Document:

Exhibit 10.27
                       GRANITE REINSURANCE COMPANY LIMITED
                  /ACCEPTANCE CROP HAIL RETROCESSION AGREEMENT

THIS  RETROCESSION AGREEMENT ("Crop Hail Agreement") is made and entered into as
of May 23, 2001 by and between Acceptance Insurance Company, a Nebraska domestic
insurance  company  ("Acceptance")  and  Granite  Reinsurance Company Limited, a
Barbados  insurance  company  ("Granite").
                              W I T N E S S E T H :
WHEREAS,  affiliates  of Acceptance and others have entered into a certain Asset
Purchase  Agreement  (the  "Asset Purchase Agreement") dated as of May 23, 2001;
and
WHEREAS, in conjunction with the Asset Purchase Agreement, Acceptance and others
entered  into  a  certain  IGF/Acceptance  Retrocession  Agreement  and  an
IGF/Acceptance  Quota Share Reinsurance Agreement, both dated as of May 23, 2001
and  attached  hereto  ("Acceptance's  Assumption  Agreements");  and
WHEREAS,  subject  to  the  terms  and  conditions  set  forth in this Crop Hail
Agreement,  Acceptance  desires  to  cede  to Granite and desires to accept from
Acceptance  and  to  reinsure  100%  of  all risks reinsured by Acceptance under
Acceptance's  Assumption  Agreements  except MPCI risks reinsured by the Federal
Crop  Insurance  Corporation  and  located  within the United States ("Reinsured
Contracts").
NOW,  THEREFORE, in consideration of the premises and the mutual promises of the
parties  hereto,  they  hereby  covenant  and  agree  as  follows:
                                    ARTICLE I

                                 EFFECTIVE TIME
This  Crop  Hail  Agreement shall be effective as of 12:01 a.m. Eastern Standard
Time  ("Effective  Time")  on  the  date  of the Closing as defined in the Asset
Purchase  Agreement.  If  the Asset Purchase Agreement is terminated pursuant to
its  terms  and  conditions,  this  Retrocession  Agreement  shall  terminate
concurrently  with  the  Asset  Purchase Agreement and never shall be effective.
                                   ARTICLE II

                REINSURED OBLIGATIONS; REPRESENTATIONS OF PARTIES
     SECTION  2.01.  DESCRIPTION  OF  REINSURED  OBLIGATIONS.  Subject  to  the
provisions  of  this  Crop Hail Agreement, Acceptance hereby assigns, transfers,
sets  over,  cedes  and  reinsures to Granite, and Granite hereby reinsures on a
100%  quota  share  basis  from  Acceptance, all liabilities and obligations for
losses  associated  with  the  Reinsured  Obligations.
SECTION  2.02.  REPRESENTATIONS.  Granite  represents,  to  the  best  of  its
knowledge  and  belief,  that  as  of  the  Effective  Time:
     (a)     Granite  is  a  corporation  duly organized and validly existing in
good  standing  under the laws of Barbados.  Granite has the corporate power and
authority to carry on their business substantially as it is now being conducted.
     (b)     Granite  has  the  requisite corporate power and authority to take,
and  has  taken, all corporate action necessary to execute and deliver this Crop
Hail  Agreement,  and  to consummate the transactions contemplated hereby.  This
Crop Hail Agreement has been validly executed and delivered by Granite, and is a
valid  and binding agreement, enforceable against Granite in accordance with its
terms.
     SECTION  2.03.  REPRESENTATIONS.  Acceptance represents, to the best of its
knowledge  and  belief,  that  as  of  the  Effective  Time:
     (a)     Acceptance  is a corporation duly organized and validly existing in
good  standing  under  the  laws  of  the State of Nebraska and is an authorized
insurer  in  Nebraska  and has the corporate power and authority to carry on its
business  substantially  as  it  is  now  being  conducted.
(b)     Acceptance has the requisite corporate power and authority and has taken
all  corporate  action  necessary  to  execute and deliver this Agreement and to
consummate  the  transactions  contemplated  hereby.  This  Agreement  has  been
validly  executed  and  delivered  and  is  a  valid  and  binding  agreement of
Acceptance,  enforceable  against  Acceptance  in  accordance  with  its  terms.
     SECTION  2.04.  QUOTA  SHARE BASIS.  The parties acknowledge and agree that
the  reinsurance provided herein is on a 100% quota share basis.  Granite agrees
to  assume  all  obligations  and  liabilities of Acceptance under the Reinsured
Contracts,  subject,  however,  to  the  same  rights,  offsets,  counterclaims,
cross-actions  and  defenses that are or may be possessed by the parties.  It is
expressly  understood  that  no  such  offsets,  counterclaims, cross-actions or
defenses  are  or shall be waived, but that the same are expressly preserved and
that  the parties shall be duly subrogated thereto, whether the same be known to
exist  or  are  hereafter  discovered.
                                   ARTICLE III

                                   INSOLVENCY
     SECTION  3.01.  INSOLVENCY.
(a)     In  the  event  of  the  insolvency of Acceptance, it is agreed that the
liquidator,  receiver,  conservator  or  statutory successor of Acceptance shall
give  written  notice  to  Granite of the pendency of a claim against Acceptance
indicating  the  policy reinsured which claim would involve a possible liability
on the part of Granite 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, Granite may investigate such claim and interpose, at
its  own  expense,  in the proceeding where such claim is to be adjudicated, any
defense  or defenses that it may deem available to Acceptance or its liquidator,
receiver,  conservator  or  statutory  successor.  The  expense thus incurred by
Granite  shall  be  chargeable,  subject  to  the approval of the Court, against
Acceptance  as  part of the expense of conservation or liquidation to the extent
of  a  pro  rata share of the benefit which may accrue to Acceptance solely as a
result  of  the  defense  undertaken  by  Granite.
(b)     It is further understood and agreed that, in the event of the insolvency
of Acceptance, the reinsurance under this Agreement shall be payable directly by
Granite  to  Acceptance  or  to its liquidator, receiver or statutory successor,
except  (1)  where  this  Agreement  specifically provides another payee of such
reinsurance  in  the  event of the insolvency of Acceptance or (2) where Granite
with  the  consent  of  the  direct  insured or insureds has assumed such policy
obligations  of  Acceptance as direct obligations of Granite to the payees under
such  policies  and  in  substitution  for the obligations of Acceptance to such
payees.
                                   ARTICLE IV
     CONSIDERATION  FOR  RETROCESSION  CONTRACTS
     SECTION  4.01.  CONSIDERATION.  For  and  in  consideration  for  this
Retrocession  Agreement  Acceptance  will  remit  to  Granite  all gross written
premium  with respect to the Reinsured Contracts, and Acceptance shall be deemed
to  have a fiduciary responsibility to Granite with respect to all such premium.
Written  premium  with  respect  to  the  Reinsured Contracts paid to Acceptance
before  the  Effective  Time  will  be  remitted  to  Granite on the date of the
Closing.  All  gross  written  premiums  with respect to the Reinsured Contracts
paid to Acceptance after Closing will be remitted to Granite not less often than
once  each  month.
SECTION 4.02.  COMMISSION AND TAXES.  Acceptance's Assumption Agreements contain
clauses  that  recover  for companies ceding to Acceptance under such agreements
all  commissions due independent agents, premium tax paid or due and payable and
all amounts due for bureau, boards and fees to associations.  To the same extent
that  these amounts are deducted or paid then the net premium payable under this
Crop  Hail  Agreement  will  be  reduced  accordingly.
SECTION  4.03.  LOSS  ADJUSTMENT  AND  CLAIMS SETTLEMENT COSTS.  Acceptance will
manage  and  administrate  the  claims handling on behalf of companies ceding to
Acceptance  under  Acceptance's  Assumption  Agreements.  The  cost  associated
thereto  as  per the Management and Service Agreement entered into as of May 23,
2001  by  and  between  Acceptance  and  IGF  Insurance  Company.
                                    ARTICLE V

                                    LIABILITY
     SECTION  5.01.  PAYMENT  OF  CLAIMS  AND  BENEFITS.  From  and  after  the
Effective Time, Granite shall be responsible for (a) paying all losses due under
the  Reinsured Contracts in accordance with the terms of thereof; (b) paying all
premium refunds with respect to premiums received under the Reinsured Contracts;
and  (c)  paying all expenses in connection with the investigations, adjustment,
appraisal  or settlement of all claims under the Reinsured Contracts on or after
the  Effective  Time.
SECTION  5.02.  ACTIONS  ON OR AFTER EFFECTIVE TIME.  If any legal or regulatory
actions  are  threatened  or  filed  in  connection  with  any  of the Reinsured
Contracts  on  or  after  the  Effective Time, the parties agree to provide each
other  with  prompt  notice  thereof, within such time period as would allow the
appropriate  party  the  opportunity  to  answer,  appear  or to take any action
necessary  or  to avoid a default judgment.  The parties agree to cooperate with
each  other  with  respect  to  any  such  legal  or regulatory actions, whether
threatened  or  actual.
SECTION  5.03.  TAXES.  Acceptance  shall retain full responsibility for any tax
liability  relating  to  the  Reinsured  Contracts  for  all  taxable periods or
portions  thereof.
                                   ARTICLE VI

                              ERRORS AND OVERSIGHTS
     Each  party  to  this  Retrocession Agreement will act reasonably to comply
with  its  terms.  Clerical  errors  and  oversights occasioned in good faith in
carrying  out  this  Retrocession  Agreement will not prejudice either party and
will  be  rectified  promptly  on  an  equitable  basis.
                                   ARTICLE VII

                                   ARBITRATION
SECTION  7.1  COMPULSORY  ARBITRATION.
(a)     The parties intend this article to be enforceable in accordance with the
Federal  Arbitration Act (9 U.S.C. Section 1, et seq.), including any amendments
to  that Act which are subsequently adopted, notwithstanding any other choice of
law  provision  set  forth  in  this  Agreement.  In the event that either party
refuses to submit to arbitration as required herein, the other party may request
a  United States Federal District Court to compel arbitration in accordance with
the  Federal  Arbitration Act.  Both parties consent to the jurisdiction of such
court  to enforce this article and to confirm and enforce the performance of any
award  of  the  arbitrators.
(b)     Any  dispute  or other matter in question between Granite and Acceptance
arising  out  of  or  relating to the formation, interpretation, performance, or
breach  of  this  Agreement,  whether  such  dispute  arises  before  or  after
termination  of  this Agreement, shall be resolved by arbitration if the parties
are  unable  to  resolve  the dispute through negotiation.  Arbitration shall be
initiated  by  the  delivery of a written demand for arbitration by one party to
the  other.
     SECTION  7.2.  PROCEDURE.
(a)     Each  party  shall  appoint  an  individual as arbitrator and the two so
appointed  shall then appoint an umpire.  If either party refuses or neglects to
appoint  an arbitrator within forty-five (45) days after the initial delivery of
the  demand  for arbitration, the other party may appoint the second arbitrator.
If  the two arbitrators do not agree on an umpire within forty-five (45) days of
their  appointment,  the  parties  shall  petition  the  American  Arbitration
Association  to  appoint an umpire with the qualifications set forth below.  The
arbitrators  shall  be  active  or  retired officers of insurance or reinsurance
companies  or  Lloyd's  of  London  Underwriters  or  reinsurance  brokers;  the
arbitrators shall not have a personal or financial interest in the result of the
arbitration.
(b)     The  arbitration  hearing shall be held in Omaha, Nebraska or such other
place  as  may  be  mutually  agreed.  Each  party  shall submit its case to the
arbitrators within forty-five (45) days of the selection of the umpire or within
such  longer  period as may be agreed by the arbitrators.  The arbitrators shall
not be obliged to follow judicial formalities or the rules of evidence except to
the  extent  required  by  law  of  the state of New York; they shall make their
decisions  according  to the practice of the reinsurance business.  The decision
rendered  by  a  majority  of the arbitrators shall be final and binding on both
parties.  Such  decision  shall  be  a condition precedent to any right of legal
action arising out of the arbitrated dispute which either party may have against
the  other.  Judgment upon the award rendered may be entered in any court having
jurisdiction  thereof.  Both  parties  shall abide by the final decision of such
Court  or  of  any  appellate  court  in  the  event  of  an  appeal.
(c)     Except  as  provided  above,  arbitration  shall  be  based,  insofar as
applicable,  upon  the  Commercial Arbitration Rules of the American Arbitration
Association.
SECTION  7.3.  COSTS.     Each party shall bear its own costs in connection with
any  such arbitration including, without limitation,  all legal, accounting, and
any  other  professional  fees  and  expenses,  the fees and expenses of its own
arbitrator,  and  all  other costs and expenses each party incurs to prepare for
such  arbitration.  Other than set forth above, each side shall pay  one-half of
the fee and expenses of the umpire, and  one-half of the other expenses that the
parties  jointly  incur  directly  related  to  the  arbitration  proceeding.
                                  ARTICLE VIII

                                   TERMINATION
     SECTION  8.01.  TERMINATION DATE.  This Agreement can only be terminated by
mutual  consent.
SECTION  8.02.  APPROVALS.  If the approval of any state insurance department is
necessary for the effectiveness of this Retrocession Agreement, the parties will
cooperate  and  use  their  best  efforts  to  obtain  such  approvals.
SECTION  8.03.  COSTS  OF  TERMINATION.  If  this  Retrocession  Agreement  is
terminated  pursuant to Section 8.01, neither party shall be liable to the other
for  any costs, expenses, causes of actions, fees or claims of any type due with
respect  to  such  termination.
                                   ARTICLE IX

                       REGULATORY COMPLIANCE AND APPROVALS
     SECTION  9.01.  COMPLIANCE.  The  parties  agree  to  comply with all laws,
regulations or directions of appropriate state insurance departments with regard
to  (a)  any  notification  to  policyholders  under  the  Reinsured  Contracts
(including  without  limitation  all  content,  description,  timing  or  other
requirements),  (b) this Retrocession Agreement and (c) all service requirements
to  policyholders  under  the  Reinsured  Contracts.
SECTION  9.02.  REGULATORY  APPROVALS.  The  parties  agree  that  where  formal
approval is required by any state insurance regulatory agency, this Retrocession
Agreement shall not be effective as to any and all Reinsured Contracts in effect
in  such  state  until  such  approval  is  obtained.
                                    ARTICLE X

                                 CONFIDENTIALITY
     SECTION 10.01.  CONFIDENTIAL INFORMATION.  During the course of performance
under  this  Retrocession  Agreement,  the  parties and their respective agents,
employees  and representatives will obtain or have access to certain proprietary
or  confidential  information.  The  parties  undertake and covenant, one to the
other,  that  they  will, and they will cause their respective agents, employees
and  representatives to, maintain the confidential information in a confidential
manner  in  accordance  with  applicable  local,  state  or federal laws, and in
accordance  with  this  Retrocession  Agreement.
                                   ARTICLE XI

                             RELATIONSHIP OF PARTIES
     SECTION  11.01.  NO EMPLOYMENT RELATIONSHIP.  The relationships between the
parties  hereto  shall be that of independent contractors.  Nothing herein shall
be  construed  to  create  the relationship of employer and employee between the
parties  or  any  of  their  respective  agents  or  employees.
                                   ARTICLE XII

                                OTHER PROVISIONS
     SECTION 12.01.  PARAGRAPH HEADINGS.  The headings of the provisions of this
Retrocession  Agreement  are  for  reference purposes and have no legal force or
effect.
SECTION  12.02.  GOVERNING  LAW.  This Retrocession Agreement shall be construed
and  interpreted  according  to  the  laws  of  the  State  of  Iowa.
SECTION 12.03.  OTHER ACTIONS.  The parties will use their best efforts to cause
the reinsurance contemplated under this Retrocession Agreement to be consummated
and  approved  by  all  necessary regulatory bodies and to do such further acts,
matters  and  deeds,  and  execute  any  and  all  additional  instruments  and
agreements,  that  may be mutually agreed as necessary or reasonably required in
order  to  carry  this  Retrocession  Agreement  into  full  effect.
SECTION  12.04.  COUNTERPARTS;  FACSIMILE  SIGNATURES.  This  Agreement  may  be
executed in one or more counterparts, each of which shall be deemed an original,
but  all  of  which  together shall constitute one and the same instrument.  For
purposes  of this Agreement, facsimile signatures shall be deemed originals, and
the  parties  agree  to  exchange  original  signatures as promptly as possible.
SECTION  12.05.  SET OFF.  Granite and Acceptance 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.
SECTION  12.06.  NOTICES.  Until  otherwise  notified,  all  formal  notices,
requests, demands and other communications between the parties shall be directed
to  the  parties  at  their  respective  addresses  as  follows:
     If  to  Reinsurer:
Acceptance  Insurance  Company
535  West  Broadway
Council  Bluffs,  Iowa  51503
Attn:  President
     If  to  Ceding  Companies:
IGF  Insurance  Company
4720  Kingsway  Drive
Indianapolis,  Indiana  46205
Attn:  President
     SECTION  12.07.  ASSIGNMENT.  This Retrocession Agreement is not assignable
by  either  party  without  prior  written consent of the other party and, where
required,  the  prior  approval  of  any appropriate state insurance department.
Neither  party's  consent  under  this  Section  shall be unreasonably withheld.
SECTION 12.08.  WAIVER.  Failure of Reinsurer or Ceding Companies to enforce any
of its rights or remedies under this Retrocession Agreement shall not constitute
a  waiver  of  such  rights  or  remedies  exercisable  hereunder.
SECTION  12.09.  SEVERABILITY.  If  any provision of this Retrocession Agreement
should  be  determined  to  be invalid or otherwise unenforceable under law, the
remainder  of  this  Retrocession  Agreement  shall  not  be  affected  thereby.
SECTION  12.10.  AGREEMENT BINDING.  This Retrocession Agreement is binding upon
the  parties  hereto,  their respective representatives, successors and assigns.
SECTION 12.11.  MULTIPLE COPIES.  This Retrocession Agreement may be executed in
multiple  copies, and each shall have the same force and effect of the original.
     SECTION  12.11  JOINT AND SEVERAL LIABILITY.  All rights and obligations of
the  Ceding  Companies  created  under  the terms of this Retrocession Agreement
shall  be  joint  and  several.
     SECTION  12.12.  INTEREST.  Interest on the balance due and payable that is
not  paid when due, shall, in addition to the amount due, incur and pay interest
on  the  amount  due  at  1  %  per  month  on  part  thereof.
     IN  WITNESS  WHEREOF,  this  Retrocession Agreement has been duly executed.
CEDING  COMPANIES:
IGF INSURANCE COMPANY, for itself and for CONTINENTAL CASUALTY INSURANCE COMPANY
By
Name
Title

REINSURER:
ACCEPTANCE  INSURANCE  COMPANY
By
Name
Title  __________________________________Exhibit 10.28
                       MPCI STOP LOSS REINSURANCE CONTRACT

                                TABLE OF CONTENTS
ARTICLE
-------

          Preamble
1          Term
2          Season
3          Business  Covered
4          Territory
5          Exclusions
6          Reinsuring
7          Extra  Contractual  Obligations
8          Excess  of  Original  Policy  Limits
9          Definitions
10          Notice  of  Loss  and  Loss  Settlements
11          Premium
12          Net  Retained  Lines
13          Offset
14          Access  to  Records
15          Errors  and  Omissions
16          Currency
17          Arbitration
18          Service  of  Suit
19          Insolvency

ATTACHMENTS
-----------
          Nuclear  Incident  Exclusion  Clause - Physical Damage - Reinsurance -
U.S.A.
          Nuclear  Incident  Exclusion  Clause - Physical Damage - Reinsurance -
Canada

<PAGE>

                       MPCI STOP LOSS REINSURANCE CONTRACT
                   (hereinafter referred to as the "Contract")
In  consideration  of  the mutual covenants hereinafter contained and subject to
all  the  terms  and  conditions  hereinafter  set  forth
                        GRANITE REINSURANCE COMPANY, LTD.

                    (hereinafter referred to as "Reinsurer ")

                    do hereby indemnify, as herein provided,
                       ACCEPTANCE INSURANCE COMPANIES INC.
                   (hereinafter referred to as the "Company" )
Wherever the word "Company" is used in this Contract, such term shall be held to
include  any  and/or  all of the subsidiary companies which are or may hereafter
come  under  the management of the Company, provided that notice be given to the
Reinsurer  of  any  such subsidiary companies which may hereafter come under the
management  of  the  Company as soon as practicable, with full particulars as to
how  such  acquisition  is  likely  to  affect  this  Contract.
                                    ARTICLE 1
TERM
This Contract shall become effective as of July 1, 2000 and shall remain in full
force  and  effect  with  respect  to  all  Covered  Business  risks in force or
attaching  from  that  date  through  June  30,  2005.
The  Reinsurer  shall be responsible for all losses in progress at June 30, 2005
in the same manner and to the same extent it would have been responsible had the
Contract  expired  or terminated the day following the conclusion of the loss in
progress.
                                    ARTICLE 2
SEASON
The Season commences on July 1 of each year and continues through June 30 of the
following  year.
                                    ARTICLE 3
BUSINESS  COVERED
This  Contract  shall  indemnify  the  Company,  as  set forth in the Reinsuring
Article,  in  respect of the liability which may accrue to the Company under all
policies,  bonds,  binders, certificates, contracts of insurance or reinsurance,
co-insurance  or  co-indemnity,  or  other  evidences  of liability (hereinafter
referred  to  as  "policy(ies)"  and/or  "bond(s)",  oral  or written, issued or
renewed  before  or  after  the  effective  time  and  date hereof, issued by or
contracted  for  by  the  Company  in  respect of all business classified by the
Company  as Multi-Peril Crop Insurance (MPCI) business, as defined and reinsured
by  the  FCIC  and  issued  by the Company, IGF Insurance Company or Continental
Casualty  Company.  This Contract shall also indemnify the Company, as set forth
in  Part  II  of Article 6, in respect of the indemnification obligations to the
Company of IGF Insurance Company and IGF Holdings, Inc. under Article IX of that
certain  Asset  Purchase  Agreement  dated  as  of May 23, 2001 ("APA"), but the
Reinsurer  shall  not  be  liable  for more than $36,400,000 minus the aggregate
amounts  paid  to the Company pursuant to Article IX of the APA by IGF Insurance
Company or IGF Holdings, Inc. in the aggregate under this sentence and such Part
II; provided, however, that such aggregate dollar limitation on such liabilities
shall  not  apply  with respect to an indemnification obligation arising from or
related  to  actual fraud committed by IGF Insurance Company, IGF Holdings, Inc.
or  the  Reinsurer.
                                    ARTICLE 4
TERRITORY
This Contract shall apply only to risks located in the United States of America.
                                    ARTICLE 5
EXCLUSIONS
This  Contract  shall  not  apply  to  and  specifically  excludes:
1.     Any  loss  or  damage  which is occasioned by war, invasion, hostilities,
acts of foreign enemies, civil war, rebellion, insurrection, military or usurped
power,  or  martial  law  or  confiscation  by order of any government or public
authority,  but  not  excluding  loss  or  damage which would be covered under a
standard  policy  form  containing  a  standard  war  exclusion  clause.
2.     All  liability  of the Company excluded by the following clauses attached
hereto:
(a)     Nuclear  Incident  Exclusion  Clause  -  Physical Damage - Reinsurance -
U.S.A.
(b)     Nuclear  Incident  Exclusion  Clause  -  Physical Damage - Reinsurance -
Canada.
3.     Risks  not  reinsured  by  FCIC.
4.     This  Contract excludes 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,  howsoever 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.
5.     Loss  adjustment  expense.  For  the  purposes of this Contract, the term
"loss  adjustment  expense"  shall mean all loss adjustment expenses incurred by
the  Company,  as  defined  by  the  FCIC.

                                    ARTICLE 6
REINSURING
Part  I:          The Reinsurer shall be liable for 100% of the subject ultimate
-------
net  loss  in  excess  of:
1.     140%,  but  not  greater than 150%, of the Company's subject net retained
premium  income  for  each  crop  year.
2.     The  liability  of  the  Reinsurer  for  the term of the treaty shall not
exceed  $40,000,000  in all without the payment of additional premium equal to a
rate  of  5%  of  subject  net  retained  premium income for each year unearned.
Part  II:          In  addition,  the  Reinsurer  shall be jointly and severally
--------
liable  to  the Company, to the same extent and on the same terms and conditions
----
that  IGF  Insurance  Company  and  IGF  Holdings,  Inc.  shall be liable to the
Company,  against  all damages, losses, liabilities, costs and expenses of every
kind  whatsoever incurred or suffered by the Company that result from, relate to
or  arise  out  of  those  matters  specified  by  Article  IX  of  the  APA.
Notwithstanding  any  other  provision  of this Contract, however, the Reinsurer
shall  not be liable to the Company under this Part II in excess of an aggregate
of  $36,400,000  minus  the  aggregate  amounts  paid to the Company pursuant to
Article  IX  of  the  APA  by IGF Insurance Company or IGF Holdings, Inc. in the
aggregate  under  Article  3  and  this  Part  II;  provided, however, that such
aggregate  dollar limitation on such liabilities shall not apply with respect to
an  indemnification obligation arising from or related to actual fraud committed
by  IGF  Insurance  Company,  IGF  Holdings,  Inc.  or  the  Reinsurer.

                                    ARTICLE 7
EXTRA  CONTRACTUAL  OBLIGATIONS
This  Contract shall not protect the Company within the limits hereof, where the
ultimate  net  loss includes any extra contractual obligations.  The term "extra
contractual  obligations"  is defined as those liabilities not covered under any
other  provision of this Contract and which arise from the handling of any claim
on  business  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 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.
The  date  on  which any extra contractual obligation is incurred by the Company
shall  be  deemed, in all circumstances, to be the date of the original disaster
and/or  casualty.
                                    ARTICLE 8
EXCESS  OF  ORIGINAL  POLICY  LIMITS
This  Contract  shall  not  protect  the  Company,  within the limits hereof, in
connection with ultimate net loss in excess of the limit of its 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.
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 9
DEFINITIONS
A.     The  term  "ultimate  net  loss"  as used in this Contract shall mean the
ratio of the net retained premium income into the net retained loss.  An example
of  the  calculation is as follows:  net retained premium income equals $100 and
the  net  retained loss equals $150 resulting in the calculation of $150 divided
by  $100  which  equals  150%.
B.     The  term "subject ultimate net loss" as used in this Contract shall mean
the  subject  net  retained  premium  on  business the subject of this Contract,
classified  by  the  Company  as  MPCI.
C.     The  term  "net  retained  premium income" as used in this Contract shall
mean  gross  premium  income  on  Covered  Business, less cessions to the FCIC's
Assigned  Risk,  Developmental  and  Commercial  Funds.
D.     The  term  "subject net retained premium income" as used in this Contract
shall  mean  the  net  retained  premium on Covered Business the subject of this
Contract,  classified  by  the  Company  as  MPCI.
E.     The  term  "net  retained  loss"  as used in this Contract shall mean the
gross losses less all cessions to the FCIC's Assigned Risk and Developmental and
Commercial  Funds.
                                   ARTICLE 10
NOTICE  OF  LOSS  AND  SETTLEMENTS
The  Company  shall  give  notice  to  the  Reinsurer,  as  soon  as  reasonably
practicable  in  the  event  ultimate net losses are likely to result in a claim
being made upon the Reinsurer, based upon a reasonable estimate of the Company's
subject  net  retained  premium income, and the Company shall keep the Reinsurer
advised  of  all  subsequent  developments.
The  Reinsurer  agrees  to  abide  by  the loss settlements of the Company, such
settlements  to  be construed as satisfactory proof of loss.  Amounts falling to
the  share  of  the Reinsurer shall be immediately payable to the Company by the
Reinsurer  upon  reasonable  evidence  of  the  amount paid or to be paid by the
Company  being  presented  to  the  Reinsurer.
Should  the  ultimate  net  loss  of  the Company exceed the Company's estimated
retention  prior to the time that the subject net retained premium income of the
Company  is  known,  the  Reinsurer shall make provisional settlement based on a
reasonable estimate of the subject net retained premium income.  Any provisional
settlement  shall  be  adjusted  when the Company 's actual subject net retained
premium  income  is  known.
In  addition,  the  Company  shall  provide information regarding potential loss
developments  on  July  15, August 30 and October 15 of each year, or as soon as
information  is  available.
INTEREST  EXPENSE
From  the  date  following  10 days after demand by the Company for payments due
under  this  clause, the amount outstanding shall bear interest at the rate of 1
%  per  month  or  part  thereof  until  paid.
Should  Company withhold money due Reinsurer that is in excess of an actual paid
loss,  or  should  the  Reinsurer pay to the Company any amount greater than the
actual  paid  loss, or should Company withhold any amount pursuant to Part II of
Article 6, the amount in excess of such actual paid losses, or in excess of sums
properly  due  under  Part II of Article 6, shall be repaid or paid to Reinsurer
including interest thereon at the rate of 1 % per month or part thereof from the
date  such  excess  amount  was  paid  or  withheld until full payment hereunder
including  interest.
                                   ARTICLE 11
PREMIUM
A.     The  Company  will  pay  the  Reinsurer  a minimum and deposit premium of
$6,000,000  at  the  signing  of this treaty for the crop year 2001 and 2002 and
shall  pay a minimum deposit premium of $3,000,000 on January 1, 2003, a minimum
deposit  of $3,000,000 on January 1, 2004 and a minimum deposit of $3,000,000 on
January  1,  2005.
B.     Within  30  days following the end of the calendar year the Company shall
provide  any  other information which the Reinsurer may require to prepare their
Annual  Statement  which  is  reasonably  available  to  the  Company.
                                   ARTICLE 12
NET  RETAINED  LINES
This  Contract  applies  only  to  that  portion of any policy which the Company
retains  net  for  its  own  account  (prior  to  deduction  of  any  underlying
reinsurance  specifically  permitted  in  this Contract), and in calculating the
amount  of  any  loss  hereunder  and also in computing the amount or amounts in
excess  of  which this Contract attaches, only loss or losses in respect of that
portion of any policy which the Company retains net for its own account shall be
included.
The  amount  of  the  Reinsurer'  liability  hereunder in respect of any loss or
losses  shall  not  be  increased  by  reason of the inability of the Company to
collect  from  any  other reinsurer(s), whether specific or general, any amounts
which  may have become due from such reinsurer(s), whether such inability arises
from  the  insolvency  of  such  other  reinsurer(s)  or  otherwise.
                                   ARTICLE 13
OFFSET
The  Company  and  the  Reinsurer  shall have the right to offset any balance or
amounts  due  from  one  party  to  the other.  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 14
ACCESS  TO  RECORDS
The  Reinsurer  or  its  designated  representatives  shall  have  access at any
reasonable  time  to all records of the Company which pertain in any way to this
reinsurance.
                                   ARTICLE 15
ERRORS  AND  OMISSIONS
Any  inadvertent  error,  omission  or  delay  in  complying  with the terms and
conditions  of  this  Contract  shall not be held to relieve either party hereto
from any liability which would attach to it hereunder if such error, omission or
delay  had  not  been  made, provided such error, omission or delay is rectified
immediately  upon  discovery.
                                   ARTICLE 16
CURRENCY
Whenever the word "Dollars" or the "$" sign appears in this Contract, they shall
be  construed  to  mean  United  States  Dollars and all transactions under this
Contract  shall  be  in  United  States  Dollars.
Amounts paid or received by the Company in any other currency shall be converted
to United States Dollars at the rate of exchange at the date such transaction is
entered  on  the  books  of  the  Company.
                                   [RESERVED]
                                   ARTICLE 17
SERVICE  OF  SUIT
It is agreed that in the event of the failure of the Reinsurer to pay any amount
claimed  to  be  due  under  this Contract, the Reinsurer, at the request of the
Company,  shall  submit  to  the  jurisdiction of any court of the State of Iowa
which  shall  be  the  exclusive  forum  for  any  proceeding arising under this
Reinsurance  Contract, including, but not limited to, its negotiation, execution
or  performance,  and  all  matters  arising  hereunder  shall  be determined in
accordance  with  the  law  and  practice  of  such  court.
Service  of process upon Granite Reinsurance Company Limited in such suit may be
made at any office of Symons International Group, Inc. or any of its affiliates,
or  upon  any  officer or director of Granite Reinsurance Company wherever found
(hereinafter "agent for service of process"), and in any suit instituted against
any  Reinsurer(s)  upon this Contract, the Reinsurer(s) shall 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(s)  in  any  such suit and/or upon the request of the
Company  to give a written undertaking to the Company that the agent for service
of process shall enter a general appearance on behalf of the Reinsurer(s) in the
event  such  a  suit  shall  be  instituted.
Further,  pursuant  to  any  statute  of any state, territory or district of the
United States of America which makes provision therefor, the Reinsurer(s) hereby
designate  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 Contract and
hereby  designate  the agent for service of process as the firm to whom the said
officer  is  authorized  to  mail  such  process  or  a  true  copy  thereof.
The  provisions of this Article shall survive any termination of this Agreement.
                                   ARTICLE 18
INSOLVENCY
(All  references  to the insolvency of the Company herein are also applicable to
the  insolvency  of each and every insurance carrier collectively referred to as
the  "Company.")
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  Reinsurer  of  the  pendency  of  a  claim  against the Company
indicating  the  policy  or bond reinsured, which claim 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
expense  thus  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 solely as a result of the defense undertaken by
the  Reinsurer.
Where  two  or  more reinsurers are involved in the same claim and a majority in
interest  elect  to  interpose  defense  to  such  claim,  the  expense shall be
apportioned  in  accordance with the terms of the reinsurance Contract as though
such  expense  had  been  incurred  by  the  Company.
As to all reinsurance made, ceded, renewed or otherwise becoming effective under
this  Contract,  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 Contract specifically
provides  another  payee  in  the event of the insolvency of the Company, or (2)
where  the  Reinsurer,  with the consent of the direct insured or insureds, have
assumed  such  policy  obligations  of  the Company as direct obligations of the
Reinsurer  to  the  payees  under  such  policies  and  in  substitution for the
obligations  of  the  Company to such 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 pay any loss directly to payees
under  such  policy.
                                   ARTICLE 19
REGULATORY  COMPLIANCE  AND  APPROVALS
The  parties  agree  to  comply  with  all  laws,  regulations  or directions of
appropriate  state  insurance departments with regard to (a) any notification to
policyholders  under  the  Reinsured Contracts (including without limitation all
content,  description,  timing  or  other  requirements),  (b)  this Reinsurance
Contract  Agreement  and (c) all service requirements to policyholders under the
Reinsured  Contracts.
The  parties agree that where formal approval is required by any state insurance
regulatory  agency,  this  Reinsurance Contract shall not be effective as to any
and  all  Reinsured  Contracts  in  effect  in such state until such approval is
obtained.
The  Reinsurer  has  provided  its  Statutory Financial Statements and actuarial
opinion  for  the  year ended December 31, 2000 to the Company and the Reinsurer
will  provide  the Company with copies of its Statutory Financial Statements and
actuarial opinion for each subsequent calendar year by April 30 of the following
year.

                         GRANITE  REINSURANCE  COMPANY

                         By:_______________________________________

                         Its:_______________________________________

ACCEPTANCE  INSURANCE  COMPANIES  INC.

                         By:_______________________________________

                         Its:_______________________________________

NUCLEAR  INCIDENT  EXCLUSION  CLAUSE  -  PHYSICAL  DAMAGE - REINSURANCE - U.S.A.
1.     This  Reinsurance  does  not  cover any loss or liability accruing to the
Reassured, directly or indirectly, and whether as Insurer or Reinsurer, from any
Pool  of  Insurers  or  Reinsurer  formed  for the purpose of covering Atomic or
Nuclear  Energy  risks.
2.     Without  in  any  way  restricting the operation of paragraph (1) of this
clause,  this  Reinsurance  does not cover any loss or liability accruing to the
Reassured,  directly or indirectly and whether as Insurer or Reinsurer, from any
insurance  against  Physical  Damage  (including  business  interruption  or
consequential  loss  arising  out  of  such  Physical  Damage)  to:
I.     Nuclear  reactor  power  plants  including  all auxiliary property on the
site,  or
II.     Any  other nuclear reactor installation, including laboratories handling
radioactive  materials  in  connection with reactor installations, and "critical
facilities"  as  such,  or
III.     Installations  for fabricating complete fuel elements or for processing
substantial  quantities  of  "special  nuclear  material", and for reprocessing,
salvaging,  chemically  separating, storing or disposing of "spent" nuclear fuel
or  waste  materials,  or
IV.     Installations  other  than those listed in paragraph (2) III above using
substantial  quantities  of  radioactive  isotopes  or other products of nuclear
fission.
3.     Without  in  any way restricting the operations of paragraphs (1) and (2)
hereof,  this  Reinsurance  does  not cover any loss or liability by radioactive
contamination  accruing to the Reassured, directly or indirectly, and whether as
Insurer  or  Reinsurer, from any insurance on property which is on the same site
as  a  nuclear  reactor  power  plant  or  other  nuclear installation and which
normally  would  be  insured  therewith except that this paragraph (3) shall not
operate
(a)     where  Reassured  does  not have knowledge of such nuclear reactor power
plant  or  nuclear  installation,  or
(b)     where  said insurance contains a provision excluding coverage for damage
to  property  caused  by  or  resulting  from radioactive contamination, however
caused.  However on and after 1st January 1960 this sub-paragraph (b) shall only
apply  provided  the said radioactive contamination exclusion provision has been
approved  by  the  Governmental  Authority  having  jurisdiction  thereof.
4.     Without  in any way restricting the operations of paragraphs (1), (2) and
(3) hereof, this Reinsurance does not cover any loss or liability by radioactive
contamination  accruing to the Reassured, directly or indirectly, and whether as
Insurer  or  Reinsurer,  when  such  radioactive contamination is a named hazard
specifically  insured  against.
5.     It  is  understood  and agreed that this clause shall not extend to risks
using  radioactive  isotopes  in  any  form  where  the  nuclear exposure is not
considered  by  the  Reassured  to  be  the  primary  hazard.
6.     The  term  "special  nuclear material" shall have the meaning given it in
the  Atomic  Energy  Act  of  1954  or  by  any  law  amendatory  thereof.
7.     Reassured  to  be  sole  judge  of  what  constitutes:
(a)     substantial  quantities,  and
(b)     the  extent  of  installation,  plant  or  site.
Note:  Without  in any way restricting the operation of paragraph (1) hereof, it
is  understood  and  agreed  that
(a)     all  policies  issued  by  the Reassured on or before 31st December 1957
shall  be free from the application of the other provisions of this Clause until
expiry  date  or  31st  December  1960  whichever first occurs whereupon all the
provisions  of  this  Clause  shall  apply.
(b)     with  respect  to  any  risk  located  in  Canada policies issued by the
Reassured  on or before 31st December 1958 shall be free from the application of
the  other  provisions  of  this  Clause until expiry date or 31st December 1960
whichever  first occurs whereupon all the provisions of this Clause shall apply.
12/12/57
NMA  1119
NOTES:     Wherever  used  herein  the  terms:
"Reassured"     shall be understood to mean "Company", "Reinsured ", "Reassured"
or whatever other term is used in the attached reinsurance document to designate
the  reinsured  company  or  companies.
"Agreement"     shall be understood to mean "Agreement", "Contract", "Policy" or
whatever  other  term  is  used  to designate the attached reinsurance document.
"Reinsurer"  shall be understood to mean "Reinsurer", "Underwriters" or whatever
other  term  is  used  in  the  attached  reinsurance  document to designate the
reinsurer  or  reinsurers.

<PAGE>

NUCLEAR  INCIDENT  EXCLUSION  CLAUSE  -  PHYSICAL  DAMAGE - REINSURANCE - CANADA
1.     This  Agreement  does  not  cover  any  loss or liability accruing to the
Reinsured  directly or indirectly, and whether as Insurer or Reinsurer, from any
Pool  of  Insurers  or  Reinsurer  formed  for the purpose of covering Atomic or
Nuclear  Energy  risks.
2.     Without  in  any  way  restricting  the  operation of paragraph 1 of this
clause,  this  Agreement  does  not  cover any loss or liability accruing to the
Reinsured, directly or indirectly, and whether as Insurer or Reinsurer, from any
insurance  against  Physical  Damage  (including  business  interruption  or
consequential  loss  arising  out  of  such  Physical  Damage)  to:
(1)     Nuclear  reactor  power  plants  including all auxiliary property on the
site,  or
(2)     Any  other nuclear reactor installation, including laboratories handling
radioactive  materials  in  connection  with reactor installations, and critical
facilities  as  such,  or
(3)     Installations  for  fabricating complete fuel elements or for processing
substantial  quantities  of  radioactive  materials,  and  for  reprocessing,
salvaging,  chemically separating, storing or disposing of spent nuclear fuel or
waste  materials,  or
(4)     Installations  other  than  those  listed in (3) above using substantial
quantities  of  radioactive  isotopes  or  other  products  of  nuclear fission.
3.     Without  in  any  way  restricting the operation of paragraphs 1 and 2 of
this  clause, this Agreement does not cover any loss or liability by radioactive
contamination  accruing to the Reinsured, directly or indirectly, and whether as
Insurer  or  Reinsurer, from any insurance on property which is on the same site
as  a  nuclear  reactor  power  plant  or  other  nuclear installation and which
normally  would  be  insured  therewith,  except that this paragraph 3 shall not
operate:
(a)     where  the  Reinsured  does  not  have knowledge of such nuclear reactor
power  plant  or  nuclear  installation,  or
(b)     where  the  said  insurance  contains a provision excluding coverage for
damage  to  property  caused  by  or  resulting  from radioactive contamination,
however  caused.
4.     Without  in any way restricting the operation of paragraphs 1, 2 and 3 of
this  clause, this Agreement does not cover any loss or liability by radioactive
contamination  accruing to the Reinsured, directly or indirectly, and whether as
Insurer  or  Reinsurer,  when  such  radioactive contamination is a named hazard
specifically  insured  against.
5.     This  clause  shall not extend to risks using radioactive isotopes in any
form  where  the  nuclear  exposure is not considered by the Reinsured to be the
primary  hazard.
6.     The  term  "radioactive  material"  means  uranium,  thorium,  plutonium,
neptunium,  their  respective derivatives and compounds, radioactive isotopes of
other  elements  and any other substances which may be designated by or pursuant
to  any  law,  act  or  statute,  or  law amendatory thereof as being prescribed
substances  capable  of  releasing  atomic energy, or as being requisite for the
production,  use  or  application  of  atomic  energy.
7.     Reinsured  to  be  sole  judge  of  what  constitutes:
(a)     substantial  quantities,  and
(b)     the  extent  of  installation,  plant  or  site.
8.     Without  in any way restricting the operation of paragraphs 1, 2, 3 and 4
of  this clause, this Agreement does not cover any loss or liability accruing to
the  Reinsured,  directly  or  indirectly,  and  whether as Insurer or Reinsurer
caused:
(a)     by  any  nuclear  incident  as  defined  in  or  pursuant to the Nuclear
Liability  Act  or  any  other nuclear liability act, law or statute, or any law
amendatory thereof or nuclear explosion, except for ensuing loss or damage which
results  directly  from  fire,  lightning  or  explosion  of  natural,  coal  or
manufactured  gas;
by  contamination  by  radioactive  material.
NOTE:  Without  in any way restricting the operation of paragraphs 1, 2, 3 and 4
of  this  clause,  paragraph  8  of this clause shall only apply to all original
contracts  of  the  Reinsured  whether  new, renewal or replacement which become
effective  on  or  after  December  31,  1992.
NMA  1980a  (01.04.96)
Form  approved  by  Lloyd's  Underwriters'  Non-Marine  Association  Limited.
NOTES:     Wherever  used  herein  the  terms:
"Reassured"     shall be understood to mean "Company", "Reinsured ", "Reassured"
or whatever other term is used in the attached reinsurance document to designate
the  reinsured  company  or  companies.
"Contract"     shall  be understood to mean "Agreement", "Contract", "Policy" or
whatever  other  term  is  used  to designate the attached reinsurance document.
"Reinsurer"  shall be understood to mean "Reinsurer", "Underwriters" or whatever
other  term  is  used  in  the  attached  reinsurance  document to designate the
reinsurer  or  reinsurers.

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