Document:

EX-10.1

AMENDMENT NO. 1

TO

AMENDED AND RESTATED SHAREHOLDERS AGREEMENT

Amendment No. 1 to the Amended and Restated Shareholders Agreement, dated as of April 10,
2006, by and among United America Indemnity, Ltd., formerly United National Group, Ltd., an
exempted company formed with limited liability under the laws of the Cayman Islands (the
“Company”), U.N. Holdings (Cayman), Ltd., an exempted company formed with limited liability under
the laws of the Cayman Islands (“Holdings”), those co-investment funds listed on the signature
pages of this Agreement (the “Co-investment Funds,” and together with Holdings, the “FPC
Shareholders”) and those trusts listed on the signature pages of this Agreement (the “Trusts”)

WHEREAS, the Company, the FPC Shareholders and the Trust are party to an Amended and Restated
Shareholders Agreement, dated as of December 15, 2003 (the “Agreement”);

WHEREAS, Section 8.2.1 of the Agreement provides that the Agreement may not be amended or
supplemented, except by an instrument in writing signed by the Company, by the FPC Shareholders and
by the Trusts holding a majority of the then outstanding Shares hold by the Trusts;

WHEREAS, the Company, the FPC Shareholders and the Trusts desire to amend the Agreement; and

WHEREAS, the actions contemplated herein on behalf of each of the Company, the FPC
Shareholders and by the Trusts holding a majority of the outstanding Shares held by the Trusts have
been duly and validly authorized by all necessary action and no other proceedings on the part of
the Company, the FPC Shareholder or the Trusts are necessary to consummate the actions contemplated
herein.

NOW, THEREFORE, the parties agree as follows:

1. Terms defined in the Agreement and used herein shall have the meanings given to them in the
Agreement.

2. Sections 3.1(a), (b), and (c) of the Agreement shall be amended and restated in their entirety
and shall read as follows:

“(a) The Board shall consist of no fewer than seven directors, with the FPC
Shareholders having the right to nominate up to five directors for election (the
“FPC Shareholder Nominees”); provided, however, that the Board shall contain a
sufficient number of “independent directors” (within the meaning of Rule 4200 of
the Nasdaq Rules) such that the Board complies with Rule 4350(c) of the Nasdaq
Rules.

(b) The FPC Shareholders may at any time cause any FPC Shareholder Nominee to
be removed from the Board with or without cause at their sole discretion.

(c) If a vacancy on the Board occurs at any time as a result of the death,
disability, resignation, retirement or removal of any FPC Shareholder Nominee, the
FPC Shareholders shall have the right to nominate for election or appointment a
replacement director. Following notice from the FPC Shareholder to the Company of
its nomination of a replacement director, the Board shall not conduct any business
until such nominee has been elected or appointed to the Board.”

3. Except as expressly amended, modified and supplemented above, all other provisions of the
Agreement shall remain in full force and effect.

4. This Amendment may be executed by one or more of the parties hereto on any number of separate
counterparts (including by facsimile transmission), and all of said counterparts taken together
shall be deemed to constitute one and the same instrument.

[Signature pages follow]

1

IN WINESS WHEREOF, the parties have caused this Amendment to be duly executed by their
respective authorized officers or trustees as of the day and year first above written.

UNITED AMERICA INDEMNITY, LTD

By: /s/ Kevin L. Tate

Name: Kevin L. Tate

Title: Chief Financial Officer

U.N. HOLDINGS (CAYMAN), LTD.

By: /s/ Troy W. Thacker

Name: Troy W. Thacker

Title: Director

U.N. CO-INVESTMENT FUND I (CAYMAN), L.P.

	 	 	 
	By:

	 	Fox Paine Capital Co-Investors International

GP, Ltd., its General Partner

By: /s/ W. Dexter Paine, III

Name: W. Dexter Paine, III

Title: Director

U.N. CO-INVESTMENT FUND II (CAYMAN), L.P.

	 	 	 
	By:

	 	Fox Paine Capital Co-Investors International

GP, Ltd., its General Partner

By: /s/ W. Dexter Paine, III

Name: W. Dexter Paine, III

Title: Director

2

U.N. CO-INVESTMENT FUND III (CAYMAN), L.P.

	 	 	 
	By:

	 	Fox Paine Capital Co-Investors International

GP, Ltd., its General Partner

By: /s/ W. Dexter Paine, III

Name: W. Dexter Paine, III

Title: Director

U.N. CO-INVESTMENT FUND IV (CAYMAN), L.P.

	 	 	 
	By:

	 	Fox Paine Capital Co-Investors International

GP, Ltd., its General Partner

By: /s/ W. Dexter Paine, III

Name: W. Dexter Paine, III

Title: Director

U.N. CO-INVESTMENT FUND V (CAYMAN), L.P.

	 	 	 
	By:

	 	Fox Paine Capital Co-Investors International

GP, Ltd., its General Partner

By: /s/ W. Dexter Paine, III

Name: W. Dexter Paine, III

Title: Director

U.N. CO-INVESTMENT FUND VI (CAYMAN), L.P.

	 	 	 
	By:

	 	Fox Paine Capital Co-Investors International

GP, Ltd., its General Partner

By: /s/ W. Dexter Paine, III

Name: W. Dexter Paine, III

Title: Director

3

U.N. CO-INVESTMENT FUND VII (CAYMAN), L.P.

	 	 	 
	By:

	 	Fox Paine Capital Co-Investors International

GP, Ltd., its General Partner

By: /s/ W. Dexter Paine, III

Name: W. Dexter Paine, III

Title: Director

U.N. CO-INVESTMENT FUND VIII (CAYMAN), L.P.

	 	 	 
	By:

	 	Fox Paine Capital Co-Investors International

GP, Ltd., its General Partner

By: /s/ W. Dexter Paine, III

Name: W. Dexter Paine, III

Title: Director

U.N. CO-INVESTMENT FUND IX (CAYMAN), L.P.

	 	 	 
	By:

	 	Fox Paine Capital Co-Investors International

GP, Ltd., its General Partner

By: /s/ W. Dexter Paine, III

Name: W. Dexter Paine, III

Title: Director

4

RUSSELL C. BALL, III, ANDREW L. BALL, PNC BANK, N.A.,

TRUSTEES U/W OF RUSSELL C. BALL, SR., AS APPOINTED BY
RUSSELL C. BALL, JR. F/B/O RUSSELL C. BALL, III

By: /s/ Russell C. Ball, III

Name: Russell C. Ball, III

Title: Trustee

By: /s/ Andrew L. Ball

Name: Andrew L. Ball

Title: Trustee

By: PNC Bank, N.A.

Trustee

By: /s/ Dana Robinson

Dana Robinson, Trust Officer

RUSSELL C. BALL, III, ANDREW L. BALL, PNC BANK, N.A.,

TRUSTEES U/W OF RUSSELL C. BALL, SR., AS APPOINTED BY
RUSSELL C. BALL, JR. F/B/O ANDREW L. BALL

By: /s/ Russell C. Ball, III

Name: Russell C. Ball, III

Title: Trustee

By: /s/ Andrew L. Ball

Name: Andrew L. Ball

Title: Trustee

By: PNC Bank, N.A.

Trustee

By: /s/ Dana Robinson

Dana Robinson, Trust Officer

5

RUSSELL C. BALL, III, ANDREW L. BALL, PNC BANK, N.A.,

TRUSTEES U/A/T OF ETHEL M. BALL; DATED 2/9/67, AS
APPOINTED BY RUSSELL C. BALL, JR. F/B/O RUSSELL C.
BALL, III

By: /s/ Russell C. Ball, III

Name: Russell C. Ball, III

Title: Trustee

By: /s/ Andrew L. Ball

Name: Andrew L. Ball

Title: Trustee

By: PNC Bank, N.A.

Trustee

By: /s/ Dana Robinson

Dana Robinson, Trust Officer

RUSSELL C. BALL, III, ANDREW L. BALL, PNC BANK, N.A.,

TRUSTEES U/A/T OF ETHEL M. BALL; DATED 2/9/67, AS
APPOINTED BY RUSSELL C. BALL, JR. F/B/O ANDREW L.
BALL

By: /s/ Russell C. Ball, III

Name: Russell C. Ball, III

Title: Trustee

By /s/ Andrew L. Ball

Name: Andrew L. Ball

Title: Trustee

By: PNC Bank, N.A.

Trustee

By: /s/ Dana Robinson

Dana Robinson, Trust Officer

6

RUSSELL C. BALL, III, ANDREW L. BALL, PNC BANK, N.A.,

TRUSTEES U/A/T OF RUSSELL C. BALL, JR.; DATED 11/9/67

By: /s/ Russell C. Ball, III

Name: Russell C. Ball, III

Title: Trustee

By: /s/ Andrew L. Ball

Name: Andrew L. Ball

Title: Trustee

By: PNC Bank, N.A.

Trustee

By: /s/ Dana Robinson

Dana Robinson, Trust Officer

RUSSELL C. BALL, III, ANDREW L. BALL, PNC BANK, N.A.,

TRUSTEES U/A/T OF RUSSELL C. BALL, JR.; DATED 6/9/69

By: /s/ Russell C. Ball, III

Name: Russell C. Ball, III

Title: Trustee

By: /s/ Andrew L. Ball

Name: Andrew L. Ball

Title: Trustee

By: PNC Bank, N.A.

Trustee

By: /s/ Dana Robinson

Dana Robinson, Trust Officer

7

RUSSELL C. BALL, III, ANDREW L. BALL, PNC BANK, N.A.,

TRUSTEES U/A/T OF RUSSELL C. BALL, JR.; DATED 1/29/70

By: /s/ Russell C. Ball, III

Name: Russell C. Ball, III

Title: Trustee

By: /s/ Andrew L. Ball

Name: Andrew L. Ball

Title: Trustee

By: PNC Bank, N.A.

Trustee

By: /s/ Dana Robinson

Dana Robinson, Trust Officer

RUSSELL C. BALL, III, ANDREW L. BALL, PNC BANK, N.A.,

TRUSTEES U/A/T OF RUSSELL C. BALL, JR.; DATED 1/24/73

By: /s/ Russell C. Ball, III

Name: Russell C. Ball, III

Title: Trustee

By: /s/ Andrew L. Ball

Name: Andrew L. Ball

Title: Trustee

By: PNC Bank, N.A.

Trustee

By: /s/ Dana Robinson

Dana Robinson, Trust Officer

8

RUSSELL C. BALL, III, ANDREW L. BALL, PNC BANK, N.A.,

TRUSTEES U/A/T OF RUSSELL C. BALL, JR.; DATED
12/22/76 F/B/O RUSSELL C. BALL, III

By: /s/ Francis J. Mirabello

Name: Francis J. Mirabello

Title: Trustee

By: /s/ Andrew L. Ball

Name: Andrew L. Ball

Title: Trustee

By: PNC Bank, N.A.

Trustee

By: /s/ Dana Robinson

Dana Robinson, Trust Officer

RUSSELL C. BALL, III, ANDREW L. BALL, PNC BANK, N.A.,

TRUSTEES U/A/T OF RUSSELL C. BALL, JR.; DATED
12/22/76 F/B/O ANDREW L. BALL

By: /s/ Russell C. Ball, III

Name: Russell C. Ball, III

Title: Trustee

By: /s/ Andrew L. Ball

Name: Andrew L. Ball

Title: Trustee

By: PNC Bank, N.A.

Trustee

By: /s/ Dana Robinson

Dana Robinson, Trust Officer

9EX-10.1

AMENDMENT NUMBER 2006-2

to the

AMENDED AND RESTATED MASTER REPURCHASE AGREEMENT

dated as of March 16, 2005

among

ECC CAPITAL CORPORATION,

BRAVO CREDIT CORPORATION,

ENCORE CREDIT CORP.

and

WACHOVIA BANK, NATIONAL ASSOCIATION

This AMENDMENT NUMBER 2006-2 (this “Amendment 2006-2”), is made this 14th day of
April, 2006, among ECC Capital Corporation (“ECC”), Bravo Credit Corporation
(“Bravo”), Encore Credit Corp. (“Encore”; each of Encore, ECC and Bravo, a
“Seller”, and jointly and severally, the “Sellers”) and Wachovia Bank, National
Association (the “Buyer”), to the Amended and Restated Master Repurchase Agreement, dated
as of March 16, 2005, as amended, among the Buyer and the Sellers (the “Master Repurchase
Agreement”).

RECITALS

WHEREAS, the Buyer and the Sellers have agreed to amend the Master Repurchase Agreement as
more specifically set forth herein.

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

SECTION 1. Defined Terms. Any terms capitalized but not otherwise defined herein
shall have the respective meanings set forth in the Master Repurchase Agreement.

SECTION 2. Amendment.

The definition of “Termination Date” in Section 2 (Definitions and Interpretation) is hereby
deleted in its entirety and replaced with the following:

“Termination Date” means the earliest of (i) May 31, 2006, (ii) a Termination Event or
(iii) at Buyer’s option, upon the occurrence of an Event of Default.

SECTION 3. Conditions Precedent. This Amendment 2006-2 shall become effective on the
date on which the Buyer shall have received the following:

(a) this Amendment 2006-2, executed and delivered by duly authorized officers of each of the
Sellers and the Buyer; and

(b) such other documents as the Buyer or counsel to the Buyer may reasonably request.

SECTION 4. Expenses. Sellers shall promptly reimburse Buyer for all out-of-pocket
costs and expenses of Buyer in connection with the preparation, execution and delivery of this
Amendment (including, without limitation, the fees and expenses of counsel for Buyer).

SECTION 5. Representations. In order to induce the Buyer to execute and deliver this
Amendment 2006-2, the Sellers hereby represent to the Buyer that (i) no Default or Event of Default
has occurred prior to the date hereof and is continuing on the date hereof and (ii) as of the date
hereof, after giving effect to this Amendment 2006-2, the Sellers are in full compliance with all
of the representations and warranties, covenants and any other terms and conditions of the Master
Repurchase Agreement and the other Program Documents. In addition, each Seller hereby represents
and warrants that no event has occurred that constitutes or should reasonably be expected to
constitute a Material Adverse Change with respect to it.

SECTION 6. Governing Law. THIS AMENDMENT 2006-2 SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS, AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO CONFLICT OF
LAWS DOCTRINE APPLIED IN SUCH STATE.

SECTION 7. Counterparts. This Amendment 2006-2 may be executed by each of the parties
hereto on any number of separate counterparts, each of which shall be an original and all of which
taken together shall constitute one and the same instrument.

SECTION 8. Limited Effect. Except as expressly amended and modified by this Amendment
2006-2, the Master Repurchase Agreement shall continue in full force and effect in accordance with
its terms. Reference to this Amendment 2006-2 need not be made in the Master Repurchase Agreement
or any other instrument or document executed in connection therewith or herewith, or in any
certificate, letter or communication issued or made pursuant to, or with respect to, the Master
Repurchase Agreement, any reference in any of such items to the Master Repurchase Agreement being
sufficient to refer to the Master Repurchase Agreement as amended hereby.

[SIGNATURE PAGE FOLLOWS]

1

IN WITNESS WHEREOF, the parties hereto have caused this Amendment 2006-2 to be executed
and delivered by their duly authorized officers as of the day and year first above written.

ECC CAPITAL CORPORATION, as a Seller

By: /s/ Roque Santi

Name: Roque Santi

Title: EVP & CFO

ENCORE CREDIT CORP., as a Seller

By: /s/ Roque Santi

Name: Roque Santi

Title: EVP & CFO

BRAVO CREDIT CORPORATION, as a Seller

By: /s/ Roque Santi

Name: Roque Santi

Title: EVP & CFO

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Buyer

By: /s/ Justin Zakocs

Name: Justin Zakocs

Title: Vice President

2

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