Document:

EXHIBIT 10.7

                              DATED 24th June 2005

                           FORESTRE (HOLDINGS) LIMITED
                                   as Borrower

                                       and

                           STRATEGY INSURANCE LIMITED
                                    as Lender

                           ---------------------------

                                 LOAN AGREEMENT

                           ---------------------------

                                    CLYDE&CO
                               Ref: AH/DGW/0500093

<PAGE>

THIS AGREEMENT is made on 24th June 2005

BETWEEN:

(1)   FORESTRE (HOLDINGS) LIMITED, a company incorporated in England with
      registered number 4968264 whose registered office is at Beech Trees
      Cottage, Well Lane, Mollington, Chester CHI 6LD (the "Borrower"); and

(2)   STRATEGY INSURANCE LIMITED, a company incorporated in Barbados the
      registered office of which is at Sagicor Corporate Centre, Wildey, St.
      Michael, Barbados, West Indies BB15113 (the "Lender").

IT IS AGREED as follows:

1.    DEFINITIONS AND INTERPRETATION

1.1   In this Agreement the following words and expressions shall, except where
      the context otherwise requires, have the following respective meanings:

      "Advance" means, save as otherwise provided herein, an advance made or to
      be made by the Lender hereunder.

      "Articles" means the Articles of Association of ForestRe (Holdings)
      Limited adopted from time to time.

      "Available Facility" means, at any time and save as otherwise provided
      herein, United States Dollars two hundred thousand (US$200,000) per
      calendar month less the aggregate of any Advances which are then
      outstanding in that calendar month adjusted in the case of any proposed
      drawdown, so as to take into account any Advance which, pursuant to any
      other drawdown, is to be made in that calendar month on or before the
      proposed drawdown date.

      "Availability Period" means the period from 1st February 2005 and ending
      on 31st January 2006 or such later date as the parties may agree.

      "Business Day" means a day (other than a Saturday or Sunday) which is not
      a public holiday and on which banks are open for general business in
      London.

      "Board" means the board of directors of ForestRe (Holdings) Limited as
      constituted from time to time or any committee appointed by such board in
      accordance with the Articles.

      "Contact Office Services Agreement" means the agreement between Strategy
      Insurance Company Limited (1) and ForestRe Limited (2) by which ForestRe
      Limited has agreed to provide certain contact office services to Strategy
      Insurance Company Limited.

      "Documents" means:
<PAGE>

      (a)   this Agreement;

      (b)   any other documents under or pursuant to which the Lender and the
            Borrower agree any provisions for the repayment of all or part of
            the Advances; and

      (c)   any other documents designated as such by the Lender and the
            Borrower at any time.

      "Drawdown Date" means, in relation to an Advance, the date, being a
      Business Day, on which it is drawn down.

      "Drawdown Notice" means, in relation to an Advance, a notice from the
      Borrower substantially in the form set out in the Schedule to this
      Agreement or in such other form as may be agreed by the Borrower and the
      Lender.

      "Facility" means the loan facility provided under this Agreement.

      "Final Availability Date" means 31st January 2006 or such later date as
      the parties may agree.

      "Financial Plan" means any detailed operating plan and financial budget
      for the Company and any of its subsidiaries prepared in accordance with
      the provisions of clause 5 of the Shareholders Agreement.

      "Loan" means, at any time, the aggregate principal amount outstanding of
      all borrowings under this Agreement.

      "Repayment Date" means, in relation to any Advance, the date to be
      determined by the Board having regard to the positive accumulated cash
      balances of the Borrower and the Financial Plan or if later the 31st
      December 2010.

      "Shareholders Agreement" means the agreement of even date entered into by
      the shareholders of the Borrower.

      "Tax" means any tax, levy, impost, duty or other charge or withholding of
      a similar nature (including any penalty or interest payable in connection
      with any failure to pay or any delay in paying any of the same).

1.2   Unless otherwise defined herein or except where the context otherwise
      requires, any reference in this Agreement to:

      (a)   any person shall be construed so as to include its and any
            subsequent successors and permitted assigns and permitted
            transferees in accordance with their respective interests;

      (b)   this Agreement or any other agreement or document shall be construed
            as a reference to this Agreement or, as the case may be, such other
            agreement or document as the same may have been, or may from time to
            time be, amended, varied, novated or supplemented with the consent
            of all parties from whom consent is required pursuant to any
            provisions in the Documents;

                                       2
<PAGE>

      (c)   any "applicable law" includes, without limitation, (a) applicable
            laws, statutes, decrees, decree-laws, acts, codes, legislation,
            treaties, conventions and similar instruments and, in respect of any
            of the foregoing, any instrument passed in substitution therefor or
            for the purposes of consolidation thereof with any other instrument
            or instruments, in each case, as amended, modified, varied or
            supplemented from time to time, (b) applicable final judgments,
            orders, determinations or awards of any court from which there is no
            right of appeal or if there is a right of appeal such appeal is not
            prosecuted within the allowable time, and (c) applicable orders,
            guidelines, notices, guidance, rules and regulations of any
            Governmental Authority which, if not having the force of law,
            compliance with which is customary;

      (d)   a "Clause" shall, subject to any contrary indication, be construed
            as a reference to a clause of this Agreement;

      (e)   "indebtedness" means indebtedness for or in respect of money
            borrowed or any other obligation (whether incurred as principal or
            surety) for the payment or repayment of money, whether present or
            future, actual or contingent;

      (f)   "obligation" means any obligation, duty or liability of any kind;

      (g)   a "person" shall be construed as a reference to any person, firm,
            company, corporation, government, state or agency of a state or any
            association or partnership (whether or not having separate legal
            personality) of two or more of the foregoing;

      (h)   "repay" (or any derivative form thereof) shall, subject to any
            contrary indication, be construed to include "prepay" or (as the
            case may be, the corresponding derivative form thereof);

      (i)   a "Schedule" shall, subject to any contrary indication, be construed
            as a reference to the schedule hereto;

      (j)   a "successor" shall be construed so as to mean a successor in title
            of a party who under the applicable laws of its jurisdiction of
            incorporation or domicile has assumed the rights and obligations of
            such party under this Agreement or to which, under such laws, such
            rights and obligations have been transferred; and

      (k)   "VAT" shall be construed as a reference to value added tax, sales
            tax, goods and services tax or any tax of a similar nature to any of
            the foregoing which replaces the same or is levied in addition
            thereto.

1.3   Clause and Schedule headings are for ease of reference only and shall be
      ignored in the interpretation of this Agreement.

                                       3
<PAGE>

2.    THE FACILITY

2.1   Loan Facility

      The Lender hereby grant to the Borrower, upon the terms and subject to the
      conditions hereof, a loan facility in a maximum aggregate amount of two
      million United States Dollars (US$2,000,000). No interest shall be payable
      by the Borrower to the Lender in respect of the Loan and no interest shall
      accrue thereon.

2.2   Advances

      An Advance will be made by the Lender to the Borrower if.

      (a)   on or before the proposed date for the making of such Advance, the
            Lender has received a completed Drawdown Notice;

      (b)   the proposed date for the making of such Advance is a Business Day
            within the Availability Period;

      (c)   the proposed amount of such Advance is less than or equal to the
            amount of the Available Facility; and

      (d)   on and as of the proposed date for the making of such Advance no
            Event of Default is continuing.

2.3   Drawdown Details

      Each Drawdown Notice delivered to the Lender pursuant to Clause 2.2 shall
      specify:

      (a)   the proposed date for the making of the Advance requested, which
            shall be a Business Day falling before the Final Availability Date;

      (b)   the amount of the Advance requested, which shall be an amount equal
            to or less than the Available Facility; and

      (c)   the account to which the proceeds of the proposed drawdown are to be
            paid.

3.    REPAYMENT

      The Borrower shall repay each Advance on the Repayment Date.

4.    PREPAYMENT

      The Borrower may at any time prepay the whole or any part of an Advance.

                                       4
<PAGE>

5.    CURRENCY OF ACCOUNT

      The United States Dollar is the currency of account and payment for each
      and every sum at any time due from the Borrower hereunder provided that
      each payment in respect of costs and expenses shall be made in the
      currency in which the same were incurred.

6.    TAXES

      All payments to be made by the Borrower under the Documents shall be made
      free and clear of and without deduction for or on account of Tax unless
      the Borrower is required to make such payment subject to deduction or
      withholding of Tax, in which case the sum payable by the Borrower in
      respect of which such deduction or withholding is required to be made
      shall be increased to the extent necessary to ensure that the Lender
      receives (and is able to retain) a net sum equal to the amount it would
      have received had no such deduction or withholding been made or required
      to be made.

7.    REPRESENTATIONS

      The Borrower makes the representations and warranties set out in this
      Clause 7 and acknowledges that the Lender has entered into this Agreement
      in reliance on those representations and warranties.

7.1   Status

      It is a corporation duly organised under the laws of England and Wales.

7.2   Binding Obligations

      The obligations expressed to be assumed by it in this Agreement are legal
      and valid obligations binding on it and enforceable against it in
      accordance with the terms hereof.

7.3   Execution of this Agreement

      Its execution of this Agreement and its exercise of its rights and
      performance of its obligations hereunder do not and will not:

      (a)   conflict with any agreement, mortgage, bond or other instrument or
            treaty to which it is a party or which is binding upon it or any of
            its assets;

      (b)   conflict with its constitutive documents; or

      (c)   conflict with any applicable law.

      It has the power to enter into this Agreement and all corporate and other
      action required to authorise the execution of this Agreement and the
      performance of its obligations hereunder has been duly taken.

                                       5
<PAGE>

7.4   No Winding-up

      It has not taken any corporate action nor have any steps been taken or
      legal proceedings been started or (to the best of its knowledge and
      belief) threatened against it for its winding-up, dissolution,
      administration or re-organisation (whether by voluntary arrangement,
      scheme of arrangement or otherwise) or for the appointment of a receiver,
      administrator, administrative receiver, trustee, examiner or similar
      officer of it or of any or all of its assets or revenues.

7.5   Repetition of Representations

      The representations detailed in this Clause 7 shall be deemed to be
      repeated by the Borrower by reference to the facts and circumstances then
      existing on the first day of each month of the Availability Period.

8.    COVENANTS

8.1   Maintenance of Legal Validity

      The Borrower shall obtain, comply with the terms of and do all that is
      necessary to maintain in full force and effect all authorisations,
      approvals, licences and consents required in or by the laws of its
      jurisdiction of incorporations to enable it lawfully to enter into and
      perform its obligations under this Agreement and to ensure the legality,
      validity, enforceability or admissibility in evidence in its jurisdiction
      of incorporation of this Agreement.

8.2   Notification of Events of Default

      The Borrower shall promptly inform the Lender of the occurrence of any
      Event of Default.

9.    EVENTS OF DEFAULT

      This Clause 9 sets out the circumstances which constitute an Event of
      Default for the purposes of this Agreement.

9.1   Misrepresentation

      Any representation or statement made or deemed to be made or repeated by
      the Borrower in the Documents is or proves to have been incorrect or
      misleading in any material respect when made or deemed to be made.

9.2   Covenants

      The failure by the Borrower duly to perform or comply with any of the
      obligations expressed to be assumed by it pursuant to Clause 8
      (Covenants).

                                       6
<PAGE>

9.3   Insolvency and Rescheduling

      The Borrower is unable to pay its debts as they fall due, commences
      negotiations with any one or more of its creditors with a view to the
      general readjustment or rescheduling of its indebtedness, suspends
      payments of its debts or makes a general assignment for the benefit of or
      a composition with its creditors (other than for the purposes of a solvent
      re-organisation approved by the Lender).

9.4   Winding-up

      The Borrower takes any corporate action or other steps are taken or legal
      proceedings are started by the Borrower for its winding-up, dissolution,
      examinership, administration, bankruptcy or re-organisation (other than a
      solvent re-organisation approved by the Lender).

9.5   Execution or Distress

      Any execution or distress is levied against, or an encumbrancer takes
      possession of the whole or any material part of, the property, undertaking
      or assets of the Borrower and such execution, distress or possession is
      not discharged within thirty (30) days of having been so effected provided
      that any such event shall not constitute an Event of Default if it is
      being contested with due diligence, in good faith and on reasonable
      grounds and adequate reserves have been made against such action and such
      execution, distress or possession is, in any event, discharged within
      sixty (60) days of having been so effected.

9.6   Repudiation

      The Borrower repudiates any of the Documents or does or causes to be done
      any act or thing evidencing an intention to repudiate any of the
      Documents.

9.7   Illegality

      At any time it is or becomes unlawful for the Borrower to perform or
      comply with any of its obligations under the Documents or any of the
      obligations of the Borrower under the Documents are not or cease to be
      legal, valid, binding and enforceable.

9.8   Regulation

      At any time the Borrower ceases to be authorised in the United Kingdom to
      carry some or all of the services set out in Clause 3.1 of the Contact
      Office Services Agreement.

10.   ACCELERATION AND CANCELLATION

      Upon the occurrence of one or more Events of Default as set out in Clause
      9 (Events of Default) at any time thereafter the Lender may by notice to
      the Borrower:

      (a)   declare the Loan to be immediately due and payable; and/or

                                       7
<PAGE>

      (b)   declare that any undrawn portion of the Facility shall be cancelled
            and the Available Facility shall be reduced to zero.

11.   COSTS AND EXPENSES

      The Borrower shall pay all stamp, registration and other taxes in
      connection with the Facility or the Documents (but not, for the avoidance
      of doubt, any document assigning the Lender's rights and benefits).

12.   BENEFIT OF AGREEMENT

12.1  This Agreement shall be binding upon and enure to the benefit of each
      Party and its successors and permitted assigns.

12.2  Neither Party shall be entitled to assign and/or transfer all or any of
      its rights and/or obligations under the Documents without the prior
      written consent of the other Party.

13.   MISCELLANEOUS

13.1  Counterparts

      This Agreement may be executed in any number of counterparts all of which
      taken together shall constitute one and the same instrument.

13.2  Partial Invalidity

      If, at any time, any provision of this Agreement is or becomes illegal,
      invalid or unenforceable in any respect under the law of any jurisdiction,
      neither the legality, validity or enforceability of the remaining
      provisions nor the legality, validity or enforceability of such provision
      under the law of any other jurisdiction shall in any way be affected or
      impaired thereby.

13.3  Third Party Rights

      No term of this Agreement is enforceable under the Contracts (Rights of
      Third Parties) Act 1999 by anyone other than a party to this Agreement.

13.4  Set-Off

      Any repayments made in connection with the Loan shall be paid without
      right of set-off other than those referred to in Clause 3.

14.   GOVERNING LAW AND JURISDICTION

14.1  This Agreement shall be governed by and construed in accordance with the
      laws of England.

14.2  Each Party irrevocably agrees for the benefit of the other Party that the
      courts of England shall have jurisdiction to hear and determine any suit,
      action or proceeding, and to settle any disputes which may arise out of or
      in connection with this Agreement and for such purpose irrevocably submits
      to the jurisdiction of such courts.

                                       8
<PAGE>

AS WITNESS the hands of the duly authorised representatives of the Parties the
day and year first above written.

                                       9
<PAGE>

                                    SCHEDULE

                             FORM OF DRAWDOWN NOTICE

From:    ForestRe (Holdings) Limited
         as Borrower

To:      Strategy Insurance Limited
         as Lender

Date:    [     ]

Loan Agreement dated [     ] June 2005 (the "Loan Agreement") between ForestRe
(Holdings) Limited, as Borrower, and Strategy Insurance Limited, as Lender

1.       We refer to the Loan Agreement. Terms defined in the Loan Agreement
         shall have the same respective meanings when used in this notice.

2.       We hereby give notice in accordance with the provisions of the Loan
         Agreement that we wish an Advance to be made as follows:

(a)      Amount: US$[     ]

(b)      Drawdown Date: [     ]

3.       The proceeds of this drawdown should be credited to such account as we
         shall separately designate to you.

Yours faithfully

----------------------------------------
for and on behalf of
FORESTRE (HOLDINGS) LIMITED

                                       10
<PAGE>

                                 EXECUTION PAGE

                                 LOAN AGREEMENT

Borrower

/s/ illegible
----------------------------------------
for and on behalf of
FORESTRE (HOLDINGS) LIMITED
Name: Hugh Lyall Cottle
Title: Director

Lender

/s/ Hugh Forrest
----------------------------------------
for and on behalf of
STRATEGY INSURANCE LIMITED
Name: Hugh Forrest
Title: Chief Underwriting Officer

                                       11Exhibit 10.8

            THIS AGREEMENT is made as of this 1st day of January 2005,

BETWEEN:

            Strategy International Insurance Group, Inc., a corporation
            incorporated under the laws of Texas

            (the "Corporation")

            - and -

            Stephen Stonhill, of Ontario

            (the "Employee")

RECITAL:

A.    The Corporation and the Employee wish to enter into this Agreement to set
      forth the rights and obligations of each of them as regards the Employee's
      employment with the Corporation;

            NOW THEREFORE in consideration of the mutual covenants and
agreements contained in this Agreement and other good and valuable consideration
(the receipt and sufficiency of which are hereby acknowledged), the Corporation
and the Employee agree as follows:

1.          Definitions

      1.1   In this Agreement,

            1.1.1 "Affiliate" has the meaning attributed to such term in the
            Ontario Business Corporations Act the same may be amended from time
            to time and any successor legislation thereto;

            1.1.2 "Agreement" means this agreement and all schedules attached to
            this agreement, in each case as they may be amended or supplemented
            from time to time, and the expressions "hereof", "herein", "hereto",
            "hereunder", "hereby" and similar expressions refer to this
            agreement and unless otherwise indicated, references to sections are
            to sections in this agreement;

            1.1.3 "Basic Salary" and "Salary" have the respective meanings
            attributed to such terms in section 5.1;

            1.1.4 "Business Day" means any day, other than Saturday, Sunday or
            any statutory holiday in the Province of Ontario;

<PAGE>

            1.1.5 "Confidential Information" means all confidential or
            proprietary information, intellectual property (including trade
            secrets) and confidential facts relating to the business or affairs
            of the Corporation or any of its Subsidiaries;

            1.1.6 "Disability" means the mental or physical state of the
            Employee such that the Employee has been unable as a result of
            illness, disease, mental or physical disability or similar cause to
            fulfill his obligations under this Agreement either for any
            consecutive 6 month period or for any period of 12 months (whether
            or not consecutive) in any consecutive 24 month period;

            1.1.7 "Employment Period" has the meaning attributed to such term in
            section 4;

            1.1.8 "ESA" means the Employment Standards Act (Ontario) as the same
            may be amended from time to time and any successor legislation
            thereto;

            1.1.9 "Just Cause" means the wilful failure of the Employee to
            properly carry out his duties after notice by the Corporation of the
            failure to do so and an opportunity for the Employee to correct the
            same within a reasonable time from the date of receipt of such
            notice, or theft, fraud, dishonesty or misconduct by the Employee
            involving the property, business or affairs of the Corporation or
            the carrying out of the Employee's duties;

            1.1.10 "Person" means any individual, partnership, limited
            partnership, joint venture, syndicate, sole proprietorship, company
            or corporation with or without share capital, unincorporated
            association, trust, trustee, executor, administrator or other legal
            personal representative, regulatory body or agency, government or
            governmental agency, authority or entity however designated or
            constituted;

            1.1.11 "Subsidiaries" has the meaning attributed to such term by the
            Business Corporations Act (Ontario) as the same may be amended from
            time to time and any successor legislation thereto;

            1.1.12 "Term" has the meaning attributed to such term in section 4;

            1.1.13 "Year of Employment" means any 12 month period commencing on
            January 1, 2005 or on any anniversary of such date, provided that
            for the purposes of this Agreement, the "First Year of Employment"
            shall be deemed to commence on the date hereof and to end on
            December 31, 2005.

      1.2 For the purposes of this Agreement, the increases (if any) in the
      Canadian cost of living shall be determined by changes in the Consumer
      Price Index for all of Canada published by the Government of Canada or, if
      the same is not available, by such equivalent or successor index as may be
      available from time to time.

<PAGE>

2.          Employment of the Employee

            The Corporation shall employ the Employee, and the Employee shall
serve the Corporation in the position of Chief Executive Officer on the
conditions and for the remuneration hereinafter set out. In such position, the
Employee shall perform or fulfil such duties and responsibilities as the
Corporation may designate from time to time and as are reasonably consistent
with the position of Chief Executive Officer. The Employee shall report to the
Board of Directors of the Corporation.

3.          Performance of Duties

            During the Employment Period, the Employee shall faithfully,
honestly and diligently serve the Corporation and its Subsidiaries as
contemplated above. The Employee shall(except in the case of illness or
accident) devote such working time and attention to his employment hereunder as
reasonably necessary and shall use his best efforts to promote the interests of
the Corporation. If the Corporation relocates any or all of its business or
operations from Toronto, its principal place of business at the date hereof, the
Employee's place of employment may be changed accordingly.

4.          Employment Period

            The Employee's employment under this Agreement shall, subject to
section 9, be for an indefinite term (the "Term"). Accordingly, the Corporation
shall employ the Employee and the Employee shall serve the Corporation as an
employee in accordance with this Agreement for the period beginning on the date
hereof and ending on the date this Agreement is terminated in accordance with
section 9.2 (the "Employment Period").

5.          Remuneration

      5.1 Basic Remuneration. The Corporation shall pay the Employee a gross
      salary in respect of each Year of Employment in the Employment Period
      (before deduction for income taxes and other required deductions, such as
      C.P.P. and E.I. contributions [but excluding the Benefits paid by the
      Corporation as provided in section 5.3]) of USD$250,000 (the "Basic
      Salary"). The Basic Salary shall be subject to increase, and a
      corresponding increase shall be made in the equal installments referred to
      above, effective on the first day of each Year of Employment (other than
      the First Year of Employment) in the Employment Period, in respect of the
      gross salary to be paid for such Year of Employment, to reflect increases
      (if any) in the Canadian cost of living. For the purpose of this
      Agreement, "Salary" means the Basic Salary as adjusted from time to time
      to reflect increases (if any) in the Canadian cost of living.

      5.2 Benefits. The Corporation shall provide to the Employee, in addition
      to Salary benefits (the "Benefits"), such Benefits to be provided in
      accordance with and subject to the terms and conditions of the applicable
      fund, plan or arrangement relating thereto in effect from time to time.

      5.3 Pro-Rata Entitlement in the Event of Termination. If the Employee's
      employment is terminated pursuant to section 9 or if the Employee dies
      during the Employment Period, the Employee shall be entitled to receive in
      respect of his entitlement to Salary, and the Corporation shall be
      required to pay in respect thereof, only that proportion of the Salary in
      respect of the Year of Employment in which the effective date of the
      termination of employment or the date of death occurs that the number of
      days elapsed from the commencement of such Year of Employment to the
      effective date of termination or the date of death is to 365.

<PAGE>

6.          Expenses

            The Corporation shall pay or reimburse the Employee for all travel
and out-of-pocket expenses reasonably incurred or paid by the Employee in the
performance of his duties and responsibilities upon presentation of expense
statements or receipts or such other supporting documentation as the Corporation
may reasonably require.

7.          Vacation

            The Employee shall be entitled during each Year of Employment (other
than the First Year of Employment) during the Employment Period to vacation with
pay of 2 weeks. Vacation shall be taken by the Employee at such time as may be
acceptable to the Corporation having regard to its operations and no more than 2
weeks of vacation shall be taken consecutively. Notwithstanding the foregoing,
in the event that the Employee's employment is terminated pursuant to section 9,
the Employee shall not be entitled to receive any payment in lieu of any
vacation to which he/she was entitled and which had not already been taken by
him/her except to the extent, if any, of the payments in respect of vacation pay
required by the ESA.

8.          Termination

      8.1 Notice. The Employee's employment may be terminated prior to the end
      of the Term at any time:

            8.1.1 by the Corporation without prior notice and without further
            obligations to the Employee for reasons of Just Cause or because of
            the occurrence of Disability; or

            8.1.2 in any other case, by the Corporation or by the Employee on
            six months prior written notice; provided that if, in the case of a
            termination by the Corporation under this section 9.1.2, the
            Employee is entitled under the ESA to a longer period of notice than
            that prescribed above, the notice to be given by the Corporation
            under this section 9.1.2 shall be that minimum period of notice
            which is required under the ESA and no more.

The Employee's employment shall be automatically terminated in the event of his
death.

      8.2 Effective Date. The effective date on which the Employee's employment
      shall be terminated shall be:

            8.2.1 where such employment has not been terminated under section
            9.1, on the last day of the Term if the Term is a period of 12
            months or less;

<PAGE>

            8.2.2 in the case of termination under section 9.1.1, the day the
            Employee is deemed, under section 16, to have received notice from
            the Corporation of such termination;

            8.2.3 in the case of termination under section 9.1.2, the last day
            of the month or minimum period referred to therein; and]

            8.2.4 in the event of the death of the Employee, on the date of his
            death.

9.          Notices

            Any notice or other communication required or permitted to be given
hereunder shall be in writing and shall be given by prepaid first-class mail, by
facsimile or other means of electronic communication or by hand-delivery as
hereinafter provided, except that any notice of termination by the Corporation
under section 9 shall be hand-delivered or given by registered mail. Any such
notice or other communication, if mailed by prepaid first-class mail at any time
other than during a general discontinuance of postal service due to strike,
lockout or otherwise, shall be deemed to have been received on the fourth
Business Day after the post-marked date thereof, or if mailed by registered
mail, shall be deemed to have been received on the day such mail is delivered by
the post office, or if sent by facsimile or other means of electronic
communication, shall be deemed to have been received on the Business Day
following the sending, or if delivered by hand shall be deemed to have been
received at the time it is delivered to the applicable address noted below
either to the individual designated below or to an individual at such address
having apparent authority to accept deliveries on behalf of the addressee.
Notice of change of address shall also be governed by this section. In the event
of a general discontinuance of postal service due to strike, lock-out or
otherwise, notices or other communications shall be delivered by hand or sent by
facsimile or other means of electronic communication and shall be deemed to have
been received in accordance with this section. Notices and other communications
shall be addressed as follows:

      If to the Corporation:

      Name:       General Counsel
      Address:    200 Yorkland Blvd., Suite 710, Toronto, Ontario, M2J 5C1
      Fax No.:    (416) 391-4985

      If to Chief Executive Officer:

      Name:       Stephen Stonhill
      Address:    18854 Heart Lake Road, Caledon Village, ON L0N 1C0

10.         Headings

            The inclusion of headings in this Agreement is for convenience of
reference only and shall not affect the construction or interpretation hereof.

11.         Invalidity of Provisions

            Each of the provisions contained in this Agreement is distinct and
severable and a declaration of invalidity or unenforceability of any such
provision or part thereof by a court of competent jurisdiction shall not affect
the validity or enforceability of any other provision hereof. To the extent
permitted by applicable law, the parties waive any provision of law which
renders any provision of this Agreement invalid or unenforceable in any respect.

<PAGE>

12.         Entire Agreement

            This Agreement constitutes the entire agreement between the parties
pertaining to the subject matter of this Agreement. This Agreement supersedes
and replaces all prior agreements, if any, written or oral, with respect to the
Executive's employment by the Corporation and any rights which the Executive may
have by reason of any such prior agreement or by reason of the Executive's prior
employment, if any, by the Corporation. There are no warranties, conditions or
representations (including any that may be implied by statute) and there are no
agreements between the parties in connection with the subject matter of this
Agreement except as specifically set forth or referred to in this Agreement. No
reliance is placed on any warranty, representation, opinion, advice or assertion
of fact made either prior to, contemporaneous with, or after entering into this
Agreement, or any amendment or supplement thereto, by the Corporation or its
directors, officers and agents to the Executive, except to the extent that the
same has been reduced to writing and included as a term of this Agreement, nor
has the Executive been induced to enter into this Agreement, or any amendment or
supplement, by reason of any such warranty, representation, opinion, advice or
assertion of fact. Accordingly, there shall be no liability, either in tort or
in contract, assessed in relation to any such representation, opinion, advice or
assertion of fact, except to the extent contemplated above.

13.         Waiver, Amendment

            Except as expressly provided in this Agreement, no amendment or
waiver of this Agreement shall be binding unless executed in writing by the
party to be bound thereby. No waiver of any provision of this Agreement shall
constitute a waiver of any other provision nor shall any waiver of any provision
of this Agreement constitute a continuing waiver unless otherwise expressly
provided.

14.         Currency

            Except as expressly provided in this Agreement, all amounts in this
Agreement are stated and shall be paid in US currency.

15.         Governing Law

            This Agreement shall be governed by and construed in accordance with
the laws of the Province of Ontario and the laws of Canada applicable therein.

16.         Counterparts

            This Agreement may be signed in counterparts and each of such
counterparts shall constitute an original document and such counterparts, taken
together, shall constitute one and the same instrument.

<PAGE>

17.         Acknowledgement

            The Employee acknowledges that:

      17.1 the Employee has had sufficient time to review and consider this
      Agreement thoroughly;

      17.2 the Employee has read and understands the terms of this Agreement and
      the Employee's obligations hereunder; and

      17.3 the Employee has been given an opportunity to obtain independent
      legal advice, or such other advice as the Employee may desire, concerning
      the interpretation and effect of this Agreement; and

      17.4 this Agreement is entered into voluntarily and without any pressure
      and the Employee's continued employment has not been made conditional upon
      execution of this Agreement by the Employee.

            IN WITNESS WHEREOF the parties have executed this Agreement.

                                   Strategy International Insurance Group, Inc.

                                   Per: /s/ Louis Lettieri
                                        -------------------------
                                   Name: Louis Lettieri
                                   Title:   Chief Financial Officer

Witness
Per: /s/ Sean Maniaci              Per: /s/ Stephen Stonhill
     ----------------------             -------------------------
     Sean Maniaci                       Stephen Stonhill

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00090-of-00352.parquet"}]]