a)   with respect to which an insured under the policy is
                        also an insured under a nuclear energy liability policy
                        issued by Nuclear Energy Liability Insurance
                        Association, Mutual Atomic Energy Liability Underwriters
                        or Nuclear Insurance Association of Canada, or would be
                        an insured under any such policy but for its termination
                        upon exhaustion of its limit of liability;

                  or

                  (b)   resulting from the hazardous properties of nuclear
                        material and with respect to which (1) any person or
                        organization is required to maintain financial
                        protection pursuant to the Atomic Energy Act of 1954, or
                        any law amendatory thereof, or (2) the insured is, or
                        had this policy not been issued would be, entitled to
                        indemnity from the United States of America, or any
                        agency thereof, under any agreement entered into by the
                        United States of America, or any agency thereof, with
                        any person or organization.

         II.      Under any Medical Payments Coverage, or under any
                  Supplementary Payments Provision relating to immediate medical
                  or surgical relief, first aid, to expenses incurred with
                  respect to bodily injury, sickness, disease or death bodily
                  injury resulting from the hazardous properties of nuclear
                  material and arising out of the operation of a nuclear
                  facility by any person or organization.

         III.     Under any Liability Coverage, to injury, sickness, disease,
                  death or destruction bodily injury or property damage
                  resulting from the hazardous properties of nuclear material,
                  if

                  (a)   the nuclear material (1) is at any nuclear facility
                        owned by, or operated by or on behalf of, an insured or
                        (2) has been discharged or dispersed therefrom;

                  (b)   the nuclear material is contained in spent fuel or waste
                        at any time possessed, handled, used, processed, stored,
                        transported or disposed of by or on behalf of an
                        insured; or

                  (c)   the injury, sickness, disease, death or destruction
                        bodily injury or property damage arises out of the
                        furnishing by an insured of services, materials, parts
                        or equipment in connection with the planning,
                        construction, maintenance, operation or use of any
                        nuclear facility, but if such facility is located within
                        the United States of America, its territories, or
                        possessions or Canada, this exclusion (c) applies only
                        to injury to or destruction of property at such nuclear
                        facility, property damage to such nuclear facility and
                        any property thereat.

         IV.      As used in this endorsement:

                  "HAZARDOUS PROPERTIES" include, radioactive, toxic or
                  explosive properties; "NUCLEAR MATERIAL" means source
                  material, special nuclear material or byproduct material;
                  "SOURCE MATERIAL", "SPECIAL NUCLEAR MATERIAL", and "BYPRODUCT
                  MATERIAL" have the meanings given them in the Atomic Energy
                  Act of 1954 or in any law amendatory thereof; "SPENT FUEL"
                  means any fuel element or fuel component, solid or liquid,
                  which has been used or exposed to radiation in a nuclear
                  reactor; "WASTE" means any waste material (1) containing by
                  product material and (2) resulting from the operation by any

                                       19
<PAGE>
                  person or organization of any nuclear facility included within
                  the definition of nuclear facility under paragraph (a) or (b)
                  thereof; "NUCLEAR FACILITY" means

                  (a)   any nuclear reactor,

                  (b)   any equipment or device designed or used for (1)
                        separating the isotopes of uranium or plutonium, (2)
                        processing or utilizing spent fuel, or (3) handling,
                        processing or packaging waste,

                  (c)   any equipment or device used for the processing,
                        fabricating or alloying of special nuclear material if
                        at any time the total amount of such material in the
                        custody of the insured at the premises where such
                        equipment or device is located consists of or contains
                        more than 25 grams of plutonium or uranium 233 or any
                        combination thereof, or more than 250 grams of uranium
                        235,

                  (d)   any structure, basin, excavation, premises or place
                        prepared or used for the storage or disposal of waste,

                  and includes the site on which any of the foregoing is
                  located, all operations conducted on such site and all
                  premises used for such operations; "NUCLEAR REACTOR" means any
                  apparatus designed or used to sustain nuclear fission in a
                  self-supporting chain reaction or to contain a critical mass
                  of fissionable material;

                      With respect to injury to or destruction of property, the
                      word "injury" or "destruction", "property damage" includes
                      all forms of radioactive contamination of property,
                      includes all forms of radioactive contamination of
                      property.

         V.       The inception dates and thereafter of all original policies
                  affording coverages specified in this paragraph (3), whether
                  new, renewal or replacement, being policies which become
                  effective on or after 1st May, 1960, provided this paragraph
                  (3) shall not be applicable to

                  (i)   Garage and Automobile Policies issued by the Reassured
                        on New York risks

                                    or

                  (ii)  statutory liability insurance required under Chapter 90,
                        General Laws of Massachusetts, until 90 days following
                        approval of the Broad Exclusion Provision by the
                        Governmental Authority having jurisdiction thereof.

                  (4) Without in any way restricting the operation of paragraph
                  ( 1 ) of this Clause, it is understood and agreed that
                  paragraphs (2) and (3) above are not applicable to original
                  liability policies of the Reassured in Canada and that with
                  respect to such policies this Clause shall be deemed to
                  include the Nuclear Energy Liability Exclusion Provisions
                  adopted by the Canadian Underwriters' Association or the
                  Independent Insurance Conference of Canada.

         *NOTE. The words printed in italics in the Limited Exclusion Provision
         and in the Broad Exclusion Provision shall apply only in relation to
         original liability policies which include a Limited Exclusion Provision
         or a Broad Exclusion Provision containing those words.

         21/9/67
         N.M.A. 1590

                                       20
<PAGE>
         NUCLEAR INCIDENT EXCLUSION CLAUSE-LIABILITY-REINSURANCE-CANADA

1.       This Agreement does not cover any loss or liability accruing to the
         Reinsured as a member of, or subscriber to, any association of insurers
         or reinsurers formed for the purpose of covering nuclear energy risks
         or as a direct or indirect reinsurer of any such member, subscriber or
         association.

2.       Without in any way restricting the operation of paragraph I of this
         clause it is agreed that for all purposes of this Agreement all the
         original liability contracts of the Reinsured, whether new, renewal or
         replacement, of the following classes, namely,

         Personal Liability.
         Farmers' Liability.
         Storekeepers' Liability.

         which become effective on or after 31st December 1992, shall be deemed
         to include, from their inception dates and thereafter, the following
         provision:-

         Limited Exclusion Provision.

         This Policy does not apply to bodily injury or property damage with
         respect to which the Insured is also insured under a contract of
         nuclear energy liability insurance (whether the Insured is unnamed in
         such contract and whether or not it is legally enforceable by the
         Insured) issued by the Nuclear Insurance Association of Canada or any
         other group or pool of insurers or would be an Insured under any such
         policy but for its termination upon exhaustion of its limits of
         liability.

         With respect to property, loss of such property shall be deemed to be
         property damage.

3.       Without in any way restricting the operation of paragraph I of this
         clause it is agreed that for all purposes of this Agreement all the
         original liability contracts of the Reinsured, whether new, renewal or
         replacement, of any class whatsoever (other than Personal Liability,
         Farmers' Liability, Storekeepers' Liability or Automobile Liability
         contracts), which become effective on or after 31st December 1992,
         shall be deemed to include from their inception dates and thereafter,
         the following provision:

         Broad Exclusion Provision.

         It is agreed that this Policy does not apply:

         (a)      to liability imposed by or arising from any nuclear liability
                  act, law or statute or any law amendatory thereof; nor

         (b)      to bodily injury or property damage with respect to which an
                  Insured under this policy is also insured under a contract of
                  nuclear energy liability insurance (whether the Insured is
                  unnamed in such contract and whether or not it is legally
                  enforceable by the Insured) issued by the Nuclear Insurance
                  Association of Canada or any other insurer or group or pool of
                  insurers or would be an Insured under any such policy but for
                  its termination upon exhaustion of its limit or liability; nor

         (c)      to bodily injury or property damage resulting directly or
                  indirectly from the nuclear energy hazard arising from:

                  (i)   the ownership, maintenance, operation or use of a
                        nuclear facility by or on behalf of an Insured;

                                       21
<PAGE>
                  (ii)  the furnishing by an Insured of services, materials,
                        parts or equipment in connection with the planning,
                        construction, maintenance, operation or use of any
                        nuclear facility; and

                  (iii) the possession, consumption, use, handling, disposal or
                        transportation of fissionable substances, or of other
                        radioactive material (except radioactive isotopes, away
                        from a nuclear facility, which have reached the final
                        stage of fabrication so as to be usable for any
                        scientific, medical, agricultural, commercial or
                        industrial purpose) used, distributed, handled or sold
                        by an Insured.

As used in this Policy:

1.       The term "nuclear energy hazard" means the radioactive, toxic,
         explosive, or other hazardous properties of radioactive material;

2.       The term "radioactive material" means uranium, thorium, plutonium,
         neptunium. their respective derivatives and compounds, radioactive
         isotopes of other elements and any other substances which may be
         designated by or pursuant to any law, act or statute, or law amendatory
         thereof as being prescribed substances capable of releasing atomic
         energy, or as being requisite for the production, use of application of
         atomic energy;

3.       The term "nuclear facility" means:

         (a)      any apparatus designed or used to sustain nuclear fission in
                  self-supporting chain reaction or to contain a critical mass
                  of plutonium, thorium or uranium or any one or more of them;

         (b)      any equipment or device designed or used for (i) separating
                  the isotopes of plutonium, thorium and uranium or any one or
                  more of them, (ii) processing or utilizing spent fuel, or
                  (iii) handling, processing or packaging waste;

         (c)      any equipment or device used for the processing, fabricating
                  or alloying of plutonium, thorium or uranium enriched in the
                  isotope uranium 233 or in the isotope uranium 235, or any one
                  or more of them if at any time the total amount of such
                  material in the custody of the Insured at the premises where
                  such equipment or device is located consists of or contains
                  more than 25 grams of plutonium or uranium 233 or any
                  combination thereof, or more than 250 grams of uranium 235;

         (d)      any structure, basin, excavation, premises or place prepared
                  or used for the storage or disposal of waste radioactive
                  material;

         and includes the site on which any of the foregoing is located,
         together with all operations conducted thereon and all premises used
         for such operations.

4.       The term "fissionable substance" means any prescribed substance that
         is, or from which can be obtained, a substance capable of releasing
         atomic energy by nuclear fission.

5.       With respect to property, loss of use of such property shall be deemed
         to be property damage.

NMA 1979a (01/04/96) Form approved by Lloyd's Underwriters' Non-Marine
Association Limited

                                       22
<PAGE>
           NUCLEAR ENERGY RISKS EXCLUSION CLAUSE (REINSURANCE) (1994)
                      (WORLDWIDE EXCLUDING U.S.A. & CANADA)

This agreement shall exclude Nuclear Energy Risks whether such risks are written
directly and/or by way of reinsurance and/or via Pools and/or Associations.

For all purposes of this agreement Nuclear Energy Risks shall mean all first
party and/or third party insurances or reinsurances (other than Workers'
Compensation and Employers' Liability) in respect of: -

(I)      All Property on the site of a nuclear power station. Nuclear Reactors,
         reactor buildings and plant and equipment therein on any site other
         than a nuclear power station.

(II) All Property, on any site (including but not limited to the sites referred
to in (I) above) used or having been used for: -

         a)       The generation of nuclear energy; or

         b)       The Production, Use or Storage of Nuclear Material.

(III)    Any other Property eligible for insurance by the relevant local Nuclear
         Insurance Pool and/or Association but only to the extent of the
         requirements of that local Pool and/or Association.

(IV)     The supply of goods and services to any of the sites, described in (I)
         to (III) above, unless such insurances or reinsurances shall exclude
         the perils of irradiation and contamination by Nuclear Material.

Except as undernoted, Nuclear Energy Risks shall not include: -

(i)      Any insurance or reinsurance in respect of the construction or erection
         or installation or replacement or repair or maintenance or
         decommissioning of Property as described in (I) to (III) above
         (including contractors' plant and equipment);

(ii)     Any Machinery Breakdown or other Engineering insurance or reinsurance
         not corning within the scope of (I) above;

Provided always that such insurance or reinsurance shall exclude the perils of
irradiation and contamination by Nuclear Material.

However, the above exemption shall not extend to: -

(1)      The provision of any insurance or reinsurance whatsoever in respect of:

         (a)      Nuclear Material;

         (b)      Any Property in the High Radioactivity Zone or Area of any
                  Nuclear Installation as from the introduction of Nuclear
                  Material or - for reactor installations - as from fuel loading
                  or first criticality where so agreed with the relevant local
                  Nuclear Insurance Pool and/or Association.

(2) The provision of any insurance or reinsurance for the undernoted perils: -

         - Fire, lightning, explosion;

         - Earthquake;

         - Aircraft and other aerial devices or articles dropped therefrom;

         - Irradiation and radioactive contamination;

         - Any other peril insured by the relevant local Nuclear Insurance Pool
           and/or Association;

                                       23
<PAGE>
         in respect of any other Property not specified in (1) above which
         directly involves the Production, Use or Storage of Nuclear Material as
         from the introduction of Nuclear Material into such Property.

Definitions

"Nuclear Material" means: -

(i)      Nuclear fuel, other than natural uranium and depleted uranium, capable
         of producing energy by a self-sustaining chain process of nuclear
         fission outside a Nuclear Reactor, either alone or in combination with
         some other material; and

(ii)     Radioactive Products or Waste.

"Radioactive Products or Waste" means any radioactive material produced in, or
any material made radioactive by exposure to the radiation incidental to the
production or utilization of nuclear fuel, but does not include radioisotopes
which have reached the final stage of fabrication so as to be usable for any
scientific, medical, agricultural, commercial or industrial purpose.

"Nuclear Installation" means: -

(i)      Any Nuclear Reactor;

(ii)     Any factory using nuclear fuel for the production of Nuclear Material,
         or any factory for the processing of Nuclear Material, including any
         factory for the reprocessing of irradiated nuclear fuel; and

(iii)    Any facility where Nuclear Material is stored, other than storage
         incidental to the carriage of such material.

"Nuclear Reactor" means any structure containing nuclear fuel in such an
arrangement that a self-sustaining chain process of nuclear fission can occur
therein without an additional source of neutrons.

"Production, Use or Storage of Nuclear Material" means the production,
manufacture, enrichment, conditioning, processing, reprocessing, use, storage,
handling and disposal of Nuclear Material.

"Property" shall mean all land, buildings, structures, plant, equipment,
vehicles, contents (including but not limited to liquids and gases) and all
materials of whatever description whether fixed or not.

"High Radioactivity Zone or Area" means: -

(i)      For nuclear power stations and Nuclear Reactors, the vessel or
         structure which immediately contains the core (including its supports
         and shrouding) and all the contents thereof, the fuel elements, the
         control rods and the irradiated fuel store; and

(ii)     For non-reactor Nuclear Installations, any area where the level of
         radioactivity requires the provision of a biological shield.

                                       24
<PAGE>
                                                       Contract No. PUSNA0500666

                                ENDORSEMENT NO. 1

                           EFFECTIVE NOVEMBER 1, 2005

                                       to

                      EXCESS OF LOSS REINSURANCE AGREEMENT

                           EFFECTIVE NOVEMBER 1, 2005

                                    issued to

                        DARWIN NATIONAL ASSURANCE COMPANY
                         DARWIN SELECT INSURANCE COMPANY
                         CAPITOL INDEMNITY CORPORATION,
                         PLATTE RIVER INSURANCE COMPANY
                   AND/OR ANY OTHER ASSOCIATED, AFFILIATED OR
            SUBSIDIARY COMPANIES OF ALLEGHANY INSURANCE HOLDING LLC,
             BUT ONLY IN RESPECT OF BUSINESS UNDERWRITTEN BY DARWIN
                         PROFESSIONAL UNDERWRITERS, INC.

                      (hereinafter called the "Reassured")

                                       by

                      THE UNDERWRITERS AT LLOYD'S, LONDON,
                    who are signatories hereto, each for the
                 proportion underwritten and not one for another

         (hereinafter called, with other participants, the "Reinsurers")

FOR VALUE RECEIVED, the receipt and sufficiency of which is hereby acknowledged,
and intending to be legally bound, effective November 1, 2005 12:01 a.m.,
Standard Time, (the "Effective Date"),

1. The Reassured and the Reinsurer hereby agree to amend this Contract as
follows:

                  a).      The Reassured's name is amended to read as follows:

                        DARWIN NATIONAL ASSURANCE COMPANY
                         DARWIN SELECT INSURANCE COMPANY
                         CAPITOL INDEMNITY CORPORATION,
                     CAPITOL SPECIALTY INSURANCE CORPORATION
                         PLATTE RIVER INSURANCE COMPANY
                   AND/OR ANY OTHER ASSOCIATED, AFFILIATED OR
            SUBSIDIARY COMPANIES OF ALLEGHANY INSURANCE HOLDING LLC,
            BUT ONLY IN RESPECT OF BUSINESS UNDERWRITTEN BY AMERICAN
              PROFESSIONAL AGENCY INCORPORATED FOR AND ON BEHALF OF
                        DARWIN PROFESSIONAL UNDERWRITERS

                                       25
<PAGE>
                  b). Paragraph A, of Article VI - Special Termination is
                  amended to read as follows:

                  "VI. A. Either party may terminate this Contract upon thirty
                  (30) days written notice in the event that the other party's
                  surplus has been reduced by 30% or more of the amount of
                  surplus at September 30, 2003."

                  c). The first paragraph of Article VII - Ultimate Net Loss is
                  amended to read as follows:

                  "The term "Ultimate Net Loss" as used in this Contract shall
         mean the sum actually paid by the Reassured in settlement of any losses
         under its original policies and/or 100% of any additional liability
         incurred by the Reassured as a result of an award in excess of policy
         limits, and/or 100% of any liability incurred by the Reassured from any
         extra-contractual obligation, both as more fully defined in EXCESS OF
         ORIGINAL POLICY LIMITS and EXTRA-CONTRACTUAL OBLIGATIONS. In the event
         that the Reassured's original policies and/or specific coverage parts
         of their original policies are issued on a cost inclusive basis, such
         loss adjustment expenses shall be included within the Reassured's
         Ultimate Net Loss for the purposes of recovery hereunder."

                  d). Paragraph B, Article XI - Premium is amended to read as
                  follows:

                  "XI. B. Within 60 days of expiry of this Contract, the
                  Reassured shall render a statement of its Subject Gross Net
                  Written Premium Income and the Reassured shall pay, or be paid
                  by the Reinsurers, the difference between the Deposit Premium
                  and a premium determined by applying a provisional rate of 14%
                  to the said Subject Gross Net Written Premium Income. "

                  e). The third paragraph of Article XII - Notice of Loss and
                  Loss Settlements is amended to read as follows:

                  "The bordereaux shall solely comprise numerical details of the
         paid and outstanding amounts of each loss together with other data to
         identify the claim. It is clearly understood and agreed that such
         bordereaux shall not provide any other details of the claim and that
         there shall be no requirement to provide assessment of potential
         liability or other evaluations of each claim. "

                  f). The first paragraph of Article XXV - Confidentiality is
                  amended to read as follows:

                  "The confidential nature of this Contract is acknowledged by
         all parties. Moreover, the Reinsurers will only disclose to third
         parties, such as regulators, legal counsel, auditors, rating agencies,
         shareholders, reinsurers and the like, such details of this Contract as
         are necessary to comply with their obligations to such third parties as
         part of their normal business practice. "

2. All other terms and conditions not inconsistent with the above remain
unchanged.

IN WITNESS WHEREOF, the parties intending to be legally bound hereto have
executed this Endorsement on the date indicated below by their duly authorized
representatives.

Signed in London, England, this            day of                     , 2006,

                                       26
<PAGE>
and signed in Farmington, Connecticut, this      day of              , 2006.

                                               DARWIN NATIONAL ASSURANCE COMPANY
                                                 DARWIN SELECT INSURANCE COMPANY
                                                  CAPITOL INDEMNITY CORPORATION,
                                         CAPITOL SPECIALTY INSURANCE CORPORATION
                                                  PLATTE RIVER INSURANCE COMPANY
                                      AND/OR ANY OTHER ASSOCIATED, AFFILIATED OR
                        SUBSIDIARY COMPANIES OF ALLEGHANY INSURANCE HOLDING LLC,
                        BUT ONLY IN RESPECT OF BUSINESS UNDERWRITTEN BY AMERICAN
                           PROFESSIONAL AGENCY INCORPORATED FOR AND ON BEHALF OF
                                                DARWIN PROFESSIONAL UNDERWRITERS

                                       BY     /s/ Stephen Sills
                                              ----------------------------------

                                      TITLE   President & CEO
                                              ----------------------------------
                                                         Doc#: 196635 04/18/2006

                                ENDORSEMENT NO. 1

                           EFFECTIVE NOVEMBER 1, 2005

                                       to

                      EXCESS OF LOSS REINSURANCE AGREEMENT

                           EFFECTIVE NOVEMBER 1, 2005

                                       27
<PAGE>
                                                       Contract No. PUSNA0500666

                                ENDORSEMENT NO. 1

                           EFFECTIVE NOVEMBER 1, 2005

                                       to

                      EXCESS OF LOSS REINSURANCE AGREEMENT

                           EFFECTIVE NOVEMBER 1, 2005

                                    issued to

                        DARWIN NATIONAL ASSURANCE COMPANY
                         DARWIN SELECT INSURANCE COMPANY
                         CAPITOL INDEMNITY CORPORATION,
                         PLATTE RIVER INSURANCE COMPANY
                   AND/OR ANY OTHER ASSOCIATED, AFFILIATED OR
            SUBSIDIARY COMPANIES OF ALLEGHANY INSURANCE HOLDING LLC,
             BUT ONLY IN RESPECT OF BUSINESS UNDERWRITTEN BY DARWIN
                         PROFESSIONAL UNDERWRITERS, INC.

                      (hereinafter called the "Reassured")

                                       by

                          ASPEN INSURANCE U.K. LIMITED

         (hereinafter called, with other participants, the "Reinsurers")

FOR VALUE RECEIVED, the receipt and sufficiency of which is hereby acknowledged,
and intending to be legally bound, effective November 1, 2005 12:01 a.m.,
Standard Time, (the "Effective Date"),

1. The Reassured and the Reinsurer hereby agree to amend this Contract as
follows:

                  a). The Reassured's name is amended to read as follows:

                        DARWIN NATIONAL ASSURANCE COMPANY
                         DARWIN SELECT INSURANCE COMPANY
                         CAPITOL INDEMNITY CORPORATION,
                     CAPITOL SPECIALTY INSURANCE CORPORATION
                         PLATTE RIVER INSURANCE COMPANY
                   AND/OR ANY OTHER ASSOCIATED, AFFILIATED OR
            SUBSIDIARY COMPANIES OF ALLEGHANY INSURANCE HOLDING LLC,
            BUT ONLY IN RESPECT OF BUSINESS UNDERWRITTEN BY AMERICAN
              PROFESSIONAL AGENCY INCORPORATED FOR AND ON BEHALF OF
                        DARWIN PROFESSIONAL UNDERWRITERS

                                       28
<PAGE>
                  b). Paragraph A, of Article VI - Special Termination is
                  amended to read as follows:

                  "VI. A. Either party may terminate this Contract upon thirty
                  (30) days written notice in the event that the other party's
                  surplus has been reduced by 30% or more of the amount of
                  surplus at September 30, 2003."

                  c). The first paragraph of Article VII - Ultimate Net Loss is
                  amended to read as follows:

                  "The term "Ultimate Net Loss" as used in this Contract shall
         mean the sum actually paid by the Reassured in settlement of any losses
         under its original policies and/or 100% of any additional liability
         incurred by the Reassured as a result of an award in excess of policy
         limits, and/or 100% of any liability incurred by the Reassured from any
         extra-contractual obligation, both as more fully defined in EXCESS OF
         ORIGINAL POLICY LIMITS and EXTRA-CONTRACTUAL OBLIGATIONS. In the event
         that the Reassured's original policies and/or specific coverage parts
         of their original policies are issued on a cost inclusive basis, such
         loss adjustment expenses shall be included within the Reassured's
         Ultimate Net Loss for the purposes of recovery hereunder."

                  d). Paragraph B, Article XI - Premium is amended to read as
                  follows:

                  "XI. B. Within 60 days of expiry of this Contract, the
                  Reassured shall render a statement of its Subject Gross Net
                  Written Premium Income and the Reassured shall pay, or be paid
                  by the Reinsurers, the difference between the Deposit Premium
                  and a premium determined by applying a provisional rate of 14%
                  to the said Subject Gross Net Written Premium Income. "

                  e). The third paragraph of Article XII - Notice of Loss and
                  Loss Settlements is amended to read as follows:

                  "The bordereaux shall solely comprise numerical details of the
         paid and outstanding amounts of each loss together with other data to
         identify the claim. It is clearly understood and agreed that such
         bordereaux shall not provide any other details of the claim and that
         there shall be no requirement to provide assessment of potential
         liability or other evaluations of each claim. "

                  f). The first paragraph of Article XXV - Confidentiality is
                  amended to read as follows:

                  "The confidential nature of this Contract is acknowledged by
         all parties. Moreover, the Reinsurers will only disclose to third
         parties, such as regulators, legal counsel, auditors, rating agencies,
         shareholders, reinsurers and the like, such details of this Contract as
         are necessary to comply with their obligations to such third parties as
         part of their normal business practice. "

2. All other terms and conditions not inconsistent with the above remain
unchanged.

IN WITNESS WHEREOF, the parties intending to be legally bound hereto have
executed this Endorsement on the date indicated below by their duly authorized
representatives.

Signed in London, England, this            day of                     , 2006,

                                       29
<PAGE>
and signed in Farmington, Connecticut, this      day of              , 2006.

                                               DARWIN NATIONAL ASSURANCE COMPANY
                                                 DARWIN SELECT INSURANCE COMPANY
                                                  CAPITOL INDEMNITY CORPORATION,
                                         CAPITOL SPECIALTY INSURANCE CORPORATION
                                                  PLATTE RIVER INSURANCE COMPANY
                                      AND/OR ANY OTHER ASSOCIATED, AFFILIATED OR
                        SUBSIDIARY COMPANIES OF ALLEGHANY INSURANCE HOLDING LLC,
                        BUT ONLY IN RESPECT OF BUSINESS UNDERWRITTEN BY AMERICAN
                           PROFESSIONAL AGENCY INCORPORATED FOR AND ON BEHALF OF
                                                DARWIN PROFESSIONAL UNDERWRITERS

                                       BY     /s/ Stephen Sills
                                              ----------------------------------

                                      TITLE   President & CEO
                                              ----------------------------------
                                                         Doc#: 196635 04/18/2006

                                ENDORSEMENT NO. 1

                           EFFECTIVE NOVEMBER 1, 2005

                                       to

                      EXCESS OF LOSS REINSURANCE AGREEMENT

                           EFFECTIVE NOVEMBER 1, 2005

                                       30
<PAGE>
                                                                    Contract No.

                                ENDORSEMENT NO. 1

                           EFFECTIVE NOVEMBER 1, 2005

                                       to

                      EXCESS OF LOSS REINSURANCE AGREEMENT

                           EFFECTIVE NOVEMBER 1, 2005

                                    issued to

                        DARWIN NATIONAL ASSURANCE COMPANY
                         DARWIN SELECT INSURANCE COMPANY
                         CAPITOL INDEMNITY CORPORATION,
                         PLATTE RIVER INSURANCE COMPANY
                   AND/OR ANY OTHER ASSOCIATED, AFFILIATED OR
            SUBSIDIARY COMPANIES OF ALLEGHANY INSURANCE HOLDING LLC,
             BUT ONLY IN RESPECT OF BUSINESS UNDERWRITTEN BY DARWIN
                         PROFESSIONAL UNDERWRITERS, INC.

                      (hereinafter called the "Reassured")

                                       by

                    ACE PROPERTY & CASUALTY INSURANCE COMPANY
                         Through ACE TEMPEST RE USA, LLC

         (hereinafter called, with other participants, the "Reinsurers")

FOR VALUE RECEIVED, the receipt and sufficiency of which is hereby acknowledged,
and intending to be legally bound, effective November 1, 2005 12:01 a.m.,
Standard Time, (the "Effective Date"),

1. The Reassured and the Reinsurer hereby agree to amend this Contract as
follows:

                  a). The Reassured's name is amended to read as follows:

                        DARWIN NATIONAL ASSURANCE COMPANY
                         DARWIN SELECT INSURANCE COMPANY
                         CAPITOL INDEMNITY CORPORATION,
                     CAPITOL SPECIALTY INSURANCE CORPORATION
                         PLATTE RIVER INSURANCE COMPANY
                   AND/OR ANY OTHER ASSOCIATED, AFFILIATED OR
            SUBSIDIARY COMPANIES OF ALLEGHANY INSURANCE HOLDING LLC,
            BUT ONLY IN RESPECT OF BUSINESS UNDERWRITTEN BY AMERICAN
              PROFESSIONAL AGENCY INCORPORATED FOR AND ON BEHALF OF
                        DARWIN PROFESSIONAL UNDERWRITERS

                                       31
<PAGE>
                  b). Paragraph A, of Article VI - Special Termination is
                  amended to read as follows:

                  "VI. A. Either party may terminate this Contract upon thirty
                  (30) days written notice in the event that the other party's
                  surplus has been reduced by 30% or more of the amount of
                  surplus at September 30, 2003."

                  c). The first paragraph of Article VII - Ultimate Net Loss is
                  amended to read as follows:

                  "The term "Ultimate Net Loss" as used in this Contract shall
         mean the sum actually paid by the Reassured in settlement of any losses
         under its original policies and/or 100% of any additional liability
         incurred by the Reassured as a result of an award in excess of policy
         limits, and/or 100% of any liability incurred by the Reassured from any
         extra-contractual obligation, both as more fully defined in EXCESS OF
         ORIGINAL POLICY LIMITS and EXTRA-CONTRACTUAL OBLIGATIONS. In the event
         that the Reassured's original policies and/or specific coverage parts
         of their original policies are issued on a cost inclusive basis, such
         loss adjustment expenses shall be included within the Reassured's
         Ultimate Net Loss for the purposes of recovery hereunder."

                  d). Paragraph B, Article XI - Premium is amended to read as
                  follows:

                  "XI. B. Within 60 days of expiry of this Contract, the
                  Reassured shall render a statement of its Subject Gross Net
                  Written Premium Income and the Reassured shall pay, or be paid
                  by the Reinsurers, the difference between the Deposit Premium
                  and a premium determined by applying a provisional rate of 14%
                  to the said Subject Gross Net Written Premium Income. "

                  e). The third paragraph of Article XII - Notice of Loss and
                  Loss Settlements is amended to read as follows:

                  "The bordereaux shall solely comprise numerical details of the
         paid and outstanding amounts of each loss together with other data to
         identify the claim. It is clearly understood and agreed that such
         bordereaux shall not provide any other details of the claim and that
         there shall be no requirement to provide assessment of potential
         liability or other evaluations of each claim. "

                  f). The first paragraph of Article XXV - Confidentiality is
                  amended to read as follows:

                  "The confidential nature of this Contract is acknowledged by
         all parties. Moreover, the Reinsurers will only disclose to third
         parties, such as regulators, legal counsel, auditors, rating agencies,
         shareholders, reinsurers and the like, such details of this Contract as
         are necessary to comply with their obligations to such third parties as
         part of their normal business practice. "

2. All other terms and conditions not inconsistent with the above remain
unchanged.

                                       32
<PAGE>
IN WITNESS WHEREOF, the parties intending to be legally bound hereto have
executed this Endorsement on the date indicated below by their duly authorized
representatives.

Signed in Stamford, Connecticut, this 21st day of April, 2006,

                                       ACE PROPERTY & CASUALTY INSURANCE COMPANY
                                       Through ACE TEMPEST RE USA, LLC

                                       BY
                                             -----------------------------------

                                       TITLE
                                             -----------------------------------
                                                         Doc#: 196635 04/18/2006

                                       33
<PAGE>
and signed in Farmington, Connecticut, this          day of              , 2006.

                                               DARWIN NATIONAL ASSURANCE COMPANY
                                                 DARWIN SELECT INSURANCE COMPANY
                                                  CAPITOL INDEMNITY CORPORATION,
                                         CAPITOL SPECIALTY INSURANCE CORPORATION
                                                  PLATTE RIVER INSURANCE COMPANY
                                      AND/OR ANY OTHER ASSOCIATED, AFFILIATED OR
                        SUBSIDIARY COMPANIES OF ALLEGHANY INSURANCE HOLDING LLC,
                        BUT ONLY IN RESPECT OF BUSINESS UNDERWRITTEN BY AMERICAN
                           PROFESSIONAL AGENCY INCORPORATED FOR AND ON BEHALF OF
                                                DARWIN PROFESSIONAL UNDERWRITERS

                                      BY     /s/ Stephen Sills
                                             -----------------------------------

                                      TITLE  President & CEO
                                             -----------------------------------
                                                         Doc#: 196635 04/18/2006

                                ENDORSEMENT NO. 1

                           EFFECTIVE NOVEMBER 1, 2005

                                       to

                      EXCESS OF LOSS REINSURANCE AGREEMENT

                           EFFECTIVE NOVEMBER 1, 2005

                                       34
<PAGE>
                                                       Contract No. 611365 / 206

                                ENDORSEMENT NO. 1

                           EFFECTIVE NOVEMBER 1, 2005

                                       to

                      EXCESS OF LOSS REINSURANCE AGREEMENT

                           EFFECTIVE NOVEMBER 1, 2005

                                    issued to

                        DARWIN NATIONAL ASSURANCE COMPANY
                         DARWIN SELECT INSURANCE COMPANY
                         CAPITOL INDEMNITY CORPORATION,
                         PLATTE RIVER INSURANCE COMPANY
                   AND/OR ANY OTHER ASSOCIATED, AFFILIATED OR
            SUBSIDIARY COMPANIES OF ALLEGHANY INSURANCE HOLDING LLC,
             BUT ONLY IN RESPECT OF BUSINESS UNDERWRITTEN BY DARWIN
                         PROFESSIONAL UNDERWRITERS, INC.

                      (hereinafter called the "Reassured")

                                       by

                            AXIS REINSURANCE COMPANY

                                    NEW YORK

         (hereinafter called, with other participants, the "Reinsurers")

FOR VALUE RECEIVED, the receipt and sufficiency of which is hereby acknowledged,
and intending to be legally bound, effective November 1, 2005 12:01 a.m.,
Standard Time, (the "Effective Date"),

1. The Reassured and the Reinsurer hereby agree to amend this Contract as
follows:

                  a). The Reassured's name is amended to read as follows:

                        DARWIN NATIONAL ASSURANCE COMPANY
                         DARWIN SELECT INSURANCE COMPANY
                         CAPITOL INDEMNITY CORPORATION,
                     CAPITOL SPECIALTY INSURANCE CORPORATION
                         PLATTE RIVER INSURANCE COMPANY
                   AND/OR ANY OTHER ASSOCIATED, AFFILIATED OR
            SUBSIDIARY COMPANIES OF ALLEGHANY INSURANCE HOLDING LLC,
            BUT ONLY IN RESPECT OF BUSINESS UNDERWRITTEN BY AMERICAN
              PROFESSIONAL AGENCY INCORPORATED FOR AND ON BEHALF OF
                        DARWIN PROFESSIONAL UNDERWRITERS

                                       35
<PAGE>
                  b). Paragraph A, of Article VI - Special Termination is
                  amended to read as follows:

                  "VI. A. Either party may terminate this Contract upon thirty
                  (30) days written notice in the event that the other party's
                  surplus has been reduced by 30% or more of the amount of
                  surplus at September 30, 2003."

                  c). The first paragraph of Article VII - Ultimate Net Loss is
                  amended to read as follows:

                  "The term "Ultimate Net Loss" as used in this Contract shall
         mean the sum actually paid by the Reassured in settlement of any losses
         under its original policies and/or 100% of any additional liability
         incurred by the Reassured as a result of an award in excess of policy
         limits, and/or 100% of any liability incurred by the Reassured from any
         extra-contractual obligation, both as more fully defined in EXCESS OF
         ORIGINAL POLICY LIMITS and EXTRACONTRACTUAL OBLIGATIONS. In the event
         that the Reassured's original policies and/or specific coverage parts
         of their original policies are issued on a cost inclusive basis, such
         loss adjustment expenses shall be included within the Reassured's
         Ultimate Net Loss for the purposes of recovery hereunder."

                  d). Paragraph B, Article XI - Premium is amended to read as
                  follows:

                  "XI. B. Within 60 days of expiry of this Contract, the
                  Reassured shall render a statement of its Subject Gross Net
                  Written Premium Income and the Reassured shall pay, or be paid
                  by the Reinsurers, the difference between the Deposit Premium
                  and a premium determined by applying a provisional rate of 14%
                  to the said Subject Gross Net Written Premium Income. "

                  e). The third paragraph of Article XII - Notice of Loss and
                  Loss Settlements is amended to read as follows:

                  "The bordereaux shall solely comprise numerical details of the
         paid and outstanding amounts of each loss together with other data to
         identify the claim. It is clearly understood and agreed that such
         bordereaux shall not provide any other details of the claim and that
         there shall be no requirement to provide assessment of potential
         liability or other evaluations of each claim. "

                  f). The first paragraph of Article XXV - Confidentiality is
                  amended to read as follows:

                  "The confidential nature of this Contract is acknowledged by
         all parties. Moreover, the Reinsurers will only disclose to third
         parties, such as regulators, legal counsel, auditors, rating agencies,
         shareholders, reinsurers and the like, such details of this Contract as
         are necessary to comply with their obligations to such third parties as
         part of their normal business practice. "

2. All other terms and conditions not inconsistent with the above remain
unchanged.

                                       36
<PAGE>
IN WITNESS WHEREOF, the parties intending to be legally bound hereto have
executed this Endorsement on the date indicated below by their duly authorized
representatives.

Signed in New York, New York, this 21st day of April, 2006,

                                       AXIS REINSURANCE COMPANY

                                       BY
                                              ----------------------------------

                                       TITLE
                                              ----------------------------------
                                                         Doc#: 196635 04/18/2006

                                       37
<PAGE>
and signed in Farmington, Connecticut, this      day of              , 2006.

                                               DARWIN NATIONAL ASSURANCE COMPANY
                                                 DARWIN SELECT INSURANCE COMPANY
                                                  CAPITOL INDEMNITY CORPORATION,
                                         CAPITOL SPECIALTY INSURANCE CORPORATION
                                                  PLATTE RIVER INSURANCE COMPANY
                                      AND/OR ANY OTHER ASSOCIATED, AFFILIATED OR
                        SUBSIDIARY COMPANIES OF ALLEGHANY INSURANCE HOLDING LLC,
                        BUT ONLY IN RESPECT OF BUSINESS UNDERWRITTEN BY AMERICAN
                           PROFESSIONAL AGENCY INCORPORATED FOR AND ON BEHALF OF
                                                DARWIN PROFESSIONAL UNDERWRITERS

                                       BY     /s/ Stephen Sills
                                              ----------------------------------

                                      TITLE   President & CEO
                                              ----------------------------------
                                                         Doc#: 196635 04/18/2006

                                ENDORSEMENT NO. 1

                           EFFECTIVE NOVEMBER 1, 2005

                                       to

                      EXCESS OF LOSS REINSURANCE AGREEMENT

                           EFFECTIVE NOVEMBER 1, 2005

                                       38

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