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MAR. -U9' Ol (rR!) l6 J5 <br />JRN-05-2001 FRI 10 35 Atl <br />rRO~TiER <br />TEL 9a~"9d?9.0 <br />F,9X N0. <br />«.-~- <br />P. 003 <br />P. 03 <br />WHEREAS, the Frontier Insurance Company (the "Reinsured") and National <br />Indemnity Company (the "Reinsurer") have entered into an Aggregate Reinsurance <br />Agreement effective July 1, 2000 (the "Reinsurance Agreement") concerning "Covered <br />Liabilities" as defined in the Reinsurance Agreement arising from Accident Years 1999 and ~ ' ~ '"` <br />prior (such liabil'dies es are covered in the Reinsurance Agreement being referred to ~~`_; <br />herein as the "Covered Business"); = -- <br />'8': <br />WHEREAS, In connection wkh the mutual agreement of the Reinsured and <br />Reinsurer to add to the Reinsurance Agreement coverage in respect of the 1888 and ~- ~~•^ <br />r~-.^: <br />prior business of Frontier Pacific Insurance Company ("Frontier Pacific'), a subsidiary o1 -= - <br />the Reinsured; <br />WHEREAS, the Reinsureds and the Reinsurer have agreed to include within the <br />Reirisu~~ance Agreement Coverage for their respective surety business exposures written <br />as o} the date of this Endorsement and prior; and <br />WHEREAS, as a result of the foregoing, file Reinsured and Reinsurer have mutually <br />agreed to clarify In this Endorsement that the Reinsured shall continue to receive the full <br />benefit of its existing reinsurance coverage such that the Reinsurer shall continue to be <br />responsible for the net lasses paid by the Reinsured; <br />NOW, THEREFORE, the Reinsured and Reinsurer agree to modify and amend the <br />Reinsurance Agreement as follows: <br />1. With effect from October 1, 2000, the "Reinsured" is amended to include <br />Frontier Padfic. All references to Reinsured throughout the Reinsurance Agreement are <br />understood to be to both Frontier Insurance Company and Frontier Pacific. <br />2. The Reinsurance Agreement, Article 2, Indemni , is hereby deleted and <br />replaced with the following: <br />Reinsurer, through the Claims Administrator or directly, hereby agrees to <br />pay on behaff of the Reinsured the Utimate Net Loss for an amount of up <br />to U.S. $858,554,275. UNDER NO CIRCUMSTANCES WILL THE <br />REINSURER BE LIABLE FOR MORE THAN U.S. ~,55d,275 IN THE <br />AQCiREGATE INCLUSIVE OF ALL EXPENSES ANq COSTS BY REASON <br />OF ENTERING INTO THIS REINSURANCE. In appying Article 2, all <br />Ultimate Net Loss arising out of this Reinsurance shall be included In <br />determining the time of exhaustion of the Aggregate Limit. A single <br />Aggregate Limit shall apply to this Reinsurance. <br />Subjecrt to the foregoing, it is understood and agreed that the available limit <br />for each Reinsured shall be further limited as follows: in respell of Frontier <br />Page 2 <br />