Document:

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                                                                   Exhibit 10.29

                        CATASTROPHE REINSURANCE AGREEMENT

                             EFFECTIVE: JULY 1, 2003

                  (HEREINAFTER REFERRED TO AS THE "AGREEMENT")

                            MADE AND ENTERED INTO BY

                    AMERICAN HERITAGE LIFE INSURANCE COMPANY

                   (HEREINAFTER REFERRED TO AS THE "COMPANY")

                                       AND

                         ALLSTATE LIFE INSURANCE COMPANY

                  (HEREINAFTER REFERRED TO AS THE "REINSURER")

                                        1
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                                Table of Contents

<Table>
<S>                                                                        <C>
ARTICLE II - PARTIES TO THE AGREEMENT......................................3

ARTICLE III - REINSURANCE..................................................3

ARTICLE IV - REINSTATEMENT OF LIABILITY....................................3

ARTICLE V - DEFINITIONS....................................................3

ARTICLE VI - EXLCUSIONS....................................................4

ARTICLE VII - NET RETAINED LINES...........................................4

ARTICLE VIII - ULTIMATE NET LOSS...........................................5

ARTICLE IX - NOTICE OF LOSS................................................5

ARTICLE X - LOSS SETTLEMENTS...............................................5

ARTICLE XI - EFFECTIVE DATE AND DURATION OF AGREEMENT......................6

ARTICLE XII - EXTENDED EXPIRATION..........................................6

ARTICLE XIII - PREMIUM.....................................................6

ARTICLE XIV - CURRENCY.....................................................6

ARTICLE XV - TERRITORY.....................................................6

ARTICLE XVI - OFFSET.......................................................6

ARTICLE XVII - ERRORS AND OMISSIONS........................................7

ARTICLE XVIII - ACCESS TO RECORDS..........................................7

ARTICLE XIX - COMMUTATION..................................................7

ARTICLE XX - INSOLVENCY....................................................7

ARTICLE XXI - DISPUTE RESOLUTION...........................................8

ARTICLE XXII - SEVERABILITY................................................9

ARTICLE XXIII - CONTROLLING LAW............................................9

ARTICLE XXIV - ENTIRE AGREEMENT............................................9
</Table>

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This Agreement is to indemnify the Company for Catastrophic loss in respect to
the excess liability which may accrue to the Company as a result of any loss or
losses which may occur during the term of this Agreement under all policies,
riders, binders, contracts or certificates of insurance, or other evidences of
liability (hereinafter called "policies") now inforce or which may hereafter
come into force and embraces the Company's entire net retained portfolio of
Individual Ordinary and Group Life and Individual and Group Accidental Death
Benefits.

                      ARTICLE II - PARTIES TO THE AGREEMENT

This Agreement is solely between the Company and the Reinsurer. When more than
one Company is named as a party to this Agreement, the first Company named shall
be the agent of the other companies as to all matters pertaining to this
Agreement. Performance of the obligations of each party under this Agreement
shall be rendered solely to the other party.

                            ARTICLE III - REINSURANCE

As respects the subject matter of this Agreement, the Company will retain the
first $500,000 ultimate net loss from each and every catastrophic accident
occurring during the term of this Agreement and the Reinsurer agrees to
indemnify the Company for the amount of ultimate net loss in excess of $500,000
for each and every catastrophic accident up to a maximum reimbursement of
$5,000,000 for each and every catastrophic accident.

There will be no reinsurance coverage under this Agreement for any accident if
the Company's ultimate net loss, net of all other reinsurance is less than
$500,000 or if less than five lives are involved in the accident.

                     ARTICLE IV - REINSTATEMENT OF LIABILITY

In the event of any portion of the liability hereunder being exhausted by loss,
the amount so exhausted shall be reinstated from the time of the occurrence of
the loss after a payment of the remaining pro-rata share of the reinsurance
premium for the coverage period. This payment is due within sixty (60) days of a
catastrophe claim submission.

                             ARTICLE V - DEFINITIONS

The term "catastrophic accident" as used herein shall be understood to mean each
and every accident or series of accidents arising out of one event or occurrence
resulting in the death and/or dismemberment of five or more persons insured by
the Company.

The term "death" as used herein shall be understood to mean:

     a)   In the case of accidental death benefits, any death which qualified
          for benefits under the original insuring clause issued to the insured
          by the Company.

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     b)   In the case of life insurance, any death as a result of accidental
          drowning, asphyxiation or poisoning or bodily injuries, sustained
          solely through external accidental means directly and independently of
          all other causes within twelve (12) calendar months from the date of
          the accident causing such injury.

The term "dismemberment" as used herein shall be understood to mean any
dismemberment which qualifies for benefits under the original policy issued by
the Company.

The term "Loss Adjustment Expense," as used herein, shall mean expenditures by
the Company, other than for office expenses and for the salaries and expenses of
its employees, made in connection with the disposition of a claim, loss, or
legal proceeding including investigation, negotiation, and legal expenses, court
costs, statutory penalties and accrued interest, other than accrued interest
which is part of a judgment. This term shall not include any amount paid or
liability incurred by the Company as a result of its acts or omissions in the
negotiation, settlement, defense of claims, including any extra-contractual
damages, or as result of any acts or omissions in dealing with its
policyholders.

                             ARTICLE VI - EXCLUSIONS

This Agreement shall not apply to:

     1)   Loss directly or indirectly occasioned by, happening through or in
          consequence of war, invasion (whether war be declared or undeclared),
          hostile action of any country (whether war declared or not), civil
          war, rebellion, usurped power, insurrection, explosions of weapons of
          war, terrorism, or acts of foreign enemies.
     2)   Nuclear attack, nuclear accident, radioactive contamination and/or
          release of nuclear or atomic energy.
     3)   All classes of business other than the Company's Individual Ordinary
          and Group Life and Individual and Group Accidental Death Benefits
     4)   Federal Employees Group Life Insurance.
     5)   Serviceman's Group Life Insurance.
     6)   Members of Armed Forces on active duty.
     7)   Group coverage on professional sports teams, except non-playing
          personnel not traveling on a regular basis with the team
     8)   Group coverage on airline personnel or their crews
     9)   Credit Card, airport ticket or booth accident business.
     10)  Assumed catastrophe reinsurance or the Company's participation in
          reinsurance pools, reinsurance facilities and underwriting syndicates,
          regardless of how such arrangements may be named.

                        ARTICLE VII - NET RETAINED LINES

This Agreement applies only to that portion of any insurance or reinsurance
which the Company retains net for its own account, and in calculating the amount
of any "Ultimate Net Loss" hereunder and also in computing the amount or amounts
in excess of which this Agreement

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attaches only loss or losses in respect of that portion of any insurance or
reinsurance which the Company retains for its own account shall be included. The
amount of the Reinsurer's liability hereunder in respect of any loss or losses
shall not be increased by reason of the inability of the Company to collect from
any other reinsurer, whether specific or general, any amounts which may have
become due from them, whether such inability arises from the insolvency of such
reinsurer or otherwise.

                        ARTICLE VIII - ULTIMATE NET LOSS

The term, "Ultimate Net Loss", as used herein, shall mean the actual loss
sustained by the Company in the settlement of claims, payment of benefits, or
satisfaction of judgments or awards, in accordance with the underlying contract,
excluding loss adjustment expenses which shall be pro-rated and excluding
extra-contractual damages which are not reinsured under this Agreement. However,
reserves released by death and any recoveries, including recoveries under all
reinsurances, are to be first deducted from such loss to arrive at the amount of
liability, if any, attaching hereunder. Nothing, however, in this clause shall
be construed as meaning that losses are not recoverable hereunder until the Net
Loss of the Company has been ascertained.

All reserves released by death, recoveries, and payments recovered or expected
to be received subsequent to a loss settlement under this Agreement, shall be
applied as if recovered prior to the said settlement, and all necessary
adjustments shall be made by the parties hereto.

For the purposes of computing Ultimate Net Loss hereunder, the Company's maximum
retention on any one life shall be deemed not to exceed the following:

<Table>

          <S>                              <C>
          Individual Life:                 $  250,000
          Accidental Death Benefits:       $   50,000
</Table>

                           ARTICLE IX - NOTICE OF LOSS

In the event of loss which may cause a claim under this Agreement, notice is to
be given to the Reinsurer as soon as practicable.

                          ARTICLE X - LOSS SETTLEMENTS

The Reinsurer agrees to abide by the loss settlements of the Company, such
settlements to be considered as satisfactory proof of loss. All papers in the
possession of the Company connected with the adjustment of said losses shall at
all times, within a period of two years after the adjustment has been effected,
be open to the inspection of a properly authorized representative of the
Reinsurer. In no event shall the Reinsurer be liable for any payment of punitive
or compensatory damages, or any fines or penalties imposed upon the Company by
any state or federal regulatory body or court of law.

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              ARTICLE XI - EFFECTIVE DATE AND DURATION OF AGREEMENT

The Effective Date of this Agreement shall be 12:01 A.M. on July 1, 2003, and
this Agreement shall be unlimited as to duration. This Agreement may be
unilaterally terminated midnight, December 31, 2003 or any December 31
thereafter by either party giving the other 90 days prior written notice.
Termination of this Agreement by the Company or Reinsurer unilaterally
terminates the entire Agreement.

                        ARTICLE XII - EXTENDED EXPIRATION

If this Agreement should terminate while a catastrophic accident is in progress,
it is agreed that this Agreement shall apply as if such catastrophic accident
had occurred entirely within the term hereof.

                             ARTICLE XIII - PREMIUM

The premium to be paid to the Reinsurer, shall be based on an annual rate of
$4.00 per $1,000,000 of average net amount at risk on the business covered
hereunder for each calendar year. A prorated premium will be paid for calendar
year 2003.

A minimum premium of $55,000, shall be paid to the Reinsurer at the beginning of
each agreement year. Within sixty (60) days after the end of each Agreement
Year, the Company shall furnish a statement of the mean net retained insurance
inforce during each Agreement Year and appropriate adjustment, if any, shall be
made in accordance with the foregoing paragraph subject to the minimum
reinsurance premium of $55,000. A prorated minimum premium will apply to
calendar year 2003.

For the purposes of this Agreement, the term "average net amount at risk" shall
mean the average of the net retained insurance the subject matter hereof inforce
at the beginning and end of each Agreement Year.

                             ARTICLE XIV - CURRENCY

All retentions and limits hereunder are expressed in United States dollars and
all premium and loss payments shall be made in United States currency.

                             ARTICLE XV - TERRITORY

This Agreement shall only apply to policies issued to insureds domiciled in the
United States of America, its territories and possessions, Puerto Rico, and the
District of Columbia.

                              ARTICLE XVI - OFFSET

The Company or the Reinsurer shall have, and may exercise at any time and from
time to time, the right to offset any balance or balances, whether on account of
premiums or on account of losses or otherwise, due from one party to the other
under the terms of this Agreement.

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                       ARTICLE XVII - ERRORS AND OMISSIONS

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

                        ARTICLE XVIII - ACCESS TO RECORDS

The Reinsurer, or its duly appointed representatives, shall have the right at
any reasonable time to examine all records in the possession of the Company
referring to business effected hereunder.

                            ARTICLE XIX - COMMUTATION

The Company shall notify the Reinsurer of all claims hereunder which have not
been finally settled at the end of two (2) years following the end of the
Agreement Year in which they occurred. The Reinsurer may then, or at any time
thereafter, request that its liability with respect to one or more of such
claims be commuted. In such event the Company and the Reinsurer shall appoint a
mutually acceptable Actuary or Appraiser to investigate, determine and
capitalize such claim or claims. Payment by the Reinsurer of its share of the
amount ascertained to be the capitalized value of such claim or claims shall
constitute a complete and final release of the Reinsurer with respect to the
claim or claims so capitalized. Any expenses incurred in connection with the
commutation of claims, as provided herein, shall be paid by the Reinsurer.

                             ARTICLE XX - INSOLVENCY

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

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the benefit which may accrue to the company solely as a result of the defense
undertaken by the Reinsurer.

It is further understood and agreed that, in the event of the insolvency of the
Company, the reinsurance under this Agreement shall be payable directly by the
Reinsurer to the Company or to its liquidator, receiver or statutory successor,
except (a) where this Agreement specifically provides another payee of such
reinsurance in the event of the insolvency of the Company or (b) where the
Reinsurer with the consent of and in accordance with all of the requirements of
the Insurance Department of the Company's state of domicile and the direct
insured or insured has assumed such policy obligations of the Company as direct
obligations of the Reinsurer to the payees under such policies and in
substitution for the obligations of the Company to such payees.

The Reinsurer shall be liable only for the amounts reinsured and shall not be or
become liable for any amounts or reserves to be held by the Company on policies
reinsured under this Agreement.

                        ARTICLE XXI - DISPUTE RESOLUTION

The Reinsurer and the Company intend that any dispute between them under or with
respect to this Agreement be resolved without resort to any litigation.
Accordingly, the Reinsurer and the Company agree that they will negotiate
diligently and in good faith to agree on a mutually satisfactory resolution of
any such dispute; PROVIDED, HOWEVER, that if any such dispute cannot be so
resolved by them within sixty calendar days (or such longer period as the
parties may agree) after commencing such negotiations, the Reinsurer and the
Company agree that they will submit such dispute to arbitration in the manner
specified herein, and such arbitration proceeding will be conducted in
accordance with, the rules of the American Arbitration Association.

The arbitration hearing will be before a panel of three arbitrators, each of
whom must be a present or former officer of a life insurance or life reinsurance
company. The Reinsurer and the Company will each appoint one arbitrator by
written notification to the other party within thirty calendar days after the
date of the mailing of the notification initiating the arbitration. These two
arbitrators will then select the third arbitrator within sixty calendar days
after the date of the mailing of the notification initiating arbitration.

If either the Reinsurer or the Company fail to appoint an arbitrator, or should
the two arbitrators be unable to agree upon the choice of a third arbitrator,
the president of the American Arbitration Association or of its successor
organizations or (if necessary) the president of any similar organization
designated by lot of the Reinsurer and the Company within thirty calendar days
after the request will appoint the necessary arbitrators.

The vote or approval of a majority of the arbitrators will decide any question
considered by the arbitrators; PROVIDED, HOWEVEr, that if no two arbitrators
reach the same decision, then the average of the two closest mathematical
determinations will constitute the decision of all three arbitrators. The place
of arbitration will be in the state of domicile of the Reinsurer. Each decision
(including without limitation each award) of the arbitrators will be final and
binding on all parties and will be nonappealable and (at the request of either
of the Reinsurers or the

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Company) any award of the arbitrators may be confirmed by a judgment entered by
any court of competent jurisdiction. No such award or judgment will bear
interest. Each party will be responsible for paying (a) all fees and expenses
charged by its respective counsel, accountants, actuaries, and other
representatives in conjunction with such arbitration and (b) one-half of the
fees and expenses charged by each arbitrator.

This Article shall survive the cancellation of this Agreement.

                           ARTICLE XXII - SEVERABILITY

If any part, term, or provision of this treaty shall be held void, illegal, or
unenforceable, the validity of the remaining portion or portions shall not be
affected thereby.

                         ARTICLE XXIII - CONTROLLING LAW

This Agreement shall be governed by and construed in accordance with the laws of
the state of domicile of the Company.

                         ARTICLE XXIV - ENTIRE AGREEMENT

This Agreement constitutes the entire agreement of the parties with respect to
the matters set forth herein and no amendment, alteration or modification of
this Agreement shall be valid unless expressed in a written instrument duly
executed by each of the parties hereto.

<Table>
<S>                                        <C>
ALLSTATE LIFE INSURANCE COMPANY            AMERICAN HERITAGE LIFE INSURANCE COMPANY

       /s/ Steven E. Shebik                       /s/ Casey J. Sylla
--------------------------------------     -------------------------------------
Name:  Steven E. Shebik                    Name:  Casey J. Sylla
       -------------------------------            --------------
Title: Senior Vice President and Chief     Title: Chairman of the Board
       -------------------------------            ---------------------
       Financial Officer
       -----------------

Date:          7/28/03                     Date:         7/29/03
     ----------------------------------         --------------------------------
</Table>

                                        9<Page>
                                                                  Exhibit 10.16

                       STOP LOSS REINSURANCE AGREEMENT

                                   between

                 ALLSTATE LIFE INSURANCE COMPANY OF NEW YORK
                           Farmingville, New York

                                     and

                       ALLSTATE LIFE INSURANCE COMPANY
                             Northbrook, Illinois

                                   RECITALS

This Insurance Agreement (hereinafter "Agreement") is made and entered into
by and between ALLSTATE LIFE INSURANCE COMPANY OF NEW YORK, a life insurance
company domiciled in the State of New York (hereinafter "ALLSTATE LIFE OF NEW
YORK") and ALLSTATE LIFE INSURANCE COMPANY, a life insurance company
domiciled in the State of Illinois (hereinafter the "ALLSTATE").

WHEREAS, the ALLSTATE LIFE OF NEW YORK desires to cede to the ALLSTATE, and
the ALLSTATE desires to accept on a stop loss basis, 100% of the ALLSTATE
LIFE OF NEW YORK's liabilities as set forth in Article III of this Agreement;

NOW THEREFORE, the ALLSTATE LIFE OF NEW YORK and the ALLSTATE mutually agree
to reinsure on the terms and conditions stated in this Agreement.

                                  ARTICLE I
                                 DEFINITIONS

1.  "Effective Date" shall mean the date and time on which this Agreement
    takes effect, which shall be December 31, 2001 at 11:59 p.m.

2.  "Policy" or Policies" shall mean the policies and contracts described in
    Exhibit A as being eligible for reinsurance under this Agreement.

3.  "Settlement Period" shall mean the period upon which each reinsurance
    settlement is based.

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                                  ARTICLE II
                      PERIOD OF COVERAGE AND TERMINATION

This agreement shall remain in effect and in force for an indefinite period
of time unless and until it is terminated. This agreement may be terminated
with respect to the reinsurance of new business by either party giving the
other party ninety (90) days prior written notification. Non-payment of
premium, as defined in Article IV of this agreement, within ninety (90) days
of its due date constitutes a breach of this agreement and will result in
termination of the agreement.

                                  ARTICLE III
                              REINSURANCE BENEFIT

The ALLSTATE will pay the ALLSTATE LIFE OF NEW YORK an amount equal to the
annually prorated difference between the Actual Investment Yield and the Stop
Loss Investment Yield multiplied by the reserve balance, with respect to the
ceded Policies in each Settlement Period. This is calculated as the greater
of [(b)-(a)]x(c)x(d) and zero (0).

     (a) Actual Investment Yield during the Settlement Period is calculated
         with respect to the Policies reinsured as the weighted average
         statutory yield of all assets backing the ceded liabilities plus
         an IMR adjustment. The weighted average will be determined based on
         end of Settlement Period statutory book value of assets.  The IMR
         adjustment will equal the calculation year's IMR amortization divided
         by the end of Settlement Period statutory book value of assets
         backing the ceded liabilities. The IMR amortization to be used in this
         adjustment is solely associated with post-effective date additions to
         IMR from assets backing the ceded liabilities. Assets backing the
         ceded liabilities are deemed to be those segmented into the ALNYSSB
         portfolio segment of the ALLSTATE LIFE OF NEW YORK or any renamed
         successor portfolio covering the ceded liabilities.
     (b) Stop Loss Investment Yield equals the weighted average statutory
         valuation rate for ceded liabilities. The weighted average will be
         determined based on end of Settlement Period aggregate reserve
         balances as shown in Annual Statement Exhibit 8, section B and
         Exhibit 10.
     (c) End of Settlement Period reserve balance as shown in Annual Statement
         Exhibit 8, section B and Exhibit 10.
     (d) Number of days in settlement period / 365

<Page>

                                  ARTICLE IV
                                   PREMIUMS

The ALLSTATE LIFE OF NEW YORK shall pay the ALLSTATE a premium at the
beginning of each Settlement Period for the stop loss coverage provided in
this treaty. This premium will be equal to the product of (a) and (b) and (c)

     (a) Aggregate Reserves with respect to the policies ceded as shown in
         Annual Statement Exhibit 8, section B and Exhibit 10, as of the end of
         the previous Settlement Period
     (b) 0.15%
     (c) Number of days in Settlement Period / 365

                                  ARTICLE V
                           SETTLEMENT AND REPORTING

1.  While this agreement is in effect, the ALLSTATE LIFE OF NEW YORK shall
    pay to the ALLSTATE, no less frequently than quarterly, with respect to the
    eligible Policies, a reinsurance premium as calculated in ARTICLE IV of
    this Agreement.

2.  While this agreement is in effect, the ALLSTATE shall pay to the ALLSTATE
    LIFE OF NEW YORK, no less frequently than quarterly, with respect to the
    eligible Policies, a reinsurance benefit as calculated in ARTICLE III of
    this Agreement.

3.  THE ALLSTATE LIFE OF NEW YORK will provide the ALLSTATE with accounting
    reports within forty-five (45) days following the end of each settlement
    period. These reports will contain sufficient information about the
    Policies to enable the ALLSTATE to prepare its quarterly and annual
    financial reports.

4.  Settlements as set out in Article V, Paragraphs 1 and 2 will occur within
    ninety (90) days following the end of each settlement period.

                                  ARTICLE VI
                              NET RETAINED LINES

This Agreement applies only to that portion of ceded Policies which the
ALLSTATE LIFE OF NEW YORK retains net for its own account. In calculating the
stop loss benefits and premiums, only amounts retained by the ALLSTATE LIFE
OF NEW YORK, excluding this Agreement, shall be included.

<Page>

                                  ARTICLE VII
                             STATEMENT REFERENCES

All references in this Agreement are to the 2000 NAIC Statutory General and
Separate Account Statements of ALLSTATE LIFE OF NEW YORK, as filed with the
New York Insurance Department. Appropriate adjustments will be made for
changes, if any, in the NAIC Statutory General and Separate Account
Statements on or after the Effective Date.

                                  ARTICLE VIII
                                   OVERSIGHTS

ALLSTATE shall be bound as ALLSTATE LIFE OF NEW YORK is bound, and it is
expressly understood and agreed that if failure to reinsure or failure to
comply with any terms of this Agreement is shown to be unintentional and the
result of misunderstanding or oversight on the part of either ALLSTATE LIFE
OF NEW YORK or ALLSTATE, both ALLSTATE LIFE OF NEW YORK and ALLSTATE shall be
restored to the positions they would have occupied had no such error or
oversight occurred.

                                  ARTICLE IX
                            INSPECTION OF RECORDS

ALLSTATE LIFE OF NEW YORK and ALLSTATE shall have the right, at any
reasonable time, to examine at the office of the other, any books, documents,
reports or records which pertain in any way to the Policies.

                                  ARTICLE X
                                  INSOLVENCY

1.  In the event of insolvency of and the appointment of a conservator,
    liquidator or statutory successor of ALLSTATE LIFE OF NEW YORK, all
    reinsurance ceded, renewed or otherwise becoming effective under this
    Agreement shall be payable by ALLSTATE directly to ALLSTATE LIFE OF NEW
    YORK or to its liquidator, receiver, or statutory successor on the basis
    of the liability of the ALLSTATE LIFE OF NEW YORK under the contract or
    contracts reinsured without diminution because of the insolvency of
    ALLSTATE LIFE OF NEW YORK.

2.  Further, in the event of the insolvency of ALLSTATE LIFE OF NEW YORK, the
    liquidator, receiver or statutory successor of the insolvent ALLSTATE LIFE
    OF NEW YORK shall give written notice to ALLSTATE of the pendency of an
    obligation of the insolvent ALLSTATE LIFE OF NEW YORK on any Policy,
    whereupon ALLSTATE may investigate such claim and interpose at its own
    expense, in the proceeding where

<Page>

    such claim is to be adjudicated, any defense or defenses which it may deem
    available to ALLSTATE LIFE OF NEW YORK or its liquidator or statutory
    successor. The expense thus incurred by ALLSTATE shall be chargeable,
    subject to court approval, against the insolvent ALLSTATE LIFE OF NEW YORK
    as part of the expenses of liquidation to the extent of a proportionate
    share of the benefit that may accrue to ALLSTATE LIFE OF NEW YORK solely as
    a result of the defense undertaken by ALLSTATE.

                                  ARTICLE XI
                                  ARBITRATION

Any dispute arising with respect to this Agreement that is not settled by
mutual agreement of the parties shall be referred to arbitration. Within
twenty (20) days from receipt of written notice from one party that an
arbitrator has been appointed, the other party shall also name an arbitrator.
The two arbitrators shall choose a third arbitrator and shall forthwith
notify the contracting parties of such choice. Each arbitrator shall be a
present or former officer of a life insurance company and should have no
present or past affiliation with this Agreement or with either party. The
arbitrators shall consider this Agreement as a honorable engagement rather
than merely as a legal obligation, and shall be relieved of all judicial
formalities. The decision of the arbitrators shall be final and binding upon
the parties hereto. Each party shall bear the expenses of its own arbitrator
and shall jointly and equally bear the expenses of the third arbitrator and
of the arbitration. Any such arbitration shall take place at the Home Office
of ALLSTATE, unless some other location is mutually agreed upon. The decision
of the Arbitrators shall be handed down within 45 days of the date on which
the arbitration is concluded.

                                  ARTICLE XII
                              PARTIES TO AGREEMENT

This Agreement is solely between ALLSTATE LIFE OF NEW YORK and ALLSTATE. The
acceptance of reinsurance hereunder shall not create any right or legal
relation whatever between ALLSTATE and any party in interest under any
contract of ALLSTATE LIFE OF NEW YORK reinsured hereunder. ALLSTATE LIFE OF
NEW YORK shall be and remain solely liable to any insured, contract owner, or
beneficiary under any contract reinsured hereunder.

                                  ARTICLE XIII
                                     OFFSET

All monies due ALLSTATE LIFE OF NEW YORK or ALLSTATE under this Agreement
shall be offset against each other dollar for dollar.

<Page>

                                  ARTICLE XIV
                                ENTIRE AGREEMENT

This Reinsurance Agreement, together with all amendments thereto, constitutes
the entire agreement between ALLSTATE and ALLSTATE LIFE OF NEW YORK with
respect to the subject mater hereof, and there are no written or oral
understandings, agreements, conditions, or qualifications to the terms and
conditions of this Reinsurance Agreement which are not fully expressed herein.

IN WITNESS HEREOF, the parties to this Agreement have caused it to be duly
executed in duplicate by their respective officers on the dates shown below.

ALLSTATE LIFE INSURANCE COMPANY OF NEW YORK

By /s/ STEVEN E. SHEBIK
  ----------------------------
       Steven E. Shebik

Title  Vice President
     -------------------------

Date   8-5-02
     -------------------------

ALLSTATE LIFE INSURANCE COMPANY

By /s/ SAMUEL H. PILCH
  ----------------------------
       Samuel H. Pilch

Title  Group V.P. & Controller
     -------------------------
       Group V.P. & Controller

Date   8/13/02
     -------------------------

<Page>

                                  EXHIBIT A
                               COVERED POLICIES

This Agreement covers all Structured Settlement Annuity contracts in force in
ALLSTATE LIFE OF NEW YORK on the Effective Date of this Agreement, all
Structured Settlement Annuity contracts issued directly by ALLSTATE LIFE OF
NEW YORK after the Effective Date, and all Structured Settlement Annuity
contract reinsurance accepted by ALLSTATE LIFE OF NEW YORK before and after
the Effective Date.

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