Addendum #4 to Management Services Agreement between Cedar Management Limited and AmerInst Insurance Company, Ltd.

Contract Categories: Business Operations › Management Agreements
Summary

This addendum updates the management services agreement between Cedar Management Limited and AmerInst Insurance Company, Ltd., effective January 1, 2012. Cedar Management will be paid $320,000 for the year, covering all management work, including specific insurance treaty run-offs and ongoing business. Payment will be made quarterly in advance. Cedar Management will also be reimbursed for reasonable out-of-pocket expenses, and special projects will be billed separately. Monthly time summaries will continue to be provided.

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EX-10.14 4 d286512dex1014.htm ADDENDUM TO MANAGEMENT AGREEMENT Addendum to Management Agreement

Exhibit 10.14

ADDENDUM #4 TO THE

CAPTIVE INSURANCE COMPANY MANAGEMENT SERVICES

AGREEMENT

BETWEEN

CEDAR MANAGEMENT LIMITED (“MANAGER”)

AND

AMERINST INSURANCE COMPANY, LTD. (“COMPANY”)

EFFECTIVE: January 1, 2012

Management Agreement Addendum

 

  1) It is hereby agreed that the COMPANY will compensate MANAGER at a rate of $320,000 for the twelve months beginning 1/1/12 and ending 12/31/12, which shall be inclusive of all work by MANAGER on run-off of CAMICO and PDIC treaties as well as continuing business 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.

 

  4) MANAGER will continue to provide COMPANY with monthly time summaries.

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 9th day of December, 2011.

 

By:

  

/s/ THOMAS R. MCMAHON

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

By:

  

/s/ STUART H. GRAYSTON

  AmerInst Insurance Company, Ltd.