TAX ALLOCATION AGREEMENT

This agreement is made for 1998 and future calendar years by and among AmTrust Financial Services, Inc. (AmTrust), a Delaware corporation and Technology Insurance Company (TIC), a New Hampshire corporation.

Whereas, AmTrust owns all the issued and outstanding shares of voting common stock of TIC.

Whereas, AmTrust and TIC may have taxable income in this and future years calendar years and would be liable for federal income tax if their incomes would be computed as though they would file separate returns.

Whereas, AmTrust shall file a consolidated tax return on behalf of itself and its subsidiaries, including TIC (AmTrust and its subsidiaries, including TIC, shall be referred to collectively as the “Group”).

Now, therefore, AmTrust and TIC agree as follows, each intending to be legally bound here