Extract to table

QC&S affirmatively asserts that Article 22 of the Treaty mandates that all disputes arising under or in connection with the Treaty shall be resolved by binding arbitration conducted under the rules of ARIAS-U

AFFIRMATIVE DEFENSES Without assuming any burden of proof that otherwise rests with Plaintiff, and reserving all rights to supplement, amend, or withdraw these defenses as discovery proceeds, QC&S asserts the following affirmative defenses: FIRST AFFIRMATIVE DEFENSE: Mandatory Arbitration (Treaty Article 22) The Complaint must be dismissed or, in the alternative, stayed because all disputes arising under or in connection with Aggregate Excess-of-Loss Reinsurance Treaty No

4 specifically provides that premiums arising from assumption reinsurance transactions, loss portfolio transfers, and run-off portfolio transfers shall not be included in "ceded earned premium" for purposes of calculating treaty premiums

QC&S's assertion of the foregoing affirmative defenses is without prejudice to its right to assert additional defenses and is not intended to be, and shall not be construed as, a waiver of any defense, right, or argument available to QC&S under the Treaty, at law, or in equity