SECOND AMENDMENT TO
ASSET MANAGEMENT AGREEMENT

THIS SECOND AMENDMENT (the “Amendment”) effective as of December 23, 2008, to
the Asset Management Agreement dated as of July 3, 2007 (the “Agreement”), by
and between AII Insurance Management Limited (“AIM”), a Bermuda corporation, and
Maiden Insurance Company Ltd. (“MIC”), a Bermuda joint stock company, Maiden
Holdings, Ltd. (“MHL”), a Bermuda joint stock company, Maiden Holdings North
America, Ltd. (MHNA”), a Delaware corporation, and Maiden Reinsurance Company
(“MRC”), a Missouri corporation (MIC, MHL, MHNA and MRC are hereinafter referred
to collectively as the “Company”), is made by and between AIM and the Company.

WITNESSETH

WHEREAS, MIC and MHNA are direct subsidiaries of MHL, and MRC is a direct
subsidiary of MHNA;

WHEREAS, MHL, MIC, MHNA and MRC wish to retain AIM to provide investment
management services upon the terms and conditions set forth in the Agreement and
AIM wishes to provide said services;

WHEREAS, AIM and the Company wish to amend certain provisions of the Agreement
in the manner set forth in this Amendment.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained
herein, the parties hereto agree as follows:

ARTICLE I
DEFINITIONS AND USAGE

1.1
Definitions.  Capitalized terms used but not defined herein shall have the
meaning set forth in the Agreement.

1.2
Headings.  The headings contained in this Amendment are for the reference
purposes only and shall not affect the meaning or interpretation of this
Amendment.

ARTICLE II
AMENDMENTS

2.1
Maiden Reinsurance Company is added as a party and included within the
definition of Company.

2.2
Appendix A is hereby replaced with Appendix A-1, effective as of December 23,
2008.

2.3
Section 12 is hereby amended and restated in its entirety as follows:

 
“All notices, requests, demands and other communications under this Agreement
shall be in writing and delivered in person, by fax, email, recognized overnight
courier, or certified mail, postage prepaid and properly addressed as follows:

 
 
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To the Company:

 
Maiden Insurance Company Ltd.

 
131 Front Street

 
Hamilton HM12, Bermuda

 
Attn: Chief Financial Officer

 
Fax: (441) 292-0471

 
To AIM via mail:

 
AII Insurance Management Limited

 
PO Box HM1087

 
Hamilton HMEX, Bermuda

 
Attn: Michael Bott

 
To AIM via hand delivery or fax:

 
AII Insurance Management Limited

 
7 Reid Street, Suite 400

 
Hamilton HM11, Bermuda

Attn: Michael Bott
Fax: (441) 292-5796

2.4
Section 6(a) is hereby amended and restated in its entirety as follows:

“Subject to Section 6(d) below, within 30 days of the end of each calendar
quarter, Company shall pay to AIM an asset management  fee as follows:  (i) if
the average value of the Account for the preceding calendar quarter is $1
billion or less, an amount equal to 0.05% of the average value of the Account
for the preceding calendar quarter; or (ii) if the average value of the Account
for the preceding calendar quarter is greater than $1 billion, an amount equal
to .0375% of the average value of the Account for the preceding calendar
quarter.”

ARTICLE III
MISCELLANEOUS

3.1
Confirmation of the Agreement.  Except as amended by this Amendment, the
Agreement remains in full force and effect without further modification or
amendment.

3.2
Counterparts.   This Amendment may be executed in one or more counterparts, and
such counterparts together shall constitute one and the same agreement.

 

 
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the duly
executed by their respective officers thereunto duly authorized as of the day
and year first above written.

Maiden Insurance Company Ltd.
 
Maiden Reinsurance Company
     
By: 
/s/ Michael Tait
 
By: 
/s/ Paul Hawk
     
Name:  Michael Tait
 
Name:  Paul Hawk
     
Title:  Chief Financial Officer
 
Title:  Treasurer
     
Maiden Holdings, Ltd.
 
Maiden Holdings North America, Ltd.
     
By: 
/s/ Michael Tait
 
By: 
/s/ John Marshaleck
     
Name:  Michael Tait
 
Name: John Marshaleck
     
Title:  Chief Financial Officer
 
Title:  President

 
 
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AII Insurance Management Limited
   
By: 
/s/ Michael Bott
     
Name:  Michael Bott
     
Title:  President
 

 

 
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