Document:

100% QUOTA SHARE REINSURANCE CONTRACT

 Exhibit 10.8 
  
 100% QUOTA SHARE REINSURANCE CONTRACT 
  
 between 
  
 VESTA FIRE INSURANCE CORPORATION 
 VESTA INSURANCE CORPORATION 
 INSURA PROPERTY AND CASUALTY INSURANCE COMPANY

 SHELBY CASUALTY INSURANCE COMPANY 
 THE HAWAIIAN INSURANCE & GUARANTY COMPANY, LTD 
  
 Chicago, Illinois 
  
 (Hereinafter referred to as the “Company”) 
  
 and 
  
 AFFIRMATIVE INSURANCE COMPANY 
 Chicago, Illinois 
  
 (Hereinafter referred to as the “Reinsurer”)

  
 ARTICLE I — BUSINESS
COVERED 
  
 Effective December 31, 2003, the Company obligates
itself to cede to the Reinsurer, and the Reinsurer obligates itself to accept as reinsurance from the Company 100% quota share of the premium and associated ultimate net liability of the Company as hereinafter defined under all binders, policies,
contracts or other evidences of insurance, in-force, new, and renewal for the Company’s non-standard automobile line of business that is controlled and/or generated by American Agencies Holdings, Inc. 
  
 ARTICLE II — TERRITORY 
  
 This Agreement applies to business located in the United States of America,
Puerto Rico and Canada, and elsewhere when coverage extends thereto under extraterritorial provisions of the Company’s policies. 
  
 ARTICLE III — ULTIMATE NET LIABILITY 
  
 The term “ultimate net liability” shall mean the net liability of the Company after the deduction of all other
reinsurance (including facultative), whether specific or general, effected by the Company or its agents. 

 ARTICLE IV — LIABILITY OF THE REINSURER 
  

	A.	The liability of the Reinsurer hereunder shall commence obligatorily and simultaneously with that of the Company. 

  

	B.	The Reinsurer binds itself unconditionally to follow the Company in the acceptance or rejection of business, its settlement or rejection of claims, its premium rates
and its terms of insurance to its insureds and in all policies whether originally adopted or subsequently changed by the Company and in every lawful act of the Company performed under the development, preservation, conduct or liquidation of business
which is the subject matter of this Agreement. 

  
 ARTICLE V — COMMENCEMENT AND TERMINATION 
  

	A.	This Agreement shall take effect as of 12:01 a.m., local standard time, December 31, 2003, and shall remain continuously in force but may be terminated at the end of
any calendar quarter by either party upon giving not less than ninety (90) days notice in writing to the other party. 

  

	B.	Unless otherwise agreed by the parties hereto, the Reinsurer shall remain liable for its share of losses under policies in force at the termination of this Agreement
until the natural expiration, cancellation or the next anniversary of such policies. The Reinsurer shall not be liable for loss or losses occurring subsequent to the first anniversary of the effective date of termination. 

 

	C.	In the event of termination of this Agreement, the Company retains the right to reassume the liability reinsured hereunder as of the effective date of such
termination. Should the Company choose to exercise this right, the Reinsurer shall remit to the Company the unearned premiums hereunder, less original commissions previously allowed on such premiums. 

  

	D.	Should any law or regulation of any jurisdiction in which the Company is doing business render illegal the provisions of this Agreement, this Agreement shall be
terminated immediately, insofar as it applies to such jurisdiction, by either party giving written notice to the other to such effect. Nonetheless, the Reinsurer shall remain liable for its pro-rata share of the affected policies so long as the
Company remains at risk under such policies. 

  

	E.	Should this Agreement terminate while a loss covered hereunder is in progress, it is agreed that, subject to the other conditions of this Agreement, the Reinsurer
shall indemnify the Company as if the entire loss had occurred during the term of this Agreement. 

  
 ARTICLE VI — PREMIUMS AND COMMISSIONS 
  
 The premiums payable to the Reinsurer shall be calculated at the original gross rates charged by the Company. As of December 31, 2003 the Company will
cede to the Reinsurer and the 
  

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 Reinsurer will accept 100% of the unearned premium and associated ultimate net liability on the business
covered by Article I above. The Reinsurer shall allow the Company a commission on the net premiums ceded (being gross written premiums less cancellations and return premiums) equal to all expenses associated with the production and maintenance of
the business, plus one half (1/2) of one (1) percent of the net written premium of business covered under the Agreement. 
  
 ARTICLE VII — REPORTS AND REMITTANCES 
  

	A.	Within 30 days after the close of each calendar month, the Company shall forward to the Reinsurer an account current which shall provide the following information:

  

	 	1.	Gross premiums, net of return premiums, ceded to this Contract during the accounted month; 

  

	 	2.	Reinsurance premiums ceded; 

  

	 	3.	Original acquisition costs; 

  

	 	4.	Overriding commissions, if any; 

  

	 	5.	Losses and loss adjustment expenses, net of salvage and/or subrogation, paid during the accounted month and recoverable hereunder. 

  

	    	Net balances due either party shall be remitted by the other within 60 days after the close of the accounted month. 

  

	B.	The monthly account current shall also indicate: 

  

	 	1.	Reserves for unearned premiums in respect of premiums ceded hereunder as of the close of the accounted month; 

  

	 	2.	Reserves for outstanding losses recoverable hereunder as of the close of the accounted month; 

  

	 	3.	Loss Adjustment Expenses—reserves for outstanding losses recoverable hereunder as of the close of the accounted month. 

  
 ARTICLE VIII — LOSS AND LOSS ADJUSTMENT
EXPENSES 
  

	A.	All loss settlements made by the Company shall be unconditionally binding upon the Reinsurer in proportion to its participation, and the Reinsurer shall benefit
proportionately in all salvages and recoveries. 

  

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	B.	The Reinsurer shall bear its proportionate share of all expenses incurred by the Company in investigation, adjustment, appraisal or defense of all claims under
policies reinsured hereunder (excluding office expenses and salaries of officials and regular employees, other than staff field adjusters of the Company), and shall receive its proportionate share of any recoveries of any such expenses.

  

	C.	The Reinsurer’s share of losses, loss adjustment expense and loss recoveries shall be carried into the monthly account current provided for in the Reports and
Remittances Article forming a part of this Agreement. 

  
 ARTICLE IX — ERRORS AND OMISSIONS 
  

	A.	The Reinsurer shall not be relieved of liability by reason of an error or accidental omission by the Company in reporting any claim or loss or any business reinsured
under this Agreement, provided that such error or omission is rectified promptly after discovery. 

  

	B.	The Reinsurer shall be obligated only for the return of the premium paid to the Reinsurer with respect to business reported but not reinsured under this Agreement.

  
 ARTICLE
X — CURRENCY 
  
 All amounts expressed herein
are in United States Dollars and all premiums and loss payments shall be made in United States Currency. 
  
 ARTICLE XI — ACCESS TO RECORDS 
  
 The Reinsurer or its duly authorized representative shall have free access at all reasonable times to the books and records of the Company for the purpose
of obtaining information concerning this Agreement or the subject matter hereof. 
  
 ARTICLE XII — TAX CLAUSE — REINSURANCE 
  
 The Company agrees not to claim any deduction with respect to the premiums ceded hereunder when making tax returns, other than income or profits tax
returns to the appropriate tax authorities. 
  
 ARTICLE XIII — RESERVES AND TAXES 
  

	A.	The Reinsurer shall maintain such reserves as may be required with respect to the Reinsurer’s proportion of unearned premium, outstanding losses, and loss
adjustment expense. The Reserves for Outstanding Losses and Loss Adjustment Expense Reserves shall have included a separate item for Incurred But Not Reported amounts for each caption. 

  

	B.	The Company shall be liable for all taxes on premiums ceded to the Reinsurer under this Agreement. 

  

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 ARTICLE XIV — RESERVES FUNDING CLAUSE 
  

	A.	In the event that the Reinsurer is not admitted to transact insurance business in any state, and if required by the Company to avoid a penalty to its surplus, the
Reinsurer agrees to have funds withheld on account, advance funds or furnish clean, evergreen irrevocable letters of credit to the Company, for the purpose of guaranteeing payment of obligations of the Reinsurer for its share of unearned premium,
outstanding loss and attendant expense reserves, and reserves for Incurred But Not Reported losses. Such funds or letters of credit to be in a form acceptable to the insurance regulatory authority involved. 

  

	B.	Should the Reinsurer be required to apply for and secure delivery to the Company of a letter of credit, it is understood that such letter of credit shall be clean,
evergreen and irrevocable and issued by a bank which is acceptable to the insurance regulatory authority of the jurisdiction involved. Such letter of credit shall be effective not later than December 31 of the year in which such letter of credit
shall have been requested and shall be unlimited term subject only to cancellation on any subsequent December 31 upon 90 days written notice given by the Company to the Reinsurer. 

  

	C.	The Company agrees that any amounts which it may draw against any such letters of credit shall be for the following purposes only: 

  

	 	1.	To pay the Reinsurer’s share under this Agreement for any losses sustained under policies which are the subject of this Agreement if not otherwise paid by the
Reinsurer. 

  

	 	2.	To refund to the Reinsurer any amount drawn against the letter of credit which is in excess of the actual amount required by paragraph (1) herein.

  
 ARTICLE
XV — OFFSET CLAUSE 
  
 The Company and each
Reinsurer hereunder may offset any balance or amount due from one party to the other under this Agreement. 
  
 ARTICLE XVI — INSOLVENCY FUNDS EXCLUSION CLAUSE 
  
 This Agreement excludes all liability of the Company arising, by contract, operation of law or otherwise, from its participation or membership, whether
voluntary or involuntary, in any insolvency fund. “Insolvency Fund” includes any guaranty fund, insolvency fund, plan, pool, association, fund or other arrangement, howsoever denominated, established or governed, which provides for any
assessment of or payment or assumption by the Company of part or all of any claim, debt, charge, fee, or other obligation of an insurer, or its successors or assigns, which has 

  

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been declared by any competent authority to be insolvent, or which is otherwise deemed unable to meet any claim, debt, charge, fee or other
obligation in whole or in part. 
  
 ARTICLE
XVII — INSOLVENCY 
  

	A.	The reinsurance under this Agreement shall be payable by the Reinsurer on the basis of the liability of the Company under any policy or policies reinsured hereunder
without diminution because of the insolvency of the Company. 

  

	B.	In the event of the insolvency of the Company, the liquidator, receiver or statutory successor of the Company shall give written notice to the Reinsurer of the
pendency of a claim against the Company on the policy or policies reinsured hereunder within a reasonable time after such claim is filed in the insolvency proceedings. During the pendency of such claim the Reinsurer may investigate such claim and
interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any defense or defenses which it may deem available to the Company or its liquidator, receiver or statutory successor. The expense thus incurred by the Reinsurer
shall be chargeable, subject to court approval, against the Company as part of the expense of liquidation to the extent of a pro-rata share of the benefit which may accrue to the Company solely as a result of the defense undertaken by the Reinsurer.

  

	C.	Where two or more Reinsurers are involved in the same claim and a majority in interest elects to interpose a defense to such claim, the expense so incurred shall be
apportioned in accordance with the terms of this agreement as though such expense had been incurred by the Company. 

  

	D.	In the event of the insolvency of the Company, the reinsurance under this Agreement shall be payable by the Reinsurer directly to the Company or to its liquidator,
receiver, or statutory successor. 

  
 ARTICLE XVIII — ARBITRATION 
  

	A.	In the event of differences arising between the contracting parties with reference to the interpretation of this Agreement or their rights with respect to any
transaction involved, whether arising before or after termination of this Agreement, such differences shall be submitted to arbitration upon the written request of one of the contracting parties. 

  

	B.	 Each party shall appoint an arbitrator within 30 days of being requested to do so, and the two named shall select an Umpire before entering upon the
arbitration. If either party refuses or neglects to appoint an arbitrator within the time specified, the other party may appoint the second arbitrator. If the two arbitrators fail to agree on an Umpire within 30 days of their appointment each of
them shall name three individuals, of whom the other shall decline two, and the choice shall then be made by drawing lots. The arbitrators and the Umpire shall be active or retired disinterested officers of insurance or reinsurance companies
authorized to 

  

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transact business in one or more states of the United States of America and having knowledge of the kind of insurance about which the
difference has arisen. 

  

	C.	Each party shall submit its case to the arbitrators within 30 days of the appointment of the Umpire or within such period as may be agreed by the arbitrators. All
arbitrators shall interpret this Agreement as an honorable engagement rather than as merely a legal obligation; they are relieved of all judicial formalities and may abstain from following the strict rules of law. Their decision shall be made as
soon as practicable but within sixty days following termination of the hearings unless the parties consent to an extension. 

  

	D.	Each party shall bear the expense of its own arbitrator and shall jointly and equally bear with the other party the expense of the third arbitrator and of the
arbitration. The arbitration shall be held at the times and places agreed upon by the arbitrators and Umpire. 

  
 ARTICLE XIX — ENTIRE AGREEMENT CLAUSE 
  
 This Agreement will constitute the entire agreement between the parties hereto with respect to the business reinsured
hereunder and no understanding exist between the parties other than those expressed in the Agreement. 
  
 ARTICLE XX — PARTICIPATION 
  
 This Agreement obligates the Reinsurer for 100% of the interest and liabilities set forth under this Agreement. 
  
 IN WITNESS WHEREOF, the parties hereto, by their authorized representatives,
have executed this Agreement as of the following dates: 
  
 Birmingham, Alabama, this                  day of
                                     
   , 2004. 
  

	
	  

	 VESTA FIRE INSURANCE CORPORATION

	 VESTA INSURANCE CORPORATION

	 INSURA PROPERTY AND CASUALTY INSURANCE COMPANY

	 SHELBY CASUALTY INSURANCE COMPANY

	 THE HAWAIIAN INSURANCE & GUARANTY COMPANY

  
 Birmingham, Alabama,
this                  day of
                                     
   , 2004. 
  

	
	  

	 AFFIRMATIVE INSURANCE COMPANY

  

 7INVESTMENT MANAGEMENT AGREEMENT

 Exhibit 10.15 
  
 INVESTMENT MANAGEMENT AGREEMENT 
  
 To Synovus Trust Company, N.A. (“STC”) and Prime Advisors, Inc. (“Prime”) (STC and Prime collectively
referred to as the “Manager”): 
  
 The
undersigned (referring to all account holders jointly and severally, as trustees, corporate officers, custodians and/or any other authorized person(s) signing as or for the “Client” or “Clients” as listed on Exhibit A)
hereby employs your services, according to the following terms and conditions: 
  
 1. Scope of Advisory Services. The undersigned hereby appoints STC and Prime, jointly, and STC and Prime jointly accept the appointment, to be the undersigned’s investment manager
and provide discretionary investment management services as to the advisory account(s) established by the undersigned with the Manager (the “Account” whether one or more) in accordance with the terms and conditions hereinafter set forth.
Throughout the term of this Agreement, Manager shall have discretion to supervise, manage, and direct the assets in the Account with power and authority as agent of the undersigned to purchase, sell, invest, reinvest, exchange, convert, and trade
the assets in the Account and to place all orders for the purchase and sale of securities with or through brokers, dealers, or issuers selected by Manager or as directed by the undersigned, as the case may be, all without prior consultation with the
undersigned and all at such times as the Manager deems appropriate (subject to any restrictions imposed by the undersigned in the Client Documentation, as defined in Section 2). Manager shall designate one or more principal contacts who shall be
responsible for all communications hereunder, including authority to receive any directions or requests from the undersigned. STC and Prime shall be jointly responsible for all obligations of Manager hereunder. 
  
 2. Applicable Investment Guidelines. Manager
will manage and select investments for the Account in accordance with the investment objectives, policies, instructions, limitations and/or designations provided or established by the undersigned in writing and delivered to Manager (the “Client
Documentation”), which may be amended from time to time. Client acknowledges and agrees that it is responsible for ensuring that the investment guidelines and other directives provided to Manager are in accordance with State and Federal
Insurance Laws. Manager agrees to provide analysis and recommendations to the undersigned, when reasonably requested, regarding the Investment Policies of the undersigned as provided in writing to the Manager. The undersigned
represents that the Client Documentation and any other written information provided to representatives of Manager is accurate and complete, and the undersigned agrees that STC and Prime (and their agents or designees) may each rely on such
information in performing their responsibilities hereunder. The undersigned acknowledges and understands that it shall be the responsibility of the undersigned to promptly advise Manager of any changes in such Client Documentation or other written
information provided by the undersigned to Manager. 
  
  
 3. Custody of Assets. The undersigned agrees to provide to the Manager all necessary custodial information and authorization
for the purposes of security clearance, Account reporting and all other custody purposes, and hereby authorizes and directs that all transactions for the Account be executed through the undersigned’s designated custodians in accordance with the
written procedures provided to Manager by the undersigned or its custodians. The undersigned acknowledges and understands that only the Account’s custodians will have possession or custody with respect to the assets held in the Account. All
transactions authorized by this Agreement shall be consummated by payment to or delivery by the undersigned or its custodians (which may be such persons, firms or corporations as the undersigned may designate in writing), of all cash and/or
securities due to or from the Account. Instructions of Manager to the undersigned or its custodians with respect to investments shall be made in writing (which shall include without limitation any reliable electronic form of instruction) or orally
and 
  

 confirmed in writing as soon as practicable thereafter, and Manager shall instruct all brokers executing
orders on behalf of the Account to forward to the undersigned or its custodians copies of notices of all transactions promptly after execution. No Custodian shall be authorized to withdraw funds from the Account to pay all or any portion of a Fee
(as defined in Section 13 of this Agreement) to Manager without prior written instruction from the undersigned to do so. 
  
 4. Allocation of Brokerage. Where Manager places orders for the execution of portfolio transactions for the Account, Manager
will obtain the best execution for orders of the Account in accordance with applicable law. Manager may also allocate such transactions to such brokers and dealers for execution on such markets, at such prices and at such commission rates as in the
good faith judgment of Manager will be in the best interest of the Account, taking into consideration in the selection of such brokers and dealers not only the available prices and rates of brokerage commissions, but also other relevant factors
(such as, without limitation, execution capabilities, research and other services provided by such brokers or dealers which are expected to enhance the general portfolio management capabilities of Manager, and the value of an ongoing relationship of
Manager) without having to demonstrate that such factors are of a direct benefit to the Account. 
  
 5. Client Directed Trades. The undersigned shall be free to direct any investment held in the Account. The undersigned
agrees to provide Manager with written notice of any such investment activity directed by the undersigned. Manager will use its best efforts to consider the effects on the Account’s investment portfolio and Manager’s investment advice of
any investments directed by the undersigned, but Manager assumes no responsibility for any investment activity directed by the undersigned, or the effects it may have on Manager’s overall investment advice. 
  
 6. Client Representations and Acknowledgements.
The undersigned represents and/or acknowledges that: (a) this Agreement does not violate any obligations by which the undersigned is otherwise bound and has been duly authorized by appropriate action and when so executed and delivered will be
binding upon the undersigned in accordance with its terms; (b) the undersigned has reviewed the Client Documentation with a representative of Manager; (c) the undersigned has received Part II of Prime’s Form ADV, as filed with the Securities
and Exchange Commission, and a copy of the prospectus for the Synovus Funds; (d) the undersigned has delivered to the Manager, and from time to time hereafter promptly will deliver to the Manager, in writing, all of the information which the Manager
may require or reasonably request in order to perform its duties hereunder without violating or causing any violation of its fiduciary duties hereunder, or any provision of any applicable law, and promptly will notify the Manager, in writing, of any
change in the information so furnished to it; and (e) the undersigned is independent of and unrelated to STC and Prime and each of their affiliates. 
  
 7. STC and Prime Representations and Acknowledgements. STC and Prime represent and/or acknowledge, as applicable, that: (a)
STC and Prime are registered or exempt from registration as an investment adviser with the Securities and Exchange Commission under the Investment Advisers Act of 1940; (b) Prime has delivered Part II of its Form ADV, as filed with the Securities
and Exchange Commission, and STC has delivered a copy of the prospectus for the Synovus Funds to the undersigned; (c) as required by law, STC and Prime will each respectively treat as confidential any information obtained from or about the Account,
the undersigned, or any entity being represented by the undersigned, through the performance of their obligations under this Agreement; and (d) to the extent required under Illinois law, STC and Prime will make available to the Illinois Director of
Insurance or his authorized designees all books, records, and documents pertaining to the Account. 
  

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 8. Agency Relationship. This Agreement is an agency agreement and does not
pass title to any Account assets to Manager. Manager does not assume responsibility for the payment of any obligation of the Account or of the undersigned absent written direction from the undersigned to the contrary. The Manager may execute, as
agent, any declaration or certificates of ownership required under any state or federal tax law. 
  
 9. Voting of Proxies. Except as required by law or as otherwise agreed to in writing by the parties, the undersigned agrees
that Manager (and not the undersigned) shall be responsible for voting all proxies solicited by issuers of securities held in the Account and shall use its discretion, as determined in the best interest of the undersigned, in the voting of any
proxy. 
  
 10. Non-exclusivity. It
is understood that Manager performs investment advisory services for various clients. The undersigned agrees that Manager may give advice and take action in the performance of its duties with respect to any of its other clients which may differ with
respect to the Account so long as it is the policy of Manager, to the extent practical, to allocate investment opportunities to the Account over a period of time on a fair and equitable basis relative to other clients. Nothing in this Agreement
shall be deemed to confer upon Manager any obligation to acquire for the Account a position in any security which STC or Prime, their respective directors, principals or employees may acquire for their own accounts or for the account of any other
client, if in the sole and absolute discretion of Manager it is not, for any reason, practical or desirable to acquire a position in such security for the Account. 
  
 11. Limitation of Liability. In providing services under this Agreement, the undersigned
acknowledges that except for negligence, malfeasance or violation of applicable law, neither STC, Prime, or their respective principals, directors, officers, employees or agents shall be liable for any damages, losses, expenses, or costs (including
without limitation any attorneys’ fees) (collectively a “Loss”) arising out of or in connection with any acts or omissions or for any errors of judgment in managing the Account or for any Loss incurred by reason of any acts or
omissions of any broker or the custodians for the Account, if other than Manager. The undersigned agrees to hold harmless and indemnify STC, Prime, and their respective principals, directors, officers, employees or agents against any Loss
which Manager may incur if and to the extent such Loss is caused by the undersigned’s or its designees own actions or omissions or by any inaccuracy or breach by the undersigned of any of its representations or warranties hereunder. The
undersigned understand that federal or state securities laws give rights to the undersigned that may not be waived by this Agreement. This Section 11 shall survive the termination of this Agreement. 
  
 12. Compensation. The undersigned, jointly and
severally (if signing for more than one Client), agrees to pay Manager for its services rendered hereunder in accordance with the fee schedule set forth in Exhibit B (the “Fee”), which is incorporated herein and made a part of this
Agreement. The allocation of Fees between STC and Prime shall be the sole responsibility of STC and Prime. 
  
 13. Account Reporting. The undersigned shall instruct the Custodian, if any, to provide Manager with such periodic reports
concerning the status of the Account as Manager may reasonably request from time to time. Manager shall provide to the undersigned periodic performance and fee statements in connection with the Account. In computing the market value of any asset
held in the Account, each security listed on any national securities exchange shall be valued at the last sale price on the valuation date; but listed securities not traded on such date and any unlisted security regularly traded in the
over-the-counter market shall be valued at the latest available bid price reflected by quotations furnished to Manager by such source as it may deem appropriate. Any other asset shall be valued in such manner as shall be determined in good faith by
Manager to reflect its fair market value. The undersigned recognizes that dividends, capital gains, transfers and sales of securities may create a taxable event unless the Account is a tax-qualified or tax-exempt account. The undersigned also
acknowledges that STC and 
  

 3 

 Prime do not offer legal or tax advice and it is the separate responsibility of the undersigned to retain
legal and tax professionals to the extent deemed necessary. 
  
 14. Termination, Assignment and Amendment. The undersigned acknowledges and understands that, unless otherwise agreed, this Agreement may be terminated by any party to this Agreement at any time upon ninety
(90) days’ prior written notice to the other parties. No assignment (as defined in the Investment Advisers Act of 1940, as amended) of this Agreement by STC or Prime is permissible. Unless otherwise provided herein, any amendment of this
Agreement shall require the written consent of each affected party. 
  
 15. Governing Law. The undersigned understands that this Agreement shall be governed by the laws of Georgia without giving effect to any conflict of laws, principle, doctrine or statute. 
  
 16. Notices. The undersigned understands that
unless subsequent written notice is given, any notice, report or other written communication provided to a party shall be mailed to such party’s address as stated on the signature page of this Agreement, and that STC may forward to Prime, and
Prime may forward to STC, a copy of any written communication sent by the undersigned in connection with this Agreement. All notices and other communications contemplated by this Agreement shall be deemed duly given if provided in accordance with
this Section 16. 
  
 17.
Severability. If any part of this Agreement is determined to be illegal, invalid, or unenforceable, then such part will be considered severed from this Agreement and the remainder of the Agreement will continue in full force and
effect. 
  
 18. Manager. The
undersigned acknowledges that Manager is not a separate legal entity and that STC and Prime are jointly responsible for the performance of Manager’s obligations hereunder. The use of the term “Manager” is for convenience only and is
not intended to imply separate legal existence. 
  
 19. Notification Regarding Change in Ownership. Manager shall notify the undersigned in writing regarding any change in ownership of STC and/or Prime. 
  
 20. Counterparts. This Agreement may be signed and executed in counterparts, each of which,
when so executed and delivered, shall be deemed to be an original and all of which, when taken together, shall constitute one and the same signatory page of the Agreement. 
  
 21. Entire Agreement. This Agreement (and its accompanying exhibits) represents the entire
agreement between the parties and expressly supercedes any prior written or oral agreement. 
  
 [Remainder of This Page Intentionally Left Blank] 
  

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 AGREED TO AND EXECUTED this 20th day of February, 2004. 
  

			
	 CLIENT(S):
  
 n  AFFIRMATIVE INSURANCE
COMPANY
 n  INSURA PROPERTY AND CASUALTY
INSURANCE COMPANY
  
	 	 
	 By: /s/ Arthur J. Gonzales

 Arthur J. Gonzales
 Vice President, General Counsel and Secretary
  
  
  
	 	 
	 MANAGER:
  
 PRIME ADVISORS, INC.
  
 /s/ JEFF JOHNSON

	 	  
  
 SYNOVUS TRUST COMPANY, N.A.
  
 /s/
R.E. NEUMANN

	 Acceptance
  
 CFO & COO

	 	 Acceptance
  
 REGIONAL MANAGER

	 Print Name & Title
  
 Address to which notices will be sent:
  

  

  

	 	 Print Name & Title
  
 Address to which notices will be sent:
  

  

  

  
  

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 EXHIBIT A: CLIENT LISTING 
  
 The following Clients employ Manager’s services in
accordance with the terms and conditions set forth in the Agreement: 
  

			
	 CLIENT NAME:
  
 AFFIRMATIVE INSURANCE COMPANY
  
  
  
	 	 ADDRESS TO WHICH NOTICES WILL BE SENT:
  
  

  

  

  

	 INSURA PROPERTY AND CASUALTY
 INSURANCE COMAPNY
	 	 ADDRESS TO WHICH NOTICES WILL BE SENT:
  
  

  

  

  

 A-1

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