Liability Insurance Company (LIC) writes a substantial amount of commercial liability insurance. A large construction company requests $100 million of liability insurance to cover its business operations. LIC has a quota-share treaty reinsurance contract with Bermuda Re that enables the coverage to be written immediately. Under the terms of the contract, losses and premiums are shared on a 40-60 split. LIC retains 40% of the premium and pays 40% of the loss. The policy premium is $2,000,000. The ceding commission is $100,000. LIC will retain $ of the premium while Bermuda will retain $ Be sure to properly account for the ceding commission in your responses. In the event of a $800,000 covered loss, LIC would pay $ of the loss while Bermuda Re would pay $ IMPORTANT: Your answers should be rounded to the nearest integer and should NOT include symbols ('$' or :)