Document:

EXHIBIT 10.26

 

SPECIALTY PROGRAM BUSINESS POOLING AGREEMENT

 

This Specialty Program Business Pooling
Agreement (“Pooling Agreement”) by and between Tower Insurance Company of New
York (“TICNY”), an insurance company domiciled in New York, and CastlePoint Insurance
Company (“CPIC”), an insurance company domiciled in New York, is made effective
as of 12:01 a.m., January 1, 2007, (the “Effective Date”).

 

WHEREAS, TICNY and CPIC are each authorized to
transact, and do transact, a multiple line property and casualty insurance
business; and

 

WHEREAS, TICNY and CPIC desire to pool their
respective Specialty Program Business (defined below) in order to make more
efficient use of available surplus and achieve other operating efficiencies;
and

 

WHEREAS, CPIC will act as the manager of such pool
pursuant to a separate Pool Management Agreement (“Pool Management Agreement”),
attached hereto as Exhibit A;

 

NOW,
THEREFORE, for mutual
considerations, the sufficiency and receipt of which is hereby acknowledged,
TICNY and CPIC agree as follows:

 

ARTICLE I                                                           Definitions

 

In addition to the terms defined elsewhere in
this Agreement, the following terms, whenever used herein, shall have the
following meanings:

 

“Existing
Reinsurance” shall mean reinsurance ceded by a Participating Company that is in
effect on the Effective Date, to the extent that such reinsurance relates to
the Specialty Program Business of such Participating Company.

 

“Management
Fees” shall mean the management fees payable by TICNY to CPIC pursuant to the
Pool Management Agreement.

 

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“Net
Liability” shall mean the loss and loss adjustment expense liability remaining
after the application of Existing Reinsurance and, with respect to CPIC, Pool
Reinsurance, in each case to the extent collectible; provided, however,
that “Net Liability” shall not include liability with respect to losses and
loss adjustment expenses incurred prior to the Effective Date.

 

“Net
Loss Ratio” shall mean, for any period of time, the ratio of Net Losses plus
loss adjustment expenses incurred during such period to Net Premium Earned for
such period.

 

“Net Losses” shall mean, for any period of
time, any and all amounts that a Participating Company is required to pay to or
on behalf of insureds for insurance claims made under its Policies, after the
application of any applicable reinsurance but not including loss adjustment
expenses.

 

“Net Premium Earned” shall mean, for any
period of time, the earned portion of premiums written by a Participating Company
after payment for reinsurance, if any.

 

“Net
Written Premium” shall mean direct premium written on the Policies covered by
this Agreement plus additions, less refunds and return premium for
cancellations and reductions (but not dividends) and less premium paid or
payable for reinsurance that inures to the benefit of the Participating
Companies.

 

“Participating Companies” shall mean TICNY and CPIC.

 

“Policies”
shall mean all policies, certificates, binders, contracts and agreements of
insurance covering Specialty Program Business issued or renewed on or after the
Effective Date by or on behalf of TICNY or CPIC, as the case may be, all
of which shall be subject to this Pooling Agreement, comprising all lines of
business written as Specialty Program Business.

 

“Pool
Reinsurance” shall mean property catastrophe and excess of loss reinsurance
ceded by CPIC to an insurer that is not a Participating Company that inures to
the benefit of the Specialty Program Business Pool.

 

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“Pooling
Percentages” shall be those percentages set forth on Schedule 1 attached,
as amended from time to time.

 

“Program
Business” shall mean narrowly defined classes of business that are underwritten
on an individual policy basis by Program Underwriting Agents on behalf of
insurance companies.

 

“Program Underwriting Agent” means an insurance
intermediary that aggregates business from retail and general agents and
manages business on behalf of insurance companies, including functions such as
risk selection and underwriting, premium collection, policy form design
and client service.

 

“Specialty Program Business” shall mean all Program
Business other than Traditional Program Business or Traditional Program
Business that TICNY and CPIC agree shall be deemed Specialty Program Business.

 

“Specialty
Program Business Pool” shall mean Specialty Program Business written by or on
behalf of the Participating Companies or assumed by a Participating Company
(including such business assumed by TICNY from its affiliates), that is pooled
and allocated to each of the Participating Companies based upon their Pooling
Percentage as set forth in this Pooling Agreement.

 

“Traditional
Program Business” shall mean blocks of Program Business in excess of $5 million
in gross written premium that TICNY has historically underwritten, consisting
of non-auto related personal lines and the following commercial lines of
business: retail stores and wholesale trades, commercial and residential real
estate, restaurants, grocery stores, office and service industries, and artisan
contractors.

 

ARTICLE II                                                       Cessions to Specialty Program
Business Pool

 

TICNY shall automatically and obligatorily
cede to CPIC as reinsurance, and CPIC shall be obligated to accept as assumed
reinsurance, one hundred percent (100%) of the Premium and Net Liabilities with
respect to Policies issued or assumed by TICNY, to be combined with the Premium
and Net Liabilities of CPIC under Policies issued or assumed by CPIC, provided,
however, that the total combined gross written premium share of TICNY after
pooling shall not exceed $25 million for the 

 

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twelve (12) month period
ending March 31, 2007, subject to a growth factor of 25% per each twelve
(12) month period thereafter, unless otherwise agreed by the parties.

 

ARTICLE III                                                   Participation in Specialty Program Business
Pool

 

CPIC
shall establish the Specialty Program Business Pool, which shall consist of the
Premium and Net Liability under all Specialty Program Business written or
assumed by CPIC and TICNY (including business assumed by CPIC pursuant to this
Pooling Agreement). CPIC shall automatically and obligatorily cede to TICNY,
and retain for CPIC’s own account, the applicable Pooling Percentages of such Net
Liability and TICNY shall automatically and obligatorily accept such cessions. CPIC’s
and TICNY’s share shall be as set forth on Schedule 1 hereto, as amended
from time to time. Such Pooling Percentages shall be applied to all Specialty
Program Business written by the Participating Companies. Any change in the
Pooling Percentages shall be made only by a written amendment to Schedule 1
to this Pooling Agreement signed by the parties hereto or as otherwise set
forth in Article XVI of this Pooling Agreement. The Participating
Companies acknowledge that, following the acceptance or retention of a
percentage of the Specialty Program Business Pool by a Participating Company,
such pooled business shall be subject to such reinsurance as may be
entered into by such Participating Company on or after the Effective Date that
is for the benefit of such Participating Company as to its participation in the
Specialty Program Business Pool and does not inure to the benefit of the Specialty
Program Business Pool.

 

ARTICLE IV                                                  Reinsurance

 

CPIC, as pool manager, shall negotiate, obtain and maintain such Pool
Reinsurance as it deems appropriate with respect to the liabilities of the
Specialty Program Business Pool, which reinsurance shall inure to the benefit
of the Participating Companies according to their respective Pooling
Percentages. CPIC shall purchase property and casualty excess of loss
reinsurance and property catastrophe excess of loss reinsurance from third
party reinsurers to protect the net exposure of the Participating Companies.
The property catastrophe excess of loss reinsurance purchased by CPIC may provide
for up to 

 

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approximately 10% of the combined surplus of TICNY and CPIC to be
retained by the pool prior to reinsurance by third party reinsurance companies
(“Pooled Retention”). Any of the Participating Companies also shall have the
right, in its discretion, to require CPIC to increase the Pooled Retention by
an additional amount of up to 10% of the surplus of CastlePoint Reinsurance
Company, Ltd. (“CPRe”) with such additional reinsurance to be purchased from
CPRe.

 

ARTICLE V                              Losses and Loss Adjustment
Expenses

 

A.                                   All loss settlements made by CPIC with
regards to the Specialty Program Business, whether under strict policy
conditions or by way of compromise, shall be unconditionally binding upon TICNY.

 

B.                                     Each Participating Company shall be liable
for its percentage share per Schedule 1 of loss and loss adjustment
expenses incurred under or in connection with the Policies and shall be
credited with its percentage share per Schedule 1 of any recoveries of
such expense.

 

C.                                     If a Participating Company pays or is held
liable to pay any punitive, exemplary, compensatory, or consequential damages
(hereinafter called “Extra Contractual Obligations”) because of alleged or
actual negligence on its part in handling a claim under a Policy, one
hundred percent (100%) of such Extra Contractual Obligations (to the extent
permitted by law) shall be added to the Net Liability, if any, of such
Participating Company under the Policy involved, and the sum thereof shall be
subject to this Pooling Agreement; provided, however, that no such payment of
Extra Contractual Obligations shall be permitted if such payment is contrary to
New York law.

 

D.                                    If a Participating Company pays or is held
liable to pay in connection with any loss, amounts in excess of the limit of
its original Policy, such loss in excess of that limit having been incurred
because of its failure to settle within the Policy limit or by reason of
alleged or actual negligence in rejecting an offer of settlement or in the
preparation of the defense or in the trial of any action against the 

 

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original insured or
reinsured or in the preparation or prosecution of an appeal consequent upon
such action (hereinafter called an “Excess of Policy Limits Loss”), one hundred
percent (100%) of such Excess of Policy Limits Loss (to the extent permitted by
law) shall be added to the Net Liability, if any, of such Participating Company
under the Policy involved, and the sum thereof shall be subject to this Pooling
Agreement.

 

ARTICLE VI                                                  Salvage and Subrogation

 

Each of the Participating Companies shall be
credited with its proportionate share of salvage and subrogation on account of
losses under the Policies.

 

ARTICLE VII                                              Original Conditions Apply

 

All
reinsurance under this Pooling Agreement shall be subject to the same rates,
terms, conditions and waivers, and to the same modifications and alterations as
the respective Policies. Each of the Participating Companies shall be credited
with the proportion equal to its Pooling Percentage of the original premiums
received under the Policies issued on or after the Effective Date, but after
deduction of premiums, if any, ceded under Existing Reinsurance and Pool
Reinsurance.

 

ARTICLE VIII                                          Ceding Commission

 

Each of the Participating Companies shall be
charged with a ceding commission in an amount equal to such Participating
Company’s Pooling Percentage of actual commissions paid to agents or brokers,
premium taxes, guarantee fund assessments, fees and assessments for boards,
bureaus and associations, fees and assessments for industry and residual
markets, and other similar expenses incurred by the Participating Companies on
all premiums ceded hereunder, but after deduction of ceding commissions or
expense reimbursement amounts recovered under Existing Reinsurance and Pool
Reinsurance.

 

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ARTICLE IX                                                  Remittances and Reports

 

A.                                   As soon as practicable consistent with its
standard financial reporting practices, but no later than thirty (30) days
after the end of each calendar month, CPIC shall submit a pooling report to
TICNY setting forth the following information as regards the Specialty Program
Business Pool:

 

1.               Net Written Premium received during the
month;

 

2.               Net Premium Earned received during the month;

 

3.               Ceding
commission thereon;

 

4.               Losses and loss adjustment expenses paid
during the month;

 

5.               Salvage and subrogation recoveries received;

 

6.               Recoverables under inuring reinsurance; and

 

7.               Expenses paid under the Pool Management
Agreement.

 

B.                                     The balance shown to be due a Participating
Company shall be remitted within fifteen (15) days after the issuance of the
reports by CPIC on a collected basis; provided that CPIC may retain, as
manager, a reserve out of amounts otherwise due TICNY for the payment of
amounts reasonably estimated by CPIC to be payable during the next sixty (60)
days by the Specialty Program Business Pool and allocable to TICNY hereunder. Such
balance shall be remitted in cash or in readily marketable securities (valued
at fair market value) in an amount equal to such balance. Should discrepancies
arise in the process of the verification of any report, such differences, once
resolved, should be remitted promptly.

 

C.                                     As soon as practicable consistent with its
financial reporting practices, but no later than thirty (30) days after the end
of each calendar quarter, CPIC shall report to TICNY ceded unearned premium
reserves and ceded outstanding loss and loss adjustment expense reserves as
regards the Specialty Program Business as of the end of such quarter.

 

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ARTICLE X                                                      Offset

 

Each of the Participating
Companies shall have and may exercise at any time, and from time to time,
the right to offset any balance or balances whether on account of premiums,
losses or amounts otherwise due from one Participating Company to the other
under the terms of this Pooling Agreement, subject to the provision of
applicable law, and as specifically permitted by Sections 1308 and 7427 of the
New York Insurance Law.

 

ARTICLE XI                                                  Errors and Omissions

 

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

 

ARTICLE XII                                              Access to Records

 

The files and records of
each Participating Company with respect to this Pooling Agreement and the Specialty
Program Business subject hereto shall be open to examination by any officer or
director of each of the other Participating Companies or their duly authorized
representatives during normal business hours.

 

ARTICLE XIII                                          Term

 

A.                                   This Pooling Agreement will become effective
on the Effective Date. A Participating Company may terminate their
respective participation in the Specialty Program Business Pool as of the date forty
eight (48) months after the Effective Date and thereafter as of the close of a
calendar quarter by giving at least six (6) months prior written notice to
the other party by certified or registered mail.

 

B.                                     CPIC shall have the right to terminate its
participation in the Specialty Program Business Pool at any time on or after
twenty four (24) months after the Effective Date and thereafter by giving sixty
(60) days prior written notice by certified or registered mail to TICNY if the
sum of the cumulative Net Loss Ratio for the Specialty Program Business Pool
plus the Management Fee Percentage (as defined 

 

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in the Pool Management
Agreement) equals or exceeds 99 % for the period from the Effective Date to the
end of the calendar quarter immediately preceding the date of such notice. If
the Participating Companies cannot agree as to the calculation of the Net Loss
Ratio or Management Fee Percentage, within 30 days of receiving the appropriate
report, the calculation shall be arbitrated. The actuarial firm of Towers
Perrin shall furnish an arbiter for TICNY, and CPIC will choose another
actuarial firm to furnish its arbiter. Those two arbiters will select a third
independent actuarial firm to furnish the third arbiter.

 

C.                                     Notwithstanding paragraphs A and B above, this
Pooling Agreement may be terminated immediately with respect to new or
renewal business (a) at any time by mutual consent in writing by each of
the Participating Companies or (b) as of the close of a calendar quarter,
upon not less than sixty (60) days, prior written notice by a Participating
Company to the other Participating Companies of such Participating Company’s
exercise of its right to terminate its participation in the Specialty Program
Business Pool.

 

D.                                    If this Pooling Agreement is terminated
pursuant to this Article XIII, all rights and obligations of the
Participating Companies with respect to Specialty Program Business ceded
pursuant to this Pooling Agreement prior to such termination shall continue to
be governed by the terms of this Pooling Agreement.

 

ARTICLE XIV                                         Reinsurance Credit

 

A.                                   If any Participating Company is unauthorized
or otherwise unqualified in any state or other United States jurisdiction, and
if, without such security, a financial penalty to an other Participating
Company, hereinafter in this Article XIV called the “Reinsured
Participating Company”, would result on any statutory statement or report it is
required to make or file with insurance regulatory authorities or a court of
law in the event of insolvency, the Participating Company will timely secure its
share of Obligations under this Agreement in a manner, form, and amount acceptable
to the reinsured Participating Company and to all applicable insurance
regulatory authorities in accordance with this Article.

 

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B.                                          The Participating Company shall secure such
Obligations by either:

 

1.                                       Clean,
irrevocable, and unconditional evergreen letter(s) of credit (“Letter(s) of
Credit”) meeting the requirements of New York Insurance Regulation 133; and/or

 

2.                                       A
trust account meeting the requirements of New York Regulation 114.

 

C.                                     The “Obligations” referred to herein means
the then current (as of the end of each calendar quarter) sum of:

 

1.                                       The
amount of the ceded unearned premium reserve for which the Participating
Company is responsible to the Reinsured Participating Company;

 

2.                                       The
amount of Losses and Loss Adjustment Expenses and other amounts paid by the Reinsure
Participating Company for which the Participating Company is responsible to the
Reinsured Participating Company but has not yet paid;

 

3.                                       The
amount of ceded reserves for Losses and Loss Adjustment Expenses (including,
ceded reserves for losses incurred but not reported) for which the Participating
Company is responsible to the Reinsured Participating Company; and

 

4.                                       The
amount of return and refund premiums paid by the Reinsured Participating
Company for which the Participating Company is responsible to the Reinsured
Participating Company but has not yet paid.

 

D.                                    To the extent that the Participating Company
elects to provide Letter(s) of Credit, the following shall apply:

 

1.                                       Each
Letter of Credit will be issued for a term of at least one year and will
include an “evergreen clause”, which automatically extends the term for at
least one additional year at each expiration date unless written notice of
non-renewal is given to the Reinsured Participating Company not less than 30
days prior to said expiration date.

 

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2.                                       The
Letter of Credit must be issued or confirmed by a bank which is authorized to
issue letters of credit, which is either a member of the Federal Reserve System
or is a New York State chartered bank, and which in all other respects
satisfies the definition of a “Qualified Bank” under Section 79.1(e) of
New York Insurance Regulation 133. If the Letter of Credit is issued by a bank
authorized to issue letters of credit but which is not such a “Qualified Bank”,
then the Letter of Credit must be confirmed by such a bank and the Letter of
Credit must meet all of the conditions set forth in Section 79.4 of New
York Insurance Regulation 133.

 

3.                                       The
Participating Company and the Reinsured Participating Company agree that the
Reinsured Participating Company may draw upon the Letter(s) of Credit at
any time, notwithstanding any other provisions in the Agreement, provided such
assets are applied and utilized by the Reinsured Participating Company or any
successor of the Reinsured Participating Company by operation of law,
including, without limitation, any liquidator, rehabilitator, receiver or
conservator of the Reinsured Participating Company, without diminution because
of the insolvency of the Reinsured Participating Company or the Participating
Company, only for the following purposes:

 

(i)                                     to
reimburse the Reinsured Participating Company for the Participating Company’s
share of premiums returned to the owners of policies reinsured under this
Agreement on account of cancellations of such policies;

 

(ii)                                  to
reimburse the Reinsured Participating Company for the Participating Company’s
share of surrenders and benefits or losses paid by the Reinsured Participating
Company under the terms and provisions of the policies reinsured under this
Agreement;

 

(iii)                               to
fund an account with the Reinsured Participating Company in an amount at least
equal to the deduction, for reinsurance ceded, from the Reinsured Participating
Company’s liabilities for policies ceded under this Agreement. Such amount
shall include, but not be limited to, amounts for 

 

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policy reserves for claims and
losses incurred (including losses incurred but not reported), loss adjustment
expenses, and unearned premiums; and

 

(iv)                              to
pay any other amounts the Reinsured Participating Company claims are due under
this Agreement.

 

4.                                       The
Reinsured Participating Company shall immediately return to the Participating
Company any amounts drawn down on the Letter of Credit that are subsequently
determined not to be due.

 

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

 

E.                                           To the extent that the Participating Company
elects to establish a trust account, the following shall apply.

 

1.                                       It
is agreed that the Participating Company shall enter into a trust agreement
(the “Trust Agreement”) in a form acceptable to the Reinsured
Participating Company and establish a trust account (the “Trust Account”) for
the sole benefit of the Reinsured Participating Company with a trustee (the “Trustee”),
which shall be at the time the Trust is established, and shall continue to be,
either a member of the Federal Reserve System or a New York state chartered
bank and which shall not be a parent, subsidiary or affiliate of the
Participating Company or the Reinsured Participating Company.

 

2.                                       The
Participating Company agrees to deposit and maintain in said Trust Account
assets to be held in trust by the Trustee for the benefit of the Reinsured
Participating Company as security for the payment of the Participating Company’s
Obligations to the Reinsured Participating Company under the Agreement. Such
assets shall be maintained in the Trust Account by the Participating Company as
long as the Participating Company continues to remain liable for such
Obligations.

 

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3.                                       The
Participating Company agrees that the assets deposited into the Trust Account
shall be valued according to their current fair market value and shall consist
only of currency of the United States of America, certificates of deposit
issued by a United States bank and payable in United States legal tender, and
investments of the types specified in paragraphs (1), (2), (3), (8) and (10) of
Section 1404(a) of the New York Insurance Law, provided such
investments are issued by an institution that is not the parent, subsidiary or
affiliate of either the Grantor or the Beneficiary (“Authorized Investments”).

 

4.                                       The
Participating Company, prior to depositing assets with the Trustee, shall
execute all assignments and endorsements in blank, and shall transfer legal
title to the Trustee of all shares, obligations or any other assets requiring assignments,
in order that the Reinsured Participating Company, or the Trustee upon
direction of the Reinsured Participating Company, may whenever necessary
negotiate any such assets without consent or signature from the Participating
Company or any other entity.

 

5.                                       All
settlements of account under the Trust Agreement between the Reinsured
Participating Company and Participating Company shall be made in cash or its
equivalent.

 

6.                                       The
Participating Company and the Reinsured Participating Company agree that the
assets in the Trust Account may be withdrawn by the Reinsured
Participating Company at any time, notwithstanding any other provisions in the
Agreement, provided such assets are applied and utilized by the Reinsured
Participating Company or any successor of the Reinsured Participating Company
by operation of law, including, without limitation, any liquidator,
rehabilitator, receiver or conservator of the Reinsured Participating Company,
without diminution because of the insolvency of the Reinsured Participating
Company or the Participating Company, only for the following purposes:

 

(i)                                     to
reimburse the Reinsured Participating Company for the Participating Company’s
share of any Losses and Loss Adjustment Expenses paid by the Reinsured
Participating Company but not received from the Participating Company or for
unearned premiums due to the 

 

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Reinsured Participating Company
but not otherwise paid by the Participating Company under the Agreement; or

 

(ii)                                  to
make payment to the Participating Company of any amounts held in the Trust
Account that exceed 102% of the Participating Company’s Obligations (less the
balance of credit available under any Letter(s) of Credit) hereunder; or

 

(iii)                               where
the Reinsured Participating Company has received notification of termination of
the Trust Account, and where the Participating Company’s entire Obligations
under the Agreement remain unliquidated and undischarged ten (10) days
prior to such termination, to withdraw amounts equal to such Obligations (less
the balance of credit available under any Letter(s) of Credit) and deposit such
amounts in a separate account, in the name of the Reinsured Participating
Company, in any United States bank or trust company, apart from its general
assets, in trust for such uses and purposes specified in sub-paragraphs (i) and
(ii) above as may remain executory after such withdrawal and for any
period after such termination.

 

7.                                       The
Participating Company shall have the right to seek the Reinsured Participating
Company’s approval to withdraw all or any part of the assets from the
Trust Account and transfer such assets to the Participating Company, provided
that the withdrawal conforms to the following requirements:

 

(i)                                     the
Participating Company shall, at the time of withdrawal, replace the withdrawn
assets with other Authorized Investments having a market value equal to the
market value of the assets withdrawn,

 

(ii)                                  after
such withdrawal and transfer, the market value of the Trust Account is no less
than 102% of the Participating Company’s Obligations (less the balance of
credit available under any Letter(s) of Credit).

 

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In the event that the
Participating Company seeks the Reinsured Participating Company’s approval
hereunder, the Reinsured Participating Company shall not unreasonably or
arbitrarily withhold its approval.

 

8.                                       In
the event that the Reinsured Participating Company withdraws assets from the
Trust Account for the purposes set forth in Paragraph (6)(i) above in
excess of actual amounts required to meet the Participating Company’s
Obligations to the Reinsured Participating Company (less the balance of credit
available under any Letter(s) of Credit), or in excess of amounts determined to
be due and under Paragraph (6)(iii) above, the Reinsured Participating
Company will return such excess to the Participating Company.

 

9.                                       The
Reinsured Participating Company will prepare and forward at annual intervals or
more frequently as determined by the Reinsured Participating Company, but not
more frequently than quarterly to the Participating Company a statement for the
purposes of this Article, showing the Participating Company’s share of
Obligations as set forth above. If the Participating Company’s share thereof
exceeds the then existing balance of the security provided, the Participating
Company will, within fifteen (15) days of receipt of the Reinsured
Participating Company’s statement, but never later than December 31 of any
year, increase the amount of the letter of credit, or Trust Account to the
required amount of the Participating Company’s share of Obligations set forth
in the Reinsured Participating Company’s statement, but never later than December 31
of any year. If the then existing balance of the security provided exceeds an
amount equal to 102% of the Participating Company’s share thereof, the
Reinsured Participating Company will release the amount in excess of 102% to
the Participating Company upon the Participating Company’s written request.

 

F.                                           The Participating Company will take any other
reasonable steps that may be required for the Reinsured Participating
Company to take full credit on its statutory financial statements for the
reinsurance provided by this Agreement.

 

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ARTICLE XV                                             Amendments 

 

This Pooling Agreement may be amended only if in writing and
signed by each Participating Company.

 

ARTICLE XVI                                         Adjustments to Participation

 

CPIC may, in its sole discretion, change the
Pooling Percentages as set forth in Schedule 1 hereto as of the date that
is six (6) months following the Effective Date and, from time to time, as
of any six (6) month anniversary of the Effective Date thereafter, upon
not less than thirty (30) days prior written notice to the other Participating
Company, unless such notice is waived by the other Participating Company, and
provided, however, that the CPIC and the other Participating Company may agree
to change the pool participations as of any calendar quarter; provided,
however, that the Pooling Percentage of TICNY shall at all times during the
term of this Pooling Agreement be a minimum of 15% and a maximum of 50%, and
provided further, however, that the total combined gross written premium share
of TICNY assumed under this Pooling Agreement shall not exceed $25 million for
the twelve (12) month period ending on March 31, 2007, subject to a growth
factor of 25% per each twelve (12) month period thereafter, unless otherwise
agreed by the parties. Each such change shall apply to Policies issued or
renewed after the effective date of such change. Schedule 1 shall be
revised to reflect all such changes and the effective date of each such change.
If the maximum gross written premium after pooling is attained in any twelve
(12) month period ending March 31 as set forth herein, unless otherwise
agreed by the parties as set forth above, then the Pooling Percentage, which
shall apply to all premiums and losses on a pro-rated basis for such period, of
TICNY shall be decreased for that twelve (12) month period, even if such
Pooling Percentage is below 15%.

 

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ARTICLE XVII                                     Investments

 

The investments of the Participating Companies and any income, gains or
losses derived therefrom and expenses related thereto, are not part of,
nor are they subject to the terms of, this Pooling Agreement.

 

ARTICLE XVIII                                 Insolvency

 

A.                                   In the event of the insolvency or the
appointment of a liquidator, receiver or other statutory successor of a Participating
Company, any amount due such Participating Company as a ceding party shall be
payable by the accepting party on the basis of the liability of the ceding
party under the Policies reinsured without diminution because of the insolvency
of the ceding party. Payments by the accepting party shall be made directly to
the ceding party or to the liquidator, receiver or statutory successor, except (a) where
any Policy specifically provides another payee of such reinsurance in the event
of the insolvency of the ceding party, or (b) where the accepting party,
with the consent of the direct insured or insureds, has assumed such Policy
obligations of the ceding party as direct obligations of the accepting party to
payees under such Policies and in substitution for the obligations of the
ceding party to such payees.

 

B.                                     The liquidator or receiver or statutory
successor of the ceding party shall give written notice to the accepting party
of the pendency of any claim against the insolvent ceding party on the Policies
reinsured within a reasonable time after such claim is filed in the insolvency
proceeding. During the pendency of such claim, the accepting party may investigate
the claim and interpose in the proceeding where the claim is to be adjudicated,
at its own expense, any defense or defenses which it may deem available to
the ceding party or its liquidator or receiver or statutory successor. The
expenses thus incurred by the accepting party shall be chargeable, subject to
court approval, against the insolvent ceding party solely as a result of the
defense undertaken by the accepting party.

 

17

 

ARTICLE XIX                                         Arbitration

 

A.                                   As a condition precedent to any right of
action hereunder, in the event of any dispute or difference of opinion
hereafter arising with respect to this Pooling Agreement (except as set forth
in Article XIII –Term), it is hereby mutually agreed that such dispute or
difference of opinion shall be submitted to arbitration. One Arbiter shall be
chosen by each Participating Company that is a party to such dispute and an
Umpire shall be chosen by the Arbiters before they enter upon arbitration, all
of whom shall be active or retired disinterested executive officers of
insurance or reinsurance companies or Underwriters at Lloyd’s of London. In the
event that a Participating Company should fail to choose an Arbiter within
thirty (30) days following a written request by another Participating Company
to do so, the requesting Participating Company’s Arbiter shall choose a second
arbiter before entering upon arbitration. If the two arbitrators are unable to
agree upon the third arbitrator within thirty (30) days of their appointment,
the third arbitrator shall be selected from a list of six individuals (three named
by each arbitrator) by a judge of the United States District Court having
jurisdiction over the geographical area in which the arbitration is to take
place, or if that court declines to act, the state court having general
jurisdiction in such area.

 

B.                                     Participating Companies party to the dispute
shall present their case to the Arbiters within thirty (30) days following the
date of appointment of the Umpire. The Arbiters shall consider this Pooling
Agreement as an honorable engagement rather than merely as a legal obligation
and they are relieved of all judicial formalities and may abstain from
following the strict rules of law. The decision of the Arbiters shall be
final and binding on all Participating Companies; but failing to agree, they
shall call in the Umpire and the decision of the majority shall be final and
binding upon all parties. Judgment upon the final decision of the Arbiters may be
entered in any court of competent jurisdiction.

 

C.                                     Each Participating Company that is a party to
the dispute shall bear the expense of its own Arbiter, and shall jointly and
equally bear with the other the expense of the Umpire and of the arbitration. 

 

18

 

In the event that the two
Arbiters are chosen by the requesting Participating Company, as above provided,
the expense of the Arbiters, the Umpire and the arbitration shall be equally
divided between the Participating Companies that are parties to the
arbitration.

 

ARTICLE XX                                             Miscellaneous Provisions

 

A.                                   Headings used herein are not a part of
this Pooling Agreement and shall not affect the terms hereof.

 

B.                                     All notices, requests, demands and other
communications under this Pooling Agreement must be in writing and will be
deemed to have been duly given or made as follows:  (a) if sent by registered or certified
mail in the United States return receipt requested, upon receipt; (b) if
sent by reputable overnight air courier, two business days after mailing; (c) if
sent by facsimile transmission, with a copy mailed on the same day in the
manner provided in (a) or (b) above, when transmitted and receipt is
confirmed by telephone; or (d) if otherwise actually personally delivered,
when delivered.

 

C.                                     This Pooling Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors,
permitted assigns and legal representatives. Neither this Pooling Agreement,
nor any right or obligation hereunder, may be assigned by any party
without the prior written consent of the other party hereto.

 

D.                                    This Pooling Agreement may be executed
by the parties hereto in any number of counterparts, and by each of the parties
hereto in separate counterparts, each of which counterparts, when so executed
and delivered, shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

 

E.                                      This Pooling Agreement will be construed,
performed and enforced in accordance with the laws of the State of New York
without giving effect to its principles or rules of conflict of laws
thereof to the extent such principles or rules would require or permit the
application of the laws of another jurisdiction.

 

19

 

F.                                      This Pooling Agreement constitutes the entire
agreement between the parties hereto relating to the subject matter hereof and
supersedes all prior and contemporaneous agreements, understandings,
statements, representations and warranties, negotiations and discussions,
whether oral or written, of the parties and there are no general or specific
warranties, representations or other agreements by or among the parties in
connection with the entering into of this Pooling Agreement or the subject
matter hereof except as specifically set forth or contemplated herein. If any
provision of this Pooling Agreement is held to be void or unenforceable, in
whole or in part, (i) such holding shall not affect the validity and
enforceability of the remainder of this Pooling Agreement, including any other
provision, paragraph or subparagraph, and (ii) the parties agree to
attempt in good faith to reform such void or unenforceable provision to
the extent necessary to render such provision enforceable and to carry out its
original intent.

 

G.                                     No consent or waiver, express or implied, by
any party to or of any breach or default by any other party in the performance
by such other party of its obligations hereunder shall be deemed or construed
to be a consent or waiver to or of any other breach or default in the
performance of obligations hereunder by such other party hereunder. Failure on
the part of any party to complain of any act or failure to act of any
other party or to declare any other party in default, irrespective of how long
such failure continues, shall not constitute a waiver by such first party of
any of its rights hereunder. The rights and remedies provided are cumulative
and are not exclusive of any rights or remedies that any party may otherwise
have at law or equity.

 

H.                                    Except as expressly provided for in the
insolvency provisions above, nothing in this Pooling Agreement will confer any
rights upon any person that is not a party or a successor or permitted assignee
of a party to this Pooling Agreement.

 

I.                                         Wherever the words “include,” “includes” or “including”
are used in this Pooling Agreement, they shall be deemed to be followed by the
words “without limitation.”

 

J.                                        This Article XX shall survive the
termination of this Pooling Agreement.

 

20

 

IN WITNESS WHEREOF, the Participating Companies have caused this Pooling Agreement to be
executed as of the day and year first above written, subject to the
satisfaction of New York Insurance Law § 1505, including any conditions
such regulators may impose on the terms of this Agreement subsequent to
the date hereof.

 

	
   

  	
  TOWER INSURANCE COMPANY OF NEW
  YORK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Francis M. Colalucci

  	
   

  
	
   

  	
   

  
	
   

  	
  Name: Francis M. Colalucci

  
	
   

  	
   

  
	
   

  	
  Title: Senior Vice President and Chief Financial
  Officer

  
	
   

  	
   

  
	
   

  	
  Date: January 11, 2007

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CASTLEPOINT INSURANCE COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joel S. Weiner

  	
   

  
	
   

  	
   

  
	
   

  	
  Name: Joel S. Weiner

  
	
   

  	
   

  
	
   

  	
  Title: Senior Vice President and Chief Financial
  Officer

  
	
   

  	
   

  
	
   

  	
  Date: January 11, 2007

  

 

21

 

Schedule 1

 

POOLING PERCENTAGES

 

Effective January 1, 2007

 

The percentages of
participation of the Pooling Agreement to which this Schedule 1 is
attached shall be as indicated below:

 

	
  Company

  	
   

  	
  Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Tower Insurance Company of New York

  	
   

  	
  15

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  CastlePoint Insurance Company

  	
   

  	
  85

  	
  %EXHIBIT 10.28

 

BROKERAGE BUSINESS POOL MANAGEMENT
AGREEMENT

 

This Brokerage Business Pool Management Agreement
(“Pool Management Agreement”) by and between Tower Insurance Company of New
York (“TICNY”), an insurance company domiciled in New York and CastlePoint
Insurance Company (“CPIC”), an insurance company domiciled in New York, is made
effective as of 12:01 a.m., January 1, 2007,  (the “Effective Date”).

 

WHEREAS, TICNY and CPIC are each authorized to
transact, and do transact, a multiple line property and casualty insurance
business; and

 

WHEREAS, TICNY and CPIC desire to pool their
respective Brokerage Business  (defined
below) in order to make more efficient use of available surplus and achieve
other operating efficiencies; and

 

WHEREAS, TICNY and CPIC have entered into the
Brokerage Business Pooling Agreement (“Brokerage Pooling Agreement”) to which
this Pool Management Agreement is attached; and

 

WHEREAS, the pool participants desire TICNY to be the
manager of such pool, in view of its expertise in Brokerage Business;

 

NOW,
THEREFORE, for mutual
considerations, the sufficiency and receipt of which is hereby acknowledged,
TICNY and CPIC agree as follows:

 

ARTICLE I                                   Definitions

 

The following terms, whenever used herein,
shall have the following meanings:

 

“Brokerage Business” shall mean broad classes
of business that are underwritten on an individual policy basis by an insurance
company’s underwriting staff through wholesale and retail agents, and for which
most or all of the services are provided by the insurance company as part of
the overall product offering.

 

“Brokerage
Business Pool” shall mean Brokerage Business written by or on behalf of the
Participating Companies or assumed by a Participating Company (including such
business assumed by 

 

1

 

TICNY from its affiliates),
that is pooled and allocated to each of the Participating Companies based upon
their Pooling Percentage as set forth in the Brokerage Business Pooling Agreement
to which this Pool Management Agreement is attached, as may be amended
from time to time.

 

“Existing
Reinsurance” shall have the same meaning it has in the Brokerage Business Pooling
Agreement.

 

“Management Fees” shall mean the management fees
payable by CPIC to TICNY pursuant to Article III.

 

“Net
Liability” shall have the same meaning it has in the Brokerage Business Pooling
Agreement.

 

“Net
Loss Ratio” shall have the same meaning it has in the Brokerage Pool Agreement.

 

“Net Premium Earned” shall have the same
meaning it has in the Brokerage Business Pooling Agreement.

 

“Net
Written Premium” shall have the same meaning it has in the Brokerage Business Pooling
Agreement.

 

“Participating
Companies” shall mean TICNY and CPIC.

 

“Policies”
shall have the same meaning that it has in the Brokerage Business Pooling
Agreement.

 

“Pooling
Percentages” shall be those percentages set forth on Schedule 1 attached
to the Brokerage Business Pooling Agreement, as amended from time to time.

 

“Pool
Reinsurance” shall have the same meaning that it has in the Brokerage Business Pooling
Agreement.

 

ARTICLE II                                                                               Term

 

A.                                   This Pool Management Agreement will become
effective on the Effective Date. Any Participating Company may terminate its
respective participation in this Pool Management Agreement as of the date forty-eight
(48) months after the Effective Date and thereafter as of the close of a
calendar quarter by giving at least six (6) months prior written notice to
the other party by certified or registered mail.

 

2

 

B.                                     Notwithstanding paragraph A above, this Pool
Management Agreement may be terminated immediately with respect to new or
renewal business (a) at any time by mutual consent in writing by each of
the Participating Companies or (b) as of the close of a calendar quarter,
upon not less than sixty (60) days prior written notice by a Participating
Company to the other Participating Company of such Participating Company’s
exercise of its right to terminate its participation in the Brokerage Business
Pool.

 

C.                                     If this Pool Management Agreement is
terminated pursuant to this Article II, all rights and obligations of the
Participating Companies under this Pool Management Agreement prior to such
termination shall continue to be governed by the terms of this Pool Management
Agreement.

 

ARTICLE III                           Pool Management

 

TICNY shall be the manager of the Brokerage Business Pool and provide
management services which shall include, but not be limited to, the following:

 

1.                                       Marketing, underwriting and issuance of Policies;

 

2.                                       Determining premium rates and other
underwriting terms and conditions with respect to the issuance of Policies;

 

3.                                       Establishing commissions and fees to be paid
to producers and/or brokers in connection with the underwriting of Policies;

 

4.                                       Establishing commissions and fees to be paid
to service providers by or for the account of the Brokerage Business Pool;

 

5.                                       Collecting premiums and other amounts due
under Policies;

 

6.                                       Adjusting settling, defending and paying
claims under Policies;

 

7.                                       Perform all administrative and
policyholder services in connection with the issuance of Policies;

 

8.                                       Purchasing, managing and administering
Existing Reinsurance and Pool Reinsurance as defined and set forth in the
Brokerage Business Pooling Agreement;

 

9.                                       Underwriting audit and control, product
development and state filings;

 

10.                                 Loss prevention/premium audit;

 

11.                                 Information technology;

 

12.                                 Accounting and cash management;

 

13.                                 Human resources and other administrative
functions; and

 

14.                                 Remitting and Reporting as set forth in Article IX
of the Pooling Agreement.

 

 

3

 

Expenses incurred in connection with the foregoing
services excluding loss adjustment expense included in the Net Loss Ratio (the “Management
Expenses”) shall be shared between the Participating Companies based upon their
respective Pooling Percentages.

 

CPIC shall pay to TICNY management fees for the
foregoing services (“Management Fees”) during each calendar year of this Pool
Management Agreement (or part thereof) equal to (i) (A) the
management fee percentage for such year (as set forth below) (the “Management
Fee Percentage”) times (B) their respective Pooling Percentage of the
gross written premium of the Brokerage Business for such year, net of return
premiums and net of ceded reinsurance premiums for Pool Reinsurance less (ii) their
Pooling Percentage of (A) ceding commissions set forth in Article VIII
of the Brokerage Business Pooling Agreement and (B) the shared Management
Expenses as set forth above and less (iii) loss adjustment expenses
included in the Net Loss Ratio. The Management Fee Percentage for the Brokerage
Business shall be 34% (which shall be applied during each year as to premium
written during the year) until April 1, 2007 and be adjusted based on Net Loss Ratio of the pooled business.

 

The Management Fee Percentage shall, on each six
month anniversary of the Effective Date, increase nine-tenths of a percentage
point for every percentage point by which the Net Loss Ratio is below 61% up to
a maximum Management Fee Percentage of 36%, and decrease nine-tenths of a
percentage point for every percentage point by which the Net Loss Ratio exceeds
61%, subject to a minimum Management Fee Percentage of 31% as follows:

 

	
  Net Loss Ratio

  	
   

  	
  Management Fee Percentage

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  64.33% or higher

  	
   

  	
  31.0

  	
   

  
	
  64

  	
   

  	
  31.3

  	
   

  
	
  63

  	
   

  	
  32.2

  	
   

  
	
  62

  	
   

  	
  33.1

  	
   

  
	
  61

  	
   

  	
  34.0

  	
   

  
	
  60

  	
   

  	
  34.9

  	
   

  
	
  59

  	
   

  	
  35.8

  	
   

  
	
  58.78 or lower

  	
   

  	
  36.0

  	
   

  

 

 

4

 

Such Management Fee Percentage shall remain provisional
until all losses for a given year have been settled (or deemed settled as set
forth below). Within sixty (60) days following the end of each year, TICNY
shall calculate the Net Loss Ratio for each year that remains open and shall
forward copies of such calculations to CPIC. The Participating Companies will
settle amounts due within ten (10) days thereafter. The Net Loss Ratio for
each year shall be deemed to be finalized six (6) years following the
close of such year or at any time before six (6) years by mutual agreement
of the Participating Companies. However, in recognition that regulatory
authorities may not approve an intercompany transaction containing these
management fees, the Participating Companies shall use their best good faith
effort to structure the transaction for the Participating Companies in order
that the sum of the Net Loss Ratio plus Management Fees equals 95% for the
Brokerage Business Pool.

 

ARTICLE IV                          Amendments 

 

This Pool Management Agreement may be amended only if in writing
and signed by each Participating Company.

 

ARTICLE V                              Arbitration

 

A.                                   As a condition precedent to any right of
action hereunder, in the event of any dispute or difference of opinion
hereafter arising with respect to this Pool Management Agreement, it is hereby
mutually agreed that such dispute or difference of opinion shall be submitted
to arbitration. One Arbiter shall be chosen by each Participating Company that
is a party to such dispute and an Umpire shall be chosen by the Arbiters before
they enter upon arbitration, all of whom shall be active or retired
disinterested executive officers of insurance or reinsurance companies or
Underwriters at Lloyd’s of London. In the event that a Participating Company
should fail to choose an Arbiter within thirty (30) days following a written
request by another Participating Company to do so, the requesting Participating
Company’s Arbiter shall choose a second arbiter before entering upon
arbitration. If the two arbitrators are unable to agree upon the third
arbitrator within thirty (30) days of their appointment, the third arbitrator
shall be selected from a list of six individuals (three named by each
arbitrator) by a judge of the

 

 

5

 

United States District Court
having jurisdiction over the geographical area in which the arbitration is to
take place, or if that court declines to act, the state court having general
jurisdiction in such area.

 

B.                                     Participating Companies party to the dispute
shall present their case to the Arbiters within thirty (30) days following the
date of appointment of the Umpire. The Arbiters shall consider this Pool
Management Agreement as an honorable engagement rather than merely as a legal
obligation and they are relieved of all judicial formalities and may abstain
from following the strict rules of law. The decision of the Arbiters shall
be final and binding on all Participating Companies; but failing to agree, they
shall call in the Umpire and the decision of the majority shall be final and
binding upon all parties. Judgment upon the final decision of the Arbiters may be
entered in any court of competent jurisdiction.

 

C.                                     Each Participating Company that is a party to
the dispute shall bear the expense of its own Arbiter, and shall jointly and
equally bear with the other the expense of the Umpire and of the arbitration. In
the event that the two Arbiters are chosen by the requesting Participating
Company, as above provided, the expense of the Arbiters, the Umpire and the
arbitration shall be equally divided between the Participating Companies that
are parties to the arbitration.

 

ARTICLE VI                          Miscellaneous Provisions

 

A.                                   Headings used herein are not a part of
this Pool Management Agreement and shall not affect the terms hereof.

 

B.                                     All notices, requests, demands and other
communications under this Pool Management Agreement must be in writing and will
be deemed to have been duly given or made as follows:  (a) if sent by registered or certified
mail in the United States return receipt requested, upon receipt; (b) if
sent by reputable overnight air courier, two business days after mailing; (c) if
sent by facsimile transmission, with a copy mailed on the same day in the
manner provided in (a) or (b) above, when transmitted and receipt is
confirmed by telephone; or (d) if otherwise actually personally delivered,
when delivered.

 

C.                                     This Pool Management Agreement shall be
binding upon and inure to the benefit of the parties hereto and their
respective successors, permitted assigns and legal representatives. Neither
this

 

 

6

 

Pool Management Agreement,
nor any right or obligation hereunder, may be assigned by any party
without the prior written consent of the other party hereto.

 

D.                                    This Pool Management Agreement may be
executed by the parties hereto in any number of counterparts, and by each of
the parties hereto in separate counterparts, each of which counterparts, when
so executed and delivered, shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

 

E.                                      This Pool Management Agreement will be
construed, performed and enforced in accordance with the laws of the State of
New York without giving effect to its principles or rules of conflict of
laws thereof to the extent such principles or rules would require or
permit the application of the laws of another jurisdiction.

 

F.                                      This Pool Management Agreement constitutes
the entire agreement between the parties hereto relating to the subject matter
hereof and supersedes all prior and contemporaneous agreements, understandings,
statements, representations and warranties, negotiations and discussions,
whether oral or written, of the parties and there are no general or specific
warranties, representations or other agreements by or among the parties in
connection with the entering into of this Pool Management Agreement or the
subject matter hereof except as specifically set forth or contemplated herein.
If any provision of this Pool Management Agreement is held to be void or
unenforceable, in whole or in part, (i) such holding shall not affect the
validity and enforceability of the remainder of this Pool Management Agreement,
including any other provision, paragraph or subparagraph, and (ii) the
parties agree to attempt in good faith to reform such void or
unenforceable provision to the extent necessary to render such provision
enforceable and to carry out its original intent.

 

G.                                     No consent or waiver, express or implied, by
any party to or of any breach or default by any other party in the performance
by such other party of its obligations hereunder shall be deemed or construed
to be a consent or waiver to or of any other breach or default in the
performance of obligations hereunder by such other party hereunder. Failure on
the part of any party to complain of any act or failure 

 

 

7

 

to act of any other party or
to declare any other party in default, irrespective of how long such failure
continues, shall not constitute a waiver by such first party of any of its
rights hereunder. The rights and remedies provided are cumulative and are not
exclusive of any rights or remedies that any party may otherwise have at
law or equity.

 

H.                                    Except as expressly provided for in the insolvency
provisions above, nothing in this Pool Management Agreement will confer any
rights upon any person that is not a party or a successor or permitted assignee
of a party to this Pool Management Agreement.

 

I.                                         Wherever the words “include,” “includes” or “including”
are used in this Pool Management Agreement, they shall be deemed to be followed
by the words “without limitation.”

 

J.                                        This Article VI shall survive the
termination of this Pool Management Agreement.

 

IN WITNESS WHEREOF, the Participating Companies have caused this Pool Management
Agreement to be executed as of the day and year first above written, subject to
the satisfaction of New York Insurance Law § 1505, including any
conditions such regulators may impose on the terms of this Agreement subsequent
to the date hereof.

 

 

TOWER INSURANCE COMPANY OF NEW YORK

 

 

	
  By: 

  	
  /s/ Francis M. Colalucci

  	
   

  
	
   

  
	
  Name: Francis M. Colalucci

  
	
   

  
	
  Title: Senior Vice President and Chief Financial
  Officer

  

 

 

CASTLEPOINT INSURANCE COMPANY

 

 

	
  By: 

  	
  /s/ Joel S. Weiner

  	
   

  
	
   

  
	
  Name: Joel S. Weiner

  
	
   

  
	
  Title: Senior Vice President and Chief Financial
  Officer

  

 

8

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