Commutation Agreement
BETWEEN
Cypress Reinsurance Ltd
AND
Atlantic Gateway International (SAC), Ltd
AND
Cypress II Segregated Account
(Segregated Account of Atlantic Gateway International
(SAC) Ltd)
This Commutation
Agreement (“ Commutation”), effective this 31st day of
August 2009, is entered into by and between Atlantic Gateway
International (SAC) Ltd, (herein after “AGIL”),
and Cypress Reinsurance Ltd. (herein after “Cypress”)
and Cypress II Segregated Account (herein after “Cypress
II”)
WHEREAS,
Cypress Reinsurance Ltd is a company organized and existing under
the laws of Bermuda and registered as an insurer entitled to avail
itself of the provisions of the Act.
WHEREAS, AGIL
is an approved Segregated Account Company (SAC) existing under
the laws of Bermuda and registered as an insurer entitled to avail
itself of the provisions of the Act.
WHEREAS, AGIL
has established a new segregated account “Cypress II”
existing under the laws of Bermuda and registered as a segregated
account of AGIL and insurer entitled to avail itself of the
provisions of the Act
WHEREAS, AGIL
and Cypress Reinsurance Ltd (the “Reinsurer”) have
entered into a Retroactive Reinsurance agreement executed
March 29, 2004 for programs
CWHA year 2
(2002)
CWHA year 3 (2003)
and also a
Master Reinsurance agreement effective June 1, 2004, and
multiple Addendums for each program and subsequent program years
identified as follows:
1A - ARISA year
1 (2003)
1B - ARISA year 2 (2004)
1C - ARISA ycar 3 (2005)
2 - CMDA (2004)
3 - CWHA year 4 (2004)
4 - Bizassure (2004)
5A - Hospitality Insurance Services year 1 (2004)
5B - Hospitality Insurance Services year 2 (2005)
6 - CWHA year 5 (2005)
(Herein after
called the ‘Reinsurance Agreements’)
WHEREAS, the
subject business is comprised of policies issued for the Identified
Programs in each Reinsurance Addendum by Discover Re Managers, Ltd.
or its designees on behalf of one or more of its Affiliated
Insurers and which