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Document Preview Formation and Separation Agreement |
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Title: |
Formation and Separation Agreement |
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Entities: |
Banc of America Securities LLC; Flexible Solutions International Inc.; JPMorgan Chase Bank; Platinum Underwriters Holdings Ltd.; RenaissanceRe Holdings Ltd.; Salomon Smith Barney Inc.; Dewey Ballantine LLP; Fried, Frank, Harris, Shriver & Jacobson |
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Date: |
2003 |
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Size: |
Preview shows 5KB of 1126KB total |
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Price: |
$99 |
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ID: |
#1022087 |
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FORMATION AND SEPARATION AGREEMENT
between
THE ST. PAUL COMPANIES, INC.
and
PLATINUM UNDERWRITERS HOLDINGS, LTD.
dated as of October 28, 2002
<PAGE>
TABLE OF CONTENTS
<TABLE>
<CAPTION>
Page
<S> <C>
ARTICLE I
DEFINITIONS
SECTION 1.01 Definitions.................................................... 2
SECTION 1.02 Other Definitional Provisions.................................. 11
ARTICLE II
CONTRIBUTION OF ASSETS; ST. PAUL INVESTMENT
SECTION 2.01 Transfer of Assets............................................. 11
SECTION 2.02 Renewal Rights Information..................................... 13
SECTION 2.03 Joint Ownership................................................ 13
SECTION 2.04 Assumption and Retention of Liabilities........................ 13
SECTION 2.05 St. Paul Investment............................................ 13
SECTION 2.06 Third Party Consents........................................... 14
SECTION 2.07 Cash Contribution.............................................. 14
ARTICLE III
INTERCOMPANY TRANSACTIONS AS OF THE CLOSING DATE; CLOSING
SECTION 3.01 Ancillary Agreements........................................... 15
SECTION 3.02 Payment of Expenses............................................ 19
SECTION 3.03 Closing........................................................ 20
SECTION 3.04 Closing Deliveries by St. Paul................................. 20
SECTION 3.05 Closing Deliveries by the Company.............................. 20
SECTION 3.06 Subsequent Exercise of Over-Allotment Option................... 21
ARTICLE IV
SEPARATION
SECTION 4.01 Settlement of Intercompany Accounts............................ 21
SECTION 4.02 Removal of Platinum US from Intercompany Agreements and
Representation................................................. 22
SECTION 4.03 Discontinuing of Insurance Coverage............................ 22
</TABLE>
<PAGE>
<TABLE>
<S> <C>
ARTICLE V
REPRESENTATIONS AND WARRANTIES OF ST. PAUL
SECTION 5.01 Organization, Authority and Qualification...................... 22
SECTION 5.02 Financial and Convention Statements............................ 23
SECTION 5.03 No Conflict.................................................... 23
SECTION 5.04 Transferred Assets............................................. 24
SECTION 5.05 St. Paul Investment............................................ 24
SECTION 5.06 Taxes.......................................................... 25
SECTION 5.07 Contracts of Platinum US....................................... 26
SECTION 5.08 No Other Representations or Warranties......................... 26
ARTICLE VI
REPRESENTATIONS AND WARRANTIES OF THE COMPANY
SECTION 6.01 Organization, Authority and Qualification...................... 26
SECTION 6.02 No Conflict.................................................... 27
SECTION 6.03 St. Paul Investment............................................ 27
SECTION 6.04 Internal Retrocession Agreements............................... 26
SECTION 6.05 No Other Representations or Warranties......................... 28
ARTICLE VII
NON-COMPETITION; USE OF NAME; ADMINISTRATION OF RUN-OFF CONTRACTS;
INSURANCE MATTERS
SECTION 7.01 Non-Competition................................................ 28
SECTION 7.02 Use of Names; Non-Disparagement................................ 31
SECTION 7.03 Standard for Administration of Run-off Business................ 31
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