[sheet: Cover]

Field	Value
Matter Name	Quorum Insurance Holdings Corp. — Quota-Share Renewal & Cat XOL Placement
Matter Number	1025-00004
Prepared By	Calderwood & Harkness LLP, 125 Broad Street, 38th Floor, New York, NY 10004
Responsible Partner	Angela Fontaine
Lead Associate	Yuki Nakamura
Working Associate	Carlos Espinoza
Client	Quorum Insurance Holdings Corp. (Nasdaq: QIHC)
Client Contact	Lionel T. Okafor, General Counsel; Suzanne M. Driscoll, VP Reinsurance & Capital Management
Client Address	400 Constitution Plaza, Suite 2200, Hartford, CT 06103
Cedent (Operating Subsidiary)	Quorum Specialty Insurance Company (NAIC No. 42917)
Counterparty Counsel	Harmon, Kessler & Fitch LLP — Nathan R. Kessler / Miriam Soto-Flores
Counterparty Counsel Address	780 Third Avenue, 30th Floor, New York, NY 10017
Reinsurance Intermediary	Blackbridge Advisory Group LLC (NY DFS Lic. No. RI-00483) — Owen F. Halstead
Intermediary Address	55 Water Street, Suite 1410, New York, NY 10041
Treaty 1	Property Quota-Share Reinsurance Treaty (Amended & Restated) — 40% cession — Pinnacle Re Ltd.
Treaty 2	Catastrophe Excess-of-Loss Reinsurance Contract — $35,000,000 xs $15,000,000 — Pinnacle Re Ltd. (50%), Graystone Reinsurance AG (30%), Tidewater Re S.A. (20%)
Target Signing Date	December 1, 2025
Trust Execution & Funding Deadline	December 15, 2025
Effective Date (Both Treaties)	January 1, 2026
Expiration Date (Both Treaties)	December 31, 2026
Governing Law	New York
Arbitration	ARIAS-U.S. rules; three-arbitrator panel seated in New York, NY
Date of Checklist	As of November 1, 2025
Version	1.0 — DRAFT

[sheet: QS Treaty — Closing Items]

Item No.	Category	Description	Responsible Party	Target Date	Status	Notes
1	Treaty Document	Execution of Amended and Restated Property Quota-Share Reinsurance Treaty between Quorum Specialty Insurance Company and Pinnacle Re Ltd. — treaty period January 1, 2026 through December 31, 2026; 40% cession percentage; provisional ceding commission of 33.5% (sliding scale 30.0%–36.0%); slide factor of 1 pt per 2.5 pts loss ratio; loss corridor at 75%–80% loss ratio band; funds withheld 25% at 3-mo SOFR + 75 bps; per-risk retention $2,500,000; max per-occurrence limit $25,000,000	Calderwood & Harkness LLP / Harmon, Kessler & Fitch LLP	December 1, 2025	In Progress	Original inception January 1, 2022; final form pending resolution of open commercial terms including ceding commission increase from 32.0% to 33.5%
2	Signature Pages	Executed signature pages — Quorum Specialty Insurance Company (cedent)	Lionel T. Okafor / Suzanne M. Driscoll (QIH)	December 1, 2025	Not Started	Signature by authorized officer of Quorum Specialty
3	Signature Pages	Executed signature pages — Pinnacle Re Ltd. (reinsurer)	Harmon, Kessler & Fitch LLP / Derek S. Kimball (Pinnacle Re)	December 1, 2025	Not Started	Signature by authorized officer of Pinnacle Re
4	Corporate Authorization	Board resolution or written consent of Quorum Specialty Insurance Company authorizing execution of amended and restated QS treaty and delegation of signing authority	Lionel T. Okafor (QIH)	November 25, 2025	Not Started	Confirm whether board or committee approval required under QIH governance documents
5	Corporate Authorization	Board resolution or authorization of Pinnacle Re Ltd. approving renewal terms for 2026 treaty year	Nathan R. Kessler (HKF) / Elena Papadimitriou (Pinnacle Re)	November 25, 2025	Not Started	Request confirmation from HKF
6	Officer Certificate	Officer's certificate of Quorum Specialty Insurance Company certifying good standing, authority of signatories, and accuracy of representations	Lionel T. Okafor (QIH)	December 1, 2025	Not Started	To be delivered at signing
7	Officer Certificate	Officer's certificate of Pinnacle Re Ltd. certifying good standing, authority of signatories, and accuracy of representations	Nathan R. Kessler (HKF)	December 1, 2025	Not Started	To be delivered at signing
8	Good Standing / Entity Status	Certificate of good standing — Quorum Specialty Insurance Company from Connecticut Secretary of the State	Carlos Espinoza (C&H)	November 25, 2025	Not Started	CT-domiciled admitted insurer
9	Good Standing / Entity Status	Certificate of good standing or equivalent — Pinnacle Re Ltd. from Bermuda Registrar of Companies	Nathan R. Kessler (HKF)	November 25, 2025	Not Started	Bermuda Class 4 insurer
10	Broker Side Letter	Execution of Intermediary Clause / Broker Agreement Side Letter confirming Blackbridge Advisory Group LLC appointment, brokerage of 1.25% of ceded premium, fiduciary duties, and settlement mechanics	Calderwood & Harkness LLP / Blackbridge (Owen F. Halstead)	December 1, 2025	In Progress	Draft side letter under review
11	Rating Confirmation	Confirmation of current A.M. Best rating for Pinnacle Re Ltd. — A (Excellent), Outlook Stable, as rated by Brindoval Rating Services	Suzanne M. Driscoll (QIH) / Blackbridge	November 15, 2025	Not Started	Condition precedent to renewal
12	Rating Confirmation	Confirmation of current A.M. Best rating for Quorum Specialty Insurance Company — A– (Excellent), Outlook Stable, as rated by Brindoval Rating Services	Priya Chandrasekaran (QIH)	November 15, 2025	Not Started	For reinsurer's records
13	Actuarial Deliverable	Final loss development and catastrophe model analysis from Meridian Actuarial Partners LLC (Dr. Anita K. Rourke, FCAS) supporting treaty renewal — Tempest Analytics CatView v11.2 output	Suzanne M. Driscoll (QIH) / Meridian	November 15, 2025	In Progress	Quorum's 250-year modeled PML (net of QS) = $52,000,000
14	Financial Data	2024 audited financial statements of Quorum Insurance Holdings Corp. — reviewed by Whitfield & Strand LLP (Gregory N. Tate, Engagement Partner)	Priya Chandrasekaran (QIH)	November 15, 2025	Complete	2024 GWP (property) = $312,000,000; net combined ratio = 94.7%; policyholder surplus = $478,000,000
15	Financial Data	Projected 2026 gross written premium schedule (property book) — projected GWP of $338,000,000; projected ceded premium (40%) of $135,200,000	Suzanne M. Driscoll (QIH)	November 15, 2025	In Progress	To support premium estimate provisions in treaty
16	Regulatory	Confirmation that no regulatory filings or notices are required under Connecticut insurance law for the amended and restated QS treaty	Carlos Espinoza (C&H) / Lionel T. Okafor (QIH)	November 25, 2025	Not Started	Review CT DOI requirements
17	Bordereau Template	Agreement on quarterly bordereau reporting format and first due date (March 31, 2026)	Suzanne M. Driscoll (QIH) / Derek S. Kimball (Pinnacle Re)	December 1, 2025	Not Started	To be appended as exhibit to treaty
18	Commutation Provisions	Confirmation of cash loss ratio trigger for commutation at 85% on an inception-to-date basis — language agreed in final treaty wording	Calderwood & Harkness LLP / HKF	December 1, 2025	In Progress	Key negotiation point
19	Legal Opinion	Legal opinion of Calderwood & Harkness LLP as to enforceability of amended and restated QS treaty (if required by Pinnacle Re)	Angela Fontaine / Yuki Nakamura (C&H)	December 1, 2025	Not Started	Confirm whether Pinnacle Re requires opinion

[sheet: Cat XOL — Closing Items]

Item No.	Category	Description	Responsible Party	Target Date	Status	Notes
1	Treaty Document	Execution of Catastrophe Excess-of-Loss Reinsurance Contract — $35,000,000 per occurrence xs $15,000,000 retention (exhaustion point $50,000,000); treaty period January 1, 2026 – December 31, 2026; 1 reinstatement at 100% additional premium (pro rata as to time); max aggregate exposure $70,000,000; ROL 8.50%; annual premium $2,975,000; minimum premium $2,380,000; quarterly deposit $743,750; 168-hour hours clause; territory: Continental U.S., Alaska, Hawaii, Puerto Rico, USVI; all natural perils	Calderwood & Harkness LLP / Harmon, Kessler & Fitch LLP	December 1, 2025	In Progress	Three-reinsurer panel; includes participation schedule
2	Participation Schedule	Final executed Participation Schedule: Pinnacle Re Ltd. — 50% ($17,500,000 limit / $1,487,500 premium); Graystone Reinsurance AG — 30% ($10,500,000 limit / $892,500 premium); Tidewater Re S.A. — 20% ($7,000,000 limit / $595,000 premium)	Owen F. Halstead (Blackbridge) / C&H	December 1, 2025	In Progress	Blackbridge to confirm final panel allocations
3	Signature Pages	Executed signature pages — Quorum Specialty Insurance Company (cedent)	Lionel T. Okafor / Suzanne M. Driscoll (QIH)	December 1, 2025	Not Started
4	Signature Pages	Executed signature pages — Pinnacle Re Ltd. (lead reinsurer, 50%)	Nathan R. Kessler (HKF) / Derek S. Kimball (Pinnacle Re)	December 1, 2025	Not Started	Cumberland House, 1 Victoria Street, Hamilton HM 11, Bermuda
5	Signature Pages	Executed signature pages — Graystone Reinsurance AG (following reinsurer, 30%)	Jan-Erik Lindgren (Graystone Re)	December 1, 2025	Not Started	Bahnhofstrasse 72, 8001 Zürich, Switzerland
6	Signature Pages	Executed signature pages — Tidewater Re S.A. (following reinsurer, 20%)	François-Xavier Delacroix (Tidewater Re)	December 1, 2025	Not Started	14 Boulevard Royal, L-2449 Luxembourg
7	Corporate Authorization	Board resolution or written consent of Quorum Specialty Insurance Company authorizing execution of Cat XOL contract	Lionel T. Okafor (QIH)	November 25, 2025	Not Started	May be combined with QS authorization
8	Corporate Authorization	Board resolution or authorization of Pinnacle Re Ltd. approving Cat XOL participation (50%)	Nathan R. Kessler (HKF)	November 25, 2025	Not Started
9	Corporate Authorization	Board resolution or authorization of Graystone Reinsurance AG approving Cat XOL participation (30%)	Jan-Erik Lindgren (Graystone Re)	November 25, 2025	Not Started	Swiss AG — confirm corporate formalities under Swiss law
10	Corporate Authorization	Board resolution or authorization of Tidewater Re S.A. approving Cat XOL participation (20%)	François-Xavier Delacroix (Tidewater Re)	November 25, 2025	Not Started	Luxembourg S.A. — confirm corporate formalities
11	Officer Certificate	Officer's certificate of Quorum Specialty Insurance Company	Lionel T. Okafor (QIH)	December 1, 2025	Not Started	May be combined with QS certificate
12	Officer Certificate	Officer's certificate of Pinnacle Re Ltd.	Nathan R. Kessler (HKF)	December 1, 2025	Not Started
13	Officer Certificate	Officer's certificate of Graystone Reinsurance AG	Jan-Erik Lindgren (Graystone Re)	December 1, 2025	Not Started
14	Officer Certificate	Officer's certificate of Tidewater Re S.A.	François-Xavier Delacroix (Tidewater Re)	December 1, 2025	Not Started
15	Certified Reinsurer Status	Evidence of Pinnacle Re Ltd. certified reinsurer status — NYDFS Certified Reinsurer ID CR-2019-0217 — confirming $0 collateral requirement under 11 NYCRR 125	Nathan R. Kessler (HKF) / Carlos Espinoza (C&H)	November 15, 2025	In Progress	Pinnacle Re exempt from collateral/trust requirement as certified reinsurer
16	Trust Agreement — Graystone	Execution of Reinsurance Trust Agreement among Graystone Reinsurance AG (grantor), Quorum Specialty Insurance Company (beneficiary), and Fidelitas Trust Company of New York (trustee) — multi-beneficiary trust per NY Insurance Law § 1308 and 11 NYCRR 125	Calderwood & Harkness LLP / Jan-Erik Lindgren (Graystone Re)	December 15, 2025	In Progress	Fidelitas Trust — 60 Wall Street, 12th Floor, New York, NY 10005
17	Trust Funding — Graystone	Confirmation of trust funding by Graystone Reinsurance AG in the amount of $21,420,000 (= $10,500,000 × 2 × 102%)	Jan-Erik Lindgren (Graystone Re) / Fidelitas Trust	December 15, 2025	Not Started	Must be funded prior to January 1, 2026 inception; 102% of pro-rata max aggregate exposure
18	Trust Agreement — Tidewater	Execution of Reinsurance Trust Agreement among Tidewater Re S.A. (grantor), Quorum Specialty Insurance Company (beneficiary), and Fidelitas Trust Company of New York (trustee) — multi-beneficiary trust per NY Insurance Law § 1308 and 11 NYCRR 125	Calderwood & Harkness LLP / François-Xavier Delacroix (Tidewater Re)	December 15, 2025	In Progress	Structure mirrors Graystone trust
19	Trust Funding — Tidewater	Confirmation of trust funding by Tidewater Re S.A. in the amount of $14,280,000 (= $7,000,000 × 2 × 102%)	François-Xavier Delacroix (Tidewater Re) / Fidelitas Trust	December 15, 2025	Not Started	Must be funded prior to January 1, 2026 inception; 102% of pro-rata max aggregate exposure
20	Broker Side Letter	Execution of Intermediary Clause / Broker Agreement Side Letter for Cat XOL — Blackbridge Advisory Group LLC; brokerage 5% of layer premium ($148,750); fiduciary duties and settlement mechanics	Calderwood & Harkness LLP / Owen F. Halstead (Blackbridge)	December 1, 2025	In Progress	Blackbridge NY DFS Lic. No. RI-00483
21	Rating Confirmation	Confirmation of current A.M. Best rating — Pinnacle Re Ltd.: A (Excellent), Outlook Stable (Brindoval Rating Services)	Suzanne M. Driscoll (QIH) / Blackbridge	November 15, 2025	Not Started
22	Rating Confirmation	Confirmation of current A.M. Best rating — Graystone Reinsurance AG: A (Excellent), Outlook Stable	Suzanne M. Driscoll (QIH) / Blackbridge	November 15, 2025	Not Started
23	Rating Confirmation	Confirmation of current A.M. Best rating — Tidewater Re S.A.: A– (Excellent), Outlook Positive	Suzanne M. Driscoll (QIH) / Blackbridge	November 15, 2025	Not Started
24	Exclusion Clauses	Final agreed wording of exclusion clauses: NMA 1975a (Nuclear), NMA 2962 (Communicable Disease), LMA 3030 (Terrorism — modified; TRIA-certified acts excluded), LMA 5400 (Cyber — modified per Quorum manuscript)	Yuki Nakamura / Carlos Espinoza (C&H) / Nathan R. Kessler (HKF)	December 1, 2025	In Progress	See exclusion clause analysis memorandum; cyber carve-back for physical damage under discussion

25	Actuarial Deliverable	Final catastrophe model output from Meridian Actuarial Partners LLC — Tempest Analytics CatView v11.2; confirmation of 250-year modeled PML (net of QS) of $52,000,000 supporting layer structure ($15M xs $15M covers through ~1-in-50-year return period)	Suzanne M. Driscoll (QIH) / Dr. Anita K. Rourke (Meridian)	November 15, 2025	In Progress	Cat XOL layer as % of surplus: $35M / $478M ≈ 7.3%
26	Indicative Pricing	Receipt of indicative pricing responses from all Cat XOL panel reinsurers confirming ROL of 8.50% and premium allocations	Owen F. Halstead (Blackbridge)	November 15, 2025	Not Started	Deadline per Blackbridge market submission circulated October 17, 2025
27	Regulatory	Confirm compliance with NY Insurance Law § 1308 collateral requirements for non-certified alien reinsurers (Graystone Re and Tidewater Re) — trust agreements and funding as condition precedent	Yuki Nakamura / Carlos Espinoza (C&H)	December 15, 2025	In Progress	11 NYCRR 125 applicable; Pinnacle Re exempt as certified reinsurer
28	Good Standing / Entity Status	Certificate of good standing or equivalent — Graystone Reinsurance AG (Swiss commercial register extract)	Jan-Erik Lindgren (Graystone Re)	November 25, 2025	Not Started	FINMA-regulated
29	Good Standing / Entity Status	Certificate of good standing or equivalent — Tidewater Re S.A. (Luxembourg RCS extract)	François-Xavier Delacroix (Tidewater Re)	November 25, 2025	Not Started
30	Legal Opinion	Legal opinion of Calderwood & Harkness LLP as to enforceability of Cat XOL contract and trust agreements (if required by reinsurer panel)	Angela Fontaine / Yuki Nakamura (C&H)	December 1, 2025	Not Started	Confirm whether panel reinsurers require opinions
31	Deposit Premium	Confirmation of deposit premium payment schedule — first quarterly installment of $743,750 due March 31, 2026	Suzanne M. Driscoll (QIH) / Priya Chandrasekaran (QIH)	December 1, 2025	Not Started	Payment mechanics to be specified in contract and broker side letter

[sheet: Key Contacts]

Organization	Role	Contact Name	Title	Address	Notes
Quorum Insurance Holdings Corp.	Client — Holding Company	Desmond R. Hargrove	CEO	400 Constitution Plaza, Suite 2200, Hartford, CT 06103	Nasdaq: QIHC; EIN 83-2941067
Quorum Insurance Holdings Corp.	Client — CFO	Priya Chandrasekaran	CFO	400 Constitution Plaza, Suite 2200, Hartford, CT 06103
Quorum Insurance Holdings Corp.	Client — General Counsel	Lionel T. Okafor	General Counsel	400 Constitution Plaza, Suite 2200, Hartford, CT 06103	Primary client contact
Quorum Insurance Holdings Corp.	Client — Reinsurance	Suzanne M. Driscoll	VP, Reinsurance & Capital Management	400 Constitution Plaza, Suite 2200, Hartford, CT 06103	Day-to-day treaty contact
Quorum Specialty Insurance Company	Cedent (Operating Subsidiary)	—	—	400 Constitution Plaza, Suite 2200, Hartford, CT 06103	CT-domiciled admitted insurer; NAIC No. 42917
Pinnacle Re Ltd.	Lead Reinsurer (QS — 100%; Cat XOL — 50%)	Sir Malcolm J. Broadhurst	CEO	Cumberland House, 1 Victoria Street, Hamilton HM 11, Bermuda	Bermuda Class 4; NYDFS Certified Reinsurer ID CR-2019-0217; A.M. Best A (Excellent)
Pinnacle Re Ltd.	Lead Reinsurer — Underwriting	Elena Papadimitriou	Chief Underwriting Officer	Cumberland House, 1 Victoria Street, Hamilton HM 11, Bermuda
Pinnacle Re Ltd.	Lead Reinsurer — Treaty	Derek S. Kimball	Head of Treaty, North America	Cumberland House, 1 Victoria Street, Hamilton HM 11, Bermuda	Primary treaty negotiation contact
Graystone Reinsurance AG	Following Reinsurer — Cat XOL (30%)	Jan-Erik Lindgren	Head of Property Treaty, Americas	Bahnhofstrasse 72, 8001 Zürich, Switzerland	Swiss AG; FINMA-regulated; A.M. Best A (Excellent)
Tidewater Re S.A.	Following Reinsurer — Cat XOL (20%)	François-Xavier Delacroix	Chief Underwriting Officer	14 Boulevard Royal, L-2449 Luxembourg	Luxembourg S.A.; A.M. Best A– (Excellent), Outlook Positive
Calderwood & Harkness LLP	Client Counsel	Angela Fontaine	Responsible Partner	125 Broad Street, 38th Floor, New York, NY 10004	Matter No. 1025-00004
Calderwood & Harkness LLP	Client Counsel — Billing	Renata Vasquez	Billing Partner	125 Broad Street, 38th Floor, New York, NY 10004
Calderwood & Harkness LLP	Client Counsel — Lead Associate	Yuki Nakamura	Lead Associate	125 Broad Street, 38th Floor, New York, NY 10004
Calderwood & Harkness LLP	Client Counsel — Working Associate	Carlos Espinoza	Working Associate	125 Broad Street, 38th Floor, New York, NY 10004
Harmon, Kessler & Fitch LLP	Counterparty Counsel (Pinnacle Re)	Nathan R. Kessler	Partner	780 Third Avenue, 30th Floor, New York, NY 10017	Lead counsel for Pinnacle Re on treaty matters
Harmon, Kessler & Fitch LLP	Counterparty Counsel (Pinnacle Re)	Miriam Soto-Flores	Associate	780 Third Avenue, 30th Floor, New York, NY 10017
Blackbridge Advisory Group LLC	Reinsurance Intermediary / Broker	Owen F. Halstead	Managing Director — Treaty Placement	55 Water Street, Suite 1410, New York, NY 10041	NY DFS Lic. No. RI-00483; QS brokerage 1.25%; Cat XOL brokerage 5%
Fidelitas Trust Company of New York	Trustee — Collateral Trusts	—	—	60 Wall Street, 12th Floor, New York, NY 10005	NY-chartered trust company; trustee for Graystone Re and Tidewater Re trusts
Meridian Actuarial Partners LLC	Actuarial Consultant to Cedent	Dr. Anita K. Rourke, FCAS	Lead Actuary	1 Ashbury Asset Advisors, Suite 800, Hartford, CT 06103	Cat model: Tempest Analytics CatView v11.2
Whitfield & Strand LLP	External Auditor to Cedent	Gregory N. Tate	Audit Engagement Partner	300 Park Avenue, New York, NY 10022
Brindoval Rating Services	Rating Agency	—	—	—	Rates Quorum, Pinnacle Re, Graystone Re, and Tidewater Re
Capitol Registered Agents, Inc.	Registered Agent (Quorum — DE)	—	—	1209 Orange Street, Wilmington, DE 19801

[sheet: Key Dates & Milestones]

Date	Milestone	Responsible Party	Status	Notes
January 1, 2022	Original inception of Property Quota-Share Treaty	—	Complete	Historical reference
December 31, 2024	End of most recent audited fiscal year (Quorum)	Whitfield & Strand LLP	Complete	Audit by Gregory N. Tate
October 3, 2025	Calderwood & Harkness engagement opened	Angela Fontaine (C&H)	Complete	Matter No. 1025-00004
October 17, 2025	Blackbridge circulates broker's initial market submission for Cat XOL	Owen F. Halstead (Blackbridge)	Complete	Submission to reinsurer panel
November 1, 2025	Target date for distribution of first draft treaty wordings (QS and Cat XOL)	Calderwood & Harkness LLP	In Progress	Drafts transmitted to HKF with redline summary and open issues
November 15, 2025	Indicative pricing response deadline for Cat XOL panel; actuarial deliverables due; rating confirmations due	Blackbridge / Meridian / Brindoval	Not Started	ROL target 8.50%
November 25, 2025	Board resolutions / corporate authorizations due from all parties	All parties	Not Started
December 1, 2025	Target date for final agreed terms and signing of both treaties and broker side letters	C&H / HKF / all parties	Not Started	Both QS and Cat XOL
December 15, 2025	Collateral trust agreements executed and funded — Graystone Re ($21,420,000) and Tidewater Re ($14,280,000) at Fidelitas Trust Company of New York	Graystone Re / Tidewater Re / Fidelitas Trust / C&H	Not Started	Per NY Insurance Law § 1308
January 1, 2026	Effective date — renewed Quota-Share Treaty and new Cat XOL Treaty inception	All parties	Not Started	12-month treaty period
March 31, 2026	First quarterly bordereau due (QS) and first quarterly Cat XOL deposit premium due ($743,750)	Quorum Specialty / Blackbridge	Not Started
December 31, 2026	Expiration of both treaties	—	Not Started

[sheet: Financial Summary]

Treaty / Item	Parameter	Value	Reconciliation / Formula
Quota-Share Treaty	Cession Percentage	40%	Unchanged from prior year
Quota-Share Treaty	Projected 2026 Gross Written Premium (Property Book)	$338,000,000	Up from $312,000,000 in 2024
Quota-Share Treaty	Projected 2026 Ceded Premium	$135,200,000	$338,000,000 × 40%
Quota-Share Treaty	Expiring Ceding Commission	32.0%
Quota-Share Treaty	Proposed Provisional Ceding Commission	33.5%	Increase of 1.5 pts
Quota-Share Treaty	Sliding-Scale Commission Range	30.0% – 36.0%	±3.5 pts from provisional
Quota-Share Treaty	Slide Factor	1 pt commission per 2.5 pts loss ratio
Quota-Share Treaty	Loss Corridor	100% retained at 75%–80% loss ratio
Quota-Share Treaty	Funds Withheld	25% of ceded premium	Invested at 3-mo SOFR + 75 bps
Quota-Share Treaty	Per-Risk Retention (Net of QS)	$2,500,000	Any one risk
Quota-Share Treaty	Max Per-Occurrence Limit	$25,000,000	Pinnacle Re's 40% share = $10,000,000
Quota-Share Treaty	Commutation Trigger	85% cash loss ratio	Inception-to-date basis
Quota-Share Treaty	Blackbridge Brokerage	1.25% of ceded premium
Cat XOL Treaty	Layer Limit	$35,000,000	Per occurrence
Cat XOL Treaty	Attachment Point	$15,000,000	Net after QS recoveries
Cat XOL Treaty	Exhaustion Point	$50,000,000	$15,000,000 + $35,000,000
Cat XOL Treaty	Rate-on-Line	8.50%	Indicated / proposed
Cat XOL Treaty	Annual Layer Premium	$2,975,000	$35,000,000 × 8.50%
Cat XOL Treaty	Minimum Premium	$2,380,000	$2,975,000 × 80%
Cat XOL Treaty	Quarterly Deposit Premium	$743,750	$2,975,000 ÷ 4
Cat XOL Treaty	Reinstatements	1 at 100% additional premium	Pro rata as to time
Cat XOL Treaty	Maximum Aggregate Exposure	$70,000,000	$35,000,000 × 2
Cat XOL Treaty	Pinnacle Re Share	50% / $17,500,000 limit / $1,487,500 premium
Cat XOL Treaty	Graystone Re Share	30% / $10,500,000 limit / $892,500 premium

Cat XOL Treaty	Tidewater Re Share	20% / $7,000,000 limit / $595,000 premium
Cat XOL Treaty	Blackbridge Brokerage	5% of layer premium = $148,750	$2,975,000 × 5%
Cat XOL Treaty	Hours Clause	168 consecutive hours
Trust — Graystone Re	Required Funding	$21,420,000	$10,500,000 × 2 × 1.02
Trust — Tidewater Re	Required Funding	$14,280,000	$7,000,000 × 2 × 1.02
Trust — Pinnacle Re	Collateral Requirement	$0	Exempt as certified reinsurer (NYDFS ID CR-2019-0217)
Quorum (2024)	Policyholder Surplus	$478,000,000	Statutory basis
Quorum (2024)	Net Combined Ratio	94.7%
Quorum (2024)	250-Year Modeled PML (Net of QS)	$52,000,000	Tempest Analytics CatView v11.2
Quorum	Cat XOL Layer as % of Surplus	7.3%	$35,000,000 / $478,000,000

[sheet: Cover]
Field | Value
Matter Name | Quorum Insurance Holdings Corp. — Quota-Share Renewal & Cat XOL Placement
Matter Number | 1025-00004
Prepared By | Calderwood & Harkness LLP, 125 Broad Street, 38th Floor, New York, NY 10004
Responsible Partner | Angela Fontaine
Lead Associate | Yuki Nakamura
Working Associate | Carlos Espinoza
Client | Quorum Insurance Holdings Corp. (Nasdaq: QIHC)
Client Contact | Lionel T. Okafor, General Counsel; Suzanne M. Driscoll, VP Reinsurance & Capital Management
Client Address | 400 Constitution Plaza, Suite 2200, Hartford, CT 06103
Cedent (Operating Subsidiary) | Quorum Specialty Insurance Company (NAIC No. 42917)
Counterparty Counsel | Harmon, Kessler & Fitch LLP — Nathan R. Kessler / Miriam Soto-Flores
Counterparty Counsel Address | 780 Third Avenue, 30th Floor, New York, NY 10017
Reinsurance Intermediary | Blackbridge Advisory Group LLC (NY DFS Lic. No. RI-00483) — Owen F. Halstead
Intermediary Address | 55 Water Street, Suite 1410, New York, NY 10041
Treaty 1 | Property Quota-Share Reinsurance Treaty (Amended & Restated) — 40% cession — Pinnacle Re Ltd.
Treaty 2 | Catastrophe Excess-of-Loss Reinsurance Contract — $35,000,000 xs $15,000,000 — Pinnacle Re Ltd. (50%), Graystone Reinsurance AG (30%), Tidewater Re S.A. (20%)
Target Signing Date | December 1, 2025
Trust Execution & Funding Deadline | December 15, 2025
Effective Date (Both Treaties) | January 1, 2026
Expiration Date (Both Treaties) | December 31, 2026
Governing Law | New York
Arbitration | ARIAS-U.S. rules; three-arbitrator panel seated in New York, NY
Date of Checklist | As of November 1, 2025
Version | 1.0 — DRAFT
[sheet: QS Treaty — Closing Items]
Item No. | Category | Description | Responsible Party | Target Date | Status | Notes
1 | Treaty Document | Execution of Amended and Restated Property Quota-Share Reinsurance Treaty between Quorum Specialty Insurance Company and Pinnacle Re Ltd. — treaty period January 1, 2026 through December 31, 2026; 40% cession percentage; provisional ceding commission of 33.5% (sliding scale 30.0%–36.0%); slide factor of 1 pt per 2.5 pts loss ratio; loss corridor at 75%–80% loss ratio band; funds withheld 25% at 3-mo SOFR + 75 bps; per-risk retention $2,500,000; max per-occurrence limit $25,000,000 | Calderwood & Harkness LLP / Harmon, Kessler & Fitch LLP | December 1, 2025 | In Progress | Original inception January 1, 2022; final form pending resolution of open commercial terms including ceding commission increase from 32.0% to 33.5%
2 | Signature Pages | Executed signature pages — Quorum Specialty Insurance Company (cedent) | Lionel T. Okafor / Suzanne M. Driscoll (QIH) | December 1, 2025 | Not Started | Signature by authorized officer of Quorum Specialty
3 | Signature Pages | Executed signature pages — Pinnacle Re Ltd. (reinsurer) | Harmon, Kessler & Fitch LLP / Derek S. Kimball (Pinnacle Re) | December 1, 2025 | Not Started | Signature by authorized officer of Pinnacle Re
4 | Corporate Authorization | Board resolution or written consent of Quorum Specialty Insurance Company authorizing execution of amended and restated QS treaty and delegation of signing authority | Lionel T. Okafor (QIH) | November 25, 2025 | Not Started | Confirm whether board or committee approval required under QIH governance documents
5 | Corporate Authorization | Board resolution or authorization of Pinnacle Re Ltd. approving renewal terms for 2026 treaty year | Nathan R. Kessler (HKF) / Elena Papadimitriou (Pinnacle Re) | November 25, 2025 | Not Started | Request confirmation from HKF
6 | Officer Certificate | Officer's certificate of Quorum Specialty Insurance Company certifying good standing, authority of signatories, and accuracy of representations | Lionel T. Okafor (QIH) | December 1, 2025 | Not Started | To be delivered at signing
7 | Officer Certificate | Officer's certificate of Pinnacle Re Ltd. certifying good standing, authority of signatories, and accuracy of representations | Nathan R. Kessler (HKF) | December 1, 2025 | Not Started | To be delivered at signing
8 | Good Standing / Entity Status | Certificate of good standing — Quorum Specialty Insurance Company from Connecticut Secretary of the State | Carlos Espinoza (C&H) | November 25, 2025 | Not Started | CT-domiciled admitted insurer
9 | Good Standing / Entity Status | Certificate of good standing or equivalent — Pinnacle Re Ltd. from Bermuda Registrar of Companies | Nathan R. Kessler (HKF) | November 25, 2025 | Not Started | Bermuda Class 4 insurer
10 | Broker Side Letter | Execution of Intermediary Clause / Broker Agreement Side Letter confirming Blackbridge Advisory Group LLC appointment, brokerage of 1.25% of ceded premium, fiduciary duties, and settlement mechanics | Calderwood & Harkness LLP / Blackbridge (Owen F. Halstead) | December 1, 2025 | In Progress | Draft side letter under review
11 | Rating Confirmation | Confirmation of current A.M. Best rating for Pinnacle Re Ltd. — A (Excellent), Outlook Stable, as rated by Brindoval Rating Services | Suzanne M. Driscoll (QIH) / Blackbridge | November 15, 2025 | Not Started | Condition precedent to renewal
12 | Rating Confirmation | Confirmation of current A.M. Best rating for Quorum Specialty Insurance Company — A– (Excellent), Outlook Stable, as rated by Brindoval Rating Services | Priya Chandrasekaran (QIH) | November 15, 2025 | Not Started | For reinsurer's records
13 | Actuarial Deliverable | Final loss development and catastrophe model analysis from Meridian Actuarial Partners LLC (Dr. Anita K. Rourke, FCAS) supporting treaty renewal — Tempest Analytics CatView v11.2 output | Suzanne M. Driscoll (QIH) / Meridian | November 15, 2025 | In Progress | Quorum's 250-year modeled PML (net of QS) = $52,000,000
14 | Financial Data | 2024 audited financial statements of Quorum Insurance Holdings Corp. — reviewed by Whitfield & Strand LLP (Gregory N. Tate, Engagement Partner) | Priya Chandrasekaran (QIH) | November 15, 2025 | Complete | 2024 GWP (property) = $312,000,000; net combined ratio = 94.7%; policyholder surplus = $478,000,000
15 | Financial Data | Projected 2026 gross written premium schedule (property book) — projected GWP of $338,000,000; projected ceded premium (40%) of $135,200,000 | Suzanne M. Driscoll (QIH) | November 15, 2025 | In Progress | To support premium estimate provisions in treaty
16 | Regulatory | Confirmation that no regulatory filings or notices are required under Connecticut insurance law for the amended and restated QS treaty | Carlos Espinoza (C&H) / Lionel T. Okafor (QIH) | November 25, 2025 | Not Started | Review CT DOI requirements
17 | Bordereau Template | Agreement on quarterly bordereau reporting format and first due date (March 31, 2026) | Suzanne M. Driscoll (QIH) / Derek S. Kimball (Pinnacle Re) | December 1, 2025 | Not Started | To be appended as exhibit to treaty
18 | Commutation Provisions | Confirmation of cash loss ratio trigger for commutation at 85% on an inception-to-date basis — language agreed in final treaty wording | Calderwood & Harkness LLP / HKF | December 1, 2025 | In Progress | Key negotiation point
19 | Legal Opinion | Legal opinion of Calderwood & Harkness LLP as to enforceability of amended and restated QS treaty (if required by Pinnacle Re) | Angela Fontaine / Yuki Nakamura (C&H) | December 1, 2025 | Not Started | Confirm whether Pinnacle Re requires opinion
[sheet: Cat XOL — Closing Items]
Item No. | Category | Description | Responsible Party | Target Date | Status | Notes
1 | Treaty Document | Execution of Catastrophe Excess-of-Loss Reinsurance Contract — $35,000,000 per occurrence xs $15,000,000 retention (exhaustion point $50,000,000); treaty period January 1, 2026 – December 31, 2026; 1 reinstatement at 100% additional premium (pro rata as to time); max aggregate exposure $70,000,000; ROL 8.50%; annual premium $2,975,000; minimum premium $2,380,000; quarterly deposit $743,750; 168-hour hours clause; territory: Continental U.S., Alaska, Hawaii, Puerto Rico, USVI; all natural perils | Calderwood & Harkness LLP / Harmon, Kessler & Fitch LLP | December 1, 2025 | In Progress | Three-reinsurer panel; includes participation schedule
2 | Participation Schedule | Final executed Participation Schedule: Pinnacle Re Ltd. — 50% ($17,500,000 limit / $1,487,500 premium); Graystone Reinsurance AG — 30% ($10,500,000 limit / $892,500 premium); Tidewater Re S.A. — 20% ($7,000,000 limit / $595,000 premium) | Owen F. Halstead (Blackbridge) / C&H | December 1, 2025 | In Progress | Blackbridge to confirm final panel allocations
3 | Signature Pages | Executed signature pages — Quorum Specialty Insurance Company (cedent) | Lionel T. Okafor / Suzanne M. Driscoll (QIH) | December 1, 2025 | Not Started
4 | Signature Pages | Executed signature pages — Pinnacle Re Ltd. (lead reinsurer, 50%) | Nathan R. Kessler (HKF) / Derek S. Kimball (Pinnacle Re) | December 1, 2025 | Not Started | Cumberland House, 1 Victoria Street, Hamilton HM 11, Bermuda
5 | Signature Pages | Executed signature pages — Graystone Reinsurance AG (following reinsurer, 30%) | Jan-Erik Lindgren (Graystone Re) | December 1, 2025 | Not Started | Bahnhofstrasse 72, 8001 Zürich, Switzerland
6 | Signature Pages | Executed signature pages — Tidewater Re S.A. (following reinsurer, 20%) | François-Xavier Delacroix (Tidewater Re) | December 1, 2025 | Not Started | 14 Boulevard Royal, L-2449 Luxembourg
7 | Corporate Authorization | Board resolution or written consent of Quorum Specialty Insurance Company authorizing execution of Cat XOL contract | Lionel T. Okafor (QIH) | November 25, 2025 | Not Started | May be combined with QS authorization
8 | Corporate Authorization | Board resolution or authorization of Pinnacle Re Ltd. approving Cat XOL participation (50%) | Nathan R. Kessler (HKF) | November 25, 2025 | Not Started
9 | Corporate Authorization | Board resolution or authorization of Graystone Reinsurance AG approving Cat XOL participation (30%) | Jan-Erik Lindgren (Graystone Re) | November 25, 2025 | Not Started | Swiss AG — confirm corporate formalities under Swiss law
10 | Corporate Authorization | Board resolution or authorization of Tidewater Re S.A. approving Cat XOL participation (20%) | François-Xavier Delacroix (Tidewater Re) | November 25, 2025 | Not Started | Luxembourg S.A. — confirm corporate formalities
11 | Officer Certificate | Officer's certificate of Quorum Specialty Insurance Company | Lionel T. Okafor (QIH) | December 1, 2025 | Not Started | May be combined with QS certificate
12 | Officer Certificate | Officer's certificate of Pinnacle Re Ltd. | Nathan R. Kessler (HKF) | December 1, 2025 | Not Started
13 | Officer Certificate | Officer's certificate of Graystone Reinsurance AG | Jan-Erik Lindgren (Graystone Re) | December 1, 2025 | Not Started
14 | Officer Certificate | Officer's certificate of Tidewater Re S.A. | François-Xavier Delacroix (Tidewater Re) | December 1, 2025 | Not Started
15 | Certified Reinsurer Status | Evidence of Pinnacle Re Ltd. certified reinsurer status — NYDFS Certified Reinsurer ID CR-2019-0217 — confirming $0 collateral requirement under 11 NYCRR 125 | Nathan R. Kessler (HKF) / Carlos Espinoza (C&H) | November 15, 2025 | In Progress | Pinnacle Re exempt from collateral/trust requirement as certified reinsurer
16 | Trust Agreement — Graystone | Execution of Reinsurance Trust Agreement among Graystone Reinsurance AG (grantor), Quorum Specialty Insurance Company (beneficiary), and Fidelitas Trust Company of New York (trustee) — multi-beneficiary trust per NY Insurance Law § 1308 and 11 NYCRR 125 | Calderwood & Harkness LLP / Jan-Erik Lindgren (Graystone Re) | December 15, 2025 | In Progress | Fidelitas Trust — 60 Wall Street, 12th Floor, New York, NY 10005
17 | Trust Funding — Graystone | Confirmation of trust funding by Graystone Reinsurance AG in the amount of $21,420,000 (= $10,500,000 × 2 × 102%) | Jan-Erik Lindgren (Graystone Re) / Fidelitas Trust | December 15, 2025 | Not Started | Must be funded prior to January 1, 2026 inception; 102% of pro-rata max aggregate exposure
18 | Trust Agreement — Tidewater | Execution of Reinsurance Trust Agreement among Tidewater Re S.A. (grantor), Quorum Specialty Insurance Company (beneficiary), and Fidelitas Trust Company of New York (trustee) — multi-beneficiary trust per NY Insurance Law § 1308 and 11 NYCRR 125 | Calderwood & Harkness LLP / François-Xavier Delacroix (Tidewater Re) | December 15, 2025 | In Progress | Structure mirrors Graystone trust
19 | Trust Funding — Tidewater | Confirmation of trust funding by Tidewater Re S.A. in the amount of $14,280,000 (= $7,000,000 × 2 × 102%) | François-Xavier Delacroix (Tidewater Re) / Fidelitas Trust | December 15, 2025 | Not Started | Must be funded prior to January 1, 2026 inception; 102% of pro-rata max aggregate exposure
20 | Broker Side Letter | Execution of Intermediary Clause / Broker Agreement Side Letter for Cat XOL — Blackbridge Advisory Group LLC; brokerage 5% of layer premium ($148,750); fiduciary duties and settlement mechanics | Calderwood & Harkness LLP / Owen F. Halstead (Blackbridge) | December 1, 2025 | In Progress | Blackbridge NY DFS Lic. No. RI-00483
21 | Rating Confirmation | Confirmation of current A.M. Best rating — Pinnacle Re Ltd.: A (Excellent), Outlook Stable (Brindoval Rating Services) | Suzanne M. Driscoll (QIH) / Blackbridge | November 15, 2025 | Not Started
22 | Rating Confirmation | Confirmation of current A.M. Best rating — Graystone Reinsurance AG: A (Excellent), Outlook Stable | Suzanne M. Driscoll (QIH) / Blackbridge | November 15, 2025 | Not Started
23 | Rating Confirmation | Confirmation of current A.M. Best rating — Tidewater Re S.A.: A– (Excellent), Outlook Positive | Suzanne M. Driscoll (QIH) / Blackbridge | November 15, 2025 | Not Started
24 | Exclusion Clauses | Final agreed wording of exclusion clauses: NMA 1975a (Nuclear), NMA 2962 (Communicable Disease), LMA 3030 (Terrorism — modified; TRIA-certified acts excluded), LMA 5400 (Cyber — modified per Quorum manuscript) | Yuki Nakamura / Carlos Espinoza (C&H) / Nathan R. Kessler (HKF) | December 1, 2025 | In Progress | See exclusion clause analysis memorandum; cyber carve-back for physical damage under discussion
25 | Actuarial Deliverable | Final catastrophe model output from Meridian Actuarial Partners LLC — Tempest Analytics CatView v11.2; confirmation of 250-year modeled PML (net of QS) of $52,000,000 supporting layer structure ($15M xs $15M covers through ~1-in-50-year return period) | Suzanne M. Driscoll (QIH) / Dr. Anita K. Rourke (Meridian) | November 15, 2025 | In Progress | Cat XOL layer as % of surplus: $35M / $478M ≈ 7.3%
26 | Indicative Pricing | Receipt of indicative pricing responses from all Cat XOL panel reinsurers confirming ROL of 8.50% and premium allocations | Owen F. Halstead (Blackbridge) | November 15, 2025 | Not Started | Deadline per Blackbridge market submission circulated October 17, 2025
27 | Regulatory | Confirm compliance with NY Insurance Law § 1308 collateral requirements for non-certified alien reinsurers (Graystone Re and Tidewater Re) — trust agreements and funding as condition precedent | Yuki Nakamura / Carlos Espinoza (C&H) | December 15, 2025 | In Progress | 11 NYCRR 125 applicable; Pinnacle Re exempt as certified reinsurer
28 | Good Standing / Entity Status | Certificate of good standing or equivalent — Graystone Reinsurance AG (Swiss commercial register extract) | Jan-Erik Lindgren (Graystone Re) | November 25, 2025 | Not Started | FINMA-regulated
29 | Good Standing / Entity Status | Certificate of good standing or equivalent — Tidewater Re S.A. (Luxembourg RCS extract) | François-Xavier Delacroix (Tidewater Re) | November 25, 2025 | Not Started
30 | Legal Opinion | Legal opinion of Calderwood & Harkness LLP as to enforceability of Cat XOL contract and trust agreements (if required by reinsurer panel) | Angela Fontaine / Yuki Nakamura (C&H) | December 1, 2025 | Not Started | Confirm whether panel reinsurers require opinions
31 | Deposit Premium | Confirmation of deposit premium payment schedule — first quarterly installment of $743,750 due March 31, 2026 | Suzanne M. Driscoll (QIH) / Priya Chandrasekaran (QIH) | December 1, 2025 | Not Started | Payment mechanics to be specified in contract and broker side letter
[sheet: Key Contacts]
Organization | Role | Contact Name | Title | Address | Notes
Quorum Insurance Holdings Corp. | Client — Holding Company | Desmond R. Hargrove | CEO | 400 Constitution Plaza, Suite 2200, Hartford, CT 06103 | Nasdaq: QIHC; EIN 83-2941067
Quorum Insurance Holdings Corp. | Client — CFO | Priya Chandrasekaran | CFO | 400 Constitution Plaza, Suite 2200, Hartford, CT 06103
Quorum Insurance Holdings Corp. | Client — General Counsel | Lionel T. Okafor | General Counsel | 400 Constitution Plaza, Suite 2200, Hartford, CT 06103 | Primary client contact
Quorum Insurance Holdings Corp. | Client — Reinsurance | Suzanne M. Driscoll | VP, Reinsurance & Capital Management | 400 Constitution Plaza, Suite 2200, Hartford, CT 06103 | Day-to-day treaty contact
Quorum Specialty Insurance Company | Cedent (Operating Subsidiary) | — | — | 400 Constitution Plaza, Suite 2200, Hartford, CT 06103 | CT-domiciled admitted insurer; NAIC No. 42917
Pinnacle Re Ltd. | Lead Reinsurer (QS — 100%; Cat XOL — 50%) | Sir Malcolm J. Broadhurst | CEO | Cumberland House, 1 Victoria Street, Hamilton HM 11, Bermuda | Bermuda Class 4; NYDFS Certified Reinsurer ID CR-2019-0217; A.M. Best A (Excellent)
Pinnacle Re Ltd. | Lead Reinsurer — Underwriting | Elena Papadimitriou | Chief Underwriting Officer | Cumberland House, 1 Victoria Street, Hamilton HM 11, Bermuda
Pinnacle Re Ltd. | Lead Reinsurer — Treaty | Derek S. Kimball | Head of Treaty, North America | Cumberland House, 1 Victoria Street, Hamilton HM 11, Bermuda | Primary treaty negotiation contact
Graystone Reinsurance AG | Following Reinsurer — Cat XOL (30%) | Jan-Erik Lindgren | Head of Property Treaty, Americas | Bahnhofstrasse 72, 8001 Zürich, Switzerland | Swiss AG; FINMA-regulated; A.M. Best A (Excellent)
Tidewater Re S.A. | Following Reinsurer — Cat XOL (20%) | François-Xavier Delacroix | Chief Underwriting Officer | 14 Boulevard Royal, L-2449 Luxembourg | Luxembourg S.A.; A.M. Best A– (Excellent), Outlook Positive
Calderwood & Harkness LLP | Client Counsel | Angela Fontaine | Responsible Partner | 125 Broad Street, 38th Floor, New York, NY 10004 | Matter No. 1025-00004
Calderwood & Harkness LLP | Client Counsel — Billing | Renata Vasquez | Billing Partner | 125 Broad Street, 38th Floor, New York, NY 10004
Calderwood & Harkness LLP | Client Counsel — Lead Associate | Yuki Nakamura | Lead Associate | 125 Broad Street, 38th Floor, New York, NY 10004
Calderwood & Harkness LLP | Client Counsel — Working Associate | Carlos Espinoza | Working Associate | 125 Broad Street, 38th Floor, New York, NY 10004
Harmon, Kessler & Fitch LLP | Counterparty Counsel (Pinnacle Re) | Nathan R. Kessler | Partner | 780 Third Avenue, 30th Floor, New York, NY 10017 | Lead counsel for Pinnacle Re on treaty matters
Harmon, Kessler & Fitch LLP | Counterparty Counsel (Pinnacle Re) | Miriam Soto-Flores | Associate | 780 Third Avenue, 30th Floor, New York, NY 10017
Blackbridge Advisory Group LLC | Reinsurance Intermediary / Broker | Owen F. Halstead | Managing Director — Treaty Placement | 55 Water Street, Suite 1410, New York, NY 10041 | NY DFS Lic. No. RI-00483; QS brokerage 1.25%; Cat XOL brokerage 5%
Fidelitas Trust Company of New York | Trustee — Collateral Trusts | — | — | 60 Wall Street, 12th Floor, New York, NY 10005 | NY-chartered trust company; trustee for Graystone Re and Tidewater Re trusts
Meridian Actuarial Partners LLC | Actuarial Consultant to Cedent | Dr. Anita K. Rourke, FCAS | Lead Actuary | 1 Ashbury Asset Advisors, Suite 800, Hartford, CT 06103 | Cat model: Tempest Analytics CatView v11.2
Whitfield & Strand LLP | External Auditor to Cedent | Gregory N. Tate | Audit Engagement Partner | 300 Park Avenue, New York, NY 10022
Brindoval Rating Services | Rating Agency | — | — | — | Rates Quorum, Pinnacle Re, Graystone Re, and Tidewater Re
Capitol Registered Agents, Inc. | Registered Agent (Quorum — DE) | — | — | 1209 Orange Street, Wilmington, DE 19801
[sheet: Key Dates & Milestones]
Date | Milestone | Responsible Party | Status | Notes
January 1, 2022 | Original inception of Property Quota-Share Treaty | — | Complete | Historical reference
December 31, 2024 | End of most recent audited fiscal year (Quorum) | Whitfield & Strand LLP | Complete | Audit by Gregory N. Tate
October 3, 2025 | Calderwood & Harkness engagement opened | Angela Fontaine (C&H) | Complete | Matter No. 1025-00004
October 17, 2025 | Blackbridge circulates broker's initial market submission for Cat XOL | Owen F. Halstead (Blackbridge) | Complete | Submission to reinsurer panel
November 1, 2025 | Target date for distribution of first draft treaty wordings (QS and Cat XOL) | Calderwood & Harkness LLP | In Progress | Drafts transmitted to HKF with redline summary and open issues
November 15, 2025 | Indicative pricing response deadline for Cat XOL panel; actuarial deliverables due; rating confirmations due | Blackbridge / Meridian / Brindoval | Not Started | ROL target 8.50%
November 25, 2025 | Board resolutions / corporate authorizations due from all parties | All parties | Not Started
December 1, 2025 | Target date for final agreed terms and signing of both treaties and broker side letters | C&H / HKF / all parties | Not Started | Both QS and Cat XOL
December 15, 2025 | Collateral trust agreements executed and funded — Graystone Re ($21,420,000) and Tidewater Re ($14,280,000) at Fidelitas Trust Company of New York | Graystone Re / Tidewater Re / Fidelitas Trust / C&H | Not Started | Per NY Insurance Law § 1308
January 1, 2026 | Effective date — renewed Quota-Share Treaty and new Cat XOL Treaty inception | All parties | Not Started | 12-month treaty period
March 31, 2026 | First quarterly bordereau due (QS) and first quarterly Cat XOL deposit premium due ($743,750) | Quorum Specialty / Blackbridge | Not Started
December 31, 2026 | Expiration of both treaties | — | Not Started
[sheet: Financial Summary]
Treaty / Item | Parameter | Value | Reconciliation / Formula
Quota-Share Treaty | Cession Percentage | 40% | Unchanged from prior year
Quota-Share Treaty | Projected 2026 Gross Written Premium (Property Book) | $338,000,000 | Up from $312,000,000 in 2024
Quota-Share Treaty | Projected 2026 Ceded Premium | $135,200,000 | $338,000,000 × 40%
Quota-Share Treaty | Expiring Ceding Commission | 32.0%
Quota-Share Treaty | Proposed Provisional Ceding Commission | 33.5% | Increase of 1.5 pts
Quota-Share Treaty | Sliding-Scale Commission Range | 30.0% – 36.0% | ±3.5 pts from provisional
Quota-Share Treaty | Slide Factor | 1 pt commission per 2.5 pts loss ratio
Quota-Share Treaty | Loss Corridor | 100% retained at 75%–80% loss ratio
Quota-Share Treaty | Funds Withheld | 25% of ceded premium | Invested at 3-mo SOFR + 75 bps
Quota-Share Treaty | Per-Risk Retention (Net of QS) | $2,500,000 | Any one risk
Quota-Share Treaty | Max Per-Occurrence Limit | $25,000,000 | Pinnacle Re's 40% share = $10,000,000
Quota-Share Treaty | Commutation Trigger | 85% cash loss ratio | Inception-to-date basis
Quota-Share Treaty | Blackbridge Brokerage | 1.25% of ceded premium
Cat XOL Treaty | Layer Limit | $35,000,000 | Per occurrence
Cat XOL Treaty | Attachment Point | $15,000,000 | Net after QS recoveries
Cat XOL Treaty | Exhaustion Point | $50,000,000 | $15,000,000 + $35,000,000
Cat XOL Treaty | Rate-on-Line | 8.50% | Indicated / proposed
Cat XOL Treaty | Annual Layer Premium | $2,975,000 | $35,000,000 × 8.50%
Cat XOL Treaty | Minimum Premium | $2,380,000 | $2,975,000 × 80%
Cat XOL Treaty | Quarterly Deposit Premium | $743,750 | $2,975,000 ÷ 4
Cat XOL Treaty | Reinstatements | 1 at 100% additional premium | Pro rata as to time
Cat XOL Treaty | Maximum Aggregate Exposure | $70,000,000 | $35,000,000 × 2
Cat XOL Treaty | Pinnacle Re Share | 50% / $17,500,000 limit / $1,487,500 premium
Cat XOL Treaty | Graystone Re Share | 30% / $10,500,000 limit / $892,500 premium
Cat XOL Treaty | Tidewater Re Share | 20% / $7,000,000 limit / $595,000 premium
Cat XOL Treaty | Blackbridge Brokerage | 5% of layer premium = $148,750 | $2,975,000 × 5%
Cat XOL Treaty | Hours Clause | 168 consecutive hours
Trust — Graystone Re | Required Funding | $21,420,000 | $10,500,000 × 2 × 1.02
Trust — Tidewater Re | Required Funding | $14,280,000 | $7,000,000 × 2 × 1.02
Trust — Pinnacle Re | Collateral Requirement | $0 | Exempt as certified reinsurer (NYDFS ID CR-2019-0217)
Quorum (2024) | Policyholder Surplus | $478,000,000 | Statutory basis
Quorum (2024) | Net Combined Ratio | 94.7%
Quorum (2024) | 250-Year Modeled PML (Net of QS) | $52,000,000 | Tempest Analytics CatView v11.2
Quorum | Cat XOL Layer as % of Surplus | 7.3% | $35,000,000 / $478,000,000

[sheet: Cover]

Record

Parties

Dates

Amounts