Xxxxxxxx X. Xxxxxxx Direct Dial: 215/000-0000
Vice President and Chief Financial Officer Fax: 215/000-0000
June 2, 2000
Via Certified Mail,
Returned Receipt Requested
Xx. Xxxx X. Xxxxxx
C/o Northern Trust Quantitative Advisors, Inc.
Northern Trust Value Investors
000 Xxxxxxx Xxxxxxxxx, Xxxxx 000
Xxxx Xxxx Xxxxx, Xxx. 00000
RE: Investment Advisory Agreement dated September 1, 1997
Dear Xxxx:
Pursuant to paragraph 6 of the Investment Advisory Agreement ("the Agreement")
dated September 1, 1997, between and among Penn-America Insurance Company,
Penn-Star Insurance Company (hereinafter collectively referred to as
"Penn-America") and Northern Trust Quantitative Advisors (pursuant to assignment
dated April 7, 2000), this letter constitutes written notice that Penn-America
hereby terminates the Agreement effective July 1, 2000.
Fees for services rendered through June 30, 2000, shall be generated pursuant to
paragraph 6 and Addendum C.
Should you have any questions, please feel free to give me a call.
PENN-AMERICA INSURANCE COMPANY
March 26, 2001
Page 2
Thank you for your years of service.
Sincerely,
/s/ Xxxxxxxx X. Xxxxxxx
------------------------------
VP and Chief Financial Officer
RRF:gpp
Bcc: Xxxxxx Xxxx
