Exhibit 10.27
                       GRANITE REINSURANCE COMPANY LIMITED
                  /ACCEPTANCE CROP HAIL RETROCESSION AGREEMENT


THIS  RETROCESSION AGREEMENT ("Crop Hail Agreement") is made and entered into as
of May 23, 2001 by and between Acceptance Insurance Company, a Nebraska domestic
insurance  company  ("Acceptance")  and  Granite  Reinsurance Company Limited, a
Barbados  insurance  company  ("Granite").
                              W I T N E S S E T H :
WHEREAS,  affiliates  of Acceptance and others have entered into a certain Asset
Purchase  Agreement  (the  "Asset Purchase Agreement") dated as of May 23, 2001;
and
WHEREAS, in conjunction with the Asset Purchase Agreement, Acceptance and others
entered  into  a  certain  IGF/Acceptance  Retrocession  Agreement  and  an
IGF/Acceptance  Quota Share Reinsurance Agreement, both dated as of May 23, 2001
and  attached  hereto  ("Acceptance's  Assumption  Agreements");  and
WHEREAS,  subject  to  the  terms  and  conditions  set  forth in this Crop Hail
Agreement,  Acceptance  desires  to  cede  to Granite and desires to accept from
Acceptance  and  to  reinsure  100%  of  all risks reinsured by Acceptance under
Acceptance's  Assumption  Agreements  except MPCI risks reinsured by the Federal
Crop  Insurance  Corporation  and  located  within the United States ("Reinsured
Contracts").
NOW,  THEREFORE, in consideration of the premises and the mutual promises of the
parties  hereto,  they  hereby  covenant  and  agree  as  follows:
                                    ARTICLE I

                                 EFFECTIVE TIME
This  Crop  Hail  Agreement shall be effective as of 12:01 a.m. Eastern Standard
Time  ("Effective  Time")  on  the  date  of the Closing as defined in the Asset
Purchase  Agreement.  If  the Asset Purchase Agreement is terminated pursuant to
its  terms  and  conditions,  this  Retrocession  Agreement  shall  terminate
concurrently  with  the  Asset  Purchase Agreement and never shall be effective.
                                   ARTICLE II

                REINSURED OBLIGATIONS; REPRESENTATIONS OF PARTIES
     SECTION  2.01.  DESCRIPTION  OF  REINSURED  OBLIGATIONS.  Subject  to  the
provisions  of  this  Crop Hail Agreement, Acceptance hereby assigns, transfers,
sets  over,  cedes  and  reinsures to Granite, and Granite hereby reinsures on a
100%  quota  share  basis  from  Acceptance, all liabilities and obligations for
losses  associated  with  the  Reinsured  Obligations.
SECTION  2.02.  REPRESENTATIONS.  Granite  represents,  to  the  best  of  its
knowledge  and  belief,  that  as  of  the  Effective  Time:
     (a)     Granite  is  a  corporation  duly organized and validly existing in
good  standing  under the laws of Barbados.  Granite has the corporate power and
authority to carry on their business substantially as it is now being conducted.
     (b)     Granite  has  the  requisite corporate power and authority to take,
and  has  taken, all corporate action necessary to execute and deliver this Crop
Hail  Agreement,  and  to consummate the transactions contemplated hereby.  This
Crop Hail Agreement has been validly executed and delivered by Granite, and is a
valid  and binding agreement, enforceable against Granite in accordance with its
terms.
     SECTION  2.03.  REPRESENTATIONS.  Acceptance represents, to the best of its
knowledge  and  belief,  that  as  of  the  Effective  Time:
     (a)     Acceptance  is a corporation duly organized and validly existing in
good  standing  under  the  laws  of  the State of Nebraska and is an authorized
insurer  in  Nebraska  and has the corporate power and authority to carry on its
business  substantially  as  it  is  now  being  conducted.
(b)     Acceptance has the requisite corporate power and authority and has taken
all  corporate  action  necessary  to  execute and deliver this Agreement and to
consummate  the  transactions  contemplated  hereby.  This  Agreement  has  been
validly  executed  and  delivered  and  is  a  valid  and  binding  agreement of
Acceptance,  enforceable  against  Acceptance  in  accordance  with  its  terms.
     SECTION  2.04.  QUOTA  SHARE BASIS.  The parties acknowledge and agree that
the  reinsurance provided herein is on a 100% quota share basis.  Granite agrees
to  assume  all  obligations  and  liabilities of Acceptance under the Reinsured
Contracts,  subject,  however,  to  the  same  rights,  offsets,  counterclaims,
cross-actions  and  defenses that are or may be possessed by the parties.  It is
expressly  understood  that  no  such  offsets,  counterclaims, cross-actions or
defenses  are  or shall be waived, but that the same are expressly preserved and
that  the parties shall be duly subrogated thereto, whether the same be known to
exist  or  are  hereafter  discovered.
                                   ARTICLE III

                                   INSOLVENCY
     SECTION  3.01.  INSOLVENCY.
(a)     In  the  event  of  the  insolvency of Acceptance, it is agreed that the
liquidator,  receiver,  conservator  or  statutory successor of Acceptance shall
give  written  notice  to  Granite of the pendency of a claim against Acceptance
indicating  the  policy reinsured which claim would involve a possible liability
on the part of Granite within a reasonable time after such claim is filed in the
conservation  or  liquidation proceeding or in the receivership, and that during
the pendency of such claim, Granite may investigate such claim and interpose, at
its  own  expense,  in the proceeding where such claim is to be adjudicated, any
defense  or defenses that it may deem available to Acceptance or its liquidator,
receiver,  conservator  or  statutory  successor.  The  expense thus incurred by
Granite  shall  be  chargeable,  subject  to  the approval of the Court, against
Acceptance  as  part of the expense of conservation or liquidation to the extent
of  a  pro  rata share of the benefit which may accrue to Acceptance solely as a
result  of  the  defense  undertaken  by  Granite.
(b)     It is further understood and agreed that, in the event of the insolvency
of Acceptance, the reinsurance under this Agreement shall be payable directly by
Granite  to  Acceptance  or  to its liquidator, receiver or statutory successor,
except  (1)  where  this  Agreement  specifically provides another payee of such
reinsurance  in  the  event of the insolvency of Acceptance or (2) where Granite
with  the  consent  of  the  direct  insured or insureds has assumed such policy
obligations  of  Acceptance as direct obligations of Granite to the payees under
such  policies  and  in  substitution  for the obligations of Acceptance to such
payees.
                                   ARTICLE IV
     CONSIDERATION  FOR  RETROCESSION  CONTRACTS
     SECTION  4.01.  CONSIDERATION.  For  and  in  consideration  for  this
Retrocession  Agreement  Acceptance  will  remit  to  Granite  all gross written
premium  with respect to the Reinsured Contracts, and Acceptance shall be deemed
to  have a fiduciary responsibility to Granite with respect to all such premium.
Written  premium  with  respect  to  the  Reinsured Contracts paid to Acceptance
before  the  Effective  Time  will  be  remitted  to  Granite on the date of the
Closing.  All  gross  written  premiums  with respect to the Reinsured Contracts
paid to Acceptance after Closing will be remitted to Granite not less often than
once  each  month.
SECTION 4.02.  COMMISSION AND TAXES.  Acceptance's Assumption Agreements contain
clauses  that  recover  for companies ceding to Acceptance under such agreements
all  commissions due independent agents, premium tax paid or due and payable and
all amounts due for bureau, boards and fees to associations.  To the same extent
that  these amounts are deducted or paid then the net premium payable under this
Crop  Hail  Agreement  will  be  reduced  accordingly.
SECTION  4.03.  LOSS  ADJUSTMENT  AND  CLAIMS SETTLEMENT COSTS.  Acceptance will
manage  and  administrate  the  claims handling on behalf of companies ceding to
Acceptance  under  Acceptance's  Assumption  Agreements.  The  cost  associated
thereto  as  per the Management and Service Agreement entered into as of May 23,
2001  by  and  between  Acceptance  and  IGF  Insurance  Company.
                                    ARTICLE V

                                    LIABILITY
     SECTION  5.01.  PAYMENT  OF  CLAIMS  AND  BENEFITS.  From  and  after  the
Effective Time, Granite shall be responsible for (a) paying all losses due under
the  Reinsured Contracts in accordance with the terms of thereof; (b) paying all
premium refunds with respect to premiums received under the Reinsured Contracts;
and  (c)  paying all expenses in connection with the investigations, adjustment,
appraisal  or settlement of all claims under the Reinsured Contracts on or after
the  Effective  Time.
SECTION  5.02.  ACTIONS  ON OR AFTER EFFECTIVE TIME.  If any legal or regulatory
actions  are  threatened  or  filed  in  connection  with  any  of the Reinsured
Contracts  on  or  after  the  Effective Time, the parties agree to provide each
other  with  prompt  notice  thereof, within such time period as would allow the
appropriate  party  the  opportunity  to  answer,  appear  or to take any action
necessary  or  to avoid a default judgment.  The parties agree to cooperate with
each  other  with  respect  to  any  such  legal  or regulatory actions, whether
threatened  or  actual.
SECTION  5.03.  TAXES.  Acceptance  shall retain full responsibility for any tax
liability  relating  to  the  Reinsured  Contracts  for  all  taxable periods or
portions  thereof.
                                   ARTICLE VI

                              ERRORS AND OVERSIGHTS
     Each  party  to  this  Retrocession Agreement will act reasonably to comply
with  its  terms.  Clerical  errors  and  oversights occasioned in good faith in
carrying  out  this  Retrocession  Agreement will not prejudice either party and
will  be  rectified  promptly  on  an  equitable  basis.
                                   ARTICLE VII

                                   ARBITRATION
SECTION  7.1  COMPULSORY  ARBITRATION.
(a)     The parties intend this article to be enforceable in accordance with the
Federal  Arbitration Act (9 U.S.C. Section 1, et seq.), including any amendments
to  that Act which are subsequently adopted, notwithstanding any other choice of
law  provision  set  forth  in  this  Agreement.  In the event that either party
refuses to submit to arbitration as required herein, the other party may request
a  United States Federal District Court to compel arbitration in accordance with
the  Federal  Arbitration Act.  Both parties consent to the jurisdiction of such
court  to enforce this article and to confirm and enforce the performance of any
award  of  the  arbitrators.
(b)     Any  dispute  or other matter in question between Granite and Acceptance
arising  out  of  or  relating to the formation, interpretation, performance, or
breach  of  this  Agreement,  whether  such  dispute  arises  before  or  after
termination  of  this Agreement, shall be resolved by arbitration if the parties
are  unable  to  resolve  the dispute through negotiation.  Arbitration shall be
initiated  by  the  delivery of a written demand for arbitration by one party to
the  other.
     SECTION  7.2.  PROCEDURE.
(a)     Each  party  shall  appoint  an  individual as arbitrator and the two so
appointed  shall then appoint an umpire.  If either party refuses or neglects to
appoint  an arbitrator within forty-five (45) days after the initial delivery of
the  demand  for arbitration, the other party may appoint the second arbitrator.
If  the two arbitrators do not agree on an umpire within forty-five (45) days of
their  appointment,  the  parties  shall  petition  the  American  Arbitration
Association  to  appoint an umpire with the qualifications set forth below.  The
arbitrators  shall  be  active  or  retired officers of insurance or reinsurance
companies  or  Lloyd's  of  London  Underwriters  or  reinsurance  brokers;  the
arbitrators shall not have a personal or financial interest in the result of the
arbitration.
(b)     The  arbitration  hearing shall be held in Omaha, Nebraska or such other
place  as  may  be  mutually  agreed.  Each  party  shall submit its case to the
arbitrators within forty-five (45) days of the selection of the umpire or within
such  longer  period as may be agreed by the arbitrators.  The arbitrators shall
not be obliged to follow judicial formalities or the rules of evidence except to
the  extent  required  by  law  of  the state of New York; they shall make their
decisions  according  to the practice of the reinsurance business.  The decision
rendered  by  a  majority  of the arbitrators shall be final and binding on both
parties.  Such  decision  shall  be  a condition precedent to any right of legal
action arising out of the arbitrated dispute which either party may have against
the  other.  Judgment upon the award rendered may be entered in any court having
jurisdiction  thereof.  Both  parties  shall abide by the final decision of such
Court  or  of  any  appellate  court  in  the  event  of  an  appeal.
(c)     Except  as  provided  above,  arbitration  shall  be  based,  insofar as
applicable,  upon  the  Commercial Arbitration Rules of the American Arbitration
Association.
SECTION  7.3.  COSTS.     Each party shall bear its own costs in connection with
any  such arbitration including, without limitation,  all legal, accounting, and
any  other  professional  fees  and  expenses,  the fees and expenses of its own
arbitrator,  and  all  other costs and expenses each party incurs to prepare for
such  arbitration.  Other than set forth above, each side shall pay  one-half of
the fee and expenses of the umpire, and  one-half of the other expenses that the
parties  jointly  incur  directly  related  to  the  arbitration  proceeding.
                                  ARTICLE VIII

                                   TERMINATION
     SECTION  8.01.  TERMINATION DATE.  This Agreement can only be terminated by
mutual  consent.
SECTION  8.02.  APPROVALS.  If the approval of any state insurance department is
necessary for the effectiveness of this Retrocession Agreement, the parties will
cooperate  and  use  their  best  efforts  to  obtain  such  approvals.
SECTION  8.03.  COSTS  OF  TERMINATION.  If  this  Retrocession  Agreement  is
terminated  pursuant to Section 8.01, neither party shall be liable to the other
for  any costs, expenses, causes of actions, fees or claims of any type due with
respect  to  such  termination.
                                   ARTICLE IX

                       REGULATORY COMPLIANCE AND APPROVALS
     SECTION  9.01.  COMPLIANCE.  The  parties  agree  to  comply with all laws,
regulations or directions of appropriate state insurance departments with regard
to  (a)  any  notification  to  policyholders  under  the  Reinsured  Contracts
(including  without  limitation  all  content,  description,  timing  or  other
requirements),  (b) this Retrocession Agreement and (c) all service requirements
to  policyholders  under  the  Reinsured  Contracts.
SECTION  9.02.  REGULATORY  APPROVALS.  The  parties  agree  that  where  formal
approval is required by any state insurance regulatory agency, this Retrocession
Agreement shall not be effective as to any and all Reinsured Contracts in effect
in  such  state  until  such  approval  is  obtained.
                                    ARTICLE X

                                 CONFIDENTIALITY
     SECTION 10.01.  CONFIDENTIAL INFORMATION.  During the course of performance
under  this  Retrocession  Agreement,  the  parties and their respective agents,
employees  and representatives will obtain or have access to certain proprietary
or  confidential  information.  The  parties  undertake and covenant, one to the
other,  that  they  will, and they will cause their respective agents, employees
and  representatives to, maintain the confidential information in a confidential
manner  in  accordance  with  applicable  local,  state  or federal laws, and in
accordance  with  this  Retrocession  Agreement.
                                   ARTICLE XI

                             RELATIONSHIP OF PARTIES
     SECTION  11.01.  NO EMPLOYMENT RELATIONSHIP.  The relationships between the
parties  hereto  shall be that of independent contractors.  Nothing herein shall
be  construed  to  create  the relationship of employer and employee between the
parties  or  any  of  their  respective  agents  or  employees.
                                   ARTICLE XII

                                OTHER PROVISIONS
     SECTION 12.01.  PARAGRAPH HEADINGS.  The headings of the provisions of this
Retrocession  Agreement  are  for  reference purposes and have no legal force or
effect.
SECTION  12.02.  GOVERNING  LAW.  This Retrocession Agreement shall be construed
and  interpreted  according  to  the  laws  of  the  State  of  Iowa.
SECTION 12.03.  OTHER ACTIONS.  The parties will use their best efforts to cause
the reinsurance contemplated under this Retrocession Agreement to be consummated
and  approved  by  all  necessary regulatory bodies and to do such further acts,
matters  and  deeds,  and  execute  any  and  all  additional  instruments  and
agreements,  that  may be mutually agreed as necessary or reasonably required in
order  to  carry  this  Retrocession  Agreement  into  full  effect.
SECTION  12.04.  COUNTERPARTS;  FACSIMILE  SIGNATURES.  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.  For
purposes  of this Agreement, facsimile signatures shall be deemed originals, and
the  parties  agree  to  exchange  original  signatures as promptly as possible.
SECTION  12.05.  SET OFF.  Granite and Acceptance shall have the right to offset
any  balance  or amounts due from one party to the other under the terms of this
Agreement.  The  party asserting the right of offset may exercise such right any
time whether the balances due are on account of premiums or losses or otherwise.
SECTION  12.06.  NOTICES.  Until  otherwise  notified,  all  formal  notices,
requests, demands and other communications between the parties shall be directed
to  the  parties  at  their  respective  addresses  as  follows:
     If  to  Reinsurer:
Acceptance  Insurance  Company
535  West  Broadway
Council  Bluffs,  Iowa  51503
Attn:  President
     If  to  Ceding  Companies:
IGF  Insurance  Company
4720  Kingsway  Drive
Indianapolis,  Indiana  46205
Attn:  President
     SECTION  12.07.  ASSIGNMENT.  This Retrocession Agreement is not assignable
by  either  party  without  prior  written consent of the other party and, where
required,  the  prior  approval  of  any appropriate state insurance department.
Neither  party's  consent  under  this  Section  shall be unreasonably withheld.
SECTION 12.08.  WAIVER.  Failure of Reinsurer or Ceding Companies to enforce any
of its rights or remedies under this Retrocession Agreement shall not constitute
a  waiver  of  such  rights  or  remedies  exercisable  hereunder.
SECTION  12.09.  SEVERABILITY.  If  any provision of this Retrocession Agreement
should  be  determined  to  be invalid or otherwise unenforceable under law, the
remainder  of  this  Retrocession  Agreement  shall  not  be  affected  thereby.
SECTION  12.10.  AGREEMENT BINDING.  This Retrocession Agreement is binding upon
the  parties  hereto,  their respective representatives, successors and assigns.
SECTION 12.11.  MULTIPLE COPIES.  This Retrocession Agreement may be executed in
multiple  copies, and each shall have the same force and effect of the original.
     SECTION  12.11  JOINT AND SEVERAL LIABILITY.  All rights and obligations of
the  Ceding  Companies  created  under  the terms of this Retrocession Agreement
shall  be  joint  and  several.
     SECTION  12.12.  INTEREST.  Interest on the balance due and payable that is
not  paid when due, shall, in addition to the amount due, incur and pay interest
on  the  amount  due  at  1  %  per  month  on  part  thereof.
     IN  WITNESS  WHEREOF,  this  Retrocession Agreement has been duly executed.
CEDING  COMPANIES:
IGF INSURANCE COMPANY, for itself and for CONTINENTAL CASUALTY INSURANCE COMPANY
By
Name
Title

REINSURER:
ACCEPTANCE  INSURANCE  COMPANY
By
Name
Title  __________________________________