Administrative Offices
                                 Colmena Corp.
                             A Delaware corporation

Anthony Q. Joffe                                3896 North Federal Highway
President & Chief Executive Officer             Lighthouse Point, Florida 33064
                                                Telephone (954) 941-2280
Vanessa H. Lindsey                              Fax (954) 9412013
Secretary & Chief Administrative Officer         e-mail joffe@bellsouth.net

G. Richard Chamberlin
General Counsel
                                                1941 Southeast 51st Terrace
Anthony Q. Joffe (Chair)                        Ocala, Florida 34471
Penny Adams Field (Chair, audit committee)      Telephone (352) 694-6714
Charles J. Champion, Jr.                         Fax (352) 694-9178
Robert S. Gigliotti                             e-mail, wacalvo3@atlantic.net
Vanessa H. Lindsey
--------------------
 Board of Directors                        Please Respond to Boca Raton Address
                                                The Crystal Corporate center
                                          2500 North Military Trail, Suite 225-D
                                                Boca Raton, Florida 33431
                                                Telephone (561) 998-3435
                                                Fax (561) 998-3425
 January 14, 2000                               e-mail, carrington@flinet.com

Jack Levine
Jack Levine, P.A.
16655 Northeast Second Avenue
Suite 303
North Miami Beach, Florida 33162

Re.:     Settlement agreement with Colmena Corp.("Colmena")

Dear Mr. Levine:

         In  accordance  with  the  agreement  negotiated  for  us by  Colmena's
strategic  consultant,   the  Yankee  Companies,  Inc.,  a  Florida  corporation
("Yankees"),  we hereby  confirm that Colmena will issue to you 34,000 shares of
its common  stock in reliance on the  exemption  from  registration  provided by
Section  4(2) of the  Securities  Act and  Section  517.061(11)  of the  Florida
Securities and Investor  Protection  Act, in  satisfaction of all obligations or
liabilities that Colmena has to you or your affiliates.


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         Confirming  the  information  previously  provided  to you by  Yankees,
Colmena has  terminated  all active  operations  other than those  pertaining to
effecting settlements with creditors,  attaining compliance with its obligations
under the  Exchange  Act and with  retaining  its  corporate  charter.  After it
becomes current in its exchange Act reporting obligations,  assuming that it has
satisfied  all  material  creditor  claims,   Colmena  will  seek  new  business
opportunities.  In the event that satisfactory  arrangements cannot be made with
creditors, then it will probably seek relief under federal bankruptcy laws prior
to seeking out new business  opportunities.  It is Colmena's  firm  intention to
eventually become a profitable company justifying the confidence demonstrated by
its  stockholders,  especially  those,  like you,  who are making  its  recovery
possible.

         If the  foregoing is accurate,  please sign in the space  indicated and
return an executed  copy of this letter to  Colmena,  at its Boca Raton  address
listed above, whereupon this letter shall constitute a binding agreement between
us, and Colmena will instruct its transfer  agent to issue the subject shares to
you.

         Thanking you for your consideration and assistance, we are

                                Very truly yours

                                  Colmena Corp.

                              /s/ Anthony Q. Joffe
                                Anthony Q. Joffe
                                    President

         The foregoing is hereby  accepted,  as of the date
set forth below.

Dated:   January 17, 2000
                                                       /s/ Jack Levine
                                                 ---------------------------
                                                         Jack Levine

On his own behalf and on behalf of his  affiliates,  including Jack Levine, P.A.


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