INVESTMENT MANAGEMENT AGREEMENT

Exhibit 10.20

INVESTMENT MANAGEMENT AGREEMENT

This Agreement dated as of this 1st day of June. 2001 is by and between Stateco Financial Services, Inc. (“Stateco”), 518 East Broad Street, Columbus, Ohio 43215 and Meridian Citizens Mutual Insurance Company (“Meridian Citizens”), 2955 North Meridian Street, Indianapolis, Indiana 46208.

Recitals

Meridian Citizens, is an Indiana domiciled corporation engaged in the property-casualty insurance underwriting business.

In the ordinary course of its business it is charged with the responsibility of managing and investing 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.

Meridian Citizens desires to retain the services of Stateco as the investment manager for its investable assets, 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:

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.

2.	Authority Granted t