Addendum to Management Services Agreement between USA Risk Group (Bermuda) Ltd. and AmerInst Insurance Company, Ltd.

Contract Categories: Business Operations › Management Agreements
Summary

This addendum updates the management services agreement between USA Risk Group (Bermuda) Ltd. (formerly USA Offshore Management, Ltd.) and AmerInst Insurance Company, Ltd. Effective April 1, 2003, it reflects the manager's name change, sets a $2,500 fee for setting up reporting for Professional Direct Insurance Company, and establishes an annual $5,000 fee for ongoing related services. The addendum was signed by both parties on May 1, 2003.

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EX-10.5.(A) 3 dex105a.txt ADDENDA TO MANAGEMENT AGREEMENT DATED JUNE 2, 2000 Exhibit 10.5 ADDENDUM TO THE CAPTIVE INSURANCE COMPANY MANAGEMENT SERVICES AGREEMENT BETWEEN USA OFFSHORE MANAGEMENT, LTD. ("USAOM") AND AMERINST INSURANCE COMPANY, LTD. ("THE COMPANY") EFFECTIVE: April 1, 2003 The AGREEMENT between MANAGER and COMPANY is amended as follows: (1) MANAGER is now defined as USA RISK GROUP (BERMUDA) LTD., formerly known as USA OFFSHORE MANAGEMENT, LTD. due to MANAGER'S name change; (2) It is hereby further agreed that the COMPANY will pay MANAGER a fee of $2,500 for the setup of reporting for the quota share for Professional Direct Insurance Company; and (3) COMPANY will compensate MANAGER at a rate of $5,000 per annum for ongoing services for Professional Direct Insurance Company. IN WITNESS WHEREOF, the parties have duly executed this Addendum this 1st day of May, 2003. By: /s/ Andrew Sargeant ---------------------- USA RISK GROUP (BERMUDA) LTD. By: /s/ Ronald S. Katch ---------------------- AMERINST INSURANCE COMPANY, LTD.