Document:

EXHIBIT
      10.8

    Execution
      Copy 

    QUOTA
      SHARE REINSURANCE AGREEMENT

     

    BETWEEN

     

    AMTRUST
      INTERNATIONAL INSURANCE, LTD

    HAMILTON,
      BERMUDA

     

    (hereinafter
      referred to as the “Company”)

     

    AND

     

    MAIDEN
      INSURANCE COMPANY, LTD

    HAMILTON,
      BERMUDA

     

    (hereinafter
      referred to as the “Reinsurer”)

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ARTICLE
      I -
      BUSINESS REINSURED

     

    
      	
              A.

            	
              The
                Reinsurer, subject to the terms and conditions hereunder and the
                exclusions set forth herein, agrees to indemnify the Company, as
                specified
                in Article V below, for its Ultimate Net Loss which accrues during
                the
                term of this Agreement under any and all binders, policies, or contracts
                of insurance issued by Affiliates (including as a member or reinsurer
                of
                any assigned risk or similar plans) and reinsured by the Company
                (individually, a “Policy” and, collectively, “Policies”) pursuant to an
                Underlying Reinsurance Agreement to the extent covering the lines
                of
                insurance specified in Schedule
                A
                hereto, but not including any Ultimate Net Loss with respect to any
                risk
                under any Policy if the applicable ceding Affiliate’s retention with
                respect to such risk shall be greater than $5,000,000) (all hereinafter
                referred to as “Covered Business”).

            

    

     

    
      	
              B.

            	
              The
                Company hereby agrees that, if it reinsures binders, policies, or
                contracts of insurance issued by Affiliates that cover lines of insurance
                other than those specified in Schedule A hereto (“Additional Business”),
                it shall offer to the Reinsurer the opportunity to reinsure, on a
                retrocession basis, all such Additional Business pursuant to this
                Agreement. If
                the Reinsurer elects in its sole discretion to so reinsure any Additional
                Business, such Additional Business shall be considered “Covered Business”
                for all purposes, and shall be subject to all of the terms and conditions,
                of this Agreement, other than (a) the date and time as of which the
                reinsurance of such Additional Business shall be effective for purposes
                of
                this Agreement and (b) the ceding commission allowed in respect of
                such
                Additional Business, which terms and conditions described in clauses
                (a)
                and (b) shall be mutually agreed upon by the Reinsurer and the
                Company.

            

    

     

    ARTICLE
      II -
      COMMENCEMENT

     

    This
      Agreement shall commence effective as of 12:01 a.m., Eastern Standard Time,
      July
      1, 2007 (the “Effective Time”) and shall remain in force thereafter, subject to
      the terms and conditions for termination stipulated in Article XXI - TERM AND
      TERMINATION.

     

    ARTICLE
      III -
      TERRITORY

     

    This
      Agreement shall follow the territorial limits of the Covered
      Business.

     

    ARTICLE
      IV -
      DEFINITIONS

     

    
      	
              A.

            	
              “Affiliate”
                means Rochdale, Wesco, Technology, IGI, AIU, Associated Industries
                Insurance Company (“AIIC”) and each other insurance company more than
                fifty percent (50%) of the voting securities of which are directly
                or
                indirectly controlled by AmTrust Financial Services, Inc. (“AmTrust”), for
                so long as AmTrust continues to so directly or indirectly control
                such
                entity. 

            

    

     

    
      	
              B.

            	
              “Affiliate
                Subject Premium” means, for each Affiliate, the gross written premium, as
                defined in the subject Underlying Reinsurance Agreement, charged
                by such
                Affiliate for Covered Business, less the cost of inuring reinsurance
                (and,
                in the case of IGI, less commissions paid by IGI in respect of Policies
                issued by IGI), but without deduction for any Federal Excise Tax
                payable
                by such Affiliate as a result reinsuring Subject Business to the
                Company.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
              C.

            	
              “Extra
                Contractual Obligations” means any punitive, exemplary, compensatory or
                consequential damages, other than Loss in Excess of Policy Limits,
                paid or
                payable by the Company as a result of an action against it, or, to
                the
                extent reinsured pursuant to an Underlying Reinsurance Agreement,
                against
                an Affiliate, by an Affiliate's insured, an assignee of an Affiliate's
                insured or a third party claimant, by reason of alleged or actual
                negligence, fraud or bad faith on the part of the Company or any
                Affiliate
                in handling a claim under a Policy (whether or not paid) subject
                to this
                Agreement, but in each case excluding fraudulent or criminal acts
                by a
                director or executive officer of the Company or an Affiliate or criminal
                acts by the Company or an Affiliate.

            

    

     

    
      	
              D.

            	
              “Loss
                Adjustment Expenses” means court costs, post-judgment interest, and
                allocated investigation, adjustment and legal expenses of the Company
                related to and charged to a specific claim file, but shall not include
                general overhead expenses of the Company or salaries, per diem and
                other
                remuneration of the Company’s employees.

            

    

     

    
      	
              E.

            	
              “Loss
                in Excess of Policy Limits” means an amount that the Company would have
                been contractually obligated to pay had it not been for the limit
                of the
                original Policy, as a result of an action against it, or, to the
                extent
                reinsured pursuant to an Underlying Reinsurance Agreement, against
                an
                Affiliate, by an Affiliate's insured, an assignee of an Affiliate's
                insured or a third party claimant, by reason of alleged or actual
                negligence, fraud or bad faith in rejecting an offer of settlement
                or in
                the preparation of the defense or in trial of any action against
                its
                insured or in the preparation or prosecution of an appeal consequent
                upon
                such action, but in each case excluding fraudulent or criminal acts
                by a
                director or executive officer of the Company or an Affiliate or criminal
                acts by the Company or an Affiliate.

            

    

     

    
      	
              F.

            	
              "Net
                Loss Ratio" means, for any period, the ratio of (a) Ultimate Net
                Loss
                ceded to the Reinsurer plus the Reinsurer’s quota share of ceded reserves
                for Ultimate Net Loss (including losses incurred but not reported)
                during
                such period, to (b) the Subject Premiums earned during such
                period.

            

    

     

    
      	
              G.

            	
              “Subject
                Premium” means, for each Affiliate, the percentage of the premium ceded to
                the Company under the Underlying Reinsurance Agreement to which such
                Affiliate is a party equal to forty percent (40%) of the Affiliate
                Subject
                Premium, in respect of Covered Business in accordance with the terms
                of
                the Underlying Reinsurance Agreements, to the extent the Affiliates
                shall
                have collected such premiums, and whether or not such Affiliates
                shall
                have remitted such premiums to the
                Company.

            

    

     

    
      	
              H.

            	
              “Ultimate
                Net Loss” means the sum actually paid or to be paid by the Company to
                Affiliates in settlement of losses for which the Company is liable
                in
                accordance with the terms of an Underlying Reinsurance Agreement,
                after
                making deductions for all inuring reinsurance (whether inuring to
                the
                benefit of the Company or to an Affiliate), whether or not collectible
                by
                an Affiliate or by the Company, and all Recoveries, and shall include
                payments to Affiliates for Loss Adjustment Expenses, Extra Contractual
                Obligations and Loss in Excess of Policy Limits (subject to the
                limitations specified in Article XXII
                hereof).

            

    

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

    
      	
              I.

            	
              "Underlying
                Reinsurance Agreement" means each of (a) that certain AmTrust Intercompany
                Reinsurance Agreement, effective June 1, 2006, by and among Technology
                Insurance Company, Inc. ("Technology"), Rochdale Insurance Company
                ("Rochdale"), Wesco Insurance Company ("Wesco") and the Company,
                (b) that
                certain 70% Whole Account Quota Share Reinsurance Agreement, effective
                as
                of July 1, 2006, by and between IGI Insurance Company Limited ("IGI")
                and
                the Company, (c) that certain Quota Share Reinsurance Agreement,
                effective
                as of May 1, 2007, by and between AmTrust International Underwriters,
                Ltd.
                ("AIU") and the Company, and (d) any other reinsurance agreement
                entered
                into from time to time after the date hereof by and between an Affiliate,
                as ceding company, including without limitation AIIC, and the Company,
                as
                reinsurer. 

            

    

     

    ARTICLE
      V -
      LIABILITY OF THE REINSURER

     

    
      	
              A.

            	
              Commencing
                as of the Effective Time, the Company hereby agrees to cede to the
                Reinsurer, and the Reinsurer agrees to accept and reinsure, the Ultimate
                Net Loss of the Company equal to forty percent (40%) of the Affiliate
                Ultimate Net Loss with respect to Covered Business ceded to the Company
                by
                each Affiliate, subject to all other terms and conditions set forth
                in
                this Agreement; provided,
                however,
                that the Reinsurer's maximum liability hereunder in respect of a
                single
                loss under a Policy reinsured hereunder (without taking into account
                any
                Loss Adjustment Expenses, Extra Contractual Obligations or Loss in
                Excess
                of Policy Limits attributable thereto) shall not exceed $2,000,000.
                For
                purposes of this Agreement, "Affiliate Ultimate Net Loss" means the
                sum
                actually paid or to be paid by such Affiliate in settlement of losses
                for
                which it is liable in respect of the Covered Business, after making
                deductions for all inuring reinsurance (other than reinsurance with
                any
                direct or indirect subsidiary of AmTrust), whether collectible or
                not, and
                all Recoveries. Without limiting the generality of the foregoing,
                the
                Reinsurer shall be liable for its proportionate share of any
                experience-related premium rebates or credits to policyholders under
                Policies of workers compensation insurance, and shall benefit
                proportionately to the extent any such policyholder pays any additional
                premiums as a result of the experience under such
                Policies.

            

    

     

    
      	
              B.

            	
              If
                an Affiliate Change in Control or Affiliate Run-Off Event occurs
                with
                respect to any Affiliate, the Reinsurer shall be entitled to elect
                not to
                reinsure Covered Business related to Policies issued or renewed by
                such
                Affiliate (“Applicable Covered Business”) effective as of such Affiliate
                Change in Control or Affiliate Run-Off Event (the “Election Effective
                Date”). Such election shall be in writing (an “Affiliate Run-Off Notice”),
                and shall be given not later than thirty (30) days following the
                date on
                which the Reinsurer has actual knowledge that the Affiliate Change
                in
                Control or the Affiliate Run-Off event (as applicable) shall have
                occurred. Subject to the immediately following sentence, if the Reinsurer
                makes such an election, all reinsurance hereunder of Applicable Covered
                Business that is in force as of the Election Effective Date shall
                remain
                in full force and effect until the applicable expiration date, anniversary
                date, or prior termination date of the Policies attributable to the
                Applicable Covered Business (the “Run-Off Policies”). The Company shall be
                entitled to notify the Reinsurer, within thirty (30) days following
                delivery to it of the Affiliate Run-Off Notice, that the Reinsurer shall
                not be liable for any Ultimate Net Loss arising out of the Run-Off
                Policies to the extent such Ultimate Net Loss occurs, accrues or
                arises on
                or after the Election Effective Date and, if the Company makes such
                election, the Reinsurer shall, within thirty (30) days following
                the date
                of such election, return to the Company the unearned premium attributable
                to the Run-Off Policies in force as of the Election Effective Date,
                less
                the unearned portion of the ceding commission paid thereon.
                

            

    

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    
      	
              C.

            	
              For
                purposes of this Agreement:

            

    

     

    
      	 	
              1.

            	
              an
                “Affiliate Change of Control” will be deemed to occur with respect to an
                Affiliate when either (a) an individual person, corporation or other
                entity, or a group of commonly controlled persons, corporations or
                entities, acquires, including through merger, directly or indirectly,
                more
                than fifty percent (50%) of the voting securities of such Affiliate
                or
                obtains the power to vote (directly or through proxies) more than
                fifty
                percent (50%) of the voting securities of such Affiliate, except
                if such
                individual person, corporation or other entity is under common control
                with the Affiliate, or (b) AmTrust no longer directly or indirectly
                controls the power to vote more than fifty percent (50%) of the voting
                securities of such Affiliate; provided
                that in no event shall the acquisition, including through merger,
                of more
                than fifty percent (50%) of the voting securities of AmTrust or of
                the
                power to vote (directly or through proxies) more than fifty percent
                (50%)
                of the voting securities of AmTrust, or the merger, combination or
                amalgamation of AmTrust into any person, or similar transaction pursuant
                to which AmTrust shall not be the surviving entity, be deemed a "Affiliate
                Change of Control". 

            

    

     

    
      	 	
              2.

            	
              An
                “Affiliate Run-off Event” shall be deemed to have occurred as to an
                Affiliate if:

            

    

     

    (a) such
      Affiliate ceases writing new or renewal business and elects to run off its
      existing business or an insurance or other regulatory authority orders such
      party to cease writing new or renewal business; or

     

    (b) such
      Affiliate becomes insolvent, or has been placed into liquidation or receivership
      (whether voluntary or involuntary), or there have been instituted against it
      proceedings for the appointment of a receiver, liquidator, rehabilitator,
      conservator, or trustee in bankruptcy or other agent known by whatever name,
      to
      take possession of its assets or control of its operations; or

     

    
      	
              D.

            	
              No
                more frequently than quarterly the Company shall, and shall cause
                each
                ceding Affiliate under an Underlying Reinsurance Agreement to, provide
                to
                the Reinsurer and its representatives reasonable access, on reasonable
                advance notice and during business hours, to its claims files with
                respect
                to Covered Business. The Reinsurer shall have the right, but not
                the
                obligation, to consult with the Company and such Affiliate regarding
                the
                handling of any disputed or contested
                claim.

            

    

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      VI -
      PREMIUM
      AND CEDING COMMISSION

     

    
      	
              A.

            	
              As
                consideration for entering into this Agreement, the Company shall
                transfer
                to the Reinsurer, not later than October 30, 2007, the portion of
                premium
                attributable to Covered Business ceded to the Company by each Affiliate
                equal to the Subject Premium that is unearned as of the Effective
                Time
                (the "Initial Premium"). The Reinsurer shall be entitled to verify
                the
                accuracy of the amount of Initial Premium so transferred and shall
                be
                entitled to dispute such amount if it has reason to believe in good
                faith
                that the Company improperly or inaccurately calculated such
                amount.

            

    

     

    
      	
              B.

            	
              Subject
                to and in accordance with the terms of Article VII, in addition to
                the
                payment of the Initial Premium, during the term of this Agreement,
                the
                Company shall cede to the Reinsurer the Subject
                Premium.

            

    

     

    
      	
              C.

            	
              The
                Reinsurer shall allow the Company a 31% commission on all Subject
                Premium
                ceded hereunder until July 1, 2008 and attributable to Covered Business.
                Thereafter, during the remaining term of this Agreement, the commission
                may be adjusted on each January 1 and July 1 (each an “Adjustment Date”)
                based on the Net Loss Ratio, calculated during the period from the
                Effective Time through the date that is six months prior to the applicable
                Adjustment Date, of the Covered Business as follows: (a) the ceding
                commission shall increase 0.5% for every 1.0% decline in the Net
                Loss
                Ratio below 60% up to a maximum ceding commission of 32%, and (b)
                the
                ceding commission shall decrease 0.5% for every 1.0% increase in
                the Net
                Loss Ratio above 60%, subject to a minimum ceding commission of 30%.
                The
                Company and the Reinsurer acknowledge and agree that the commission
                payable hereunder shall be subject to appropriate adjustments if
                Additional Business is reinsured hereunder as described in Section
                B of
                Article I hereof. The Company shall allow the Reinsurer return commission
                on return premiums at the rate in effect when the return premiums
                were
                originally ceded to the Reinsurer. It is expressly agreed that the
                ceding
                commission allowed the Company includes provision for all commissions,
                taxes, assessments (other than assessments based on losses of an
                Affiliate, as a ceding company under an Underlying Reinsurance Agreement)
                and all other expenses of whatever nature of the Company and Affiliates,
                except loss adjustment expense. 

            

    

     

    ARTICLE
      VII -
      ACCOUNTS, REPORTS AND REMITTANCES

     

    Within
      thirty (30) days following the end of each calendar quarter, the Company shall
      report to the Reinsurer:

     

    
      	
              A.

            	
              Affiliate
                Subject Premium, by Affiliate and by line of Covered Business, for
                the
                quarter

            

    

     

    
      	
              B.

            	
              Ceded
                Subject Premium, by Affiliate and by line of Covered Business, for
                the
                quarter;

            

    

     

    
      	
              C.

            	
              Ceding
                commission thereon;

            

    

     

    
      	
              D.

            	
              Ceded
                Ultimate Net Loss in respect of Covered Business, by Affiliate and
                by line
                of Covered Business, as of the end of the quarter;
                

            

    

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

     

    
      	
              E.

            	
              Reinsurer’s
                share of Recoveries made by Company during the quarter, as determined
                in
                accordance with Article VIII hereof;
                and

            

    

     

    
      	
              F.

            	
              The
                balance due to or from the Reinsurer as determined by subtracting
                the sum
                of (C) and (D) from the sum of (B) and
                (E).

            

    

     

    The
      Company shall provide, and shall cause all Affiliates to provide, to the
      Reinsurer all information respecting premiums and losses, including reserves,
      as
      reasonably requested by the Reinsurer, including without limitation such
      information as is reasonably necessary to enable the Reinsurer to maintain
      and
      adjust the balance of the collateral to be provided pursuant to the terms of
      Article XXIII of this Agreement. 

     

    If
      the
      amount calculated pursuant to paragraph F above is negative, the Reinsurer
      shall
      remit to the Company the absolute value of such amount within fifteen (15)
      days
      following the Company’s submission of the quarterly report to the Reinsurer. If
      the amount calculated pursuant to paragraph F above is positive, the Company
      shall remit such amount to the Reinsurer simultaneously with the Company’s
      submission of the quarterly report to the Reinsurer.

     

    ARTICLE
      VIII -
      RECOVERIES

     

    The
      Company shall pay to or credit the Reinsurer with the Reinsurer’s portion of any
      recovery connected with an Ultimate Net Loss obtained from salvage, subrogation
      or other insurance (collectively, "Recoveries"), and such amount shall be paid
      or credited to the Reinsurer when obtained irrespective of the termination
      of
      this Agreement. Expenses allocated to the Company by Affiliates in connection
      with obtaining Recoveries shall be apportioned between the Company and the
      Reinsurer in the proportion that the benefit to each party from such Recoveries
      bears to the total amount of the Recovery.

     

    ARTICLE
      IX -
      OFFSET

     

    The
      Company or the Reinsurer may offset any balance, whether on account of premium,
      commission, claims or losses, Loss Adjustment Expenses, Recoveries or any other
      amount due from one such party to the other such party under this Agreement.
      The
      right of offset shall not be affected by the insolvency of the Company or the
      Reinsurer.

     

    ARTICLE
      X -PREMIUM
      TAXES

     

    The
      Company shall be liable for all taxes on premiums paid to it with respect to
      the
      business reinsured pursuant to the Agreement. 

     

    ARTICLE
      XI -
      EXCISE
      TAXES

     

    The
      Company shall be liable for the U.S. federal insurance excise tax ("FET") (as
      imposed under section 4371 of the Internal Revenue Code) to the extent premium
      paid by it to the Reinsurer under this Agreement is subject to the FET. The
      Company acknowledges and agrees that the net amount of Subject Premium due
      to
      the Reinsurer hereunder (being the Reinsurer’s proportionate share of Subject
      Premium less the ceding commission described in Article VI hereof) shall not
      be
      reduced as a result of or in order to pay such Federal Excise Tax, if
      any.

     

    
      
        
        

      

      
        -6-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      XII -
      ERRORS
      AND OMISSIONS

     

    The
      Reinsurer shall not be relieved of liability because of an error or accidental
      omission by the Company in reporting any claim, loss, or any business reinsured
      under this agreement, provided that the error or omission is rectified promptly
      after discovery. The Reinsurer shall be obligated only for the return of the
      premium paid for business reported but not reinsured under this
      Agreement.

     

    ARTICLE
      XIII -
      AMENDMENTS

     

    The
      terms
      and conditions contained in this Agreement may be changed, altered or amended
      as
      the parties may agree, provided such change, alteration or amendment is
      evidenced by Addendum to this Agreement executed by the Company and the
      Reinsurer.

     

    ARTICLE
      XIV -
      ACCESS
      TO RECORDS

     

    The
      Company shall comply with the Reinsurer’s reasonable request for any information
      relating to this Agreement. Additionally, the Reinsurer, or its authorised
      representatives, shall have the right to inspect at any reasonable time at
      the
      offices of the Company and the Affiliates (or that of service providers), and
      shall be permitted to make and retain copies of, all papers, books, accounts,
      documents, claims files and other records of the Company and the Affiliates
      relating to this Agreement, and in connection therewith the Company shall make
      available to the Reinsurer responsible representatives of the Company and the
      Affiliates upon reasonable prior notice. The Reinsurer’s right of inspection
      shall continue to exist after the termination of this Agreement.

     

    ARTICLE
      XV -
      INTENTIONALLY OMITTED

     

    ARTICLE
      XVI-
      ARBITRATION

     

    
      	
              A.

            	
              As
                a condition precedent to any right of action hereunder, any dispute
                arising out of the interpretation, performance or breach of this
                Agreement, including the formation or validity thereof (each, a
                "Dispute"), shall be submitted for decision to a panel of three
                arbitrators. Notice requesting arbitration shall be in writing and
                sent
                certified or registered mail, return receipt
                requested.

            

    

     

    
      	
              B.

            	
              Each
                party shall choose one arbitrator and the two arbitrators shall,
                before
                instituting the hearing, choose an impartial third arbitrator who
                shall
                preside at the hearing. If either party fails to appoint its arbitrator
                within thirty (30) days after being requested to do so by the other
                party,
                which request shall be made by certified or registered mail, the
                latter
                may appoint the second arbitrator and then notify the other party
                by
                certified or registered mail of its
                appointment.

            

    

     

    
      
        
        

      

      
        -7-

        
          

        

      

      
        
        

      

    

     

    
      	
              C.

            	
              If
                the first two arbitrators are unable to agree upon the third arbitrator
                within thirty (30) days of their appointment, each arbitrator shall
                name
                three candidates within ten days thereafter, two of whom shall be
                declined
                by the other arbitrator within fifteen days after receiving their
                names,
                and within five days the choice shall be made between the two remaining
                candidates by drawing lots. All arbitrators shall be disinterested
                active
                or former executive officers of insurance or reinsurance companies
                or
                Underwriters at Lloyd’s.

            

    

     

    
      	
              D.

            	
              Within
                thirty (30) days after notice of appointment of all arbitrators,
                the panel
                shall meet and determine timely periods for briefs, discovery procedures
                and schedules for hearings. The panel shall be relieved of all judicial
                formality and shall not be bound by the strict rules of procedure
                and
                evidence. Unless the panel agrees otherwise, arbitration shall take
                place
                in New York, New York, but the venue may be changed when deemed by
                the
                panel to be in the best interest of the arbitration proceeding. Insofar
                as
                the arbitration panel looks to substantive law, it shall consider
                the law
                of the New York. The decision of any two arbitrators when rendered
                in
                writing shall be final and binding. The panel is empowered to grant
                interim relief as it may deem
                appropriate.

            

    

     

    
      	
              E.

            	
              The
                panel shall make its decision considering the custom and practice
                of the
                applicable insurance and reinsurance business as promptly as possible
                following the termination of hearings. Judgment upon the award may
                be
                entered in any court having jurisdiction thereof. Except
                as provided above, arbitration shall be based, insofar as applicable,
                upon
                the then most current version of the Procedures for the Resolution
                of U.S.
                Insurance and Reinsurance Disputes provided by ARIAS
                US.

            

    

     

    
      	
              F.

            	
              Each
                party shall bear the expense of its own arbitrator and shall jointly
                and
                equally bear with the other party the cost of the third arbitrator.
                In the
                event that both arbitrators are chosen by one party, the fees of
                all
                arbitrators shall be equally divided between the parties. The panel
                shall
                allocate the remaining costs of the arbitration.
                

            

    

     

    ARTICLE
      XVII -
      APPLICABLE LAW

     

    This
      Agreement shall be governed by the laws of the State of New York, without regard
      to any conflicts of law principles thereof that would call for the application
      of the laws of any other jurisdiction.

     

    ARTICLE
      XVIII -
      NO
      THIRD-PARTY BENEFICIARIES 

     

    The
      acceptance of risks under this Agreement will create no right or legal relation
      between the Reinsurer and any third party or person having an interest of any
      kind in the Policies or the Underlying Reinsurance Agreements retroceded under
      this Agreement, including without limitation any Affiliate.

     

    
      
        
        

      

      
        -8-

        
          

        

      

      
        
        

      

    

     

    ARTICLE
      XIX -
      FOLLOW
      THE FORTUNES

     

    The
      Reinsurer’s liability shall attach simultaneously to that of the Company and all
      reinsurance for which the Reinsurer shall be liable by virtue of this Agreement
      shall be subject in all respects to the same risks, terms, rates, conditions,
      interpretations, assessments, waivers, and the same modifications, alterations
      and cancellations, as the Policies to which this Agreement relates.

     

    ARTICLE
      XX -
      CURRENCY

     

    All
      premium and loss payments hereunder shall be in the currency designated in
      the
      applicable Underlying Reinsurance Agreement.

     

    ARTICLE
      XXI -
      TERM
      AND TERMINATION

     

    
      	
              A.

            	
              This
                Agreement shall remain in effect until three years following the
                Effective
                Time, and shall automatically renew for successive three-year periods
                thereafter, unless the Reinsurer or Company elects to terminate this
                Agreement effective as of the expiration of any such three-year period.
                If
                the Reinsurer or Company elects to so terminate this Agreement, it
                shall
                give written notice to the other party hereto not less than nine
                months
                prior to the expiration of any such three-year period.
                

            

    

     

    
      	
              B.

            	
              Notwithstanding
                the provisions of Section A of this Article XXI, the Reinsurer may
                terminate this Agreement in the event of any of the following (clauses
                1
                through 5 below, collectively, the “Company Termination Events”) by
                written notice to the Company no later than thirty (30) days (or
                in the
                case of a Company Termination Event described in subsection B(1)
                below,
                ten (10) days) following actual knowledge of the applicable Company
                Termination Event by the Reinsurer:

            

    

     

    1. the
      Company is thirty (30) or more days in arrears on payment due to the Reinsurer
      under this Agreement, and has not cured such breach within thirty (30) days
      following written notice thereof from the Reinsurer (unless the amount not
      so
      paid is the subject of a good faith dispute) (a “Company Payment
      Default”);

     

    2. the
      Company has ceased writing new or renewal business and has elected to run off
      its existing business or an insurance or other regulatory authority has ordered
      such party to cease writing new or renewal business;

     

    3. the
      Company has become insolvent, or has been placed into liquidation or
      receivership (whether voluntary or involuntary), or there have been instituted
      against it proceedings for the appointment of a receiver, liquidator,
      rehabilitator, conservator, or trustee in bankruptcy or other agent known by
      whatever name, to take possession of its assets or control of its operations;
      

     

    4. a
      Company
      Change of Control has occurred. For purposes of this Agreement, a “Company
      Change of Control” will be deemed to occur with respect to the Company when
      either (a) an individual person, corporation or other entity, or a group of
      commonly controlled persons, corporations or entities, acquires, including
      through merger, directly or indirectly, more than fifty percent (50%) of the
      voting securities of the Company or obtains the power to vote (directly or
      through proxies) more than fifty percent (50%) of the voting securities of
      the
      Company, except if such individual person, corporation or other entity is under
      common control with such Company, or (b) AmTrust no longer directly or
      indirectly controls the power to vote more than fifty percent (50%) of the
      voting securities of the Company; provided
      that in
      no event shall the acquisition, including through merger, of more than fifty
      percent (50%) of the voting securities of AmTrust or of the power to vote
      (directly or through proxies) more than fifty percent (50%) of the voting
      securities of AmTrust, or the merger, combination or amalgamation of AmTrust
      into any person, or similar transaction pursuant to which AmTrust shall not
      be
      the surviving entity, be deemed a "Company Change of Control"; or

     

    
      
        
        

      

      
        -9-

        
          

        

      

      
        
        

      

    

     

    5. the
      combined shareholders' equity of the Company and the Affiliates is reduced
      to
      50% or less of the amount of such shareholders’ equity at either the inception
      of this Agreement or at the latest renewal or anniversary date of this
      Agreement.

     

    Termination
      as a result of a Company Payment Default shall be effective upon not less than
      ten (10) days prior written notice from the Reinsurer to the Company, and
      termination as a result of any other Company Termination Event shall be
      effective upon not less than thirty (30) days prior written notice from the
      Reinsurer to the Company. For greater certainty, the Reinsurer may not terminate
      this Agreement as a result of a Company Termination Event unless such event
      is
      continuing on the date it delivers its notice of termination to the
      Company.

     

    
      	
              C.

            	
              Notwithstanding
                the provisions of Section A of this Article XXI, the Company may
                terminate
                this Agreement, in the event of any of the following (clauses 1 through
                6
                below, collectively, the “Reinsurer Termination Events”) by written notice
                to the Reinsurer no later than thirty (30) days (or in the case of
                a
                Reinsurer Termination Event described in subsection B(1) below, ten
                (10)
                days) following actual knowledge of the applicable Reinsurer Termination
                Event by the Company:

            

    

     

    1. the
      Reinsurer is thirty (30) or more days in arrears on payment due to the Company
      under this Agreement or its obligations under Article XXIII and the Reinsurer
      has not cured such breach within thirty (30) days following written notice
      thereof from the Company (unless the amount not so paid is the subject of a
      good
      faith dispute) (a “Reinsurer Payment Default”);

     

    2. the
      Reinsurer has ceased writing new or renewal business and has elected to run
      off
      its existing business or an insurance or other regulatory authority has ordered
      the party to cease writing new or renewal business;

     

    3. the
      Reinsurer has become insolvent, or has been placed into liquidation or
      receivership (whether voluntary or involuntary), or there have been instituted
      against it proceedings for the appointment of a receiver, liquidator,
      rehabilitator, conservator, or trustee in bankruptcy or other agent known by
      whatever name, to take possession of its assets or control of its
      operations;

     

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

     

    4. a
      Reinsurer Change of Control has occurred. For purposes of this Agreement, a
      “Reinsurer Change of Control” will be deemed to occur when either (a) an
      individual person, corporation or other entity, or a group of commonly
      controlled persons, corporations or entities, acquires, including through
      merger, directly or indirectly, more than fifty percent (50%) of the voting
      securities of the Reinsurer or obtains the power to vote (directly or through
      proxies) more than fifty percent (50%) of the voting securities of the
      Reinsurer, except if such individual person, corporation or other entity is
      under common control with the Reinsurer or (b) Maiden Holdings, Ltd. no longer
      directly or indirectly controls the power to vote more than fifty percent (50%)
      of the voting securities of the Reinsurer; 

     

    5. the
      Reinsurer's shareholders' equity is reduced to 50% or less of the amount of
      its
      shareholders’ equity at either the inception of this Agreement or at the latest
      renewal or anniversary date of this Agreement; or

     

    6. the
      Reinsurer fails to maintain an A.M. Best rating of A- or better.

     

    Termination
      as a result of a Reinsurer Payment Default shall be effective upon not less
      than
      ten (10) days prior written notice from the Company to the Reinsurer, and
      termination as a result of any other Reinsurer Termination Event shall be
      effective upon not less than thirty (30) days prior written notice from the
      Company to the Reinsurer. For greater certainty, the Company may not terminate
      this Agreement as a result of a Reinsurer Termination Event unless such event
      is
      continuing on the date the applicable Company delivers its notice of termination
      to the Reinsurer.

     

    
      	
              D.

            	
              Following
                the effective date of the termination of this Agreement as described
                in
                Sections A, B or C of this Article XXI, all reinsurance hereunder
                of
                Covered Business shall remain in force until the expiration date,
                anniversary date, or prior termination date of all Policies included
                therein, unless, not later than thirty (30) days following such effective
                date of termination of this Agreement, the Company shall elect that
                the
                Reinsurer shall not be liable for any Ultimate Net Loss that occurs,
                accrues or arises on or after the effective date of termination.
                If the
                Company shall make such election, within thirty (30) days following
                the
                date of such election, the Reinsurer shall return to the Company
                the
                unearned premium applicable to such Policies in force at the time
                and date
                of termination, less the unearned portion of the ceding commission
                paid
                thereon. 

            

    

     

    ARTICLE
      XXII -
      EXTRA
      CONTRACTUAL OBLIGATIONS AND LOSS IN EXCESS OF POLICY LIMITS

     

    
      	
              A.

            	
              The
                Reinsurer shall indemnify the Company for the Reinsurer’s quota share
                portion of Extra-Contractual Obligations and Loss in Excess of Policy
                Limits. 

            

    

     

    
      	
              B.

            	
              The
                Reinsurer shall receive the benefit of its proportionate share of
                recoveries from any other form of insurance or reinsurance that protects
                the Company or any Affiliate against any loss or liability covered
                under
                this Article XVII, which shall be deducted from the total amount
                of any
                Extra-Contractual Obligation and/or Loss in Excess of Policy Limits
                in
                determining the amount of Extra-Contractual Obligation and/or Loss
                in
                Excess of Policy Limits that shall be indemnified under this Article
                XXII.

            

    

     

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

     

    
      	
              C.

            	
              The
                Company shall be indemnified in accordance with this Article XXII
                to the
                extent that indemnification of the Company or subject Affiliate is
                permitted by applicable law.

            

    

     

    ARTICLE
      XXIII -
      UNAUTHORIZED REINSURANCE

     

    
      	
              A.

            	
              If
                the Company is unauthorized or otherwise unqualified in any state
                or other
                United States jurisdiction, and if, without security in a form acceptable
                to the insurance regulatory authorities having jurisdiction over
                an
                Affiliate, a financial penalty to such Affiliate, arising from the
                inability to make a reduction to liabilities for the reinsurance
                ceded to
                the Company or the recording of a liability for unauthorized
                reinsurance, would
                result on any statutory statement or report such Affiliate is required
                to
                make or file with such insurance regulatory authorities or a court
                of law
                in the event of insolvency, the Reinsurer will timely fund or provide
                for
                the Reinsurer’s share of security for the Obligations (as defined below)
                under the Underlying Reinsurance Agreement with such Affiliate
                by:

            

    

     

    1. lending
      assets to the Company on terms and conditions that shall be mutually acceptable
      to the Company and the Reinsurer (a “Loan”), provided, however, that the terms
      and conditions of the Loan shall be consistent with the terms and conditions
      set
      forth in Exhibit B to that certain First Amendment, dated as of September 17,
      2007, to the Master Agreement, dated as of July 3, 2007, by and between AmTrust
      and Maiden Holdings, Ltd.; 

     

    2. transferring
      to the Company assets (the "Reinsurer Trust Assets") for deposit into one or
      more trust accounts established or to be established by Company for the sole
      benefit of such Affiliate (each, a “Trust Account”) with a trustee (the
“Trustee”), which Trustee shall be at the time a Trust Account is established,
      and shall continue to be, a member of the Federal Reserve System and shall
      not
      be a parent, subsidiary or affiliate of the Reinsurer, Company or such
      Affiliate, pursuant to a trust agreement meeting the applicable requirements
      of
      the jurisdictions having regulatory authority over each applicable Affiliate
      (each a “Trust Agreement”); 

     

    3. delivering
      one or more clean, unconditional and irrevocable letters of credit to such
      Affiliate (each, a "Letter of Credit") in form and substance satisfying the
      requirements of the jurisdictions having regulatory authority over such
      Affiliate; and/or

     

    4. requesting
      that the Company cause such Affiliate to withhold Subject Premium in lieu of
      remitting Affiliate Subject Premium to the Company (the "Subject Withheld
      Funds", together with any other Affiliate Subject Premium that shall be withheld
      under an Underlying Reinsurance Agreement, the “Withheld Funds”) in accordance
      with the terms of the Underlying Reinsurance Agreement with such
      Affiliate.

     

    For
      the
      avoidance of doubt, the Reinsurer shall be permitted to elect any or a
      combination of the above forms of security, provided that the aggregate value
      of
      the security funded or provided by the Reinsurer equals the Reinsurer's
      proportionate share of the Obligations. The Company and the Reinsurer
      acknowledge and agree that, as of the date of execution of this Agreement,
      the
      Reinsurer intends to satisfy this obligation in the form of a Loan.

     

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

     

    
      	
              B.

            	
              The
                “Obligations” referred to herein means, as to each Affiliate, the then
                current (as of the end of each calendar quarter) sum
                of:

            

    

     

    1. The
      amount of ceded Ultimate Net Loss for which the Company is responsible to such
      Affiliate but has not yet paid;

     

    2. The
      amount of ceded reserves for Ultimate Net Loss (including without limitation
      ceded reserves for claims reported but not resolved and losses incurred but
      not
      reported) for which the Company is responsible to such Affiliate;
      and

     

    3. The
      amount of ceded reserves for unearned Affiliate Subject Premiums attributable
      to
      such Affiliate.

     

    
      	
              C.

            	
              With
                respect to the Trust Accounts, the following shall
                apply:

            

    

     

    1. The
      Reinsurer shall transfer Reinsurer Trust Assets to the Company, and the Company
      shall immediately upon receipt thereof transfer to the Trustee, for deposit
      into
      the applicable Trust Account, such Reinsurer Trust Assets, to be held in trust
      by the Trustee for the benefit of such Affiliate as security for the payment
      of
      the Reinsurer's proportionate share of the Obligations to such Affiliate. The
      Reinsurer Trust Assets shall be maintained in the Trust Account as long as
      the
      Reinsurer continues to remain liable for its proportionate share of such
      Obligations; provided however, that all Reinsurer Trust Assets shall be
      maintained in a sub-account of the Trust Account separate and apart from any
      other assets deposited therein by the Company. For each Trust Account in which
      Reinsurer Trust Asset shall be deposited, the Company shall authorize and direct
      the Trustee to timely provide to the Reinsurer all account statements and other
      notices to be delivered to the Company under the related Trust
      Agreement.

     

    2. The
      Reinsurer agrees that the Reinsurer Trust Assets shall be valued according
      to
      their current fair market value and shall consist only of currency of the United
      States of America, certificates of deposit issued by a United States bank and
      payable in United States legal tender, and investments of the types permitted
      by
      the insurance regulatory authorities with jurisdiction over the applicable
      Affiliate in regards to security provided with respect to the obligations of
      an
      unauthorized or unqualified reinsurer (“Authorized Investments”). The Company
      agrees that the Reinsurer Trust Assets will be managed for the Company by AII
      Insurance Management, Ltd. (“AIM”) in accordance the terms of and pursuant to
      the Asset Management Agreement dated July 3, 2007 entered into by Reinsurer
      and
      AIM (the “Asset Management Agreement”) and, by executing this Agreement (solely
      for purposes of this Section C(2)), AIM acknowledges and agrees to the
      provisions of this Section C(2).

     

    3. The
      Reinsurer, prior to transferring the Reinsurer Trust Assets to the Company,
      shall execute all assignments and endorsements in blank, and shall transfer
      legal title to the Company of all shares, obligations or any other assets
      requiring assignments, in order to permit the Reinsurer to transfer to the
      Trustee such Reinsurer Trust Assets for deposit into the Trust
      Account.

     

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

     

    4. All
      settlements of account between the Company and an Affiliate with respect to
      Reinsurer Trust Assets shall be made in cash or its equivalent.

     

    5. The
      Reinsurer acknowledges that the Reinsurer Trust Assets may be withdrawn by
      such
      Affiliate at any time, notwithstanding any provisions in the Underlying
      Reinsurance Agreement to which such Affiliate is a party, provided that such
      Affiliate has agreed in such Underlying Reinsurance Agreement that such
      withdrawn assets shall be applied and utilized by such Affiliate or any
      successor of such Affiliate by operation of law, including, without limitation,
      any liquidator, rehabilitator, receiver or conservator of such Affiliate,
      without diminution because of the insolvency of such Affiliate or the Company,
      only for the following purposes:

     

    
      	 	
              (a)

            	
              to
                reimburse such Affiliate for the Company’s share of any Ultimate Net Loss
                paid by such Affiliate but not received from the Company or for unearned
                premiums due to such Affiliate but not otherwise paid by the Company
                with
                respect to the business reinsured hereunder;
                or

            

    

     

    
      	 	
              (b)

            	
              to
                make payment to the Company of any amounts held in the Trust Accounts
                established for the benefit of such Affiliate that exceed 102% of
                the
                Company’s Obligations to such Affiliate (less the undrawn balance
                available under any Letter(s) of Credit for the benefit of such Affiliate
                and less the fair market value of the Withheld Funds of such Affiliate);
                or

            

    

     

    
      	 	
              (c)

            	
              to
                pay any other amounts the Affiliate claims are due under the Underlying
                Reinsurance Agreement or

            

    

     

    
      	 	
              (d)

            	
              where
                such Affiliate has received notification of termination of a Trust
                Account
                in which Reinsurer Trust Assets are held, and where the Obligations
                under
                the related Underlying Reinsurance Agreement remain unliquidated
                and
                undischarged ten (10) days prior to such termination, to withdraw
                amounts
                equal to such Obligations (less the undrawn balance available under
                any
                Letter(s) of Credit for the benefit of such Affiliate and less the
                fair
                market value of the Withheld Funds of such Affiliate) and deposit
                such
                amounts in a separate account, in the name of such Affiliate, in
                any
                United States bank or trust company, apart from its general assets,
                in
                trust for such uses and purposes specified in subparagraphs (a) and
                (b)
                above as may remain executory after such withdrawal and for any period
                after such termination.

            

    

     

    
      	
              D.

            	
              The
                Reinsurer acknowledges that any Letter(s) of Credit provided by it
                pursuant hereto for the benefit of an Affiliate may be drawn upon
                by such
                Affiliate at any time, notwithstanding any provisions in the Underlying
                Reinsurance Agreement to which such Affiliate is a party, provided
                that
                such Affiliate has agreed in such Underlying Reinsurance Agreement
                that
                any amounts drawn shall be applied and utilized by such Affiliate
                or any
                successor of such Affiliate by operation of law, including, without
                limitation, any liquidator, rehabilitator, receiver or conservator
                of such
                Affiliate, without diminution because of the insolvency of such Affiliate
                or the Company, only for the following
                purposes:

            

    

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

       

    

    1. to
      pay or
      reimburse the Affiliate for the Company's share of any premiums returned to
      the
      owners of Policies on account of cancellations of such Policies;

     

    2. to
      pay or
      reimburse the Affiliate for the Company's share of Ultimate Net Loss paid or
      payable by the Affiliate under the terms and provisions of the
      Policies;

     

    3. to
      pay
      any other amounts the Affiliate claims are due under the Underlying Reinsurance
      Agreement; and

     

    4. to
      fund
      an account with the Affiliate in an amount at least equal to the deduction,
      for
      reinsurance ceded as to such Affiliate's Policies, for the uses and purposes
      described in clauses 1, 2 and 3 above. Such amount shall include, but not be
      limited to, amounts for policy reserves, reserves for claims and losses incurred
      (including losses incurred but not reported), loss adjustment expenses, and
      unearned premiums.

     

    
      	
              E.

            	
              With
                respect to assets to be returned to the Reinsurer, the following
                shall
                apply:

            

    

     

    1. The
      Company, at the written request of the Reinsurer, shall use commercially
      reasonable efforts to seek the applicable Affiliate’s approval to withdraw all
      or any part of the Reinsurer Trust Assets from the Trust Account established
      for
      the benefit of such Affiliate and shall transfer such assets to the Reinsurer,
      provided that the withdrawal conforms to the following
      requirements:

     

    
      	 	
              (a)

            	
              the
                Reinsurer shall, at the time of any such withdrawal, deliver to the
                Company, for deposit by the Company into such Trust Account, other
                Authorized Investments having a market value equal to the market
                value of
                the assets withdrawn from such Trust Account,
                and

            

    

     

    
      	 	
              (b)

            	
              after
                such withdrawal, transfer, and deposit into such Trust Account, the
                market
                value of assets in the Trust Accounts established for the benefit
                of such
                Affiliate is no less than 102% of the Obligations to such Affiliate
                (less
                the undrawn balance available under any Letter(s) of Credit for the
                benefit of such Affiliate and less the fair market value of the Withheld
                Funds of such Affiliate).

            

    

     

    2. The
      Company, at the request of the Reinsurer, shall use its best efforts to seek
      each Affiliate's approval to permit an amendment to, or to surrender and
      replace, a Letter of Credit, provided that, after such amendment or surrender
      and replacement, the remaining undrawn balance, if any, of such Letter of
      Credit, plus the fair market value of assets in Trust Accounts established
      for
      the benefit of such Affiliate, plus the fair market value of the Withheld Funds
      of such Affiliate, plus the undrawn balance of any other Letters of Credit
      for
      the benefit of such Affiliate, is not less 102% of the Obligations to such
      Affiliate.

     

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

     

    3. If
      an
      Affiliate returns to the Company excess assets withdrawn from the Trust Account
      established for such Affiliate, excess amounts drawn on a Letter of Credit,
      or
      an excess portion of the Withheld Funds, the Company shall immediately return
      to
      the Reinsurer its proportionate share of such excess assets.

     

    4. If,
      as of
      any date of determination, and with respect to any Affiliate, the sum of (w)
      the
      fair market value of the Reinsurer Trust Assets for the benefit of such
      Affiliate, (x) the undrawn balance of any Letters of Credit for the benefit
      of
      such Affiliate provided by the Reinsurer pursuant to Section A of this Article
      XXIII, (y) the fair market value of any separate account established by such
      Affiliate as described in Section C(5)(d) or D(4) of this Article XXIII, and
      (z)
      the Subject Withheld Funds of such Affiliate (the “Aggregate Collateral Value”),
      exceeds the Reinsurer’s share of the Obligations to such Affiliate (the excess
      Aggregate Collateral Value, the "Excess Collateral Value"), the Company shall,
      with respect to such excess collateral, at its option, undertake one or more
      of
      the following: 

     

    (a) a
      withdrawal of such Reinsurer Trust Assets and the payment of withdrawn Reinsurer
      Trust Assets to the Reinsurer pursuant to Section E(1) of this Article XXIII,
      

     

    (b) payment
      to the Reinsurer of an amount in cash;

     

    (c) payment
      to the Company by such Affiliate of Withheld Funds, and the payment to the
      Reinsurer of its proportionate share thereof; 

     

    (d) a
      payment
      to the Company by such Affiliate from any separate account or accounts
      established by such Affiliate as described in Sections C(5)(d) and D(4) of
      this
      Article XXIII, and the payment to the Reinsurer of its proportionate share
      thereof; and/or

     

    (e) the
      amendment or replacement of any of such Letters of Credit, with the consent
      of
      the Reinsurer, not to be unreasonably withheld, to reduce the undrawn balance
      of
      such Letters of Credit after giving effect to such amendment or
      replacement;

     

    provided
      that the
      aggregate amount of such payments to the Reinsurer pursuant to (a) through
      (d)
      above plus such reduction in the undrawn balance of the Letters of Credit
      pursuant to (e) above shall at least equal the Excess Collateral Value. The
      Aggregate Collateral Value and the Reinsurer’s share of the Obligations shall be
      calculated (separately as to each Affiliate) as of the last day of each calendar
      quarter during the term of this Agreement, and the Excess Collateral Value,
      if
      any, resulting from such calculations shall be remitted to the Reinsurer not
      later than the forty-fifth (45th)
      calendar day following the end of such calendar quarter.

     

    5. In
      the
      event that any Affiliate withdraws Reinsurer Trust Assets from a Trust Account,
      draws on a Letter of Credit and/or utilizes Subject Withheld Funds in excess
      of
      the Reinsurer’s proportionate share of the Obligations, in excess of the amount
      payable by the Reinsurer to the Company with respect to such Obligations, or
      other than for the purposes described in Sections C(5) and D of this Article
      XXIII, the Company shall reimburse Reinsurer immediately for the amount of
      the
      excess or the misapplied amount (as the case may be), taking into account any
      payments made by the Company to the Reinsurer pursuant to Section E(4) of this
      Article XXIII.

     

    
      
        
        

      

      
        -16-

        
          

        

      

      
        
        

      

    

     

    6. If
      an
      Affiliate withdraws Reinsurer Trust Assets from a Trust Account, or draws on
      a
      Letter of Credit, and deposits such assets in a separate account as described
      in
      Sections C(5)(d) and D(4) of this Article XXIII, the Company shall pay to the
      Reinsurer, not later than 15 calendar days following the end of each calendar
      month during the term of this Agreement, an amount equal to all dividends,
      interest and other income earned on the assets held in such account during
      such
      month, except to the extent that such dividends, interest or other income relate
      to assets of the Reinsurer for which the Company has made payment to the
      Reinsurer pursuant to Paragraph 3 or 4 of this Article XXIII(E) and except
      to
      the extent that the Aggregate Collateral Value at such time is less than the
      Reinsurer’s share of the Obligations to such Affiliate; provided that any such
      payment shall be net of the Reinsurer’s proportionate share of fees of the
      Trustee with respect to Reinsurer Trust Assets and shall be reduced by the
      amount of any unpaid fees or expenses then due and payable under the Asset
      Management Agreement. 

     

    
      	
              F.

            	
              The
                Company, upon receipt and not less frequently than quarterly, will
                provide
                to the Reinsurer statements prepared by the Affiliates for the purpose
                of
                showing the Company’s Obligations in respect of each Affiliate and a
                statement prepared by Company showing the Reinsurer’s proportionate share
                thereof. If the Reinsurer’s share thereof exceeds the market value of the
                security provided by the Reinsurer to the Company for such Affiliate
                as
                required by in Section A of this Article XXIII, the Reinsurer will,
                within
                fifteen (15) days of receipt of the statements, provide additional
                security of such types with respect to the Reinsurer’s proportionate share
                of the Obligations to such
                Affiliate(s).

            

    

     

    
      	
              G.

            	
              If
                the Company is unauthorized or otherwise unqualified in any jurisdiction
                outside of the United States, and if, without security, a financial
                penalty to an Affiliate domiciled outside of the United States would
                result on any statutory statement or report it is required to make
                or file
                with the insurance regulatory authority having jurisdiction over
                such
                Affiliate or a court of law in the event of insolvency, the Reinsurer
                will
                timely secure the Reinsurer’s share of the Obligations in form and
                substance satisfying the requirements of the insurance regulatory
                authority having jurisdiction over such
                Affiliate.

            

    

     

    ARTICLE
      XXIV -
      SERVICE
      OF SUIT

     

    Subject
      to Article XVI, it is agreed that the Company and Reinsurer have the right
      to
      commence an action in any court of competent jurisdiction in the United States,
      to remove an action to a United States District Court, or to seek a transfer
      or
      remand of a case to another court as permitted by the laws of the United States
      or of any state in the United States.

     

    It
      is
      further agreed that the Company may serve process upon the Reinsurer by
      serving:

     

    A
      Person
      indicated by the Company in a written notice to the Reinsurer within five (5)
      days of the date hereof.

     

    
      
        
        

      

      
        -17-

        
          

        

      

      
        
        

      

    

     

    The
      right
      of the Company to bring suit as provided herein shall be limited to a suit
      brought in its own name and for its own account.

     

    ARTICLE
      XXV -
      MISCELLANEOUS

     

    
      	
              A.

            	
              Entire
                Agreement.
                This Agreement contains the entire agreement between the parties
                hereto
                relating to the subject matter hereof and supersedes and replaces
                all oral
                statements and prior writings with respect
                thereto.

            

    

     

    
      	
              B.

            	
              Assignment.
                Neither party may assign any of its rights or obligations hereunder
                without the prior written consent of the other
                party.

            

    

     

    
      	
              C.

            	
              Counterparts.
                This Agreement may be executed in any number of counterparts, and
                by the
                parties on separate counterparts, but will not be effective until
                each
                party has executed at least one counterpart. Each counterpart will
                constitute an original of this Agreement, but all the counterparts
                will
                together constitute but one and the same instrument. All signatures
                of the
                parties to this Agreement may be transmitted by facsimile, and such
                facsimile will, for all purposes, be deemed to be the original signature
                of such Party whose signature it reproduces and will be binding upon
                such
                Party.

            

    

     

    
      	
              D.

            	
              Waiver.
                Except as otherwise expressly set forth in this Agreement, there
                shall be
                no waiver of any breach of the terms of this Agreement, nor waiver
                of any
                right, remedy, power or privilege conferred by this Agreement, except
                as
                notified in writing by the party waiving to the other party, or as
                otherwise expressly provided for in this Agreement. Notwithstanding
                this,
                and for the avoidance of doubt:

            

    

     

    1. any
      waiver of a breach of any term of this Agreement or of any default hereunder
      shall not be deemed a waiver of any subsequent breach or default and shall
      in no
      way affect the other terms of this Agreement; and

     

    2. no
      failure to exercise and no delay on the part of any party in exercising any
      right, remedy, power or privilege of that party under this Agreement and no
      course of dealing between the parties shall be construed or operate as a waiver
      thereof, nor shall any single or partial exercise of any right, remedy, power
      or
      privilege preclude any other or further exercise thereof or the exercise of
      any
      right, remedy, power or privilege. The rights and remedies provided by this
      Agreement are cumulative and are not exclusive of any rights or remedies
      provided by law.

     

    
      	
              E.

            	
              Headings.
                The headings of the Articles of this Agreement are inserted for
                convenience only, and shall not affect the meaning or construction
                of any
                provision of this Agreement.

            

    

     

    
      	
              F.

            	
              Notices.
                Any notice and other communication required or permitted hereunder
                shall
                be in writing and shall be delivered personally, sent by facsimile
                transmission (and immediately after transmission confirmed by telephone),
                or sent by certified, registered or express mail, postage prepaid;
                provided, however, that the party delivering a communication by facsimile
                transmission shall retain the electronically generated confirmation
                of
                delivery, showing the telephone number to which the transmission
                was sent
                and the date and time of the transmission. Any such notice shall
                be deemed
                given when so delivered personally or sent by facsimile transmission
                (and
                immediately after transmission confirmed by telephone), or, if mailed,
                on
                the date shown on the receipt therefor, as follows (or to such other
                address or facsimile number as the party shall furnish the other
                party in
                accordance with this paragraph):

            

    

     

    
      
        
        

      

      
        -18-

        
          

        

      

      
        
        

      

    

     

    If
      to the
      Company, to:

     

    AmTrust
      International Insurance, Ltd.

    Suite
      102
      Washington Mall

    7
      Reid
      Street

    Hamilton
      HM 11

    Bermuda

    Tel:
      441.292.6564

    Fax:
      441.292.5796

    

    With
      a
      copy to:

     

    AmTrust
      Financial Services, Inc.

    59
      Maiden
      Lane, 6th
      Floor

    New
      York,
      NY 10038

    Tel:
      212.220.7120

    Fax:
      212.220.7130

    Attention:
      General Counsel

    

    If
      to the
      Reinsurer, to:

     

    Maiden
      Insurance Company, Ltd.

    7
      Reid
      Street

    Hamilton
      HM 11

    Bermuda

    Attention:
      CFO

    Tel:
      441-295-5225

    Fax:
      

     

    With
      a
      copy to:

     

    Conyers
      Dill and Pearman

    Clarendon
      House

    2
      Church
      Street

    PO
      Box HM
      666

    Hamilton
      HM CX

    Bermuda

    Attention:
      Christopher Garrod, Esq.

    Tel:
      (441) 295 1422

    Fax:
      (441) 292 4720

     

    
      
        
        

      

      
        -19-

        
          

        

      

      
        
        

      

    

     

    [Remainder
      of page intentionally left blank]

     

    
      
        
        

      

      
        -20-

        
          

        

      

      
        
        

      

    

     

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

     

    AMTRUST
      INTERNATIONAL INSURANCE, LTD.

     

    By: 
      /s/
      Michael Bott

    
      
        

      

       

    

    Dated:
      September
      17, 2007

     

    MAIDEN
      INSURANCE COMPANY, LTD.

     

    By:
      /s/
      Bentzion S. Turin

    
      
 

    Dated:
      September
      17, 2007

     

    AII
      INSURANCE MANAGEMENT, LTD.

     

    (solely
      for the purposes of Section C(2) of Article XXIII hereof)

     

    By:
      /s/
      Michael Bott

    
      
 

    Dated:
      September
      17, 2007

     

    [Quota
      Share Reinsurance Agreement]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Schedule
      A

     

    Lines
      of Insurance Covered Under this Agreement

     

    All
      lines
      of business classified by the Company as:

     

    
      	 	
              1.

            	
              Workers’
                Compensation

            

    

    

    
      	 	
              2.

            	
              Extended
                Warranty and Specialty Risk, which includes Mechanical Breakdown,
                Accidental Damage, Theft, Gap and Creditor and Payment Protection,
                and
                coverages which are substantially similar to those listed herein
                or any
                current business classified by the Company as Extended Warranty and
                Specialty Risk.

            

    

    

    
      	 	
              3.

            	
              Specialty
                Middle-Market Property and Casualty (as reported by AmTrust in its
                filings
                with the U.S. Securities Exchange Commission) placed through program
                underwriting agents, which includes General Liability, Commercial
                Property, Commercial Automobile Liability, and Auto Physical Damage,
                Workers' Compensation and other substantially similar commercial
                property
                and casualty coverages.EXHIBIT
      10.9

    EXECUTION
      COPY

    

    ASSET
      MANAGEMENT AGREEMENT

    

    THIS
      AGREEMENT, made this 3rd day of July 2007 by and between AII Insurance
      Management Limited (“AIM”), a Bermuda corporation, and Maiden Insurance Company,
      Ltd. (“Company”), a Bermuda joint stock company.

    

    WITNESSETH

    

    WHEREAS,
      Company is a licensed Bermuda insurer, whose sponsors are the Chairman of the
      Board, Chief Executive Officer, and a Director of AmTrust Financial Services,
      Inc., which is a multinational insurance holding company, which owns AIM and
      currently owns three U.S. insurers, an Irish insurer, U.K. insurer and Bermuda
      reinsurer;

    

    WHEREAS,
      AIM provides certain services to its affiliates, including investment management
      services;

    

    WHEREAS,
      Company wishes to retain AIM to provide investment management services with
      respect to assets held in trust pursuant to those certain reinsurance Trust
      Agreements specified on Appendix A (each such agreement a “Trust Agreement”, and
      each portfolio of assets held pursuant to a Trust Agreement a “Trust Account”)
      and other assets designated by Company in writing from time to time (the
“General Account”, together with the Trust Accounts the “Account”) and AIM is
      willing to do so.

    

    NOW,
      THEREFORE, in consideration of their respective promises and covenants
      hereinafter set forth, AIM and Company agree as follows:

    

    1. AIM
      shall
      perform the following investment management services on behalf of Company in
      accordance with Company’s investment guidelines, which are attached hereto as
      Appendix B (the “Investment Guidelines”), and regulatory requirements regarding
      investments. Company has established separate Investment Guidelines with respect
      to each Reinsurance Trust and with respect to the General Account. Company
      in
      its discretion may amend the
      Investment Guidelines from time to time, by delivering such amendment to AIM
      in
      writing no less than 5 business days prior to the effective date. In
      the
      event that there is a failure to comply with the Investment Guidelines as a
      result of changes in market conditions or otherwise, AIM shall promptly notify
      Company and shall take such corrective action as may be agreed with
      Company.
      Subject
      to the Investment Guidelines, AIM
      shall
      have full discretionary authority with respect to the Account, including the
      authority and power to enter into contracts binding on Company with respect
      thereto, and to:

     

    (a) establish,
      maintain and terminate discretionary and non-discretionary investment accounts
      with banks, brokers, dealers, investment advisers or other investment
      professionals, including affiliates of AIM (“Investment Service Providers”),
      provided, such Investment Service Providers maintain all required licenses,
      registrations, memberships and approvals required to perform the investment
      services being offered. If AIM delegates any of its discretionary investment,
      advisory and other rights, powers and functions hereunder to any Investment
      Service Provider, AIM shall always remain liable to Company for its obligations
      hereunder. References herein to AIM shall include, as the context may require,
      any of AIM’s affiliates that are selected to manage assets under this Agreement.
      Any affiliate of AIM that is delegated authority under this Agreement shall
      accept such delegation in an agreement between the AIM and any such affiliate
      and acknowledge that it is a fiduciary with respect to the Account.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (b) purchase,
      hold, sell, write, exchange, transfer, and otherwise invest and trade in
      property of all kind, including without limitation:

     

    
      	·  	
              any
                publicly-traded or non-publicly traded, U.S or non-U.S.: general
                or
                limited partnership or limited liability company interest; share
                of
                capital stock; share of beneficial interest; investment contract,
                preorganization certificate or subscription; bond, note, debenture
                (whether subordinated, convertible or otherwise), trust receipt or
                certificate, loan participation and/or assignment, account or note
                receivable, trade acceptance, contract or other claim, executory
                contract
                (including any notional principal contract), instrument or evidence
                of
                indebtedness; certificate of
                deposit;

            

    

     

    
      	·  	
              any
                non-U.S. currency or any right or option to acquire or dispose of
                a
                non-U.S. currency, including a put or call;
                and

            

    

     

    
      	·  	
              any
                commodity or any right or option to acquire or dispose of a commodity,
                including a put or call, a straddle, or futures, forward, or spot
                contract, or any notional principal contract relating to any such
                commodity, right, or option (whether or not traded on an
                exchange);

            

    

     

    (c) invest
      or
      deposit in obligations of the United States or any agency or instrumentality
      thereof, time deposits in and certificates of deposit of banks, the long term
      debt of which is rated not less than AA by Standard and Poor’s Ratings Services,
      a division of The McGraw Hill Companies, Inc. (“S&P”), securities issued by
      corporations the long-term debt of which is rated not less than AA by S&P,
      or commercial paper which is rated A-1 by S&P, in each case having a
      maturity of not more than 91 days from the date of issuance, or foreign money
      market mutual funds, or other short-term investments which have at the time
      of
      investment a rating of AAA by S&P; and 

     

    (d) vote
      proxies, grant consents solicited by or with respect to the issuers of
      securities in which assets of the Account may be invested from time to time,
      provided that Company reserves the right to exercise or direct the exercise
      of
      voting rights with respect to securities which are Account assets or grant
      its
      consent with respect to solicitations by or with respect to the issuers of
      such
      securities, in each case upon consultation with Company. 

     

    2.
      Portfolio Transactions.

     

    (a) AIM
      may
      place orders for the execution of transactions for the Account with or through
      Investment Service Providers as AIM may select. AIM agrees that securities
      are
      to be purchased through such brokers as, in AIM’s best judgment, shall offer the
      best combination of price and execution. AIM, in seeking to obtain best
      execution of portfolio transactions for the Account, may consider the quality
      and reliability of brokerage services, as well as research and investment
      information and other services provided by brokers or dealers. AIM may cause
      the
      Account to pay a broker or dealer that provides brokerage and research services
      to AIM an amount of commission for effecting a transaction in excess of the
      amount of commission that another broker or dealer would have charged for
      effecting that transaction, if AIM determines in good faith that such amount
      of
      commission is reasonable in relation to the value of the brokerage and research
      services provided by the broker or dealer. These brokerage and research services
      may also assist AIM in rendering services to other clients, and not all such
      services will necessarily be used in connection with the Account. In addition,
      where permitted by applicable legal and regulatory requirements, AIM or its
      affiliates may execute transactions on behalf of the Account.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (b) Company
      authorizes AIM to, at AIM’s discretion, bunch or aggregate orders for the
      Account with orders of other clients and to allocate the aggregate amount of
      the
      investment among accounts (including accounts in which AIM, its affiliates
      and/or their personnel have beneficial interests) in a manner in which AIM
      shall
      determine is fair over time to the participating accounts. When portfolio
      decisions are made on an aggregated basis, AIM may in its discretion, place
      a
      large order to purchase or sell a particular security for the Account and the
      accounts of several other clients. Because of the prevailing trading activity,
      it is frequently not possible to receive the same price or execution on the
      entire volume of securities purchased or sold. When this occurs, the various
      prices may be averaged and the Account will be charged or credited with the
      average price; and the effect of the aggregation may operate on some occasions
      to Company’s disadvantage. Although in such an instance Company will be charged
      the average price, AIM will make the information regarding the actual
      transactions available to Company upon Company’s request. Neither AIM nor its
      affiliates, however, are required to bunch or aggregate orders, and therefore
      Company may not receive the average price on any given trade.

     

    3.
      Affiliated Brokerage; Principal Transactions

     

    (a) Subject
      to AIM’s execution obligations described in Section 2 above, Company hereby
      authorizes AIM, when determined by AIM in its capacity of a fiduciary to be
      in
      the best interest of Company, to effect agency transactions and agency
      cross-transactions through affiliated broker-dealers. Such transactions shall
      be
      effected at prevailing market levels in accordance with the procedures under
      Rule 17a-7(b) of the U.S. Investment Company Act of 1940 and other applicable
      law. Company at any time without penalty may terminate in whole or in part
      its
      authorization to effect such transactions by written notice to AIM.

     

    (b) When
      determined by AIM in its capacity as a fiduciary to be in the best interest
      of
      Company, AIM may effect transactions in which, acting for its own account or
      an
      account of its affiliate, AIM buys a security from, or sells a security to,
      Company, with Company’s consent after written disclosure by AIM to Company of
      the transaction and the capacity in which AIM is acting before the completion
      of
      such transaction, in accordance with applicable regulatory
      requirements.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    4. Information
      and Reports 

     

    AIM
      shall
      or shall direct the Investment Service Providers to provide to Company copies
      of
      all Account statements and Account information to Company. Monthly, AIM shall
      provide Company a written report and inventory of the Account in a format
      approved by Company and such other reports and information as Company shall
      request. Valuation levels for the assets listed in the written report and
      inventory will reflect AIM’s good faith effort to ascertain fair market levels
      (including accrued income, if any) for the securities and other assets in the
      Account based on pricing and valuation information believed by AIM to be
      reliable for round lot sizes. Then current exchange rates will be applied in
      valuing holdings in foreign currency.

     

    5.
       Custody

     

    Custody
      of the cash and assets of the General Account shall be held by a custodian
      (the
“Custodian”) appointed by Company pursuant to a separate custody agreement or by
      Company itself. Custody of the cash and assets of the Trust Accounts shall
      be
      held by a trustee or trustees (the “Trustee(s)”) appointed by Company pursuant
      to the Trust Agreements or other separate trust agreement. The Custodian and
      the
      Trustee are qualified custodians as defined in Section 206(4)-2 of the
      Investment Advisers Act of 1940, as amended (the “Advisers Act”). Company
      authorizes AIM to give Custodian and the Trustee instructions for the purchase,
      sale, conversion, redemption, exchange or retention of any security, cash or
      cash equivalents or other investment for Company. Except as provided in Section
      1 and the Trust Agreements, exclusive responsibility for the custody and
      safekeeping of Company’s assets constituting the Account shall remain with the
      Custodian and the Trustee, and AIM and its affiliates shall not have custody
      or
      physical control of the assets and cash in the Account. AIM shall provide the
      Custodian and the Trustee with such documents and information, including
      certification of AIM’s duly authorized representatives, as the Custodian or
      Trustee may reasonably request. All directions given by AIM to the Custodian
      shall be in writing, and signed by an authorized representative of AIM;
      provided, however, that the Custodian may accept oral directions from AIM,
      subject to confirmation in writing. AIM’s directions to the Trustee shall be
      given as provided in the Trust Agreements. Company will give AIM reasonable
      prior notice of any change the Custodian or the Trustee, together with the
      name
      and other relevant information with respect to the new Custodian or
      Trustee.

     

    6. Compensation
      and Reimbursement of Expenses

     

    (a) Subject
      to section 6(d) below, within 30 days of the end of each calendar quarter,
      Company shall pay to AIM an amount equal to 0.0875% of the average value of
      the
      Account for the preceding calendar quarter. 

     

    (b) Company
      shall be responsible for the investment expenses of the Account, as well as
      expenses incurred in connection with carrying out its own accounting, auditing,
      and compliance policies, procedures, and other obligations with respect to
      the
      Account. Company shall reimburse AIM for the payment of reasonable expenses
      incurred by AIM with respect to such policies, procedures, and obligations
      of
      Company, but in no event shall Company be responsible for AIM’s general overhead
      expenses or expenses of AIM in carrying out its own accounting, auditing and
      compliance policies, procedures or obligations. Investment expenses shall
      include brokerage commissions, transfer fees, registration costs, taxes and
      other similar costs and transaction-related expenses and fees arising out of
      transactions in the Account. AIM may, at its discretion, make payments out
      of
      fees received from Company pursuant to this Agreement to any Investment Service
      Provider from which it obtains investment advisory services, including
      Investment Service Providers that are affiliates of AIM, and Company shall
      have
      no obligation to compensate such Investment Service Provider for such
      services.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (c) 
      Custodial fees are charged separately by the Custodian for the General Account
      and are not included in the investment advisory fee due AIM pursuant to this
      Agreement. Company will pay any custodial fees directly from the custodial
      account. Trustee fees may not be paid from the Trust Accounts; Company will
      pay
      any trustee fees due under the Trust Agreements. 

     

    (d) AIM
      agrees to waive the investment advisory fee due pursuant to Section 6(a) of
      this
      Agreement on any assets of the Account invested in any collective investment
      vehicle advised or sponsored by AIM or any of its affiliates. 

     

    7. Directions
      to AIM 

     

    All
      directions by or on behalf of Company to AIM shall be in writing signed either
      by Company or by an authorized agent of Company or, if by telephone, confirmed
      in writing. For this purpose, the term in writing, shall include directions
      given by facsimile. A list of persons authorized to give instructions to AIM
      hereunder with specimen signatures, is set out in Appendix C to this Agreement.
      Company may revise the list of authorized persons from time to time by sending
      AIM a revised list which has been certified either by Company or by a duly
      authorized agent of Company. AIM shall incur no liability whatsoever in relying
      upon any direction from, or document signed by, any person reasonably believed
      by it to be authorized to give or sign the same, whether or not the authority
      of
      such person is then effective. AIM shall be under no duty to make any
      investigation or inquiry as to any statement contained in any writing and may
      accept the same as conclusive evidence of the truth and accuracy of the
      statements therein contained. Directions given by Company to AIM hereunder
      shall
      be effective only upon actual receipt by AIM and shall be acknowledged by AIM
      through its actions hereunder only, unless Company is advised by AIM
      otherwise.

     

    8. Term
      and
      Termination

     

    (a) This
      Agreement shall remain in effect from for a period of one year from the
      Effective Date (the “Initial Term”). Thereafter, this Agreement shall
      automatically renew for successive one year terms unless (i) AIM or Company,
      as
      the case may be, provides notice thirty (30) days prior to the end of a term
      of
      its intent not to renew, or (ii) this Agreement is terminated pursuant to
      sections 8(b) and (c) below. 

     

    (b) Following
      the Initial Term, the Agreement may be terminated at any time by either party
      upon thirty (30) days written notice. 

     

    (c) Company
      may terminate this Agreement immediately, upon written notice, upon the
      occurrence of any of the following events:

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    i. AIM
      fails
      to comply with any term or condition of this Agreement, or for whatever reason,
      does not commence fulfillment of duties provided in this Agreement, or once
      having commenced its duties, engages in neglect of its duties and obligations
      hereunder, fails or refuses to act to carry out its duties and obligations
      hereunder;

     

    ii. AIM
      is
      sold, undergoes a material change in ownership, in its capital participation
      or
      control, change in management, board of directors, officers or key personnel
      or
      causes to be sold, transferred or pledged all or substantially all of its stock
      or assets to a third party; or

     

    iii. AIM
      suffers the loss, suspension or revocation of any license or certificate of
      authority from any regulatory body that is material to the performance of its
      duties and obligations herein, or such license becomes invalid or expires and
      is
      not renewed without any lapse.

     

    9. Confidentiality

     

    It
      is
      understood and agreed that all information pertaining to Company, whether
      developed by AIM or Company, is the sole and exclusive property of Company
      (“Proprietary Information”). AIM shall maintain the confidentiality of the
      Proprietary Information and upon termination of this Agreement shall return
      or
      destroy all Proprietary Information as directed by Company. It is further
      understood and agreed that all of Company’s files and records shall be made
      available only to inspection by directors, officers and employees of AIM, the
      directors, officers, employees and independent auditors of Company, and anyone
      properly authorized in writing by Company. Notwithstanding the above,
      Proprietary Information may be disclosed if (i) requested by or through, or
      related to a judicial, administrative, governmental or self-regulatory
      organization process, investigation, inquiry or proceeding, or is otherwise
      legally required, (ii) required in order for each party to carry out its
      responsibilities hereunder, or (iii) permitted upon the prior written consent
      of
      the other party. Company and AIM shall cooperate in responding to any
      governmental inquiry or investigation.

     

    10. Choice
      of
      Law

     

    This
      Agreement shall be governed and construed by the laws of the Islands of Bermuda.
      Each party submits to the jurisdiction of the courts of the Islands of Bermuda,
      which shall be the exclusive forum for adjudicating any dispute based on,
      arising out of, or in connection with this Agreement.

     

    11. Assignment

     

    No
      assignment of this Agreement shall be made by AIM without the written consent
      of
      Company. For purposes of this Agreement, the term “assignment” shall have the
      meaning given it by Section 202(a)(1) of the Advisers Act.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	12.  	
              Notices

            

    

     

    
      	(a)  	
              All
                notices, requests, demands and other communications under this Agreement
                shall be in writing and delivered in person, by fax, e-mail, recognized
                overnight courier, or certified mail, postage prepaid and properly
                addressed as follows

            

    

     

    To
      Company:

    

    Maiden
      Insurance Company, Ltd.

    7
      Reid
      Street

    Hamilton
      HM 12, Bermuda

    

    Attention:
      Bentzion S. Turin

    Fax
      No.:
      441-292-5796

    

    To
      AIM:

    

    AII
      Insurance Management Limited

    7
      Reid
      Street

    Hamilton
      HM 12, Bermuda

    

    Attention:
      Michael Bott

    Fax
      No.:
      441-292-5796

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have caused this Agreement to be executed as of
      the
      Effective Date.

    

    Maiden
      Insurance Company, Ltd.

    

    

    By:__
      /s/
      Bentzion S. Turin_____________

    Bentzion
      S. Turin

    Director

    

    AII
      Insurance Management Limited

    

    

    By:__
      /s/
      Andre Dill____________________________

    Andre
      Dill

    Assistant
      Secretary

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00129-of-00352.parquet"}]]