AMERINST INSURANCE GROUP LTD FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Termination of a Material Definitive Agreement, Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement, Financial Statements and Exhibits

Item 1.01 Entry into a Material Definitive Agreement

AmerInst Insurance Group, Ltd. ("AmerInst") conducts its reinsurance business
through AmerInst Insurance Company Limited ("AMIC Ltd."), a subsidiary of
AmerInst that is a registered insurer in Bermuda. On September 25, 2009, AMIC
Ltd. entered into a Professional Liability Quota Share Agreement (the
"Reinsurance Agreement") with The North River Insurance Company, United States
Fire Insurance Company, Crum & Forster Indemnity Company, Crum and Forster
Insurance Company, and Crum & Forster Specialty Insurance Company (collectively,
"C&F"). Under the Reinsurance Agreement, C&F agreed to cede, and AMIC Ltd.
agreed to accept as reinsurance, a 50% quota share of C&F's liability under
insurance written by Protexure Insurance Agency, Inc. (FKA AmerInst Professional
Services, Limited), an indirect subsidiary of AmerInst ("Protexure"). A
subsequent amendment to the Reinsurance Agreement provided for a 90% quota share
of C&F's liability under insurance written by Protexure under certain
circumstances.

The insurance written by Protexure is pursuant to an Agency Agreement (the
"Agency Agreement"), dated September 25, 2009, by and between Protexure and C&F.
Under the Agency Agreement, C&F appointed Protexure as its exclusive agent for
the purposes of soliciting, underwriting, quoting, binding, issuing, cancelling,
non-renewing and endorsing accountants' professional liability and lawyers'
professional liability insurance coverage in all 50 states of the United States
and the District of Columbia. The initial term of the Agency Agreement was for
four years with automatic one-year renewals thereafter. The Agency Agreement
automatically renewed on September 25, 2020.

Upon mutual agreement, (1) AMIC Ltd. and C&F have agreed to commute the
Reinsurance Agreement, and (2) Protexure and C&F have agreed to continue the
Agency Agreement until no later than March 31, 2022.

To effectuate the commutation of the Reinsurance Agreement, AMIC Ltd. entered
into a Commutation Agreement and Release ("Commutation Agreement") with C&F on
October 12, 2021 with an effective date of March 31, 2021. The Commutation
Agreement settles and commutes all respective obligations and liabilities under
the Reinsurance Agreement. In exchange for the release of past and future
reinsurance claims ceded by C&F and assumed by AMIC Ltd., the Commutation
Agreement provides for the payment to C&F of $26,076,000 (the "Payment Amount").
The Payment Amount will be paid out of funds and securities that have been held
in trust in accordance with the Reinsurance Agreement. AMIC Ltd. is required to
pay C&F any shortfall.

To effectuate the termination of the Agency Agreement on March 31, 2022,
Protexure and C&F entered into a First Amendment to Agency Agreement (the
"Agency Agreement Amendment") on October 12, 2021, which amended the Agency
Agreement and provided for the termination of the Agency Agreement, effective
March 31, 2022. Under the Agency Agreement Amendment, Protexure will be
permitted to issue new and renewal professional liability policies on C&F's
paper with effective dates no later than March 31, 2022, and only in accordance
with modified guidelines.

The descriptions of the Commutation Agreement and the Agency Agreement Amendment
set forth in this Item 1.01 are qualified in their entirety by reference to the
full text of the Commutation Agreement and the Agency Agreement Amendment,
copies of which are filed as Exhibits 10.1 and 10.2 to this Current Report on
Form 8-K and which are incorporated herein by reference.

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Item 1.02 Termination of Material Definitive Agreement

The Commutation Agreement terminated the Reinsurance Agreement, effective
March 31, 2021. The Agency Agreement Amendment terminates the Agency Agreement,
effective March 31, 2022. The disclosures set forth under Item 1.01 are
incorporated by reference herein.

Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial

Obligation or an Obligation under an Off-Balance Sheet Arrangement

The disclosure set forth under Item 1.01 is incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits



Exhibit No.       Description

10.1                Commutation Agreement and Release, dated as of October 12,
                  2021, by and among AMIC Ltd., The North River Insurance Company,
                  United States Fire Insurance Company, Crum & Forster Indemnity
                  Company, Crum and Forster Insurance Company, and Crum & Forster
                  Specialty Insurance Company

10.2                First Amendment to Agency Agreement, dated as of October 12,
                  2021, to Agency Agreement, dated as of September 25, 2009, by and
                  among Protexure, The North River Insurance Company, United States
                  Fire Insurance Company, Crum & Forster Indemnity Company, Crum
                  and Forster Insurance Company, and Crum & Forster Specialty
                  Insurance Company

104               Cover Page Interactive Data File (embedded within Inline XBRL
                  document).

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