Document:

EX-10.16

 Exhibit 10.16 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT
AGREEMENT (the “Agreement”) is made as of the 1st day of January 2013 (the “Effective Date”) by and between Michael Weiner, an individual having an address at 19 Wingate Drive, New City, NY 10956
(“Executive”), and GMAC Insurance Management Corporation, a Delaware corporation, having an address at 500 West Fifth Street, Winston-Salem, NC 27101 (the “Company”; collectively, the
“Parties”). 
 R E C I T A L S:

 WHEREAS, the Parties desire to enter into this Agreement in order to set forth the terms and conditions of
Executive’s employment with the Company following the date of this Agreement, intending to supersede any prior employment agreement, written or oral between Executive and the Company or any of its affiliates. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in
consideration of the mutual covenants and obligations herein contained, the Parties hereto agree as follows: 
 ARTICLE I

 POSITION AND RESPONSIBILITIES 
 1.1 Employment. The Company hereby agrees to employ Executive and Executive hereby accepts such employment on the terms and conditions set forth herein. Upon the Effective Date, this Agreement
shall supersede any and all prior agreements, written or oral, between the Parties regarding any aspect of Executive’s employment relationship with the Company or its affiliates. 

1.2 Term of Employment Agreement. This Employment Agreement shall commence on the Effective Date and end on the second anniversary
of the Effective Date (the “Initial Term”). The Employment Agreement shall automatically renew for one or more additional two-year terms unless either party notifies the other party at least 120 days prior to the end of the
then current term of an intent not to renew. The Initial Term and any renewal terms are referred to herein as the “Contract Term.” 
 1.3 “At-Will” Employment. Executive’s employment with the Company is deemed “at will,” meaning that Executive may resign, or the Company may terminate Executive’s
employment, at any time with or without notice and for any or for no reason. Nothing in this Agreement shall be construed to alter the “at-will” nature of Executive’s employment, nor shall anything in this Agreement be construed as
providing Executive with a definite term of employment. This provision may only be amended by a written instrument executed by both the Company and Executive. 
 1.4 Position and Title. It is the intention for Executive to serve as Chief Financial Officer of the Company or such other position as determined by the Chairman & Chief Executive Officer of
the Company from time to time and shall serve in such position at the pleasure of the Chairman & Chief Executive Officer. Executive shall perform those duties 

 
generally required of persons in this position or such other duties as the Company may from time to time direct. Executive will report to Michael Karfunkel, or to any other individual that the
Company shall, in its discretion, designate from time to time. If elected a director or officer of any subsidiary or affiliate of the Company, Executive shall serve in such positions with no additional compensation. 

1.5 Office Location. Executive shall be employed at the Company’s New York office, which is presently located in New York, New
York, subject to such travel requirements as the performance of Executive’s duties may require. It is anticipated and understood that Executive’s position will require substantial travel, including spending substantial time in the
Company’s Winston-Salem, North Carolina office. 
 1.6 Devotion of Time. Executive shall devote his full business
time and attention, skills and best efforts to the performance of Executive’s duties hereunder and shall not, during Executive’s employment by the Company, be employed by or otherwise engaged in any other business activity requiring any of
his time; provided, however, that Executive may, to the extent not otherwise prohibited by this Agreement, devote such amount of time as does not, in the discretion of the Company, interfere or compete with the performance of
Executive’s duties under this Agreement by: (a) investing Executive’s personal assets in such manner as will not require services to be rendered by Executive in the operation of the affairs of the companies in which investments are
made, or (b) engaging in charitable, community or political activities, including serving on the boards of directors or committees of related organizations. 
 ARTICLE II 
 COMPENSATION AND BENEFITS 

In exchange for the full, complete and satisfactory performance of Executive’s services, the Company shall provide Executive with
the following compensation and benefits. Unless otherwise set forth to the contrary in this Agreement, the Company is not bound to provide or continue any level, or kind, of compensation or benefit. 

2.1 Base Salary. The Company will pay to Executive a salary at the annual rate of $400,000 (the “Base
Salary”), payable in conformity with the Company’s customary compensation payment practices; as such practices may be adjusted from time to time.  

2.2 Incentive Bonus. Executive will be eligible to earn a bonus with respect to each calendar year, with a
target range from .5x – 1.5x Executive’s Base Salary, as determined based on Executive’s performance during such calendar year and the recommendation of the Chairman & Chief Executive Officer. Notwithstanding the foregoing,
Executive shall receive a minimum bonus with respect to any calendar year of not less than 50% of the bonus received with respect to 2012 and a maximum amount equal to three times Executive’s Base Salary as of the end of the Fiscal Year. Any
bonus paid to Executive pursuant to this subsection shall be paid within two and one-half (2  1/2) months after the end of the Fiscal Year and shall be subject to applicable payroll deductions and withholdings.

  
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 2.3 Benefits. Executive shall be entitled to participate in all savings and
retirement plans, policies and programs as may be made available by the Company to executives generally. In addition, Executive shall be entitled to participate on the same basis with all other employees in the Company’s standard benefits
packages, including group health, disability and life insurance programs. Executive understands that such benefits are provided by the Company at the Company’s discretion and may be changed, increased, decreased or eliminated on an
organization-wide basis from time to time. 
 2.4 Reimbursement. The Company shall reimburse Executive upon presentation
of vouchers and other supporting documentation as the Company may require, for reasonable and necessary out-of-pocket expenses incurred by Executive relating to the
business or affairs of the Company or the performance of Executive’s duties hereunder, provided, however, that the incurring of such expenses shall have been approved in accordance with the Company’s regular
reimbursement procedures and practices in effect from time to time. 
 2.5 Taxes and Withholdings. The Company shall
withhold from Executive’s compensation all applicable amounts for federal, state and local taxes and withholdings as required by applicable laws. 
 2.6 Pooled Time Off. Executive will be eligible to earn pooled time off days each calendar year in accordance with the Company’s policies for senior executives in effect from time to time. The
Executive may use pooled time off days at any time during the year, whether or not vested with management approval. Pooled Time Off must be taken in accordance with the policies of the Company. 

ARTICLE III 

TERM AND TERMINATION 
 3.1 Termination. For purposes of determining whether Executive is eligible for severance pay on termination from the Company, the following definitions will apply: 

3.2 (a) Termination For Cause. For the purposes of this Agreement, “Cause” shall include, but not be
limited to, the following: (i) Executive’s habitual or gross negligence in the performance of Executive’s duties and responsibilities with the Company, including a failure by Executive to perform such duties and responsibilities,
provided such performance or neglect is not corrected (assuming it is correctable) by Executive within twenty (20) business days after receipt of written notice from the Company; (ii) any material breach by Executive of this Agreement or
any other agreement with the Company or any of its affiliates to which Executive is a party, provided such performance or neglect is not corrected (assuming a reasonable person would believe it is correctable) by Executive within twenty
(20) business days after receipt of written notice from the Company; (iii) Executive’s breach of a fiduciary duty to the Company or failure to act in the best interests of the Company; (iv) the arrest (following an investigation
of the facts which results in a determination by the Company of the Executive’s culpability) of, conviction of, or admission by, Executive of a felony or crime involving moral turpitude, whether or not committed in the course of performing
services for the Company; (v) the commission by Executive of any acts of moral 

  
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turpitude, including the commission by Executive of embezzlement, theft or any other fraudulent act; or (vi) Executive’s material violation of the Company’s policies, provided such
violation is not corrected (assuming a reasonable person would believe it is correctable) by Executive within twenty (20) business days after receipt of written notice from the Company. An act, failure to act or course of conduct shall be
considered “grossly negligent” if done, or omitted to be done, by Executive without a reasonable belief that such action, omission or course of conduct was in the best interest of the Company. Any written notice shall set forth in
reasonable detail, the facts and circumstances claimed to constitute Cause. 
 (a) Termination Due to Death or Disability.
Executive’s employment with the Company shall terminate upon Executive’s death or, at the election of the Company by written notice to Executive, upon any Disability of Executive. As used in this Agreement, the term
“Disability” shall mean the inability or failure of Executive to perform the essential functions of the position with or without reasonable accommodation as a result of a mental or physical condition for a period of ninety
(90) or more days (whether or not consecutive) during any twelve (12) month period. In the event of a termination due to Disability, Section 5.3 will not apply to Executive unless Company elects for Section 5.3 to apply and pays
Executive Base Salary and current health insurance benefit (with the Executive continuing to make his or her co-pay) for the Non-Compete Period (as defined in Section 5.3), all as determined in good faith by the Company. Notwithstanding the
foregoing, such termination for disability shall not violate any Federal, State of local law. 
 (b) Termination Without
Cause. Any termination by the Company, other than a termination for Cause or a termination due to death or Disability or Executive’s resignation, will be deemed a termination without Cause. In the event of such termination, the Company
shall pay to Executive severance (in accordance with normal payroll practices) at a per annum rate equal to the Base Salary in effect at the time of such termination for a period of 12 months following such termination (even if such 12 month period
extends past the end of the Contract Term then in effect); provided however, that the Company shall not be obligated to make any payment to Executive under this Section 3.2(c) unless Executive has delivered to the Company a
release of all claims in form and substance reasonably satisfactory to the Company and the release shall have become effective and irrevocable under all applicable law. Executive shall not be entitled to receive severance under any other plans
maintained by the Company for a termination without Cause. The foregoing notwithstanding, the Company’s obligation to pay Executive’s Base Salary will immediately terminate upon: (i) the parties’ mutual agreement to waive
enforcement of the Section 5.3 Non-Compete; or (ii) Executive’s commencement of new or alternative employment (including consulting arrangements), which will reduce the Company’s obligation to continue to pay Executive’s
Base Salary by the base salary received by Executive from such new or alternative employment (or consulting arrangement) for the remainder of the period of time during which severance is due under this Section. In the event Executive accepts such
new or alternative employment during such period of time, Executive agrees to inform the Company of such employment prior to commencing such employment. 
 (c) Termination for Good Reason. Executive may resign and terminate his employment with the Company for “Good Reason.” Executive shall have “Good Reason” to

  
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effect a termination in the event that the Company (i) reduces Executive’s Base Salary, or (ii) requires Executive to relocate more than 50 road miles from Executive’s office
or any subsequent office to which the Executive moves with the Executive’s consent; provided that Executive provides written notice to the Company as to the details of the basis for such Good Reason within thirty (30) days following the
date on which Executive alleges the event giving rise to such Good Reason occurred and the Company fails to provide a reasonable cure within thirty (30) days after its receipt of such notice. In the event of such termination, Executive will
receive the payments and benefits described in Section 3.2(c). The Company shall not be obligated to make any payment to Executive under this Section 3.2(d) unless Executive has delivered to the Company a release of all
claims in form and substance reasonably satisfactory to the Company and the release shall have become effective and irrevocable under all applicable law. 
 In the event (each, a “Non-Compete Event”) there is (i) a diminishment of Executive’s position and functional responsibilities in a substantial and negative manner or
(ii) a non-renewal of the Agreement by the Company, then Executive may terminate this Agreement; provided that the Executive provides written notice to the Company as to the details of the basis for such Non-Compete Event within thirty
(30) days following the date on which Executive alleges the event giving rise to such Non-Compete Event occurred and the Company fails to provide a reasonable cure within thirty (30) days after its receipt of such notice. In the event of
such termination for a Non-Compete Event, no severance will be due hereunder, but the non-compete in Section 5.3 will not apply unless the Company agrees to pay the Executive the Executive’s Base Salary for the term of the Non-Compete
Period. In the event of a non-renewal of the Agreement by the Company and Executive doesn’t terminate within thirty (30) days of notice of such non-renewal and the Executive’s employment is subsequently terminated then no severance
will be due hereunder, but the non-compete in Section 5.3 will not apply unless the Company agrees to pay the Executive the Executive’s Base Salary for the term of the Non-Compete Period. 

ARTICLE IV 

EFFECTS OF TERMINATION 
 In the event Executive’s employment is terminated pursuant to Sections 3.2(a) or 3.2(b), the Company shall have no obligations to Executive except (i) for continuation of health insurance
benefits to the extent required by applicable law, and (ii) that Executive shall be paid any Base Salary earned, but unpaid, as the date of termination, any earned but unused vacation, reimbursed for any expenses incurred up to the date of
termination and otherwise payable under Section 2.4. In the event Executive’s employment is terminated pursuant to Sections 3.2(c) or 3.2(d) herein, then Executive shall be entitled to receive all payments described in such sections
as well as (i) continuation of health insurance benefits to the extent required by applicable law, and (ii) any Base Salary earned, but unpaid, as the date of termination and reimbursed for any expenses incurred up to the date of
termination and otherwise payable under Section 2.4. 

  
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 ARTICLE V  

CONFIDENTIALITY AND PROPRIETARY INFORMATION 
 5.1 Confidentiality. In the course of Executive’s employment, Executive has had and will have access to confidential or proprietary data or information of the Company (and its affiliates) and
its operations. Executive agrees that he will not at any time divulge or communicate to any person, nor shall Executive direct any employee to divulge or communicate to any person (other than to a person bound by confidentiality obligations similar
to those contained herein and other than as necessary in performing Executive’s duties hereunder), or use to the detriment of the Company (or any of its affiliates) or for the benefit of any other person, any of such confidential or proprietary
data or information. The provisions of this Section 5.1 shall survive Executive’s employment hereunder, whether by the normal expiration thereof or otherwise. The term “confidential or proprietary data or
information” as used in this Agreement shall mean all information, whether or not reduced to written or recorded form, that is related to the Company and that is not generally known or accessible to members of the public and/or
competitors of the Company nor intended for general dissemination, whether furnished by the Company or compiled by Executive, including, without limitation, information related to the financial performance of the Company (or any affiliate),
information concerning the customers of the Company (or any affiliate), the existing or proposed future projects, prospects, or business strategies of the Company (or any affiliate), personnel information, financial information, customer lists,
supplier lists, information relating to producer or affinity group relationships or identities, trade secrets, information regarding operations, systems, services, know-how, computer and any other processed or
collated data, computer programs, pricing, marketing and advertising data. Executive understands that it is the Company’s intention to maintain the confidentiality of this information notwithstanding that employees of the Company may have free
access to the information for the purpose of performing their duties with the Company, and notwithstanding that employees who are not expressly bound by agreements similar to this agreement may have access to such information for job purposes.
Executive acknowledges that it is not practical, and shall not be necessary, to mark such information as “confidential,” nor to transfer it within the Company by confidential envelope or communication, in order to preserve the confidential
nature of the information. 
 5.2 Intellectual Property. Executive agrees that Executive will at all times
promptly disclose to the Company, in such form and manner as the Company may reasonably require, any inventions, improvements or procedural or methodological innovations, programs methods, forms, systems, services, designs, marketing ideas, products
or processes (whether or not capable of being trade-marked, copyrighted or patented) conceived or developed or created by Executive during or in connection with Executive’s employment hereunder and which
relate to the business of the Company or any affiliates (“Intellectual Property”). Executive agrees that all such Intellectual Property shall be the sole property of the Company. To the extent possible, any Intellectual
Property made or conceived by Executive shall be deemed a “work made for hire” within the meaning of § 101 of the Federal Copyright Act, as amended; with the exception of inventions (including works of authorship) Executive develops
entirely on Executive’s own time without using the Company’s equipment, supplies, facilities or trade secret information, and that do not relate at the time of conception or 

  
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reduction to practice to the Company’s business, or to the actual or demonstrably anticipated research or development of the Company, or to any work performed by Executive for the Company.
Executive further agrees that Executive will execute such instruments and perform such acts as may reasonably be requested by the Company to transfer to and perfect in the Company all legally protectible rights in such Intellectual Property.

 5.3 Non-Compete. While employed by the Company and for a period of one (1) year thereafter (the
“Non-Compete Period”), Executive shall not, without the prior written approval of the Company, become engaged or become interested, directly or indirectly, as a director, officer, employee or 5% or more stockholder or equity
interest owner in, partner in, or consultant to, any business which is competitive with or similar to the business of the Company or any of its affiliates in any state in the United States (except in the states of North Dakota, South Dakota, Wyoming
and Montana) where the Company or any of its affiliates conducts business. Notwithstanding the foregoing, Executive shall not be prohibited from employment or service with an entity that engages in a competing business if Executive provides
evidence satisfactory to the Company, in its sole discretion, that Executive: 
 (a) (i) works in a separate
division, department or unit that does not compete with the business of the Company (or any of its affiliates); and (ii) will not have contact with the division, department or unit that does compete with the business of the Company (or any of
its affiliates) or 
 (b) works for or owns an insurance agency which does not compete with the business of the Company (or any
of its affiliates). For purposes of this Agreement, AmTrust Financial Services, Inc. and its subsidiaries and Maiden Holdings Ltd. and its subsidiaries are not deemed to be affiliates of the Company. 

5.4 Non-Solicitation. While employed by the Company and for a period of two (2) years thereafter, Executive shall not,
directly or indirectly, on Executive’s own behalf or on behalf of any other person: (a) induce or attempt to induce any agent, producer, affinity group or policyholder of the Company (or any of its affiliates), or any prior agent,
producer, affinity group or policyholder that was an agent, producer, affinity group or policyholder within twelve months of such contact, to withdraw, decrease or cancel its business with the Company (or any of its affiliates) or otherwise
terminate any written or oral agreement or understanding or other relationship with the Company (or any of its affiliates); (b) solicit the business of any customer of the Company (or any of its affiliates), or any prior agent, producer,
affinity group or policyholder that was an agent, producer, affinity group or policyholder within twelve months of such contact, to the extent the business solicited is similar to, or competitive with, the business of the Company (or any of its
affiliates); (c) solicit or attempt to solicit, or hire or attempt to hire, any person who is an employee, individual consultant or independent contractor of the Company (or any of its affiliates), or any prior employee, individual consultant
or independent contractor that was an employee, consultant or independent contractor within twelve months of such contact; or (d) induce or attempt to induce any person who is an employee, individual consultant or independent contractor of the
Company (or any of its affiliates) to terminate or limit his or her employment or other relationship with the Company (or any of its affiliates), or any prior employee, individual consultant or

  
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independent contractor that was an employee, individual consultant or independent contractor within twelve months of such contact. 

5.5 Acknowledgments. 
 (a) Executive acknowledges and agrees that (i) the Company transacts property and casualty insurance business through its affiliates, (ii) the Company and its affiliates have long-term
relationships with their customers that were in many instances developed at considerable expense and difficulty over several years of close and continuing involvement, and (iii) the Company and its affiliates have acquired at considerable
expense the benefits and goodwill associated with such relationships. 
 (b) Executive agrees that following Executive’s
employment with the Company, the Company shall have the right to communicate the terms of this Agreement to any prospective or current employer of Executive. Executive waives any right to assert any claim for damages against the Company or any
officer, employee or agent of the Company arising from such disclosure of the terms of this Agreement. 
 (c) Executive
acknowledges that the purposes of this Article V would be frustrated by measuring the period of restriction from the date of termination of employment where Executive failed to honor the Agreement until directed to do so by court order.
Therefore, should legal proceedings have to be brought by the Company against Executive to enforce this Agreement and should the Company prevail in obtaining injunctive or other equitable relief against Executive, the period of restriction under
this Article V all be deemed to be extended for a period equal to the period of violation by Executive. 
 (d) The
provisions of this Article V shall be independent of any other provision of this Agreement, and the existence of any claim or cause of action by Executive against the Company, whether predicated on this Agreement or otherwise, shall not
constitute a defense to the enforcement of this Article V by the Company. 
 5.6 Return of Property. All written
materials, records and documents made by Executive or coming into Executive’s possession during Executive’s employment concerning any products, processes or equipment, manufactured, used, developed, investigated or considered by the
Company (or any of its affiliates) or otherwise concerning the business or affairs of the Company (or any of its affiliates), shall be the sole property of the Company (or such affiliate), and upon termination of Executive’s employment, or upon
request of the Company during Executive’s employment, Executive shall promptly deliver same to the Company. In addition, upon termination of Executive’s employment, or upon request of the Company during Executive’s employment,
Executive will deliver to the Company all other Company property in Executive’s possession or under Executive’s control, including but not limited to, financial statements, marketing and sales data, patent applications, drawings and other
documents, and all Company credit cards and automobiles. 
 5.7 Equitable Relief. With respect to the covenants contained
in Article V of this Agreement, Executive agrees that any remedy at law for any breach of said covenants may be 

  
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inadequate and that the Company shall be entitled to seek specific performance or any other mode of injunctive and/or other equitable relief (without the requirement of posting a bond) to enforce
its rights hereunder or any other relief a court might award. 
 ARTICLE VI  

EMPLOYEE’S REPRESENTATIONS 
 Executive represents and warrants that he is not a party to any other employment, non-competition, or other agreement or restriction which could interfere with his
employment with the Company or his or the Company’s rights and obligations hereunder, and that his employment with the Company and the performance of his duties hereunder will not breach the provisions of any contract, agreement, or
understanding to which Executive is party or any duty owed by Executive to any other person. 
 ARTICLE VII 

 NOTICES 
 All demands, notices, requests, consents and other communications required or permitted under this Agreement shall be in writing and shall be personally delivered or sent by facsimile machine (with a
confirmation copy sent by one of the other methods authorized in this Section), commercial (including FedEx) or the U.S. Postal Service overnight delivery service, or, deposited with the U.S. Postal Service mailed first class, registered or
certified mail, postage prepaid, as set forth below: 
 If to the Company, addressed to: 

GMAC Insurance Management Corporation 
 500 West Fifth Street 
 Winston-Salem, NC 27101 

Attention: Chairman & Chief Executive Officer 
 Telephone No: 212-380-9495 
 Facsimile No.: 212-380-9499 

With a copy to: 

GMAC Insurance Management Corporation 
 500 West Fifth Street 
 Winston-Salem, NC 27101 

Attention: General Counsel 
 Telephone No: 212-380-9479 
 Facsimile No.: 212-380-9499 

  
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 If to Executive, addressed to: 

Michael Weiner 

19 Wingate Drive 

New York, NY 10956 
 Notices shall be deemed given upon the earlier to occur of (i) receipt by the party to whom such notice is directed; (ii) if sent by facsimile machine, on the day such notice is sent if sent (as
evidenced by the facsimile confirmed receipt) prior to 5:00 p.m. Eastern Time and, if sent after 5:00 p.m. Eastern Time, on the day after which such notice is sent; (iii) on the first business day following the day the same is deposited with
the commercial carrier if sent by commercial overnight delivery service; or (iv) the fifth day following deposit thereof with the aforesaid Postal Service as aforesaid. Each party, by notice duly given in accordance therewith may specify a
different address for the giving of any notice hereunder. 
 ARTICLE VIII  

ENFORCEMENT AND WAIVERS 
 8.1 Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with laws of the State of North Carolina without regard to conflict or choice of law principles
applicable therein. Any action, suit or other proceeding initiated by any party under or in connection with this Agreement must be brought in any Federal or State court in the State of North Carolina and both parties consent to the jurisdiction and
venue of any Federal or State court in the State of North Carolina and agree that North Carolina is a convenient forum within which to litigate such dispute. 
 8.2 Waivers. No delay in exercising any right under this Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be
effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion. 
 ARTICLE
IX  
 COMPLIANCE WITH SECTION 409A OF THE CODE 

The provisions of this Article 9 shall apply solely to the extent that a payment under this Agreement is subject to Section 409A of
the Internal Revenue Code (the “Code”). 
 9.1 General Suspension of Payments. If Executive is a “specified
employee,” as such term is defined within the meaning of Section 409A of the Code, any payments or benefits payable or provided as a result of Executive’s termination of employment that would otherwise be paid or provided prior to the
first day of the seventh month following such termination (other than due to death) shall instead be paid or provided on the earlier of (i) the six months and one day following Executive’s termination, (ii) the date of
Executive’s death, or (iii) any date that otherwise complies with Section 409A of the Code. In the event that Executive is entitled to receive payments during the suspension period provided under this

  
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Section, Executive shall receive the accumulated benefits that would have been paid or provided under this Agreement within the suspension period on the earliest day that would be permitted under
Section 409A of the Code. 
 9.2 Release Payments. In the event that Executive is required to execute a release to
receive any payments from the Company that constitute nonqualified deferred compensation under Section 409A of the Code, payment of such amounts shall not be made or commence until the sixtieth (60th) day following such termination of
employment. Any payments that are suspended during the sixty (60) day period shall be paid on the date the first regular payroll is made immediately following the end of such period. 

9.3 Reimbursement Payments. The following rules shall apply to payments of any amounts under this Agreement that are treated as
“reimbursement payments” under Section 409A of the Code: (i) the amount of expenses eligible for reimbursement in one calendar year shall not limit the available reimbursements for any other calendar year (other than an
arrangement providing for the reimbursement of medical expenses referred to in Section 105(b) of the Code); (ii) Executive shall file a claim for all reimbursement payments not later than thirty (30) days following the end of the
calendar year during which the expenses were incurred, (iii) the Company shall make such reimbursement payments within thirty (30) days following the date Executive delivers written notice of the expenses to the Company; and
(iv) Executive’s right to such reimbursement payments shall not be subject to liquidation or exchange for any other payment or benefit. 
 9.4 Separation from Service. For purposes of this Agreement, any reference to “termination” of Executive’s employment shall be interpreted consistent with the meaning of the term
“separation from service” in Section 409A(a)(2)(A)(i) of the Code and no portion of the Severance Payments shall be paid to Executive prior to the date such Executive incurs a separation from service under
Section 409A(a)(2)(A)(i) of the Code. 
 9.5 Installment Payments. For purposes of Section 409A of the Code and
the regulations and other guidance thereunder and any state law of similar effect (including without limitation Treasury Regulations Section 1.409A-2(b)(2)(iii)), all payments made under this Agreement (whether severance payments or otherwise)
will be treated as a right to receive a series of separate payments and, accordingly, each installment payment under this Agreement will at all times be considered a separate and distinct payment. 

9.6 General. Notwithstanding anything to the contrary in this Agreement, it is intended that the severance benefits and other
payments payable under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Code provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5), and 1.409A-(b)(9) and
this Agreement will be construed to the greatest extent possible as consistent with those provisions. The commencement of payment or provision of any payment or benefit under this Agreement shall be deferred to the minimum extent necessary to
prevent the imposition of any excise taxes or penalties on the Company or Executive. 

  
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 ARTICLE X 
 MISCELLANEOUS 
 10.1 Captions. The captions of the sections of
this Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Agreement. 
 10.2 Severability. In the case any provision of this Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall in
no way be affected or impaired thereby. In addition, should a court of competent jurisdiction declare any of the covenants set forth in Article V unenforceable, the parties agree to the extent permitted under the law of the State of North
Carolina that such court shall be authorized to modify such covenants so as to render the remaining covenants and the modified covenants valid and enforceable to the maximum extent possible, and as so modified, to enforce this Agreement in
accordance with its terms. In accordance with and subject to the foregoing, if any provision of this Article X shall be held to be excessively broad, it shall be limited to the extent necessary to comply with applicable law. 

10.3 Gender and Number. The gender and number used in this Agreement are used as reference terms only and shall apply with the same
effect whether the parties are of the masculine, neuter or feminine gender, corporate or other form, and the singular shall likewise include the plural. 
 10.4 Assignment. This Agreement may be assigned by the Company. The obligations of Executive are personal and shall not be assigned or delegated by Executive. 

10.5 Amendment and Modification. This Agreement may be amended or modified only by a written instrument executed by both the
Company and Executive. No waiver by either party of any breach by the other or any provision hereof shall be deemed to be a waiver of any later or other breach thereof or as a waiver of any other provision of this Agreement. 

10.6 Entire Agreement. This Agreement constitutes the entire agreement between the Parties and supersedes all prior agreements and
understandings, whether written or oral, relating to the subject matter of this Agreement. The terms and conditions of the employment with the Company as set forth herein are integrated with and supersede any contrary verbal discussions concerning
conditions of employment. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and
year first above written. 
  

			
	EXECUTIVE:
	
	/s/ Michael Weiner
	Michael Weiner
	
	GMAC Insurance Management Corporation
		
	By:	 	/s/ Michael Karfunkel
		 	Michael Karfunkel
		 	Chairman & Chief Executive Officer

  
 -13-EX-10.17

 Exhibit 10.17 
 PORTFOLIO TRANSFER AND 
 QUOTA SHARE REINSURANCE AGREEMENT 

THIS PORTFOLIO TRANSFER AND QUOTA SHARE REINSURANCE AGREEMENT (this “Agreement”) is effective as of January 1,
2013, (the “Effective Date”) by and between Wesco Insurance Company, a Delaware domiciled insurance company (the “Company”), and National Health Insurance Company, a Texas domiciled insurance company (the “Reinsurer”)
(collectively, the “Parties”). 
 WHEREAS, as more particularly set forth herein, the Company and the Reinsurer
wish to enter into a quota share arrangement pursuant to which the Reinsurer will reinsure: (i) 100% of the Company’s existing obligations with respect to the accident and health programs set forth on Schedule A (the “Business”)
with respect to Existing Contracts, as defined below, written by the Company prior to the Effective Date, including a loss portfolio transfer of all losses incurred and all unearned premium as of the Effective Date in exchange for an amount equal to
100% of the Company’s loss and loss adjustment expense reserves and unearned premium reserves, if any, related to the Existing Contracts, less the UEP Ceding Commission as hereinafter defined, and (ii) 100% of the Business fronted by the
Company on behalf of the Reinsurer after the Effective Date (including business Fronted by the Company in accordance with Section 4(c)), less the Fronted Ceding Commission as hereinafter defined; and 

WHEREAS, as more particularly set forth herein, the Reinsurer will administer the Business at no charge on behalf of the Company
and itself in accordance with industry standards and Company’s guidelines and procedures. 
 NOW, THEREFORE, in
consideration of the mutual and several promises and undertakings herein contained, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows: 

ARTICLE 1 

DEFINITIONS 
 Section 1.1 Defined Terms. 
 The following terms shall have the
respective meanings specified below throughout this Agreement. 
 “Agreement” has the meaning set forth in the first
paragraph. 
 “Affiliate” (and, with a correlative meaning, “Affiliated”) means, with respect to any Person,
any other Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such first Person. As used in this definition, “control” (including, with correlative
meanings, “controlled by” and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership
or 

 
other ownership interests, by contract, as trustee or executor, or otherwise). For purposes of this Agreement, the Company shall not be considered an affiliate of the Reinsurer. 

“Claim” and “Claims” means any and all claims, requests, demands or notices made by or on behalf of policyholders,
beneficiaries or third party claimants for the payment of Losses and any other amounts due or alleged to be due under or in connection with the Insurance Contracts. 
 “Company” has the meaning set forth in the first paragraph. 

“Effective Date” has the meaning set forth in the first paragraph. 

“Existing Contracts” means all insurance and reinsurance contracts, policies, certificates, binders, slips, covers or other
agreements of insurance, including all supplements, riders and endorsements issued or written in connection therewith and extensions thereto, whether or not in-force, issued, renewed, or written by or on behalf of the Company in connection with the
Business prior to the Effective Date. 
 “Fronted Ceding Commission” means an amount equal to the five percent
(5%) of Premiums written with respect to Fronted Contracts plus the related Fronting Acquisition Costs and Fronting Inuring Reinsurance Costs, in each case subject to any applicable commission or brokerage adjustments, which adjustments shall
be accounted for and settled up as between the Parties as part of the monthly reporting pursuant to Section 3.4. 

“Fronted Contracts” means, with respect to the Business and such additional business fronted by the Company pursuant to
Section 4(c), all insurance and reinsurance contracts, policies, certificates, binders, slips, covers or other agreements of insurance, including all supplements, riders and endorsements issued or written in connection therewith and extensions
thereto, whether or not in-force, fronted by the Company on behalf of the Reinsurer after the Effective Date for the twelve month period through and including December 31, 2013. 

“Fronting Acquisition Costs” means the actual out-of-pocket expenses incurred by the Company for amounts paid or payable by, or
on behalf of, the Company to unaffiliated third parties to acquire the Fronted Contracts, including, without limitation, all commissions, brokerage payments, premium taxes and boards and bureau fees to the extent not paid directly by the Reinsurer
or an Affiliate of the Reinsurer. 
 “Fronting Authority” means the authority conferred upon the Reinsurer and its
designees to write Fronted Contracts, which shall expire on December 31, 2013. 
 “Fronting Inuring Reinsurance
Costs” means any premium or premium deposit paid or payable by the Company for Inuring Reinsurance specifically for the benefit of the Business that shall not have been paid by the Reinsurer or one of its Affiliates. 

“IBNR” has the meaning set forth in the definition for the term Loss Reserves. 

“Insurance Contracts” means the Existing Contracts and the Fronted Contracts. 

  
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 “Inuring Reinsurance” means all reinsurance agreements, treaties and contracts,
including any renewals or extensions thereof to the extent such reinsurance agreements, treaties and contracts provide reinsurance coverage for the Existing Contracts or Fronted Contracts. 

“Loss Reserves” shall mean as of the Effective Date the amount recorded on the books of the Company with respect to the
Business, without taking into account the reinsurance ceded to the Reinsurer hereunder, on account of its actual or potential obligations for unpaid Losses as of the Effective Date, including, without limitation, amounts for incurred but not
reported Losses (“IBNR”), calculated consistent with the established actuarial practices applied by the Company in respect of the Existing Contracts as of January 1, 2013, but in all cases consistent with the reserve requirements,
statutory accounting rules and actuarial principles applicable to the Company under applicable law as of the date at issue. 

“Loss Reserve Transfer” has the meaning set forth in Section 2.2(a). 

“Losses” shall mean liabilities and obligations to make payments to policyholders, beneficiaries and/or other third party
claimants under the Existing Contracts and Fronted Contracts (including, without limitation, liabilities or assessments arising from the Company’s participation, if any, in any voluntary or involuntary pools, guaranty funds, or other types of
government-sponsored or government-organized insurance funds) and all loss adjustment expenses and defense costs, including, without limitation, (i) all expenses incurred by or on behalf of the Company related to the investigation, appraisal,
adjustment, litigation, defense or appeal of claims under or covered by the Existing Contracts, Fronted Contracts and/or coverage actions under or covered by the Existing Contracts or Fronted Contracts, (ii) all liabilities for consequential,
exemplary, punitive or similar extra contractual damages, or for statutory or regulatory fines or penalties, or for any loss in excess of the limits arising under or covered by any Existing Contract or Fronted Contract, and (iii) court costs
accrued prior to final judgment, prejudgment interest or delayed damages and interest accrued after final judgment. Notwithstanding the foregoing, “Losses” shall not include any liabilities or obligations incurred by or on behalf of the
Company as a result of any fraudulent and/or criminal act by the Company or any of its Affiliates or any of their respective officers, directors, employees or agents following the Effective Date. Losses shall be net of all Inuring Reinsurance
collected and paid to or for the benefit of the Company, unless the inability to collect any Inuring Reinsurance is due to any grossly negligent, willful, fraudulent or criminal act or omission to the extent attributable to the Company or any of its
Affiliates or any of their respective officers, directors, employees or agents acting in such respective capacities, in which case the Reinsurer’s obligations hereunder to make a payment with respect to a Loss shall be reduced by the portion of
any such Loss that would otherwise be covered by Inuring Reinsurance but for such act or omission by the Company, it being acknowledged by the Company and the Reinsurer that the Reinsurer shall be solely responsible for collecting amounts due under
such Inuring Reinsurance and that the Company shall, at the Reinsurer’s expense, take such commercially reasonable actions as shall be requested in writing by the Reinsurer related to the collection of Inuring Reinsurance. 

“Parties” has the meaning set forth in the first paragraph. 

  
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 “Person” shall mean any individual, corporation, partnership, firm, joint venture,
association, joint-stock company, limited liability company, trust, estate, unincorporated organization, Government Entity or other entity. 
 “Portfolio Reserves” means an amount equal to 100% of the Loss Reserves as of December 31, 2012 attributable to the Existing Contracts for Losses occurring prior to the Effective Date.

 “Premium(s)” means all gross written premium(s), considerations, deposits, premium adjustments, fees and similar
amounts related to the Existing Contracts and Fronted Contracts, less cancellation and return premiums. 
 “Reinsurer”
has the meaning set forth in the first paragraph. 
 “Taxes” (or “Tax” as the context may require) means all
United States federal, state, county, local, foreign and other taxes (including, without limitation, income taxes, payroll and employee withholding taxes, unemployment insurance, social security taxes, premium taxes, excise taxes, sales taxes, use
taxes, gross receipts taxes, franchise taxes, ad valorem taxes, severance taxes, capital property taxes and import duties), and includes interest, additions to tax and penalties with respect thereto, whether disputed or not. 

“UEP Ceding Commission” means an amount equal to the Unearned Acquisition Costs and the Unearned In-Force Inuring Reinsurance
Costs with respect to Existing Contracts, subject to any applicable commission or brokerage adjustments, which adjustments shall be accounted for and settled up as between the Parties as part of the monthly reporting pursuant to Section 3.4.

 “Unearned Acquisition Costs” means an amount equal to the actual out-of-pocket expenses incurred by the Company for
amounts paid or payable by, or on behalf of, the Company to acquire that portion of the Existing Contracts associated with the Unearned Premium Reserve, including all commissions and brokerage payments, premium taxes and boards and bureau fees.

 “Unearned In-Force Inuring Reinsurance Costs” means an amount equal to the unearned portion (as determined by the
Company) of any premium or premium deposit paid or payable by the Company for Inuring Reinsurance attributable to the Existing Contracts that shall not have been paid by the Reinsurer or one of its Affiliates.  

“Unearned Premium Reserves” means the gross liability as of the Effective Date for the amount of collected Premium
corresponding to the unexpired portion of all Existing Contracts, less the UEP Ceding Commission, whether or not paid as of the Effective Date, in each case as calculated a manner consistent with the Company’s quarterly financial statements
dated as of December 31, 2012, prepared in accordance with statutory accounting practices and subject to any applicable Premium, commission or brokerage adjustments prior to or after the Effective Date pursuant to the underlying terms and
conditions of any Insurance Contract or agent or broker contract related thereto, which adjustments shall be accounted for and settled as between the Parties as part of the monthly reporting pursuant to Section 3.4. 

“UPR Transfer Amount” has the meaning set forth in Section 3.1(a)(ii). 

  
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 Article 2  

BUSINESS REINSURED 
 Section 2.1 Existing and Fronted Business. 
 (a) From and after
the Effective Date, the Company hereby cedes, and the Reinsurer hereby assumes, one hundred percent (100%) of all Losses for which the Company is liable in respect of the Insurance Contracts. In addition, all Losses reinsured hereunder and any
payments of Claims by the Reinsurer shall be net of Inuring Reinsurance collected and paid to or for the benefit of the Company, it being acknowledged by the Company and the Reinsurer that the Reinsurer shall be solely responsible for collecting
amounts due under such Inuring Reinsurance, except as provided in Section 3.5, and that the Company shall, at the Reinsurer’s expense, take such commercially reasonable actions as shall be requested in writing by the Reinsurer related to
the collection of Inuring Reinsurance. 
 (b) In the event the Reinsurer makes an indemnity payment on behalf of the Company
directly to any policyholder, insured or third party pursuant to any Insurance Contract that pays in full a Loss, cost or expense under such Insurance Contract, such payment satisfies and extinguishes any and all obligation of the Reinsurer
hereunder to indemnify the Company for such Loss, cost or expense. In no event shall the Reinsurer be obligated hereunder to indemnify with respect to any Loss, cost or expense under an Insurance Contract for an amount in excess of such Loss, cost
or expense. 
 Section 2.2 Transfer of Portfolio Reserves. 

Within thirty (30) days following the Effective Date, the Company shall provide the Reinsurer its initial calculation of the
Portfolio Reserves and shall convey one hundred percent (100%) of the Portfolio Reserves to the Reinsurer by wire transfer of immediately available funds (the “Loss Reserve Transfer”). Within 90 days following the Effective Date, the
Company (in consultation with the Reinsurer) shall provide the final calculation of the Portfolio Reserves and the relevant party shall true-up any difference between the initial calculation and the final calculation by wire transfer of immediately
available funds. 
 ARTICLE 3 
 PAYMENTS, OFFSET, AND SECURITY 
 Section 3.1
Premium. 
 (a) Unearned Premium Reserves and Premiums.  

(i) As full premium for the Existing Contracts ceded under this Agreement, the Company shall transfer to the Reinsurer one
hundred percent (100%) of the Unearned Premium Reserves held by the Company relating to such ceded business (less any uncollected premium) and one hundred percent of all 

  
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Premiums collected by or on behalf of the Company on account of the Existing Contracts on or after the Effective Date but only to the extent such Premiums were not reflected in the Unearned
Premium Reserves transferred to the Reinsurer pursuant to this Section 3.1. 
 (ii) Within ninety
(90) days following the Effective Date, the Company shall provide the Reinsurer its calculation of the Unearned Premium Reserves and shall remit to the Reinsurer by wire transfer of immediately available funds an amount equal to such Unearned
Premium Reserves (the “UPR Transfer Amount”). The Company also shall deliver to the Reinsurer a schedule of Premiums that shall not have been collected and with respect to which an amount shall be included in the Unearned Premium Reserve
transferred as of the Effective Date (the “Uncollected Premium Schedule”). The Company shall cooperate with the Reinsurer in determining the Unearned Premium Reserves, the collection of premium and accounting for premium. 

(b) The Company’s Fronted Business; Fronted Contract Premiums and Ceding Commissions. As premium for the Fronted Contracts
ceded under this Agreement (the “Fronted Premiums”), the Company shall pay to the Reinsurer (to the extent the Reinsurer has not retained such Premiums directly pursuant to Article 4) by wire transfers of immediately available funds one
hundred percent (100%) of the collected Premiums attributable to the Fronted Contracts, net of the Fronted Ceding Commissions. If, during any month, there are insufficient Premiums collected from which the Company may deduct any Fronting
Acquisition Costs or Fronting Inuring Reinsurance Costs incurred by the Company during such month, then the Reinsurer shall reimburse the Company for such costs within ten (10) days following receipt of a written request for reimbursement from
the Company, which request shall reasonably identify the Fronting Acquisition Costs and Fronting Inuring Reinsurance Costs for which the Company is seeking reimbursement. 
 Section 3.2 Offset Rights. 
 Except as otherwise expressly
provided, each Party hereto, and each of its respective Affiliates at the time an offset is asserted, shall have, and may exercise at any time and from time to time, the right to offset any balance or balances due to the other Party or any of its
Affiliates at the time an offset is asserted, arising under this Agreement, regardless of whether on account of Premiums, Ceding Commissions, or Losses related to or arising under the Existing Contracts or Fronted Contracts or any other amount
related to or arising under this Agreement; provided, however, that in the event of the insolvency of a Party hereto or any of its Affiliates, offsets shall only be allowed in accordance with the provisions of applicable law.

 Section 3.3 Premiums for Insurance Contracts 

(a) The Reinsurer is authorized to collect Premiums for the Existing Contracts and Fronted Contracts from policyholders of the Company and
may deposit such Premiums directly into one or more accounts designated by, and issued in the name of, the Reinsurer, net of any Ceding Commissions payable to the Company, which the Reinsurer shall remit to the Company in connection with the monthly
settlements provided in Section 3.4. To the extent any 

  
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Premiums are collected directly by the Company, the Company shall so advise the Reinsurer and shall promptly remit them to the Reinsurer, net of any Ceding Commissions which shall be retained by
the Company. The Reinsurer and the Company agree to maintain accounting and operational records and books in adequate detail so as to identify the specific Existing Contracts, Fronted Contracts and policyholders of the Company with respect to all
collected Premiums. 
 (b) The Reinsurer shall: (i) timely pay any return premium coming due under the Existing Contracts or
Fronted Contracts payable on or after the Effective Date; or (ii) promptly reimburse the Company for any of the foregoing amounts that are instead paid by the Company. 
 Section 3.4 Reports and Remittances. 
 (a) The Parties shall
conduct monthly settlements based upon monthly bordereaux to be provided by or on behalf of the Reinsurer evidencing the amount due or to be due in a form, and containing such detail, as is agreed to by the Parties. The Company shall provide
reasonable assistance to the Reinsurer in connection with the preparation of the monthly bordereaux and other reports required hereunder, including, without limitation, the preparation by the Company of such monthly bordereaux and reports through
the period ended April 30, 2013. Such settlements shall take into account and fully settle any profit commission, return commission, loss corridor payment, or other similar premium or commission adjustments payable to or by the Company pursuant
to the terms of any Insurance Contract or any agent or broker contract that relates to the Insurance Contracts, which adjustments, whether positive or negative, shall be credited to or charged against the Reinsurer, as the case may be. Each Party
shall pay or credit in cash or its equivalent to the other all net amounts for which it may be liable under the terms and conditions of this Agreement within thirty (30) days after receipt of each monthly bordereau. 

(b) The Company and the Reinsurer shall furnish each other with such records, reports and information with respect to the Losses, Claims,
Inuring Reinsurance, Unearned Premium Reserve, and the reinsurance contemplated hereby as may be reasonably required by the other Party to comply with any internal reporting requirements or reporting requirements of any governmental authority or to
prepare and complete such Party’s quarterly and annual financial statements. In addition, the Reinsurer shall provide the Company with (i) monthly reports within thirty (30) days following the end of each month and in such form as
agreed by the Parties, (A) identifying all Claims in excess of fifty thousand ($50,000) dollars or involving consequential, exemplary, punitive or similar extra contractual damages, or any loss in excess of the limits arising under or covered
by any Existing Contract or Fronted Contract, and (B) identifying all adjustments to Premiums or Ceding Commissions, including any adjustments to third-party commissions or brokerage payments pursuant to the underlying terms of the Insurance
Contracts or any agent or brokers contracts related thereto, and (ii) such additional information as may be reasonably requested by the Company with respect to any such reports. 

(c) If the Company or the Reinsurer receives notice of, or otherwise becomes aware of, any inquiry, investigation, proceeding, from or at
the direction of a governmental entity, or is served or threatened with a demand for litigation, arbitration, mediation or any other similar proceeding relating to the Insurance Contracts, the Company or the Reinsurer, as

  
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applicable, shall promptly notify the other party thereof, whereupon the parties shall cooperate in good faith and use their respective commercially reasonable efforts to resolve such matter in a
mutually satisfactory manner in light of all the relevant business, regulatory and legal facts and circumstances. 
 (d) Each
Party shall have the right, through authorized representatives and upon reasonable advance notice during normal business hours, to periodically audit and inspect all books, records, and papers of the other Party solely in connection with the
Insurance Contracts, the Inuring Reinsurance and any reinsurance hereunder or claims in connection therewith. Each Party shall treat the other Party’s books, records, and papers in confidence. A Party shall be permitted to conduct such audits
no more frequently than semi-annually unless the Reinsurer’s A.M. Best rating at any time falls below A-, in which case the Company shall be permitted to audit the Reinsurer on a quarterly basis. In addition, if the Reinsurer’s A.M. Best
rating falls below A-, the Company may place, at its expense, one or more employees or other authorized representatives on-site at the Reinsurer’s office facilities for the purpose of monitoring the Reinsurer’s performance under this
Agreement. The Reinsurer shall provide such employee(s) or representative(s) with reasonable office accommodations and access to the Reinsurer’s officers, employees, books, records, and reports related to the Insurance Contracts to enable
meaningful and proper oversight and monitoring of the Reinsurer’s performance and duties hereunder. 
 (e) The Reinsurer
agrees that so long as this Agreement shall be in force, it will have capital and surplus of not less than the amount necessary to comply with the applicable laws of its domiciliary jurisdiction. The Reinsurer agrees to maintain reserves consistent
with the applicable laws of any jurisdiction having regulatory authority over Reinsurer. 
 Section 3.5 Collection of
Premiums. 
 Following the Effective Date, subject to Section 3.3(a), all Premiums collected by the Reinsurer or
such Affiliate may be retained by the Reinsurer and all Premiums collected by the Company, net of the applicable Ceding Commission, shall be deposited directly into an account (or accounts) designated by, and issued in the name of, the Reinsurer
from which accounts(s) funds shall be reported, monthly, to Company. 
 Section 3.6 Collateral for Ceded Losses.

 In the event pursuant to applicable law of any state of the United States of America or the District of Columbia having
jurisdiction over the Company, the Company is no longer able to take full reserve credit on its statutory financial statements for the reinsurance ceded to the Reinsurer, the Reinsurer shall promptly provide collateral for its obligations hereunder
in the amount and form necessary for the Company to take full reserve credit on its statutory financial statements for the reinsurance provided hereunder on terms and conditions reasonably satisfactory to the Company and in accordance with
applicable law. 

  
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 ARTICLE 4 
 CLAIMS, UNDERWRITING AND OTHER ADMINISTRATION 
 (a) On and after the
Effective Date, the Company will provide prompt notice to the Reinsurer or its designee of all Claims (but only to the extent such Claims are not otherwise known or reported to the Reinsurer or any of its Affiliates), and the Reinsurer or its
designee will have the obligation to investigate and defend, as applicable, at its own expense, any Claim affecting this Agreement. At the request of the Reinsurer or such designee, the Company will jointly associate with the Reinsurer, at the
expense of the Reinsurer, in the defense or control of any Claim, suit or proceeding involving this reinsurance, and the Company shall cooperate with the Reinsurer or such designee in every respect to procure the most favorable disposition of such
claim, suit or proceeding. In addition, the Company shall have the right, at its sole option and expense, to monitor and consult with the Reinsurer regarding the defense or administration of any Claim, suit or proceeding. 

(b) The Company grants to the Reinsurer, or one or more of the Reinsurer’s Affiliates designated by the Reinsurer, as of the
Effective Date, authority in all matters relating to the administration of the Insurance Contracts and any Claims thereunder, including the authority (i) to pay Claims on behalf of the Company, (ii) to communicate directly with
policyholders and to collect on behalf of the Company unpaid Premiums that relate solely to the Insurance Contracts, and (iii) to handle the placement, production, underwriting, service and management of the Insurance Contracts, including
without limitation the authority to (A) solicit, accept and receive submissions for Fronted Contracts or renewals of Insurance Contracts; (B) secure, at its own expense, reasonable underwriting information through reporting agencies or
other appropriate sources relating to each submission; (C) issue, renew and countersign Insurance Contracts and endorsements related thereto; (D) collect and receipt for the premiums on Insurance Contracts; (E) adjust and settle
claims under the Insurance Contracts; (F) set and establish loss reserves for the Insurance Contracts; and (G) any and all other acts or duties that would otherwise be performed by the Company necessary and appropriate to the Insurance
Contracts, to the extent such authority may be granted pursuant to applicable law and the Reinsurer, or one or more of the Reinsurer’s Affiliates designated by the Reinsurer, shall perform all such functions as outlined herein. In exercising
such authorities, the Reinsurer or any such Affiliate may delegate the performance of any duty described above to a third party; provided that no such delegation shall relieve the Reinsurer of its obligations hereunder. Subject to the forgoing
limitation, effective as of the Effective Date, the Company hereby appoints the Reinsurer as its attorney-in-fact with respect to the rights, duties and privileges and obligations of the Company in and to the Insurance Contracts, with full power and
authority to act in the name, place and stead of the Company with respect to such contracts, including without limitation, the power to service such contracts, to adjust, defend, settle and to pay all Claims, to recover salvage and subrogation for
any losses incurred and to take such other and further actions as may be necessary or desirable to effect the transactions contemplated by this Agreement, provided, that the Reinsurer covenants to exercise such authority in a professional manner and
to use the same level of care as is used in administering the Reinsurer’s other insurance business. As part of the foregoing, the Company grants full authority to the Reinsurer to adjust, settle or compromise all Losses hereunder, and all such
adjustments, settlements and compromises shall be binding on the Company. The Company agrees to cooperate fully with the 

  
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Reinsurer in the transfer of such administration, and the Reinsurer agrees to be responsible for such administration. 
 (c) Notwithstanding the foregoing, the Reinsurer shall not, pursuant to the Fronting Authority, enter into or accept and receive submissions for Fronted Contracts except for Fronted Contracts issued
pursuant to the insurance programs listed on Schedule A without the express written consent of the Company. The Reinsurer shall have no authority to arrange, facilitate or bind reinsurance for the Company. 

(d) The Company agrees that so long as (i) the Reinsurer is solvent, and (ii) the Reinsurer or its designee shall not be in
material breach of its obligations to service and administer the Insurance Contracts or the Claims under this Agreement, the Company will not take action to prevent or limit the Reinsurer or its designee from servicing or administering the Insurance
Contracts or the Claims as contemplated by this Agreement. If the Reinsurer (i) becomes insolvent, makes an assignment for the benefit of its creditors, or becomes the subject of any voluntary or involuntary supervision, conservation,
rehabilitation, liquidation or other similar proceeding, the Reinsurer’s authority under this Article 4 shall be automatically revoked and the Company shall handle, or retain a third-party administrator to handle, the administration and runoff
of the Insurance Contracts and all reasonable costs and expenses incurred by or on behalf of the Company in taking back and administering the runoff of the Insurance Contracts shall constitute loss adjustment expenses fully reinsured under this
Agreement. In all other circumstances, if the Reinsurer fails to cure a material breach of its servicing or other obligations hereunder within thirty (30) days following the Company’s written notice to Reinsurer of such breach, which
notice shall in reasonable detail describe the nature of such breach or, if such breach shall not be reasonably susceptible to cure within such thirty (30) day period such additional reasonable time not exceeding an additional thirty
(30) days as shall be necessary to cure such breach, the Company shall have the right to exercise its remedy options set forth in the last sentence of this paragraph. The remedies available to the Company, without prejudice to any other
remedies otherwise available, shall include: (1) the Company shall have the option, at its sole discretion, (i) to revoke the Reinsurer’s authority hereunder and handle the administration and runoff of the Insurance Contracts directly
or through its designee, or (2) to provide the Reinsurer with a list of three third-party administrators acceptable to the Company, and the Reinsurer shall, within thirty (30) days, contract (at the Reinsurer’s expense) with one of
such listed third-party administrator to perform all of the Reinsurer’s claim-handling duties and all duties under this Article 4, with the terms of such contract subject to the agreement of the Company, which agreement shall not be
unreasonably withheld; or (3) should the Reinsurer fail to comply with the foregoing clause (2), the Company shall have the option, at its sole discretion, to revoke all or a portion of the Reinsurer’s authority pursuant to this Article 4,
and to contract with one of the listed third-party administrators. In all cases, the reasonable expenses incurred by the Company pursuant to this Section 4(c) shall be deemed to constitute loss adjustment expenses fully reinsured under this
Agreement. 
 (e) The Reinsurer shall maintain sufficient resources and adequate staffing levels of personnel with appropriate
experience to administer the Insurance Contracts in a professional manner and shall administer the Insurance Contracts in accordance with all applicable laws. The Reinsurer shall not receive any compensation or be entitled to the

  
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reimbursement of any expenses incurred in connection with its administration of the Business hereunder. 
 ARTICLE 5  
 REGULATORY MATTERS 

At all times during the term of this Agreement, the Company and the Reinsurer shall hold and maintain all licenses and authorizations
required under applicable law and otherwise take all actions that may be necessary to perform its obligations hereunder. 

ARTICLE 6  
 DUTY OF COOPERATION & INDEMNITY; INURING REINSURANCE 

Section 6.1 Cooperation. 
 Each Party hereto shall cooperate fully with the other in all reasonable respects in order to accomplish the objectives of this Agreement. 

Section 6.2 Indemnity 
 This Agreement is an agreement for indemnity reinsurance solely between the Company and the Reinsurer and shall not create any legal relationship whatsoever between the Reinsurer and any Person other than
the Company. 
 Section 6.3 Inuring Reinsurance 

So long as the Reinsurer shall advance the costs and expenses thereof, the Company shall use commercially reasonable efforts to maintain
in force Inuring Reinsurance on all Business written by the Reinsurer pursuant to the Fronting Authority as mutually agreed by the Parties through December 31, 2013. 
 ARTICLE 7 
 RESOLUTION OF DISPUTES 

(a) As a condition precedent to any right of action hereunder, in the event of any dispute or difference of opinion hereafter arising
with respect to this Agreement, it is hereby mutually agreed that such dispute or difference of opinion shall be submitted to arbitration. One Arbiter shall be chosen by the Company, the other by the Reinsurer, and an Umpire shall be chosen by the
two Arbiters before they enter upon arbitration, all of whom shall be active or retired disinterested executive officers of insurance or reinsurance companies or Lloyd’s London Underwriters. In the event that either party should fail to choose
an Arbiter within 30 days following a written request by the other party to do so, the requesting party may choose two Arbiters who shall in turn choose an Umpire before entering upon arbitration. If the two Arbiters fail to agree upon the selection
of an Umpire within 30 days following their appointment, each 

  
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Arbiter shall nominate three candidates within 10 days thereafter, two of whom the other shall decline, and the decision shall be made by the American Arbitration Association. 

(b) Each party shall present its case to the Arbiters within 30 days following the date of appointment of the Umpire. The Arbiters shall
consider this Agreement as an honorable engagement rather than merely as a legal obligation and they are relieved of all judicial formalities and may abstain from following the strict rules of evidence. The decision of the Arbiters shall be final
and binding on both parties; but failing to agree, they shall call in the Umpire and the decision of the majority shall be final and binding upon both parties. Judgment upon the final decision of the Arbiters may be entered in any court of competent
jurisdiction. 
 (c) Each party shall bear the expense of its own Arbiter, and shall jointly and equally bear with the other the
expense of the Umpire and of the arbitration. In the event that the two Arbiters are chosen by one party, as above provided, the expense of the Arbiters, the Umpire and the arbitration shall be equally divided between the two parties. 

(d) Any arbitration proceedings shall take place at New York, New York or other location mutually agreed upon by the parties to this
Agreement, but notwithstanding the location of the arbitration, all proceedings pursuant hereto shall be governed by the law of the state of New York. 
 ARTICLE 8  
 INSOLVENCY 

In the event of the insolvency of the Company, this reinsurance shall be payable directly to the Company or its liquidator, receiver,
conservator or statutory successor on the basis of the amount of the claims allowed in the insolvency proceeding without diminution because of the insolvency of the Company or because the liquidator, receiver, conservator or statutory successor of
the Company has failed or is unable to pay all or a portion of a claim, except where (a) this Agreement specifically provides another payee of such reinsurance in the event of the Company’s insolvency, provided that this exception shall
only apply to the extent that the reinsurance proceeds due such payee are actually paid by the Reinsurer, or (b) the Reinsurer, with the consent of the direct insured or insureds, has assumed such policy obligations of the Company as direct
obligations of the Reinsurer to the payees under such policies and in full and complete substitution for the obligations of the Company to such payees. It is agreed, however, that the liquidator, receiver, conservator or statutory successor shall
give written notice to the Reinsurer of the pendency of a claim against the Company indicating the Insurance Contract which involves a possible liability on the part of the Reinsurer within reasonable time after such claim is filed in the
conservation or liquidation proceeding or in the receivership and that, during the pendency of such claim, the Reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any
defense or defenses that it may deem available to the Company or its liquidator, receiver, conservator or statutory successor. The expenses thus incurred by the Reinsurer shall be chargeable, subject to the Court’s approval, against the Company
as part of the expense of the conservation or liquidation 

  
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to the extent of a pro rata share of the benefit that may accrue to the Company solely as a result of the defense undertaken by the Reinsurer. 

ARTICLE 9  
 REGULATORY APPROVALS 
 The Company and the Reinsurer shall submit
all necessary registrations, filings and notices with, and obtain all necessary consents, approvals, qualifications and waivers from, all governmental entities and other parties which may be required under applicable law as a result of the
transactions contemplated by this Agreement. The Parties agree that where formal approval is required by any governmental entity, this Agreement shall not be effective as to any and all Insurance Contracts to be reinsured hereunder in such
jurisdiction until such approval is obtained. 
 ARTICLE 10 

DURATION 
 This Agreement shall not be subject to termination by any Party except (i) by written agreement between Reinsurer and the Company on the date indicated by such agreement, after receipt of any
required approval from Government Entities, or (ii) upon the termination or expiration of the Fronting Authority, the expiration of all liability on all Insurance Contracts, and the complete performance by Reinsurer and the Company of all
obligations and duties arising under this Agreement. 
 ARTICLE 11  

FOLLOW THE FORTUNES 
 The Reinsurer’s liability shall attach simultaneously with that of the Company and shall be subject in all respects to the same risks, original terms and conditions, interpretations, waivers, and to
the same cancellation of the Insurance Contracts as the Company is subject to, the true intent of this Agreement being that the Reinsurer shall, in every case to which this Agreement applies, follow the fortunes and follow the settlements of the
Company. 
 Article 12  
 INDEMNIFICATION AND HOLD HARMLESS 
 Subject to the provisions of
this agreement, the Reinsurer agrees to indemnify and hold the Company and its Affiliates, predecessors, successors and assigns (and their respective officers, directors, employees and agents) harmless from and against and in respect of all damages
resulting from or relating to the Insurance Contracts and the Business. 

  
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 ARTICLE 13 
 MISCELLANEOUS 
 Section 13.1 Notices. All
notices, requests, demands and other communications hereunder shall be given in writing and shall be: (a) personally delivered; (b) sent by email or other electronic means of transmitting written documents; or (c) sent to the Parties
at their respective addresses indicated herein by registered or certified U.S. mail, return receipt requested and postage prepaid, or by private overnight mail courier service. The respective addresses to be used for all such notices, demands or
requests are as follows: 
  

	 	(a)	If to the Company, to: 

 Wesco
Insurance Company 
 59 Maiden Lane 

6th Floor 
 New York, NY 10038 
 Attention: General Counsel 

or to such other person or address as the Company shall furnish to the Reinsurer in writing. 

 

	 	(b)	If to the Reinsurer, to: 

National Health Insurance Company 
 59 Maiden Lane, 38th Floor 
 New York, New York 10038 

Attention: General Counsel 
 or
to such other person or address as the Reinsurer shall furnish to the Company in writing. 
 If personally delivered, such
communication shall be deemed delivered upon actual receipt; if electronically transmitted pursuant to this paragraph, such communication shall be deemed delivered the next business day after transmission (and sender shall bear the burden of proof
of delivery); if sent by overnight courier pursuant to this paragraph, such communication shall be deemed delivered upon receipt; and if sent by U.S. mail pursuant to this paragraph, such communication shall be deemed delivered as of the date of
delivery indicated on the receipt issued by the relevant postal service, or, if the addressee fails or refuses to accept delivery, as of the date of such failure or refusal. Any Party to this Agreement may change its address for the purposes of this
Agreement by giving notice thereof in accordance with this Section. 
 Section 13.2 Assignment; Parties in
Interest. 
 (a) Assignment. Except as expressly provided herein, the rights and obligations of a Party
hereunder may not be assigned, transferred or encumbered without the prior written consent of the other Party. 

  
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 (b) Parties in Interest. This Agreement shall be binding upon, inure to the
benefit of, and be enforceable by the Parties and their respective successors and permitted assigns. Except as provided in Section 3.2, nothing contained herein shall be deemed to confer upon any other Person any right or remedy under or by
reason of this Agreement. 
 Section 13.3 Waivers and Amendments; Preservation of Remedies. This Agreement
may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, only by a written instrument signed by each of the Parties or, in the case of a waiver, by the Party waiving compliance. No delay on the part of any Party
in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any Party of any right, power, remedy or privilege, nor any single or partial exercise of any such right, power, remedy or
privilege, preclude any further exercise thereof or the exercise of any other such right, remedy, power or privilege. The rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies that any Party may otherwise
have under applicable law or in equity. 
 Section 13.4 Governing Law; Venue. This Agreement shall be
construed and interpreted according to the internal laws of the State of New York excluding any choice of law rules that may direct the application of the laws of another jurisdiction. Subject to the provisions of Article 7, the Parties hereby
stipulate that any action or other legal proceeding arising under or in connection with this Agreement may be commenced and prosecuted in its entirety in the federal or state courts sitting in New York, New York, each Party hereby submitting to the
personal jurisdiction thereof, and the Parties agree not to raise the objection that such courts are not a convenient forum. Process and pleadings mailed to a party at the address provided in Section 13.1 shall be deemed properly served and
accepted for all purposes. 
 Section 13.5 Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 Section 13.6 Entire Agreement; Merger. This Agreement and any exhibits, schedules and appendices attached hereto and thereto together constitute the final written integrated expression
of all of the agreements among the Parties with respect to the subject matter hereof and is a complete and exclusive statement of those terms, and supersede all prior or contemporaneous, written or oral, memoranda, arrangements, contracts and
understandings between the Parties relating to the subject matter hereof. Any representations, promises, warranties or statements made by any Party which differ in any way from the terms of this Agreement shall be given no force or effect. The
Parties specifically represent, each to the other, that there are no additional or supplemental agreements or contracts between or among them related in any way to the matters herein contained unless specifically included or referred to in this
Agreement. No addition to or modification of any provision of this Agreement shall be binding upon either Party unless embodied in a dated written instrument signed by both Parties. 

  
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 Section 13.7 Exhibits and Schedules. All exhibits, schedules and
appendices are hereby incorporated by reference into this Agreement as if they were set forth at length in the text of this Agreement. 
 Section 13.8 Headings. The headings in this Agreement are inserted for convenience only and shall not constitute a part hereof. 

Section 13.9 Severability. If any part of this Agreement is contrary to, prohibited by, or deemed
invalid under applicable law or regulations, that provision shall not apply and shall be omitted to the extent so contrary, prohibited, or invalid; but the remainder of this Agreement shall not be invalidated and shall be given full force and effect
insofar as possible. 
 Section 13.10 Expenses. Regardless of whether or not the transactions
contemplated in this Agreement are consummated, each of the Parties shall bear their own expenses and the expenses of its counsel and other agents in connection with the transactions contemplated hereby. 

Section 13.11 Currency. The currency of this Agreement and all transactions under this Agreement shall
be in United States Dollars. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
duly authorized representatives as February 5, 2013 to be effective as of the Effective Date. 
  

			
	WESCO INSURANCE COMPANY
		
	By	 	 /s/ Stephen Ungar

	Name	 	Stephen Ungar
	Title	 	Secretary
	
	NATIONAL HEALTH INSURANCE COMPANY
		
	By	 	 /s/ Mike Weiner

	Name	 	Mike Weiner
	Title	 	CFO

  
 - 1 -

 SCHEDULE A 
 Programs 
 Heartland Underwriters Program 

Legend Aggregate Stop Loss Program 
 Unified Life
Limited Medical Indemnity Program 
 Xchange Benefits Stop Loss 

  
 - 1 -

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