Exhibit 10.19
INVESTMENT
MANAGEMENT AGREEMENT
This agreement dated this 11th day
of March, 1997 but effective as of January 1, 1997, is by and
between Stateco Financial Services, Inc. (aka Stateco, Inc.)
(“Stateco”), 518 East Broad Street, Columbus, Ohio
43215 and Midwest Security Insurance Company, 2700 Midwest Drive,
Onalaska, Wisconsin 54650 (“Midwest”).
Recitals
Midwest, a Wisconsin domiciled
property-casualty insurance company receives policyholders’
premiums and holds those premiums for payment of valid
claims.
In the ordinary course of its
business it is charged with the responsibility of managing and
investing said policyholder premiums.
Stateco, an Ohio-domiciled
corporation, is engaged in the business of providing financial
services pertinent to an insurance business including, without
limitation, investment management services.
Midwest desires to retain the
services of Stateco as the investment manager for its investable
assets, including, without limitation, policyholders’
surplus, and Stateco is willing to serve in such
capacity.
Therefore, in consideration of the
mutual covenants set forth herein and INTENDING TO BE LEGALLY BOUND
HEREBY, the parties hereto agree as follows:
a. This agreement shall be for a one
year term. It shall automatically renew for additional twelve month
terms unless either party hereto gives written notice of its
intention to terminate this agreement, which notice must be given
at least ninety days prior to the annual anniversary date of the
agreement.
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2.
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Authority Granted to
Stateco
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a. Midwest understands and agrees
that as its investment manager, Stateco shall have full discretion
as to investment decisions which are consistent with the investment
policy set by the Investment Committee of the Board of Directors of
Midwest. The Investment Committee agrees to keep Stateco advised of
any changes to investment policy adopted by the
committee.
