AMENDMENT NUMBER TWO TO EMPLOYMENT AGREEMENT


         This Amendment Number Two to Employment Agreement (this "amendment") is
made and  entered  into as of the 2nd day of January,  2000,  by and between IGF
Holdings, Inc., an Indiana corporation, and Thomas F. Gowdy with respect to that
certain Employment  Agreement executed April 9, 1996 and April 15, 1996 and that
certain Amendment  thereto dated August 1, 1997 and that certain  Assignment and
Assumption by and between IGF Insurance Company, an Indiana corporation, and IGF
Holdings, Inc. dated August 1, 1997 (collectively, the "Agreement").

         WHEREAS, the parties desire to amend the Agreement as set forth herein.

         NOW  THEREFORE,  for good and valuable  consideration,  the receipt and
sufficiency  of  which is  hereby  acknowledged,  the  parties  hereto  agree as
follows:

1.       Section 2.1 is hereby deleted in its entirety and there is inserted in
         lieu thereof the following:

                "2.1       Salary.  During  the  term  of  this  agreement,  the
                           Company  shall pay  Executive a salary at the minimum
                           annual  rate  of  One  Hundred  Sixty-Five   Thousand
                           Dollars  ($165,000).  This salary shall be payable in
                           twenty-six  (26)  equal   installment.   Company  may
                           increase  this annual rate at its  discretion  but no
                           reduction  of  Executive's  then  current rate of pay
                           shall be made without his prior written consent."

2.              Section 2.6 (b) is hereby  amended as follows:  The words "Seven
                Hundred  Fifty Dollars  ($750)" are hereby  deleted and there is
                inserted in lieu thereof, "One Thousand Dollars ($1,000)".

3.              The first  sentence of Section 1.1 is hereby amended as follows:
                The words "effective as of February 1, 1996 and continuing for a
                period of thirty-six  (36) months through  January 31, 1999" are
                hereby deleted and there is inserted in lieu thereof, "effective
                as of January 1, 2000 and  continuing for a period of thirty-six
                (36) months through December 31, 2002".

4.              There is hereby added to the end of the last sentence of Section
                1.1 the  following:  "provided,  however,  that the  Executive's
                right to receive the amount of such severance  payments shall be
                offset by income to the  Executive  from other than the Company,
                if any, during such twelve month period. Executive shall use his
                best efforts to obtain gainful  employment or earn income within
                a reasonable  area of Central  Iowa with a similar  position and
                within 80% of his current compensation,  during the term of such
                severance period."

5.       Section 3.4 is hereby added as follows, as amended:

                "3.4       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,  (each  of  which  is a  "Triggering
                           Event") then Executive  shall continue to receive his
                           current  salary (in bi-weekly  payments) as severance
                           pay 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
                                            within  80%  of  his  current   base
                                            salary  pursuant to this  Agreement;
                                            or

(b)      The expiration of one (1) year from the date of the Triggering Event.

                           The receipt by Executive of payments pursuant to this
                           Section  3.4  is  specifically  conditioned,  and  no
                           payments  pursuant to this  Section 3.4 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  provision s of
                           this  agreement  pertaining to  non-solicitation  and
                           confidentiality)  of this  Agreement and has received
                           written  notice  from  the  Company   specifying  the
                           conduct  constituting  such breach and the section(s)
                           of this Agreement that are being  breached.  Further,
                           if such payments have already begun, the continuation
                           of payments to Executive pursuant to this Section 3.4
                           shall  cease  at the  time  Executive  shall  fail to
                           comply with the non solicitation and  confidentiality
                           provision  of  Article  4  herein  and  has  received
                           written  notice  from  the  Company   specifying  the
                           conduct  constituting  such breach and the section(s)
                           of this  Agreement  that are  being  breached.  It is
                           expressly  understood  and agreed  that the amount of
                           any payment to  Executive  required  pursuant to this
                           Section  3.4 shall be offset  (but not below zero) by
                           any base  salary  received  by  Executive  during the
                           period   called  for  in  this  Section  3.4  from  a
                           subsequent employer.

                    "Change of Control"  shall mean the  inability of any one or
                    all  collectively  G.  Gordon  Symons,  Alan G.  Symons  and
                    Douglas  H.  Symons  to  directly  or  indirectly  cause the
                    election  of a  majority  of the  members  of the  Board  of
                    Directors of Goran Capital Inc., Symons International Group,
                    Inc., IGF Holdings,  Inc. or IGF Insurance  Company or their
                    respective successors."

6.       Section 4.1 is deleted in its entirety and inserted in lieu thereof the
         following:

         4.1      Non-solicitation.

                           During Executive's employment with the Company during
                           the term of this  Agreement  and for a period  of one
                           (1)  year   from  and  after   termination   of  that
                           employment,  except for a termination  without Cause,
                           Executive  agrees that he will not;  (a)  directly or
                           indirectly,  solicit any of the  Company's  employees
                           for the purpose of hiring  them or  inducing  them to
                           leave  employment with the Company;  and (b) directly
                           solicit  any person or entity  that is, or was within
                           the then most recent 12-month  period,  a customer or
                           client of the company, whether for his own account or
                           for the account of any other individual, partnership,
                           firm, corporation or other entity, for the purpose of
                           selling  that third party crop  insurance  that would
                           replace or supersede  coverage  then  provided by the
                           Company  to  that  third   party.   For  purposes  of
                           subsection  4.1  (b),  the  term  "solicit"  shall be
                           limited to sales  efforts  initiated by Executive and
                           shall  not  include  any  response  by  Executive  to
                           inquiries   made  to  him   without   invitation   or
                           solicitation  on his part of referrals made by others
                           to Executive where such referrals were not invited or
                           encouraged by Executive.

7.              All  references  in this  Agreement  to  Section  4.1  and/or  a
                non-competition  covenant  shall be deemed to apply  only to new
                Section 4.1 and its non-solicitation provision.

8.             Section 5.3 is hereby amended as follows:  Notice to Executive
               shall be to:


                                    Thomas F. Gowdy
                                    6040 Nottingham
                                    Johnston, IA  50131

                  Notice to the Company shall be to:
                                    Alan G. Symons

                                  Goran Capital

                                    4720 Kingsway Drive
                                    Indianapolis, IN  46205

9.              Exhibit  C is  hereby  deleted  in its  entirety  and  there  is
                inserted  in lieu  thereof  Exhibit C as  attached  hereto.  All
                references in Exhibit C in the Agreement shall mean Exhibit C as
                attached hereto.

10.      Terms used herein and not otherwise defined shall have the meaning as
         set forth in the Agreement.
11.      Except as otherwise expressly set forth herein, the Agreement shall
         continue in full force and effect.
12.      Executive shall be employed as President of the Company and shall have
                duties  assigned to him as are customarily  assigned to
                the President of the Company by the Chief  Executive  officer of
                the Company or members of the Board.  The Executive  shall carry
                out his duties using this best efforts  ensure the well being of
                the Company. Any reduction in his title or scope of duties shall
                constitute a termination  without cause.  To the extent that the
                Agreement  lists  other  titles  and/or  duties  that  shall  be
                superceded by this paragraph.

13.             Notwithstanding  any other  provision  of this  Agreement,  upon
                termination  or  expiration  of the  Agreement  for any  reason,
                Executive  shall  be  entitled  to  not  less  than  a  one-year
                severance payment and continuation of benefits and insurance for
                12 months  after the date his  employment  ends,  based upon the
                offset agreed upon in 4.

                                        IGF Holdings, Inc.





                                         By:  _________________________________

                                         Alan G. Symons, Chief Executive Officer





                                         ---------------------------------

                                         Thomas F. Gowdy




<PAGE>


                                                                       Exhibit C

Bonus Arrangement

The bonus shall be  calculated  based upon the Company's  pre-tax  profit before
management fees and bonuses to Executive. A minimum pre-tax profit target of Ten
Million  ($10,000,000) must b e obtained for the year ended December 31, 2000 in
order for a bonus to be earned.  The minimum pre-tax profit target will increase
ten percent (10%) per year for the life of the contract.  By way of example, the
minimum  pre-tax  profit target for 2001 must be  $11,000,000  for a bonus to be
earned.  The bonus  payable to  Executive  shall be  seventy-five  (75%) of base
salary.

Notwithstanding with the preceding  paragraph,  during the 36-month term of this
Agreement,  a bonus of not less than  $150,000  shall be paid to  Executive as a
guaranteed amount. If the bonus paid under the first paragraph of this exhibit C
do not reach $150,000, the remaining amount will be paid to Executive or used to
offset  any  advances  made to him by the  company.  To the  extent  such  bonus
payments have not been sufficient to offset advances made to the executive prior
to the date of signing of this Agreement, will be considered discharged and paid
in full  without tax  consequence  to the  Executive  (Thus,  if any  additional
amounts or "gross up" payments must be made to offset  taxes,  the Company shall
pay the amount  necessary to the  Executive  prior to the tax filing due date of
the Executive.)


<PAGE>