Addendum #14 to Captive Insurance Company Management Services Agreement between Davies Captive Management Limited and AmerInst Insurance Company, Ltd.

Contract Categories: Business Operations › Management Agreements
Summary

This addendum updates the management services agreement between Davies Captive Management Limited and AmerInst Insurance Company, Ltd., effective January 1, 2022. It sets new compensation terms for the manager, including specific quarterly payments and reimbursement for reasonable out-of-pocket expenses. Fees are to be paid in advance each quarter, and the manager will provide biannual time summaries. Special projects will be billed separately at agreed rates. The agreement was executed on March 22, 2022.

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EX-10.10 2 ex_350494.htm EXHIBIT 10.10 ex_350494.htm

Exhibit 10.10

ADDENDUM # 14 TO THE

CAPTIVE INSURANCE COMPANY MANAGEMENT SERVICES AGREEMENT

BETWEEN

DAVIES CAPTIVE MANAGEMENT LIMITED (“MANAGER”)

(Formerly Citadel Management Bermuda Limited)

AND

AMERINST INSURANCE COMPANY, LTD. (“COMPANY”)

EFFECTIVE: January 1, 2022

 

Management Agreement Addendum

 

 

1)

It is hereby agreed that the COMPANY will compensate MANAGER as follows:

For the period from January 1, 2022, to March 31, 2022 - $87,500,

For each quarter commencing April 1, 2022, July 1, 2022, and October 1, 2022 - $20,000 per quarter. (to be reviewed in June 2022).
 

2)

Cause the above fees to be paid 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.
 

4)

MANAGER to provide COMPANY with time summaries on a biannual basis.

 

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 22nd day of March 2022.

 

 

By:         

/s/  THOMAS R. MCMAHON
   

Davies Captive Management Limited
     
 

By:         

/s/  STUART H. GRAYSTON
   

AmerInst Insurance Company, Ltd.