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**Canopius Bermuda**

**Policy No. IBM-141/CUBLBSF02-10**

**Endt. No. 6 CREDIT RATING CANCELLATION ENDORSEMENT**

**Eff. May 21/10** This endorsement evidences that in the event the financial strength rating of Canopius is downgraded after the issuance of the Policy to below A- by A.M. Best Co., or below BBB by Standard & Poor's Ratings Services (the "Credit Rating Downgrade"), this Policy may be canceled by the Named Insured by mailing written prior notice to the Company or by surrender of this Policy to the Company or its authorized agent or broker.

**Endt. No. 7 SEVERAL LIABILITY NOTICE**

**Eff. May 21/10** The subscribing insurers' obligations under contracts of insurance to which they subscribe are several and not joint and are limited solely to the extent of their individual subscriptions. The subscribing insurers are not responsible for the subscription of any co-subscribing insurer who for any reason does not satisfy all or part of its obligations.

**Endt. No. 8 NON FOLLOW ENDORSEMENT**

**Eff. May 21/10** It is hereby agreed that the subparagraph h. as defined in this endorsement, is added to Conditions, Paragraph 6 (Non Follow Form) of the Policy.

**Endt. No. 9 U.S. TERRORISM RISK INSURANCE ACT OF 2002 AS AMENDED NEW & RENEWAL BUSINESS ENDORSEMENT (LMA5091)**

**Eff. May 21/10** This endorsement is issued in accordance with the terms and conditions of the "U.S. Terrorism Risk Insurance Act of 2002" as amended as summarized in the disclosure notice.

The above explanations only serve as a brief description of these endorsements. Please refer to the actual endorsement for exact terms and conditions.

We trust that you will find the attached to be in good order; however, should you have any questions please do not hesitate to contact our offices.

Sincerely,

**Richard Keegan**
Broker

RK/en

Encl.

copy: Steve Goldstein – ARS of New York

AON®