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                                                                   Exhibit 10.15

                               RENEWAL RIGHTS AND
                        ASSUMPTION REINSURANCE AGREEMENT

THIS AGREEMENT, dated as of the 15th day of November 2002 (the "Agreement"), by
and among South Carolina Insurance Company, a South Carolina insurance company
(hereinafter referred to as "SCIC"), and Catawba Insurance Company, a South
Carolina insurance company (hereinafter referred to as "Catawba" and together
with SCIC, collectively hereinafter referred to as "SBG") and The Hartford Fire
Insurance Company, a Connecticut insurance company (hereinafter referred to as
"Hartford").

WHEREAS, SBG has been directed by Federal Insurance and Mitigation
Administration ("FIMA") to cease insuring its National Flood Insurance Program
under the Write Your Own Program that it currently writes (the "WYO Flood
Business Book"); and

WHEREAS, Hartford is an insurer with substantial expertise in underwriting and
insuring risks similar to the WYO Flood Business Book; and

WHEREAS, SBG wishes to transfer and Hartford wishes to acquire, subject to the
terms and conditions of this Agreement, renewal rights to policies written by
SBG during the period January 1, 2002 through and including September 30, 2002
(the "Renewal Policies" which are included in the WYO Flood Business Book; and

WHEREAS, SBG wishes to transfer and Hartford wishes to acquire, via assumption
reinsurance, subject to the terms and conditions of this Agreement, the policies
written by SBG during the period October 1, 2002 through and including December
31, 2002 (the "Assumed Policies); and

NOW, THEREFORE, the parties agree as follows:

I.     CLOSING DATE

       The closing of the transactions contemplated by this Agreement shall be
       on the business day immediately following the date that all conditions
       precedent identified in Section X have been satisfied or waived (the
       "Closing Date").

II.    CONSIDERATION

       A.    INITIAL CONSIDERATION. On the Closing Date, Hartford shall make a
             single payment of $3.8 million to SBG by wire transfer of
             immediately available federal funds to the account set forth in
             Schedule 1. This amount would be contingent on the WYO Flood
             Business Book having a minimum of $40 million of total written
             premiums in force on the Closing Date. If the total written
             premiums in force is less than $40 million but greater than $35
             million, Hartford shall pay SBG 8.5% of the total written premiums
             in force as of the Closing Date.

       B.    VARIABLE PAYMENT.

             In the event that the WYO Flood Business Book has at least $40
             million in total written premium in force as of the Closing Date, a
             variable, retention-based payment will be made as follows:

             (i) A calculation of the written premiums in force with Hartford,
             less new business written, for the WYO Flood Business Book,
             including any "rollover" business placed with Hartford through
             America's Flood Services, Inc., would be made as of the date twelve
             months from the Closing Date ("Variable Payment Date").

             (ii) Hartford shall make a single variable payment to SBG on the
             Variable Payment Date as follows:

             If total premium in force =
<Table>
<S>                                                                           <C>
                     $30 million to $32.499 million, the payout will be       $   250,000
                     $32.5 million to $34.999 million                         $   500,000
                     $35 million to $37.499 million                           $   750,000
                     $37.5 million or higher                                  $ 1,000,000
                     $0 to 29.999 million, there will be no variable payment.
</Table>

III.   RENEWAL RIGHTS

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       A.    Following the Closing Date, SBG shall cooperate with Hartford as
             reasonably requested to assist in soliciting renewals of Renewal
             Policies. Schedule 2 identifies all of the Renewal Policies as of
             the date of this Agreement, which schedule shall be updated as of
             the Closing Date.

       B.    Without limiting the foregoing, SBG and Hartford shall send to each
             holder of a Renewal Policy a written notice under the appropriate
             SBG letterhead and signature in a form to be reasonably agreed to
             by SBG and Hartford informing such policyholder (i) of this
             Agreement and the transactions hereunder and encouraging such
             policyholder to renew such insurance policy with Hartford and (ii)
             if and to the extent required or allowed by applicable policy
             provisions, insurance laws or regulation in order to avoid any
             requirement that a policy be renewed in the name of any of SBG's
             subsidiaries as the insurer thereunder, that such SBG subsidiary is
             or will be non-renewing such insurance policy. Such notices shall
             be sent after the Closing Date by such means and at such times as
             is required by applicable law, regulations or contract obligations
             and as determined by Hartford. Hartford and SBG shall each pay all
             costs and expenses incurred by them or on their behalf in
             connection with the sending of such notices.

IV.    ASSUMPTION REINSURANCE

       A.    Subject to the terms and conditions of this Agreement, as of
             October 1, 2003 (the "Assumption Effective Date"), SBG hereby
             cedes, assigns, transfers and sells to Hartford, by way of
             assumption reinsurance, the Assumed Policies and any related rights
             and benefits, and Hartford hereby accepts and assumes, by way of
             assumption reinsurance, the Assumed Policies and any related rights
             and benefits.

       B.    The reinsurance effected under this Article IV shall have the
             effect of creating a novation with respect to the Assumed Policies,
             and Hartford shall succeed to and assume all of SBG's rights,
             privileges, title and interest in and to any defenses, offsets,
             counterclaims and cross-claims relating to the Assumed Policies to
             which SBG would otherwise be entitled had it continued to act as
             the insurer thereunder as if such Assumed Policies were direct
             obligations of Hartford. It is expressly understood and agreed by
             the parties to this Agreement that no such rights, privileges,
             defenses, offsets, cross-actions or counterclaims are waived by the
             execution of this Agreement or the consummation of the transactions
             contemplated herein, and that Hartford shall be fully subrogated to
             all such rights, privileges, defenses, offsets, cross-actions and
             counterclaims.

       C.    Hartford shall bear and shall have sole and full responsibility for
             payment of all liabilities under the novated Assumed Policies that
             are due and payable on and after the Assumption Effective Date,
             including, but not limited to, responsibility for all
             administrative costs relating thereto, and shall be substituted in
             the place and stead of SBG with respect to such novated Assumed
             Policies, and each policyholder under a novated Assumed Policy may
             disregard SBG as a party thereto and treat Hartford as if it had
             been originally obligated with respect thereto, except as otherwise
             provided herein. The policyholder shall have a direct right of
             action against Hartford with respect to a novated Assumed Policy.

       D.    Schedule 3 identifies all of the Assumed Policies through the date
             of this Agreement and those that may be issued upon renewal of
             existing policies during the period from the date of this Agreement
             through and including December 31, 2002.

       E.    Notwithstanding anything else in this Agreement, Hartford shall
             assume, via assumption reinsurance, only those Assumed Policies
             that SBG has re-underwritten (the "Re-Underwriting") according to
             standards and procedures proscribed by FIMA and Hartford and put
             into effect by NFS (as defined below).

       F.    Notwithstanding anything else in this Agreement, Hartford shall not
             assume, via assumption reinsurance or otherwise, any Assumed
             Policies if by June 30, 2003 an Assumed Policy policyholder (a
             "Non-Consenting Policy"): (i) fails to give affirmative consent in
             any jurisdiction in which affirmative consent or non-objection is
             required for assumption reinsurance to be effective or (ii) who
             resides in a jurisdiction in which a governmental authority having
             jurisdiction over an Assumption Certificate (as defined below)
             and/or this Agreement fails to approve the Assumption Certificate
             and/or this Agreement, if required by applicable law.

V.     COVENANTS AND UNDERTAKINGS RELATING TO THE ASSUMPTION REINSURANCE

       A.    Following the Closing Date, SBG shall, at its sole cost and
             expense, use its reasonable, good faith efforts to obtain all
             required approvals from and make all required filings with any
             governmental

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             authority having jurisdiction over the assumption reinsurance
             transaction and Assumed Policy policyholders in connection with the
             assumption reinsurance transactions contemplated by this Agreement.
             Hartford shall use its reasonable, good faith efforts to provide
             SBG with such assistance and information as may reasonably be
             required in connection with securing such approvals and consents.

       B.    Subject to receipt of any form filing or other approval required by
             any governmental authority having jurisdiction over each
             certificate evidencing Hartford's assumption of an Assumed Policy
             (an "Assumption Certificate) and/or the assumption reinsurance
             transaction contemplated by this Agreement, Hartford shall, at its
             sole cost and expense, provide each Assumed Policy policyholder
             with an Assumption Certificate and other assumption-related
             information required by applicable law or as may reasonably be
             required by either party hereto as soon as reasonably possible
             after Re-Underwriting. Such Assumption Certificates and
             other-assumption related information shall be sent by the Hartford
             by first class mail and at its own expense.

VI.    OBLIGATIONS OF SBG

       A.    SBG agrees to enter into a Flood Insurance Full Service Vendor
             Agreement ("Vendor Agreement") with National Flood Services, Inc.
             ("NFS"), effective as of the Closing Date, so that NFS will
             administer and service the WYO Flood Business Book and to adjust
             and pay all claims on the policies written in the WYO Flood
             Business Book according to standards and procedures proscribed by
             FIMA and Hartford and put into effect by NFS. Administrative
             responsibility includes active policies, open claims, pending
             litigation, as well as statistical and financial reporting.

       B.    SBG shall use its reasonable, good faith efforts to provide to NFS
             a hard-drive containing the imaged/micro fisched files detailing
             the WYO Flood Business Book documentation no later than January 1,
             2003.

       C.    SBG shall be responsible for all claims and litigation costs under
             the WYO Flood Business Book until such policies are either renewed
             or assumed by Hartford, as defined by the WYO arrangement with
             FIMA.

       D.    SBG authorizes to Hartford to oversee NFS in its administration of
             the WYO Flood Business Book. SBG agrees to fully indemnify and hold
             Hartford harmless for any action or inaction that Hartford may take
             in supervising or directing NFS.

       E.    SBG shall revise any Assumed Policy as directed by Hartford and NFS
             following Hartford's Re-Underwriting of the Assumed Policies.

       F.    SBG agrees to comply with all applicable regulatory requirements
             relative to non-renewing or otherwise terminating policies in the
             SBG WYO Flood Business Book.

       G.    SBG would use its reasonable, good faith efforts, and perform such
             acts necessary or appropriate to effect an orderly transfer of the
             WYO Flood Business Book to Hartford, including, but not limited to,
             assisting Hartford with execution of necessary agent or broker
             appointments.

       H.    SBG will use its reasonable, good faith efforts, and will cooperate
             with Hartford, to secure all necessary consents, approvals,
             authorizations and exemptions from governmental agencies and other
             third parties. SBG will use its reasonable, good faith efforts to
             obtain the satisfaction of the conditions specified in Section X.

VII.   OBLIGATIONS OF HARTFORD

       A.    Hartford agrees to underwrite, upon renewal, the Renewal Policies,
             to the extent that such business is presented to Hartford by
             insurance producers, subject to Hartford's underwriting policies,
             procedures, terms, conditions and process which are in effect at
             the time the risk in question is evaluated. However, the decision
             to offer to insure or accept any risk or risks within the Renewal
             Policies remains solely with Hartford and nothing in this Agreement
             obligates Hartford to accept any particular risk or risks.

       B.    Hartford shall not be required to make any payment under this
             Agreement that would constitute a violation by Hartford of law or
             regulatory regulations applicable to Hartford, provided that such
             prohibited payment(s) will become payable and be paid on the first
             date (if any) on which such payments would not constitute a
             violation of law or insurance regulations by Hartford.

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       C.    Hartford will use its reasonable, good faith efforts, and will
             cooperate with SBG, to secure all necessary consents, approvals,
             authorizations and exemptions from governmental agencies and other
             third parties. Hartford will use its reasonable, good faith efforts
             to obtain the satisfaction of the conditions specified in Section
             X.

       D.    Hartford shall oversee NFS in the administration of the WYO Flood
             Business Book, including claims, litigation and statistical and
             financial reporting, subject to SBG's obligation in Section VI.D.

VIII.  REPRESENTATIONS AND WARRANTIES

       A.    SBG and Hartford each represent and warrant that it has the power
             and authority to execute, deliver and perform this Agreement, it
             has taken all necessary corporate action to authorize the execution
             and delivery of this Agreement and such other agreements and
             instruments and the consummation of the transactions and
             performance of each party's obligations contemplated hereby and
             thereby.

       B.    SBG represents and warrants that the Renewal Policies are in force,
             valid and binding obligations of SBG, and that SBG has not received
             any notice of termination or non-renewal of such policies.

       C.    SBG represents and warrants that the Assumed Policies that are
             currently issued are and those that will be issued will be at the
             time their issuance, in force, valid and binding obligations of
             SBG, and that SBG has not received any notice of termination or
             non-renewal of such policies.

       D.    SBG and Hartford, each represent and warrant that the execution and
             delivery of this Agreement and the performance of the transactions
             contemplated herein will not violate or conflict with any of the
             provisions of its charter or its bylaws or violate or conflict with
             or constitute a default under any mortgage, indenture, contract,
             agreement, license, permit or instrument or any order or ruling of
             any governmental authority to which it is a party or by which it is
             bound, or violate any provision of law, statute, rule or regulation
             to which it is subject.

IX.    SURVIVAL

       The representations and warranties of SBG and Hartford shall survive
       termination of this Agreement for a period of eighteen months following
       the Closing Date.

X.     CONDITIONS PRECEDENT

       The obligations of the parties to consummate the transactions
       contemplated by this Agreement shall be subject to:

       A.    obtaining all required regulatory approvals, including but not
             limited to FIMA;

       B.    Hartford having received from SBG, documentation from the South
             Carolina Department of Insurance approving the execution and
             delivery of this Agreement and the consummation of the transactions
             contemplated hereby;

       C.    Hartford having received from SBG, certified copies of the
             resolutions adopted by their respective board of directors
             approving the execution and delivery of this Agreement and the
             consummation of the transactions contemplated hereby;

       D.    Hartford having received the closing deliveries identified in
             Article XI;

       E.    The WYO Flood Business Book shall have a minimum of $35 million of
             aggregate total written premiums in force on the Closing Date;

       F.    (A) each of SBG's representations and warranties contained in this
             Agreement shall be true and correct as of the date of this
             Agreement and as of the Closing Date as if made on the Closing Date
             and (B) Hartford having received a certificate signed by a duly
             elected officer of SBG to the effect that the foregoing condition
             has been satisfied.

XI.    CLOSING DELIVERIES

       A.    At the closing of this Agreement, SBG shall execute and deliver the
             following to Hartford:

             1.  the Agency Agreement (as defined herein);

             2.  the Vendor Agreement

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             3.  an updated Schedule 2;

             4.  evidence of receipt of all consents identified in Section X.A.;

             5.  the copies identified in Section X.B.;

             6.  the certified copies identified in Section X.C.; and

             7.  the certificate identified in Section X.F.(B).

XII.   NON-COMPETITION

       None of SBG, its subsidiaries, affiliates, successors, agents, appointees
       or assigns shall solicit or accept "write your own" flood business on its
       own or any third party's behalf, for a period of forty-eight (48) months
       from the Closing Date. Notwithstanding the prior sentence, America's
       Flood Services, Inc. may place business with Hartford during this time
       period in accordance with an agency agreement, the form of which is
       contained in Schedule 4 (the "Agency Agreement") and may place business
       with other carriers on the same terms presented to Hartford, if Hartford
       is unable or unwilling to accept any particular risk or risks.

XIII.  TERMINATION

       A.    This Agreement may be terminated and the transactions contemplated
             hereby may be abandoned at any time prior to the Closing Date by
             mutual written consent of SBG and Hartford.

       B.    This Agreement may be terminated and the transactions contemplated
             hereby may be abandoned by either SBG or Hartford (i) if the
             Closing Date shall not have occurred by November 22, 2002 or (ii)
             if any legal or administrative order permanently restrains, enjoins
             or otherwise prohibits consummation of the transactions
             contemplated by this Agreement shall become final and
             non-appealable; PROVIDED, that the right to terminate this
             Agreement pursuant to clause (i) above shall not be available to
             any party that has breached in any material respect its obligations
             under this Agreement in any manner that shall have proximately
             contributed to the occurrence of the failure of the transactions
             contemplated by this Agreement to be consummated.

       C.    In the event of termination of this Agreement and the abandonment
             of the transactions pursuant to this Article IX, this Agreement
             shall become void and of no effect with no liability on the part of
             any party hereto (or of any of its respective affiliates or
             representatives); PROVIDED, HOWEVER, except as otherwise provided
             herein, no such termination shall relieve any party hereto of any
             liability or damages resulting from any breach of this Agreement.

XIV.   GENERAL PROVISIONS

       A.    NOTICES. Any notice or other communication required or permitted
             hereunder shall be in writing and shall be deemed given if
             delivered personally, by facsimile (which is confirmed) or sent by
             overnight courier (providing proof of delivery), to the parties at
             the following addresses (or at such other address for a party as
             shall be specified by like notice):

             1.    If to SBG:

                   The Seibels Bruce Group, Inc.
                   P.O. Box One
                   Columbia, SC  29202
                   Facsimile:  803.748.2839
                   Attention:  President

                   with a copy to:

                   The Seibels Bruce Group, Inc.
                   P.O. Box One
                   Columbia, SC  29202
                   Facsimile:  803.748.2839
                   Attention:  General Counsel

             2.    If to Hartford:

                   The Hartford Fire Insurance Company
                   Hartford Plaza

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                   Hartford, CT 06104
                   Facsimile:  860.547.5714
                   Attention:   General Counsel

       B.    MODIFICATION OR AMENDMENT. No modification, amendment, or
             supplement to, or supplement to, or waiver of, this Agreement or
             any of its provisions shall be binding upon the parties hereto
             unless made in writing and duly signed by all parties to be charged
             therewith.

       C.    CONFIDENTIALITY. Neither SBG nor Hartford will disclose to any
             other person, the terms, conditions or facts relevant to this
             Agreement, without the written consent of the other party, except
             as required by law, rule or regulation. The parties shall jointly
             agree upon press releases and agent communications to be
             distributed. It is understood that the Confidentiality Agreement
             dated October 14, 2002 between SBG and Hartford remains in full
             force and effect.

       D.    INVALIDITY. If any provision of this Agreement is or becomes or is
             deemed invalid, illegal or unenforceable in any jurisdiction, such
             provision shall be construed or deemed amended to conform to
             applicable laws so as to be valid and enforceable, or, if it cannot
             be so construed or deemed amended without materially altering the
             intention of the parties to the Agreement, it shall be stricken. In
             such event, the validity, legality and enforceability of such
             provision will not in any way be affected or impaired by it in any
             other jurisdiction and the remainder of this Agreement shall remain
             in full force and effect.

       E.    NON-WAIVER. A failure or delay of any party to this Agreement to
             enforce at any time any of the provisions of this Agreement, or to
             exercise any option herein provided, or to require at any time
             performance of any of the provisions hereof, shall in no way be
             construed to be a waiver of such provision of this Agreement.

       F.    ASSIGNMENT. No party hereto shall transfer or assign any of its
             rights or obligations under this Agreement without first obtaining
             the written consent of the other parties.

       G.    CAPTIONS. The captions of paragraphs of this Agreement are for
             reference only and are not to be construed in any way as a part of
             this Agreement.

       H.    COUNTERPARTS. This Agreement may be executed in any number of
             counterparts and any party hereto may execute any such counterpart,
             each of which when executed and delivered shall be deemed an
             original and all of which counterparts taken together shall
             constitute but one and the same instrument. This Agreement shall
             become binding when one or more counterparts taken together shall
             have been executed and delivered by the parties by facsimile
             transmission or otherwise.

       I.    APPLICABLE LAW. This Agreement shall be interpreted in accordance
             with Connecticut law, without reference to its conflict of law
             provisions.

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IN WITNESS WHEREOF, the parties to this Agreement have executed this Agreement
to be effective on the date specified above.


SOUTH CAROLINA INSURANCE COMPANY           THE HARTFORD FIRE INSURANCE COMPANY

By: /s/ Michael A. Culbertson              By: /s/ Anthony Joseph Boures
    --------------------------------           ---------------------------------

Name:  Michael A. Culbertson               Name:  Anthony Joseph Boures
       -----------------------------              ------------------------------

Title: President                           Title: VP - Strategic Business Dev.
       -----------------------------              ------------------------------

Date:  November 15, 2002                   Date:  November 15, 2003
       -----------------------------              ------------------------------

CATAWBA INSURANCE COMPANY

By: /s/ Michael A. Culbertson
    --------------------------------

Name:  Michael A. Culbertson
       -----------------------------

Title: President
       -----------------------------

Date:  November 15, 2002
       -----------------------------

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                                  EXHIBIT LIST

Schedule 1 - Wiring Instructions
Schedule 2 - Renewal Policies
Schedule 3 - Assumed Policies
Schedule 4 - Agency Agreement


             REGISTRANT UNDERTAKES TO PROVIDE COPIES OF THE EXHIBITS
                  TO THE COMMISSION SUPPLEMENTALLY UPON REQUEST

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