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                                                                    Exhibit 10.4

                      ACCOUNTANTS PROFESSIONAL LIABILITY
                              QUOTA SHARE TREATY
                 (hereinafter referred to as the "Agreement")

                            Effective: July 1, 1999

                                  issued to

                         Continental Casualty Company
                               Chicago, Illinois
                  (hereinafter referred to as the ("Company")

                                      by

                          Amerinst Insurance Company
                               Chicago, Illinois
                 (hereinafter referred to as the "Reinsurer")

ARTICLE 1 - DEFINITION OF COMPANY

As respects the use of "Company" within this Agreement, it is understood and
agreed that Company shall mean the insurance companies owned directly or
indirectly by CNA Financial Corporation which are affiliated with, controlled by
or under common management of CNA, with the exception of the life insurance
companies, CNA Re Management Company Limited, RVI Guarantee Company Limited, and
CNA Surety Corporation and their respective subsidiaries.

It is further agreed that notice will be given to the Reinsurer within 45
(forty-five) days of the acquisition of a company having in-force business that
the Company wishes to have covered by this Agreement.  In the event that either
party hereto maintains that the inclusion hereunder of some portion of the
in-force business of any such new acquisition calls for alteration in the
existing terms of this Agreement, and the parties are unable to negotiate terms
that are mutually acceptable, then that portion of the newly acquired in-force
business not considered mutually acceptable shall be covered for an additional
period of forty-five (45) days from the date the dissenting party gives to the
other written notice that said portion of the newly acquired in-force business
is unacceptable.

ARTICLE 2 - BUSINESS COVERED

The Company agrees to cede and the Reinsurer agrees to accept a 10% quota share
of the Company's net retained liability on policies classified by the Company
as Accountants Professional Liability for members of the American Institute of
Certified Public Accountants, written or renewed with an effective date on or
after the inception of this Agreement, subject to the following terms,
conditions and exclusions.

ARTICLE 3 - TERM AND CANCELLATION

This Agreement will apply to losses for claims first made and/or losses
discovered after 12:01 A.M. Local Standard Time, July 1, 1999, at the location
of the original insured, as respects new and renewal policies becoming effective
on and after said date and this Agreement will terminate at 12:01 A.M. on July
1, 2000, Local Standard Time, at the location of the original

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insured. In addition, the Reinsurer shall have the option of canceling this
Agreement as of any date.

Policies in force as of 12:01 A.M. July 1, 2000, or an earlier termination date
if so chosen by the Reinsurer, shall run-off to natural expiry until policy
expiration, termination or next anniversary date, whichever comes first,
including where applicable any discovery period coverage as per the original
policies. A claim first made under any discovery period coverage shall be deemed
to have been made on the day the original policy expired or was cancelled and
the premium, for such discovery period coverage, shall be considered fully
earned on the last day the original policy was in force.

The Company may exercise the option to cut-off the Reinsurer's liability as of
12:01 A.M. Local Standard Time, July 1 2000, or the termination date chosen by
the Reinsurer, but no later than the first anniversary of termination, by giving
the Reinsurer thirty (30) days prior written notice of its intent to do so. The
Reinsurer will return to the Company the unearned reinsurance premium applicable
to the unexpired liability as calculated on a monthly pro rata basis less the
rate of commission allowed in accordance with the Article 13 - Ceding
Commission.

If the Company requests the return of the unearned reinsurance premium reserve
the Reinsurer will continue to be liable for its pro rata share of the aggregate
losses after such cut off date, being pro rata as to the time such original
policies are in force under this Agreement.

ARTICLE 4 - QUOTA SHARE PARTICIPATION

The Company shall cede and the Reinsurer shall accept 10% of the Company's net
retained liability from each policy covered hereunder for each loss or annual
aggregate where applicable. However, the Reinsurers' share of the Company's net
liability shall not be more than 10% of $1,000,000 each covered policy for each
claim or annual aggregate where applicable.

In the event that a loss covered hereunder involves more than one of the
Company's policies, this Agreement shall provide coverage for each and every
policy in such loss.

In addition, as respects each loss, the Reinsurer agrees to pay a 10% quota
share of up to $1,000,000 of any Excess of Original Policy Limit (as provided
for in Article 10); and, in addition as respects for each loss, the Reinsurer
agrees to pay a 10% quota share of up to $1,000,000 of any Extra Contractual
Obligation (as provided for in Article 11).

ARTICLE 5 - TERRITORY

The territorial limits of this Treaty shall be identical with those of the
Company's policies.

ARTICLE 6 - ORIGINAL CONDITIONS

All amounts ceded hereunder shall be subject to the same gross rating and to the
same clauses, conditions and modifications of the Company's policies, subject to
the limits, terms, exclusions and conditions of this Agreement.

Except as specifically and expressly provided for in Article 22 Insolvency, the
provisions of this Agreement are intended solely for the benefit of the parties
to and executing this Agreement, and nothing in this Agreement shall in any
manner create or be construed to create, any

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obligations to or establish any rights against any party to this Agreement in
favor of any third parties or other persons not parties to and executing this
Agreement.

ARTICLE 7 - EXCLUSIONS

This Agreement shall not apply to and specifically excludes:

A. all assumed reinsurance; except as respects inter-company reinsurance.

B. policies written on other than a claims made form;

C. loss or liability accruing to the Company directly or indirectly from any
   insurance written by or through any pool or association including pools or
   associations in which membership by the Company is required by any statutes
   or regulations;

D. loss or liability excluded under the Nuclear Incident Exclusion Clauses -
   Liability - Reinsurance (U.S.A. and Canada) attached to this Agreement;

E. all liability of the Company arising by contract, operation of law, or
   otherwise, from its participation or membership, whether voluntary or
   involuntary, in any insolvency fund. "Insolvency fund" includes any guaranty
   fund, insolvency fund, plan, pool, association, fund or other arrangement,
   however denominated, established or governed, which provides for any
   assessment of or payment or assumption by the Company of part or all of any
   claim, debt, charge, fee or other obligation of an insurer, or its successors
   or assigns, which has been declared by any competent authority to be
   insolvent, or which is otherwise deemed unable to meet any claim, debt,
   charge, fee or other obligation in whole or in part.

ARTICLE 8 - DEFINITIONS

Unless more specifically defined in the Company's policies, in which case this
Agreement will follow the definition therein, the term "loss" as used in this
Agreement shall mean one or more accidents, casualties or losses arising out of
or following one event.

The term "net retained liability" means the remaining portion of the Company's
gross liability on each policy reinsured under this Agreement after deduction of
all Facultative Reinsurance which insures to the Company's sole benefit.

The term "policies" as used herein means the Company's binders, policies and
contracts providing insurance on the business covered under this Agreement. A
policy written on an installment premium shall be considered renewed as of the
end of each annual period commencing with the inception date of the policy.

ARTICLE 9 - LOSSES, LOSS ADJUSTMENT EXPENSES, SUBROGATION AND SALVAGES

Losses shall be reported by the Company in summary form as hereinafter
provided. The Company will have the right to settle all claims under its
policies. All loss settlements made by the Company, whether under strict policy
conditions or by way of compromise, shall be binding upon the Reinsurer. The
Reinsurer agrees to pay or allow, as the case may be, as stated in Article 4,
its proportionate share of the amount of any settlement, award, or judgment paid
by the Company or for which the Company has become liable to pay (including
interest accrued

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prior to final judgment if included as part of loss on reinsured policies) after
deduction of all recoveries, salvages, subrogations and reinsurance, whether
recovered or not.

In addition, the Reinsurer shall also be liable for its' proportionate share of
loss expenses as respects losses covered under this Agreement, unless the policy
reinsured hereunder includes such loss expenses within the limit of liability.
In that instance, loss expense will be considered as part of the loss. Loss
expense as used in this Agreement will mean all expenses incurred by the Company
in the investigation, appraisal, adjustment, litigation and/or defense of claims
under policies reinsured hereunder, including court costs, interest accrued
prior to final judgment if included as expense on reinsured policies, and
interest accrued after final judgment, but excluding internal office expenses,
salaries, per diem, and other remuneration of regular Company employees.
However, in the event a verdict or judgment is reduced by an appeal or a
settlement, subsequent to the entry of the judgment, resulting in an ultimate
saving on such verdict or judgment, or a judgment is reversed outright, the
expense incurred in securing such final reduction or reversal will be prorated
between the Reinsurer and the Company in the proportion that each benefits from
such reduction or reversal, and the expenses incurred up to the time of the
original verdict or judgment will be (a) pro rated in proportion to each party's
interest in such verdict or judgment, or (b) when the terms and conditions of
the Company's original policies reinsured hereunder include expense as part of
the policy limit, be added to the Company's loss.

Regardless of whether or not the policy reinsured hereunder includes loss
expenses within the limit of liability, in addition, the Reinsurer shall bear
its proportionate share of all legal expenses and other costs incurred in
connection with coverage questions and legal actions connected thereto arising
under policies covered by this Agreement. The Reinsurer's proportionate share of
these costs and expenses will be the same as the Reinsurer's proportionate share
of "loss" as defined herein.

ARTICLE 10 - EXCESS OF ORIGINAL POLICY LIMITS

This Agreement shall protect the Company as provided in Article 4 - Quota Share
Participation in connection with loss in excess of the limit of the original
policy, such loss in excess of the limit having been incurred because of failure
by it to settle within the policy limit or by reason of alleged or actual
negligence, fraud or bad faith in rejecting an offer of settlement or in the
preparation of the defense or in the trial of any action against its insured or
reinsured or in the preparation or prosecution of an appeal consequent upon such
action.

However, this Article shall not apply where the loss has been incurred due to
fraud by a member of the Board of Directors or a corporate officer of the
Company acting individually or collectively or in collusion with any individual
or corporation or any other organization or party involved in the presentation,
defense or settlement of any claim covered hereunder.

For the purpose of this Article, the word "loss" shall mean any amounts for
which the Company would have been contractually liable to pay had it not been
for the limit of the original policy.

ARTICLE 11 - EXTRA CONTRACTUAL OBLIGATIONS

This Agreement shall protect the Company as provided in Article 4 - Quota Share
Participation where the loss includes any extra contractual obligations.

The term "Extra Contractual Obligations" is defined as those liabilities not
covered under any other provision of this Agreement and which arise from the
handling of any claim on business

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covered hereunder, such liabilities arising because of, but not limited to, the
following: failure by the Company to settle within the policy limit, or by
reason of alleged or actual negligence, fraud or bad faith in rejecting an offer
of settlement or in preparation of the defense or in trial of any action against
its insured or reinsured or in the preparation or prosecution of an appeal
consequent upon such action.

The date on which any Extra Contractual Obligation loss is incurred by the
Company shall be deemed, in all circumstances, to be the date of the original
occurrence, or the date the original claim is first made, whichever is
applicable.

However, this Article shall not apply where the loss has been incurred due to
fraud by a member of the Board of Directors or a corporate officer of the
Company acting individually or collectively or in collusion with any individual
or corporation or any other organization or party involved in the presentation,
defense or settlement of any loss covered hereunder.

ARTICLE 12 - PREMIUM

The Company shall pay to the Reinsurer 10% of the Company's Original Gross
Premium for up to $1,000,000 of policy limits ceded for each new or renewal
policy written during the period this Agreement is in effect, in respect to its
net retained liability on the business covered hereunder.

The term "Original Gross Premium" means the total of the gross premiums written,
plus deposits and additions, less cancellations and returns, by the Company on
business covered hereunder during the period for which calculations are being
made, less deductions for reinsurance premiums which inure to the benefit of the
Reinsurer. The Company will be permitted to purchase facultative reinsurance on
any risk it desires and to deduct the premium thereof.

ARTICLE 13 - CEDING COMMISSION

The Reinsurer agrees to allow the Company a commission allowance of 28.5% on the
Original Gross Premium ceded under this Agreement. On all return premiums the
Company shall return to the Reinsurer the commission allowance of 28.5%.

The commission allowance which the Reinsurer makes to the Company on the
business transacted under this Agreement includes provision for all taxes,
assessments and any other expenses whatsoever, except loss adjustment expenses.

ARTICLE 14 - REPORTS AND REMITTANCES

A.   Within 30 days after the end of each calendar month, the Company shall
     report to the Reinsurer:

     1.   Ceded net written premium for the month;

     2.   Ceding commission thereon;

     3.   Ceded losses and loss adjustment expenses paid during this month.

     The positive balance of (1) less (2) less (3) shall be remitted by the
     Company 30 days after the end of the following calendar quarter. Any
     balance shown to be due the Company shall

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     be remitted by the Reinsurer within 30 days after the end of the following
     calendar quarter after receipt and verification of the Company's report.

B.   Within 30 days after each calendar quarter, the Company shall report to the
     Reinsurer the ceded unearned premiums and ceded outstanding loss reserves
     as of the end of the calendar quarter.

C.   Annually the Company shall furnish the Reinsurer with such information as
     the Reinsurer may require to complete its Annual Convention Statement.

ARTICLE 15 - OFFSET

The Company or the Reinsurer 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.

ARTICLE 16 - CURRENCY

Whenever the word "Dollars" or the "$" sign appears in this Agreement, they
shall be construed to mean United States Dollars and all transactions under this
Agreement shall be in United States Dollars.

ARTICLE 17 - ACCESS TO RECORDS

The Reinsurer, or their duly accredited representative, will have access to the
books and records of the Company on matters reasonably relating to this
reinsurance at all reasonable times for the purpose of obtaining information
concerning this Agreement or the subject matter hereof. Except as provided in
the following sentence, access to premium records is restricted to within four
years of the expiration of this Agreement. The Reinsurer will be permitted
access to premium records subsequent to the aforementioned period only on the
condition that either a) there are no balances payable hereunder by the
Reinsurer that are overdue as provided in the Interest Penalty Article of this
Agreement or b) the Reinsurer has funded all balances due hereunder in an
interest bearing trust fund or with a Letter of Credit as hereinafter provided.

Should the Reinsurer choose option b) of the foregoing paragraph, the Reinsurer
agrees to provide the Company a Trust Agreement established at Morgan Guaranty
Trust Company of New York, New York, or at a mutually agreed successor Trustee,
or a clean, irrevocable, and evergreen Letter of Credit, issued by Morgan
Guaranty Trust Company of New York, New York, or by a mutually agreed bank, of
which the Company will be the beneficiary, which will secure in full all
balances due from the Reinsurer to the Company with respect to this Agreement.
Such Trust Agreement and/or Letter of Credit will be established under laws of
the state of New York and will meet all requirements of the state regulatory
authorities applicable to the Company. The Reinsurer is responsible for all
costs associated with providing such Trust Agreement and/or Letter of Credit as
required under this Article.

ARTICLE 18 - ERRORS AND OMISSIONS

Any inadvertent delay, omission or error shall not be held to relieve either
party hereto from any liability which would attach to it hereunder if such
delay, omission, or error had not been made, provided such omission or error is
rectified as soon as possible after discovery.

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ARTICLE 19 - TAXES

In consideration of the terms under which this Contract is issued, the Company
will not claim a deduction in respect of the premium hereon when making tax
returns, other than income or profits tax returns to any state or territory of
the United States of America or the District of Columbia.

ARTICLE 20 - INTEREST PENALTY

The interest amounts provided for in this Article will apply to the Reinsurer or
to the Company in the following circumstances:

A.   Loss payment owed by the Reinsurer to the Company shall have a due date to
     the Company of 90 calendar days following the date of the billing and/or
     proof of loss.

B.   Payment of any premium shall be due to the Reinsurer within 90 calendar
     days of the date specified in this Agreement. Any premium adjustments will
     be due by the debtor party within 150 calendar days of the expiration of
     this Agreement.

C.   Payment on return of premiums, commissions, profit sharing or any amounts
     not provided in paragraph A, or B, above, shall have the due date as
     specified in this Agreement. If no due date is specified, the due date
     shall be 90 days following the date of billing.

D.   Failure by the Reinsurer or the Company to comply with their respective
     payment obligations within the time periods as herein provided will result
     in a compound interest penalty payable at a rate equal to the 90 day
     Treasury Bill rate published in the Money Rate Section or any successor
     section of The Wall Street Journal on the first business day following the
                -----------------------
     date a remittance becomes due, plus 1% per annum, to be compounded and
     adjusted quarterly. Any interest that occurs pursuant to this Article shall
     be calculated by the party to which it is owed. The accumulation of the
     number of days that any payment is past due will stop on the date that the
     Intermediary, where applicable, receives payment.

E.   The validity of any claim or payment may be contested under the provisions
     of this Agreement. If the debtor party prevails in an arbitration or any
     other proceeding, there shall be no interest penalty due. Otherwise, any
     interest will be calculated and due as outlined above.

F.   If a Reinsurer advances payment of any claim it is contesting, and
     prevails in the contest, the Company shall return such payment plus pay
     interest on same, calculated as per the provisions of this Article.

G.   Any interest which occurs pursuant to this Article may be waived by the
     party to which it is owed. Further, any interest which is calculated
     pursuant to this Article that is $100 or less shall be waived. Waiver of
     such interest shall not affect the waiving party's rights to similar
     interest for any other failure by the other party to make payment when due
     under this Article.

H.   Nothing in this Article shall diminish any legal remedies that either
     party may have against the other.

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ARTICLE 21 - AMENDMENTS

This Agreement may be altered or amended in any of its terms and conditions by
mutual consent of the Company and the Reinsurer by an Endorsement hereto. Such
Endorsement will then constitute a part of this Agreement.

ARTICLE 22 - INSOLVENCY

In the event of the insolvency of the Company, this reinsurance shall be payable
directly to the Company, or to its liquidator, receiver, conservator or
statutory successor on the basis of the liability of the Company without
diminution because of the insolvency of the Company or because the liquidator,
receiver, conservator or statutory successor of the Company has failed to pay
all or a portion of any claim. It is agreed however, that the liquidator,
receiver, conservator or statutory successor of the Company shall give written
notice to the Reinsurers of the pendency of a claim which would involve a
possible liability on the part of the Reinsurer 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, the Reinsurer may
investigate such claim and interpose, at their own expense, in the proceeding
where such claim is to be adjudicated any defense or defenses that they may deem
available to the Company or its liquidator, receiver, conservator or statutory
successor. The expenses this incurred by the Reinsurer shall be chargeable,
subject to the approval of the court, against the Company as part of the
expense of conservation or liquidation to the extent of a pro rata share of the
benefit which may accrue to the Company as a result of the defense undertaken by
the Reinsurer.

As to all reinsurance made, ceded, renewed or otherwise becoming effective under
this Agreement, the reinsurance shall be payable as set forth above by the
Reinsurer to the Company or to its liquidator, receiver, conservator or
statutory successor, except as provided by Sections 4118(a)(1)(A) and 1114(c) of
the New York Insurance Law or except (1) where the Agreement specifically
provides another payee in the event of the insolvency of the Company, and (2)
where the Reinsurer, with the consent of the direct insured or insureds, has
assumed such policy obligations of the Company as direct obligations of the
Reinsurer to the payees. Then, and in that event only, the Company, with the
prior approval of the certificate of assumption on New York risks by the
Superintendent of Insurance of the State of New York, is entirely released from
its obligation and the Reinsurer pays any loss directly to payees under such
policy.

ARTICLE 23 - LETTERS OF CREDIT

As regards policies or bonds issued by the Company within the scope of this
Agreement, the Company agrees that when it shall file with the insurance
regulatory authority or set up on its books reserves for losses, unearned
premium reserves and loss development allowance (to be calculated using the
formula below) covered hereunder which it shall be required by law to set up it
will forward to the Reinsurer a statement showing the proportion of such
reserves which is applicable to the Reinsurer. The Reinsurer hereby agrees that
it will apply for and secure delivery to the Company of a clean irrevocable and
unconditional Letter of Credit, issued by a bank, and containing provisions
acceptable to the insurance regulatory authorities having jurisdiction over the
Company's reserves in an amount equal to the Reinsurer's proportion of reserves
in respect of losses, unearned premium reserves and loss development allowances
and allocated loss adjustment expense relating thereto, and losses and allocated
loss

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adjustment expense paid by the Company but not recovered from the Reinsurer as
shown in the statement prepared by the Company (hereinafter referred to as
"Reinsurer's Obligations").

The Reinsurer hereby agrees to fund a Letter of Credit, as described below, for
a total amount of $4,125,000 by December 31, 1994, with additions to same as
described below.

The Letter of Credit shall be issued for a period of not less than one year, and
shall be automatically extended for one year from its date of expiration or any
future expiration date unless thirty (30) days prior to any expiration date the
issuing bank shall notify the Company by certified or registered mail that the
issuing bank elects not to consider the Letter of Credit extended for any
additional period.

The Reinsurer and the Company agree that the Letters of Credit provided by the
Reinsurer pursuant to the provisions of this Agreement may be drawn upon at any
time, notwithstanding any other provision of this Agreement, and be utilized by
the Company or any successor, by operation of law, of the Company including,
without limitation, any liquidator, rehabilitator, receiver or conservator of
the Company for the following purposes, unless otherwise provided for in a
separate Trust Agreement:

A.   to reimburse the Company for the Reinsurer's Obligations, the payment of
     which is due under the terms of this Agreement and which has not been
     otherwise paid;

B.   to make refund of any sum which is in excess of the actual amount required
     to pay the Reinsurer's Obligations under this Agreement;

C.   to fund an account with the Company for the Reinsurer's Obligations.  Such
     cash deposit shall be held in an interest bearing account separate from the
     Company's other assets, and interest thereon not in excess of the prime
     rate shall accrue to the benefit of the Reinsurer.

In the event the amount drawn by the Company on any Letter of Credit is in
excess of the actual amount required for A) or C), the Company shall promptly
return to the Reinsurer the excess amount so drawn. All of the foregoing shall
be applied without diminution because of insolvency on the part of the Company
or the Reinsurer.

The issuing bank shall have no responsibility whatsoever in connection with the
propriety of withdrawals made by the Company or the disposition of funds
withdrawn, except to ensure that withdrawals are made only upon the order of
properly authorized representatives of the Company.

At annual intervals, or more frequently as agreed, but never more frequently
than quarterly, the Company shall prepare a specific statement of the
Reinsurer's Obligations, for the sole purpose of amending the Letter of Credit,
in the following manner:

A.   if the statement shows that the Reinsurer's Obligations exceed the balance
     of credit as of the statement date, the Reinsurer shall, within thirty (30)
     days after receipt of notice of such excess, secure delivery to the
     Company of an amendment to the Letter of Credit increasing the amount
     of credit by the amount of such difference:

B.   if however, the statement shows that the Reinsurer's Obligations are less
     than the balance of credit as of the statement date, the Company shall
     within thirty (30) days after receipt of written request from the
     Reinsurer, release such excess credit by agreeing to secure an

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    amendment to the Letter of Credit reducing the amount of credit available by
    the amount of such excess credit.

Loss development allowance to be calculated as follows:

Original Gross Premium less the Ceding Commission = Net Premium x 85% ultimate
loss ratio = ultimate loss x the factor indicated below at each stated calendar
quarter:

      Calendar Quarter                  Factor
      at  4th calendar quarter          100%
      at  8th calendar quarter           85%
      at 12th calendar quarter           70%
      at 16th calendar quarter           40%
      at 20th calender quarter           30%
      at 24th calendar quarter           20%
      at 28th calender quarter           10%
      at 32nd calendar quarter            5%


ARTICLE 24 - SERVICE OF SUIT

This Article applies only to the Reinsurer signatory hereto who is domiciled
outside the United States of America or, should the Company be authorized to do
business in the State of New York, that Reinsurer who is unauthorized in New
York as respects suits instituted in New York. This Article is not intended to
conflict with nor override the parties obligation to arbitrate their disputes in
accordance with the Arbitration Article.

It is agreed that in the event of the failure of the Reinsurer hereon to pay any
amount claimed to be due hereunder, the Reinsurer hereon, at the request of the
Company, will submit to the jurisdiction of a Court of competent jurisdiction
within the United States. Nothing in this Article constitutes or should be
understood to constitute a waiver of the Reinsurer's rights to commence an
action in any Court of competent jurisdiction in the United States, to remove an
action to a United States District Court, or to seek a transfer of a case to
another Court as permitted by the laws of the United States or of any State in
the United States.

It is further agreed that service of process in such suit may be made upon
Mendes & Mount, 750 Seventh Avenue, New York, New York 10019-6829, and that in
any suit instituted against one of them upon this Agreement, the Reinsurer will
abide by the final decision of such Court or of any Appellate Court in the event
of an appeal.

The above named are authorized and directed to accept service of process on
behalf of the Reinsurer in any such suit and/or upon the request of the Company
to give a written undertaking to the Company that they will enter a general
appearance upon the Reinsurer's behalf in the event such suit is instituted.

Further, pursuant to any statute of any state, territory or district of the
United States which makes provision thereof, the Reinsurer hereon hereby
designates the Superintendent, Commissioner or Director of Insurance or other
officer specified for that purpose in the Statute, or his successor or
successors in office, as their true and lawful attorney upon whom may be served
any lawful process in any action, suit or proceeding instituted by or on behalf
of the Company or any beneficiary hereunder arising out of this Agreement, and
hereby designate the

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above named as the person to whom the said officer is authorized to mail such
process or a true copy thereof.

ARTICLE 25 - ARBITRATION

As a condition precedent to any right of action hereunder, any dispute arising
out of the interpretation, performance or breach of this Agreement, including
the formation or validity thereof, shall be submitted for decision to a panel of
three arbitrators. Notice requesting arbitration will be in writing and sent
certified mail, return receipt requested.

One arbitrator shall be chosen by each party and the two arbitrators shall,
before instituting the hearing, choose an impartial third arbitrator who shall
preside at the hearing. If either party fails to appoint its arbitrator within
thirty (30) days after being requested to do so by the other party, the latter,
after ten (10) days notice by certified mail of its intention to do so, may
appoint the second arbitrator.

If the two arbitrators are unable to agree upon the third arbitrator within
thirty (30) days of their appointment, the third arbitrator shall be selected
from a list of six individuals (three named by each arbitrator) by a judge of
the federal district court having jurisdiction over the geographical area in
which the arbitration is to take place, or if the federal court declines to act,
the state court having general jurisdiction in such area.

All arbitrators shall be disinterested active or former executive officers of
insurance or reinsurance companies or Underwriters at Lloyd's London.

Within thirty (30) days after notice of appointment of all arbitrators, the
panel shall meet and determine timely periods for briefs, discovery procedures
and schedules for hearings.

The panel shall be relieved of all judicial formality and shall not be bound by
the strict rules of procedure and evidence. Arbitration shall take place in
Chicago, Illinois. Insofar as the arbitration panel looks to substantive law, it
shall consider the law of the State of Illinois. The decision of any two
arbitrators when rendered in writing shall be final and binding. The panel is
empowered to grant interim relief as it may deem appropriate.

The panel shall make its decision considering the custom and practice of the
applicable insurance and reinsurance business as promptly as possible following
the termination of the hearings. Judgment upon the award may be entered in any
court having jurisdiction thereof.

Each party shall bear the expense of its own arbitrator and shall jointly and
equally bear with the other party the cost of the third arbitrator. The
remaining costs of the arbitration shall be allocated by the panel. The panel
may, at its discretion, award such further costs and expenses as it considers
appropriate, including but not limited to attorneys fees, to the extent
permitted by law. The panel is prohibited from awarding punitive or exemplary
damages in connection with any arbitration proceeding concerning this Agreement,
in any context.

                                 Page 11 of 12
<PAGE>

IN WITNESS WHEREOF, the parties acknowledge that no intermediary is involved in
or brought about this transaction, and the parties hereto, by their authorized
representatives, have executed this Agreement.


on this 12th day of July 1999

CONTINENTAL CASUALTY COMPANY


By: /s/ Raymond Cyborski
    -----------------------------------


Attested by: /s/ Robin S. Geberth
             --------------------------


and on this 3rd day of August, 1999


AMERINST INSURANCE COMPANY


By: /s/ Ronald S. Katch
   -------------------------------

Attested by: /s/ Neil R. Tysore
            -------------------------



             ACCOUNTANTS PROFESSIONAL LIABILITY QUOTA SHARE TREATY
                            Effective: July 1, 1999
                                   issued to
                         Continental Casualty Company
                               Chicago, Illinois
                        (referred to as the "Company")
                                      by
                          Amerinst Insurance Company
                               Chicago, Illinois
                       (referred to as the "Reinsurer")


                                 Page 12 of 12