Notification of Account Manager Change and Liquidation of Madison Monroe, Inc. between Penn-America Insurance Company, PNC Bank, and Madison Monroe, Inc.
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Penn-America Insurance Company has notified PNC Bank that Madison Monroe, Inc. is no longer authorized to manage its investment account. New England Asset Management will take over asset management responsibilities. PNC Bank is instructed to close the account managed by Madison Monroe and transfer all assets to a new account managed by New England Asset Management. Additionally, Madison Monroe, Inc. has decided to liquidate its business, and all parties are to be informed of the termination of its account management role. The transfer and account closure should be completed promptly.
EX-10.9(VII) 6 file006.txt PENN-AMERICA GROUP, INC. Penn-America Insurance Company Penn-Star Insurance Company Direct Dial: 215 ###-###-#### Direct Fax: 215 ###-###-#### November 7, 2000 Ms. Sandra Kuchma Custody Services Officer PNC Bank Two PNC Plaza, P2-PTPP-09-8 620 Liberty Plaza 1 0th Floor Pittsburgh, Pennsylvania 15222 Re: Madison Monroe - Change in Account Manager Dear Ms. Kuchma, Per our conversation Monday, November 6, 2000, Madison Monroe, Inc. is no longer an authorized Account Manager for Penn America Insurance Company. New England Asset Management will immediately assume asset management responsibility for the portfolio formerly managed by Madison Monroe. Accordingly, please close this account and transfer all assets held in the account entitled "Penn-America Ins. Co.-Madison Monroe Acct.", account # 32 ###-###-#### 168 to "Penn-America Ins. Co.-Fixes Maturities", account #32 ###-###-####. Please effect this change in accounts as soon as practicable and inform us when the transfer has been completed. I appreciate your attention to this matter. Should you have any questions, please call me at ###-###-####. /s/ James J. Mack Very truly yours, James J. Mack Vice President & Treasurer JMJah CC: Geny Lynch, New England Asset Management Ted C. Ginsberg, Madison Monroe Garland P. Pezzuolo, Penn-America Ins. Co. 420 S. York Road o Hatboro, PA 19040 o Tel: (215) 443-3600 o Fax: (215) 443-3603 FAX: 215 ###-###-#### Garland Pezzuolo, Esquire Penn America Group 420 S. York Road Hatboro, PA 19040 November 2, 2000 RE: Madison Monroe, Inc. Liquidation Dear Garland: The Board of Directors and all of the voting shareholders have unanimously agreed that it is in the best interests of all parties concerned that Madison Monroe, Inc. be liquidated in an orderly fashion as soon as possible. Inasmuch as Madison Monroe, Inc. is acting as an Account Manager with regard to certain assets held by PNC Bank for the benefit of Penn America, please prepare a letter notifying them of the termination of our relationship and proper documentation to PNC indicating that termination. I will await your reply. Sincerely, /s/ Ted C. Ginsberg Ted C. Ginsberg President sm Madison Monroe, Inc. 1250 Germantown - Suite 105 Plymouth Meeting, PA 19462 Teiephone: 6l0.292.9fi7 Fax ###-###-#### 420 S. York Road o Hatboro, PA 19040 o Tel: (215) 443-3600 o Fax: (215) 443-3603
