Ultimate Loss

Ultimate Loss. Means the actual direct losses (including the paid loss, all reserves for unpaid losses, and coinsurance paid by the HM Insurance Subsidiaries) incurred by the HM Insurance Subsidiaries from an Event or multiple Events during the applicable Agreement Year, without accounting for the Property Catastrophe Reinsurance in place at the time such Event or Events took place, but after accounting for all other reinsurance. A loss shall not be included in the calculation of Ultimate Loss for more than... one Qualifying Catastrophic Event. View More

Ultimate Loss. Means the actual direct losses (including all paid losses, all reserves for unpaid losses (including without limitation outstanding loss reserves and incurred but not reported loss reserves), and loss adjustment expense paid by the Company Subsidiaries) incurred by the Company Subsidiaries on the Subject Business prior to accounting for any retrocessional reinsurance. 4