Exhibit 10.34
RETROCESSIONAL MEMORANDUM
for a
CESSION OF REINSURED RISK
under the
ACE FACULTATIVE RETROCESSIONAL AGREEMENT
between
ACE BERMUDA INSURANCE LTD.,
AS RETROCEDENT
and
ACE CAPITAL RE INTERNATIONAL LTD.,
AS RETROCESSIONAIRE
RETROCESSIONAL |
| [ACE]1999-003. |
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COVERED BUSINESS: |
| The Aggregate Excess of Loss Reinsurance Agreement entered into between the Retrocedent and the Original Reinsured dated as of May 25, 1999 (the “Reinsurance Agreement”). A copy of the Reinsurance Agreement is attached hereto as Exhibit 1 and incorporated herein. |
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ORIGINAL REINSURED: |
| Centre Insurance International Company. |
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TERM: |
| Incepting and terminating simultaneously with and on the same basis as the Reinsurance Agreement. |
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TYPE OF RETROCESSION: |
| Quota Share. |
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QUOTA SHARE |
| 100%. |
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LOSS ADJUSTMENT |
| Applicable. |
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PREMIUM: |
| The Quota Share Percentage of the Reinsurance Premium payable under the Reinsurance Agreement subject to adjustment as per the terms of the Reinsurance Agreement. |
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CEDING COMMISSION: |
| Nil. |
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TAXES: |
| N/A. |
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REPORTS: |
| The Retrocedent shall forward to the Retrocessionaire all reports provided to the Retrocedent under the Reinsurance Agreement within five business days of receipt thereof. |
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CASH LOSS AMOUNT: |
| Applicable for loss amounts in excess of $0. |
CURRENCY; EXCHANGE RATE: |
| As per terms of Reinsurance Agreement. |
The cession evidenced by this Retrocessional Memorandum shall be subject to all the terms and conditions contained in the ACE Facultative Retrocessional Agreement dated as of January 1, 1998 between the parties, which the undersigned hereby acknowledge as being an agreement between and binding upon the undersigned.
SUBMITTED BY: | ACCEPTED BY: | ||||
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ACE BERMUDA INSURANCE LTD. | ACE CAPITAL RE INTERNATIONAL LTD. | ||||
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BY: | /s/ Andrew M. Gibbs |
| BY: | /s/ Stephen Donnarumme |
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NAME: | Andrew M. Gibbs |
| NAME: | Stephen Donnarumme |
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TITLE: | CFO / COO |
| TITLE: | COO |
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DATE: | Jan 22, 04 |
| DATE: | 22 Jan 04 |
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