Document:

EXHIBIT
      10.16

    EXECUTION
      COPY

     

     

    AMENDMENT
      NO. 1 TO LOAN AGREEMENT 

     

    THIS
      AMENDMENT NO. 1
      (this
      "Amendment") to the Loan Agreement (the "Agreement"), dated as of November
      16,
      2007, by and between MAIDEN INSURANCE COMPANY, LTD, an insurance company formed
      with limited liability under the laws of the Islands of Bermuda (the "Lender"),
      and AMTRUST INTERNATIONAL INSURANCE, LTD, an insurance company formed with
      limited liability under the laws of the Islands of Bermuda (the "Borrower”), is
      made and entered as of February 15, 2008 by and between the Lender and the
      Borrower.

    

    WHEREAS,
      pursuant to Section 6.1 of the Agreement, the Lender and the Borrower may
      mutually agree to amend the Agreement; and

    

    WHEREAS,
      the
      Lender and the Borrower desire to amend the Agreement in the manner set forth
      in
      this Amendment;

     

    NOW,
      THEREFORE,
      in
      consideration of the premises and mutual covenants contained herein, the Lender
      and the Borrower hereby agree as follows:

     

    ARTICLE
      I

    DEFINITIONS
      AND USAGE

     

    
      
        	A.	
                Capitalized
                  terms used but not defined herein shall have the meaning set forth
                  in the
                  Agreement.

              

      

    

     

    
      
        	B.	
                The
                  headings contained in this Amendment are for reference purposes
                  only and
                  shall not affect the meaning or interpretation of this
                  Amendment.

              

      

    

     

    ARTICLE
      II 

    AMENDMENT

     

    
      
        	A.	
                Section
                  2.2 (Interest Rate) hereby is deleted and amended and restated
                  in its
                  entirety as follows:

              

      

    

     

    Each
      Loan
      shall accrue interest at a floating rate equal to the one-month London Interbank
      Offered Rate (“LIBOR”) plus 90 basis points per annum computed on the basis of a
      360-day year of twelve 30-day months. The
      Interest Rate shall change based on changes in LIBOR. LIBOR shall be determined
      by Borrower based on published rates in the Wall Street Journal, Bloomberg
      or
      other widely available source of financial news. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              B.

            	
              Section
                2.3 (Interest Payment Dates) hereby is deleted and amended and restated
                in
                its entirety as follows:

            

    

     

    All
      interest accruing during an Interest Period shall be payable not later than
      10
      Business Days following the end of such Interest Period. 

     

    
      	C.	
              Section
                5.1 (Use of Proceeds) hereby is deleted in its
                entirety.

            

    

     

    
      	D.	
              Article
                VI hereby is amended by adding Section 6.12, which states as
                follows:

            

    

     

    
      	 	
              Offset.
                Borrower shall have the right to offset against any amount due hereunder
                against any balances or amounts due and payable by the Lender under
                the
                Reinsurance Agreement or Asset Management
                Agreement.

            

    

     

    ARTICLE
      III 

    MISCELLANEOUS

     

    
      
        	A.	
                Confirmation
                  of the Agreement.
                  Except as amended by this Amendment, the Agreement remains in full
                  force
                  and effect, without modification or amendment.

              

      

    

     

    
      
        	B.	
                Governing
                  Law.
                  This Amendment shall be governed by the laws of the State of New
                  York,
                  without giving effect to its conflict of laws
                  principles.

              

      

    

     

    
      
        	C.	
                Counterparts.
                  This Amendment may be executed in one or more counterparts, and
                  such
                  counterparts together shall constitute one and the same
                  agreement.

              

      

    

     

    [Remainder
      of page intentionally left blank]

     

     

    
 

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF the parties hereto, by their respective duly authorized
      officers, have executed this Addendum, in duplicate, as of the dates recorded
      below:

     

    
      MAIDEN
        INSURANCE COMPANY, LTD.

       

      
        	
                By:

              	
                /s/
                  Ben Turin

              	 
	 	 	 
	 	 	 
	
                Dated:

              	
                
                  February
                    19, 2008

                

              	 
	 	 	 
	 	 	 
	
                
                  AMTRUST INTERNATIONAL
                    INSURANCE, LTD.

                

              	 
	 	 	 
	 	 	 
	
                By:

              	
                
                  /s/
                    Michael Bott

                

              	 
	 	 	 
	 	 	 
	
                Dated:

              	
                
                  February
                    14, 2008

                

              	 

      

      
 

      
        
          
          

        

        
          3Unassociated Document

    EXHIBIT
      10.17

    

    Brokerage
      Services Agreement

    

    An
      Agreement dated as of 1st January 2008
      between: Maiden Insurance Company, Ltd. on its own behalf (the “Insurer”) and
      IGI Intermediaries Limited (the “Broker”) (collectively the
“Parties’)

    

    1.    Scope

    

    The
      purpose of this Agreement is to set out the rights and obligations of the
      Parties only in respect of the matters specifically addressed in the Agreement.
      Nothing in this Agreement overrides the Broker’s duty to place the interests of
      the Insured before all other considerations in the event of a conflict nor
      shall
      this Agreement override any legal or regulatory requirements (whether obligatory
      or advisory) which may apply to the Broker, the Insurer, or the placing of
      any
      insurance business.

     

    2.    Regulatory
      Status

    

    2.1    The
      Broker warrants that it is authorised by the Financial Services Authority (the
      “FSA”) or other relevant regulatory authority to conduct insurance mediation
      activities (as defined in the FSA’s Handbook) from the date of this Agreement.

    

    2.2    The
      Broker shall inform the Insurer immediately in writing if at any time during
      the
      period of this Agreement:

    

    2.2.1    The
      FSA
      or other relevant regulatory authority suspends or withdraws the Broker’s
      authorisation; or

    

    2.2.2    The
      Broker otherwise ceases in anyway to be authorised by the FSA or other relevant
      regulatory authority to undertake any activities in relation to any Insurance
      Business subject to this Agreement; or

    

    2.2.3    The
      Broker becomes insolvent.

    

    3.    Services

    

    The
      Broker is authorised to provide certain marketing activities for the Insurer:
      

     

    3.1    as
      and
      when requested, provide the Insurer’s marketing material to potential
      policyholders and/or their broker or agent, explaining what
      insurance/reinsurance products are available from Insurer and its
      underwriting and claims handling philosophy to potential policyholders and/or
      their broker or agent, to see whether the Insurer would be suitable
      insurer/reinsurer);

    

    3.2    as
      and
      when requested, provide market intelligence to the Insurer, for example
      gathering market trends, opportunities for new business, contact details of
      loss
      adjusters, actuaries and other professionals, collating and passing on templates
      of insurance/reinsurance contracts currently used in the London market and
      of
      pricing by other insurers/reinsurers;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.3    business
      introduction facilitation, whereby the Broker refers brokers and potential
      policyholders to the Insurer. 

    

    3.4    Such
      other activities as may be agreed between the Parties. 

    

    4.     No
      Authority 

    

    Nothing
      in this Agreement shall grant the Broker authority to:

    

    4.1    negotiate,
      accept, amend, or vary policies, settle, negotiate or compromise claims, alter
      any document or policy, rebate any premium, make any non-exempt financial
      promotion on the Insurer’s behalf, and/or commit the Insurer in any way;
      and

    

    4.2    hold
      or
      transmit funds on behalf of the Insurer or the Policyholder.

    

    5.    License
      - E-mail

    

    5.1    The
      Insurer
      hereby grants the Broker a non-exclusive license for the term of this Agreement
      for the use of the name “Maiden” and “Maiden UK” for purposes of the
      Broker’s activities under this agreement.

    

    5.2    Insurer
      will provide the Broker’s employees with e-mail addresses containing the word
      Maiden in the domain for marketing purposes. Broker will arrange to house all
      such e-mails. Broker will insure that any e-mail sent from Broker’s domain will
      contain a legend in a point size and color acceptable to Insurer stating that
      the originator of the e-mail has no ability to bind the Insurer. 

    

    6.    Remuneration

    

    6.1    For
      the
      services provided under this Agreement the Insurer shall pay to the Broker
      compensation equal to all Broker’s costs plus eight percent (8%) in setting up
      to provide and to provide the services to the Insurer specified herein. These
      costs include, without limitation, employment costs, insurance costs (including
      any Directors & Officers and Professional Indemnity insurance in
      respect of the Broker’s activities for the Insurer and its regulatory
      costs, including any fees which the Broker is required to pay in connection
      with
      its authorized mediation activities), and all general and administrative
      expenses incurred in connection with the services provided herein.

    

    6.2    The
      Broker shall invoice its costs monthly. The Insurer shall pay the invoiced
      amount within 10 days of receipt.

    

    7.    Compliance

    

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    7.1    Each
      Party will comply with their respective legal, licensing and regulatory
      requirements applicable to the Broker’s services.

    

    8.    Data
      Protection

    

    8.1 The
      Parties shall comply with all applicable obligations imposed by, or made under
      requirements of any relevant data protection law or regulation (including the
      UK
      Data Protection Act 1998), together with any other applicable regulations,
      orders or codes of practice.

    

    8.2 Without
      prejudice to the generality of clause 8.1, where either Party (the “Disclosing
      Party”) discloses Personal Data (as defined in the DPA) to the other (the
“Recipient”) in connection with the operation of this Agreement, the Disclosing
      Party will ensure that it obtains all necessary consents so that the Personal
      Data it provides to the Recipient can be lawfully used or disclosed by the
      Recipient in the manner and for the purposes anticipated by this
      Agreement.

    

    9.    Termination

    

    9.1    This
      Agreement shall terminate:

    

    9.1.1    at
      any
      time, upon sixty (60) days notice by one party giving written notice of
      termination to the other;

    

    9.1.2    immediately,
      without notice, should either Party become the subject of voluntary or
      involuntary rehabilitation or liquidation proceedings (save for the purposes
      of
      amalgamation or solvent re-organisation) or become the subject of an action
      in
      bankruptcy or make or propose any composition with its creditors or otherwise
      acknowledge its insolvency.

    

    9.1.3    immediately,
      without notice, should the Broker have any authority or permission granted
      to it
      by the FSA or other relevant regulatory authority withdrawn or altered in such
      a
      manner as materially to affect in any way the Broker’s ability to introduce,
      arrange, conclude, administer, perform or otherwise be involved with any
      regulated Insurance Business which is carried out between the Parties under
      this
      Agreement.

    

    9.1.4    immediately,
      without notice, should the Broker have committed any fraudulent act or similar
      illegal conduct; or

    

    9.1.5    immediately,
      without notice where there is a “change in control” of the Broker or the
      Insurer. A “Change in control” of a Party will be deemed to have occurred if 25%
      or more of the stock evidencing ownership of that Party is transferred to a
      person that was not the owner of such stock on the effective date of this
      Agreement. 

    

    9.2    Following
      termination:

    

    9.2.1    The
      Insurer shall be responsible to pay remuneration to the Broker in accordance
      with Clause 6.1 through the date of termination. 

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    9.2.2    The
      Broker
      will provide the Insurer with all details of its marketing activities on behalf
      of the Insurer

    

    10.    Access
      to Records - Audit

     

    10.1    The
      Broker will retain all documents and electronic records on which information
      connected to the Broker’s marketing activities are stored (the “Records”) for a
      minimum of six years and in any event the minimum periods required by law or
      any
      regulatory body with jurisdiction over the Broker or the Insurer or the
      Insurance Business.

    

    10.2    The
      Broker agrees to allow the Insurer to inspect, during business hours, and to
      take copies of the Records.

    

    11.    Confidentiality

    

    Each
      of
      the Parties will treat information received from the other relating to this
      Agreement and to activities carried out hereunder as confidential and will
      not
      disclose it to any other person not entitled to receive such information except
      as may be necessary to fulfill their respective obligations under the Agreement
      and except as may be required by law or regulatory authority. For the avoidance
      of doubt each party shall be entitled to disclose such information where
      necessary to its insurers or reinsurers, actuaries, auditors, professional
      agents and advisers and other Group companies (as such term is defined in either
      in section 421 of the Financial Services and Markets Act 2000 or section 262
      of
      the Companies Act 1985). This clause will not apply to information which was
      rightfully in the possession of such party prior to this Agreement, which is
      already public knowledge or becomes so at a future date (otherwise than as
      a
      result of a breach of this clause) or which is trivial or obvious. For the
      avoidance of doubt this clause shall not release in anyway confidentiality
      obligations existing or agreed between the Parties prior to the date of the
      Agreement. 

    

    The
      obligations under this clause shall survive termination.

    

    12.    Complaints

    

    Each
      Party will notify the other, as soon as possible, of any regulatory
      correspondence relevant to the Parties dealings and will notify the other,
      in
      accordance with FSA Rules, of any complaint concerning the other Party relating
      to Insurance Business subject to this Agreement

    

    13.    Protection
      of Reputation

    

    Each
      Party agrees it will not, unless permitted hereunder or with the express written
      authority of the other Party, make use of the other Party’s corporate or trading
      names or logos and trademarks.

     

    14.    Conflicts
      of Interest

    

    The
      Parties will adopt and/or maintain procedures to ensure that each has in place
      arrangements for the identification and management of any conflicts of interest
      that may arise in relation to any business that the Broker transacts with the
      Insurer.

    

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    15.    Disclosure

    

    The
      Broker will comply with relevant regulatory, fiduciary and legal requirements
      regarding disclosure of all forms of remuneration from any arrangements it
      may
      have for remuneration in connection with the activities hereunder and nothing
      herein shall prevent the Broker from so complying.

    

    16 Variation
      and Assignment

    

    This
      Agreement may be assigned or varied only in writing by the Parties.

    

    17.    Rights
      of Third Parties

    

    A
      person
      who is not a Party to this Agreement has no right under the Contracts (Rights
      of
      Third Parties) Act 1999 to enforce any term of this Agreement. This clause
      shall
      not affect any right or remedy of a third party which exists or is available
      apart from that Act.

    

    18.    Dispute
      Resolution

    

    18.1    The
      Parties to this Agreement are committed to resolving all disputes arising under
      it (and whether such dispute arises before or after termination of this
      Agreement) without the need for litigation and to allow as far as possible
      for
      commercial relationships to remain unaffected by disputes and therefore the
      Parties:

    

    18.1.1    will
      attempt in good faith to resolve any dispute or claim promptly through
      negotiations between respective senior executives of the Parties who have
      authority to settle the same;

    

    18.1.2    will
      attempt in good faith, if the matter is not resolved through negotiation within
      three months of the dispute arising to resolve the dispute or claim through
      mediation with the assistance of a mediator agreed between the Parties or as
      recommended to the Parties by the Centre for Dispute Resolution or such similar
      organisation as the Parties may agree; or

    

    18.1.3    if
      the
      matter has not been resolved by mediation within six months of the dispute
      arising, or if either Party will not participate in a mediation procedure,
      the
      Parties will refer the dispute in accordance with the Jurisdiction and Choice
      of
      Law Clause below.

    

    18.2    Notwithstanding
      the above, either Party may seek the immediate protection or assistance of
      the
      High Court of England and Wales if appropriate.

    

    19.    Jurisdiction
      and Choice of Law

    

    This
      Agreement shall be construed according to English law and any disputes arising
      under it shall, subject to the provisions of clause 18 above be determined
      in
      the English Courts.

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    20.    Enforceability
      Clause

    

    In
      the
      event any portion of this Agreement is found to be invalid or unenforceable,
      the
      remainder shall remain in full force and effect.

    

    21.    General
      Interpretation of this Agreement

    

    In
      this
      Agreement, words importing the singular shall include the plural and vice versa.
      Headings are included for ease of reference and convenience only and shall
      not
      affect the interpretation of the Agreement.

    

    22.    Service
      of Notices

    

    Any
      notices to be given under this Agreement shall be sent by first class recorded
      delivery post, by hand, or facsimile to the Compliance Officer at the registered
      office of the Party to be served. The notice shall be deemed to have been
      served, if posted, at the expiration of two business days after posting and
      if
      by facsimile, or by hand, at the expiration of one business day after it was
      dispatched.

    

    

    Maiden
      Insurance Company, Ltd. 

    

    

    By:
      /s/
      Ben Turin

    

    Date:
      March 18, 2008

    

    

    IGI
      Intermediaries Limited 

    

    By:
      /s/
      Jeremy Cadle

    

    Date:
      March 27, 2008

     

    
      
        
        

      

      
        6

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