Addendum #3 to Captive Insurance Company Management Services Agreement between Cedar Management Limited and AmerInst Insurance Company, Ltd.

Contract Categories: Business Operations › Management Agreements
Summary

This addendum, effective January 1, 2012, updates the management agreement between Cedar Management Limited, USA Risk Group (Bermuda), Ltd., and AmerInst Insurance Company, Ltd. It removes USA Risk Group (Bermuda), Ltd. as a manager, making Cedar Management Limited the sole manager for AmerInst Insurance Company, Ltd. The agreement is signed by representatives of all parties and formalizes the change in management responsibilities.

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EX-10.13 3 d286512dex1013.htm ADDENDUM TO MANAGEMENT AGREEMENT Addendum to Management Agreement

Exhibit 10.13

ADDENDUM #3 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, 2012

Management Agreement Addendum

 

  1) It is hereby agreed that with effect from 1/1/2012 that USABDA be removed from the Management Agreement as a MANAGER and that CEDAR will be the sole MANAGER for the Company.

IN WITNESS WHEREOF, the parties have duly executed this Addendum this 9th day of December, 2011.

 

By:

  

/s/ THOMAS R. MCMAHON

  Cedar Management Limited (itself and on behalf of its affiliated companies)

By:

  

/s/ THOMAS R. MCMAHON

  USA Risk Group (Bermuda), Ltd. (itself and on behalf of its affiliated companies)

By:

  

/s/ STUART H. GRAYSTON

  AmerInst Insurance Company, Ltd.