Exhibit (10)(I)(10)
TWELFTH AMENDMENT
TO
HARLEYSVILLE MUTUAL INSURANCE
COMPANY
HARLEYSVILLE PREFERRED INSURANCE
COMPANY
HARLEYSVILLE INSURANCE COMPANY OF
NEW JERSEY
HARLEYSVILLE-ATLANTIC INSURANCE
COMPANY
HARLEYSVILLE WORCESTER INSURANCE
COMPANY
HARLEYSVILLE INSURANCE COMPANY OF
NEW YORK
HARLEYSVILLE INSURANCE COMPANY OF
OHIO
HARLEYSVILLE PENNLAND INSURANCE
COMPANY
HARLEYSVILLE LAKE STATES
INSURANCE COMPANY
HARLEYSVILLE INSURANCE
COMPANY
PROPORTIONAL REINSURANCE
AGREEMENT
This Twelfth Amendment to the
Proportional Reinsurance Agreement is entered into by and between
HARLEYSVILLE MUTUAL INSURANCE COMPANY, HARLEYSVILLE PREFERRED
INSURANCE COMPANY F/K/A HURON INSURANCE COMPANY, HARLEYSVILLE
INSURANCE COMPANY OF NEW JERSEY, HARLEYSVILLE-ATLANTIC INSURANCE
COMPANY, HARLEYSVILLE WORCESTER INSURANCE COMPANY F/K/A WORCESTER
INSURANCE COMPANY, HARLEYSVILLE INSURANCE COMPANY OF NEW YORK F/K/A
NEW YORK CASUALTY INSURANCE COMPANY, HARLEYSVILLE INSURANCE COMPANY
OF OHIO F/K/A GREAT OAKS INSURANCE COMPANY, HARLEYSVILLE PENNLAND
INSURANCE COMPANY F/K/A PENNLAND INSURANCE COMPANY, HARLEYSVILLE
LAKE STATES INSURANCE COMPANY F/K/A LAKE STATES INSURANCE COMPANY
and HARLEYSVILLE INSURANCE COMPANY F/K/A MINNESOTA FIRE AND
CASUALTY COMPANY.
This Amendment to the Proportional
Reinsurance Agreement (“the Agreement”) between
Harleysville Mutual Insurance Company (“HMIC”),
Harleysville Preferred Insurance Company, Harleysville Insurance
Company of New Jersey, Harleysville-Atlantic Insurance Company,
Harleysville Worcester Insurance Company, Harleysville Insurance
Company of New York, Harleysville Insurance Company of Ohio,
Harleysville Pennland Insurance Company, Harleysville Lake States
Insurance Company and Harleysville Insurance Company dated
April 7, 1986, and amended June 30,
1987, December 30, 1988, November 22,
1989, March 19, 1990, August 9, 1993 (with
revision dated August 2, 1994), March 16,
1995, March 18, 1996, March 3, 1997 (with Addendum
dated March 3, 1997), March 4, 1998, January 7,
2008 and January 1, 2010 in which those companies
created a common risk-sharing pool for their underwriting
operations, has the following purposes:
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A.
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To cause HMIC
to retain and not cede or retrocede, as the case may be, to the
pool all workers compensation business written by HMIC and assumed
by it from the other pool members with respect to all workers
compensation policies that are either first effective or which
renew on or after January 1, 2011 and the unearned portion of
the policies in-force on January 1, 2011.
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B.
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To provide,
upon the effective date of the termination of the Agreement, for
the orderly run-off of all member company liabilities until the
natural expiration or earlier cancellation of all policies ceded to
the pool as of the termination date.
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In consideration of the mutual
agreements hereinafter set forth and contained in the Agreement,
the parties hereby agree as follows:
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1.
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Paragraph 1.2
of Part III is deleted in its entirety and replaced by the
following:
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1.2
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Commencing on
the opening of business, HMIC will cede and the Subsidiaries will
accept their proportionate share (as shown on Exhibit I) of the net
liability on all insurance thereafter written by HMIC, including
the net liability on the business assumed by HMIC under Paragraph
1.1 above. Notwithstanding anything in this Paragraph to the
contrary, HMIC will retain, and will not cede or retrocede as the
case may b
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