Document:

EX-10.24

Table of Contents

			
	 

	  	EXHIBIT 10.24

 NET RETAINED LINES QUOTA SHARE REINSURANCE CONTRACT 

issued to 

NARRAGANSETT BAY INSURANCE COMPANY 
 Pawtucket, Rhode Island 
 including any and/or all companies that are or may
hereafter become affiliated therewith 

  
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Table of Contents

 NET RETAINED LINES QUOTA SHARE REINSURANCE CONTRACT 

TABLE OF CONTENTS 
  

							
	 Article
	 	 	  	Page	 
		 	Preamble	  	 	3	  
	  1	 	Business Covered	  	 	3	  
	  2	 	Retention and Limit	  	 	3	  
	  3	 	Term	  	 	3	  
	  4	 	Special Termination	  	 	4	  
	  5	 	Territory	  	 	4	  
	  6	 	Exclusions	  	 	5	  
	  7	 	Premium	  	 	6	  
	  8	 	Ceding Commission	  	 	6	  
	  9	 	Reports and Remittances	  	 	6	  
	10	 	Definitions	  	 	7	  
	11	 	Extra Contractual Obligations/Excess of Policy Limits	  	 	9	  
	12	 	Net Retained Liability	  	 	10	  
	13	 	Other Reinsurance	  	 	10	  
	14	 	Original Conditions	  	 	10	  
	15	 	No Third Party Rights	  	 	10	  
	16	 	Loss Settlements	  	 	10	  
	17	 	Salvage and Subrogation	  	 	10	  
	18	 	Currency	  	 	11	  
	19	 	Unauthorized Reinsurance	  	 	11	  
	20	 	Taxes	  	 	12	  
	21	 	Access to Records	  	 	12	  
	22	 	Confidentiality	  	 	12	  
	23	 	Indemnification and Errors and Omissions	  	 	13	  
	24	 	Insolvency	  	 	13	  
	25	 	Arbitration	  	 	14	  
	26	 	Service of Suit	  	 	15	  
	27	 	Governing Law	  	 	15	  
	28	 	Entire Agreement	  	 	15	  
	29	 	Non-Waiver	  	 	16	  
	30	 	Intermediary	  	 	16	  
	31	 	Mode of Execution	  	 	16	  
		 	Company Signing Block	  	 	16	  
			
	 Attachments
	 	 	  	 	 
		 	Nuclear Incident Exclusion Clause – Physical Damage – Reinsurance – U.S.A.	  	 	17	  
		 	Nuclear Incident Exclusion Clause – Liability – Reinsurance – U.S.A.	  	 	19	  
		 	Terrorism Exclusion	  	 	22	  
		 	Mold Exclusion	  	 	23	  
		 	Trust Agreement Requirements Clause	  	 	24	  
		 	Pools, Associations & Syndicates Exclusion Clause	  	 	25	  

  
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 NET RETAINED LINES QUOTA SHARE REINSURANCE CONTRACT 

(the “Contract”) 
 issued to 
 NARRAGANSETT BAY INSURANCE COMPANY 

Pawtucket, Rhode Island 
 including any and/or all companies that are or may hereafter become affiliated therewith 
 (collectively, the “Company”) 
 by 

THE SUBSCRIBING REINSURER(S) IDENTIFIED 
 IN THE INTERESTS AND LIABILITIES AGREEMENT(S) 
 ATTACHED TO AND FORMING
PART OF THIS CONTRACT 
 (the “Reinsurer”) 
 ARTICLE 1 
 BUSINESS COVERED 

This Contract is to indemnify the Company in respect of the liability that may accrue to the Company as a result of loss or losses under Policies
classified by the Company as Property and Homeowners Section II, in force at the inception of this Contract, or written or renewed during the term of this Contract by or on behalf of the Company, subject to the terms and conditions herein contained.

 ARTICLE 2 

RETENTION AND LIMIT 
  

	A.	The Company shall cede, and the Reinsurer shall accept as reinsurance, a 5% share of all business reinsured hereunder. The Reinsurer shall pay to the Company the
Reinsurer’s quota share of Ultimate Net Loss. 

  

	B.	As respects Property business: 

  

	 	1.	the maximum amount of the Reinsurer’s share of Ultimate Net Loss hereunder for any one Loss Occurrence shall be $1,000,000 (being 5% of $20,000,000).

  

	 	2.	the maximum amount of the Reinsurer’s share of Ultimate Net Loss hereunder for any one risk, any one loss shall be $25,000 (being 5% of $500,000).

  

	C.	As respects Casualty business, the maximum amount of the Reinsurer’s share of Ultimate Net Loss hereunder for any one Loss Occurrence shall be $25,000 (being 5% of
$500,000). 

 ARTICLE 3 
 TERM 
  

	A.	This Contract shall take effect at 11:59 p.m., Eastern Standard Time, December 31, 2012, and shall remain in effect until 11:59 p.m., Eastern Standard Time,
December 31, 2013, applying to losses occurring during the term of this Contract. 

  

	B.	At the expiration of this Contract, the Reinsurer shall return the ceded unearned premium, net of provisional ceding commission, as of the date of expiration, on
business in force at that date, in which event the Reinsurer shall be released from liability for losses occurring after expiration. 

  
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 ARTICLE 4 
 SPECIAL TERMINATION 
  

	A.	The Company may terminate a Subscribing Reinsurer’s percentage share in this Contract at any time by giving written notice to the Subscribing Reinsurer in the
event of any of the following circumstances: 

  

	 	1.	The Subscribing Reinsurer ceases underwriting operations. 

  

	 	2.	A state insurance department or other legal authority orders the Subscribing Reinsurer to cease writing business, or the Subscribing Reinsurer is placed under
regulatory supervision. 

  

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

 

	 	4.	The Subscribing Reinsurer’s policyholders’ surplus (or the equivalent under the Subscribing Reinsurer’s accounting system) as reported in such financial
statements of the Subscribing Reinsurer as designated by the Company, has been reduced by 20% of the amount thereof at any date during the prior 12-month period (including the period prior to the inception of this Contract).

  

	 	5.	The Subscribing Reinsurer has merged with or has become acquired or controlled by any company, corporation, or individual(s) not controlling the Subscribing
Reinsurer’s operations at the inception of this Contract. 

  

	 	6.	The Subscribing Reinsurer has retroceded its entire liability under this Contract without the Company’s prior written consent, except for retrocessions to members
of the Subscribing Reinsurer’s holding company group. 

  

	 	7.	The Subscribing Reinsurer has been assigned an A.M. Best’s rating of less than “A-” and/or an S&P rating of less than “BBB+.” However, as
respects Underwriting Members of Lloyd’s, London, a Lloyd’s Market Rating of less than “A-” by A.M. Best and/or less than “BBB+” by S&P shall apply. 

 

	B.	Termination shall be effected on a cut-off basis as set forth in the Term Article, at the sole discretion of the Company. The reinsurance premium due the Subscribing
Reinsurer hereunder shall be pro rated based on the period of the Subscribing Reinsurer’s participation hereon, and the Subscribing Reinsurer shall promptly return any unearned reinsurance premium received. 

 

	C.	Additionally, in the event of any of the circumstances listed in paragraph A of this Article, the Company shall have the option to commute the Subscribing
Reinsurer’s liability for losses on Policies covered by this Contract. In the event the Company and the Subscribing Reinsurer cannot agree on the commutation amount, they shall appoint an actuary and/or appraiser to assess such amount and shall
share equally any expense of the actuary and/or appraiser. If the Company and the Subscribing Reinsurer cannot agree on an actuary and/or appraiser, the Company and the Subscribing Reinsurer each shall nominate three individuals, of whom the other
shall decline two, and the final appointment shall be made by drawing lots. Payment by the Subscribing Reinsurer of the amount of liability ascertained shall constitute a complete and final release of both parties in respect of liability arising
from the Subscribing Reinsurer’s participation under this Contract. 

  

	D.	The provisions of paragraph C of this Article shall not apply to a Subscribing Reinsurer that has an A.M. Best’s rating of A+ or higher at the inception of this
Contract. 

  

	E.	The Company’s option to require commutation under paragraph C above shall survive the termination or expiration of this Contract. 

ARTICLE 5 
 TERRITORY

 The territorial limits of this Contract shall be identical with those of the Company’s Policies. 

  
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 ARTICLE 6 
 EXCLUSIONS 
  

	A.	This Contract shall not apply to and specifically excludes: 

  

	 	1.	Liability assumed through any pool, syndicate, or association. 

  

	 	2.	Business written on behalf of, or as a member or reinsurer of, any pool, syndicate, or association, including insurance guaranty associations or funds.

  

	 	3.	Loss or damage occasioned by war, invasion, hostilities, acts of foreign enemies, civil war, rebellion, insurrection, military or usurped power, martial law, or
confiscation by order of any government or public authority, but not excluding loss or damage that would be covered under a standard form of Policy containing a standard war exclusion clause. 

 

	 	4.	Assumed reinsurance except for intra-Company reinsurances. 

  

	 	5.	Losses excluded by the attached Nuclear Incident Exclusion Clause – Physical Damage – Reinsurance – U.S.A. 

 

	 	6.	Losses excluded by the attached Nuclear Incident Exclusion Clause – Liability – Reinsurance – U.S.A. 

 

	 	7.	Loss or damage excluded by the attached Terrorism Exclusion. 

  

	 	8.	Flood when specifically insured as a named peril, but not excluding coverage under Inland Marine Policies. 

 

	 	9.	Inland Marine Policies on the following classes: 

  

	 	a.	Negative Films, but not excluding such liability assumed under Camera Floaters, and similar forms, 

 

	 	b.	Registered Mail, c. Credit or Financial Guarantees, but not excluding installment floaters, 

 

	 	d.	Aviation Hulls, 

  

	 	e.	Ocean, river, and lake cargo, but not excluding lake, river, or intercoastal shipments when incidental to transportation Policies, 

 

	 	f.	Ocean, river, and lake hull, but not excluding yachts up to $25,000 value, outboard motors, or outboard motor boats, 

 

	 	g.	Jewelers Block, 

  

	 	h.	Mortality and Health Insurance on birds or animals. 

  

	 	10.	Hail damage to an insured’s growing or standing crops. 

  

	 	11.	Any risk which, at the time of cession, is known to have an insured value in excess of $250,000,000. 

 

	 	12.	Mold, per the attached Mold Exclusion. 

  

	 	13.	Pools, Associations & Syndicates, per the attached exclusion. 

  

	 	14.	Liability of the Company arising by contract, operation of law, or otherwise, from its participation or membership, whether voluntary or involuntary, in any Insolvency
Fund. “Insolvency Fund” includes any guaranty fund, insolvency fund, plan, pool, association, fund or other arrangement, howsoever denominated, established or governed, that provides for any assessment of or payment or assumption by the
Company of part or all of any claim, debt, charge, fee, or other obligation of an insurer, or its successors or assigns, that has been declared by any competent authority to be insolvent, or that is otherwise deemed unable to meet any claim, debt,
charge, fee or other obligation in whole or in part. 

  

	 	15.	Financial guarantee and insolvency. 

  
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	B.	Except as respects exclusions A(4), A(5), A(6) and A(7), if the Company inadvertently issues a Policy falling within the scope of one or more of the preceding
exclusions, such Policy shall be covered hereunder, provided that the Company issues, or causes to be issued, the required notice of cancellation within 30 days after a member of the executive or managerial staff at the Company’s home office
having underwriting authority in the class of business involved becomes aware that the Policy applies to excluded classes, unless the Company is prevented from canceling said Policy within such period by applicable statute or regulation, in which
case such Policy shall be covered hereunder until the earliest date on which the Company may cancel. 

 ARTICLE
7 
 PREMIUM 
 The Company
shall cede to the Reinsurer 5% of the Gross Net Written Premium Income accounted for by the Company. 
 ARTICLE 8

 CEDING COMMISSION 
  

	A.	The Reinsurer shall allow the Company a 45% provisional commission on all premiums ceded to the Reinsurer hereunder. The Company shall allow the Reinsurer return
commission on return premiums at the same rate. 

  

	B.	The provisional commission allowed the Company shall be adjusted in accordance with the provisions set forth herein. 

 

	C.	The adjusted commission rate shall be calculated as follows and be applied to Premiums Earned: 

 

	 	1.	If the ratio of Losses Incurred to Premiums Earned is 52% or greater, the adjusted commission rate shall be 42%; 

 

	 	2.	If the ratio of Losses Incurred to Premiums Earned is less than 52%, but not less than 32%, the adjusted commission rate shall be 42%, plus 100% of the difference in
percentage points between 52% and the actual ratio of Losses Incurred to Premiums Earned; 

  

	 	3.	If the ratio of Losses Incurred to Premiums Earned is 32% or less, the adjusted commission rate shall be 62%. 

 

	D.	Within 60 days after the expiration of this Contract, and annually thereafter until all losses subject hereto have been finally settled, the Company shall calculate and
report the adjusted commission on Premiums Earned. If the adjusted commission on Premiums Earned is less than commissions previously allowed by the Reinsurer on Premiums Earned, the Company shall remit the difference to the Reinsurer with its
report. If the adjusted commission on Premiums Earned is greater than commissions previously allowed by the Reinsurer on Premiums Earned, the Reinsurer shall remit the difference to the Company as promptly as possible after receipt and verification
of the Company’s report. 

  

	E.	“Losses Incurred” means ceded losses and Loss Adjustment Expense paid as of the effective date of calculation, plus the ceded reserves for losses and Loss
Adjustment Expense outstanding as of the same date. 

  

	F.	“Premiums Earned” means ceded unearned premiums at the inception of this Contract, plus ceded Gross Net Written Premium Income during the Contract term, less
ceded unearned premiums at the expiration of this Contract. 

 ARTICLE 9 

REPORTS AND REMITTANCES 
  

	A.	Within 60 days after the inception of this Contract, the Company shall report and pay to the Reinsurer the Reinsurer’s quota share of the unearned premium for
business in force at the inception of this Contract, less any ceding commission, as of the date of inception. 

  

	B.	1.    Within 60 days following the end of each month, the Company shall furnish the Reinsurer with a report summarizing: 

 

	 	a.	reinsurance premium on Gross Net Written Premium Income accounted for during the month; less 

 

	 	b.	the ceding commission as provided for in this Contract; less 

  

	 	c.	ceded loss and Loss Adjustment Expense paid during the month; plus 

  

	 	d.	ceded subrogation, salvage, or other recoveries during the month; and 

  

	 	e.	the net balance due either party. 

  
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	 	2.	The net balance shall be paid within 60 days after the close of the respective month. 

 

	 	3.	In addition, the Company shall furnish the Reinsurer with a monthly statement showing the unearned premium reserves, and the reserves for outstanding losses including
Loss Adjustment Expense. The Company shall also provide the Reinsurer with such other information as may be required by the Reinsurer for completion of its financial statements. 

 

	C.	Should the amount recoverable under this Contract exceed $3,000,000 as respects any one loss, the Company may give the Reinsurer notice of payment made or its intention
to make payment on a certain date. If the Company has paid the loss, payment shall be made by the Reinsurer immediately. If the Company intends to pay the loss by a certain date and has submitted a proof of loss or similar document, payment shall be
due from the Reinsurer 24 hours prior to that date, provided the Reinsurer has a period of five working days after receipt of said notice to dispatch the payment. Cash loss amounts specifically remitted by the Reinsurer as set forth herein shall be
credited to the next monthly account. 

 ARTICLE 10 

DEFINITIONS 
  

	A.      1.	“Ultimate Net Loss” means the actual loss paid by the Company or which the Company becomes liable to pay, such loss to include Loss Adjustment Expense, 90% of
any Extra Contractual Obligation and 90% of any Loss in Excess of Policy Limits as defined in the Extra Contractual Obligations/Excess of Policy Limits Article. 

 

	 	2.	Salvages and all recoveries (including amounts due from all reinsurances that inure to the benefit of this Contract, whether recovered or not), shall be first deducted
from such loss to arrive at the amount of liability attaching hereunder. 

  

	 	3.	All salvages, recoveries or payments recovered or received subsequent to loss settlement hereunder shall be applied as if recovered or received prior to the aforesaid
settlement, and all necessary adjustments shall be made by the parties hereto. 

  

	 	4.	The Company shall be deemed to be “liable to pay” a loss when a judgment has been rendered that the Company does not plan to appeal, and/or the Company has
obtained a release, and/or the Company has accepted a proof of loss. 

  

	 	5.	Nothing in this clause shall be construed to mean that losses are not recoverable hereunder until the Company’s “Ultimate Net Loss” has been ascertained.

  

	B.	“Loss Adjustment Expense” means costs and expenses incurred by the Company in connection with the investigation, appraisal, adjustment, settlement,
litigation, defense or appeal of a specific claim or loss, or alleged loss, including but not limited to: 

  

	 	1.	court costs; 

  

	 	2.	costs of supersedeas and appeal bonds; 

  

	 	3.	monitoring counsel expenses; 

  

	 	4.	legal expenses and costs incurred in connection with coverage questions and legal actions connected thereto, including but not limited to declaratory judgment actions;

  

	 	5.	post-judgment interest; 

  

	 	6.	pre-judgment interest, unless included as part of an award or judgment; 

  

	 	7.	a pro rata share of salaries and expenses of Company field employees, calculated in accordance with the time occupied in adjusting such loss, and expenses of other
Company employees who have been temporarily diverted from their normal and customary duties and assigned to the field adjustment of losses covered by this Contract; and 

 

	 	8.	subrogation, salvage and recovery expenses. 

 “Loss Adjustment Expense” does not include salaries and expenses of the Company’s employees, except as provided in subparagraph (7) above, and office and other overhead expenses.

  
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	C.      1.	“Gross Net Written Premium Income” means written premium of the Company for the classes of business reinsured hereunder, less return premiums, and less the
written premiums ceded by the Company for reinsurance that inures to the benefit of this Contract. The Company’s maximum deduction for inuring reinsurance premiums, including reinstatement premiums, if any, shall be $62,500,000. For the purpose
of allocating inuring reinsurance premiums to the term of this Contract: 

  

	 	a.	the reinsurance premium paid by the Company for its Property Catastrophe Excess of Loss Reinsurance Contract shall be allocated to the term of this Contract based on
reinsurance premiums, including deposits, adjustments and reinstatements, that are paid during the term of this Contract; Reinstatement premiums are deemed to be paid and earned in full as of the date of loss of the Loss Occurrence that triggered
the reinstatement premium. In the event that the Company elects to purchase a Reinstatement Protection Policy, the premiums paid thereunder shall be allocated to the term of this Contract, based on reinsurance premiums that are paid during the term
of this Contract. 

  

	 	b.	As respects the General Excess of Loss Reinsurance Contract, the Company will calculate and accrue, as inuring ceded premium to this Contract, the General Excess of
Loss Reinsurance Contract actual ceded earned premium for the period January 1, 2013 through December 31, 2013. 

  

	 	2.	In the event the Company elects to non-renew the First Excess of its General Excess of Loss Reinsurance Contract (the “First Excess”) at July 1, 2013,
the risk limits described in subparagraph B(2) and paragraph C of the Retention and Limit Article shall remain $500,000 as respects Property business and $500,000 as respects Casualty business. However, in such event, 2.0% of the Company’s
Gross Net Written Premium Income subject to the Second Excess for the period July 1 through December 31, 2013, shall be deemed to be inuring reinsurance premium that is to be deducted in calculating Gross Net Written Premium Income
hereunder. 

  

	 	3.	In the event the Company elects to retain a percentage participation (co-participation) in the First Excess of its Property Catastrophe Excess of Loss Reinsurance
Contract, effective April 1, 2013, the exact proportion of the corresponding ceded premium retained by the Company, for the period April 1, 2013 through December 31, 2013, shall be deemed to be inuring reinsurance premium that is to
be deducted in calculating Gross Net Written Premium Income hereunder. 

  

	D.	“Policy” means any binder, policy, or contract of insurance or reinsurance issued, accepted or held covered provisionally or otherwise, by or on behalf of the
Company. 

  

	E.      1.	As respects Property Business, “Loss Occurrence” means the sum of all individual losses directly occasioned by any one disaster, accident or loss or series of
disasters, accidents or losses arising out of one event that occurs within the area of one state of the United States or province of Canada and states or provinces contiguous thereto and to one another. However, the duration and extent of any one
“Loss Occurrence” shall be limited to all individual losses sustained by the Company occurring during any period of 168 consecutive hours (except as provided in subparagraph (d) below) arising out of and directly occasioned by the
same event except that the term “Loss Occurrence” shall be further defined as follows: 

  

	 	a.	As regards windstorm, hail, tornado, hurricane, cyclone, including ensuing collapse and water damage, all individual losses sustained by the Company occurring during
any period of 96 consecutive hours arising out of and directly occasioned by the same event. However, the event need not be limited to one state or province or states or provinces contiguous thereto. 

 

	 	b.	As regards riot, riot attending a strike, civil commotion, vandalism and malicious mischief, all individual losses sustained by the Company occurring during any period
of 72 consecutive hours within the area of one municipality or county and the municipalities or counties contiguous thereto arising out of and directly occasioned by the same event. The maximum duration of 72 consecutive hours may be extended in
respect of individual losses that occur beyond such 72 consecutive hours during the continued occupation of an assured’s premises by strikers, provided such occupation commenced during the aforesaid period. 

 

	 	c.	As regards earthquake (the epicenter of which need not necessarily be within the territorial confines referred to above) and fire following directly occasioned by the
earthquake, only those individual fire losses that commence during the period of 168 consecutive hours may be included in the Company’s “Loss Occurrence.” 

 

	 	d.	As regards “freeze,” only individual losses directly occasioned by collapse, breakage of glass and water damage (caused by bursting of frozen pipes and tanks)
that commence during any period of 240 consecutive hours may be included in the Company’s “Loss Occurrence.” 

  
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	 	2.	Except for those “Loss Occurrences” referred to in subparagraph (1)(b) above, the Company may choose the date and time when any such period of
consecutive hours commences provided that it is not earlier than the date and time of the occurrence of the first recorded individual loss sustained by the Company arising out of that disaster, accident or loss provided that only one such period of
96 or 168 consecutive hours shall apply with respect to one event (except as provided in subparagraph (1)(d) above, where only one such period of 240 consecutive hours shall apply with respect to one event regardless of the duration of the
event). 

  

	 	3.	However, as respects those “Loss Occurrences” referred to in subparagraph (1)(b) above, if the disaster, accident or loss occasioned by the event is of
greater duration than 72 consecutive hours, then the Company may divide that disaster, accident or loss into two or more “Loss Occurrences” provided no two periods overlap and no individual loss is included in more than one such period and
provided that no period commences earlier than the date and time of the occurrence of the first recorded individual loss sustained by the Company arising out of that disaster, accident or loss. 

 

	 	4.	Losses arising from a combination of two or more perils as a result of the same event shall be considered as having arisen from one “Loss Occurrence.”
Notwithstanding the foregoing, the hourly limitations as stated in subparagraphs (1)(a), (1)(b) and (1)(c) above, shall not be exceeded as respects the applicable perils, and no single “Loss Occurrence” shall encompass a time
period greater than 168 consecutive hours (except as provided in subparagraph (1)(d) above). 

  

	F.	As respects Casualty business, “Loss Occurrence” means any one disaster or casualty or accident or loss or series of disasters or casualties or accidents or
losses arising out of or caused by one event. The Company shall be the sole judge of what constitutes one event. However, as respects Products and Completed Operations Liability, injuries to all persons and all damage to property of others occurring
during a Policy period and proceeding from or traceable to the same causative agency shall be deemed to have arisen out of one Loss Occurrence. 

 ARTICLE 11 
 EXTRA CONTRACTUAL OBLIGATIONS/EXCESS OF POLICY LIMITS 

 

	A.	This Contract shall cover Extra Contractual Obligations, as provided in the Retention and Limit Article. “Extra Contractual Obligations” shall be defined as
those liabilities not covered under any other provision of this Contract and that 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 Company 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 its insured or reinsured or in the
preparation or prosecution of an appeal consequent upon such action. 

  

	B.	This Contract shall cover Loss in Excess of Policy Limits, as provided in the Retention and Limit Article. “Loss in Excess of Policy Limits” shall be defined
as Loss in excess of the Policy limit, having been incurred because of, but not limited to, failure by the Company 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 its insured or reinsured or in the preparation or prosecution of an appeal consequent upon such action. 

 

	C.	An Extra Contractual Obligation and/or Loss in Excess of Policy Limits shall be deemed to have occurred on the same date as the loss covered under the Company’s
Policy, and shall constitute part of the original loss. 

  

	D.	For the purposes of the Loss in Excess of Policy Limits coverage hereunder, the word “Loss” shall mean any amounts for which the Company would have been
contractually liable to pay had it not been for the limit of the original Policy. 

  

	E.	Loss Adjustment Expense in respect of Extra Contractual Obligations and/or Loss in Excess of Policy Limits shall be covered hereunder in the same manner as other Loss
Adjustment Expense. 

  

	F.	However, this Article shall not apply where the loss has been incurred due to final legal adjudication of fraud of a member of the Board of Directors or a corporate
officer of the Company 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 covered hereunder.

  

	G.	In no event shall coverage be provided to the extent not permitted under law. 

  
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 ARTICLE 12 
 NET RETAINED LIABILITY 
  

	A.	This Contract applies only to that portion of any loss that the Company retains net for its own account. 

 

	B.	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(s), whether specific or general, any amounts that may have become due from such reinsurer(s), whether such inability arises from the insolvency of such other reinsurer(s) or otherwise. 

ARTICLE 13 
 OTHER
REINSURANCE 
 The Company may purchase, but is not limited to purchasing, General Excess of Loss Reinsurance, Property Catastrophe
Reinsurance, and a Reinstatement Protection Policy, recoveries under which shall inure to the benefit of this Contract. However, recoveries under the Company’s General Excess of Loss Reinsurance shall not reduce the limits set forth in
sub-paragraph B(1) of the Retention and Limit Article. Further, recoveries under any other Net Retained Lines Quota Share Reinsurance shall not inure to the benefit of this Contract. 

ARTICLE 14 
 ORIGINAL
CONDITIONS 
 All reinsurance under this Contract shall be subject to the same rates, terms, conditions, waivers and interpretations, and to
the same modifications and alterations as the respective Policies of the Company. However, in no event shall this be construed in any way to provide coverage outside the terms and conditions set forth in this Contract. 

ARTICLE 15 
 NO THIRD
PARTY RIGHTS 
 This Contract is solely between the Company and the Reinsurer, and in no instance shall any insured, claimant or other third
party have any rights under this Contract except as may be expressly provided otherwise herein. 
 ARTICLE 16 

LOSS SETTLEMENTS 
  

	A.	The Company alone and at its full discretion shall adjust, settle or compromise all claims and losses. 

 

	B.	As respects losses subject to this Contract, all loss settlements made by the Company, whether under strict Policy terms or by way of compromise, and any Extra
Contractual Obligations and/or Loss in Excess of Policy Limits, shall be binding upon the Reinsurer, and the Reinsurer agrees to pay or allow, as the case may be, its share of each such settlement in accordance with this Contract.

 ARTICLE 17 
 SALVAGE AND SUBROGATION 
  

	A.	Salvages and all recoveries (including amounts due from all reinsurances that inure to the benefit of this Contract, whether recovered or not), shall be first deducted
from any loss to arrive at the amount of liability attaching hereunder. 

  

	B.	All salvages, recoveries or payments recovered or received subsequent to loss settlement hereunder shall be applied as if recovered or received prior to the aforesaid
settlement, and all necessary adjustments shall be made by the parties hereto. 

  
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 ARTICLE 18 
 CURRENCY 
  

	A.	Where the word “Dollars” and/or the sign “$” appear in this Contract, they shall mean United States Dollars. 

 

	B.	For purposes of this Contract, where the Company receives premiums or pays losses in currencies other than United States Dollars, such premiums or losses shall be
converted into United States Dollars at the actual rates of exchange at which these premiums or losses are entered in the Company’s books. 

 ARTICLE 19 
 UNAUTHORIZED REINSURANCE 

 

	A.	This Article applies only to the extent a Subscribing Reinsurer does not qualify for credit with any insurance regulatory authority having jurisdiction over the
Company’s reserves. 

  

	B.	The Company agrees, in respect of its Policies or bonds falling within the scope of this Contract, that when it files with its insurance regulatory authority, or sets
up on its books liabilities as required by law, it shall forward to the Reinsurer a statement showing the proportion of such liabilities applicable to the Reinsurer. The “Reinsurer’s Obligations” shall be defined as follows:

  

	 	1.	unearned premium (if applicable); 

  

	 	2.	known outstanding losses that have been reported to the Reinsurer and Loss Adjustment Expense relating thereto; 

 

	 	3.	losses and Loss Adjustment Expense paid by the Company but not recovered from the Reinsurer; 

 

	 	4.	losses incurred but not reported and Loss Adjustment Expense relating thereto; 

 

	 	5.	all other amounts for which the Company cannot take credit on its financial statements unless funding is provided by the Reinsurer. 

 

	C.	The Reinsurer’s Obligations shall be funded by funds withheld, cash advances, Trust Agreement or a Letter of Credit (LOC). The Reinsurer shall have the option of
determining the method of funding provided it is acceptable to the insurance regulatory authorities having jurisdiction over the Company’s reserves. 

  

	D.	When funding by Trust Agreement, the Reinsurer shall ensure that the Trust Agreement complies with the provisions of the “Trust Agreement Requirements Clause”
attached hereto. When funding by an LOC, the Reinsurer agrees to apply for and secure timely delivery to the Company of a clean, irrevocable and unconditional LOC issued by a bank and containing provisions acceptable to the insurance regulatory
authorities having jurisdiction over the Company’s reserves in an amount equal to the Reinsurer’s Obligations. Such LOC shall be issued for a period of not less than one year, and shall be automatically extended for one year from its date
of expiration or any future expiration date unless 30 days (or such other time period as may be required by insurance regulatory authorities), prior to any expiration date the issuing bank shall notify the Company by certified or registered mail
that the issuing bank elects not to consider the LOC extended for any additional period. 

  

	E.	The Reinsurer and the Company agree that any funding provided by the Reinsurer pursuant to the provisions of this Contract may be drawn upon at any time,
notwithstanding any other provision of this Contract, and be utilized by the Company or any successor, by operation of law, of the Company including, without limitation, any liquidator, rehabilitator, receiver or conservator of the Company, for the
following purposes, unless otherwise provided for in a separate Trust Agreement: 

  

	 	1.	to reimburse the Company for the Reinsurer’s Obligations, the payment of which is due under the terms of this Contract and that has not been otherwise paid;

  

	 	2.	to make refund of any sum that is in excess of the actual amount required to pay the Reinsurer’s Obligations under this Contract (or in excess of 102% of the
Reinsurer’s Obligations, if funding is provided by a Trust Agreement); 

  

	 	3.	to fund an account with the Company for the Reinsurer’s Obligations. Such cash deposit shall be held in an interest bearing account separate from the
Company’s other assets, and interest thereon not in excess of the prime rate shall accrue to the benefit of the Reinsurer. Any taxes payable on accrued interest shall be paid out of the assets in the account that are in excess of the
Reinsurer’s Obligations (or in excess of 102% of the Reinsurer’s Obligations, if funding is provided by a Trust Agreement). If the assets are inadequate to pay taxes, any taxes due shall be paid or reimbursed by the Reinsurer;

  

	 	4.	to pay the Reinsurer’s share of any other amounts the Company claims are due under this Contract. 

  
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	F.	If the amount drawn by the Company is in excess of the actual amount required for E(1) or E(3), or in the case of E(4), the actual amount determined to be due, the
Company shall promptly return to the Reinsurer the excess amount so drawn. All of the foregoing shall be applied without diminution because of insolvency on the part of the Company or the Reinsurer. 

 

	G.	The issuing bank shall have no responsibility whatsoever in connection with the propriety of withdrawals made by the Company or the disposition of funds withdrawn,
except to ensure that withdrawals are made only upon the order of properly authorized representatives of the Company. 

  

	H.	At annual intervals, or more frequently at the discretion of the Company, but never more frequently than quarterly, the Company shall prepare a specific statement of
the Reinsurer’s Obligations for the sole purpose of amending the LOC or other method of funding, in the following manner: 

  

	 	1.	If the statement shows that the Reinsurer’s Obligations exceed the balance of the LOC as of the statement date, the Reinsurer shall, within 30 days after receipt
of the statement, secure delivery to the Company of an amendment to the LOC increasing the amount of credit by the amount of such difference. Should another method of funding be used, the Reinsurer shall, within the time period outlined above,
increase such funding by the amount of such difference. 

  

	 	2.	If, however, the statement shows that the Reinsurer’s Obligations are less than the balance of the LOC (or that 102% of the Reinsurer’s Obligations are less
than the trust account balance if funding is provided by a Trust Agreement), as of the statement date, the Company shall, within 30 days after receipt of written request from the Reinsurer, release such excess credit by agreeing to secure an
amendment to the LOC reducing the amount of credit available by the amount of such excess credit. Should another method of funding be used, the Company shall, within the time period outlined above, decrease such funding by the amount of such excess.

 ARTICLE 20 
 TAXES 
  

	A.	In consideration of the terms under which this Contract is issued, the Company undertakes not to claim any deduction of the premium hereon when making tax returns,
other than Income or Profits Tax returns, to any state or territory of the United States of America or to the District of Columbia. 

  

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

  

	 	2.	In the event of any return of premium becoming due hereunder, the Subscribing Reinsurer shall deduct the applicable percentage of the premium from the amount of the
return, and the Company or its agent should take steps to recover the Tax from the U.S. Government. 

 ARTICLE
21 
 ACCESS TO RECORDS 

The Reinsurer or its duly authorized representatives shall have the right to visit the offices of the Company to inspect, examine, audit, and verify any
of the Policy, accounting or claim files (“Records”) relating to business reinsured under this Contract during regular business hours after giving five working days’ prior notice. This right shall be exercisable during the term of
this Contract or after the expiration of this Contract. Notwithstanding the above, the Reinsurer shall not have any right of access to the Records of the Company if it is not current in all undisputed payments due the Company. 

  
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 ARTICLE 22 
 CONFIDENTIALITY 
  

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

  

	 	1.	are publicly known or have become publicly known through no unauthorized act of the Reinsurer; 

 

	 	2.	have been rightfully received from a third person without obligation of confidentiality; or 

 

	 	3.	were known by the Reinsurer prior to the placement of this Contract without an obligation of confidentiality. 

 

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

 

	 	1.	when required by retrocessionaires subject to the business ceded to this Contract; 

 

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

 

	 	3.	when required by external auditors performing an audit of the Reinsurer’s records in the normal course of business; or 

 

	 	4.	when required by attorneys or arbitrators in connection with an actual or potential dispute hereunder. 

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

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

  

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

 ARTICLE 23 
 INDEMNIFICATION AND ERRORS AND OMISSIONS 
  

	A.	The Reinsurer is reinsuring, subject to the terms and conditions of this Contract, the obligations of the Company under any Policy. The Company shall be the sole judge
as to: 

  

	 	1.	what shall constitute a claim or loss covered under any Policy; 

  

	 	2.	the Company’s liability thereunder; 

  

	 	3.	the amount or amounts that it shall be proper for the Company to pay thereunder. 

 

	B.	The Reinsurer shall be bound by the judgment of the Company as to the obligation(s) and liability(ies) of the Company under any Policy. 

 

	C.	Any inadvertent error, omission or delay in complying with the terms and conditions of this Contract shall not be held to relieve either party hereto from any liability
that would attach to it hereunder if such error, omission or delay had not been made, provided such error, omission or delay is rectified immediately upon discovery. 

ARTICLE 24 

INSOLVENCY 
  

	A.	If more than one reinsured company is referenced within the definition of “Company” in the Preamble to this Contract, this Article shall apply severally to
each such company. Further, this Article and the laws of the domiciliary state shall apply in the event of the insolvency of any company covered hereunder. In the event of a conflict between any provision of this Article and the laws of the
domiciliary state of any company covered hereunder, that domiciliary state’s laws shall prevail. 

  
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	B.	In the event of the insolvency of the Company, this reinsurance (or the portion of any risk or obligation assumed by the Reinsurer, if required by applicable law) shall
be payable directly to the Company, or to its liquidator, receiver, conservator or statutory successor, either: (1) on the basis of the liability of the Company, or (2) on the basis of claims filed and allowed in the liquidation
proceeding, whichever may be required by applicable statute, without diminution because of the insolvency of the Company or because the liquidator, receiver, conservator or statutory successor of the Company has failed to pay all or a portion of any
claim. It is agreed, however, that the liquidator, receiver, conservator or statutory successor of the Company shall give written notice to the Reinsurer of the pendency of a claim against the Company indicating the Policy or bond reinsured, which
claim would involve a possible liability on the part of the Reinsurer within a reasonable time after such claim is filed in the conservation or liquidation proceeding or in the receivership, and that during the pendency of such claim, the Reinsurer
may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated any defense or defenses that it may deem available to the Company or its liquidator, receiver, conservator or statutory successor.
The expense thus incurred by the Reinsurer shall be chargeable, subject to the approval of the court, against the Company as part of the expense of conservation or liquidation to the extent of a pro rata share of the benefit that may accrue to the
Company solely as a result of the defense undertaken by the Reinsurer. 

  

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

  

	D.	As to all reinsurance made, ceded, renewed or otherwise becoming effective under this Contract, the reinsurance shall be payable as set forth above by the Reinsurer to
the Company or to its liquidator, receiver, conservator or statutory successor, (except as provided by Section 4118(a)(1)(A) of the New York Insurance Law, provided the conditions of 1114(c) of such law have been met, if New York law applies)
or except (1) where the Contract specifically provides another payee in the event of the insolvency of the Company, or (2) where the Reinsurer, with the consent of the direct insured or insureds, has assumed such Policy obligations of the
Company as direct obligations of the Reinsurer to the payees under such Policies and in substitution for the obligations of the Company to such payees. Then, and in that event only, the Company, with the prior approval of the certificate of
assumption on New York risks by the Superintendent of Insurance of the State of New York, or with the prior approval of such other regulatory authority as may be applicable, is entirely released from its obligation and the Reinsurer shall pay any
loss directly to payees under such Policy. 

 ARTICLE 25 

ARBITRATION 
  

	A.	Any dispute arising out of the interpretation, performance or breach of this Contract, including the formation or validity thereof, shall be submitted for decision to a
panel of three arbitrators. Notice requesting arbitration shall be in writing and sent certified or registered mail, return receipt requested. 

  

	B.	One arbitrator shall be chosen by each party and the two arbitrators shall then choose an impartial third arbitrator who shall preside at the hearing. If either party
fails to appoint its arbitrator within 30 days after being requested to do so by the other party, the latter, after 10 days’ prior notice by certified or registered mail of its intention to do so, may appoint the second arbitrator.

  

	C.	If the two arbitrators do not agree on a third arbitrator within 60 days of their appointment, the third arbitrator shall be chosen in accordance with the procedures
for selecting the third arbitrator in force on the date the arbitration is demanded, established by the AIDA Reinsurance and Insurance Arbitration Society – U.S. (ARIAS). The arbitrators shall be persons knowledgeable about insurance and
reinsurance who have no personal or financial interest in the result of the arbitration. If a member of the panel dies, becomes disabled or is otherwise unwilling or unable to serve, a substitute shall be selected in the same manner as the departing
member was chosen and the arbitration shall continue. 

  

	D.	Within 30 days after all arbitrators have been appointed, the panel shall meet and determine timely periods for briefs, discovery procedures and schedules of hearings.

  

	E.	The panel shall be relieved of all judicial formality and shall not be bound by the strict rules of procedure and evidence. Notwithstanding anything to the contrary in
this Contract, the arbitrators may at their discretion, consider underwriting and placement information provided by the Company to the Reinsurer, as well as any correspondence exchanged by the parties that is related to this Contract. The
arbitration shall take place in Pawtucket, Rhode Island, or at such other place as the parties shall agree. The decision of any two arbitrators shall be in writing and shall be final and binding. The panel is empowered to grant interim relief as it
may deem appropriate. 

  
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	F.	The panel shall interpret this Contract as an honorable engagement rather than as merely a legal obligation and shall make its decision considering the custom and
practice of the applicable insurance and reinsurance business as promptly as possible after the hearings. Judgment upon an award may be entered in any court having jurisdiction thereof. 

 

	G.	Each party shall bear the expense of its own arbitrator and shall jointly and equally bear with the other party the cost of the third arbitrator. The remaining costs of
the arbitration shall be allocated by the panel. The panel may, at its discretion, award such further costs and expenses as it considers appropriate, including but not limited to attorneys’ fees, to the extent permitted by law.

 ARTICLE 26 
 SERVICE OF SUIT 
  

	A.	This Article applies only to those Subscribing Reinsurers not domiciled in the United States of America, and/or not authorized in any state, territory and/or district
of the United States of America where authorization is required by insurance regulatory authorities. 

  

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

 

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

 

	D.	Service of process in such suit may be made upon Messrs. Mendes and Mount, 750 Seventh Avenue, New York, New York 10019-6829, or another party specifically designated
in the applicable Interests and Liabilities Agreement attached hereto. The above-named are authorized and directed to accept service of process on behalf of the Reinsurer in any such suit. 

 

	E.	Further, pursuant to any statute of any state, territory or district of the United States that makes provision therefor, the Reinsurer hereby designates the
Superintendent, Commissioner or Director of Insurance, or other officer specified for that purpose in the statute, or his successor or successors in office, as its true and lawful attorney upon whom may be served any lawful process in any action,
suit or proceeding instituted by or on behalf of the Company or any beneficiary hereunder arising out of this Contract, and hereby designates the above-named as the person to whom the said officer is authorized to mail such process or a true copy
thereof. 

 ARTICLE 27 
 GOVERNING LAW 
 This Contract shall be governed as to performance, administration and
interpretation by the laws of the State of Rhode Island, exclusive of conflict of law rules. However, with respect to credit for reinsurance, the rules of all applicable states shall apply. 

ARTICLE 28 
 ENTIRE
AGREEMENT 
 This Contract sets forth all of the duties and obligations between the Company and the Reinsurer and supersedes any and all
prior or contemporaneous written agreements with respect to matters referred to in this Contract. This Contract may not be modified or changed except by an amendment to this Contract in writing signed by both parties. 

  
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 ARTICLE 29 
 NON-WAIVER 
 The failure of the Company or the Reinsurer to insist on compliance with this
Contract or to exercise any right or remedy hereunder shall not constitute a waiver of any rights contained in this Contract nor prevent either party from thereafter demanding full and complete compliance nor prevent either party from exercising
such remedy in the future. 
 ARTICLE 30 
 INTERMEDIARY 
 Guy Carpenter & Company, LLC, is hereby recognized as the
Intermediary negotiating this Contract for all business hereunder. All communications (including notices, statements, premiums, return premiums, commissions, taxes, losses, Loss Adjustment Expenses, salvages, and loss settlements) relating thereto
shall be transmitted to the Company or the Reinsurer through Guy Carpenter & Company, LLC, Two Logan Square, Philadelphia, Pennsylvania 19103-2772. Payments by the Company to the Intermediary shall be deemed payment to the Reinsurer.
Payments by the Reinsurer to the Intermediary shall be deemed payment to the Company only to the extent that such payments are actually received by the Company. 
 ARTICLE 31 
 MODE OF EXECUTION 

 

	A.	This Contract may be executed by: 

  

	 	1.	an original written ink signature of paper documents; 

  

	 	2.	an exchange of facsimile copies showing the original written ink signature of paper documents; 

 

	 	3.	electronic signature technology employing computer software and a digital signature or digitizer pen pad to capture a person’s handwritten signature in such a
manner that the signature is unique to the person signing, is under the sole control of the person signing, is capable of verification to authenticate the signature and is linked to the document signed in such a manner that if the data is changed,
such signature is invalidated. 

  

	B.	The use of any one or a combination of these methods of execution shall constitute a legally binding and valid signing of this Contract. This Contract may be executed
in one or more counterparts, each of which, when duly executed, shall be deemed an original. 

 IN WITNESS WHEREOF, the Company
has caused this Contract to be executed by its duly authorized representative(s) this 31 day of January, in the year of 2013. 
 NARRAGANSETT BAY INSURANCE COMPANY 
 including any and/or all companies that
are or may hereafter become affiliated therewith 
 /s/ Mark Talerico 

 
 NET RETAINED LINES QUOTA SHARE
REINSURANCE CONTRACT 

  
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 NUCLEAR INCIDENT EXCLUSION CLAUSE – PHYSICAL DAMAGE – 

REINSURANCE – U.S.A. 
  

	1.	This Reinsurance does not cover any loss or liability accruing to the Reassured, directly or indirectly, and whether as Insurer or Reinsurer, from any Pool of Insurers
or Reinsurers formed for the purpose of covering Atomic or Nuclear Energy risks. 

  

	2.	Without in any way restricting the operation of paragraph (1) of this clause, this Reinsurance does not cover any loss or liability accruing to the Reassured,
directly or indirectly and whether as Insurer or Reinsurer, from any insurance against Physical Damage (including business interruption or consequential loss arising out of such Physical Damage) to: 

 

	 	I.	Nuclear reactor power plants including all auxiliary property on the site, or 

 

	 	II.	Any other nuclear reactor installation, including laboratories handling radioactive materials in connection with reactor installations, and “critical
facilities” as such, or 

  

	 	III.	Installations for fabricating complete fuel elements or for processing substantial quantities of “special nuclear material”, and for reprocessing, salvaging,
chemically separating, storing or disposing of “spent” nuclear fuel or waste materials, or 

  

	 	IV.	Installations other than those listed in paragraph (2) III above using substantial quantities of radioactive isotopes or other products of nuclear fission.

  

	3.	Without in any way restricting the operations of paragraphs (1) and (2) hereof, this Reinsurance does not cover any loss or liability by radioactive
contamination accruing to the Reassured, directly or indirectly, and whether as Insurer or Reinsurer, from any insurance on property which is on the same site as a nuclear reactor power plant or other nuclear installation and which normally would be
insured therewith except that this paragraph (3) shall not operate 

  

	 	(a)	where Reassured does not have knowledge of such nuclear reactor power plant or nuclear installation, or 

 

	 	(b)	where said insurance contains a provision excluding coverage for damage to property caused by or resulting from radioactive contamination, however caused. However on
and after 1st January 1960 this sub-paragraph (b) shall only apply provided the said radioactive contamination exclusion provision has been approved by the Governmental Authority having jurisdiction thereof. 

 

	4.	Without in any way restricting the operations of paragraphs (1), (2) and (3) hereof, this Reinsurance does not cover any loss or liability by radioactive
contamination accruing to the Reassured, directly or indirectly, and whether as Insurer or Reinsurer, when such radioactive contamination is a named hazard specifically insured against. 

 

	5.	It is understood and agreed that this clause shall not extend to risks using radioactive isotopes in any form where the nuclear exposure is not considered by the
Reassured to be the primary hazard. 

  

	6.	The term “special nuclear material” shall have the meaning given it in the Atomic Energy Act of 1954 or by any law amendatory thereof.

  

	7.	Reassured to be sole judge of what constitutes: 

  

	 	(a)	substantial quantities, and 

  

	 	(b)	the extent of installation, plant or site. 

Note: Without in any way restricting the operation of paragraph (1) hereof, it is understood and agreed that 

 

	 	(a)	all policies issued by the Reassured on or before 31st December 1957 shall be free from the application of the other provisions of this Clause until expiry date or
31st December 1960 whichever first occurs whereupon all the provisions of this Clause shall apply. 

  

	 	(b)	with respect to any risk located in Canada policies issued by the Reassured on or before 31st December 1958 shall be free from the application of the other
provisions of this Clause until expiry date or 31st December 1960 whichever first occurs whereupon all the provisions of this Clause shall apply. 

  
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	NOTES:	Wherever used herein the terms: 

  

	 	“Reassured”	shall be understood to mean “Company”, “Reinsured”, “Reassured” or whatever other term is used in the attached reinsurance document to
designate the reinsured company or companies. 

  

	 	“Agreement”	shall be understood to mean “Agreement”, “Contract”, “Policy” or whatever other term is used to designate the attached reinsurance
document. 

  

	 	“Reinsurers”	shall be understood to mean “Reinsurers”, “Underwriters” or whatever other term is used in the attached reinsurance document to designate the
reinsurer or reinsurers. 

  
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 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 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. 

  

	 	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): 
 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 

  
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	 	(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 byproduct material other than the tailings or wastes produced by the extraction or 

  
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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, 

 

	 	(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” includes all forms of
radioactive contamination of property. “property damage” 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. 

 
  

 
  

	NOTES:	Wherever used herein the terms: 

  

	 	“Reassured”	shall be understood to mean “Company”, “Reinsured”, “Reassured” or whatever other term is used in the attached reinsurance document to
designate the reinsured company or companies. 

  

	 	“Agreement”	shall be understood to mean “Agreement”, “Contract”, “Policy” or whatever other term is used to designate the attached reinsurance
document. 

  

	 	“Reinsurers”	shall be understood to mean “Reinsurers”, “Underwriters” or whatever other term is used in the attached reinsurance document to designate the
reinsurer or reinsurers. 

  
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 TERRORISM EXCLUSION 
 Notwithstanding any provision to the contrary within this Contract or any endorsement thereto, it is agreed that this Contract excludes loss, damage, cost, or expense directly or indirectly caused by,
contributed to by, resulting from, or arising out of or in connection with any Act of Terrorism, as defined herein, regardless of any other cause or event contributing concurrently or in any other sequence to the loss. 

An “Act of Terrorism” includes any act, or preparation in respect of action, or threat of action, designed to influence the government de jure
or de facto of any nation or any political division thereof, or in pursuit of political, religious, ideological, or similar purposes to intimidate the public or a section of the public of any nation by any person or group(s) of persons whether
acting alone or on behalf of or in connection with any organization(s) or government(s) de jure or de facto, and which: 
  

	(i)	involves violence against one or more persons; or 

  

	(ii)	involves damage to property; or 

  

	(iii)	endangers life other than that of the person committing the action; or 

  

	(iv)	creates a risk to health or safety of the public or a section of the public; or 

 

	(v)	is designed to interfere with or to disrupt an electronic system. 

 This Contract also excludes loss, damage, cost, or expense directly or indirectly caused by, contributed to by, resulting from, or arising out of or in connection with any action in controlling,
preventing, suppressing, retaliating against, or responding to any Act of Terrorism. 
 Notwithstanding the above and subject otherwise to the
terms, conditions, and limitations of this Contract, in respect only of personal lines this Contract will pay actual loss or damage (but not related cost or expense) caused by any Act of Terrorism provided such act is not directly or indirectly
caused by, contributed to by, resulting from, or arising out of or in connection with biological, or chemical pollution or contamination, or nuclear explosion, pollution or contamination. 

  
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 MOLD EXCLUSION 
 This Contract excludes loss, damage, cost or expense of whatsoever nature directly caused by, resulting from or in connection with mold, unless such loss, damage, cost or expense is the direct result of
an otherwise insured peril. 

  
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 TRUST AGREEMENT REQUIREMENTS CLAUSE 

 

	A.	If the Reinsurer satisfies its funding obligations under the Unauthorized Reinsurance Article by providing a Trust Agreement, the Reinsurer shall ensure that the Trust
Agreement: 

  

	 	1.	Requires the Reinsurer to establish a trust account for the benefit of the Company, and specifies what the Trust Agreement is to cover; 

 

	 	2.	Stipulates that assets deposited in the trust account shall be valued according to their current fair market value and shall consist only of cash (United States legal
tender), certificates of deposit (issued by a United States bank and payable in United States legal tender), and investments of the types permitted by the regulatory authorities having jurisdiction over the Company’s reserves, or any
combination of the three, provided that the investments are issued by an institution that is not the parent, subsidiary or affiliate of either the Reinsurer or the Company; 

 

	 	3.	Requires the Reinsurer, prior to depositing assets with the trustee, to execute assignments or endorsements in blank, or to transfer legal title to the trustee of all
shares, obligations or any other assets requiring assignments, in order that the Company, or the trustee upon the direction of the Company, may whenever necessary negotiate these assets without consent or signature from the Reinsurer or any other
entity; 

  

	 	4.	Requires that all settlements of account between the Company and the Reinsurer be made in cash or its equivalent; and 

 

	 	5.	Provides that assets in the trust account shall be withdrawn only as permitted in this Contract, without diminution because of the insolvency of the Company or the
Reinsurer. 

  

	B.	If there are multiple ceding insurers that collectively comprise the Company, “regulatory authorities” as referenced in subparagraph A(2) above, shall mean
the individual ceding insurer’s domestic regulator. If such ceding insurer is subject to the commercial domicile laws or regulations of another state, such laws or regulations shall apply to the extent not in conflict with those of such ceding
insurer’s domicile. 

  
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 POOLS, ASSOCIATIONS & SYNDICATES EXCLUSION CLAUSE 

Section A: 
 This Contract excludes:

  

	 	a.	All business derived directly or indirectly from any Pool, Association or Syndicate which maintains its own reinsurance facilities. 

 

	 	b.	Any Pool or Scheme (whether voluntary or mandatory) formed after March 1, 1968 for the purpose of insuring property, whether on a country-wide basis or in respect
of designated areas. This exclusion shall not apply to so-called Automobile Insurance Plans or other Pools formed to provide coverage for Automobile Physical Damage. 

 Section B: 
  

	1.	This Contract excludes business written by the Company for the same perils, which is known at the time to be insured by, or in excess of underlying amounts placed in,
any Pool, Association or Syndicate, whether by way of insurance or reinsurance, formed for the purpose of writing any of the following: 

 Oil, Gas or Petro-Chemical Plants 
 Oil or Gas Drilling Rigs and/or 

Aviation Risks 
  

	2.	The exclusion under paragraph 1 of this Section B does not apply: 

  

	 	a.	Where the Total Insured Value over all interests of the risk in question is less than $250,000,000. 

 

	 	b.	To interests traditionally underwritten as Inland Marine and/or Stock and/or Contents written on a Blanket basis. 

 

	 	c.	To Contingent Business Interruption, except when the Company is aware that the key location is known at the time to be insured in any Pool, Association or Syndicate
named above, other than as provided for under subparagraph (a). 

 Section C: 

 

	1.	Nevertheless the Reinsurer specifically agrees that liability accruing to the Company from its participation in Residual Market Mechanisms, including but not limited to
the following, for all perils otherwise protected hereunder shall not be excluded herefrom: 

  

	 	a.	So-called “Beach and Windstorm Plans” and so-called “Coastal Pools”; 

 

	 	b.	All “FAIR Plan” and “Rural Risk Plan” business; 

  

	 	c.	Citizens Property Insurance Corporation (Florida), Louisiana Citizens Property Insurance Corporation or any similar state-run insurance corporation;

  

	 	d.	California Earthquake Authority (“CEA”) or any similar entity. 

  

	2.	However, this reinsurance does not include any increase in such liability resulting from: 

 

	 	a.	The inability of any other participant in such Residual Market Mechanisms to meet its liability; 

 

	 	b.	Any claim against a Residual Market Mechanism or any participant therein, including the Company, whether by way of subrogation or otherwise, brought by or on behalf of
any insolvency fund (as defined in the Exclusions Article); 

  

	 	c.	Any assessment or surcharge levied on the policyholder and therefore not a liability of the Company; 

 

	 	d.	The Company’s initial capital contribution to the CEA; 

  
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	 	e.	Any assessments, other than interim and regular assessments, from a Residual Market Mechanism included in subparagraph 1(c) above; 

 

	 	f.	Any expenditure to purchase or retire bonds. 

  

	3.	The Company may include in Ultimate Net Loss for any Loss Occurrence covered hereunder only the liability attributable to that Loss Occurrence. If the relevant entity
does not specify what portion of an assessment is attributable to each Loss Occurrence, the Company may include in Ultimate Net Loss in respect of each Loss Occurrence a percentage of the Company’s assessments from the relevant entity related
to the calendar year in which the Loss Occurrence commenced, regardless of when assessed, such percentage to be determined by dividing the relevant entity’s losses arising from the Loss Occurrence by its total losses for the calendar year.

  

	4.	The Company will deduct from Ultimate Net Loss amounts received as recoupment of any assessment that has been included in the Ultimate Net Loss, provided the recoupment
is directly allocable to the assessment (“itemized recoupment”). The Company shall use commercially reasonable efforts to recoup such assessment. Any amount received as an itemized recoupment of any assessment (whether under this Contract
or any predecessor contract), and therefore deductible from Ultimate Net Loss, shall not be included in the subject premium of this Contract. 

 However, if a state levies assessments but does not allow itemized recoupment from policyholders, instead allowing the Company to file an overall increased rate, any such premium increased thereby shall
not be deemed to be a recoupment that is deductible from Ultimate Net Loss. Any recoupment received as part of a general premium rate increase, not specifically itemized, shall be included as part of the subject premium of this Contract or a
successor contract, as applicable. 
  
  

 

					
	 NOTES:
	 	 Wherever used herein the terms:

			
		 	“Company”	  	shall be understood to mean “Company”, “Reinsured”, “Reassured” or whatever other term is used in the attached reinsurance document to designate the
reinsured company or companies.
			
		 	“Contract”	  	shall be understood to mean “Agreement,” “Contract,” “Policy” or whatever other term is used to designate the attached reinsurance
document.
			
		 	“Reinsurer”	  	shall be understood to mean “Reinsurer,” “Reinsurers,” “Underwriters” or whatever other term is used in the attached reinsurance document to designate
the reinsurer or reinsurers.

  
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 INTERESTS AND LIABILITIES AGREEMENT 

(the “Agreement”) 
 of 
 Third Point Reinsurance Company Ltd. 

(the “Subscribing Reinsurer”) 
 as respects the 
 NET RETAINED LINES QUOTA SHARE REINSURANCE CONTRACT

 Effective: December 31, 2012 
 (the “Contract”) 
 issued to and executed by 

NARRAGANSETT BAY INSURANCE COMPANY 
 Pawtucket, Rhode Island 
 including any and/or all companies that are or may
hereafter become affiliated therewith 
 (collectively, the “Company”) 

The Subscribing Reinsurer’s share in the interests and liabilities of the Reinsurer as set forth in the Contract shall be 100%. 

The share of the Subscribing Reinsurer in the interests and liabilities of the Reinsurer in respect of the Contract shall be separate and apart from the
shares of other subscribing reinsurers, if any, on the Contract. The interests and liabilities of the Subscribing Reinsurer shall not be joint with those of such other subscribing reinsurers and in no event shall the Subscribing Reinsurer
participate in the interests and liabilities of such other subscribing reinsurers. 
 This Agreement shall become effective at 11:59 p.m.,
Eastern Standard Time, December 31, 2012, and shall be subject to the provisions of the Term Article and the Special Termination Article and all other terms and conditions of the Contract. 
 Premium and loss payments made to Guy Carpenter shall be deposited in a Premium and Loss Account in accordance with Section 32.3(a)(1) of Regulation 98 of the New York Insurance Department. The
Subscribing Reinsurer consents to withdrawals from said account in accordance with Section 32.3(a)(3) of the Regulation, including interest and Federal Excise Tax. 

  

					
	Effective: December 31, 2012	 		 	DOC: January 23, 2013
	U3Z8000E	 	1 of 3	 	

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 Brokerage hereunder is 1.00% of gross ceded premium. 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as follows: 

On this      day of         , in the year of 2013. 

NARRAGANSETT BAY INSURANCE COMPANY 
  

 
 NET RETAINED LINES QUOTA SHARE
REINSURANCE CONTRACT 

  

					
	Effective: December 31, 2012	 		 	DOC: January 23, 2013
	U3Z8000E	 	2 of 3	 	

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 and on this 14 day of February, in the year of 2013. 

THIRD POINT REINSURANCE COMPANY LTD. 
 /s/ John R. Berger 
  

 
 NARRAGANSETT BAY INSURANCE
COMPANY 
 NET RETAINED LINES QUOTA SHARE REINSURANCE CONTRACT 

  

					
	Effective: December 31, 2012	 		 	DOC: January 23, 2013
	U3Z8000E	 	3 of 3EX-10.25

 EXHIBIT 10.25 
 SHAREHOLDERS AGREEMENT 
 This Shareholders
Agreement (as the same may be amended, modified or supplemented from time to time, this “Agreement”) is dated as of this 11th day of December, 2012 and entered into by and among (i) the shareholders of the Company whose names,
addresses and equity interest in the Company appear from time to time on Schedule I hereto (together, the “Investors”), including Third Point Reinsurance Ltd., a Bermuda exempted company incorporated under the laws of Bermuda
with its registered office at The Waterfront, Chesney House, 96 Pitt’s Bay Road, Pembroke HM 08, Bermuda (“Third Point Re”), and Hiscox Insurance Company (Bermuda) Limited, a Bermuda exempted company incorporated under the laws
of Bermuda with its registered office at 4th Floor Wessex
House, 45 Reid Street, Hamilton HM 12, Bermuda (“Hiscox”), and (ii) Third Point Reinsurance Investment Management Ltd., a Bermuda exempted company incorporated under the laws of Bermuda with its registered office at The
Waterfront, Chesney House, 96 Pitt’s Bay Road, Pembroke HM 08, Bermuda (the “Company”). Capitalized terms that are used herein and not defined elsewhere herein shall have the meanings set forth in Section 6(a)
hereof. 

R  E  C  I  T  A  
L  S 
 WHEREAS, on June 15, 2012, the Company was incorporated under the laws of Bermuda;

 WHEREAS, the Investors own all of the issued and outstanding Common Shares, par value $1.00 per share, of the Company (the
“Common Shares”), which are the only shares of the Company issued and outstanding as of the date hereof; and 

WHEREAS, in order to provide for certain governance matters relating to the Company and other matters in respect of, among other things,
the holding and Transfer of the Shares (as defined below), the Company and the Investors have determined to enter into this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto hereby agree as follows: 

1. COVENANTS OF THE PARTIES. 
 (a) Legends. 
 (i) Any certificates evidencing the Common Shares and any
other shares of the Company that any Investor may hold from time to time (together with any shares of the Company issued with respect to any of the foregoing by way of a share dividend or distribution payable thereon or share split, reverse share
split, recapitalization, reclassification, reorganization, exchange, subdivision or combination thereof, the “Shares”) will bear substantially the following legend reflecting the restrictions on the Transfer of such securities
contained in this Agreement or as otherwise required by applicable law: 
 “THE SECURITIES EVIDENCED BY THIS CERTIFICATE
WERE ISSUED IN A TRANSACTION THAT WAS NOT REGISTERED UNDER THE UNITED STATES OF AMERICA SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), THE SECURITIES LAWS OF ANY STATE OR ANY OTHER APPLICABLE SECURITIES LAWS. ACCORDINGLY, THESE SECURITIES
MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT (I) AS PERMITTED UNDER BERMUDA LAW, INCLUDING (WHERE NECESSARY) AFTER OBTAINING THE CONSENT OF THE BERMUDA MONETARY AUTHORITY, AND (II) PURSUANT TO AN
EFFECTIVE REGISTRATION UNDER THE ACT, UNLESS SUCH OFFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION IS EXEMPT FROM REGISTRATION OR IS OTHERWISE IN COMPLIANCE WITH THE ACT AND ANY OTHER APPLICABLE SECURITIES LAWS. AS A CONDITION OF
SUCH TRANSFER, THIRD POINT REINSURANCE INVESTMENT MANAGEMENT LTD. (THE “COMPANY”) MAY REQUEST A WRITTEN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO IT, TO THE EFFECT THAT REGISTRATION IS NOT REQUIRED IN CONNECTION WITH SUCH SALE
OR OTHER TRANSFER. 
 THE SECURITIES EVIDENCED HEREBY ARE SUBJECT TO THE TERMS OF THAT CERTAIN SHAREHOLDERS AGREEMENT (AS AMENDED
FROM TIME TO TIME) BY AND AMONG THE COMPANY AND CERTAIN INVESTORS IDENTIFIED THEREIN, INCLUDING CERTAIN RESTRICTIONS ON TRANSFER. THE BYE-LAWS OF THE COMPANY CONTAIN OTHER RESTRICTIONS ON TRANSFER OF THE COMPANY’S SECURITIES. COPIES OF THE
SHAREHOLDERS AGREEMENT AND THE COMPANY’S BYE-LAWS HAVE BEEN FILED WITH THE SECRETARY OF THE COMPANY AND ARE AVAILABLE UPON REQUEST.” 
 (ii) If any certificates representing any Shares held by an Investor do not bear substantially the foregoing legends, such Investor shall, as promptly as practicable following the request of the Company,
deliver all such certificates to the Company to enable the Company to place such legend on such certificates. In the event that the restrictive legend set forth in Section 1(a)(i) above has ceased to be applicable to the Shares held by
an Investor, the Company shall provide such Investor, or his, her or its transferee(s), if applicable, at his, her or its request, with new certificates for such Shares not bearing the legend with respect to which the restriction has ceased and
terminated. 

 (b) Additional Investors. The parties hereto acknowledge that, subject to
Section 2(c)(iii), certain Persons may become shareholders of the Company after the date hereof. As a condition to the issuance of any Shares to any Person, the Company shall require such Persons to execute and deliver an agreement in
writing to be bound by the terms and conditions of this Agreement in the form of the Joinder Agreement, substantially in the form attached as Exhibit A hereto (the “Joinder Agreement”). Notwithstanding anything contained
herein to the contrary, if any Investor shall Transfer any Shares to any Permitted Transferee, unless the context otherwise requires, references herein to such Investor shall be deemed to be to such Investor and all Permitted Transferees thereof,
and no Investor nor any Permitted Transferee thereof shall acquire additional rights as a result of any such Transfer (e.g., if an Investor Transfers Shares to a Permitted Transferee, such Investor and all such Permitted Transferees shall (in the
aggregate) have the right, subject to the terms set forth herein, to designate one (1) person to the Board). 
 (c)
Information Rights. During the term of this Agreement, and for so long as Hiscox holds Shares representing at least 1 % of the issued and outstanding equity interests in the Company, the Company shall provide the following to Hiscox:

 (i) Monthly Statements. As promptly as practical after they are provided to the Board, the unaudited monthly financial
statements (including income statements, balance sheets and cash flow statements) of each of the Company and the Fund and its Subsidiaries beginning with the month ended January 31, 2013; 

(ii) Quarterly Statements. As promptly as practical after they are provided to the Board, the unaudited quarterly financial
statements (including income statements, balance sheets and cash flow statements) of each of the Company and the Fund and its Subsidiaries beginning with the quarter ended March 31, 2013; 

(iii) Annual Statements. As promptly as practical after they are provided to the Board, the audited annual financial statements
(including income statements, balance sheets and cash flow statements) of each of the Company and the Fund and its Subsidiaries beginning with the year ended December 31, 2013; 

(iv) Annual Budget. As promptly as practical after it is approved by the Board, a copy of the annual budget of each of the Company
and the Fund and its Subsidiaries beginning with the budget for the 2013 fiscal year; 
 (v) Audit Reports. Promptly
following receipt thereof, one copy of each audit report submitted to the Fund by its independent accountants in connection with any annual, interim or special audit made by them of the books of the Company or the Fund and its Subsidiaries;

 (vi) Reports to Creditors. As promptly as practical after it is provided to any lenders to either the Company or the
Fund, any material report that is provided to such lenders; and 
 (vii) Requested Information. As promptly as practical,
such other financial information as from time to time may be reasonably requested by an Investor entitled to information pursuant to this Section 1(c). 
 Notwithstanding anything else in this Section 1(c) to the contrary, the Company may withhold from any Investor any information reasonably determined by the Board to be competitively sensitive.

 2. BOARD OF DIRECTORS. 
 (a) Election of Directors. As of the date hereof, the Company’s Board of Directors (the “Board”) consists of four (4) members. From and after the date hereof, the
Investors shall take all action within their respective power, including but not limited to, the voting of all Shares owned by them from time to time and entitled to vote, required to cause the Board to (i) consist of four (4) members or
such other number not less than three (3) members as the Board may from time to time establish, (ii) include a number of directors designated by Third Point Re that constitutes at least a majority of the Board, and (iii) for so long
as Hiscox (x) holds at least 1,200 Shares and (y) owns Series B Shares of the Fund in an amount representing at least fifty percent (50%) of the value of the Series B Shares of the Fund acquired by Hiscox on the date hereof, in each
case as valued as the purchase price paid by Hiscox for such Series B Shares, include one (1) director designated by Hiscox (the “Hiscox Director”), subject to the right of the Board to approve such nominee (which approval
shall not be unreasonably withheld, delayed or conditioned), it being understood and agreed that the initial Hiscox Director shall be Jeremy Pinchin. The Hiscox Director may, upon written notice to the Board, nominate any person to be the Hiscox
Director’s alternate Director (an “Alternate Director”), subject to the right of the Board to approve such nominee (which approval shall not be unreasonably withheld, delayed or conditioned), it being understood and agreed that
the initial Alternate Director for the Hiscox Director shall be either Adam Alvarez or Damien Smith An Alternate Director shall perform all of the functions and duties and have all of the rights of the Hiscox Director at any meeting at which the
Hiscox Director is not present. Unless (A) prohibited by law or applicable rules or regulations of any stock exchange or automated dealer quotation system on which the Shares may become listed or (B) such committee is formed to consider a
transaction between Hiscox and the Company, the Hiscox Director shall be a member of each committee of the Board for so long as Hiscox has the right to designate a director pursuant to this Section 2(a). Hiscox shall forfeit its right to
designate the Hiscox Director upon the occurrence of a Call Option Trigger Event, following which Hiscox shall cause any person designated by it to the Board to resign from the Board and any committee of the Board (and, unless otherwise requested by
the Company, the board of directors (or equivalent governing body) of any Subsidiary of the Company or the Fund) with immediate effect. If Hiscox fails or refuses to cause any person designated by it to the Board to resign

  
 -2-

 
therefrom (and from any other committee of the Board and the board of directors (or equivalent governing body) of any Subsidiary of the Company or the Fund), in each case in accordance with the
terms set forth in this Section 2(a), then Hiscox hereby irrevocably and unconditionally appoints (which appointment is coupled with an interest) the Secretary and the Assistant Secretary of the Company as his or its attorney-in-fact in
Hiscox’s name and as its act and deed to execute all such documents and do all such other things as the attorney-in-fact shall, in his or its absolute discretion, consider necessary or desirable in order to effect the removal from the Board
(and any committee of the Board and the board of directors (or equivalent governing body) of any Subsidiary of the Company or the Fund) of any person designated by Hiscox to the Board (or any other committee of the Board or the board of directors
(or equivalent governing body) of any Subsidiary of the Company or the Fund). 
 (b) Replacement Directors; Resignation.
In the event that any member of the Board is unable to serve, or once having commenced to serve, is removed, resigns or withdraws from the Board (a “Withdrawing Director”), such Withdrawing Director’s replacement (the
“Successor Director”) will be designated, where applicable, by the Investor that initially designated such Withdrawing Director to the Board; provided, however, that if the Successor Director is nominated by Hiscox,
the appointment of such Successor Director shall be subject to approval by the Board (which approval shall not be unreasonably withheld, delayed or conditioned); provided, further however, that in the case of the resignation or removal
of a director pursuant to the penultimate sentence of Section 2(a) hereof, the Successor Director (if any) shall be designated by the remaining member(s) of the Board. The Investors and the Company agree to take all action within their
respective power, including but not limited to, the voting (or execution of written consent) of Shares owned by them and entitled to vote to cause the election of such Successor Director promptly following his or her nomination pursuant to this
Section 2(b). 
 (c) Matters Requiring Approval of the Hiscox Director  

For so long as Hiscox shall have the right to appoint the Hiscox Director pursuant to Section 2(a), the Investors agree that
the following actions taken by the Company shall require, in addition to the approval of a majority of the Board, the approval of the Hiscox Director: 
 (i) any amendment or modification of the Management Agreement that would disproportionately adversely affect the rights and powers of Hiscox as an Investor relative to other Investors without
consideration of any factors (including, but not limited to, the Quota Share Agreement or any other relationship or agreement between Hiscox and the Company) other than Hiscox’s equity ownership in the Company; 

(ii) other than the agreements set forth on Schedule 2(c)(ii) hereto, any agreement, transaction or other arrangement between the
Company, on the one hand, and any Affiliate of Third Point Re or any of their or its respective officers or directors, on the other hand, provided that no approval of the Hiscox Director pursuant to this Section 2(c) shall be
required for any such agreement, transaction or other arrangement whose terms are no more favorable to any such Affiliate of Third Point Re or any of their or its respective officers or directors than the terms likely to have been obtained by the
Company from an unaffiliated third party in an arms’ length transaction, it being understood and agreed that if any such transaction is approved by a majority of the members of the Board acting reasonably and in good faith based on independent
advice or information, then such transaction shall be deemed to have satisfied the requirements of this Section 2(c)(ii); 
 (iii) engage in any activity other than (A) the management of the Fund pursuant to the Management Agreement, (B) any other investment management or advisory services or similar or related
services, (C) any ancillary incidental services necessary for the provision of investment management or advisory services, or (D) any business, or provision of goods or services consistent with those conducted or provided, as applicable,
by insurance or reinsurance companies; 
 (iv) the issuance of any equity security of the Company, or any security convertible
into or exchangeable for any equity security of the Company, to any Hiscox Competitor; and 
 (v) any amendment to the
Company’s Memorandum or Articles of Association or similar constitutive document that would disproportionately adversely affect the rights and powers of Hiscox as an Investor relative to other Investors without consideration of any factors
(including, but not limited to, the Quota Share Agreement or any other relationship or agreement between Hiscox and the Company) other than Hiscox’s equity ownership in the Company. 

3. TRANSFER OF SHARES; ISSUANCE OF NEW SHARES. 
 (a) Resale of Securities; Transfer Restrictions. 
 No Investor shall
Transfer any Shares other than in accordance with the provisions of this Agreement, including this Section 3. Any Transfer made in violation of this Agreement, including this Section 3, shall be null and void and of no
effect. The Company shall not record on its share transfer books or otherwise any Transfer of Shares in violation of the terms and conditions set forth herein. Other than in connection with a Transfer pursuant to Sections 3(b), 3(c),
4(a) or 4(b), no Minority Investor shall Transfer any Shares without the prior written consent of Investors holding a majority of the Shares; provided, however, that a Transfer to a Permitted Transferee by any Investor
for bona fide estate or tax planning or similar purposes or to a controlled Affiliate of such Investor in connection with an internal corporate restructuring shall be permitted so long as, prior

  
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to the completion of any such Transfer, the transferring Investor shall have delivered or cause to have been delivered to the Company and the other Investors an executed copy of the joinder
agreement attached as Exhibit A hereto, together with such other documents as the Company or the other Investors may reasonably request in connection therewith. No Investor shall Transfer any Shares to any Hiscox Competitor without the prior
written consent of Hiscox. In the event that any Investor is an entity, the restrictions on Transfer set forth herein shall apply, mutatis mutandis, to Transfers of any direct or indirect equity interests in such entity to any Person. Any
Investor proposing to Transfer any of its Shares as permitted under this Section 3(a) or pursuant to Section 3(b), other than to a Permitted Transferee, shall deliver to each other Investor a notice (a “Sale
Notice”) with respect to such proposed Transfer setting out the relevant details thereof including the terms and conditions of the Transfer, the consideration to be paid and the proposed date of the closing of the Transfer. Such Sale Notice
shall be delivered no later than 30 days prior to the proposed closing date of such proposed Transfer. 
 (b) Drag Along
Right. 
 (i) Anything contained herein to the contrary notwithstanding, if Third Point Re or any Permitted Transferee
thereof (the “Initiating Investor”) proposes, pursuant to a bona fide arm’s length agreement with an unrelated third party other than any Hiscox Competitor, (A) the Transfer, directly or indirectly, of all of the Shares of
the Company then held by Third Point Re and all of its Permitted Transferees, (B) the merger, amalgamation or consolidation of the Company with or into any other Person or Persons, or (C) the sale by the Company of all or substantially all
of its assets to any other Person or Persons (each event described in clauses (A), (B) or (C), a “Sale Proposal”), then the Initiating Investor shall deliver a Sale Notice to each other Investor setting forth the details of
such Sale Proposal no later than 30 days prior to the proposed closing date thereof. The Initiating Investor shall have the right to require each other Investor to participate in such Sale Proposal (the “Drag Right”), the exercise
of which shall be clearly stated in the Sale Notice. If the Initiating Investor exercises the Drag Right, each other Investor shall be obligated (which obligation shall be enforceable by the Company) to participate in the transaction (a
“Required Sale”) contemplated by the Sale Proposal, and, if applicable, to sell all of its Shares and otherwise to take all necessary action to cause the Company and the Investors to consummate such Required Sale, including, if
applicable, voting all Shares then owned by such Investor in favor of, or selling any Shares owned thereby in, such Required Sale and waiving any appraisal or similar rights such Investor may have under applicable law with respect thereto. For
avoidance of doubt, no Initiating Investor shall have any Drag Right with respect to any proposed transaction to which any Hiscox Competitor is party. 
 (ii) Each Investor shall execute and deliver such instruments of conveyance and transfer and take such other action, including executing any purchase agreement, merger or amalgamation agreement, indemnity
agreement, escrow agreement or related documents, as may be reasonably required by the Company or the Initiating Investor in order to (as applicable) Transfer its Shares and otherwise to approve and consummate a Required Sale in accordance with the
terms and provisions of this Section 3(b), and in furtherance of the foregoing, each Investor shall be required to make to the proposed transferee or purchaser in the Required Sale substantially the same representations, warranties,
covenants, indemnities and agreements as the Initiating Investor agrees to make in connection with such Required Sale, and agree to the same conditions to such transaction as such Initiating Investor agrees (except that, in the case of
representations, warranties, covenants, indemnities, agreements and conditions pertaining specifically to such Initiating Investor, each other Investor shall make comparable representations, warranties, covenants, indemnities and agreements and
shall agree to comparable conditions, in each case to the extent applicable and pertaining specifically to itself and only to itself); provided, however, that, all representations, warranties, covenants, indemnities and agreements
shall be made by all Investors severally and not jointly, and any liability of the Investors thereunder shall (1) be borne by each of them on a pro rata basis determined according to the aggregate proceeds to be received by them in connection
with the Required Sale, and (2) in no event exceed, with respect to any Investor, the net proceeds to be paid to such Investor in connection with the Required Sale (it being understood and agreed that, with respect to representations,
warranties, covenants, indemnities and agreements pertaining specifically to any Investor, only such Investor making such representations, warranties, covenants, indemnities and agreements shall have any liability in respect thereof, subject in all
cases to the limitation set forth in clause (2) immediately above). 
 (iii) Notwithstanding anything contained in this
Section 3(b), in the event that all or a portion of the purchase price in a Required Sale consists of securities and the transfer of such securities to any Investor would require either a registration under the Securities Act, or the
preparation of a disclosure document pursuant to Regulation D under the Securities Act (or any successor regulation) or a similar provision of any state securities law, then, at the option of the Company or the Initiating Investor, any one or more
of such Investors may receive, in lieu of such securities, an amount in cash equal to the fair market value of the securities that would have otherwise been received by such Investor in connection with the Required Sale, such amount to be determined
in good faith by the Board. 
 (iv) If any Investor fails or refuses to vote or sell his Shares as required by, or votes his
Shares in contravention of, this Section 3(b), then such Investor hereby grants to the Secretary and the Assistant Secretary of the Company an irrevocable proxy, coupled with an interest, to vote such Shares in accordance with the
provisions of this Section 3(b), and hereby appoints the Secretary and the Assistant Secretary of the Company his or its attorney-in-fact, to sell such Shares in accordance with the provisions of this Section 3(b).

  
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 (c) Tag-Along Right. 

(i) In the event an Initiating Investor provides a Sale Notice with respect to a Transfer of not less than a majority of the Shares then
owned by such Initiating Investor and its Affiliates that is otherwise permitted pursuant to the terms of this Agreement and Section 3(a) and, if applicable, such Initiating Investor does not exercise its right to require other Investors
to participate in such Transfer in accordance with Section 3(b), then each other Investor (the “Tag-Along Investors”) shall have the right to sell, at the same price (subject to the provisions below), an amount of Shares equal
to the Shares the third party actually proposes to purchase from the Initiating Investor multiplied by a fraction, the numerator of which shall be the number of Shares owned by such Tag-Along Investor and the denominator of which shall be the
aggregate number of Shares owned by the Initiating Investor and each Tag-Along Investor exercising his, her or its rights under this Section 3(c). Each Tag-Along Investor shall exercise the right provided by this Section 3(c)
by delivery written notice to the Initiating Investor within ten (10) calendar days of the date of such Sale Notice stating whether he, she or it elects to participate in such Transfer. Any Tag-Along Investor that fails to notify the Initiating
Investor within such ten (10) calendar day period shall be deemed to have waived his, her or its rights hereunder. 
 (ii)
Notwithstanding anything contained in this Section 3(c), in the event that all or a portion of the purchase price consists of securities and the Transfer of such securities to the Tag-Along Investors would require either a registration
under the Securities Act or the preparation of a disclosure document pursuant to Regulation D under the Securities Act (or any successor regulation) or a similar provision of any state securities law, then, at the option of the Company or the
Selling Investor, any one or more of the Tag-Along Investors may receive, in lieu of such securities, an amount in cash equal to the fair market value of the securities that would have otherwise been received by such Tag-Along Investor, as
determined in good faith by the Board. 
 (iii) The provisions of this Section 3(c) shall not apply to a merger,
reorganization, consolidation, liquidation or winding up involving the Company (provided all holders of Shares are treated equally in connection therewith) or to Transfers by the Initiating Investors in connection with a bona fide pledge to, or
similar arrangement in connection with a bona fide borrowing from, a financial institution. The provisions of this Section 3(c) shall also not apply to a sale or other Transfer pursuant to which an Initiating Investor has exercised their
rights under Section 3(b). 
 (d) Preemptive Rights. 

(i) In the event that, in accordance with the terms set forth in this Agreement, the Board determines to cause the Company to issue
equity interests in the Company or other securities or interests exercisable for or convertible into equity securities of the Company (“New Shares”), in each case other than with respect to (A) the issuance of New Shares in
connection with the granting or exercise of employee share options or other share incentives pursuant to the Company’s share incentive plans and employment arrangements as in effect from time to time or the issuance of New Shares pursuant to
the Company’s employee share purchase plan as in effect from time to time and (B) the issuance of New Shares pursuant to or in consideration for the acquisition of another Person, business or assets by the Company or any of its
Subsidiaries, whether by purchase of share, merger, consolidation, purchase of all or substantially all of the assets of such Person or otherwise, the Board shall cause the Company to provide written notice (a “Preemptive Rights
Notice”) thereof to each Investor at least twenty (20) days prior to the estimated date of such issuance. The Preemptive Rights Notice shall set forth a summary of the material terms of such New Shares, including the estimated amount
of New Shares to be issued, the estimated purchase price therefor and the estimated date of issuance of such New Shares. Each Investor shall have the right (a “Preemptive Right”) to purchase a portion of the New Shares equal to up
to the number of New Shares proposed to be issued multiplied by the percentage of equity ownership of such Investor in the Company as of the date of delivery of the Preemptive Rights Notice. 

(ii) Each Investor that desires to exercise its Preemptive Rights hereunder must exercise such Preemptive Right within twenty
(20) days after receipt of the Preemptive Rights Notice from the Company, and any failure to exercise such Preemptive Right within such time period shall be deemed a waiver of the Preemptive Right in respect of the New Shares referred to in the
related Preemptive Rights Notice. 
 (iii) The election by an Investor not to exercise such Investor’s Preemptive Rights
under this Section 3(d) in any one instance shall not affect such Investor’s right as to any subsequent proposed issuance subject to this Section 3(d), provided that such Investor continues to be an Investor as of the
date of delivery of the Preemptive Right Notice in respect of any such subsequent proposed issuance. 
 4. CALL OPTION;
PUT OPTION; MARKETING; NON-SOLICIT; NON-COMPETE. 
 (a) Third Point Re Call Option. 

(i) Hiscox hereby grants to Third Point Re, and Third Point Re hereby acquires from Hiscox, an option (the “Call
Option”) to cause Hiscox, or its Permitted Transferees, if any, to sell to Third Point Re all of the Shares of the Company owned by Hiscox, its controlled Affiliates or any of their Permitted Transferees, if any (the “Call
Shares”), pursuant to the terms of Section 4(a)(ii) at the Option Price. 

  
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 (ii) Upon the occurrence of a Call Option Trigger Event, and so long as a Call Option
Trigger Event is occurring, Third Point Re may exercise the Call Option by executing and delivering written notice (the “Call Notice”), to Hiscox stating that it is exercising its call right under this Agreement and specifying the
delivery date for the Option Price and the Call Shares, such date to be no later than 30 days following delivery of the Call Notice. If Third Point Re delivers a Call Notice to Hiscox, then upon delivery of the Option Price for the Call Shares by
Third Point Re to Hiscox or its Permitted Transferee, as applicable, Hiscox or its Permitted Transferee, as applicable, shall promptly, and in no event later than the 3:00 p.m. New York City time on such date of delivery of the Option Price,
Transfer and deliver the Call Shares to Third Point Re free and clear of all liens or other encumbrances. 
 (b) Hiscox Put
Option. 
 (i) Third Point Re hereby grants to Hiscox, and Hiscox hereby acquires from Third Point Re, an option (the
“Put Option”) to cause Third Point Re to purchase from Hiscox all of the Shares of the Company owned by Hiscox, its controlled Affiliates or any of their Permitted Transferees, if any (the “Put Shares”), pursuant to
the terms of Section 4(b)(ii) at the Option Price. 
 (ii) On December 31, 2017 and December 31 of each
year thereafter, Hiscox may exercise the Put Option by executing and delivering written notice (the “Put Notice”), to Third Point Re stating that it is exercising its put right under this Agreement. If Hiscox delivers a Put Notice
to Third Point Re, then upon Transfer and delivery of the Put Shares by Hiscox or its Permitted Transferee, as applicable, to Third Point Re free and clear of all liens or other encumbrances, Third Point Re shall, in no event later than 30 days
following delivery of the Put Notice, deliver to Hiscox or its Permitted Transferee, as applicable, the Option Price for the Put Shares. 
 (c) Marketing. 
 (i) Except (i) as required or expressly permitted by
this Agreement, (ii) as may be necessary in order to give the notices to obtain any prior regulatory approval, (iii) as necessary to consult with affiliates, attorneys, accountants, employees, or other advisors retained in connection with
the transactions contemplated hereby, (iv) as required by court order or otherwise mandated by applicable law, the Company shall not issue any news release or other public notice or communication or otherwise make any disclosure to third
parties relating to this Agreement or the transactions contemplated hereby and referencing Hiscox by name, without the prior written consent of Hiscox, it being understood that, notwithstanding the foregoing, the Company shall use reasonable best
efforts to afford Hiscox the right to review and comment on any such communication prior to making such communication or disclosure. 
 (ii) Hiscox shall have the right to reasonably consult (with an employee of the Company or a member of the Company’s management available or a meeting or conference call) with the Company regarding
(but, for the avoidance of doubt, no right of consent to) any potential investors in the Fund who have expressed interest in investing in the Fund to the Company and are indentified by the Company, in its sole discretion, as reasonably likely to
invest in the Fund (each a “Potential Investor”). The Company shall provide notice to Hiscox upon identifying any Potential Investors, and allow a reasonable time period, as determined by the Company, for Hiscox to consult with the
Company after providing such notice. Hiscox shall have the right, but not the obligation, to send one (1) designated representative, subject to the approval of the Company (such approval not to be unreasonably withheld), to attend any
Fund-investor presentations and shall be, to the extent commercially reasonable, as determined by the Company, involved in the fund raising process for the Fund. The consultation right described in this Section 4(c)(ii) shall at all time
be subject to compliance, as determined by the Company, with the operational guidelines of the Company and the Fund, so as not to cause the Company or the Fund to engage in a trade or business in the United States. 

(d) Non-Solicit. Hiscox hereby agrees that until the third anniversary of the date of this Agreement, Hiscox, its Subsidiaries and
its controlled Affiliates will not, and Hiscox will not permit any of its Subsidiaries or controlled Affiliates to, without prior written consent of the Company, solicit (i) any Person who is, as of the date of this agreement, an investor or
shareholder of the Fund, (ii) any Person named on Exhibit B (as the same may be amended from time to time in accordance with Section 4(e)), or (iii) any Person previously listed on Exhibit B who is or becomes an investor or
shareholder of the Fund from and after the date such Person is or becomes a shareholder of the Fund, other than, in the case of each of (i), (ii) and (iii) above, any Persons that are Excluded Persons (as defined below), to provide, or
commit to provide, capital to any open ended investment fund or any side car or collateralized reinsurer with a competing investment strategy managed by Hiscox the primary purpose of which is investing in property catastrophe risk; provided,
however, that nothing in this paragraph shall prevent Hiscox, its Subsidiaries and controlled Affiliates from (i) engaging in any activities of a type currently conducted by Hiscox, its Subsidiaries and its controlled Affiliates, in each case
in the ordinary course of business for such Person, or (ii) engaging any third party placement agent who is not an Affiliate of Hiscox or any of its Subsidiaries or controlled Affiliates, from conducting (x) a bona fide, general,
non-directed solicitation or (y) a solicitation directed at any of such placement agents’ existing contacts. 
 (e)
Amendment to List of Covered Persons. Exhibit B shall include the names of not more than 30 Persons (none of which shall be Excluded Persons) at any time proposed by the Company, and may be amended at any time prior to the third anniversary
of the date of this Agreement, at the written request of the Company (an “Exhibit B Amendment Request”) to be promptly transmitted to 

  
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Hiscox on the terms and to the address set forth in Section 7(a) and Schedule I, respectively, to add or remove the name of any Person from Exhibit B; provided that no Person
shall be added to Exhibit B if such Person is an Excluded Person. “Excluded Person” means any Person that (i) has or has had, prior to the time at which such Person (x) becomes an investor or shareholder of the Fund or
(y) is sought to be added to Exhibit B, as applicable, an existing business relationship with Hiscox or any of its Affiliates, (ii) is generally known to Persons in the insurance industry to have sought exposure to, within the past 5
years, or to be seeking exposure to, property catastrophe risk, or (iii) is a Person who is not, at the time the Company submits the applicable Exhibit B Amendment Request, reasonably likely to become, at such time or at any time in the future,
an investor or shareholder in the Fund. If Hiscox believes in good faith that a Person that the Company proposes to add to Exhibit B pursuant to an Exhibit B Amendment Request is an Excluded Person, Hiscox shall have 10 business days from the
receipt of an Exhibit B Amendment Request to provide the Company with written notice that Hiscox believes the Person identified by the Company on the Exhibit B Amendment Request is an Excluded Person and provide any applicable evidence of such (such
written notice an “Exhibit B Refusal Notice”) on the terms and to the address set forth in Section 7(a) and Section 7(a)(ii). If the Company does not receive an Exhibit B Refusal Notice within such 10
business day period, Exhibit B will be automatically amended and updated as set forth in the Exhibit B Amendment Request. If the Company does receive an Exhibit B Refusal Notice within such 10 business day period, the Company and Hiscox mutually
agree to work in good faith to reach a mutually agreeable settlement as to the inclusion of such Person on Exhibit B. If a Person named on Exhibit B is or becomes an investor shareholder or limited partner of or in the Fund, such Person’s name
will be removed from Exhibit B effective as of the date Person became an investor shareholder or limited partner of or in the Fund. Exhibit B may not otherwise be amended, and no Person’s name may be added to or removed from Exhibit B, except
pursuant to the terms of this Section 4(e). 
 (f) Non-Compete. Third Point Re agrees that, during the term
of this Agreement, it shall not and shall not permit any of its Affiliates to enter into any other similar partnership arrangement the primary purpose of which is investing in Catastrophe Risk; provided, however, that nothing in this
Section 4(f) shall prevent Third Point Re or its Affiliates from assuming exposure to quota share transactions or sidecar or collateralized reinsurer equity and/or debt. 

5. TERMINATION. 
 (a) This Agreement shall automatically terminate (i) on the date on which each Investor shall have agreed in writing to terminate this Agreement, (ii) upon the closing of a Qualified Public
Offering or (iii) with respect to any Investor, on the date that such Investor shall cease to own any Shares in the Company, as applicable, provided that the terms set forth in this Section 5 and in Sections 6 and
7 shall survive any termination of this Agreement with respect to any Investor. 
 6. INTERPRETATION OF THIS
AGREEMENT. 
 (a) Terms Defined. As used in this Agreement, the following terms have the respective meaning set
forth below: 
 Affiliate: shall mean, with respect to any Person, any other Person, directly or indirectly controlling,
controlled by or under common control with such first Person. 
 Agreed Court: shall have the meaning set forth in
Section 6(c). 
 Agreement: shall have the meaning set forth in the Preamble hereto. 

Alternate Director: shall have the meaning set forth in Section 2(a). 

Board: shall have the meaning set forth in Section 2(a). 

Call Notice: shall have the meaning set forth in Section 4(a)(ii). 

Call Option: shall have the meaning set forth in Section 4(a)(i). 

Call Option Trigger Event: shall mean the occurrence of any of the following events: 

(i) Any termination of the Quota Share Agreement by Hiscox (other than any termination by Hiscox pursuant to Section 5.3(b) of the
Quota Share Agreement); 
 (ii) the entry by Hiscox or any of its Subsidiaries or Controlled Affiliates of any substantially
similar partnership agreement with any catastrophe reinsurance fund entity or investment manager, or the sponsoring of the launch of any new catastrophe reinsurance fund entity (it being understood that, for the avoidance of doubt, the ceding of
exposure by Hiscox or any of its Subsidiaries or controlled Affiliates pursuant to a quota share reinsurance transaction or the issuance of sidecar equity and/or debt shall not be included within the meaning of this paragraph, unless such ceding or
issuance to any Person is accompanied by an equity interest, of any magnitude, in such Person or any affiliate of any such Person, in which case such ceding or issuance shall be included within the meaning of this paragraph); or 

  
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 (iii) during the annual negotiation of the Quota Share Agreement, Hiscox does not agree to
cede at least the lesser of (A) $50 million of annual limit or (B) 15% of the total property catastrophe business limit that is projected to be written by Hiscox in the following year in the three initially specified zones (i.e. U.S.
Northeast, U.S. Gulf and U.S. Mid-Atlantic). 
 Call Shares: shall have the meaning set forth in
Section 4(a)(i). 
 Common Shares: shall have the meaning set forth in the Recitals hereto. 

Company: shall have the meaning set forth in the Preamble hereto. 

Company Valuation: shall mean, on any given date, three (3) times the gross revenue of the Fund for the twelve
(12) month preceding such date, excluding any revenues of the Fund generated on assets under management directly controlled by Hiscox and its Affiliates or Third Point Re and its Affiliates. 

Drag Right: shall have the meaning set forth in Section 3(a)(i). 

Excluded Person: shall have the meaning set forth in Section 7(e). 

Exhibit B Amendment Request: shall have the meaning set forth in Section 7(e). 

Exhibit B Refusal Notice: shall have the meaning set forth in Section 7(e). 

Fund: shall mean Third Point Reinsurance Opportunities Fund Ltd. 

Governmental Authority: shall mean any nation or government, any state or other political subdivision thereof, and any
supra-national, governmental, federal, state, provincial, local governmental or municipal entity and any SRO or other self-regulatory or quasi-governmental organization, in each case exercising executive, legislative, judicial, regulatory or
administrative functions or pertaining to government (including, in each case, any branch, department or official thereof). 

Hiscox Director: shall have the meaning set forth in Section 2(a)(i). 

Hiscox Competitor: shall mean any Person engaged in the selling of property reinsurance with gross written reinsurance premium per
year in excess of $100 million. 
 Initiating Investor: shall have the meaning set forth in Section 3(c)(i).

 Investors: shall have the meaning set forth in the Preamble hereto. 

Joinder Agreement: shall have the meaning set forth in Section 1(b). 

Minority Investor: shall mean any Investor owning fifty percent (50%) or less of the capital stock of the Company on a fully
diluted basis. 
 New Shares: shall have the meaning set forth in Section 3(c)(i). 

Non-Solicit Party: shall have the meaning set forth in Section 4(d). 

Option Price: shall mean, with respect to any Call Shares or any Put Shares (as the case may be) on any given date, the Company
Valuation on such date multiplied by the ratio of the number of such Call Shares or Put Shares (as the case may be) divided by the total number of Shares issued and outstanding on such date. 

Permitted Transferee: shall mean (i) with respect to Third Point Re, any Person that is a controlled Affiliate of Third Point
Re and (ii) with respect to Hiscox, any Person that is a controlled Affiliate of Hiscox. 
 Person: shall mean any
individual, partnership, joint-share company, corporation, limited liability company, trust or unincorporated organization, or Governmental Authority. 
 Preemptive Right: shall have the meaning set forth in Section 3(c)(i). 
 Preemptive Rights Notice: shall have the meaning set forth in Section 3(c)(i). 
 Potential Investor: shall have the meaning set forth in Section 4(c)(ii). 

  
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 Put Option: shall have the meaning set forth in Section 4(b)(i).

 Put Notice: shall have the meaning set forth in Section 4(b)(ii). 

Put Shares: shall have the meaning set forth in Section 4(b)(i). 

Qualified Public Offering: shall mean the sale, in a firm commitment underwritten public offering led by a nationally recognized
underwriting firm pursuant to an effective registration statement under the Securities Act, of Common Shares of the Company having an aggregate offering value (net of underwriters’ discounts and selling commissions) of at least $50 million,
following which at least 20% of the total capital stock of the Company on a fully diluted basis shall have been sold to the public and shall be listed on any national securities exchange or quoted on the NASDAQ Stock Market System. 

Quota Share Agreement: shall mean the Quota Share Agreement, dated as of December     , 2012, by and between
Hiscox and Third Point Re Cat Ltd., as the same may be amended or restated from time to time. 
 Required Sale: shall
have the meaning set forth in Section 3(b)(i) of this Agreement. 
 Sale Notice: shall have the meaning set
forth in Section 3(a) of this Agreement. 
 Sale Proposal: shall have the meaning set forth in
Section 3(b)(i) of this Agreement. 
 Securities Act: shall mean the Securities Act of 1933, as amended,
including the rules and regulations promulgated thereunder, or any successor statute thereto. 
 Series B Shares: shall
mean the Series B non voting shares, par value $0.001 per share, of Third Point Reinsurance Opportunities Fund Ltd. 

Shares: shall have the meaning set forth in Section 1(a)(i). 

Subscription Agreement: shall mean that certain Subscription Agreement, dated of even date herewith, by and between the Company
and Hiscox. 
 Subsidiary: shall mean any Person of which a majority of the capital share or other ownership interests
having voting power to control the actions of such Person are directly or indirectly owned by the Company. 
 Successor
Director: shall have the meaning set forth in Section 2(b). 
 Tag-Along Investors: shall have the
meaning set forth in Section 3(c)(i) of this Agreement. 
 Third Point Re Director: shall mean each director
designated to the Board by Third Point Re or its Affiliates pursuant to Section 2(a) or Section 2(b) of this Agreement. 
 Transaction Documents: this Agreement, the Quota Share Agreement, the Subscription Agreement and all other documents, instructions or contracts entered into in connection with the execution and
delivery of this Agreement or the Quota Share Agreement or the consummation of the transactions contemplated hereby or thereby. 

Transfer: shall mean any sale, assignment, pledge, hypothecation, or other disposition or encumbrance. For the avoidance of doubt,
no encumbrance created by this Agreement or any other Transaction Document shall constitute a “Transfer” for purposes hereof. 
 Withdrawing Director: shall have the meaning set forth in Section 2(b). 
 (b) Directly or Indirectly. Where any provision in this Agreement refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable
whether such action is taken directly or indirectly by such Person. 
 (c) Governing Law; Venue; Waiver of Trial by Jury.
This Agreement and the rights of the Company and the Investors hereunder, shall be governed by and construed in accordance with the laws of Bermuda without giving effect to principles of conflicts of laws thereof. To the fullest extent permitted by
applicable law, each party hereto hereby agrees that any claim, action or proceeding by such party in respect of this Agreement, the Company or any other agreement or document being executed in connection with this Agreement shall be brought only
and exclusively in the Supreme Court of Bermuda (the “Agreed Court”), and not in any other court in any other country, it being agreed that the Company shall have the right to bring any claim, action or proceeding in respect of this
Agreement, the Company or any other agreement or document being executed in connection with this Agreement in the Agreed Court. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES TO THE MAXIMUM EXTENT PERMITTED BY LAW ANY AND ALL RIGHT TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.  

  
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 (d) Section Headings. The headings of the sections and subsections of this Agreement
are inserted for convenience of reference only and shall not be deemed to constitute a part thereof. 
 7.
MISCELLANEOUS. 
 (a) Notices. All notices, requests, demands and other communications
under this Agreement shall be in writing and shall be deemed to have been duly given (i) on the date of service if served personally on the party to whom notice is to be given; (ii) on the day of transmission if sent via facsimile
transmission to the facsimile number given below, and confirmation of receipt is obtained promptly after completion of transmission; (iii) on the day after delivery to Federal Express or a similar overnight courier; (iv) on the day of
transmission if sent via electronic mail to the electronic mail address given below; or (v) on the fifth
(5th) day after mailing, if mailed to the party to
whom notice is to be given, by first class mail, registered or certified, postage prepaid and properly addressed, to the party as follows: 
 (i) if to any Investor, at the address, facsimile number or electronic mail address of such Investor shown on Schedule I, or at such other address as such Investor may have furnished the Company in
writing in accordance with the terms set forth herein; and 
 (ii) if to the Company, to The Waterfront, Chesney
House, 96 Pitt’s Bay Road, Pembroke HM 08, Bermuda, Attention: Manoj Gupta, or at such other address or facsimile number as the Company may furnish to the Investors in writing in accordance with the terms hereof, with a copy to Willkie
Farr & Gallagher LLP, 787 Seventh Avenue, New York, New York 10019 (facsimile: (212) 728-9616), Attention: Michael Groll. 
 (b) Reproduction of Documents. This Agreement and all documents relating thereto, including, without limitation, (i) consents, waivers and modifications which may hereafter be executed,
(ii) documents received by each Investor pursuant hereto, and (iii) financial statements, certificates and other information previously or hereafter furnished to each Investor may be reproduced by each Investor by photographic,
photostatic, microfilm, microcard, miniature photographic or other similar process and each Investor may destroy any original document so reproduced. All parties hereto agree and stipulate that any such reproduction shall be admissible in evidence
as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by each Investor in the regular course of business) and that any enlargement, facsimile or
further reproduction of such reproduction shall likewise be admissible in evidence. 
 (c) Successors and Assigns. This
Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties; provided, however, that, except in connection with a Transfer otherwise permitted to be made by an Investor
pursuant to the terms of this Agreement, no Investor shall be permitted to assign any of its rights or obligations pursuant to this Agreement without the prior written consent of the Board and Investors holding at least a majority of the issued and
outstanding capital share of the Company. Any attempted assignment by any such Investor in violation of the foregoing shall be null and void. 
 (d) Entire Agreement; Amendment and Waiver. This Agreement and the other Transaction Documents constitute the entire understanding of the parties hereto relating to the subject matter hereof and
thereof, and supersedes all prior understandings among such parties with respect to such subject matter. This Agreement may be amended, and the observance of any term of this Agreement may be waived, with (and only with) the prior written consent of
(i) in the case of an amendment, the Company and each Investor, provided that if any Investor shall cease to have the right to designate a member to the Board pursuant to Section 2(a) hereof, the consent of such Investor and
each Permitted Transferee thereof shall not be required to effect any such amendment to the terms set forth in this Agreement unless such amendment disproportionately adversely affects the rights and powers of such Investor as an Investor relative
to other Investors without consideration of any factors (including, but not limited to, the Quota Share Agreement or any other relationship or agreement between Hiscox and the Company) other than Hiscox’s equity ownership in the Company, or
(ii) in the case of waiver, by the party against whom the waiver is to be effective. Any amendment or waiver effected in accordance with this Section 7(d) shall be binding upon each Investor (whether or not such Investor consented
to any such amendment or waiver). 
 (e) Severability. In the event that any part or parts of this Agreement shall be
held illegal or unenforceable by any court or administrative body of competent jurisdiction, such determination shall not affect the remaining provisions of this Agreement which shall remain in full force and effect. 

(f) Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each Investor shall execute
and deliver any additional documents and instruments and perform any additional acts that the Company determines to be necessary or appropriate to effectuate and perform the provisions of this Agreement and those transactions. 

(g) Specific Performance. The Company and each Investor hereby declare that it is impossible to measure in money the damages that
would be suffered if the parties fail to comply with any of the obligations herein imposed on them and that, in the event of any such failure, an aggrieved Person will be irreparably damaged and will not have an adequate remedy at law. Any such
party shall, therefore, be entitled (in addition to any other remedy to which such party may be entitled at law or in equity) to seek injunctive relief, including specific performance, to enforce such obligations, without the posting of any bond and
if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that there is an adequate remedy at law. 

  
 -10-

 (h) Third Party Beneficiaries. This Agreement does not create any rights, claims or
benefits inuring to any Person that is not a party hereto, and it does not create or establish any third party beneficiary hereto. 
 (i) Counterparts. This Agreement may be executed in two or more counterparts (including by facsimile), each of which shall be deemed an original and all of which together shall be considered one
and the same agreement. 
 (j) Agreements to Be Bound. Upon acceptance by the Company of a Joinder Agreement or any other
agreement contemplated by Section 1(b), Schedule I or Schedule II, as applicable, hereof shall be amended to include the applicable joining party and attached to this Agreement and be effective with no further action or
consent required. 
 (k) After Acquired Securities. Each Investor agrees that all of the provisions of this Agreement
shall apply to all of the Shares now owned or which may be issued or Transferred hereafter to an Investor in consequence of any additional issuance, purchase, Transfer, exchange or reclassification of any of such Shares, corporate reorganization, or
any other form of recapitalization, consolidation, acquisition, share split or share dividend, or which are acquired by an Investor in any other manner. 
 (l) Lost, etc. Certificates Evidencing Shares; Exchange. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of any certificate
evidencing any Shares owned by an Investor and (in the case of loss, theft or destruction) of a bond or an indemnity satisfactory to it, and upon surrender and cancellation of such certificate, if mutilated, the Company will make and deliver in lieu
of such certificate a new certificate of like tenor and for the number of securities evidenced by such certificate that remain outstanding. Upon surrender of any certificate representing any Shares for exchange at the office of the Company, the
Company at its expense will cause to be issued in exchange therefor new certificates in such denomination or denominations as may be requested for the same aggregate number of Shares represented by the certificate so surrendered and registered as
such holder may request. 
 (m) Confidentiality. The Investors each acknowledge that they are aware of confidential and
proprietary information regarding the Company (it being agreed that this Agreement and any other agreement executed in connection herewith and the terms hereof and thereof are confidential and proprietary information for purposes hereof) and its
Subsidiaries, and may become aware of additional confidential and proprietary information, and, accordingly, each Investor severally agrees not to, directly or indirectly, (i) make disclosure of such confidential and proprietary information to
any third party, neither while such Investor is a shareholder of the Company nor at any other time, without the prior written consent of the Company, except (A) disclosure shall be permitted to any member of such Investor or any Person that
would be a Permitted Transferee of such Investor or any member thereof or to any legal counsel, accountant or other professional advisor to such Investor or any such Permitted Transferee, provided that such Investor shall advise each such Person of
the confidential and proprietary nature of such information, each such Person shall agree to maintain the confidentiality thereof in accordance with this clause (m), and such Investor shall be liable to the Company and the other Investor for any
disclosure by any such Person that would constitute a breach hereof if such disclosure was made by such Investor, (B) disclosure shall be permitted to be made to any financing source or potential financing source (including lenders or potential
lenders) or purchaser or investor or prospective purchaser or investor in, of or to the Company or any Subsidiary or Affiliate thereof, or any such Investor or any Affiliate thereof, or any legal counsel, accountant or other professional advisor to
any such financing source, purchaser, investor or potential financing source, purchaser or investor, provided that the Investor disclosing information to any such Person shall advise each such Person of the confidential and proprietary nature of
such information, each such Person shall agree to maintain the confidentiality thereof in accordance with this clause (m) and such Investor shall be liable to the Company and the other Investor for any disclosure by any such Person that would
constitute a breach hereof if such disclosure was made by such Investor, (C) disclosure shall be permitted to be made to any Person with whom the Company or any Subsidiary or Affiliate thereof conducts business or proposes to conduct business
so long as such disclosure is being made in the ordinary course of business and in furtherance of the business interests of the Company or any such Subsidiary or Affiliate, or (D) to respond to or otherwise in connection with any audit or
litigation or if compelled to do so by any Governmental Authority in which case (to the extent possible) such Investor agrees to give the Company prompt notice so that it may determine whether or not to seek a protective order or similar protection
and, in connection any action, each party agrees to reasonably cooperate with the other party, or (ii) use any such confidential or proprietary information except for purposes of monitoring its investment in the Company or otherwise carrying
out its duties to the Company or any Subsidiary thereof. For purposes of this Section 7(m), confidential and proprietary information shall not include information which is or becomes generally available to the public other than through a
breach of this Agreement. 
 (n) Terms Generally. The words “hereby”, “herein”, “hereof,
“hereunder” and words of similar import refer to this Agreement as a whole and not merely to the specific section, paragraph or clause in which such word appears. All references herein to Sections shall be deemed references to Sections of
this Agreement unless the context shall otherwise require. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The definitions given for terms in
this Agreement shall apply equally to both the singular and plural forms of the terms defined. References herein to any agreement or letter shall be deemed references to such agreement or letter as it may be amended, restated or otherwise revised
from time to time. Whenever required by the context hereof, the singular number shall include the plural, and vice versa; the masculine gender shall include the feminine and neuter genders; and the neuter gender shall include the masculine and
feminine genders. 
 [Remainder of Page Intentionally Left Blank] 

  
 -11-

 IN WITNESS WHEREOF, the parties hereto have executed this Shareholders Agreement as of the
date first above written. 
  

			
	THIRD POINT REINSURANCE INVESTMENT MANAGEMENT LTD.
	 By:
	 	/s/ Manoj Gupta
	 Name: Manoj Gupta

Title: Director

  

							
	 INVESTORS:
  

THIRD POINT REINSURANCE LTD.

	By:	 	/s/ Tonya L. Marshall	 	/s/	 	J. Robert Bredahl
	 Name: Tonya L. Marshall
 Title: Executive Vice President
and General Counsel
	 		 	 J. Robert Bredahl
 Chief Financial Officer and
Chief Operating Officer

  

			
	HISCOX INSURANCE COMPANY (BERMUDA) LIMITED
		
	By:	 	/s/ Jeremy Pinchin
	 Name: Jeremy Pinchin

Title: Chief Executive Officer

 [Signature Page to Shareholders Agreement] 

 Exhibit A 
 JOINDER TO THE SHAREHOLDERS AGREEMENT 
 JOINDER AGREEMENT, dated as
of [—] (this “Joinder”), by and between Third Point Reinsurance Investment Management Ltd., a Bermuda exempted company (the “Company”), and [Name of Joined
Party] (the “undersigned” or the “Joined Party”). Capitalized terms used in this Joinder but not otherwise defined herein have the meanings set forth in the Shareholders Agreement (as defined below). 

R E C I T A L S 
 WHEREAS, the Company and its shareholders are parties to that certain Shareholders Agreement, dated as of [•], 2012 (as amended from time to time, the “Shareholders Agreement”);

 WHEREAS, Section 1(b) of the Shareholders Agreement provides that any persons becoming shareholders of the Company shall
agree in writing to be bound by the terms of the Shareholders Agreement; and 
 WHEREAS, the undersigned desires to execute this
Joinder to the Shareholders Agreement to confirm that it is bound by it. 
 NOW, THEREFORE, for good and valuable consideration,
the sufficiency of which is hereby acknowledged, the undersigned agrees as follows: 
 1. Representations and
Warranties. The undersigned hereby represents and warrants to the Company as follows: 
 (a) The undersigned is acquiring
(or has acquired) the Shares for its own account for investment and not with a view towards the resale, transfer or distribution thereof, nor with any present intention of distributing the Shares, and acknowledges that the Shares have not been
registered under any applicable securities laws. The undersigned has no present or contemplated agreement, undertaking, arrangement, obligation, indebtedness or commitment providing for the disposition of the Shares. 

(b) The undersigned understands that certain restrictions on resale may apply under existing law and that the Company makes no
representation or warranty that resale of the Shares by the undersigned will be legally permitted. 
 (c) The undersigned is a
sophisticated investor with sufficient knowledge and experience in investing in equity securities to properly evaluate the merits of the transaction contemplated by the issuance of the Shares to the undersigned and that the undersigned is able to
bear the substantial risks associated therewith for an indefinite period of time. The undersigned has independently, and without reliance upon the Company, and based on such information as the undersigned has deemed appropriate, made its own
analysis and decision to acquire the Shares. The undersigned acknowledges that the Company may be in possession of material non-public information not known to it (the “Excluded Information”). The undersigned agrees that the Company
shall not be obligated to disclose any Excluded Information under the Shareholders Agreement or otherwise. The undersigned understands that the consideration paid for the Shares may differ both in kind and in amount from any distributions that may
in the future be made in respect of the Shares, and that such distributions may consist solely of securities. It is understood and agreed the Company does not make any representation or warranty whatsoever with respect to the business, condition
(financial or otherwise), properties, prospects, creditworthiness, status or affairs of Company, or with respect to the value of the Shares. 
 2. Agreement to be Bound. By executing this Joinder, the undersigned hereby agrees to be bound by the terms of the Shareholders Agreement, including but not limited to those relating to
restrictions on Transfer and forfeiture of Shares, as if he or she were an original signatory to the Shareholders Agreement. 

3. Notices. All notices to be provided to the undersigned under the Shareholders Agreement shall be sent to the following
address: 
 [—] 

4. Governing Law. This Joinder Agreement shall be governed by and construed in accordance with the laws of Bermuda
applicable to contracts made and to be performed entirely therein. 
 5. Successors and Assigns. This Joinder
Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of the undersigned, provided that the Joined Party shall not be permitted to assign any of its rights or obligations pursuant to this Joinder
without the prior written consent of the Board. Any attempted assignment by the Joined Party such Investor in violation of the foregoing shall be null and void. 

 IN WITNESS WHEREOF, the undersigned has executed this Joinder to the Shareholders Agreement
as of the date first above written. 
  

			
	THIRD POINT REINSURANCE INVESTMENT
	MANAGEMENT LTD.
		
	By: 	 	  

	 Name:

	 Title:

	
	 
	 [Name]

	  
 *

 

	JOINDER PARTY
		
	By: 	 	  

	 Name:

	 Title:

	
	 
	 [Name]

 Schedule 2(c)(ii) 

 

	1)	Management Agreement 

  

	2)	Employee Leasing Agreement, dated as December     , 2012, by and between Third Point Reinsurance Ltd. and Third Point Reinsurance Investment
Management Ltd. 

  

	3)	Employee Leasing and Services Agreement, dated as December     , 2012, by and between Third Point Reinsurance Investment Management Ltd. and Third
Point Re Cat Ltd. 

  

	4)	Cost Allocation Spreadsheet annexed hereto. 

 Exhibit B 
  

	 	1.	Permal 

  

	 	2.	Crystal Capital 

  

	 	3.	AIM Capital 

  

	 	4.	OUEM (Oxford) 

  

	 	5.	Belfer Management 

  

	 	6.	LGL Partners 

  

	 	7.	Dock Street Capital

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