Document:

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                                                                   EXHIBIT 10.45

                          STOCK SUBSCRIPTION AGREEMENT

         This Stock Subscription Agreement ("Agreement") is made by and between
Spectrum Managed Care of California, Inc., a Delaware corporation ("Spectrum-CA"
or "Issuer") and Anchor Pacific Underwriters, Inc., a Delaware corporation
("APU" or "Issuee") and made effective as of January 12, 2001 (the "Effective
Date") with respect to the below Recitals:

                                    RECITALS
                                    --------

         WHEREAS, pursuant to that certain Asset Purchase Agreement dated
December 28, 2000 attached hereto as Exhibit A (the "Noveon Purchase
Agreement"), APU purchased certain assets and business of and assumed certain
enumerated liabilities of Novaeon, Inc., debtor-in-possession in the Bankruptcy
Case In re Novaeon, Inc., Debtor, Case Number 00-18821-BIF in the United States
     ---------------------------
Bankruptcy Court for the Eastern District of Pennsylvania (such assets and
business to be collectively referred to as the "Novaeon Assets"); and

         WHEREAS, in connection with the purchase of the Novaeon Assets, APU
made a $1,500,000 down payment to Novaeon, Inc., and executed and delivered that
certain Adjustable Contingent Promissory Note in the principal amount of
$3,500,000 (the "Novaeon Note"), a copy of which is attached hereto as Exhibit
B; and

         WHEREAS, in order to finance the acquisition of the Novaeon Assets, APU
entered into a loan agreement with Legion Insurance Company and executed and
delivered its promissory note in the amount of $2,000,000 (the "Legion Note");
and

         WHEREAS, APU applied $1,500,000 of the Legion Note proceeds toward the
required down payment under the Novaeon Purchase Agreement; and

         WHEREAS, Spectrum-CA is a Delaware corporation incorporated on January
11, 2001 for the purpose of operating the Novaeon Assets and engaging in a
national managed care business; and

         WHEREAS, APU desires to capitalize Spectrum-CA by contributing the
Novaeon Assets and the $500,000 balance of the Legion Note proceeds (hereinafter
to be considered a part of the Novaeon Assets) to Spectrum-CA in exchange for
Spectrum-CA's assumption of APU's liabilities under the Novaeon Purchase
Agreement and the Novaeon Note and the issuance to APU of 100% of Spectrum-CA's
authorized and issued common stock.

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     NOW, THEREFORE, in consideration of the mutual covenants contained in this
Agreement, APU and Spectrum-CA hereby agree as follows:

     1.   Contribution and Conveyance of Novaeon Assets. In exchange for the
          ---------------------------------------------
consideration set forth herein, APU hereby sells, conveys, and transfers to
Spectrum-CA all its right, title and interests in the Novaeon Assets as
evidenced by the Novaeon Purchase Agreement and including the balance of the
Legion Note proceeds in the amount of $500,000, subject to existing liens,
claims and security interests of third-parties, and Spectrum-CA hereby accepts
the transfer and delivery of such, subject to the terms and conditions of this
Agreement.

     2.   Consideration for Novaeon Assets. As consideration for the transfer
          --------------------------------
and conveyance of the Novaeon Assets by APU, Spectrum-CA hereby agrees, as of
the Effective Date, to:

     (a) Issue APU 1,000 shares of its Common Stock having a par value of $0.01
         per share and constituting 100% of its authorized and issued capital
         stock (the "Purchased Shares"); and

     (b) Assume and perform all APU's obligations and indemnify APU against all
         losses and claims arising under the terms of the Novaeon Purchase
         Agreement and the Novaeon Note (the "Assumed Liabilities").

     3.   Investment Intent. APU hereby represents and warrants to Spectrum-CA
          -----------------
it is an "accredited investor" as defined in Regulation D under the Securities
Act of 1933, and is acquiring the Purchased Shares solely for its own account
for the purpose of investment and not with a view to or for sale in connection
with any distribution thereof, and has no present intention or plan to effect
any distribution of the Purchased Shares. APU acknowledges the Purchased Shares
may bear a legend to the following effect:

     "The securities represented by this certificate have not been registered
     under the Securities Act of 1993, as amended, the laws of the State of
     Delaware or elsewhere and may not be sold or transferred except in
     compliance with the Act and such laws."

     4.   Miscellaneous.
          --------------

     4.1  Waiver. No term or provision hereof will be deemed waived, and no
          ------
variation of terms or provisions hereof shall be deemed consented to, unless
such waiver or consent shall be in writing and signed by the party against whom
such waiver or consent is sought to be enforced. Any delay, waiver, or omission
by any party to exercise any right or power arising from any breach or default
of the other party in any of the terms, provisions, or covenants of this
Agreement shall not be construed to be a waiver by such provider of any
subsequent breach or default of the same or other terms, provisions, or
covenants on the part of the other party.

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     4.2  Governing Law. This Agreement and all rights and obligations hereunder
          -------------
shall be governed by and construed in accordance with the laws of the State of
Delaware except where USA federal law is applicable.

     4.3  Headings Not Controlling. Headings used in this Agreement are for
          ------------------------
reference purposes only and shall not be deemed a part of this Agreement.

      IN WITNESS WHEREOF, the parties have executed this Agreement by their duly
authorized officers effective as of January 12, 2001.

                                               SPECTRUM MANAGED CARE OF
                                               CALIFORNIA, INC.

                                               By:

                                               Title:

                                               ANCHOR PACIFIC UNDERWRITERS, INC.

                                               By:

                                               Title:

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                                    EXHIBIT A

                           NOVAEON PURCHASE AGREEMENT

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                                    EXHIBIT B

                                  NOVAEON NOTE

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                                       6<PAGE>
                                                                   EXHIBIT 10.46

TODD ROTHBARD #67351
ATTORNEY AT LAW
4261 Norwalk Drive #107
San Jose, California 95129
Tel.: (408) 244-4200

Attorney for the Plaintiff

                          SUPERIOR COURT OF CALIFORNIA

                  COUNTY OF CONTRA COSTA, STATE OF CALIFORNIA

SUTTER SQUARE ASSOCIATES, LLC, a             )
Delaware limited liability company,          )
                        Plaintiff,           )     No. Co1 00652
                                             )
             vs.                             )      STIPULATION
                                             )
ANCHOR PACIFIC UNDERWRITERS, INC., DOES      )
I through V, inclusive,                      )
                             Defendants.     )
---------------------------------------------

     IT IS HEREBY STIPULATED AND AGREED, by and between plaintiff SUTTER SQUARE
ASSOCIATES, LLC, a Delaware limited liability company, and defendant ANCHOR
PACIFIC UNDERWRITERS, INC. that:

     1.   Defendant will immediately release (subject to the provisions of
Paragraph #3 hereof) to plaintiff the premises located at 1800 Sutter Street,
Suites #400 and 500, Concord, Contra Costa County, California (hereinafter "the
subject premises"), so that plaintiff can take steps to relet Suite #400 of the
subject premises (Suite #500 will remain occupied by the current sublessee as
set forth in Paragraph #3 below) and reduce defendant's liability pursuant to
the provisions of California Civil Code section 1951.2. Defendant, as of the
date of execution of this STIPULATION, surrenders any possessory right to the
subject premises and agrees that plaintiff may negotiate forthwith with
prospective lessees and may lease the subject

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premises to new lessees as expeditiously as possible.

         2. Defendant will either leave in place or remove, at plaintiff's
option, and at defendant's expense in the event of removal, any furniture,
partitions, data storage racks, and any remaining systems or items in the
computer room. In the event such items are removed, they shall be removed in the
manner set forth in the lease. Plaintiff will notify defendant of its wishes
with respect to these items as soon as plaintiff ascertains the wishes of
prospective new lessee(s) for the space.

         3. The sublease between defendant and TALBOT AGENCY OF CALIFORNIA, INC.
will, effective March 1, 2001, become a direct lease between plaintiff, as
lessor, and TALBOT AGENCY OF CALIFORNIA, INC., as lessee. Plaintiff and
defendant will cooperate in the execution of any documents necessary to convert
this sublease into a direct lease on the same terms and conditions as set forth
in the present sublease with the exception of the respective identifications of
the parties and such other terms as logically must be altered by virtue of this
being a direct lease rather than a sublease. Defendant will forthwith pay to
plaintiff the $14,968.50 security deposit which defendant is holding relating to
the TALBOT sublease; plaintiff will thereafter be responsible for treating said
deposit in the manner provided by California Civil Code section 1950.7.

         4. The remaining funds in the tenant improvement fund held by the
previous landlord may be used as a credit towards tenant improvements for
prospective new lessees. Defendant will cooperate reasonably in any fashion
necessary for the release of the funds from the party holding them for this
purpose, but shall not be obligated to incur any costs with respect thereto.

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Any such usage of funds will be one of the factors considered in the
determination of damages, if any, arising pursuant to Civil Code section 1951.2.

        5.   Any rental obligation of defendant arising prior to the date of
execution of this  STIPULATION shall be taken into account in computing
defendant's liability, if any, pursuant to the provisions of California Civil
Code section 1951.2. Both parties understand that the extent of defendant's
liability under Civil Code section 1951.2 will only be finally determined upon
the earlier of the date upon which all of the premises have been relet to new
tenants or the date of expiration of defendant's lease term, whichever comes
first. Plaintiff will exercise its best efforts to relet the premises in a
commercially reasonable fashion as expeditiously as possible. If after doing so
(or after defendant's lease term expires) plaintiff asserts that defendant is
obligated to plaintiff for the payment of any sums due pursuant to Civil Code
section 1951.2, plaintiff will present defendant with an accounting indicating
the basis upon which plaintiff claims such sums are due. If the amount due is
disputed, said dispute will be resolved through non-summary litigation wherein a
Court or arbitrator will determine what amount, if any, is due and owing
pursuant to the statutory formula set forth in Civil Code section 1951.2.

        6.   Plaintiff may continue to retain any security deposit being held
pending the determination of what amount is due pursuant to Civil Code
section 1951.2. After that determination is made, the security deposit shall be
accounted for and/or returned as appropriate based upon such determination. The
determination will be made within two weeks of the earlier of

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the date upon which the entirety of the premises have been relet or the
expiration of defendant's original lease term.

     7. Upon execution of this STIPULATION, plaintiff will file a dismissal of
this action, with prejudice. Each party shall bear its own attorney's fees and
costs. The provisions of this STIPULATION shall, however, survive the dismissal
and remain in effect as a contractual agreement between the parties.

     8. This STIPULATION sets forth the entire agreement between the parties
with respect to the matters addressed herein. It shall not be altered nor
modified unless such alteration or modification is in writing and signed by all
signatories hereto.

     9. A fax copy of this STIPULATION, bearing the faxed signatures of all
signatories hereto, may be used for all purposes in lieu of an original. This
STIPULATION may be executed in counterparts, with the sum of the counterparts,
whether executed by fax or otherwise, being the equivalent in legal
contemplation of one fully executed original.

DATED:                                        _________________________________
                                              SUTTER SQUARE ASSOCIATES, LLC
                                              Plaintiff
                                              by:
                                              its:

DATED: 2/28/01                                /s/ Todd Rothbard
                                              ---------------------------------
                                              TODD ROTHBARD
                                              Attorney for Plaintiff

DATED:                                        _________________________________
                                              ANCHOR PACIFIC UNDERWRITERS, INC.
                                              Defendant
                                              by:
                                              its:

                                       4

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the date upon which the entirety of the premises have been relet or the
expiration of defendant's original lease term.

     7. Upon execution of this STIPULATION, plaintiff will file a dismissal of
this action, with prejudice. Each party shall bear its own attorney's fees and
costs. The provisions of this STIPULATION shall, however, survive the dismissal
and remain in effect as a contractual agreement between the parties.

     8. This STIPULATION sets forth the entire agreement between the parties
with respect to the matters addressed herein. It shall not be altered nor
modified unless such alteration or modification is in writing and signed by all
signatories hereto.

     9. A fax copy of this STIPULATION, bearing the faxed signatures of all
signatories hereto, may be used for all purposes in lieu of an original. This
STIPULATION may be executed in counterparts, with the sum of the counterparts,
whether executed by fax or otherwise, being the equivalent in legal
contemplation of one fully executed original.

DATED: February 28, 2001                    /s/ James F. Devenport
                                            ------------------------------------
                                            SUTTER SQUARE ASSOCIATES, LLC
                                            Plaintiff
                                            by: James F. Devenport
                                            its: COO/CFO

DATED:                                      ____________________________________
                                            TODD ROTHHARD
                                            Attorney for Plaintiff

DATED:                                      ____________________________________
                                            ANCHOR PACIFIC UNDERWRITERS, INC.
                                            Defendant
                                            by:
                                            its:

                                       4

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the date upon which the entirety of the premises have been relet or the
expiration of defendant's original lease term.

     7. Upon execution of this STIPULATION, plaintiff will file a dismissal of
this action, with prejudice. Each party shall bear its own attorney's fees and
costs. The provisions of this STIPULATION shall, however, survive the dismissal
and remain in effect as a contractual agreement between the parties.

     8. This STIPULATION sets forth the entire agreement between the parties
with respect to the matters addressed herein. It shall not be altered nor
modified unless such alteration or modification is in writing and signed by all
signatories hereto.

     9. A fax copy of this STIPULATION, bearing the faxed signatures of all
signatories hereto, may be used for all purposes in lieu of an original. This
STIPULATION may be executed in counterparts, with the sum of the counterparts,
whether executed by fax or otherwise, being the equivalent in legal
contemplation of one fully executed original.

DATED:                                    ______________________________________
                                          SUTTER SQUARE ASSOCIATED, LLC
                                          Plaintiff
                                          by:
                                          its:

DATED:                                    ______________________________________
                                          TODD ROTHHARD
                                          Attorney for Plaintiff

DATED: 2/28/01                            /s/ Kevin P. Jasper
                                          --------------------------------------
                                          ANCHOR PACIFIC UNDERWRITERS, INC.
                                          Dependent
                                          by: Kevin P. Jasper
                                          its: Executive Vice President

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