EXHIBIT 10.7


 


RESCISSION AGREEMENT TO THE


GENERAL AGENCY AGREEMENT

BY AND AMONG


UNITED SPECIALTY INSURANCE COMPANY


AND


CRUSADER INSURANCE COMPANY


AND


UNIFAX INSURANCE SYSTEMS, INC.


 


THIS RESCISSION
AGREEMENT TO THE GENERAL AGENCY AGREEMENT (“Agreement”) dated April 1, 2020, is made and entered into by and among
UNITED SPECIALTY INSURANCE COMPANY ("United Specialty"), CRUSADER INSURANCE COMPANY ("Crusader"), and UNIFAX
INSURANCE SYSTEMS, INC. ("Unifax"). Crusader, United Specialty and Unifax are collectively the “Parties.”


RECITALS


WHEREAS, Crusader,
United Specialty and Unifax are Parties to a certain General Agency Agreement (“General Agency Agreement”) effective
April 1, 2020. Pursuant to the General Agency Agreement, United Specialty appoints Unifax as the general agent of United Specialty
related to commercial business underwritten by United Specialty and reinsured by Crusader.


WHEREAS, the
parties now desire to unwind and rescind the transactions referenced in the General Agency Agreement.


NOW, THEREFORE,
in consideration of the recitals and mutual covenants of the Parties, each of the Parties agrees as follows:


		1.	Rescission. The Parties hereby rescind the General Agency Agreement effective as of April
1, 2020.



 


		2.	Effect of Rescission. The Parties agree that the rescission of the General Agency Agreement
is and shall be absolute, unconditional and without reservation of any rights, duties, privileges or obligations of any Party under
the General Agency Agreement. The Parties further agree that by this Agreement, the General Agency Agreement shall be deemed and
construed never to have existed. No Policies were deemed issued, and no premium was deemed written, collected or reported pursuant
to the General Agency Agreement.



 


		3.	Miscellaneous.



		(a)	Assignment. This Agreement shall be binding upon the Parties hereto, together with their
respective successors. None of the Parties hereto may assign any of their rights or obligations under this Agreement.



		(b)	Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument.



		(c)	Entire Agreement. This Agreement is the entire agreement between the parties and supersedes
any and all previous agreements, written or oral, and amendments thereto with respect to the subject matter hereof.



		(d)	Governing Law. This Agreement has been made and entered into in the State of Texas and the
Agreement shall be subject to and construed under the laws of the State of Texas.



		(e)	Notification to the Department. Crusader may notify the California Department of Insurance
of the Rescission promptly after the execution of this Agreement.



 


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IN WITNESS WHEREOF, the Parties hereto by their respective
duly authorized representatives have executed this Agreement as of the date first above written.


 


CRUSADER INSURANCE COMPANY


BY: /s/ Ronald A. Closser


 


ITS: President/CEO


 


DATE:11/21/2020


 


UNIFAX INSURANCE SYSTEMS, INC.


BY: /s/ Ronald A. Closser


 


ITS: President/CEO


 


DATE:11/21/2020


 


UNITED SPECIALTY INSURANCE COMPANY


BY: /s/ David Cleff


 


ITS: EVP


 


DATE:11/24/2020