Addendum #14 to Captive Insurance Company Management Services Agreement between Davies Captive Management Limited and AmerInst Insurance Company, Ltd.
This addendum updates the management services agreement between Davies Captive Management Limited and AmerInst Insurance Company, Ltd., effective January 1, 2023. It sets the manager's compensation at $20,000 per quarter for 2023, to be paid in advance, and allows for reimbursement of reasonable out-of-pocket expenses. The manager will provide biannual time summaries, and special projects will be billed separately. The agreement was signed by both parties on March 29, 2023.
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, 2023
Management Agreement Addendum
| 1) | It is hereby agreed that the COMPANY will compensate MANAGER as follows: For the period from January 1, 2023, to March 31, 2023 - $20,000 For each quarter commencing April 1, 2023, July 1, 2023, and October 1, 2023 - $20,000 per quarter. (To be reviewed in June 2023). | |
| 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 29th day of March 2023.
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| By: | /s/ THOMAS R. MCMAHON |
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| Davies Captive Management Limited |
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| By: | /s/ JOSEPH P. MURPHY |
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| AmerInst Insurance Company, Ltd |
