Document:

SECOND AMENDMENT TO

ASSET MANAGEMENT AGREEMENT

THIS SECOND AMENDMENT (the “Amendment”) effective as of December 23, 2008, to the Asset Management Agreement dated as of July 3, 2007 (the “Agreement”), by and between AII Insurance Management Limited (“AIM”), a Bermuda corporation, and Maiden Insurance Company Ltd. (“MIC”), a Bermuda joint stock company, Maiden Holdings, Ltd. (“MHL”), a Bermuda joint stock company, Maiden Holdings North America, Ltd. (MHNA”), a Delaware corporation, and Maiden Reinsurance Company (“MRC”), a Missouri corporation (MIC, MHL, MHNA and MRC are hereinafter referred to collectively as the “Company”), is made by and between AIM and the Company.

WITNESSETH

WHEREAS, MIC and MHNA are direct subsidiaries of MHL, and MRC is a direct subsidiary of MHNA;

WHEREAS, MHL, MIC, MHNA and MRC wish to retain AIM to provide investment management services upon the terms and conditions set forth in the Agreement and AIM wishes to provide said services;

WHEREAS, AIM and the Company wish to amend certain provisions of the Agreement in the manner set forth in this Amendment.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS AND USAGE

	
1.1

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

	
1.2

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

ARTICLE II

AMENDMENTS

	
2.1

	
Maiden Reinsurance Company is added as a party and included within the definition of Company.

	
2.2

	
Appendix A is hereby replaced with Appendix A-1, effective as of December 23, 2008.

	
2.3

	
Section 12 is hereby amended and restated in its entirety as follows:

	
  

	
“All notices, requests, demands and other communications under this Agreement shall be in writing and delivered in person, by fax, email, recognized overnight courier, or certified mail, postage prepaid and properly addressed as follows:

 

  

1

  

 

	
  

	
To the Company:

	
  

	
Maiden Insurance Company Ltd.

	
  

	
131 Front Street

	
  

	
Hamilton HM12, Bermuda

	
  

	
Attn: Chief Financial Officer

	
  

	
Fax: (441) 292-0471

	
  

	
To AIM via mail:

	
  

	
AII Insurance Management Limited

	
  

	
PO Box HM1087

	
  

	
Hamilton HMEX, Bermuda

	
  

	
Attn: Michael Bott

	
  

	
To AIM via hand delivery or fax:

	
  

	
AII Insurance Management Limited

	
  

	
7 Reid Street, Suite 400

	
  

	
Hamilton HM11, Bermuda

Attn: Michael Bott

Fax: (441) 292-5796

	
2.4

	
Section 6(a) is hereby amended and restated in its entirety as follows:

“Subject to Section 6(d) below, within 30 days of the end of each calendar quarter, Company shall pay to AIM an asset management  fee as follows:  (i) if the average value of the Account for the preceding calendar quarter is $1 billion or less, an amount equal to 0.05% of the average value of the Account for the preceding calendar quarter; or (ii) if the average value of the Account for the preceding calendar quarter is greater than $1 billion, an amount equal to .0375% of the average value of the Account for the preceding calendar quarter.”

ARTICLE III

MISCELLANEOUS

	
3.1

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

	
3.2

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

 

  

2

  

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the duly executed by their respective officers thereunto duly authorized as of the day and year first above written.

	
Maiden Insurance Company Ltd.

	  	
Maiden Reinsurance Company

	  	  	  
	
By:  

	 
/s/ Michael Tait

	  	
By:  

	
/s/ Paul Hawk

	  	  	  
	
Name:  Michael Tait

	  	
Name:  Paul Hawk

	  	  	  
	
Title:  Chief Financial Officer

	  	
Title:  Treasurer

	  	  	  
	
Maiden Holdings, Ltd.

	  	
Maiden Holdings North America, Ltd.

	  	  	  
	
By:  

	
/s/ Michael Tait

	  	
By:  

	
/s/ John Marshaleck

	  	  	  
	
Name:  Michael Tait

	  	
Name: John Marshaleck

	  	  	  
	
Title:  Chief Financial Officer

	  	
Title:  President

 

  

3

  

 

	
AII Insurance Management Limited

	  	  
	
By:  

	
/s/ Michael Bott

	  
	  	  
	
Name:  Michael Bott

	  
	  	  
	
Title:  President

	  

 

  

4THIRD AMENDMENT TO

ASSET MANAGEMENT AGREEMENT

THIS THIRD AMENDMENT (the “Amendment”) effective as of September 1, 2009, to the Asset Management Agreement dated as of July 3, 2007 (the “Agreement”), by and between AII Insurance Management Limited (“AIM”), a Bermuda corporation, and Maiden Insurance Company Ltd. (“MIC”), a Bermuda joint stock company, Maiden Holdings, Ltd. (“MHL”), a Bermuda joint stock company, Maiden Holdings North America, Ltd. (MHNA”), a Delaware corporation, Maiden Reinsurance Company (“MRC”), a Missouri corporation, and Maiden Specialty Insurance Company, a North Carolina corporation (“MSIC”) (MIC, MHL, MHNA, MRC and MSIC are hereinafter referred to collectively as the “Company”),
is made by and between AIM and the Company.

WITNESSETH

WHEREAS, MIC and MHNA are direct subsidiaries of MHL, and MRC and MSIC are direct subsidiaries of MHNA;

WHEREAS, MHL, MIC, MHNA, MRC and MSIC wish to retain AIM to provide investment management services upon the terms and conditions set forth in the Agreement and AIM wishes to provide said services;

WHEREAS, AIM and the Company wish to amend certain provisions of the Agreement in the manner set forth in this Amendment.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS AND USAGE

	
1.1

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

	
1.2

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

ARTICLE II

AMENDMENTS

	
2.1

	
Maiden Specialty Insurance Company is added as a party and included within the definition of Company.

	
2.2

	
Appendix A is hereby replaced with Appendix A-1, effective as of September 1, 2009.

 

  

1

  

 

ARTICLE III

MISCELLANEOUS

	
3.1

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

	
3.2

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

 

  

2

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the duly executed by their respective officers thereunto duly authorized as of the day and year first above written.

	
Maiden Insurance Company Ltd.

	  	
Maiden Reinsurance Company

	  	  	  	  	  
	
By:

	
/s/ Michael Tait

	  	
By:

	
/s/ Paul Hawk

	  	  	  	  	  
	
Name:  Michael Tait

	  	
Name:  Paul Hawk

	  	  	  
	
Title:  Chief Financial Officer

	  	
Title:  Treasurer

	  	  	  	  	  
	
Maiden Holdings, Ltd.

	  	
Maiden Holdings North America, Ltd.

	  	  	  	  	  
	
By:

	
/s/ John Marshaleck

	  	
By:

	
/s/ John Marshaleck

	  	  	  	  	  
	
Name:  John Marshaleck

	  	
Name: John Marshaleck

	  	  	  
	
Title:  Chief Financial Officer

	  	
Title:  President

	  	  	  	  	  
	
Maiden Specialty Insurance Company

	  	  	  
	  	  	  	  	  
	
By:

	
/s/ Paul Hawk

	  	  	  
	  	  	  	  	  
	
Name:  Paul Hawk

	  	  	  
	  	  	  	  
	
Title:  Treasurer

	  	  	  

 

  

3

  

  

	
AII Insurance Management Limited

	  	  
	
By:

	
/s/ Michael Bott

	  
	  	  
	
Name:  Michael Bott

	  
	  	  
	
Title:  President

	  

  

4FOURTH AMENDMENT TO

ASSET MANAGEMENT AGREEMENT

THIS FOURTH AMENDMENT (the “Amendment”) effective as of August 6, 2010, to the Asset Management Agreement dated as of July 3, 2007 (the “Agreement”), by and between AII Insurance Management Limited (“AIM”), a Bermuda corporation, and Maiden Insurance Company Ltd. (“MIC”), a Bermuda joint stock company, Maiden Holdings, Ltd. (“MHL”), a Bermuda joint stock company, Maiden Holdings North America, Ltd. (“MHNA”), a Delaware corporation, Maiden Reinsurance Company (“MRC”), a Missouri corporation, and Maiden Specialty Insurance Company, a North Carolina corporation (“MSIC”) (MIC, MHL, MHNA, MRC and MSIC are hereinafter
referred to collectively as the “Company”), is made by and between AIM and the Company.

WITNESSETH

WHEREAS, MIC and MHNA are direct subsidiaries of MHL, and MRC and MSIC are direct subsidiaries of MHNA;

WHEREAS, MHL, MIC, MHNA, MRC, and MSIC wish to retain AIM to provide investment management services upon the terms and conditions set forth in the Agreement and AIM wishes to provide said services;

WHEREAS, AIM and the Company wish to amend certain provisions of the Agreement in the manner set forth in this Amendment.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS AND USAGE

	
1.1

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

	
1.2

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

  

1

  

 

ARTICLE II

AMENDMENTS

2.1           Section 2(b) is hereby amended and restated in its entirety as follows:

(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.  In order to ensure fair execution of trades for all parties, aggregation of orders for private placements will not be permitted under this Agreement.

2.2           Section 10 – Choice of Law is hereby amended and reinstated in its entirety as follows:

10. Choice of Law

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

ARTICLE III

MISCELLANEOUS

	
3.1

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

	
3.2

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

 

  

2

  

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the duly executed by their respective officers thereunto duly authorized as of the day and year first above written.

	
Maiden Insurance Company Ltd.

	  	
Maiden Reinsurance Company

	  	  	  
	
By:

	
/s/ Arturo M. Raschbaum

	  	
By:

	
/s/ Karen Schmitt

	  	  	  
	
Name:  Arturo M. Raschbaum

	  	
Name:  Karen Schmitt

	  	  	  
	
Title:  Chief Executive Officer

	  	
Title:  President

	  	  	  
	
Maiden Holdings, Ltd.

	  	
Maiden Holdings North America, Ltd.

	  	  	  
	
By:

	
/s/ Arturo M. Raschbaum

	  	
By:

	
/s/ Karen Schmitt

	  	  	  
	
Name:  Arturo Raschbaum

	  	
Name:  Karen Schmitt

	  	  	  
	
Title:  Chief Executive Officer

	  	
Title:  COO

	  	  	  
	
Maiden Specialty Insurance Company

	  	  
	  	  	  
	
By:

	
/s/ Karen Schmitt

	  	  
	  	  	  
	
Name:  Karen Schmitt

	  	  
	  	  	  
	
Title:  President

	  	  

  

3

  

	
AII Insurance Management Limited

	  	  
	
By:

	
/s/ Michael Bott

	  
	  	  
	
Name:  Michael Bott

	  
	  	  
	
Title:  President

	  

 

  

4

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