**Policy Number:** WE0900137

**AON**

**SECURITY DETAILS**

**(RE)INSURER'S LIABILITY:** Several Liability

The subscribing (re)insurers' obligations under contracts of (re)insurance to which they subscribe are several and not joint and are limited solely to the extent of their individual subscriptions. The subscribing (re)insurers are not responsible for the subscription of any co-subscribing (re)insurer who for any reason does not satisfy all or part of its obligations.

**ORDER HEREON:** 12.5% of Whole.

**BASIS OF WRITTEN LINES:** Percentage of Whole.

**SIGNING PROVISIONS:** In the event that the written lines hereon exceed 100% of the order, any lines written "To Stand" will be allocated in full and all other lines will be signed down in equal proportions so that the aggregate signed lines are equal to 100% of the order without further agreement of any of the (re)insurers.

However:
a) in the event that the placement of the order is not completed by the commencement date of the period of insurance then all lines written by that date will be signed in full;
b) the signed lines resulting from the application of the above provisions can be varied, before or after the commencement date of the period of insurance, by the documented agreement of the (re)insured and all (re)insurers whose lines are to be varied. The variation to the contracts will take effect only when all such (re)insurers have agreed, with the resulting variation in signed lines commencing from the date set out in that agreement.

**WRITTEN LINES:**
1) In a co-insurance placement following (re)insurers may, but are not obliged to, follow the premium charged by the lead (re)insurer
2) (Re)insurers may not seek to guarantee for themselves terms as favourable as those which others subsequently achieve during the placement.

This page details non-electronic Insurer lines, if applicable. Electronic Insurer lines are detailed on subsequent Security Details page(s).

**ARGO RE**
Member Argo Group
ARGO-CAS-0CC-000039.1

Market Submission - Security Details
Page 15 of 20
RM 04/06/09 01