# CANOPIUS Bermuda

**Endorsement No:** 006

**This endorsement effective:** May 21, 2010 (at 12:01AM prevailing time at the address of the Named Insured as shown in Item 1(b) of the Declarations)

**Forms a part of Policy No:** IBM-141/CUBLBSF02-10

**Issued to:** International Business Machines Corporation

**By:** Canopius Underwriting Bermuda Limited

## CREDIT RATING CANCELLATION ENDORSEMENT

Notwithstanding any other provision in this Policy, in the event that a financial strength rating is issued (1) below "A-" (A minus) by A.M. Best Co., or (2) below "A-" (A minus) by Standard & Poor's Ratings Services, for the Insurer (hereinafter "Credit Rating Downgrade"), this Policy may be canceled by the Named Insured by mailing written notice to the Company or by surrender of this Policy to the Company or its authorized agent. If this Policy is canceled by the Named Insured after such Credit Rating Downgrade, the Company shall retain the pro rata proportion of the premium herein.

Payment or tender of any unearned premium by the Company shall not be a condition precedent to the effectiveness of cancellation but such payment shall be made as soon as practicable.

Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, conditions, exclusions or limitations of the Policy referenced above, except as expressly stated herein.

**June 18, 2010**
**Date of Issue**

Ref: BSF02-CUBL015-05-10

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