TERRORISM CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT

Insurance Underwriting Agreement

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PHILADELPHIA INDEMNITY INSURANCE COMPANY | PHILADELPHIA INSURANCE COMPANY | VALIDUS REINSURANCE, LTD

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Title: TERRORISM CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT
Date: 8/5/2008
Industry: Insurance (Prop. and Casualty) Sector: Financial

EXHIBIT 10.6

TERRORISM CATASTROPHE EXCESS OF LOSS REINSURANCE CONTRACT

EFFECTIVE MARCH 1, 2008

between

PHILADELPHIA INSURANCE COMPANY
and
PHILADELPHIA INDEMNITY INSURANCE COMPANY

BALA CYNWYD, PENNSYLVANIA, USA

(hereinafter referred to as the “Reinsured”)

VALIDUS REINSURANCE, LTD.

HAMILTON, BERMUDA

(hereinafter referred to as the “Reinsurers”)

Under the terms of this Contract, the above Reinsurers agree to assume severally and not jointly with other participants

a 20.00% share

of the liability described in the attached Contract and, as consideration, the above Reinsurers shall receive a 20.00% share of the premium named therein.

Signed in Hamilton, Bermuda, this 28th day of March, 2008,


	VALIDUS REINSURANCE, LTD.
	BY:	JEFF A. CLEMENTS
	TITLE:	EXECUTIVE VICE PRESIDENT

Towers Perrin No. G26004.08

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