Exhibit 10.38


 


EXECUTION VERSION


 


INVESTMENT MANAGEMENT AGREEMENT


 


This Investment Management
Agreement (the “Agreement”), dated as of November 30, 2017, is by and between Front Street Re (Cayman) Ltd.,
a Cayman exempted company organized under the laws of the Cayman Islands (the “Company”) and Blackstone ISG-I
Advisors L.L.C., a Delaware limited liability company (the “Investment Manager”).


 


WHEREAS, the Company desires
that the Investment Manager supervise and direct the investment and reinvestment with respect to the assets in the Company's general
account and any other accounts of the Company, including any surplus or funds withheld accounts (the assets in such accounts, and
together with all additions, substitutions and alterations thereto, are collectively referred to herein as the “Account”),
and the Investment Manager wishes to accept such appointment on the terms and conditions set forth in this Agreement.


 


NOW, THEREFORE, in consideration
of the mutual covenants herein contained, the parties hereto agree as follows:


 


1.            Appointment
of Investment Manager. On the terms and subject to the conditions set forth herein, the Company hereby appoints the Investment
Manager as investment manager of the Account with discretionary authority to manage the investment and reinvestment of the funds
and assets of the Account in accordance with the terms hereof, and the Investment Manager accepts such appointment. In the course
of providing the services contemplated by this Agreement, the Investment Manager shall act as a fiduciary and shall discharge its
fiduciary duties and exercise each of its powers under this Agreement with the care, skill and diligence that a registered investment
adviser, acting in a like capacity and familiar with insurance company matters, would use in the conduct of a like enterprise with
like aims, taking into consideration the facts and circumstances then prevailing, and such fiduciary duties shall specifically
include a duty (a) to act with good faith; (b) of loyalty to Company; (c) to provide full and fair disclosure of all material facts;
(d) to employ reasonable care to avoid misleading Company; and (e) to act in a manner consistent with the Investment Guidelines
for the Account as agreed to between Investment Manager and Company.


 


2.            Management
Services; Duties of and Restrictions on Investment Manager; Sub-Managers.


 


(a)          For
the avoidance of doubt and without limiting the generality of the powers conferred upon it by Section 1, the Investment Manager
shall be responsible for the investment and reinvestment of the assets of the Account in accordance with the Investment Guidelines
set forth in Schedule 1 attached hereto (as amended or supplemented from time to time by an agreement in writing of the Company
and the Investment Manager, the “Investment Guidelines”). In connection therewith, the Investment Manager shall
have full authority:


 




     


     


    

 


(i)          to
buy, sell, sell short, hold and trade, on margin or otherwise and in or on any market or exchange within or outside the United
States or otherwise, preferred and common stock of domestic and foreign issuers, securities convertible into preferred or common
stock of domestic and foreign issuers, debt securities of and/or loans to domestic and foreign governmental issuers (including
federal, state, municipal, governmental sponsored agency, global and regional development bank and export-import bank issuers)
and domestic and foreign corporate issuers, investment company securities, money-market securities, partnership interests, mortgage
and asset backed securities, foreign currencies and currency forwards, futures contracts and options thereon, bank and debtor-in-possession
loans, trade receivables, repurchase and reverse repurchase agreements, commercial paper, other securities, futures and derivatives
(including equity, interest rate and currency swaps, swaptions, caps, collars and floors), asset hedging, rights and options on
all of the foregoing and other investments, assets or property selected by the Investment Manager in its discretion;


 


(ii)         to
select, open, maintain or close one or more sub-accounts with any Custodian (as defined below) pursuant to the applicable Custodial
Agreement (as defined below);


 


(iii)        to
transfer funds (by wire transfer or otherwise) or securities (by transfer via the Depository Trust & Clearing Corporation or
otherwise) (A) between the Account's Custodians (if more than one), (B) between sub-accounts maintained by any Custodian for the
Account, (C) subject to Section 20(d), between the Account and any account owned by other clients of the Investment Manager or
(D) to or from any brokers or dealers engaged by the Investment Manager on behalf of the Company in connection with the investments
permitted herein;


 


(iv)        to
select and open, maintain, and close one or more trading accounts with brokers and dealers for the execution of transactions on
behalf of the Company and to negotiate, enter into, execute, deliver, perform, renew, extend, and terminate all contracts, agreements,
and other undertakings on behalf of the Company with brokers, dealers, prime brokers or other counterparties, including, but not
limited to, executing broker agreements; and


 


(v)         to
effect such other investment transactions involving the assets in the Company's name and solely for the Account, including without
limitation, to execute swaps, futures, options and other agreements with counterparties on the Company's behalf as the Investment
Manager deems appropriate from time to time in order to carry out the Investment Manager's responsibilities hereunder.


 


(b)          In
accordance with the Investment Manager's policies and procedures set forth in Schedule 3 attached hereto, the Investment
Manager or its agent is authorized, but shall not be required, to vote, tender or convert any securities in the Account; to execute
waivers, consents and other instruments with respect to such securities; to endorse, transfer or deliver such securities or to
consent to any class action, plan of reorganization, merger, combination, consolidation, liquidation or similar plan with reference
to such securities; and the Investment Manager shall not incur any liability to the Company by reason of any exercise of, or failure
to exercise, any such discretion in the absence of gross negligence or bad faith.


 




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(c)          Notwithstanding
anything in this Agreement to the contrary, the Investment Manager may, in its own discretion, but with the prior verbal or written
consent of the Company, delegate any or all of its discretionary investment, advisory and other rights, powers, functions and obligations
hereunder to one or more investment advisers (each, a “Sub-Manager”), including its affiliates; provided that
(i) any such delegation shall be revocable by either the Investment Manager or the Company consistent with the terms and conditions
related to the appointment of such Sub-Manager, (ii) no such designation shall relieve the Investment Manager from any of its obligations
or liabilities hereunder, and the Investment Manager shall always remain responsible to the Company for all obligations or liabilities
of such Sub-Manager with regards to providing such service or services as if provided by the Investment Manager and (iii) the
Investment Manager shall be responsible for ensuring that any Sub-Manager complies with the Investment Guidelines. Except as otherwise
provided in Section 3(a), any fees and other remuneration payable to Sub-Managers (the “Sub-Manager Fees”)
will be payable out of the assets managed by such Sub-Managers.


 


3.            Compensation;
Expenses.


 


(a)          The
Company agrees to pay, from the assets of the Account, the Investment Manager or its designee a management fee (“Management
Fee”) for the services provided pursuant to this Agreement, calculated and paid in accordance with Schedule 2 attached
hereto. To the extent that the Investment Manager engages a sub-advisor to assist with the services to be provided by the Investment
Manager pursuant to this Agreement, the Investment Manager will be responsible for all fees and expenses payable to such sub-advisor
in connection with such engagement and the Company will not incur additional fees related to such engagement of a sub-advisor.


 


(b)          [Reserved].


 


(c)          The
Investment Manager will be responsible for all fees and expenses incurred by it in performing its obligations under this Agreement,
including any fees and expenses incurred by any sub-advisor engaged by the Investment Manager (which shall include internal costs
of the Company related to the management of the Account as may be invoiced to the Investment Manager by the Company or its Affiliates)
except, for the avoidance of doubt, (i) Sub-Manager Fees which shall be paid in accordance with Section 2(d) and (ii)
Account Trading and Investment Expenses, which shall be paid by the Company out of the assets of the Account. For purposes of this
Agreement, “Account Trading and Investment Expenses” shall mean all out-of-pocket brokerage fees, brokerage commissions
and all other brokerage transaction costs, stock borrowing and lending fees, interest on cash balances, custodial fees, reasonable
transaction legal expenses, regulatory fees or taxes payable in respect of the Account, professional expenses (including fees in
connection with the use of proxy voting services) and any other fees and expenses related to the trading and investment activity
of the Account as determined by the Investment Manager (or any Sub-Manager) in good faith.


 


(d)          Any
fees charged that are payable out of the assets of the Company managed by Sub-Managers that are Affiliates of the Investment Manager
or otherwise charged to the Company for separately-managed account or fund investments managed or developed by Sub-Managers that
are Affiliates of the Investment Manager will be at rates no less favorable than the fees charged with respect to comparably-sized
third-party investors, including, in the case of such Sub-Managers that are Affiliates of the Investment Manager, fees charged
to comparably-sized clients of Investment Manager or its affiliates pursuing similar investment strategies.


 




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4.            Custodian.


 


(a)          The
assets of the Account shall be held by one or more custodians, trustees or securities intermediaries duly appointed by the Company
(each, a “Custodian”), in one or more accounts at each such Custodian pursuant to custodial, trust or similar
agreements approved by the Company (each, a “Custodial Agreement”). The Investment Manager may open new sub-accounts
under any Custodial Agreement, and cause the assets of the Account to be held in such sub-accounts established with the applicable
Custodian in accordance with such Custodial Agreement. The Investment Manager is authorized to give instructions to each Custodian,
in writing, with respect to all investment decisions regarding the Account. Nothing contained herein shall be deemed to authorize
the Investment Manager to take or receive physical possession of any of the assets for the Account, it being intended that sole
responsibility for safekeeping thereof (in such investments as the Investment Manager may direct) and the consummation of all purchases,
sales, deliveries and investments made pursuant to the Investment Manager's direction shall rest upon the Custodians. The Custodians
may be changed from time to time upon the written instructions of the Company.


 


(b)          The
Company shall instruct each Custodian to send the Investment Manager duplicate copies of all Account statements given to the Company
by the Custodian. The Company acknowledges that it receives Account statements from each Custodian at least quarterly.


 


5.            Brokerage.
The Company hereby delegates to the Investment Manager sole and exclusive authority to designate the brokers or dealers through
whom all purchases and sales on behalf of the Account will be made. To the extent permitted by applicable law, such brokers or
dealers may include affiliates of the Investment Manager. The Investment Manager will determine the rate or rates, if any, to be
paid for brokerage services provided to the Account. In selecting brokers or dealers to effect transactions on behalf of the Account,
the Investment Manager, subject to its overall duty to obtain “best execution” of Account transactions, will have authority
to and may consider the full range and quality of the ability of the brokers or dealers to execute transactions efficiently, their
responsiveness to the Investment Manager's instructions, their facilities, reliability and financial responsibility and the value
of any research or other services or products they provide. The Investment Manager will not be obligated to seek in advance competitive
bidding for the most favorable commission rate applicable to any particular transaction for the Account or to select any broker-dealer
on the basis of its purported posted commission rate. As long as the services or other products provided by a particular broker
or dealer (whether directly or through a third party) qualify as “brokerage and research” services within the meaning
of Section 28(e) of the Securities Exchange Act of 1934, as amended (and relevant Securities and Exchange Commission interpretations
of that section) and the Investment Manager determines in good faith that the amount of commission charged by such broker or dealer
is reasonable in relation to the value of such “brokerage and research services,” the Investment Manager may utilize
the services of that broker or dealer to execute transactions for the Account on an agency basis even if (i) the Account would
incur higher transaction costs than it would have incurred had another broker or dealer been used and (ii) the Account does not
necessarily benefit from the research or products provided by that broker or dealer.


 




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6.            Limitation
of Liability; Indemnification.


 


(a)          The
Investment Manager does not guarantee the future performance of the Account or any specific level of performance, the success of
any investment decision or strategy that the Investment Manager may use, or the success of the Investment Manager's overall management
of the Account. The Investment Manager does not provide any express or implied warranty as to the performance or profitability
of the Account or any part thereof or that any specific investment objectives will be successfully met. The Company understands
that investment decisions made by the Investment Manager on behalf of the Account are subject to various market, currency, economic,
political and business risks, and that those investment decisions will not always be profitable.


 


(b)          The
Investment Manager, any affiliate of the Investment Manager or any member, partner, shareholder, principal, director, officer,
employee or agent of the Investment Manager or any such affiliate (each, an “Investment Manager Party”) shall
not be liable for any loss, liability or damage (“Losses”) resulting from: (i) any act or omission (including
any such acts or omissions deemed to constitute willful misconduct, negligence, or bad faith) of any independent representative,
consultant, independent contractor, broker, agent or other person (other than any Sub-Manager) who is selected, engaged or retained
by the Investment Manager in connection with the performance of ministerial services, without investment management discretion,
under this Agreement, unless such person was selected, engaged or retained by the Investment Manager in a grossly negligent manner
or in bad faith; (ii) any act or failure to act by any Custodian or any other third party (other than any Sub-Manager); (iii) the
failure by the Investment Manager or any Sub-Manager to adhere to any limitations or restrictions contained in the Investment Guidelines
as a result of changes in market value, additions to or withdrawals from the Account, portfolio rebalancing or other non-volitional
acts of the Investment Manager or any Sub-Manager; or (iv) any act or omission by the Investment Manager or any Sub-Manager in
connection with the performance of its services under this Agreement, except in cases of willful misconduct, gross negligence,
bad faith or reckless disregard by the Investment Manager or such Sub-Manager of the obligations and duties of the Investment Manager
under this Agreement. The Investment Manager shall have no liability for any Losses suffered, and shall be fully indemnified by
the Company for any Losses it may suffer, as the result of any actions it takes or any actions it does not take based on instructions
received from any of the authorized persons of the Company reasonably believed by the Investment Manager to be genuine. The Investment
Manager may consult with legal counsel at its cost and expense concerning any question which may arise with reference to this Agreement
or its duties hereunder.


 




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(c)          The
Investment Manager shall indemnify, defend, hold and save harmless the Company, any affiliate of the Company or any member, partner,
shareholder, principal, director, officer, employee or agent of the Company or any such affiliate (each, a “Company Party”)
against any Losses, costs and expenses (including, without limitation, any interest, penalties and reasonable attorneys’
fees incurred in connection with the defense of Proceedings) to the extent arising from: (i) any inaccuracy in or breach of the
representations and warranties made by the Investment Manager contained in Section 8(b) of this Agreement, (ii) any breach
or failure by the Investment Manager to perform any of its covenants or obligations contained in this Agreement, (iii) any act
or omission by the Investment Manager deemed to constitute a breach of the standard of care set forth in Section 1 of this
Agreement or (iv) any bad faith, willful misfeasance, gross negligence or reckless disregard of duties in connection with the performance
by Investment Manager, its officers, agents and employees of its obligations under this Agreement. The Investment Manager will
provide written notice to the Company promptly if the Investment Manager identifies any matter that is or is reasonably likely
to result in a breach of this Agreement.


 


(d)          The
federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and therefore
nothing in this Agreement will waive or limit any rights that the Company may have under those laws.


 


7.            Termination.


 


(a)          Either
party may terminate this Agreement upon thirty (30) calendar days prior written notice (a “Termination Notice”)
or such shorter period of time as the parties may agree in writing.


 


(b)          Termination
of this Agreement shall not, however, affect liabilities and obligations incurred or arising from transactions initiated under
this Agreement prior to the termination date, or consummation of any transactions initiated prior to the receipt by one party of
the other party’s notice of termination. Following a Termination Notice, the Investment Manager shall work with the Company
to effect a prompt and orderly transition of the portfolio; provided, however, that the Investment Manager will have no
obligation to recommend any action with respect to, or to liquidate, the assets in the portfolio nor shall the Investment Manager
be required to incur any out of pocket expense.


 


8.            Representations,
Warranties and Covenants.


 


(a)          The
Company represents and warrants to the Investment Manager as follows:


 


(i)          the
Company has full corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder;


 


(ii)         this
Agreement constitutes a binding obligation of the Company, enforceable against the Company in accordance with its terms, except
as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar
laws relating to or affecting creditors' rights or by general equity principles, regardless of whether such enforceability is considered
in a proceeding in equity or at law;


 


(iii)        the
execution, delivery and performance of this Agreement by the Company do not violate (A) any law applicable to the Company, (B)
any provision of the constituent documents of the Company, or (C) any agreement or instrument to which the Company is a party,
except for such violations as would not have a material adverse effect on the ability of the Company to perform its obligations
under this Agreement;


 




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(iv)        no
consent of any person, and no license, permit, approval or authorization of, exemption by, report to, or registration, filing or
declaration with, any governmental authority is required by the Company in connection with the execution, delivery and performance
of this Agreement other than those already obtained;


 


(v)         the
Company is an insurance company;


 


(vi)        the
Company is not an investment company (as that term is defined in the Investment Company Act of 1940, as amended) nor exempt from
the definition of investment company by reason of Section 3(c)(1) of such Act;


 


(vii)       the
Company is a “qualified institutional buyer” (“QIB”) as defined in Rule 144A under the Securities
Act of 1933, as amended, and the Company will promptly notify the Investment Manager if the Company ceases to be a QIB;


 


(viii)      the
Company is a “qualified eligible person” (“QEP”) as defined in Commodity Futures Trading Commission
Rule 4.7 (“CFTC Rule 4.7”), and the Company will promptly notify the Investment Manager if the Company ceases to be
a QEP, and hereby consents to be treated as an “exempt account” under CFTC Rule 4.7 by the Investment Manager or any
Sub-Manager, as the case may be;


 


(ix)         the
Company is a “qualified purchaser” (“QP”) as defined in Section 2(a)(51) of the Investment Company
Act of 1940, as amended, and the Company will promptly notify the Investment Manager if the Company ceases to be a QP;


 


(x)          none
of the assets contained in the Account are or will be “plan assets” of an employee benefit plan subject to the provisions
of the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended;


 


(xi)         the
Company has adopted appropriate anti-money laundering policies and procedures consistent with the applicable requirements of the
USA PATRIOT Act and any other applicable anti-money laundering laws and regulations; and


 


(xii)        the
Company has received a copy of the Investment Manager’s Form ADV Part 2A.


 


(b)          The
Investment Manager represents and warrants, and with respect to clause (vii) below, covenants, to the Company as follows:


 




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(i)          the
Investment Manager has full corporate power and authority to execute and deliver this Agreement and to perform its obligations
hereunder;


 


(ii)         this
Agreement constitutes a binding obligation of the Investment Manager, enforceable against the Investment Manager in accordance
with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and other similar laws relating to or affecting creditors' rights or by general equity principles, regardless of whether such enforceability
is considered in a proceeding in equity or at law;


 


(iii)        the
execution, delivery and performance of this Agreement by the Investment Manager do not violate (A) any law applicable to the Investment
Manager, (B) any provision of the articles of incorporation or by-laws of the Investment Manager, or (C) any agreement or instrument
to which the Investment Manager is a party, except for such violations as would not have a material adverse effect on the ability
of the Investment Manager to perform its obligations under this Agreement;


 


(iv)        no
consent of any person, and no license, permit, approval or authorization of, exemption by, report to, or registration, filing or
declaration with, any governmental authority is required by the Investment Manager in connection with the execution, delivery and
performance of this Agreement other than those already obtained;


 


(v)         the
Investment Manager is registered under the Investment Advisers Act of 1940, as amended, as an “investment adviser”;


 


(vi)        the
Investment Manager has adopted appropriate anti-money laundering policies and procedures consistent with the applicable requirements
of the USA PATRIOT Act and any other applicable anti-money laundering laws and regulations; and


 


(vii)       the
Investment Manager shall continue to be registered under the Investment Advisers Act of 1940, as amended, as an “investment
adviser” for as long as this Agreement is in full force and effect or until this Agreement is otherwise terminated in accordance
with Section 7.


 


(c)          The
Company acknowledges and agrees that, in accordance with Section 4, the Investment Manager shall under no circumstances
act as custodian of the assets of the Account or any securities or other investments purchased or sold for the Account or cash
pending contribution to or distribution from any such investment or take or have title to or possession of the assets of the Account
or any securities or other investments purchased or sold for the Account. The Investment Manager shall not have the power or authority
to amend the terms of any of the Company’s custody arrangements with respect to the Account or related cash or to appoint
a custodian without the Company’s prior written consent.


 




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9.            Asset
Hedging Activities. The Company hereby authorizes the Investment Manager to enter into, in the name, and on behalf, of the
Company, such over-the-counter, exchange traded and other asset hedging and derivative transactions with respect to the Account
(including executing any and all contracts or agreements related thereto) as are permitted pursuant to the Investment Guidelines
and in accordance with the Company’s derivative use plan as adopted by the Company’s Board of Directors (each such
transaction, a “Derivative Transaction”) and any such Derivative Transaction shall be the responsibility
of the Company.


 


10.           Notices.
All notices, requests, demands and other communications hereunder must be in writing and shall be deemed to have been duly given
if delivered by hand, facsimile, e-mail, or mailed by first class, registered mail, return receipt requested, postage and registry
fees prepaid and addressed as follows:


 


(a)          If
to the Company:



Front Street Re (Cayman) Ltd.

1001 Fleet Street, 6th Floor

Baltimore, Maryland 21202

Email: legalgovernance@fglife.bm

Attention: General Counsel


 


(b)          If
to the Investment Manager:



Blackstone ISG-I Advisors L.L.C.

345 Park Avenue

New York, New York 10154

Email: jeffrey.iverson@blackstone.com

Attention: Jeffrey Iverson

                  Managing Director and Chief Compliance Officer


 


Addresses may be changed by notice in writing signed by the addressee.


 


11.          No
Assignment. This Agreement may not be assigned by any party to this Agreement without the prior written consent of the other
parties hereto. For purposes of the preceding sentence, the term “assign” shall have the meaning given the term “assignment”
in Section 202(a)(1) of the Advisers Act and Rule 202(a)(1)-1 thereunder. Subject to the foregoing, this Agreement shall inure
to the benefit of and be binding on the parties hereto and their successors and permitted assigns, in each case provided that
such successor or assignee agrees to be bound by the terms and conditions of this Agreement.


 


12.          Governing
Law. To the extent consistent with any mandatorily applicable federal law, this Agreement shall be governed by the laws of
the State of New York without giving effect to any principles of conflicts of law thereof that would permit or require the application
of the law of another jurisdiction and are not mandatorily applicable by law.


 


13.          [Reserved].


 


14.          Arbitration.
Any controversy arising out of or in connection with this Agreement shall be settled by arbitration in New York City in accordance
with the Commercial Arbitration Rules of the American Arbitration Association then in effect, and any award rendered thereon shall
be enforceable in any court of competent jurisdiction. Without giving effect to Section 12, any such arbitration and this Section
14 shall be governed by Title 9 of the U.S. Code (Arbitration).


 




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15.          Waiver
of Jury Trial. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT. Each party hereby (i) certifies that no representative, agent or attorney of the other has represented, expressly or
otherwise, that the other would not, in the event of a proceeding, seek to enforce the forgoing waiver and (ii) acknowledges that
it has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this paragraph.


 


16.          Right
to Audit. The Company and it representatives shall have the right, at its own expense, to conduct an audit of the relevant
books, records and accounts of the Investment Manager related to the Account during normal business hours upon giving reasonable
notice of their intent to conduct such an audit. In the event of such audit, the Investment Manager shall comply with the reasonable
requests of the Company and its representatives and provide access to all books, records and accounts necessary to the audit and
the Company shall reimburse the Investment Manager for its reasonable costs and expenses in connection with such audit.


 


17.          Books
and Records. The Investment Manager shall keep and maintain proper books and records wherein shall be recorded the business
transacted by it on behalf of, in the name of, or on account of the Company in respect of the Account.


 


18.          Reports.
The Investment Manager shall furnish the Company with such reports relating to the Account as the Company shall from time to time
reasonably require.


 


19.          Force
Majeure. No party to this Agreement shall be liable for damages resulting from delayed or defective performance when such delays
arise out of causes beyond the control and without the fault or gross negligence of the offending party. Such causes may include,
but are not restricted to, acts of God or of the public enemy, terrorism, acts of the state in its sovereign capacity, fires, floods,
earthquakes, power failure, disabling strikes, epidemics, quarantine restrictions and freight embargoes.


 


20.          Non-Exclusive
Dealings with and by Investment Manager Parties; Conflicts of Interest.


 


(a)          Although
nothing herein shall require the Investment Manager to devote its full time or any material portion of its time to the performance
of its duties and obligations under this Agreement, the Investment Manager shall furnish continuous investment management services
for the Account and, in that connection, devote to such services such of its time and activity (and the time and activity of its
employees) during normal business days and hours as it shall reasonably determine to be necessary for the Account to achieve its
investment objective(s); provided, however, that nothing contained in this Section 20(a) shall preclude the Investment Manager
Parties from acting, consistent with the foregoing, either individually or as a member, partner, shareholder, principal, director,
trustee, officer, official, employee or agent of any entity, in connection with any type of enterprise (whether or not for profit),
regardless of whether the Company, Account or any Investment Manager Party has dealings with or invests in such enterprise.


 




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(b)          The
Company understands that the Investment Manager will continue to furnish investment management and advisory services to others,
and that the Investment Manager shall be at all times free, in its discretion, to make recommendations to others which may be the
same as, or may be different from those made to the Account. The Company further understands that the Investment Manager Parties
may or may not have an interest in the securities whose purchase and sale the Investment Manager may recommend. Actions with respect
to securities of the same kind may be the same as or different from the action which the Investment Manager Parties or other investors
may take with respect thereto. Furthermore, the Company understands and agrees that each Investment Manager Party shall have the
right to engage, directly or indirectly, in the same or similar business activities or lines of business as the Investment Manager
and any other Investment Manager Party and no knowledge or expertise of any Investment Manager Parties or any opportunities available
to such Investment Manager Parties shall be imputed to the Investment Manager or any other Investment Manager Parties.


 


(c)          The
Company agrees that the Investment Manager may refrain from rendering any advice or services concerning securities of companies
of which any of the Investment Manager Parties are directors or officers, or companies as to which the Investment Manager Parties
have any substantial economic interest or possesses material non-public information, unless the Investment Manager either determines
in good faith that it may appropriately do so without disclosing such conflict to the Company or discloses such conflict to the
Company prior to rendering such advice or services with respect to the Account.


 


(d)          From
time to time, when determined by the Investment Manager to be in the best interest of the Company, the Account may purchase securities
from or sell securities to another account (including, without limitation, public or private collective investment vehicles) managed,
maintained or trusteed by the Investment Manager or an affiliate at prevailing market levels in accordance with applicable law
and utilizing such pricing methodology determined to be fair and equitable to the Company in the Investment Manager's good faith
judgment.


 


(e)          Consistent
with applicable law, the Company hereby authorizes the Investment Manager to effect securities transactions on behalf of the Account
with its affiliated broker-dealers, and understands that such affiliated broker-dealers may retain commissions in connection with
effecting any transactions for the Account. The Investment Manager and any affiliated broker-dealers are also hereby authorized,
consistent with applicable law, by the Company to execute agency cross transactions on behalf of the Account. Agency cross transactions
may facilitate a purchase or sale of a block of securities for the Account at a predetermined price and may avoid unfavorable price
movements which might otherwise be suffered if the purchase or sale order were exposed to the market. However, the Investment Manager
and its affiliated broker-dealers may receive commissions from, and therefore may have a potentially conflicting division of loyalties
and responsibilities regarding, both parties to an agency cross transaction. The Company understands that its authority to the
Investment Manager to effect agency cross transactions for the Company is terminable at will without penalty, effective upon receipt
by the Investment Manager of written notice from the Company.


 




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21.          Aggregation
and Allocation of Orders. The Company acknowledges that circumstances may arise under which the Investment Manager determines
that, while it would be both desirable and suitable that a particular security or other investment be purchased or sold for the
account of more than one of the Investment Manager's clients' accounts, there is a limited supply or demand for the security or
other investment. Under such circumstances, the Company acknowledges that, while the Investment Manager will seek to allocate the
opportunity to purchase or sell that security or other investment among those accounts on a fair and reasonable basis, the Investment
Manager shall not be required to assure equality of treatment among all of its clients (including that the opportunity to purchase
or sell that security or other investment will be proportionally allocated among those clients according to any particular or predetermined
standards or criteria). Where, because of prevailing market conditions, it is not possible to obtain the same price or time of
execution for all of the securities or other investments purchased or sold for the Account, the Investment Manager may average
the various prices and charge or credit the Account with the average price.


 


22.           Investment
Manager Independent. For all purposes of this Agreement, the Investment Manager shall be deemed to be an independent contractor
and shall have no authority to act for, bind or represent the Company or the Company's shareholders in any way, except as expressly
provided herein, and shall not otherwise be deemed to be an agent of the Company. Nothing contained herein shall create or constitute
the Investment Manager and the Company as a member of any partnership, joint venture, association, syndicate, unincorporated business
or other separate entity, nor shall anything contained herein be deemed to confer on any of them any express, implied, or apparent
authority to incur any obligation or liability on behalf of any other person, except as expressly provided herein.


 


23.          Anti-Money
Laundering. Upon request from the Company no more than once per calendar year, the Investment Manager shall promptly provide
to the Company a signed, written certification in the Investment Manager’s standard form with respect to the Investment Manager’s
compliance of their services rendered to the Company with the Investment Manager’s anti-money laundering policies and procedures.
If the Investment Manager fails to deliver to the Company an accurate certification of compliance with the Investment Manager’s
anti-money laundering policies and procedures as required by this Section 23, the Company shall have the right to audit
the Investment Manager for compliance with the Investment Manager’s anti-money laundering policies and procedures, as determined
by the Company’s Anti-Money Laundering Officer.


 


24.          Entire
Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement
and supersedes all prior agreements and understandings, both oral and written, between the parties with respect to the subject
matter of this Agreement. There are no understandings between the parties with respect to the subject matter of this Agreement
other than as expressed herein.


 


25.          Severability.
To the extent this Agreement may be in conflict with any applicable law or regulation, this Agreement shall be construed to the
greatest extent practicable in a manner consistent with such law or regulation. The invalidity or illegality of any provision of
this Agreement shall not be deemed to affect the validity or legality of any other provision of this Agreement.


 




    	 	12	 



     


    

 


26.          Counterparts;
Amendment. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. This Agreement may not be modified or amended, except by
an instrument in writing signed by the party to be bound or as may otherwise be provided for herein.


 


27.          Business
Day. For the purpose of this Agreement, “Business Day” shall mean any day other than a Saturday, Sunday
or any other day on which banking institutions are authorized or required by law or executive order to close in New York, New York.


 


[Remainder of page intentionally left blank.]


 




    	 	13	 



     


    

 


IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed by their respective duly authorized officers as of the date and year first above written.


 


PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES
TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED
TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING
IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES
TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.


 


	 	Blackstone ISG-I Advisors L.L.C.
	 	 	 
	 	/s/ Jeffrey C. Iverson
	 	Name:	Jeffrey C. Iverson
	 	Title:	Chief Compliance Officer and General Counsel
	 	 	 
	 	Front Street Re (Cayman) Ltd.
	 	 	 
	 	/s/ John Tweedie
	 	Name:  	John Tweedie
	 	Title:	Chief Executive Officer


 


Signature Page


Investment Management Agreement 




     


     


    

 


Schedule I


 


Investment Guidelines


 


Capitalized terms used but not otherwise
defined in these Investment Guidelines have the meanings ascribed to such terms in the Investment Management Agreement.


 


Account Investment Guidelines


 


The following Investment Guidelines shall apply
to the assets in the Account.


 


The Investment Guidelines for the Account,
including specific Investment Guidelines for any sub-division of the Account, may be amended or supplemented from time to time
by an agreement in writing between the Company and the Investment Manager, to reflect duration, asset, sector, credit quality,
appropriate limits and excluded investments, and to conform to applicable regulatory investment requirements of all relevant jurisdictions
pertaining to the assets in the Account as may be reasonably requested by the Company. Upon any change or supplement to the Investment
Guidelines or determination of non-compliance with the Investment Guidelines, the Investment Manager will act to comply with the
Investment Guidelines within a reasonable period of time following notice to the Investment Manager of such change, supplement
or determination of non-compliance.


 


Both parties agree that the Investment Guidelines
will be amended to reflect any future changes in the Cayman Insurance Law with respect to reinsurance reserve credits or assets
eligible to back the legal reserves.


 


Investment Objectives


 


The Company’s investment objectives are
to ensure the prudent management of the Company’s investments, taking into account the safety of principal, investment yield
and return, stability in the value of the investment, and liquidity necessary to meet the Company’s obligations to policyholders,
expected business needs, and investment diversification, and to satisfy all applicable jurisdictions’ regulatory requirements
and related regulations governing capital, surplus, risk based capital and investment activities.


 


Board Oversight


 


The management of the Account shall at all
times remain under the oversight of the Board of Directors of the Company. The Company’s management will oversee the ongoing
activities of the Investment Manager to achieve the Company’s business goals within its risk, capital and liquidity tolerances.
The Company reserves the right to review and direct as needed specific investment activity to achieve its objectives.


 




    	 	IG-1	 



     


    

 


Schedule 2


 


Management Fee Schedule


 


Capitalized terms used but not otherwise
defined in this Schedule 2 have the meanings ascribed to such terms in the Investment Management Agreement.


 


		1.	Management Fee: In consideration of the services
performed under the Agreement, the Company shall pay the Investment Manager a management fee (the “Management Fee”)
equal to 0.30% per annum of the Average Month-End Net Asset Value of the Account, calculated and paid quarterly in arrears.



 


The “Average Month-End Net
Asset Value” shall be the average of the month-end net asset values of the Account during the calendar quarter with adjustments
for contributions to, or withdrawals from, the Account during such period.


 


If the period in respect of which
a Management Fee is payable is less than a calendar quarter, then the Management Fee shall be pro-rated accordingly.


 


		2.	Valuation. The Custodian shall be responsible
for determining the value of the Account and shall submit a proposed valuation of the Account as of each month-end to the Investment
Manager. The parties agree to negotiate in good faith as to any objections raised by the Investment Manager about the valuation
of assets in the Account for purposes of determining the Management Fee.



 


		3.	Payment of Fees: The Management Fee will
be calculated, billed, and paid quarterly in arrears, based on the Average Month-End Net Asset Value of the Account as of the
last business day of each and all of the three calendar months during the relevant quarter, or in the case of any partial quarterly
period, the last day of each calendar month during the relevant period and the last business day of such period. Any fee payable
by the Company hereunder will be paid by Company within 10 Business Days following receipt by the Company of an invoice for such
fee, detailing the calculation of such fee. Upon termination of the Agreement, any outstanding Management Fee shall become immediately
payable by the Company.



 


		4.	Sub-Manager Fees. For the avoidance of doubt,
nothing in this Schedule shall affect the provisions of the Agreement pursuant to which any Sub-Manager Fees (subject to the requirements
of the Investment Guidelines) shall be payable out of the assets managed by such Sub-Managers, which are in addition to any Management
Fees payable hereunder.



 




     


     


    

 


Schedule 3


 


Proxy Policies and Procedures Schedule


 


[See attached.]