Document:

Exhibit
10.51

 

Amendment
No.2

 

To

 

Amended
and Restated

Brokerage
Business Quota Share Reinsurance Agreement Effective April 1, 2006

(Hereinafter
referred to as the “Original Agreement”)

 

Between

 

TOWER
INSURANCE COMPANY OF NEW YORK

 (Hereinafter referred to
as the “Company”)

 

And

 

CASTLEPOINT
REINSURANCE COMPANY, LTD.

(Hereinafter
referred to as the “Reinsurer”)

 

WHEREAS, the Reinsurer and the Company are
parties to the Original Agreement;

 

NOW THEREFORE, the parties hereby agree to
amend the Original Agreement as amended by Amendment No. 1 as follows:

 

1.             Effective
July 1, 2006, Article VI, Reinsurance Coverage, paragraph A (as amended by
Amendment No. 1) is as follows:

 

The Company shall
automatically and obligatorily cede to the Reinsurer, and the Reinsurer shall
be obligated to accept as assumed reinsurance, a 40% quota share portion of the
Net Liabilities with respect to new and renewal business, subject to adjustment
as set forth below. The Company may, in its sole discretion, change the quota
share participation of the Reinsurer, from time to time, as of any six month
anniversary date of the effective date of this Agreement upon not less than
thirty (30) days prior written notice to the Reinsurer, unless such notice is
waived by the Reinsurer, and provided, however, that the Company and the
Reinsurer may agree to change the Reinsurer’s quota share participation as of
any calendar quarter, with all such changes being affixed to the Agreement; provided
further, however, that the quota share participation of the
Reinsurer shall at all times during the term of this Agreement be a minimum of
25% and a maximum of 50%. Notwithstanding the foregoing, if the Company writes
business of the type that it has historically not written or writes more than
25% of its gross written premiums outside the state of New York in any 12 month
period ending on the anniversary date of this Agreement, then the Reinsurer has
the right to refuse to reinsure such business that the Company has not
historically written and such excess business written outside the State of New
York.

 

Furthermore, for the period
beginning April 1, 2007, the amount of property catastrophe premiums that will
be paid by the Reinsurer shall be 30% of property catastrophe premiums and, for
the period beginning April 1, 2007, the amount of property catastrophe losses
incurred that will be paid by the Reinsurer shall be 30% of the Company’s property
catastrophe net retained losses.  Reinsurer
may fulfill its 

 

 

1

 

obligation to assume such
property catastrophe premiums and losses directly or indirectly.

 

2.             Effective January 1, 2007, the
quota share cession referenced to under Article IV, Reinsurance Coverage,
paragraph A, is 49% with respect to new and renewal business.

 

3              Effective
January 1, 2007, paragraph 1.C of Amendment No. 1 is deleted.

 

4.                                       Effective April
1, 2007, Company is defined as follows:

 

TOWER INSURANCE COMPANY OF NEW YORK (on behalf of
itself and its pooling partner TOWER NATIONAL INSURANCE COMPANY)

 

All other terms and conditions will remain
unchanged.

 

IN WITNESS WHEREOF, the Company and
the Reinsurer have caused this Agreement to be executed.

 

 

TOWER INSURANCE COMPANY OF NEW YORK (on behalf of itself 

and its pooling partner TOWER NATIONAL INSURANCE COMPANY)

 

 

	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  

 

CASTLEPOINT REINSURANCE COMPANY, LTD.

 

	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  

 

 

2Exhibit
10.52

 

Amendment
No.3

 

To

 

Amended
and Restated

Brokerage
Business Quota Share Reinsurance Agreement Effective April 1, 2006

(Hereinafter
referred to as the “Original Agreement”)

 

Between

 

TOWER INSURANCE COMPANY OF NEW YORK (on behalf of
itself and its pooling

partner TOWER NATIONAL INSURANCE COMPANY)

(Hereinafter
referred to as the “Company”)

 

And

 

CASTLEPOINT
REINSURANCE COMPANY LTD.

(Hereinafter
referred to as the “Reinsurer”)

 

 

WHEREAS, the Reinsurer and the Company are
parties to the Original Agreement.

 

NOW THEREFORE, the parties hereby agree to
amend the Original Agreement as follows:

 

Effective April 1, 2007, item 4 of Amendment
No. 2 shall be deleted and the Preamble of the Original Agreement is hereby
amended to read as follows:

 

Amended
and Restated

Brokerage
Business Quota Share Reinsurance Agreement Effective April 1, 2006

(Hereinafter
referred to as the “Original Agreement”)

 

Between

 

THE
INSURANCE COMPANIES THAT ARE SIGNATORIES TO THIS AGREEMENT

 (Hereinafter referred to as the “Company”)

 

And

 

THE
SUBSCRIBING REISURERS AS PER ATTACHED

INTEREST
AND LIABILITIES AGREEMENTS

 

All other terms and conditions will remain
unchanged.

INTEREST
& LIABILITIES AGREEMENT

 

 

 

Attaching
to and Forming Part of

 

Amended
and Restated

Brokerage
Business Quota Share Reinsurance Agreement Effective April 1, 2006

(Hereinafter
referred to as the “Original Agreement”)

 

Between

 

THE
INSURANCE COMPANIES THAT ARE SIGNATORIES TO THIS AGREEMENT

 (Hereinafter referred to as the “Company”)

 

And

 

CASTLEPOINT
INSURANCE COMPANY

(Hereinafter
referred to as the “Subscribing Reinsurer”)

 

It is hereby mutually
understood and agreed by and between the Company and the Subscribing Reinsurer
that, as respects business written or renewed with effective dates on or after
April 1, 2007, the Subscribing Reinsurer’s share in the interest and
liabilities of the Reinsurers will be 9%.

 

The share of the
Subscribing Reinsurer will be separate and apart from the shares of the other
Reinsurers and will not be joint with those of the other Reinsurers, and the
Subscribing Reinsurer will in no event participate in the interest and
liabilities of other Reinsurers.

 

It is further mutually
understood and agreed by and between the Company and the Subscribing Reinsurer
that Addendum No. 3 attaches to and forms part of the captioned Agreement and
prior amendments thereto, the terms of which are incorporated herein by
reference.

 

This Agreement may be
executed in two or more counterparts, each of which, when duly executed will be
deemed an original, but all of which together will constitute one and the same
instrument.

 

 

 

 

IN WITNESS WHEREOF, the Company and
the Reinsurer have caused this Agreement to be executed by their duly
authorized representatives.

 

In New York, New York, this _____ day of ______________,
2007 on behalf of the Company:

 

 

 

 

	
   

  	
  For participation
  effective April 1, 2007:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  TOWER INSURANCE COMPANY OF NEW
  YORK

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
							

 

 

 

	
   

  	
  TOWER NATIONAL INSURANCE
  COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
							

 

 

 

	
   

  	
  For participation
  effective April 10, 2007:

  	
   

  	
   

  

 

	
   

  	
  PRESERVER INSURANCE COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
							

 

 

 

	
   

  	
  MOUNTAIN VALLEY INDEMNITY
  COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
							

 

 

 

	
   

  	
  NORTH EAST INSURANCE COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
							

 

 

 

In __________, _________, this _____ day of
_____________, 2007 on behalf of the Reinsurer:

 

 

 

	
   

  	
  For participation
  effective April 1, 2007:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CASTLEPOINT
  INSURANCE COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
							

 

 

 

 

 

INTEREST
& LIABILITIES AGREEMENT

Attaching
to and Forming Part of

 

Amended
and Restated

Brokerage
Business Quota Share Reinsurance Agreement Effective April 1, 2006

(Hereinafter
referred to as the “Original Agreement”)

 

Between

 

THE
INSURANCE COMPANIES THAT ARE SIGNATORIES TO THIS AGREEMENT

(Hereinafter
referred to as the “Company”)

 

And

 

CASTLEPOINT
REINSURANCE COMPANY, LTD.

(Hereinafter
referred to as the “Subscribing Reinsurer”)

 

It is hereby mutually
understood and agreed by and between the Company and the Subscribing Reinsurer
that, as respects business written or renewed with effective dates on or after
April 1, 2007, the Subscribing Reinsurer’s share in the interest and
liabilities of the Reinsurers will be 40%.

 

The share of the
Subscribing Reinsurer will be separate and apart from the shares of the other
Reinsurers and will not be joint with those of the other Reinsurers, and the
Subscribing Reinsurer will in no event participate in the interest and
liabilities of other Reinsurers.

 

It is further mutually
understood and agreed by and between the Company and the Subscribing Reinsurer
that Addendum No. 3 attaches to and forms part of the captioned Agreement and
prior amendments thereto, the terms of which are incorporated herein by
reference.

 

This Agreement may be
executed in two or more counterparts, each of which, when duly executed will be
deemed an original, but all of which together will constitute one and the same
instrument.

 

 

IN WITNESS WHEREOF, the Company and
the Reinsurer have caused this Agreement to be executed by their duly
authorized representatives.

 

In New York, New York, this _____ day of
______________, 2007 on behalf of the Company:

 

 

 

	
   

  	
  For participation
  effective April 1, 2007:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  TOWER INSURANCE COMPANY OF NEW
  YORK

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
							

 

 

 

	
   

  	
  TOWER NATIONAL INSURANCE
  COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
							

 

 

 

	
   

  	
  For participation
  effective April 10, 2007:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  PRESERVER INSURANCE COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
							

 

 

 

	
   

  	
  MOUNTAIN VALLEY INDEMNITY
  COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
							

 

 

 

	
   

  	
  NORTH EAST INSURANCE COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  	
   

  
							

 

 

 

In __________, _________, this _____ day of
_____________, 2007 on behalf of the Reinsurer:

 

 

 

	
   

  	
  For participation
  effective April 1, 2007:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  CASTLEPOINT
  REINSURANCE COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

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