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                                                                   EXHIBIT 10.30
                                                                 [CITIBANK LOGO]

                            ACCOUNT CONTROL AGREEMENT

DATE: 19th SEPTEMBER 2002

Parties

CITIBANK N.A., AS "SECURED PARTY"

ALLIED WORLD ASSURANCE COMPANY LTD, AS "PLEDGOR"

MELLON BANK, N.A., AS "BANK"

ACCOUNT NUMBER

Background

Pledgor has granted Secured Party a security interest in the financial assets in
the securities account identified above (the ACCOUNT), maintained by Bank for
Pledgor, (including any security entitlement) and in the Account. The parties
are entering into this agreement to provide for the control of the Account as a
means to perfect the security interest of Secured Party. Bank has no
responsibility to Secured Party in respect to the validity or perfection of such
security interest otherwise than to act in accordance with the terms and
conditions of this Agreement.

Agreement

1. The Account

Bank represents and warrants to Secured Party that Bank maintains the Account.
Bank represents and warrants that except for the claim and interest of Pledgor
and Secured Party, or as provided in Section 4 of this Agreement, Bank does not
know of any claim to or interest in the Account or any financial assets credited
thereto. Bank, Pledgor and Secured Party agree that the Account is a SECURITIES
ACCOUNT as that term is defined in Section 8-501(a) of the Uniform Commercial
Code as in effect from time to time in the State of New York (the "NYUCC").
Bank, Pledgor and Secured Party agree that each item of property (whether
investment property, financial asset, security, instrument or cash) credited to
the Account shall be treated as a financial asset within the meaning of Section
8-102(a)(9) of the NYUCC.

2. Control by Secured Party

Bank will comply with all notifications it receives directing it to transfer or
redeem any financial assets credited to the Account (each an ENTITLEMENT ORDER
as defined in Section 8-102(a)(8) of the NYUCC) originated by Secured Party and
shall otherwise treat Secured Party as entitled to exercise the rights in
respect of any financial asset credited to the Account without further consent
by Pledgor.

3. Pledgor's Rights in Account

Subject to this Section 3, until Bank receives an entitlement order from the
Secured Party, Bank may accept and comply with any entitlement order from
Pledgor with regard to the Account or any financial asset as follows:

-           Until Bank receives an entitlement order from Secured Party, Bank
            shall distribute to Pledgor all cash distributions received in
            regard to financial assets in the Account. Cash distributions do not
            include any principal received upon redemption or maturity of a
            financial asset, and any such cash will be held for the benefit of
            Secured Party.

-           Prior to sending an entitlement order to Bank, Pledgor shall
            determine that the financial assets remaining in the Account will be
            equal to or exceed the aggregate value determined by Secured Party
            from time to time (the "Required Account Value"). For purposes of
            determining the value of any financial asset Pledgor shall (i)
            determine that the financial asset is eligible as collateral as
            specified in Exhibit A

                                      -1-

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            hereto and (ii) use the mark-to-market value provided by pricing
            services used by Bank in connection with the valuation of financial
            assets under similar account control arrangements or for Bank's
            trust accounts, in each instance after applying the discount
            specified in Exhibit A hereto; provided that in determining if the
            remaining financial assets are sufficient Pledgor shall use the
            mark-to-market values of the financial assets reported by such
            services not more than the business day prior to the withdrawal or
            distribution of any financial asset. Any financial asset that cannot
            be valued as provided herein and any financial asset subject to
            Bank's lien specified in Section 4 shall have no value in
            determining if the financial assets to remain in the Account are
            sufficient for purposes of meeting the Required Account Value.
            Pledgor may substitute any financial asset for any financial asset
            credited to the Account provided that (i) the financial assets
            credited to the Account immediately after such substitution meet the
            Required Account Value as provided in this Section 3 and (ii) the
            financial asset received in such substitution is not subject to any
            lien, security interest, charge or claim in regard to settlement or
            otherwise.

-     Bank shall provide Secured Party with electronic access to view holdings
      and activity in the Account.

-     Pledgor shall not direct Bank to release all assets in the Account or to
      close the Account without Secured Party's consent, and Bank agrees that it
      will not release all of the assets or close the Account without Secured
      Party's consent.

If Secured Party gives Bank an entitlement order notifying Bank that Secured
Party will exercise exclusive control over the Account, Bank will cease
complying with entitlement orders or other directions concerning the Account
originated by Pledgor

4. Priority of Secured Party's Security Interest

Bank subordinates in favor of Secured Party any interest lien or right of setoff
it may have, now or in the future, against the Account or financial assets
credited to the Account; provided, however, Bank will retain its prior lien on a
financial asset credited to the Account where Bank has paid for such financial
asset but has not received payment therefore from Pledgor and for payment of its
customary fees and expenses pursuant to the agreement under which the Account is
maintained (the "Custody Agreement"), including any overdraft fees.

Bank will not agree with any third party that Bank will accept or comply with
entitlement orders originated by the third party in regard to the Account or any
financial asset credited to the Account.

5. Statements, Confirmations and Notices of Adverse Claims

Bank will send copies of all regular statements for the Account simultaneously
to Pledgor and Secured Party. Upon initial deposit of financial assets into the
Account and not less than monthly, Bank shall provide Secured Party with a
report of the valuation of the financial assets in the Account determined as
required in Section 3 of this Agreement. Bank will use reasonable efforts
promptly to notify Secured Party and Pledgor if any other person claims a
property interest in the Account or any financial asset credited to the Account.
Allied shall cause Secured Party to be provided with current information
concerning the Account via an on-line service of the Bank (currently, via its
"WorkBench" product) by designating Secured Party as an Authorized User
thereunder.

6. Bank's Responsibility

Bank shall have no responsibility or liability with respect to changes in the
standard of any securities in the Account or changes in their value relative to
other currencies or securities, or for any deduction for taxes, levies, or
otherwise from deposits made with any depository, or for any blockage,
confiscation or expropriation, limitation of transferability, or any other
action by any government, de facto or de jure, which affects or could affect the
same, or for any other occurrence beyond its control.

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Except for permitting a withdrawal or delivery in violation of Section 3, Bank
will not be liable to Secured Party for complying with entitlement orders from
Pledgor that are received by Bank before Bank receives and has a reasonable
opportunity to act on an entitlement order from Secured Party.

Bank will not be liable to Pledgor for complying with an entitlement order
originated by Secured Party even if Pledgor notifies Bank that Secured Party is
not legally entitled to issue the entitlement order or notice of exclusive
control, unless:

-     Bank takes the action after it is served with an injunction, restraining
      order or other legal process enjoining it from doing so, issued by a court
      of competent jurisdiction, and had a reasonable opportunity to act on the
      injunction, restraining order or other legal process, or

-     Bank acts in collusion with Secured Party in violating Pledgor's rights.

This Agreement does not create any obligation of Bank except for those expressly
set forth in this Agreement. In particular, Bank need not investigate whether
Secured Party is entitled under Secured Party's agreement with Pledgor to give
an entitlement order. Bank may rely on notices and communications it believes
given by the appropriate party.

Bank will maintain the Account and financial assets in the same manner as it
maintains accounts and assets for its custodial customers generally. During the
term of this Agreement, Bank will remain a securities intermediary within the
meaning of such term in Section 8-102(a)(14) of the NYUCC and 31 C.F.R. 357.2.

From and after the time Secured Party sends an entitlement order to Bank,
Secured Party shall be entitled to the benefits of the Custody Agreement as if
it were the client thereunder.

7. Indemnity

Pledgor will indemnify, defend and hold harmless Bank, its partners, officers,
directors, employees and agents against claims, liabilities and expenses arising
out of this Agreement (including reasonable attorney's fees and disbursements),
except to the extent such claims, liabilities, and expenses arise from the
Bank's negligence, bad faith or wilful misconduct.

8. Termination; Survival

Secured Party may terminate this Agreement by notice to Bank and Pledgor. Bank
or Pledgor may terminate this Agreement on 30 days' notice to all of the other
parties. Upon receipt of a notice of termination from Pledgor, Bank shall cease
accepting any entitlement order from Pledgor, as specified in Section 3, and any
previous entitlement order delivered by Pledgor shall be deemed to be of no
further force and effect.

If Secured Party notifies Bank that it's security interest in the Account or all
of the financial assets therein has terminated, this Agreement will immediately
terminate.

Section 6, "BANK'S RESPONSIBILITY" and 7, "INDEMNITY," will survive termination
of this Agreement.

9. Governing law

This Agreement, insofar as it relates to the Secured Party's security interest
in the Account, will be governed by the laws of the State of New York, without
regard to its choice of laws provisions.

10. Entire agreement

This Agreement is the entire agreement and supersedes any prior agreements and
contemporaneous oral agreements, of the parties concerning its subject matter.

11. Amendments

No amendment of, or waiver of a right under, this Agreement will be binding
unless it is in writing and signed by the party to be charged.

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12. Severability

To the extent a provision of this Agreement is unenforceable, this Agreement
will be construed as if the unenforceable provision were omitted.

13. Successors and assigns

A successor to or assignee of Secured Party's rights and obligations under the
agreement between Secured Party and Pledgor will succeed to Secured Party's
rights and obligations under this Agreement.

14. Notices

A notice or other communication to a party under this Agreement will be in
writing, (including facsimile) (except that entitlement orders shall be given in
accordance with procedures as Bank may reasonably specify), will be sent to the
party's address set forth below or to such other address as the party may notify
the other parties and will be effective on receipt.

15. Counterparts

This Agreement may be executed in any number of counterparts, all of which shall
constitute one and the same instrument, and any party hereto may execute this
Agreement by signing and delivering one or more counterparts.

16. Representations

Each party hereto hereby represents and warrants that the individual executing
this Agreement on its behalf has the requisite power and authority to do so and
to bind it to the terms of this Agreement.

SIGNATURES

CITIBANK, N.A.                            PLEDGOR

BY: [ILLEGIBLE]                           BY: /s/ S.G. Cubbon     /s/ M. Simmons
    -----------------------------------       ----------------------------------
    Citibank, N.A.,                           Allied World Assurance Company Ltd
    PO Box 200                                29 Pembroke Road
    Cottons Centre, Hays Lane                 HM08
    London SE1 2QT                            Hamilton
    United Kingdom                            Bermuda

Custodian Bank                                            S.G. CUBBON
                                                     VICE PRESIDENT/TREASURER
BY: /s/ Richard L. Manchian
    -----------------------------------
    For and on behalf Mellon Bank, N.A.
    One Mellon Center
    Pittsburgh, PA 15258
    Attn: Insurance Custody Department

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                                                                   EXHIBIT 10.31

                               AMENDMENT NO. 1 TO

      ACCOUNT CONTROL AGREEMENT BETWEEN CITIBANK, N.A. ("CITIBANK"), ALLIED
       WORLD ASSURANCE COMPANY LTD ("ALLIED WORLD") AND MELLON BANK, N.A.
          ("MELLON") DATED 19 SEPTEMBER 2002 (THE "CONTROL AGREEMENT")

Dated upon the date that the last signature is affixed and dated hereto.

In consideration of the agreements made in this Amendment Agreement and for good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and intending to be bound, Citibank, Allied World and Mellon
(collectively, the "Parties") hereby agree as follows:

1.    The second and fourth bullet points and the wording following them in
      Section 3 shall be deleted and the remaining two bullet points shall be
      re-designated as Subsections 3.01 and 3.02 respectively.

2.    A new Subsection 3.03 shall be inserted as follows:

      "Pledgor shall not direct Bank to release any of the financial assets in
      the Account or to close the Account and Bank agrees that it will not
      release any of the financial assets in the Account or close the Account
      without Secured Party's consent. For this purpose the term "release" shall
      be broadly construed to include release for any purpose, including
      (without limitation) release for settlement of a sale, release for the
      purposes of substituting new financial assets, release "free" without
      consideration and any other manner of leaving the Account. Secured Party
      will consent to the release of the financial assets provided that with
      respect to such financial assets, the following procedure is adhered to:

      (a)   Pledgor will determine (the "Determination") that the financial
            assets remaining in the Account will be equal to or exceed the
            aggregate value determined by Secured Party from time to time (the
            "Required Account Value") and to determine this shall diligently and
            in good faith:

            (i)   determine that the financial asset is eligible as collateral
                  as specified in Exhibit A hereto; and

            (ii)  use the mark-to-market value provided by pricing services used
                  by Bank in connection with the valuation of financial assets
                  under similar account control arrangements or for Bank's trust
                  accounts, in each instance after applying the discount
                  specified in Exhibit A hereto; provided that in determining if
                  the remaining financial assets are sufficient Pledgor shall
                  use the mark-to-market values of the financial assets reported
                  by such services not more than the Business Day (as
                  hereinafter defined) prior to the withdrawal or distribution
                  of any financial asset. Any financial asset that cannot be
                  valued as provided herein and any financial asset subject to
                  Bank's lien specified in Section 4 shall have no value in
                  determining if the financial assets to remain in the Account
                  are sufficient for the purposes of meeting the Required
                  Account Value.

      (b)   If following the Determination, Pledgor has come to the reasonable
            conclusion that by requesting a financial asset to be released, the
            financial assets remaining in the account will be equal to or in
            excess of the Required Account Value (a "Positive Determination"),
            Pledgor will fax:

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            (i)   the instruction relating to the financial assets that it
                  wishes to be released (the "Instruction"); and

            (ii)  the value of the financial assets that are currently in the
                  Account (in the form of a portfolio valuation statement
                  compiled by Bank and in a form reasonably acceptable to
                  Secured Party) and the value of the financial asset that it
                  wishes to be released (both as calculated in accordance with
                  the methodology in Subsection 3.03(a)),

            to Secured Party for the attention of its Collateral Monitoring Unit
            on +44 207 500 2345 (or such other number as Secured Party may
            notify Pledgor of from time to time) so that it is received by
            Secured Party (unless Secured Party agrees otherwise) at least three
            Business Days (excluding the day upon which it is received and the
            day upon which such instruction is intended to take effect) before
            the day upon which such instruction is intended to take effect;

      (c)   Secured Party will then promptly consider the Positive Determination
            and if it agrees with it, will approve the Instruction (by the
            affixing of the signatures of two of the persons who appear in
            Exhibit B hereto (each being an "Authorised Signatory") as amended
            and advised in writing to Pledgor by Secured Party from time to
            time) and will return it by fax to Pledgor on 001 441 296 3428 (or
            such other number as Pledgor may notify Secured Party of from time
            to time) within 48 hours of receipt. Once signed in this manner by
            Secured Party, the Instruction becomes an "Endorsed Instruction".

      (d)   Pledgor will then fax the Endorsed Instruction to Bank for
            processing on 001 412 234 8725 (or such other number as Bank may
            notify Pledgor of from time to time).

      (e)   Secured Party and Bank shall have no responsibility for any loss or
            liability of any nature (direct or indirect) suffered by the Pledgor
            as a result of any failure to transmit funds or to sell, purchase,
            or otherwise dispose of commodities or securities (or any delay in
            transmitting funds or selling, purchasing, or otherwise disposing of
            commodities or securities) or because the approval given by Secured
            Party in this Section 3 is either delivered late or not forthcoming,
            unless Secured Party or Bank (as the case may be) was negligent or
            acted in bad faith.

      (f)   In this Section a "Business Day" shall be construed as a reference
            to a day (other than a Saturday or Sunday) on which banks are
            generally open for business in the Republic of Ireland.

      (g)   Should there be any difficulties with fax transmissions between any
            of the Parties, the relevant Parties will attempt to effect delivery
            using another method as agreed between them."

3.    A new Subsection 3.04 shall be inserted as follows:

      "Pledgor and Bank shall be entitled to rely:

      (a) (subject to Subsection 3.04(b)) upon an Endorsed Instruction which it
          believes in good faith to have been signed by any two of the
          Authorised Signatories; and

      (b) until notified by Secured Party to the contrary, upon the continued
          authority of any Authorised Signatory to endorse an Instruction."

4.    The Schedule to this Amendment Agreement shall be inserted after Exhibit A
      of the Control Agreement as Exhibit B to the Control Agreement.

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5.    Except as expressly amended hereby, the Control Agreement shall continue
      in full force and effect.

6.    Sections 7, 8, 9, 10, 11, 12, 13, 14 and 16 of the Control Agreement shall
      apply to this Amendment Agreement mutatis mutandis.

7.    This Amendment Agreement may be executed in any number of counterparts and
      different parties hereto in separate counterparts (whether original or
      facsimile counterparts), each of which when so executed shall be deemed to
      be an original and all of which when taken together shall constitute one
      and the same agreement.

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment Agreement to
be duly executed and delivered by its officer thereunto duly authorised as of
the date upon which the last signature is affixed and dated.

CITIBANK, N.A.

By: /s/ R. Arch
    ---------------------
Name: R. ARCH

Title: V.P.

Date: 31 March 04

ALLIED WORLD ASSURANCE COMPANY LTD

By: /s/ Joan H. Dillard
    ---------------------

Name: Joan H. Dillard

Title: CHIEF ACCOUNTING OFFICER

Date: 3/18/04

MELLON BANK, N.A.

By: /s/ Thomas S. Spagnol
    ---------------------
Name: THOMAS S. SPAGNOL

Title: VICE PRESIDENT

Date:

MELLON BANK, N.A.

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