Document:

Termination of Quota Share with Alea

Exhibit
10.10

Termination
Agreement and Release

Between

Coast
National Insurance Company ("Coast National")

and

Security
National Insurance Company ("Security National")

and

Bristol
West Insurance Company ("Bristol West")

and

Bristol
West Casualty Insurance Company ("Bristol West Casualty")

and

ALEA
London Ltd. ("Reinsurer")

WHEREAS,
Coast National, Security National, Bristol West and Bristol West Casualty
(together the "Company") and the Reinsurer entered into a Quota Share
Reinsurance Agreement with an effective date of January 1, 2002 and any
amendments thereto (the "Contract") whereby the Reinsurer took a 40%
participation of the Company's Policies as defined under the
Contract;

WHEREAS,
the Company commuted the Contract on a cut-off basis effective January 1,
2005.

WHEREAS,
the Company and the Reinsurer wish to fully and finally settle all obligations
and liabilities under the Contract (attached hereto as Exhibit A);

NOW,
THEREFORE, IT IS HEREBY AGREED BY AND BETWEEN THE PARTIES HERETO
THAT:

	
      1
	
      The
      Reinsurer shall pay to Coast National, on behalf of the Company, the sum
      of Seventy Eight Million, Seven Hundred Two Thousand, Three Hundred
      Fourteen Dollars, ($78,702,314), such amount being equal to the profit
      commission in accordance with Article 14 and Article 15 of the Contract.
      Such payment shall be made by the Reinsurer to Coast National no later
      than February 15, 2005. Notwithstanding any provision of Section 3 and
      Section 11 of the Trust Agreement dated as of January 1, 2002 to the
      contrary, (such Trust Agreement attached hereto as Exhibit B, the Company
      and the Reinsurer agree to cause the Trust Agreement to terminate on such
      date as shall be mutually agreeable (but no later than February 15, 2005),
      following the execution of this Agreement by both parties. The Company and
      the Reinsurer agree to cause the Trustee to simultaneously release to the
      Company an amount equal to the Profit Commission and to the Reinsurer any
      amount in excess of the Profit Commission from the related Trust Account.
      Interest income funds held in the Trust Account will accrue to the
      Reinsurer during any period that the funds are held in the Trust Account
      after the effective date of this Agreement.

	
      2
	
      The
      Company shall accept the sum set forth in Paragraph 1 above as the total
      amount due in full and final settlement of any and all amounts due from
      the Reinsurer to the Company under the
Contract.

	
      3
	
      Upon
      receipt of payment set forth in Paragraph 1 above, the Company shall
      release and discharge the Reinsurer, its past, present and future
      directors, officers, employees, consultants, attorneys, agents,
      administrators, successors, assigns and receivers from any and all past,
      present and future claims, causes, causes of action, liabilities and
      obligations arising under or related directly or indirectly to the
      Contract, whether known or unknown, reported or unreported, and whether
      currently existing or arising in the future, including but not limited to:
      any and all past, present and future payment obligations, adjustments,
      setoffs, actions, omissions, causes of action, suits, debts, sums of
      money, accounts, demands, covenants, controversies, bonds, bills,
      promises, damages, judgments, claims, costs, expenses, losses
      representations and warranties whatsoever related directly or indirectly
      to the Contract; it being the intention of the parties that this Agreement
      shall operate as a full and final settlement of the Reinsurer's past,
      current and future liabilities to the Company related to the Contract. The
      Company acknowledges the aforementioned payment as a complete accord,
      satisfaction, settlement and commutation of all the Reinsurer's
      liabilities and obligations under the Contract and agrees to indemnify and
      hold the Reinsurer harmless from and against any and all liabilities,
      costs, damages and expenses, including without limitation, attorney's
      fees, incurred in connection with any and all claims or actions against
      the Company or the Reinsurer, or either of their successors or assigns,
      arising out of or related to the
Contract.

	
      4
	
      Effective
      on the same date on which the Company shall release and discharge the
      Reinsurer as provided in Paragraph 3 of this Agreement, the Reinsurer
      shall release and discharge the Company, its past, present and future
      directors, officers, employees, consultants, attorneys, agents,
      administrators, successors, assigns and receivers from any and all past,
      present and future claims, causes, causes of action, liabilities and
      obligations arising under or related directly or indirectly to the
      Contract, whether known or unknown, reported or unreported, and whether
      currently existing or arising in the future, including but not limited to:
      any and all past, present and future payment obligations, adjustment,
      setoffs, actions, omissions, causes of action, suits, debts, sums of
      money, accounts, demands, covenants, controversies, bonds, bills, promise,
      damages, judgments, claims, costs, expenses, losses representations and
      warranties whatsoever; it being the intention of the parties that this
      Agreement shall operate as a full and final settlement of the Company's
      past, current and future liabilities to the Reinsurer under the
      Contract.

	
      5
	
      The
      rights, duties and obligations set forth herein shall inure to the benefit
      of and be binding upon any and all predecessors, successors, affiliated,
      officers, directors, employees, parents, subsidiaries, stockholders,
      receivers and assigns of the parties
hereto.

	
      6
	
      The
      parties hereto expressly warrant and represent that the execution of this
      Agreement is fully authorized by each of them; that the person or persons
      executing this document have the necessary and appropriate authority to do
      so; that there are no pending agreements, transactions, or negotiations to
      which any of them are a party that would render this Agreement or any part
      hereof, void, voidable, or unenforceable.

	
      7
	
      This
      Agreement contains the entire agreement between the parties as respects
      its subject matter. This Agreement shall neither be modified nor amended,
      nor any of its provisions waived, except by a written agreement signed by
      the parties hereto.

	
      8
	
      This
      Agreement shall be interpreted and governed by the laws of New
      York.

	
      9
	
      In
      the event that the Company shall become legally obligated under any law or
      legal process to repay the Reinsurer or any successor in interest to the
      Reinsurer all or any portion of the payment hereunder, then such debt
      shall be reinstated under the Contract, and this Agreement shall be null
      and void from the inception, and the parties shall be free to pursue any
      and all remedies available to them.

	
      10
	
      Any
      party to this Agreement signing on behalf of any affiliates or
      subsidiaries represents and warrants that it has the authority to do so
      and by such signing binds such other affiliated or subsidiaries to this
      Agreement.

 

	
      For
      and on behalf of
	 	
      For
      and on behalf of

	
      ALEA
      London, Ltd.
	 	
      Coast
      National Insurance Company

	 	 	 
	
      /s/ 
      S.P. Cane
	 	
      /s/ 
      Jeffrey John Dailey

	
      Name:
      S.P. Cane
	 	
      Name:
      Jeffrey John Dailey

	
      Title:
      CEO
	 	
      Title:
      President

	
      Date:
      January 1, 2005
	 	
      Date:
      January 10, 2005

	 	 	 
	 	 	 
	
      For
      and on behalf of
	 	
      For
      and on behalf of

	
      Security
      National Insurance Company
	 	
      Bristol
      West Insurance Company

	 	 	 
	
      /s/
      Simon John Noonan
	 	
      /s/
      Jeffrey John Dailey

	
      Name:
      Simon John Noonan
	 	
      Name:
      Jeffrey John Dailey

	
      Title:
      President
	 	
      Title:
      Vice President

	
      Date:
      January 10, 2005
	 	
      Date:
      January 10, 2005

For and
on behalf of 

Bristol
West Casualty Insurance Company

/s/
Jeffrey John Dailey

Name:
Jeffrey John Dailey

Title:
Vice President

Date:
January 10, 2005

 

Exhibit A
(incorporated by reference to Exhibit 10.2 of Registrant's Registration
Statement (File No. 333-111259) on Form S-1Termination of Quota Share Agreement with Alea Trust

Exhibit
10.11

TERMINATION
OF TRUST AGREEMENT

AND
RELEASE AND INDEMNIFICATION OF TRUSTEE

This
Agreement dated January 10, 2005 is among ALEA LONDON LIMITED, a United Kingdom
domiciled company (the "Grantor"); COAST NATIONAL INSURANCE COMPANY, a
California domiciled insurance company, SECURITY NATIONAL INSURANCE COMPANY, a
Florida domiciled insurance company, BRISTOL WEST INSURANCE COMPANY (formerly
Reliant Insurance Company), a Pennsylvania domiciled insurance company and
BRISTOL WEST CASUALTY INSURANCE COMPANY (formerly Reliant Casualty Insurance
Company), an Ohio domiciled insurance company (collectively referred to herein
as the "Beneficiary"); and BROWN BROTHERS HARRIMAN TRUST COMPANY, LLC, a New
York limited purpose trust company formed under the New York banking regulations
(the "Trustee"), (collectively known as the "Parties").

WHEREAS:

1.  The
Grantor and the Beneficiary have entered into certain Reinsurance Agreements
pursuant to which the Beneficiary has reinsured certain losses and expenses with
the Grantor (the "Reinsurance Agreements");

2.  The
Grantor entered into a trust agreement dated as of January 1, 2002 with the
Trustee for the sole and exclusive benefit of the Beneficiary for the purpose of
providing security for the Grantor's obligations under the Reinsurance
Agreements (the "Trust Agreement");

3.  On or
about the date of execution of the Trust Agreement, the Grantor delivered assets
to the Trustee to be held in the account established by the Trustee identified
on the books and records of the Trustee as Account Number 7865702 (the "Trust
Account");

4.  The
Grantor and the Beneficiary desire to terminate the Trust Agreement upon
delivery of all the assets as instructed in the Attached Schedule B, including
assets substituted or purchased with the redemption proceeds of any of the
scheduled assets or the cash proceeds thereof, in the Trust Account, as shown in
the attached Schedule A; and

5.  The
Grantor and Beneficiary have requested the Trustee to forego its right to a
judicial accounting of its proceedings as trustee and desire to (i) approve the
proceedings of the Trustee from inception of the trust to the date of this
termination agreement and (ii) release and indemnify the Trustee from and
against any liability in connection with its administration of the trust,
including but not limited to the delivery of all of the trust assets in the
Trust Account as directed herein by the Grantor and the
Beneficiary.

 

 

NOW,
THEREFORE, for and in consideration of the premises and/or other good and
valuable consideration, the receipt of which is hereby acknowledged, the Parties
hereby agree as follows:

(A)  As
required under Section 11 of the Trust Agreement, the Grantor and the
Beneficiary hereby give notice to the Trustee that the Trust Agreement and the
trusts created thereby shall terminate AND the Parties consent to the
termination of the Trust Agreement and the trusts created thereby, effective
January, 21 2005 (the “Termination Date”).

(B)  The
Trustee hereby acknowledges that it has waived thirty (30) days’ prior written
notice of such termination as permitted under Section 11 of the Trust Agreement.
The Trustee hereby further acknowledges that the Grantor has paid all sums due
the Trustee for the Trustee’s fees and expenses as required under Section 8 of
the Trust Agreement.

 

(C)  The
Grantor and the Beneficiary do hereby jointly and severally:

 

1)  REPRESENT
that they are familiar with the provisions of the Trust Agreement, have
requested the Trustee to settle its account by this agreement in order to
minimize the expense of accounting and have had full access to the trust records
and account statements and the opportunity to review said records and statements
with the assistance of such advisers as they deem necessary; and

2)  RELEASE,
INDEMNIFY and HOLD HARMLESS the Trustee from and against any liability or
charges of any kind or nature whatsoever (including, but not limited to
attorneys fees or expenses) which it may incur or which at any time may be made
against it, whatsoever for and on account of any matter growing out of or in any
way connected with the Trust or the administration and distribution thereof,
including but not limited to the distribution of all the assets in the Trust
Account as directed herein.

 

(D)  This
agreement shall bind the Parties and their respective successors, affiliates and
assigns.

{The
rest of this page is intentionally left blank}

 

 

(E)
 This
agreement may be executed by the Parties hereto in any number of counterparts,
each of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute one single instrument.

IN
WITNESS WHEREOF, the Parties hereto have set their hands to be legally bound
effective as of the date first written above.

	
      ALEA
      LONDON LIMITED

	
      as
      Grantor

	 	 	 
	
      By:
	/s/
      Stephen Paul Cane	 
	
      Title:
	CEO	 
	 	 	 
	 	 	 
	
      BROWN
      BROTHERS HARRIMAN TRUST COMPANY, LLC

	
      as
      Trustee

	 	 	 
	
      By:
	/s/
      Arleen Bolton	 
	
      Title:
	Senior
      Vice President 	 
	 	 	 
	 	 	 
	
      COAST
      NATIONAL INSURANCE COMPANY

	
      as
      Beneficiary

	 	 	 
	
      By:
	/s/ Jeffrey
      John Dailey	 
	
      Title:
      
	President	 
	 	 	 
	 	 	 
	
      SECURITY
      NATIONAL INSURANCE COMPANY

	
      as
      Beneficiary

	 	 	 
	
      By:
      
	/s/ Simon
      Noonan	 
	
      Title:
	President 	 
	 	 	 
	 	 	 
	
      BRISTOL
      WEST INSURANCE COMPANY

	
      as
      Beneficiary

	 	 	 
	
      By:
      
	/s/ Jeffrey
      John Dailey 	 
	
      Title:
	President 	 
	 	 	 
	 	 	 
	
      BRISTOL
      WEST CASUALTY INSURANCE COMPANY

	
      as
      Beneficiary

	 	 	 
	
      By:
	/s/
      Jeffrey John Dailey 	 
	
      Title:
      
	Vice
      President 	 

 

 

Cheeswrights

Notaries
Public

10
Philpot Lane London EC3M 8BR

Telephone:
202 7623 9477 (or) 07000 NOTARIES

Facsimile:
202 7623 5428

E-mail:
notary@cheeswrights.co.uk

www.cheeswrights.co.uk

DX
627/London City EC3

TO ALL TO
WHOM THESE PRESENTS SHALL COME, I EDWARD GARDINER of the City of London NOTARY
PUBLIC by royal authority duly admitted and sworn DO HEREBY CERTIFY the
genuineness of the signature of STEPHEN PAUL CANE subscribed to the document
hereunto annexed, such signature being in the own, true and proper handwriting
of the said Stephen Paul Cane, director of the company styled ALEA LONDON
LIMITED of London, England. 

IN FAITH
AND TESTIMONY WHEREOF I the said notary have subscribed my name and affixed my
seal of office at London aforesaid this nineteenth day of January in the year
two thousand and five. 

 

	
      SCHEDULE
      A

	 	 	 	 	 	 	 
	
      Assets
	 	 	 	 	 	 
	 	 	 	 	 	 	 
	
      Par
      Value/
	 	
      Par
      Value/
	 	 	 	 
	
      Original
      Face          
	 	
      Current
      Face         

	 	
      Security
      Description
	 	
      Cusip

	
      63,600,000
	 	
      63,600,000
	 	
      UST
      BILLS DUE 0% 1/13/05
	 	
      912795RV5

	
      15,100,000
	 	
      15,100,000
	 	
      UST
      BILLS DUE 0% 1/18/2005
	 	
      912795TG6

	
      1,250,000
	 	
      1,250,000
	 	
      AMERICAN
      EX CEN 4.375% 7/30/09
	 	
      02581FVU0

	
      1,500,000
	 	
      1,500,000
	 	
      BANK
      OF AMERICA 7.4% 1/15/11
	 	
      060505AG9

	
      1,900,000
	 	
      1,900,000
	 	
      BOIT
      2003-A9 A9 3.86% 10/15/08
	 	
      06423RBE5

	
      600,000
	 	
      600,000
	 	
      BOSTON
      EDISON 4.875% 4/15/14
	 	
      100599BV0

	
      500,000
	 	
      500,000
	 	
      CATERPILLAR
      FIN 5.95% 05/01/06
	 	
      14911RAD1

	
      1,600,000
	 	
      1,600,000
	 	
      CCCIT
      02-A1 A1 4.95% 2/9/09
	 	
      17305EAV7

	
      1,275,000
	 	
      1,275,000,
	 	
      CHASE
      MHTTN BK 7.43% 8/15/31
	 	
      161582AB7

	
      1,250,000
	 	
      1,250,000
	 	
      DAIMLER
      2002B A4 3.53% 12/6/07
	 	
      23383VBS8

	
      1,800,000
	 	
      1,800,000
	 	
      DCAT
      02-C A4 3.09% 1/8/08
	 	
      23383VBW9

	
      2,000,000
	 	
      1,806,247
	
       
	
      FHLM
      GOLD#B12814 4.5% 3/1/19
	 	
      312965DT0

	
      28,572
	 	
      16,228
	 	
      FHLM
      GOLD#E92283 5.5% 10/1/17
	 	
      3128GWRC4

	
      1,561,375
	 	
      410,427
	 	
      FHLM
      GOLD#G11038 5.5% 7/1/15
	 	
      31283KEK0

	
      500,000
	 	
      500,000
	 	
      FIRSTAR
      BANK V/R 7/5/10
	 	
      3376A1AA5

	
      1,750,000
	 	
      1,750,000
	 	
      GENERAL
      ELECTRIC 5% 2/1/13
	 	
      369604AY9

	
      2,408,795
	 	
      2,018,841
	 	
      GNMA
      #625608 535% 12/15/18
	 	
      36291EAH4

	
      675,000
	 	
      675,000
	 	
      GOLDMAN
      SACHS 3.875% 01/15/09
	 	
      38143UAA9

	
      500,000
	 	
      500,000
	 	
      GOLDMAN
      SACHS 4.75% 7/15/13
	 	
      38141GDK7

	
      1,200,000
	 	
      1,200,000
	 	
      GS
      MORTGAGE 6.62% 10/18/30
	 	
      36228CCK7

	
      1,900,000
	 	
      1,704,013
	 	
      GSR
      2004-11 4.48% 9/25/34
	 	
      36242DFP3

	
      2,500,000
	 	
      2,500,000
	 	
      HAROT
      04-2 A3 3.3% 6/15/08
	 	
      43811LAC6

	
      250,000
	 	
      250,000
	 	
      HOUSEHOLD
      FIN 4.625% 1/15/08
	 	
      441812KC7

	
      1,100,000
	 	
      1,100,000
	 	
      HOUSEHOLD
      FIN 6.375% 10/15/11
	 	
      441812JW5

	
      350,000
	 	
      350,000
	 	
      JP
      MORGAN CHASE 5.25% 5/30/04
	 	
      46625HAP5

	
      1,450,000
	 	
      1,450,000
	 	
      JPMCC01-CIB2
      A3 6.429% 4/15/35
	 	
      46625MCU1

	
      1,400,000
	 	
      1,400,000
	 	
      LBUBS
      03-C3 A3 4.063% 1/17/13
	 	
      52108HRB2

	
      1,250,000
	 	
      1,250,000
	 	
      LBUBS
      03-C5 A3 4.254% 4/17/13
	 	
      52108HSZ8

	
      200,000
	 	
      200,000
	 	
      MOBIL
      CORP 8.625% 08/15/21
	 	
      607059AT9

	
      2,025,000
	 	
      1,029,812
	 	
      SACS
      02-AL1 A2 3.45% 2/25/32
	 	
      86358RXY8

	
      500,000
	 	
      500,000
	 	
      SALOMO
      00-C3 A2 6.592% 12/18/33
	 	
      79548CAB2

	
      1,475,000
	 	
      1,475,000
	 	
      SLMA
      2004-7 A1 V/R 4/25/06
	 	
      78442GMF0

	
      1,100,000
	 	
      1,100,000
	 	
      SUNTRUST
      BANK 4% 10/15/08
	 	
      867914AX1

	
      875,000
	 	
      875,000
	 	
      US
      BANK NA 2.87% 2/1/07
	 	
      90331HJA2

	
      890,000
	 	
      890,000
	 	
      UST
      BDS 6% 2/15/26
	 	
      912810EW4

	
      600,000
	 	
      600,000
	 	
      VERIZON
      GLOBAL 4% 1/15/08
	 	
      92344GAU0

	
      350,000
	 	
      350,000
	 	
      VERIZON
      NJ INC 5.875% 1/17/12
	 	
      92344UAA3

	
      1,700,000
	 	
      1,700,000
	 	
      WELLS
      FARGO & COMP 4% 8/15/08
	 	
      949746JB8

	
      350,000
	 	
      350,000
	 	
      WELLS
      FARGO CO 5.9% 5/21/06
	 	
      949746CD1

	
      50,000
	 	
      50,000
	 	
      WELLS
      FARGO 3.5% 4/4/08
	 	
      949746EX5

	
      3,500,000
	 	
      3,380,097
	 	
      WFMBS
      04-H A1 4.54% 6/25/34
	 	
      94979TAA4

	
      250,000
	 	
      239,301
	 	
      WFMBS
      04-K 1A2 4349% 7/25/34
	 	
      94981VAB3

	 	 	 	 	 	 	 
	
      Cash:
	 	 	 	
      $97,513.05
      
	 	 

 

 

SCHEDULE 
B

Delivery
Instructions to the Trustee

Cash to
be delivered to the Beneficiary:

 

	
      Commutation
      Amount: 
	
       
	
       $
      78,702,314.00 

	
      Opportunity
      Cost:  
	
       
	
       $
      107,123.00 

	
      Total
      Amount Due to  

      Beneficiary 
      
	
       

       
	
       

       $
      78,595,191.00 

 

	
      Amount:
	 	
      $78,595,191.00
      

	
      Bank
      Name:
	 	
      Mellon
      Bank

	
      ABA
      No.:
	 	
      043000261

	
      Account
      No.:
	 	
      119-6471

	
      Account
      Name:
	 	
      Bristol
      West Holdings, Inc.

	
      Reference:
	 	
      Alea
      London Bristol West Commutation, Attn Deb Byrnes 412-

	 	 	
      234-8788

	
      Cash
      and Assets to be Delivered to the Grantor:

	 
	
      Amount:
      Balance of Cash and Assets in excess of amounts due the
      Beneficiary

	
      Transfer
      to:

	
      Brown
      Brothers Harriman & Co.

	
      Account
      No. 1001288

	
      Account
      Name: Alea London Limited

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