AMERINST INSURANCE GROUP LTD - FORM 10-K - EX-10.15 - ADDENDUM TO MANAGEMENT AGREEMENT - March 29, 2010

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10-K - FORM 10-K - AMERINST INSURANCE GROUP LTDd10k.htm
EX-21 - SUBSIDIARIES OF THE REGISTRANT - AMERINST INSURANCE GROUP LTDdex21.htm
EX-32.2 - CERTIFICATION OF THOMAS MCMAHON PURSUANT TO 18 U.S.C. SECTION 1350 - AMERINST INSURANCE GROUP LTDdex322.htm
EX-31.2 - CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002. - AMERINST INSURANCE GROUP LTDdex312.htm
EX-31.1 - CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002. - AMERINST INSURANCE GROUP LTDdex311.htm
EX-10.16 - EMPLOYMENT AGREEMENT - AMERINST INSURANCE GROUP LTDdex1016.htm
EX-32.1 - CERTIFICATION OF STUART GRAYSTON PURSUANT TO 18 U.S.C. SECTION 1350 - AMERINST INSURANCE GROUP LTDdex321.htm

Exhibit 10.15

ADDENDUM TO THE

CAPTIVE INSURANCE COMPANY MANAGEMENT SERVICES AGREEMENT

BETWEEN

CEDAR MANAGEMENT LIMITED (“CEDAR”)

USA RISK GROUP (BERMUDA), LTD. (“USABDA”)

(and their affiliated companies) (hereafter collectively “MANAGER”)

AND

AMERINST INSURANCE COMPANY, LTD. (“COMPANY”)

EFFECTIVE: January 1, 2010

The original agreement between COMPANY and MANAGER is hereby renewed for one year beginning January 1, 2010 and ending December, 31, 2010.

The Management Agreement Addendum is amended to read as follows:

Management Agreement Addendum

 

  1) It is hereby agreed that, the Company will compensate MANAGER at a rate of $335,000 per annum beginning 1/1/10 and ending 12/31/10, which shall be inclusive of all work by MANAGER on runoff business written under the CNA, CAMICO and PDIC treaties, as well as new business assumed from Crum & Forster.

 

  2) Cause the above fee to be paid in quarterly installments in advance at the beginning of each calendar quarter.

 

  3) Reimburse MANAGER for reasonable out-of-pocket expenses incurred during the management of the COMPANY including; courier and express mail service; long distance telephone calls; travel and meeting expenses incurred at the request of the COMPANY; costs of COMPANY stationery; filing fees; and similar expenses.

COMPANY agrees that special projects will be invoiced separately at agreed upon fees or rates.

IN WITNESS WHEREOF, the parties have duly executed this Addendum this 12th day of December, 2009.

 

By:    /s/ MICHAEL LARKIN
  Cedar Management Limited (itself and on behalf of its affiliated companies)
By:   /s/ STUART H. GRAYSTON
  USA Risk Group (Bermuda), Ltd. (itself and on behalf of its affiliated companies)
By:   /s/ IRVIN F. DIAMOND
  AmerInst Insurance Company, Ltd.

AMERINST INSURANCE GROUP LTD Reports

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