Exhibit 10.5
ADDENDUM TO THE
CAPTIVE INSURANCE COMPANY MANAGEMENT SERVICES AGREEMENT
BETWEEN
USA OFFSHORE MANAGEMENT, LTD. ("USAOM")
AND
AMERINST INSURANCE COMPANY, LTD. ("THE COMPANY")
EFFECTIVE: April 1, 2003
The AGREEMENT between MANAGER and COMPANY is amended as follows:
(1) MANAGER is now defined as USA RISK GROUP (BERMUDA) LTD., formerly
known as USA OFFSHORE MANAGEMENT, LTD. due to MANAGER'S name change;
(2) It is hereby further agreed that the COMPANY will pay MANAGER a fee of
$2,500 for the setup of reporting for the quota share for Professional
Direct Insurance Company; and
(3) COMPANY will compensate MANAGER at a rate of $5,000 per annum for
ongoing services for Professional Direct Insurance Company.
IN WITNESS WHEREOF, the parties have duly executed this Addendum this 1st day of
May, 2003.
By: /s/ Xxxxxx Xxxxxxxx
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USA RISK GROUP (BERMUDA) LTD.
By: /s/ Xxxxxx X. Xxxxx
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AMERINST INSURANCE COMPANY, LTD.
