EXHIBIT 1
XXXXX X. XXXXX
X/X Xxxxx Xxxxxxxxxxx, Xxx Xxxxxxxxxx Xxxxx
Xxxxxxxx, XX 00000
July 31, 1997
Insurance Holdings Limited Partnership
X/X Xxxxx Xxxxxxxxxxx
Xxx Xxxxxxxxxx Xxxxx
Xxxxxxxx, XX 00000
Re: Loan of Common Stock of Accel International Corporation
This letter will set forth a modification to an earlier Agreement entered into
between Xxxxx X. Xxxxx (the "Lender") and Insurance Holdings Limited Partnership
(the "Borrower") regarding shares of stock of ACCEL International Corporation
(the "Company") and dated December 15, 1995. The purpose of this modification
is to increase the number of shares from 335,000 to 670,000. To this end,
paragraph 1 of the Agreement is amended to read as follows:
"1. Lender hereby confirms that it has loaned to Borrower 670,000
shares of the common stock, no par value of the Company ("Borrowed
Securities")."
Please confirm that the foregoing sets forth our understanding regarding the
modification of the Agreement for the Borrowed Securities by signature below:
Very truly yours,
/s/ Xxxxx X. Xxxxx
Xxxxx X. Xxxxx
THE FOREGOING IS HEREBY
CONFIRMED AND AGREED TO:
Insurance Holdings Limited Partnership
By: Chase Insurance Corporation,
it's General Partner
/S/ Xxxxxx X. Xxxxx
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Xxxxxx X. Xxxxx
Executive Vice President
