EXHIBIT 1
XXXXX X. XXXXX
C/O CHASE ENTERPRISES, ONE COMMERCIAL PLAZA
XXXXXXXX, XX 00000
January 14, 1998
Insurance Holdings Limited Partnership
C/O Chase Enterprises
Xxx Xxxxxxxxxx Xxxxx
Xxxxxxxx, XX 00000
Re: LOAN OF COMMON STOCK OF ACCEL INTERNATIONAL CORPORATION
This letter will set forth a modification to an 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") dated December 15, 1995 and
amended July 31, 1997 ("the Agreement"). The purpose of this modification
is to decrease the number of shares from 670,000 to 335,000. To this end,
effective January 14, 1998 paragraph 1 of the Agreement is amended to read
as follows:
1. Xxxxxx xxxxxx confirms that it has loaned to Borrower 335,000
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 XXXXXX
CONFIRMED AND AGREED TO:
Insurance Holdings Limited Partnership
By: Chase Insurance Corporation
Its: General Partner
/S/ XXXXXX X. XXXXX
By: Xxxxxx X. Xxxxx
Its: Executive Vice President
