1 EXHIBIT 10(iii).4 AGREEMENT TO TERMINATE SEVERANCE AGREEMENT This AGREEMENT TO TERMINATE SEVERANCE AGREEMENT, dated as of January 15, 1999 (this "Agreement") is made between American Bankers Insurance Group, Inc., a Florida corporation (the...

   1
                                                             EXHIBIT 10(iii).4


                   AGREEMENT TO TERMINATE SEVERANCE AGREEMENT

         This AGREEMENT TO TERMINATE SEVERANCE AGREEMENT, dated as of January
15, 1999 (this "Agreement") is made between American Bankers Insurance Group,
Inc., a Florida corporation (the "Company"), and Mr. R. Xxxx Xxxxxx, an
executive officer of the Company ("Xxxxxx").

         WHEREAS, the Company and Xxxxxx have entered into a letter agreement
dated February 1, 1990, under which Xxxxxx is entitled to severance benefits
for disability, retirement, death and termination other than for cause (the
"Severance Agreement");

         WHEREAS, Xxxxxx desires to lessen his role with the Company and
desires to resign as a member of the senior management of the Company;

         WHEREAS, the Company recognizes Xxxxxx'x expertise and desires to
retain Xxxxxx in some capacity;

         WHEREAS, the Company and Xxxxxx have entered into a Consulting and
Noncompetition Agreement on even date herewith, under which Xxxxxx will offer
consulting services to the Company ("Consulting Agreement");

         WHEREAS, the Company and Xxxxxx have agreed to terminate the Severance
Agreement.

         NOW, THEREFORE, in consideration of the foregoing premises and mutual
covenants and agreements contained herein, the parties hereto agree as follows:

         1. The Severance Agreement shall terminate effective upon the later of
the execution and delivery of the Consulting Agreement and the adoption of a
resolution of the Board of Directors of the Company authorizing the Company to
terminate the Severance Agreement.

         2. Upon the termination of the Severance Agreement, the Company shall
not be obligated to make any payments under the Severance Agreement to either
Xxxxxx or any other third person.

         3. This Agreement may be executed in counterparts.

         4. This Agreement shall be construed in accordance with the laws of
the State of Florida.

                  (The Remainder of Page Intentionally Blank)


   2


         IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the day and year first written above.

                             AMERICAN BANKERS INSURANCE GROUP, INC.

                             By:  _____________________________________________
                                  Name:   Xxxxxx X. Xxxxxx
                                  Title:  Chief Executive Officer


                            ___________________________________________________
                            R. Xxxx Xxxxxx