Document:

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                                                                    EXHIBIT 10.5
                              ASSIGNMENT AGREEMENT

                                                         Date: July 3, 2002

To:      COMERICA BANK, in its capacity as Agent ("Agent")

Re:      Credit Agreement dated as of August 3, 1999 (as amended or otherwise
         modified from time to time, the "Credit Agreement") by and among the
         lenders from time to time parties thereto (collectively, the "Banks"),
         Comerica Bank, as Agent for the Banks (the "Agent"), and Meadowbrook
         Insurance Group, Inc.
         (the "Company")

Ladies and Gentlemen:

         Reference is made to Sections 13.8 (c) and (d) of the Credit Agreement.
Unless otherwise defined herein or the context otherwise requires, all initially
capitalized terms used herein without definition shall have the meanings
specified in the Credit Agreement.

         This Agreement constitutes notice to each of you of the proposed
assignment and delegation by Bank One, a Michigan banking corporation (the
"Assignor") to Comerica Bank, a Michigan banking corporation (the "Assignee"),
and the Assignor hereby sells and assigns to the Assignee, and the Assignee
hereby purchases and assumes from the Assignor, as of the Effective Date (as
defined below), a one hundred percent (100%) undivided interest in each of
Assignor's rights and obligations under the Credit Agreement, its Notes
(including any participations in any outstanding Letters of Credit) and the
other Loan Documents such that, after giving effect to the foregoing assignment
and assumption, (i) the Assignor's interest in the Revolving Credit shall equal
Zero Dollars ($0) and the Assignor's Percentage shall equal zero percent (0%),
and (ii) Assignor shall not be a Bank under, or a signatory to, the Credit
Agreement.

         The Assignor hereby instructs the Agent to make all payments from and
including the Effective Date hereof in respect of the interest assigned hereby,
directly to the Assignee. The Assignor and the Assignee agree that all interest
and fees accrued up to, but not including, the Effective Date of the assignment
and delegation being made hereby are the property of the Assignor, and not the
Assignee. The Assignee agrees that, upon receipt of any such interest or fees
accrued up to the Effective Date, or any other payments in respect of the
interest assigned hereby applicable to the period prior to the Effective Date,
the Assignee will promptly remit the same to the Assignor in the same funds
received by the Assignee.

         The Assignor and the Assignee agree that all interest and fees accruing
from and after the Effective Date of the assignment and delegation being made
hereby are the property of the Assignee, and not the Assignor. The Assignor
agrees that, upon receipt of any such interest or fees accruing from and after
the Effective Date or any other payments in respect of the interest assigned
hereby applicable to the period from and after the Effective Date, the Assignor
will promptly remit the same to the Assignee in the same funds received by the
Assignor.

         The Assignee hereby confirms that it has received a copy of the Credit
Agreement and the exhibits and schedules referred to therein, and all other Loan
Documents which it considers necessary, together with copies of the other
documents which were required to be delivered

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under the Credit Agreement as a condition to the making of the loans thereunder.
The Assignee acknowledges and agrees that it: (a) has made and will continue to
make such inquiries and has taken and will take such care on its own behalf as
would have been the case had its Commitment been granted and its loans been made
directly by such Assignee to the Company without the intervention of the Agent,
the Assignor or any other Bank; and (b) has made and will continue to make,
independently and without reliance upon the Agent, the Assignor or any other
Bank, and based on such documents and information as it has deemed appropriate,
its own credit analysis and decisions relating to the Credit Agreement. The
Assignee further acknowledges and agrees that neither the Agent, nor the
Assignor has made any representations or warranties about the creditworthiness
of the Company or any other party to the Credit Agreement or any other of the
Loan Documents, or with respect to the legality, validity, sufficiency or
enforceability of the Credit Agreement, or any other of the Loan Documents. This
assignment shall be made without recourse to or warranty by the Assignor, except
as set forth herein.

         Assignee represents and warrants that it is a Person to which
assignments are permitted pursuant to Sections 13.8(c) and (d) of the Credit
Agreement.

         Assignor represents and warrants, as of the Effective Date, that it is
the legal and beneficial owner of the interest being assigned and delegated by
it hereunder and that such interest is free and clear of any pledge, encumbrance
or other adverse claim or interest created by Assignor.

         Except as otherwise provided in the Credit Agreement, effective as of
the Effective Date:

         (a)      the Assignee: (i) shall be deemed automatically to have become
                  a party to the Credit Agreement and the other Loan Documents,
                  to have assumed all of the Assignor's obligations thereunder
                  to the extent of the Assignee's percentage referred to in the
                  second paragraph of this Assignment Agreement, and to have all
                  the rights and obligations of a party to the Credit Agreement
                  and the other Loan Documents, as if it were an original
                  signatory thereto to the extent specified in the second
                  paragraph hereof; and (ii) agrees to be bound by the terms and
                  conditions set forth in the Credit Agreement and the other
                  Loan Documents as if it were an original signatory thereto;
                  and

         (b)      the Assignor's obligations under the Credit Agreement and the
                  other Loan Documents shall be reduced, by the Percentage
                  referred to in the second paragraph of this Assignment
                  Agreement, and the Assignor shall not be a Bank under, or a
                  signatory to, the Credit Agreement.

         As used herein, the term "Effective Date" means the date on which all
of the following have occurred or have been completed, as reasonably determined
by the Agent:

         (1)      the delivery to the Agent of an original of this Assignment
                  Agreement executed by the Assignor and the Assignee;

         (2)      the payment to the Agent, of all accrued fees, expenses and
                  other items for which reimbursement is then owing under the
                  Credit Agreement;

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         (3)      all other restrictions and items noted in Sections 138(c) and
                  (d) of the Credit Agreement have been completed;

         (4)      Delivery by the Assignor to the Assignee of the original of
                  each note held by the Assignor under the Credit Agreement.

         On the Effective Date the Assignee shall pay to the Assignor an amount
equal to $10,710,865.59 (the "Payoff Amount"). Assignee, Assignor and Agent each
acknowledge and agree that the Payoff Amount constitutes the total amount
payable to Assignor in connection with Assignee's purchase of all principal,
interest, fees and other amounts of indebtedness owed to Assignor, and upon
receipt of the Payoff Amount the Assignor shall not be a Bank under, or a
signatory to, the Credit Agreement.

         The Agent shall notify the Assignor and the Assignee, along with
Company, of the Effective Date.

         The Assignor has delivered to the Agent (or is delivering to Agent
concurrently herewith), the original of each Note held by the Assignor under the
Credit Agreement.

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         Please evidence your consent to and acceptance of the proposed
assignment and delegation set forth herein by signing and returning counterparts
hereof to the Assignor and the Assignee.

                             BANK ONE, as Assignor

                             By:  Michele L. Quinten
                                --------------------------------------

                             Its: A- Vice President
                                 -------------------------------------

                             COMERICA BANK, as Assignee

                             By:  Jatinder Kalia
                                --------------------------------------

                             Its: Director, Corporate Finance
                                 -------------------------------------

ACCEPTED AND CONSENTED TO
this   2nd   day of July, 2002
     -------
COMERICA BANK, as Agent           MEADOWBROOK INSURANCE GROUP, INC., as Company

By:  Jatinder Kalia               By:  Joseph C. Henry
   -----------------------------     ------------------------------------------

Its: Director, Corporate Finance  Its: Executive Vice President
    ----------------------------      -----------------------------------------<PAGE>

                                                                     EXHIBIT 4.1

                         AMENDMENT TO RIGHTS AGREEMENT

1. GENERAL BACKGROUND. In accordance with Section 27 of the Rights Agreement
   between First Chicago Trust Company of New York (the "Rights Agent") and
   Omega Worldwide Inc. dated April 2, 1998 (the "Agreement"), the Rights Agent
   and Omega Worldwide Inc. desire to amend the Agreement.

2. EFFECTIVENESS. This Amendment shall be effective as of October 2, 2001 (the
   "Amendment") and all defined terms and definitions in the Agreement shall be
   the same in the Amendment except as specifically revised by the Amendment.

3. REVISION. The section in the Agreement entitled "Change of Rights Agent" is
   hereby deleted in its entirety and replaced with the following:

   Change of Rights Agent: The Rights Agent or any successor Rights Agent may
   resign and be discharged from its duties under this Agreement upon 30 days'
   notice in writing mailed to the Company and to each transfer agent of
   the Common Shares or Preferred shares by registered or certified mail, and to
   the holders of the Right Certificates by first-class mail. The Company may
   remove the Rights Agent or any successor Rights Agent, as the case may be,
   and to each transfer agent of the Common Shares or Preferred Shares by
   registered or certified mail, and to the holders of the Right Certificates by
   first-class mail. If the Rights Agent shall resign or be removed or shall
   otherwise become incapable of acting, the Company shall appoint a successor
   to the Rights Agent. If the Company shall fail to make such appointment
   within a period of 30 days after giving notice of such removal or after it
   has been notified in writing of such resignation or incapacity by the
   resigning or incapacitated rights Agent or by the holder of a Right
   Certificate (who shall, with such notice, submit such holder's Right
   Certificate for inspection by the company), then the registered holder of any
   Right Certificate may apply to any court of competent jurisdiction for the
   appointment of a new Rights Agent. Any successor Rights Agent, whether
   appointed by the Company or by such a court, shall be a corporation or
   trust company organized and doing business under the laws of the United
   States, in good standing, which is authorized under such laws to exercise
   corporate trust or stock transfer powers and is subject to supervision or
   examination by federal or state authority and which has individually or
   combined with an affiliate at the time of its appointment as Rights Agent a
   combined capital and surplus of at least $100 million dollars. After
   appointment, the successor Rights Agent shall be vested with the same powers,
   rights, duties and responsibilities as if it had been originally named as
   Rights Agent without further act or deed; but the predecessor Rights Agent
   shall deliver and transfer to the successor Rights Agent any property at the
   time held by it hereunder, and execute and deliver any further assurance,
   conveyance, act or deed

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        necessary for the purpose. Not later than the effective date of any such
        appointment the Company shall file notice thereof in writing with the
        predecessor Rights Agent and each transfer agent of the Common Shares or
        Preferred Shares, and mail a notice thereof in writing to the registered
        holders of the Right Certificates. Failure to give any notice provided
        for in this Section 21, however, or any defect therein, shall not affect
        the legality or validity of the resignation or removal of the Rights
        Agent or the appointment of the successor Rights Agent, as the case may
        be.

4.      Except as amended hereby, the Agreement and all schedules or exhibits
        thereto shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed in their names and on their behalf by and through their duly
authorized officers, as of this 17 day of July, 2002.

OMEGA WORLDWIDE, INC.                   FIRST CHICAGO TRUST COMPANY OF NEW YORK

/s/ RICHARD M. HORST                    /s/ THOMAS GRAYMAN
-------------------------               -----------------------------
By:    Richard M. Horst                 By:    Thomas Grayman
Title: Controller                       Title: Senior Managing Director

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