Exhibit 10.10

                              EMPLOYMENT AGREEMENT


         WHEREAS,  Goran Capital Inc., and its subsidiaries  (collectively,  the
"Company")  considers it essential to its best  interests and the best interests
of its  stockholders  to foster the continuous  employment of its key management
personnel and,  accordingly,  the Company  desires to employ Gary P.  Hutchcraft
("You",  "Your"or  "Executive"),  upon the terms and conditions  hereinafter set
forth; and

         WHEREAS,  the  Executive  desires to  continue  to be  employed  by the
Company, upon the terms and conditions contained herein.

         NOW,  THEREFORE,  in  consideration of the covenants and agreements set
forth below, the parties agree as follows:

1.       Employment

         1.1 Term of Agreement.  The Company agrees to employ  Executive as Vice
President  and  Chief  Financial  Officer,  effective  as of  May  1,  1997  and
continuing until April 30, 1998,  unless such employment is terminated  pursuant
to Section 3 below;  provided,  however,  that the term of this Agreement  shall
automatically  be extended without further action of either party for additional
one (1) year periods  thereafter  unless, not later than six (6) months prior to
the end of the then effective  term,  either the Company or the Executive  shall
have  given  written  notice  that such  party  does not  intend to extend  this
Agreement. If Company gives Executive such a notice of non-renewal,  Executive's
employment  shall terminate as of the expiration  date of this Agreement.  It is
expressly  understood  and  agreed  that a notice of  non-renewal  issued by the
Company  shall  not  extinguish  the  Executive's   non-competition  obligations
pursuant to Section 4 herein.

         1.2 Terms of  Employment.  During the Term, You agree to be a full-time
employee of the Company  serving in the  position  of Vice  President  and Chief
Financial  Officer of the Company and further agree to devote  substantially all
of Your  working  time and  attention to the business and affairs of the Company
and, to the extent necessary to discharge the  responsibilities  associated with
Your position as Vice President and Chief  Financial  Officer of the Company and
to  use  Your  best  efforts  to  perform   faithfully  and   efficiently   such
responsibilities.  Executive shall perform such duties and  responsibilities  as
may be  determined  from time to time by the  Chairman  and/or  Chief  Executive
Officer of the Company and the Board of Directors  of the Company,  which duties
shall be  consistent  with the position of Vice  President  and Chief  Financial
Officer of the Company,  which shall grant Executive authority,  responsibility,
title and standing  comparable to that of the vice president and chief financial
officer of a stock insurance  holding company of similar standing and which will
not require  Executive to relocate  his  principal  place of residence  from the
metropolitan Indianapolis,  Indiana area. Nothing herein shall prohibit You from
devoting  Your time to civic  and  community  activities  or  managing  personal
investments,  as long as the foregoing do not interfere with the  performance of
Your duties hereunder.

                                       -1-

<PAGE>




         1.3  Appointment  and  Responsibility.  The Boards of  Directors of the
Company shall, following the effective date of this Agreement, elect and appoint
Executive as Vice President and Chief Financial Officer. Consistent with Section
1.2 of  this  Agreement,  Executive  shall  be  primarily  responsible  for  the
financial affairs of the Company.

2.       Compensation, Benefits and Prerequisites

         2.1 Salary.  Company shall pay Executive a salary,  in equal  bi-weekly
installments, equal to an annualized salary rate of $132,000. Executive's salary
as payable  pursuant to this  Agreement  may be  increased  from time to time as
mutually  agreed upon by Executive  and the Company.  Notwithstanding  any other
provision herein,  the catch-up payment shall be paid to Executive by April 1 of
each year of this Agreement. For the calendar year beginning January 1, 1997 and
for each succeeding  calendar year  thereafter,  Company shall pay Executive the
salary   applicable  to  that  calendar  year  in  twenty-six   (26)   bi-weekly
installments. Notwithstanding any other provision of this Agreement, Executive's
salary paid by Company for any year covered by this Agreement  shall not be less
than such salary paid to Executive for the immediately  preceding calendar year.
All salary and bonus amounts paid to Executive  pursuant to this Agreement shall
be in U.S. dollars.

         2.2 Bonus.  The Company  and  Executive  understand  and agree that the
Company expects to achieve  significant growth during the term of this Agreement
and that Executive will make a material  contribution  to that growth which will
require  certain  personal and  familial  sacrifices  on the part of  Executive.
Accordingly,  it is the desire and intention of the Company to reward  Executive
for the attainment of that growth through bonus and other means (including,  but
not limited to,  stock  options,  stock  appreciation  rights and other forms of
incentive  compensation).  Therefore,  the Company will pay Executive a lump-sum
bonus  (subject to normal  withholdings)  within  thirty (30) business days from
receipt by Company of its consolidated,  annual audited financial  statements in
an amount which shall be  determined  in  accordance  with the  following  Bonus
Table. All amounts used for calculation  purposes in this section shall be based
on the audited,  consolidated financial statements of Goran Capital Inc. (or any
successor  thereto),  with such  financial  statements  having been  prepared in
accordance with applicable Generally Accepted Accounting Principles,  applied on
a consistent basis with that of prior years.

<TABLE>

                                   BONUS TABLE

<CAPTION>
     <S>                                  <C>
     If Audited Net                       % of Annual Salary
     Income (as a % of                    Payable to Executive
     Budgeted Net Income Is                    As Bonus

     Less Than 75%                                -0-
     75% or more, but less than 100%              10%
     100% or more, but less than 125%             20%
     125% or more                                 30%

</TABLE>

                                       -2-

<PAGE>


         It is  understood  and agreed that Goran  Capital  Inc.'s  budgeted net
income for the year ending  December 31, 1997 is  $16,267,000  and that budgeted
net income  for  future  years  shall be set forth in Annual  Addendums  to this
Agreement.

         2.3  Employee  Benefits.  Executive  shall be  entitled  to receive all
benefits and  prerequisites  which are provided to other  Executives  of Company
under the  applicable  Company  plans and policies,  and to future  benefits and
prerequisites  made  generally  available to executive  employees of the Company
with duties and compensation comparable to that of Executive upon the same terms
and conditions as other Company participants in such plans.

         2.4      Additional Prerequisites.  During the term of this Agreement,
Company shall provide Executive with:

         (a) Not less than three (3) weeks paid  vacation  during each  calendar
year.

         (b) A vehicle commensurate with Executive's position.

         2.7 Expenses. During the period of his employment hereunder,  Executive
shall be entitled to receive  reimbursement from the Company (in accordance with
the policies  and  procedures  in effect for the  Company's  employees)  for all
reasonable travel,  entertainment and other business expenses incurred by him in
connection with his services hereunder.

3.       Termination of Executive's Employment

         3.1 Termination of Employment and Severance Pay. Executive's employment
under  this  Agreement  may be  terminated  by either  party at any time for any
reason; provided,  however, that if Executive's employment is terminated for any
reason other than for cause, he shall receive, as severance pay, one (1) month's
current salary for each full and partial year of service.  Further, if Executive
shall be terminated  without cause,  receipt of severance  payments described in
the  preceding  sentence are  conditioned  upon  execution by Executive  and the
Company of that mutual Waiver and Release attached hereto as Exhibit A. Further,
Executive  shall receive  severance  pay in accordance  with this Section 3.1 if
Executive  shall terminate this Agreement due to a breach thereof by the Company
or if  Executive  is directed  by the Company  (including,  if  applicable,  any
successor)  to engage in any act or action  constituting  fraud or any  unlawful
conduct  relating  to the  Company  or its  business  as  may be  determined  by
application of applicable law.

                                       -3-

<PAGE>



         3.2 Cause. For purposes of this Section 3, "cause" shall mean:

         (a)      the Executive being convicted in the United States of America,
                  any State therein,  or the District of Columbia,  or in Canada
                  or any Province therein (each, a "Relevant Jurisdiction"),  of
                  a crime for which the maximum penalty may include imprisonment
                  for one year or longer (a  "felony") or the  Executive  having
                  entered  against him or consenting to any judgment,  decree or
                  order (whether  criminal or otherwise)  based upon  fraudulent
                  conduct or violation of securities laws;

         (b)      the Executive's  being indicted for, charged with or otherwise
                  the subject of any formal  proceeding  (criminal or otherwise)
                  in connection with any felony, fraudulent conduct or violation
                  of securities  laws, in a case brought by a law enforcement or
                  securities  regulatory  official,  agency  or  authority  in a
                  Relevant Jurisdiction;

         (c)      the Executive  engaging in fraud,  or engaging in any unlawful
                  conduct  relating  to the Company or its  business,  in either
                  case  as   determined   under   the   laws  of  any   Relevant
                  Jurisdiction;

         (d)      the Executive breaching any provision of this Agreement; or

         (e)      gross negligence or willful misconduct by the Executive in the
                  performance of his duties hereunder.

         3.3 Change of Control.  Notwithstanding  any other  provisions  of this
Agreement,  if (i) a Change of Control shall occur;  and (ii) within twelve (12)
months  of any such  Change  of  Control,  Executive  (a)  receives  a Notice of
Non-Renewal,  (b) is  terminated  for any reason  other  than for cause,  or (c)
Company (including its successors,  if any) is in breach of this Agreement, then
Executive  shall continue to receive his current salary (in bi-weekly  payments)
until the earlier to occur of:

         (a)      Executive  shall  commence  employment  with a firm or  entity
                  other  than the  Company  such  that his base  salary is at or
                  greater than existing base salary  pursuant to this Agreement;
                  or

         (b) The expiration of seventy-eight (78) weeks from Executive's Date of
Termination.

The receipt by Executive of payment pursuant to this Section 3.3 is specifically
conditioned,  and no  payments  pursuant  to this  Section  3.3 shall be made to
Executive if he is, at the time of his  Termination,  in breach of any provision
(specifically  including,  but not limited to, the  provisions of this Agreement
pertaining  to  non-competition  and  confidentiality)  of this  Agreement  and,
further,  if such payments have already begun,  the  continuation of payments to
Executive  pursuant to this Section 3.3 shall cease at the time Executive  shall
fail to  comply  with the  non-competition  and  confidentiality  provisions  of
Article 4 herein. It is expressly understood and agreed that the amount

                                       -4-

<PAGE>



of any  payment to  Executive  required  pursuant  to this  Section 3.3 shall be
reduced (but not below zero) by any  compensation  received by Executive  during
the period called for in this Section 3.3.

         A Change of Control  shall mean the  inability of the Symons  family to
cause the  election of a majority of the  members of the Board of  Directors  of
Goran  Capital  Inc.,  Symons  International  Group,  Inc.  or their  respective
successors.

         3.4 Disability. So long as otherwise permitted by law, if Executive has
become permanently disabled from performing his duties under this Agreement, the
Company's  Chairman  of the  Board,  may,  in  his  discretion,  determine  that
Executive  will not return to work and  terminate  his  employment  as  provided
below. Upon any such termination for disability,  Executive shall be entitled to
such disability,  medical, life insurance, and other benefits as may be provided
generally  for  disabled  employees  of  Company  during  the  period he remains
disabled.  Permanent  disability  shall be  determined  pursuant to the terms of
Executive's long term disability  insurance  policy provided by the Company.  If
Company elects to terminate this Agreement  based on such permanent  disability,
such termination shall be for cause.

         3.5  Indemnification.  Executive  shall be indemnified by Company (and,
where  applicable,   its  subsidiaries)  to  the  maximum  extent  permitted  by
applicable law for actions  undertaken for, or on behalf of, the Company and its
subsidiaries.

4.       Non-Competition, Confidentiality and Trade Secrets

         4.1  Noncompetition.  In consideration  of the Company's  entering into
this Agreement and the  compensation  and benefits to be provided by the Company
to You hereunder,  and further in  consideration of Your exposure to proprietary
information of the Company, You agree as follows:

         (a)      Until the date of termination or expiration of  this Agreement
                  for any reason (the "Date of Termination") You agree not to
                  enter into competitive endeavors and not to undertake any
                  commercial activity which is contrary to the best interests of
                  the Company or its affiliates, including, directly or
                  indirectly, becoming an employee, consultant, owner (except
                  for passive investments of not more than one percent (1%) of
                  the outstanding shares of, or any other equity interest in,
                  any company or entity listed or traded on a national
                  securities exchange or in an over-the-counter securities
                  market), officer, agent or director of, or otherwise
                  participating in the management, operation, control or profits
                  of (a) any firm or person engaged in the operation of a
                  business engaged in the acquisition of insurance businesses or
                  (b) any firm or person which either directly competes with a
                  line or lines of business of the Company accounting for five
                  percent (5%) or more of the Company's gross sales, revenues or
                  earnings before taxes or derives five percent (5%) or more of
                  such firm's or person's gross sales, revenues or earnings
                  before taxes from a line or lines of business which directly
                  compete with the Company.

                                       -5-

<PAGE>

         Notwithstanding  any provision of this  Agreement to the contrary,  You
agree that Your breach of the provisions of this Section 4.1(a) shall permit the
Company to terminate Your employment for cause.

         (b)      If Your employment is terminated by You, or by reason of Your
                  Disability,  by the Company for cause, or pursuant to a notice
                  of non-renewal as outlined in Section 1.1, then for two (2)
                  years after the Date of Termination, You agree not to become,
                  directly or indirectly, an employee, consultant, owner (except
                  for passive investments of not more than one percent (1%) of
                  the outstanding shares of, or any other equity interest in,
                  any company or entity listed or traded on a national
                  securities exchange or in an over-the-counter securities
                  market), officer, agent or director of, or otherwise to
                  participate in the management, operation, control or profits
                  of, any firm or person which directly competes with a business
                  of the Company which at the Date of Termination produced any
                  class of products or business accounting for five percent (5%)
                  or more of the Company's gross sales, revenues or earnings
                  before taxes at which the Date of Termination derived five
                  percent (5%) or more of such firm's or person's gross sales,
                  revenues or earnings before taxes.  It is expressly agreed and
                  understood that this Section 4.1(b) shall not apply to a
                  public accounting or consulting firm.

         (c)      You acknowledge and agree that damages for breach of the
                  covenant not to compete in this Section  4.1 will be difficult
                  to determine and will not afford a full and adequate remedy,
                  and therefore agree that the Company shall be entitled to an
                  immediate injunction and restraining order (without the
                  necessity of a bond) to prevent such breach or threatened or
                  continued breach by You and any persons or entities acting for
                  or with You, without having to prove damages, and to all costs
                  and expenses (if a court or arbitrator determines that the
                  Executive has breached the covenant not to compete in this
                  Section 4.1, including reasonable attorneys' fees and costs,
                  in addition to any other remedies to which the Company may be
                  entitled at law or in equity.  You and the Company agree that
                  the provisions of this covenant not to compete are reasonable
                  and necessary for the operation of the Company and its
                  subsidiaries.  However, should any court or arbitrator
                  determine that any provision of this covenant not to compete
                  is unreasonable, either in period of time, geographical area,
                  or otherwise, the parties agree that this covenant not to
                  compete should be interpreted and enforced to the maximum
                  extent which such court or arbitrator deems reasonable.

         4.2 Confidentiality.  You shall not knowingly disclose or reveal to any
unauthorized  person,  during  or after  the  Term,  any  trade  secret or other
confidential  information (as outlined in the Indiana Uniform Trade Secrets Act)
relating to the  Company or any of its  affiliates,  or any of their  respective
businesses or principals, and You confirm that such information is the exclusive
property of the Company and its  affiliates.  You agree to hold as the Company's
property all memoranda,  books,  papers,  letters and other data, and all copies
thereof or therefrom, in any way

                                       -6-

<PAGE>



relating to the business of the Company and its affiliates,  whether made by You
or otherwise coming into Your possession and, on termination of Your employment,
or on demand of the Company at any time, to deliver the same to the Company.

         Any ideas, processes, characters,  productions, schemes, titles, names,
formats,  policies,   adaptations,   plots,  slogans,   catchwords,   incidents,
treatment,  and dialogue which You may conceive,  create,  organize,  prepare or
produce during the period of Your  employment and which ideas,  processes,  etc.
relate to any of the  businesses  of the Company,  shall be owned by the Company
and its  affiliates  whether  or not You should in fact  execute  an  assignment
thereof to the Company, but You agree to execute any assignment thereof or other
instrument or document  which may be reasonably  necessary to protect and secure
such rights to the Company.

5.       Miscellaneous

         5.1 Amendment. This Agreement may be amended only in writing, signed by
both parties.

         5.2 Entire Agreement.  This Agreement contains the entire understanding
of the parties with regard to all matters contained  herein.  There are no other
agreements,  conditions  or  representations,  oral  or  written,  expressed  or
implied,  with regard to the  employment of Executive or the  obligations of the
Company  or the  Executive.  This  Agreement  supersedes  all  prior  employment
contracts and non-competition agreements between the parties.

         5.3 Notices. Any notice required to be given under this Agreement shall
be in  writing  and shall be  delivered  either in  person  or by  certified  or
registered mail, return receipt requested.
Any notice by mail shall be addressed as follows:

         If to the Company, to:

         Goran Capital, Inc.
         4720 Kingsway Drive
         Indianapolis, Indiana  46205
         Attention:  President and Chief Executive Officer

         If to Executive, to:

         Gary P. Hutchcraft
         4720 Kingsway Drive
         Indianapolis, Indiana  46205

or to such other  addresses  as one party may  designate in writing to the other
party from time to time.

                                       -7-

<PAGE>



         5.4 Waiver of Breach. Any waiver by either party of compliance with any
provision of this Agreement by the other party shall not operate or be construed
as a waiver of any  other  provision  of this  Agreement,  or of any  subsequent
breach by such party of a provision of this Agreement.

         5.5 Validity.  The invalidity or  unenforceability  of any provision of
this  Agreement  shall not affect the  validity or  enforceability  of any other
provision of this Agreement, which shall remain in full force and effect.

         5.6 Governing Law. This Agreement  shall be interpreted and enforced in
accordance  with the laws of the  State of  Indiana,  without  giving  effect to
conflict of law principles.

         5.7 Headings. The headings of articles and sections herein are included
solely for  convenience  and  reference  and shall not  control  the  meaning or
interpretation of any of the provisions of this Agreement.

         5.8  Counterparts.  This  Agreement  may be  executed  by either of the
parties in  counterparts,  each of which shall be deemed to be an original,  but
all such counterparts shall constitute a single instrument.

         5.9 Survival.  Company's  obligations under Section 3.1 and Executive's
obligations under Section 4 shall survive the termination and expiration of this
Agreement in accordance  with the specific  provisions of those  Paragraphs  and
Sections and this  Agreement in its entirety shall be binding upon, and inure to
the benefit of, the successors and assigns of the parties hereto.

         5.10  Miscellaneous.  No provision of this  Agreement  may be modified,
waived or discharged unless such waiver,  modification or discharge is agreed to
in writing and signed by You and such officer as may be specifically  designated
by the Board.  No waiver by either party hereto at any time of any breach by the
other party hereto of, or  compliance  with,  any condition or provision of this
Agreement  to be  performed  by such  other  party  shall be  deemed a waiver of
similar  or  dissimilar  provisions  or  conditions  at the same or at any prior
subsequent time.

         IN WITNESS WHEREOF,  the parties have executed this Agreement effective
as of the date set forth above.

                                   GORAN CAPITAL INC. AND SUBSIDIARIES
                                   ("Company")


                                   By:_______________________________________

                                   Title:______________________________________



                                       -8-

<PAGE>


State of Indiana            )
                                     ) SS:
County of __________)

         Before me the undersigned,  a Notary Public for _______________ County,
State of Indiana, personally appeared  ___________________________________,  and
acknowledged   the   execution   of  this   instrument   this   _______  day  of
___________________, 1997.


                                    ------------------------------
                                    , Notary Public
                                    State of Indiana
                                    My Commission Expires:_________________



                                    GARY P. HUTCHCRAFT
                                    ("Executive")


                                    -----------------------------------
State of Indiana            )
                                     ) SS:
County of __________)

         Before me the undersigned,  a Notary Public for _______________ County,
State of Indiana,  personally appeared Gary P. Hutchcraft,  and acknowledged the
execution of this instrument this _______ day of ___________________, 1996.


                                    -------------------------------
                                    , Notary Public
                                    State of Indiana, County of _______________
                                    My Commission Expires:_________________

                                       -9-