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                                                                    EXHIBIT 10.1





                        ASPEN INSURANCE HOLDINGS LIMITED

                      BCP EXCALIBUR HOLDCO (CAYMAN) LIMITED

                           WELLINGTON UNDERWRITING PLC

                            HARRINGTON TRUST LIMITED

                                   AND OTHERS
              ----------------------------------------------------


                  AMENDED AND RESTATED SHAREHOLDERS' AGREEMENT

                         DATED AS OF SEPTEMBER 30, 2003

              ----------------------------------------------------







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                                    CONTENTS
CLAUSE                                                                      PAGE

1.    Interpretation..........................................................2

2.    Transfer Of Shares; Restrictive Legend..................................9

3.    Tag Along Rights.......................................................10

4.    Certain Agreements.....................................................15

5.    Confidentiality........................................................15

6.    Costs..................................................................16

7.    Effective Date; Duration...............................................17

8.    General Provisions.....................................................17

9.    Notices................................................................20

10.   Governing Law And Jurisdiction.........................................21

Schedule 1     Part A........................................................22

               Part B........................................................23

Schedule 2     Deed Of Adherence.............................................24



                                       1

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THIS AGREEMENT is made as of September 30, 2003

BY AND AMONG:

(1)      ASPEN INSURANCE HOLDINGS LIMITED (formerly known as Exali Reinsurance
         Holdings Limited), a company incorporated in Bermuda (registered no.
         32164), whose registered office is at Victoria Hall, 11 Victoria
         Street, Hamilton HM11, Bermuda (the "COMPANY");

(2)      THE SEVERAL PERSONS whose names are set out in Part A of Schedule 1
         (the "INVESTORS" and each an "INVESTOR");

(3)      WELLINGTON UNDERWRITING PLC, a company incorporated in England and
         Wales (registered no. 02966836, whose registered office is at 88
         Leadenhall Street, London EC3A 3BA, England ("WU PLC");

(4)      HARRINGTON TRUST LIMITED, a company incorporated under the laws of
         Bermuda whose registered office is at Windsor Place, 4th Floor, 22
         Queen Street, Hamilton, HM EX, Bermuda (including its successors, the
         "NAMES' TRUSTEE") solely as trustee of the Part A Trust Fund of the
         Names Trust (defined below); and

(5)      THE SEVERAL PERSONS whose names are set out in Part B of Schedule 1
         (the "MANAGERS" and each a "MANAGER").

IT IS AGREED as follows:

1.       INTERPRETATION

1.1      In this Agreement:

         "2003 SHARE INCENTIVE PLAN" means the Company's 2003 Share Incentive
         Plan, as may be amended from time to time;

         "AFFILIATE" means, in relation to any undertaking, any other
         undertaking which controls, is controlled by, or is under common
         control with, such first undertaking. For the purpose of this
         definition, the term "control" (including, with correlative meanings,
         the terms "controlled by" and "under common control with") means the
         power to direct or cause the direction of the management and policies
         of such undertaking, directly or indirectly, whether through the
         ownership of voting securities, by contract or otherwise;

         "ASSOCIATED PERSON" means, in respect of any undertaking, any general
         partner, managing member, trustee, nominee, director, officer or
         employee of such undertaking or of any Affiliate of such undertaking
         and any member of the Family Group of any such person, in each case,
         who is not an Affiliate of such undertaking;

         "BOARD" means the board of Directors of the Company from time to time;

         "BUSINESS DAY" means a day (excluding Saturdays and Sundays) on which
         banks generally are open in New York, London and Bermuda for the
         transaction of normal banking business;

                                       2
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         "BYE-LAWS" means the bye-laws of the Company, as amended from time to
         time;

         "CHANGE OF CONTROL" means the occurrence of any of the following
         events:

         (i)   the sale or disposition, in one transaction or a series of
               related transactions, of all or substantially all of the assets
               of the Company to any person or group (as such terms are defined
               below) other than (x) any subsidiary (as defined below) of the
               Company or (y) any entity which is a holding company (as defined
               below) of the Company or any subsidiary of such holding company,
               so long as, in the case of any such sale or disposition referred
               to in clause (x) or (y), in one transaction or a series of
               related transactions, after giving effect thereto, more than 50%
               of the combined voting power (taking into consideration the
               provisions of Bye-Laws 63-67) of the voting shares of such
               subsidiary, holding company or subsidiary of such holding company
               are beneficially owned (as defined below), directly or
               indirectly, by the existing shareholders of the Company on the
               date the Board approved the Aspen Insurance Holdings 2003 Share
               Incentive Plan and their respective Affiliates;

         (ii)  any person or group is or becomes the beneficial owner, directly
               or indirectly, of more than 50% of the combined voting power
               (taking into consideration the provisions of Bye-Laws 63-67) of
               the voting Shares in issue (or of the voting securities of any
               entity which is the beneficial owner of more than 50% of the
               combined voting power of the voting Shares in issue), including
               by way of merger, consolidation, amalgamation, tender offer,
               exchange offer or otherwise; excluding, however, the following:
               (I) any primary issuance of shares by the Company in a public
               offering, (II) any acquisition by the Company, or (III) any
               acquisition by any employee benefit plan (or related trust)
               sponsored or maintained by the Company or any corporation
               controlled by the Company; or

         (iii) the consummation of any transaction or series of transactions
               resulting in a merger, consolidation, amalgamation or other
               business combination transaction in which the Company is
               involved, other than a transaction which would result in the
               Shareholders immediately prior thereto continuing to own (either
               by remaining outstanding or by being converted into voting
               securities of the surviving entity), in the same proportion as
               immediately prior to the transaction(s), more than 50% of the
               combined voting power (taking into consideration the provisions
               of Bye-Laws 63-67) of the voting Shares in issue or of the voting
               securities of such surviving entity outstanding immediately after
               such merger, consolidation, amalgamation or other business
               combination transaction;

         For the purpose of this definition, the following terms have the
         following meanings: (i) "person" or "group" shall have the meanings
         given to them in Section 13(d)(3) or 14(d)(2) of the Exchange Act; (ii)
         "beneficial owner" shall have the meaning given to such term in Rule
         13d-3 under the Exchange Act (except that a person shall be deemed to
         have "beneficial ownership" of all shares that any such person has the
         right to acquire, whether such right is exercisable immediately or only
         after the passage of time), and the term

                                       3
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         "BENEFICIALLY OWNED" shall have a correlative meaning; (iii)
         "subsidiary" shall mean, in respect of any entity, any other entity of
         which more than 50% of the voting power of the voting shares of such
         entity are beneficially owned, directly or indirectly, by the first
         entity; and (iv) "holding company" shall mean, in respect of any
         entity, any other entity that is the beneficial owner, directly or
         indirectly, of more than 50% of the voting power of the voting shares
         of such first entity;

         "CODE" means the United States Internal Revenue Code of 1986, as
         amended, or any successor thereto;

         "CONFIDENTIAL INFORMATION" means any information concerning the Group
         or any member of the Group in the possession of or furnished to any
         Shareholder Party (including by virtue of its present or former right
         to nominate, appoint or designate a director of the Company and
         including information provided by the Company to any Shareholder Party
         under clauses (f) or (l) of Section 6 of the Registration Rights
         Agreement), provided that the term "Confidential Information" does not
         include information that (i) is or becomes generally available to the
         public other than as a result of a disclosure by a Shareholder Party or
         its partners, shareholders, members, directors, officers, employees,
         agents, counsel, investment advisers or representatives or, in the case
         of the Names' Trustee, the Names Trust Beneficiaries and the Members'
         Agents (all such persons being collectively referred to as
         "REPRESENTATIVES") in violation of this Agreement or any other
         agreement to which such Shareholder Party or its Representatives is
         bound containing a restriction on the use or disclosure of information
         of the Group or any member of the Group, (ii) is or was available to
         such Shareholder Party on a non-confidential basis prior to its
         disclosure to such Shareholder Party or its Representatives by or on
         behalf of the Company or (iii) was or becomes available to such
         Shareholder Party on a non-confidential basis from a source other than
         the Company, which source is or was (at the time of receipt of the
         relevant information) not, to such Shareholder Party's knowledge, bound
         by a confidentiality agreement with (or any fiduciary duty or other
         confidentiality obligation to) any member of the Group;

         "CO-INVESTMENT SCHEME" means a scheme under which Associated Persons of
         a Shareholder Party are entitled (as individuals or through an
         undertaking) to hold Shares which such Shareholder Party would
         otherwise hold;

         "CSFB" means the Investors listed in Schedule 1 under the heading
         "CSFB";

         "DIRECTOR" means a director of the Company from time to time;

         "EXCHANGE ACT" means the United States Securities Exchange Act of 1934,
         as amended, or any successor thereto;

         "FAMILY GROUP" means, in respect of any individual, such individual's
         spouse and descendents (whether natural or adopted) and any undertaking
         established and maintained solely for the benefit of such individual,
         such individual's spouse and/or such individual's descendents;

                                       4
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         "FRAMEWORK AGREEMENT" means the Framework Agreement dated 28 May 2002
         entered into by the Wellington Business Entities (other than WUI) and
         the Company;

         "GROUP" means the Company and its subsidiaries or any holding company
         of the Company or the subsidiaries of any holding company of the
         Company in each case from time to time and "MEMBER OF THE GROUP" is to
         be construed accordingly;

         "INITIAL SUBSCRIPTION AND SHAREHOLDERS' AGREEMENT" means the
         Subscription and Shareholders' Agreement among the parties hereto
         entered on 28 May 2002 and amended on 21 June 2002, 17 September 2002,
         3 October 2002, 22 November 2002, 27 November 2002 and 11 February
         2003;

         "LLOYD'S" means The Society and Corporation of Lloyd's incorporated by
         the Lloyd's Acts 1871-1982 or, as the context may require, the Council
         of Lloyd's and any person or delegate acting under its authority;

         "MANAGEMENT SERVICE CONTRACTS" means the employment contracts entered
         into by any member of the Group and each of the Managers;

         "MANAGEMENT SHAREHOLDER" means each employee or director or officer of
         any member of the Group who is a Shareholder; for avoidance of doubt,
         no transferee of a Management Shareholder shall have any rights or
         obligations under this Agreement, other than the Shareholder's Estate
         or the Shareholder's Trust (as such terms are defined in the Management
         Shareholder's Agreement (as defined herein) to which such Management
         Shareholder is a party);

         "MANAGEMENT SHAREHOLDERS' REPRESENTATIVE" means Christopher O'Kane or,
         if he is not serving as chief executive officer of the Company, the
         then acting chief executive officer of the Company;

         "MEMBERS' AGENTS" means each of Anton Private Capital Limited, Hampden
         Agencies Limited, CBS Private Capital Limited and SOC Private Capital
         Limited, and their respective successors, as agents for the Names;

         "NAMES" means the underwriting members of Lloyd's participating in
         Syndicate 2020 for the 2002 year of account (or in respect of those
         individuals who have died, part of the 2002 year of account), other
         than the Wellington Corporate Members;

         "NAMES TRUST" means the trust established under Declaration of Trust
         between the Names' Trustee and WUSL for the benefit of the Names and
         their respective personal representatives, heirs, assigns and
         successors (collectively, "NAMES TRUST BENEFICIARIES") as may be
         amended or otherwise modified from time to time;

         "PERMITTED DISTRIBUTEE" means, for any Shareholder Party, a person to
         whom such Shareholder Party distributes, dividends or transfers (or
         proposes to distribute, dividend or transfer) Shares pursuant to a
         Permitted Distribution in accordance with this Agreement and the
         Bye-Laws;

                                       5
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         "PERMITTED DISTRIBUTION" means (i) for any Shareholder Party that is a
         corporation, company or limited liability company, a dividend,
         distribution or comparable transfer of Shares by such Shareholder Party
         to any shareholder or member of such Shareholder Party, (ii) for any
         Shareholder Party that is a partnership or limited partnership, a
         distribution or comparable transfer of Shares by such Shareholder Party
         to any general or limited partner of such Shareholder Party, (iii) for
         any Shareholder Party that is a nominee, trustee, general partner or
         other person acting in a similar capacity for a trust, partnership or
         other unincorporated association, a distribution or comparable transfer
         of Shares by such Shareholder Party to any beneficiary of such trust,
         partnership or unincorporated association, provided that any such
         distribution, dividend or comparable transfer of Shares in respect of
         which the recipient or transferee pays or exchanges any consideration
         (other than carried interest payments, management fees and other
         transaction costs) shall not be deemed a Permitted Distribution;

         "PERMITTED TRANSFER" means a transfer of Shares:

         (a)   by any Shareholder Party (other than a Shareholder Party
               described in sub-clause (b)) that is an undertaking to a member
               of the same group as such Shareholder Party if the transferee
               makes a covenant to the Company that if the transferee ceases to
               be a member of the same group, all its Shares will, before such
               cessation, be transferred to another member of the same group;

         (b)   by any Shareholder Party that is a nominee, trustee or general
               partner or other person acting in a similar capacity for a trust,
               partnership or other unincorporated association to any successor
               or assignee nominee, trustee or general partner or other person
               acting in a similar capacity for such trust, partnership or
               unincorporated association;

         (c)   by any Shareholder Party to any Associated Person or
               Co-Investment Scheme of such Shareholder Party;

         (d)   by any Shareholder Party to a Permitted Distributee of such
               Shareholder Party; or

         (e)   by any Shareholder Party who is an individual to any member of
               the Family Group of such individual;

         "PERMITTED TRANSFEREE" means, for any Shareholder Party, a person to
         whom such Shareholder Party transfers (or proposes to transfer) Shares
         pursuant to a Permitted Transfer in accordance with this Agreement and
         the Bye-Laws;

         "PHOENIX" means the Investors listed in Schedule 1 under the heading
         "Phoenix";

         "PUBLIC OFFERING" means a sale of Shares to the public in an offering
         pursuant to an effective registration statement under the Securities
         Act (other than a registration statement on Form F-4 (business
         combinations) or Form S-8 (employee benefit plans) or any similar or
         successor forms);

                                       6
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         "PUBLIC SALE" means a sale of Shares pursuant to a Public Offering or a
         Rule 144 Sale;

         "REGISTRATION RIGHTS AGREEMENT" means the Second Amended and Restated
         Registration Rights Agreement, by and among the Company, the Investors,
         WU plc and the Names' Trustee on behalf of the Names Trust, as may be
         amended, restated, supplemented or otherwise modified from time to
         time;

         "RULE 144" means Rule 144 under the Securities Act, as amended, or any
         successor rule;

         "RULE 144 SALE" means a sale of Shares to the public in accordance with
         the exemptions from registration under Rule 144;

         "SECURITIES ACT" means the United States Securities Act of 1933 as
         amended, or any successor thereto;

         "SHAREHOLDERS" means the holders of Shares from time to time as shown
         in the Share Register of the Company;

         "SHAREHOLDER PARTY" means each Shareholder that is a party to this
         Agreement (as an original signatory or by deed of adherence), for so
         long as such person is a party to this Agreement; for avoidance of
         doubt, the Managers shall not be deemed Shareholder Parties for the
         purposes of this Agreement;

         "SHARES" means any shares in the capital of the Company from time to
         time, including ordinary shares (voting or non-voting) and preference
         shares;

         "SYNDICATE 2020" means Syndicate 2020 at Lloyd's as managed by WUAL on
         21 June 2002;

         "TRANSFER" means, in relation to any Share, (i) when used as a verb, to
         sell, assign, dispose of, exchange, pledge, hypothecate or otherwise
         transfer such Share or any beneficial interest therein, whether
         directly or indirectly, or agree or commit to do any of the foregoing
         and (ii) when used as a noun, a direct or indirect sale, assignment,
         disposition, exchange, pledge, hypothecation or other transfer of such
         Share or any beneficial interest therein or any agreement or commitment
         to do any of the foregoing;

         "WELLINGTON BUSINESS ENTITIES" means each of WU plc, WUAL, WUSL and
         WUI;

         "WELLINGTON CORPORATE MEMBERS" means Premium Alpha Limited, Premium
         Beta Limited, Premium Gamma Limited, Premium Delta Limited, Premium
         Epsilon Limited, Premium Eta Limited, Premium Zeta Limited, Wellington
         One Limited, Wellington Two Limited, Wellington Three Limited,
         Wellington Four Limited and Wellington Five Limited;

         "WELLINGTON ENTITY" means (i) WU plc, (ii) any subsidiary of WU plc and
         (iii) the Names' Trustee (solely as trustee of the Names Trust);

                                       7
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         "WELLINGTON OPTION" means the collective reference to the Option
         Instrument dated 21 June 2002 issued by the Company creating options to
         subscribe for non-voting shares of the Company, as may be amended,
         restated, supplemented or otherwise modified from time to time, and the
         Option Certificates issued thereunder of even date in favor of WU plc
         (in respect of 378,112 non-voting shares of the Company) and in favor
         of the Names' Trustee (in respect of 300,676 non-voting shares of the
         Company);

         "WUAL" means Wellington Underwriting Agencies Limited;

         "WUI" means Wellington Underwriting Inc., a company incorporated in the
         state of Delaware (registration number 155063) whose registered office
         is at 111-115 Charter Oak Avenue, Hartford, Connecticut 06106, USA; and

         "WUSL" means Wellington Underwriting Services Limited, a company
         incorporated in England and Wales (registered no. 01949097) whose
         registered office is 88 Leadenhall Street, London, EC3A 3BA, England.

    1.2  In this Agreement (unless otherwise expressly provided herein):

         1.2.1 an "UNDERTAKING" means a company, corporation, limited
               partnership, limited liability company or other incorporated
               association or a trust, partnership or other unincorporated
               association situated in any jurisdiction and, in relation to an
               undertaking which is not a company, expressions in this Agreement
               appropriate to companies shall be construed as references to the
               corresponding persons, officers, documents or organs (as the case
               may be) appropriate to undertakings of that description;

         1.2.2 an undertaking is a "SUBSIDIARY" of another undertaking, its
               "HOLDING COMPANY", if such other undertaking controls (as defined
               in the definition of "Affiliate") such undertaking;

         1.2.3 a statutory provision includes a reference to:

               (i)  the statutory provision as modified or re-enacted or both
                    from time to time whether before or after the date of this
                    Agreement; and

               (ii) any subordinate legislation made under the statutory
                    provision whether before or after the date of this
                    Agreement;

         1.2.4 a "MEMBER OF THE SAME GROUP" as an undertaking means a subsidiary
               or holding company of such undertaking or a subsidiary of a
               holding company of such undertaking;

         1.2.5 a person includes a reference to an individual or undertaking;

         1.2.6 a person includes a reference to that person's legal personal
               representatives and successors;

         1.2.7 any English legal term for any action, remedy, method of judicial
               proceeding, legal document, legal

                                       8
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               status, court, official or any legal concept or thing shall in
               respect of any jurisdiction other than England be deemed to
               include what most nearly approximates in that jurisdiction to the
               English legal term and to any English statute shall be construed
               so as to include equivalent or analogous laws of any other
               jurisdiction; and

         1.2.8 a clause or schedule, unless the context otherwise requires, is a
               reference to a clause of, or schedule to, this Agreement.

    1.3  Words and expressions defined in the Bye-Laws have the same meanings in
         this Agreement (unless otherwise expressly defined herein).

    1.4  The headings in this Agreement do not affect its interpretation.

    2.   TRANSFER OF SHARES; RESTRICTIVE LEGEND

    2.1  Until the date that is thirty-six (36) months after the Effective Date,
         if any Shareholder Party wishes to transfer any of its Shares to
         another person (a "TRANSFEREE"), other than a transfer (i) to the
         Company, (ii) pursuant to a Public Sale, (iii) the consummation of
         which will result in a Change of Control or (iv) to a Permitted
         Distributee in connection with a Permitted Distribution by such
         Shareholder Party, such Shareholder Party shall, as a condition of such
         transfer, require the Transferee to execute and deliver a deed of
         adherence to this Agreement, substantially in the form of Schedule 2
         hereto; provided that a Permitted Distributee shall be required to
         execute and deliver a deed of adherence in such form if (A) (x) such
         Permitted Distributee is an Affiliate of such Shareholder Party and (y)
         following such Permitted Distribution such Permitted Distributee holds
         a number of ordinary shares of the Company which, when taken together
         with the number of ordinary shares of the Company then held by such
         Shareholder Party and all other undertakings that are Affiliates of
         such Shareholder Party, equals or exceeds 5% of the number of issued
         and authorized ordinary shares of the Company (on a fully-diluted
         basis, taking into account all vested and exercisable options, warrants
         or rights to acquire any ordinary shares of the Company and any
         securities immediately convertible into or exchangeable or exercisable
         for ordinary shares) or (B) such Permitted Distributee and each other
         Permitted Distributee in such Permitted Distribution is either an
         Affiliate or Associated Person of such Shareholder Party. During the
         period commencing on the Effective Date through the first anniversary
         of the Effective Date, a Shareholder Party shall not be entitled to
         transfer any of its Shares by way of a dividend, distribution or
         comparable transfer to any shareholder, member, partner, limited
         partner or beneficiary (as the case may be) of such Shareholder Party.
         A Shareholder Party may transfer its Shares only in accordance with,
         and subject to all applicable provisions of, this Agreement, the
         Registration Rights Agreement and the Bye-Laws.

    2.2  No Shares may be transferred by any Shareholder Party (other than
         pursuant to an effective registration statement under the Securities
         Act) unless such Shareholder Party first delivers to the Company, if
         requested by the Company, a written opinion of counsel reasonably
         satisfactory to the Company to the effect that such transfer is not
         required to be registered under the Securities Act.

                                       9
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    2.3  Each certificate representing Shares held by a Shareholder Party shall
         be stamped or otherwise imprinted with a legend in substantially the
         following form:

               "THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO
               CERTAIN TRANSFER RESTRICTIONS CONTAINED IN THE AMENDED AND
               RESTATED SHAREHOLDERS' AGREEMENT DATED AS OF SEPTEMBER 30, 2003
               AND THE AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT DATED
               AS OF SEPTEMBER 30, 2003, AS EACH MAY BE AMENDED FROM TIME TO
               TIME, AND MAY NOT BE TRANSFERRED EXCEPT IN ACCORDANCE THEREWITH.
               COPIES OF SUCH DOCUMENTS ARE ON FILE AT THE REGISTERED OFFICE OF
               THE COMPANY. THE HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE
               HEREOF, AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF SUCH
               DOCUMENTS."

               "THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
               REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
               "SECURITIES ACT"), OR ANY UNITED STATES STATE SECURITIES LAWS AND
               MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF UNLESS
               (I)(A) A REGISTRATION STATEMENT IS IN EFFECT UNDER THE SECURITIES
               ACT WITH RESPECT TO SUCH SHARES, OR (B) AN EXEMPTION FROM THE
               REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT IS AVAILABLE
               OR THE SECURITIES ACT DOES NOT APPLY (AND, IN SUCH CASE, AN
               OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY SHALL
               HAVE BEEN DELIVERED TO THE COMPANY TO SUCH EFFECT), AND (II) IF
               REQUIRED BY LAW, THE TRANSFEREE IS APPROVED BY APPLICABLE BERMUDA
               REGULATORY AUTHORITIES."

         In the event that any Shares (x) shall cease to be subject to the
         restrictions described in the first restrictive legend set forth above
         in this clause 2.3 in accordance with the terms of this Agreement and
         the Registration Rights Agreement, (y) shall cease (in the written
         opinion of counsel reasonably satisfactory to the Company) to be
         subject to the restrictions described in the second restrictive legend
         set forth above in this clause 2.3 or (z) are to be disposed in
         connection with an effective registration statement under the
         Securities Act, then, in each case, the Company shall, upon the written
         request of the holder thereof and surrender of the legended certificate
         representing such Shares, promptly issue to such holder a new
         certificate representing such Shares without the inapplicable
         restrictive legend or legends.

    3.   TAG ALONG RIGHTS

    3.1  If any Shareholder Party or group of Shareholder Parties (individually
         or collectively, a "TAG-ALONG SELLER") proposes to transfer to a person
         and such person's Affiliates (a "TAG-ALONG PURCHASER"), other than (i)
         a transfer to the Company, (ii) a Public Offering, (iii) a Rule 144
         Sale pursuant to a broker's transaction (within the meaning of Section
         4(4) of the Securities Act) or a transaction directly with a market
         maker (as that term is defined in Section 3(a)(38) of the Exchange
         Act), in either case, in response to an unsolicited offer

                                       10
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         or (iv) a Permitted Transfer by such Shareholder Party, a number of
         ordinary shares of the Company ("SUBJECT SHARES") comprising at least
         20% of the Subject Shares in issue (on a fully-diluted basis, taking
         into account all vested and exercisable options, warrants or rights to
         acquire any Subject Shares and any securities immediately convertible
         into or exchangeable or exercisable for Subject Shares), in a single
         transaction or in a series of related transactions (a "TAG-ALONG
         SALE"), the Tag-Along Seller shall provide each other Shareholder Party
         that holds Subject Shares (each a "RELEVANT SHAREHOLDER") notice of the
         terms and conditions of such proposed transfer to the Tag-Along
         Purchaser ("TAG-ALONG NOTICE") and offer each Relevant Shareholder the
         opportunity to participate, and each Relevant Shareholder may elect, at
         its option, to participate in the proposed Tag-Along Sale in accordance
         with this clause 3 (each such electing Relevant Shareholder, a "TAGGING
         PERSON"). In the event of any Tag-Along Sale for ordinary shares of the
         Company, each Wellington Entity that holds vested options under the
         Wellington Option shall be deemed to be a Relevant Shareholder and
         shall be entitled to participate in the proposed Tag-Along Sale (and,
         if such Wellington Entity so elects to participate, shall be deemed a
         Tagging Person) in respect of the Subject Shares underlying such vested
         options. In the event that the proposed Tag-Along Sale would result in
         a Change of Control, then each Management Shareholder shall be deemed
         to be a Relevant Shareholder and shall be entitled to participate in
         the proposed Tag-Along Sale (and, if he or she so elects to
         participate, shall be deemed a Tagging Person) in respect of (x) the
         Subject Shares owned by such Management Shareholder and (y) the Subject
         Shares underlying any options, warrants, rights or securities
         exercisable or exchangeable for, or convertible into, Subject Shares,
         provided that, if any of such options, warrants, rights or securities
         are subject to vesting, only upon and to the extent of such vesting and
         subject to the terms and conditions of Section 3(d) in the
         shareholder's agreement between such Management Shareholder and the
         Company (each, a "MANAGEMENT SHAREHOLDER'S AGREEMENT"). Each Management
         Shareholder shall have the right under the Contracts (Rights of Third
         Parties) Act 1999 to enforce this clause 3. The Management
         Shareholders' Representative shall be entitled to receive notices and
         other communications and take decisions and exercise approvals,
         consents and other rights under or in connection with this Agreement
         for and on behalf of the Management Shareholders in accordance with the
         power of attorney granted to the Management Shareholders'
         Representative under each Management Shareholder's Agreement.

    3.2  The Tag-Along Notice shall identify the number of Subject Shares
         proposed to be transferred in such Tag-Along Sale including the number
         of Subject Shares proposed to be sold by the Tag-Along Seller, the
         identity of the Tag-Along Purchaser, the consideration for which the
         transfer is proposed to be made, and all other material terms and
         conditions of the offer by the Tag-Along Purchaser, including the form
         of the proposed agreement, if any ("TAG-ALONG OFFEr").

    3.3  Each Tagging Person shall have the right (a "TAG-ALONG RIGHT"),
         exercisable by written notice ("TAG-ALONG RESPONSE NOTICE") given to
         the Tag-Along Seller and the Company within 20 Business Days after its
         receipt of the Tag-Along Notice (the "TAG-ALONG NOTICE PERIOD"), to
         request that the Tag-Along Seller include in the proposed Tag-Along
         Sale the number of Subject Shares held by

                                       11
<PAGE>

         such Tagging Person as is specified in the Tag-Along Response Notice,
         provided that:

         3.3.1 if the aggregate number of Subject Shares proposed to be sold by
               the Tag-Along Seller and all Tagging Persons in any such
               transaction exceeds the number of Subject Shares that can be sold
               on the terms and conditions set forth in the Tag-Along Notice,
               then each Tag-Along Seller and each Tagging Person shall be
               entitled to include in the Tag-Along Sale only up to the lesser
               of (i) its Tag-Along Portion (defined below) of Subject Shares
               and (ii) the number of Subject Shares proposed to be sold by it
               specified in the Tag Along Offer (in the case of the Tag-Along
               Seller) or in its Tag-Along Response Notice (in the case of a
               Tagging Person) (the "MAXIMUM ALLOCATION");

         3.3.2 if any Subject Shares remain unallocated after applying the
               cut-back requirement in clause 3.3.1, then such unallocated
               Subject Shares shall be allocated pro rata based on the total
               number of Subject Shares owned by each participant that shall
               have elected to sell more than its Tag-Along Portion, but in no
               event shall any such participant be required to sell more than
               its Maximum Allocation; and

         3.3.3 for the purposes of this clause 3, "TAG-ALONG PORTION" means, for
               any Tag-Along Seller or Tagging Person in connection with any
               Tag-Along Sale, that number of Subject Shares of such Tag-Along
               Seller or Tagging Person, as the case may be, which is equal to
               the total number of Subject Shares proposed to be transferred in
               such Tag-Along Sale as specified in the related Tag-Along Notice,
               multiplied by a fraction, the numerator of which is the total
               number of Subject Shares (subject to clause 3.11) owned by the
               Tag-Along Seller or the Tagging Person, as the case may be,
               immediately prior to such Tag-Along Sale and the denominator of
               which is the total number of Subject Shares (subject to clause
               3.11) owned by all the Tag-Along Sellers and Tagging Persons
               immediately prior to such Tag-Along Sale.

    3.4  Each Tag-Along Response Notice shall include wire transfer instructions
         for payment of any cash consideration as part of the purchase price for
         the Subject Shares to be sold in such Tag-Along Sale. Each Tagging
         Person that exercises its Tag-Along Rights hereunder shall deliver to
         the Company (or its designated agent), no later than 5 Business Days
         prior to the proposed closing date for the Tag-Along Sale, the
         certificate or certificates representing the Subject Shares of such
         Tagging Person to be included in the Tag-Along Sale, together with a
         power-of-attorney authorising the Tag-Along Seller to transfer such
         Subject Shares on the terms set forth in the Tag-Along Notice. Subject
         to clause 3.5, delivery of a Tag-Along Response Notice during the
         Tag-Along Response Period by a Tagging Person shall constitute an
         irrevocable acceptance of the Tag-Along Offer by such Tagging Persons.
         Subject to clause 3.5, at the termination of the Tag-Along Notice
         Period, if a Relevant Shareholder shall not have elected to participate
         in the Tag-Along Sale by delivery of a Tag-Along Response Notice, such
         Relevant Shareholder shall be deemed to have waived its rights under
         this clause with respect to the transfer of its Subject Shares pursuant
         to such Tag-Along Sale.

                                       12
<PAGE>

    3.5  In the event of a material change of the Tag-Along Offer (it being
         understood that any increase of the price payable by more than 5% of
         the original price shall be deemed a material beneficial change and any
         decrease of the price payable shall be deemed a material adverse
         change), the Tag-Along Seller shall (i) (if such change is a material
         adverse change) give written notice of such change to each Tagging
         Person, which shall have the right to revoke its election to
         participate in the Tag-Along Sale by providing written notice to the
         Company within 5 Business Days of receiving the notice of the change in
         terms, or (ii) (if such change is a material beneficial change) give
         written notice of such change to each Relevant Shareholder, which shall
         have the right to participate in the Tag-Along Sale, in each case, by
         providing written notice to the Company within 10 Business Days of
         receiving the notice of the change in terms.

    3.6  The Tag-Along Seller shall transfer, on behalf of itself and as
         attorney for any Tagging Person pursuant to the relevant
         power-of-attorney in favor of the Tag-Along Seller, the Subject Shares
         of the Tag-Along Seller and all Tagging Persons elected to be
         transferred on the terms and conditions consistent with those set forth
         in the Tag-Along Notice on the closing date specified in the Tag-Along
         Offer (as may be extended in accordance therewith, the "TAG-ALONG SALE
         CLOSING DATE").

    3.7  Concurrently with the consummation of the Tag-Along Sale, (i) the
         Tag-Along Seller shall notify the Tagging Persons thereof (including
         identifying the manner of delivery for any non-cash consideration), and
         (ii) the total consideration due to each Tagging Person shall be
         remitted to such party, with the cash portion of the purchase price
         paid by wire transfer of immediately available funds in accordance with
         the wire transfer instructions in the applicable Tag-Along Response
         Notices.

    3.8  If, on the Tag-Along Sale Closing Date, the Tag-Along Sale is not
         consummated for any reason, (i) the Company (or its designated agent)
         shall return to each Tagging Person, to the extent previously provided,
         the limited power-of-attorney together with all certificates
         representing the Subject Shares that such Tagging Person delivered for
         transfer pursuant to this clause and any other documents executed by
         the Tagging Persons in connection with the proposed Tag-Along Sale, and
         (ii) no Shareholder Party or Parties shall conduct any transfer of any
         Shares without again complying with this clause.

    3.9  Notwithstanding anything contained in this clause there shall be no
         liability on the part of the Tag-Along Seller to the Tagging Persons if
         the transfer of Subject Shares pursuant to this clause is not
         consummated for any reason. Subject to the terms of any sale agreement
         executed in connection with a Tag-Along Sale, the decision of whether
         to effect a transfer of Subject Shares pursuant to this clause by the
         Tag-Along Seller, or to terminate any such transaction prior to
         consummation, is in the sole and absolute discretion of the Tag-Along
         Seller.

    3.10 The rights and obligations of Relevant Shareholders to participate in a
         Tag-Along Sale are subject to the following additional conditions:

         3.10.1   upon the consummation of such Tag-Along Sale, all of the
                  Tagging Persons will receive the same form and amount of
                  consideration per Subject Share, or, if any Tagging Person is
                  given an option as to the form

                                       13
<PAGE>

                  and amount of consideration to be received, all Tagging
                  Persons will be given the same option;

         3.10.2   subject to the terms of any sale agreement executed in
                  connection with the Tag-Along Sale, no Tagging Person shall be
                  obligated to pay any expenses incurred in connection with any
                  unconsummated Tag-Along Sale and each Tagging Person shall be
                  obligated to pay only its pro rata share (based on the number
                  of Subject Shares transferred by it relative to the total
                  number of Subject Shares transferred) of expenses incurred in
                  connection with a consummated Tag-Along Sale to the extent
                  such expenses are incurred for the benefit of all Tagging
                  Persons and are not otherwise paid by the Company or another
                  person;

         3.10.3   each Tagging Person shall (i) make such representations,
                  warranties and covenants and enter into such definitive
                  agreements as are customary for transactions of the nature of
                  the proposed transfer and as are consistent with, or no less
                  favourable or more burdensome than, those applicable to the
                  Tag-Along Seller; provided that a Tagging Person shall only be
                  required to warrant title to its Subject Shares that are
                  subject of the Tag Along Right and its right, power and
                  authority to sell such Subject Shares, and the liability of a
                  Tagging Person for any warranties in connection with each such
                  Tagging Person's title to its Subject Shares and its right,
                  power and authority to sell such Subject Shares, shall be
                  several but not joint and each such Tagging Person shall not
                  be liable for more than the lesser of (A) its pro rata share
                  (based on the number of Subject Shares transferred by it
                  relative to the total number of Subject Shares transferred) of
                  any liability for such warranties and (B) the net proceeds
                  received by such Tagging Person in connection with such
                  transfer, (ii) otherwise be subject to all of the same
                  provisions of the definitive agreements as the Tag-Along
                  Seller, and (iii) be required to bear its pro rata share
                  (based on the number of Subject Shares transferred by it
                  relative to the total number of Subject Shares transferred) of
                  any escrows, holdbacks or adjustments in purchase price.

    3.11 Subject Shares that have been transferred by a Tag-Along Seller or
         Tagging Person in a Tag-Along Sale pursuant to the provisions of this
         clause 3 ("EXCLUDED SHARES") shall not be subject again to the
         restrictions set forth in this clause 3, nor shall any Shareholder
         Party holding Excluded Shares be entitled to exercise any rights as a
         Relevant Shareholder under this clause 3 with respect to such Excluded
         Shares, and Excluded Shares held by a Tag-Along Seller or any Tagging
         Person shall not be counted in determining the respective participation
         rights of such Shareholder Parties in a transfer subject to this
         clause.

    3.12 This clause 3 shall terminate on the date that is thirty-six (36)
         months after the Effective Date.

                                       14
<PAGE>

    4.   CERTAIN AGREEMENTS

    4.1  Notwithstanding any provision in this Agreement to the contrary, each
         of the Wellington Entities undertakes to:

         4.1.1    exercise its voting rights as a Shareholder to approve any
                  Change of Control; and

         4.1.2    tender its Shares for sale in relation to any Change of
                  Control on terms no less favourable than those on which the
                  Investors sell their Shares;

         if such Change of Control is approved by the Board and by Investors
         holding not less than 60% of the voting power of Shares held by the
         Investors (taking into consideration the provisions of Bye-Laws 63-67).

    4.2  Each Shareholder Party consents to the bonus issue of Shares pursuant
         to a Cash-Less Exercise (as defined and described in the Wellington
         Option). Each Shareholder Party agrees to vote its Shares and otherwise
         take all reasonable action within its power to give effect to this
         clause and clause 4.9 of the Wellington Option.

    5.   CONFIDENTIALITY

    5.1  Each Shareholder Party agrees that any Confidential Information
         furnished to it has been made available to it solely in connection with
         such Shareholder Party's investment in the Company. Each Shareholder
         Party agrees that it shall use the Confidential Information only in
         connection with its investment in the Company and not for any other
         purpose (including to disadvantage competitively the Group). Each
         Shareholder Party further acknowledges and agrees that it shall not
         disclose any Confidential Information to any person, except that
         Confidential Information may be disclosed:

             (i)    to such Shareholder Party's Representatives (as defined in
                    the definition of "Confidential Information") or
                    Representatives of any Affiliate of such Shareholder Party
                    in the normal course of the performance of their duties;
                    provided that, in case of a Shareholder Party other than the
                    Names' Trustee, such Representative agrees to keep
                    confidential any Confidential Information disclosed to it in
                    accordance with the terms of this Agreement and, in the case
                    of the Names' Trustee, it will inform its Representatives
                    that the information they receive is Confidential
                    Information and that such Representatives are expected to
                    keep confidential such Confidential Information;

             (ii)   to the extent required by applicable law, rule or
                    regulation, (including complying with any oral or written
                    questions, interrogatories, requests for information or
                    documents, subpoena, civil investigative demand or similar
                    process to which such Shareholder Party is subject, provided
                    that such Shareholder gives the Company prompt notice of
                    such requirement(s) or request(s), to the extent
                    practicable, so that the Company may seek an appropriate
                    protective order or similar relief, and the

                                       15
<PAGE>

                    Shareholder Party shall cooperate with such efforts by the
                    Company, and shall in any event make only such disclosure as
                    is required by such law, rule or regulation);

             (iii)  to any person to whom such Shareholder Party is
                    contemplating a transfer of its Shares, provided that such
                    transfer would not be in violation of the provisions of this
                    Agreement and such potential transferee is advised of the
                    confidential nature of such information and agrees to be
                    bound by a confidentiality agreement consistent with the
                    provisions hereof;

             (iv)   to any regulatory authority or rating agency to which such
                    Shareholder Party or any of its Affiliates is subject or
                    with which it has regular dealings, as long as such
                    authority or agency is advised of the confidential nature of
                    such information; or

             (v)    if the prior written consent of the Board shall have been
                    obtained.

         Nothing contained herein shall prevent the use (subject, to the extent
         possible, to a protective order) of Confidential Information in
         connection with the assertion or defence of any claim by or against the
         Company or any Shareholder Party. Additionally, notwithstanding the
         restrictions in this clause 5, each Shareholder Party and its
         representatives or other agents may, without prior consent, disclose to
         any and all persons, without limitations of any kind, the tax treatment
         and tax structure of the Company and all materials of any kind
         (including tax opinions or other tax analyses) that are provided to
         them relating to the tax treatment and tax structure of the Company.
         The restrictions contained in this clause 5 shall terminate on the
         earlier of (x) as to any Shareholder Party, one year following the date
         on which such Shareholder Party ceases to be bound by this Agreement
         and (y) as to all Shareholder Parties, one year following the
         termination of this Agreement.

    6.   COSTS

    6.1  The Company shall pay the reasonable legal fees and expenses incurred
         by each Investor and each Wellington Entity in connection with the
         negotiation, preparation and execution of this Agreement, the
         Registration Rights Agreement, the Management Shareholder's Agreements
         (and all other documents relating to the management equity plan
         referred to therein) and all other matters in connection with the IPO
         (as defined below) prior to the Effective Date.

    6.2  The Company shall pay the reasonable legal fees and expenses incurred
         by all Management Shareholders, taken together, in connection with the
         negotiation, preparation and execution of (x) this Agreement, the
         Registration Rights Agreement, the Management Shareholder's Agreements
         (and all other documents relating to the management equity plan
         referred to therein) and all other matters in connection with the IPO
         (as defined below) prior to the Effective Date and (y) the Management
         Service Contracts; provided that, the Company shall only reimburse the
         Management Shareholders for any such legal fees and expenses incurred
         for the services of one firm of legal counsel.

                                       16
<PAGE>

    6.3  The Company shall pay to the Names' Trustee, in connection with its
         administration of the Names Trust, the fees and expenses set forth in
         Schedule 3 of that certain Deed of Retirement, Appointment and
         Amendment entered into or to be entered into on or around the date of
         this Agreement by and between, among others, the Company and the Names'
         Trustee (as may be amended, restated, supplemented or otherwise
         modified from time to time, the "DEED OF APPOINTMENT") on the terms and
         conditions described in the Deed of Appointment.

    7.   EFFECTIVE DATE; DURATION

    7.1  Clauses 6 and 8.9 of this Agreement shall become effective on and as of
         the date hereof and together with the Initial Subscription and
         Shareholders' Agreement (except for Clauses 11.9.1, 11.9.2 and 11.9.3
         of the Initial Subscription and Shareholders' Agreement which on and as
         of the date hereof shall cease to have any force or effect) shall
         constitute the entire agreement and understanding of the parties hereto
         and thereto in respect of the subject matter contained herein and
         therein prior to the Effective Date. The remainder of this Agreement
         shall become effective on the completion date (the "EFFECTIVE DATE") of
         the Company's initial public offering of its equity securities pursuant
         to an effective registration statement (other than on Form F-4 or S-8
         or successor form) filed under the Securities Act (the "IPO") and prior
         to such time shall have no force or effect. If the IPO is abandoned or
         is not completed for any reason prior to June 30, 2004, this Agreement
         (other than clauses 6 and 8.9 and this clause 7.1) shall have no force
         or effect and no party shall have any liability or other obligation to
         any other party in respect of any of the terms or provisions hereof,
         provided that, for avoidance of doubt, the Initial Subscription and
         Shareholders' Agreement, as modified by clauses 6 and 8.9 and this
         clause 7.1 of this Agreement, shall continue in full force and effect.

    7.2  This Agreement shall terminate upon the first to occur of (i) the
         written agreement among the Company (acting with the approval of the
         Board) and each Shareholder Party that this Agreement be terminated,
         (ii) a Change of Control, (iii) the liquidation or dissolution of the
         Company and (iv) the tenth anniversary of the Effective Date. At the
         time a Shareholder Party (other than a Wellington Entity) ceases to
         hold any Shares, such Shareholder Party shall cease to be a party to
         and be bound by this Agreement. At the time a Wellington Entity ceases
         to hold any Shares and the Wellington Option has been terminated or all
         options thereunder have lapsed, such Wellington Entity shall cease to
         be a party to and be bound by this Agreement. Notwithstanding the
         termination of this Agreement in its entirety or in respect of any
         party hereto, the terms of clause 5 (Confidentiality) shall survive in
         accordance with their terms and clauses 1 (Interpretation), 8 (General
         Provisions), 9 (Notices) and 10 (Governing Law) shall terminate at such
         time as no other clause or provision of this Agreement is in effect.

    8.   GENERAL PROVISIONS

    8.1  Except as expressly provided otherwise in this Agreement, an amendment
         or other variation of this Agreement is valid only if it is in writing
         and signed by or on behalf of the Company (acting with the approval of
         the Board) and Shareholder Parties holding 75% of the voting power of
         the Shares (taking into

                                       17
<PAGE>

         consideration the provisions of Bye-Laws 63-67) held by the Shareholder
         Parties, provided that any amendment or variation of this Agreement
         that would adversely affect a Shareholder Party in a disproportionate
         manner relative to the other Shareholder Parties may not be effected
         without the consent of such disproportionately effected Shareholder
         Party. No Manager shall have any right to receive notice of or consent
         to any amendment or other variation of this Agreement, unless such
         amendment or variation alters the effect of this clause 8.1 or clause
         8.11 to the detriment of such Manager in which case such Manager's
         prior written consent shall be required. The Company and requisite
         Shareholder Parties shall be entitled to amend, modify, suspend,
         rescind or terminate clauses 3 and 6.1 of this Agreement without any
         notice to or consent of the Management Shareholders, provided that if
         any such action adversely affects only the Management Shareholders or
         adversely affects the Management Shareholders in a disproportionate
         manner relative to the other Shareholder Parties then such action shall
         not be taken without the prior written consent of Management
         Shareholders holding a majority of the voting power (taking into
         consideration the provisions of Bye-Laws 63-67) of the Shares then held
         by all Management Shareholders.

    8.2  The failure to exercise or delay in exercising a right or remedy
         provided by this Agreement or by law does not constitute a waiver of
         the right or remedy or a waiver of other rights or remedies. No single
         or partial exercise of a right or remedy provided by this Agreement or
         by law prevents further exercise of the right or remedy or the exercise
         of another right or remedy.

    8.3  The parties acknowledge and agree that if any of the provisions of this
         Agreement were not performed in accordance with their specific terms or
         were otherwise breached, irreparable damage would occur, no adequate
         remedy at law would exist and damages would be difficult to determine,
         and that the parties shall be entitled to specific performance of the
         terms hereof and immediate injunctive relief, without the necessity of
         proving the inadequacy of money damages as a remedy, in addition to any
         other remedy at law or equity.

    8.4  If there is any conflict or inconsistency between the provisions of
         this Agreement and the Bye-Laws, this Agreement prevails as among the
         parties to this Agreement.

    8.5  The invalidity, illegality or unenforceability of any provision of this
         Agreement does not affect the continuation in force of the remainder of
         this Agreement.

    8.6  This Agreement may be executed in any number of counterparts each of
         which when executed and delivered is an original, but all the
         counterparts together constitute the same document.

    8.7  Except as expressly provided otherwise in clause 3.1 of this Agreement,
         a person who is not a party to this Agreement has no right under the
         Contracts (Rights of Third Parties) Act 1999 to enforce any term of
         this Agreement but this does not affect any right or remedy of a third
         party which exists or is available apart from that Act.

    8.8  The parties agree that if any of the provisions of this Agreement were
         not performed in accordance with their specific terms or were otherwise
         breached,

                                       18
<PAGE>

         irreparable damage would occur, no adequate remedy at law would exist
         and damages would be difficult to determine, and that the parties shall
         be entitled to specific performance of the terms hereof and immediate
         injunctive relief, without the necessity of proving the inadequacy of
         money damages as a remedy, in addition to any other remedy at law or
         equity.

    8.9  Notwithstanding any other provision in this Agreement or any rights of
         any person at law or in equity, in the event of any default by any
         Investor under this Agreement, the remedies of any other person shall
         be restricted to enforcement of its rights against the interests of the
         defaulting Investor and no resort shall be had to (i) any of the
         partners of any Investor that is a partnership, any member of any
         Investor that is a limited liability company or any of the stockholders
         of any Investor that is a corporation or (ii) any property or assets of
         the partners of any Investor that is a partnership, the members of any
         Investor that is a limited liability company, or the stockholders of
         any Investor that is a corporation (other than the property and assets
         of the Investor itself). The parties to this Agreement acknowledge that
         the Names' Trustee is a party to this Agreement solely in its capacity
         as trustee of the Part A Trust Fund of the Names Trust and,
         accordingly, (x) the Names' Trustee shall be liable to satisfy its
         obligations under this Agreement, including, without limitation, any
         obligations or liabilities for any representations, warranties or
         covenants required to be made by the Names' Trustee as a Tagging Person
         under clause 3.10.3 above or arising in connection with any default by
         the Names' Trustee under this Agreement, only to the extent of the
         assets held from time to time by the Names' Trustee as trustee of the
         Part A Trust Fund of the Names Trust in accordance with the terms of
         the declaration of trust governing the Names Trust ("NAMES TRUST
         ASSETS") and (y) no recourse shall be had to (I) any assets other than
         the Names Trust Assets, including, any of the assets held by the Names'
         Trustee as trustee, co-trustee or nominee of a trust other than the
         Names Trust, as owner in its individual capacity or in any way other
         than as trustee of the Part A Trust Fund of the Names Trust or (II) the
         Names' Trustee for any cash, securities or other assets that have been
         distributed by the Names' Trustee to the Names Trust Beneficiaries as
         beneficiaries of the Names Trust.

    8.10 Any of the rights, powers, discretions and consents of Phoenix may be
         exercised by Phoenix Equity Partners Limited or any other person or
         persons authorized in writing by Phoenix for the time being and Phoenix
         Equity Partners Limited or such other person or persons who has been
         authorized in writing may enforce such rights directly as if it were a
         party to this Agreement.

    8.11 This Agreement amends and restates as of the Effective Date in its
         entirety the Initial Subscription and Shareholders' Agreement, provided
         that termination of the Initial Subscription and Shareholders'
         Agreement on the Effective Date shall not affect the accrued rights and
         obligations of any party thereto in respect of any representation or
         warranty made by any party thereunder. Subject to the foregoing, this
         Agreement and the documents expressly referred to herein or otherwise
         executed or to be executed in connection herewith constitute the entire
         agreement, and supersede any previous agreements, between the parties
         relating to the subject matter of this Agreement (other than the
         Registration Rights Agreement and each Management Shareholder's
         Agreement).

                                       19
<PAGE>

    8.12 The parties hereto acknowledge and agree that Managers are party to
         this Agreement only to agree to the matters in this clause 8.12 and in
         clauses 8.11, 9 and 10.

    8.13 Except as expressly provided otherwise herein, the provisions of this
         Agreement shall apply to the full extent set forth herein with respect
         to Shares or other securities in the Company or any security of any
         other person that may be issued in respect of, in exchange for, or in
         substitution of the Shares.

    8.14 This Agreement shall inure to the benefit of and be binding upon the
         parties hereto and their respective heirs, successors, legal
         representatives and permitted assignees, provided that any such
         assignee has executed a deed of adherence in the form of schedule 2.

    9.   NOTICES

    9.1  Any notice or other communication under or in connection with this
         Agreement shall be in writing and shall be delivered (i) personally, or
         (ii) by first class post in a pre-paid envelope, (iii) by fax, or (iv)
         by email, to the party due to receive the notice or communication at
         its address, fax number or email address set out or described below, or
         such other address, fax number or email address as a party may specify
         by notice in writing to the others in accordance with this clause:

         (1)      If to the Company, to:

                  Aspen Insurance Holdings Limited
                  Victoria Hall
                  11 Victoria Street
                  Hamilton HM11 Bermuda
                  Attention: Julian Cusack
                  Fax:  +1 441 295 1829
                  Email:  julian.cusack@aspen.bm

         (2)      If to a Shareholder (other than a Management Shareholder), at
                  such Shareholder's address, fax number or email address as set
                  forth in the Register of Members maintained by the Company,
                  contained in any deed of adherence to this Agreement or
                  otherwise on file with the Company (as the case may be). Any
                  person that becomes a Shareholder shall promptly provide to
                  the secretary of the Company such Shareholder's address, fax
                  number and email address for the purpose of notices hereunder.

         (3)      If to a Management Shareholder, to the Management
                  Shareholders' Representative, at:

                  Aspen Insurance Holdings Limited
                  c/o Aspen Reinsurance UK Limited
                  100 Leadenhall Street
                  London EC3A 3DD
                  Attention: Christopher O'Kane / Chief Executive Officer
                  Fax:   +44 207 929 4111

                                       20
<PAGE>

                  Email: chris.okane@aspen-re.com

    9.2  In the absence of evidence of earlier receipt, any notice or other
         communication shall be deemed to have been duly given: (i) if delivered
         personally, when left at the address referred to in clause 9.1; (ii) if
         sent by mail other than air mail, five Business Days after posting such
         notice; (iii) if sent by air mail, two Business Days after posting
         such; (iv) if sent by fax on a Business Day between the hours of 9 a.m.
         and 5 p.m. (local time at recipient's address), when confirmation of
         its transmission has been recorded by the sender's fax machine, and if
         sent at any other time, if confirmation of its transmission has been
         recorded by the sender's fax machine, at 9 a.m. on the next succeeding
         Business Day; or (v) if sent by email on a Business Day between the
         hours of 9 a.m. and 5 p.m. (local time at recipient's address), one
         hour after transmission, and if sent at any other time, at 9 a.m. on
         the next succeeding Business Day, unless, in either case, the sender
         receives a return message within three hours after transmission
         indicating that the email has not been delivered to the intended
         recipient (including any message that the intended recipient is "out of
         the office" or otherwise unavailable), unless the sender confirms by
         telephone directly with the intended recipient his or her receipt of
         the email.

    10.  GOVERNING LAW AND JURISDICTION

    10.1 This Agreement is governed by English law.

    10.2 The courts of England have non-exclusive jurisdiction to hear and
         decide any suit, action or proceedings, and to settle any disputes,
         which may arise out of or in connection with this Agreement
         (respectively, "PROCEEDINGS" and "DISPUTES") and, for these purposes,
         each party irrevocably submits to the jurisdiction of the courts of
         England.

    10.3 Each party irrevocably waives any objection which it might at any time
         have to the courts of England being nominated as the forum to hear and
         decide any Proceedings and to settle any Disputes and agrees not to
         claim that the courts of England are not a convenient or appropriate
         forum.

    10.4 Each Shareholder Party who is not resident in England shall at all
         times maintain an agent for service of process and any other documents
         in connection with proceedings in England or any other proceedings in
         connection with this Agreement.

                                       21
<PAGE>
                                   SCHEDULE 1


                                     PART A
                                     ------

     THE INVESTORS

         "BLACKSTONE"
          ----------
         BCP Excalibur Holdco (Cayman) Limited
         BOCP Excalibur Holdco (Cayman) Limited
         BFIP Excalibur Holdco (Cayman) Limited
         BGE Excalibur Holdco (Cayman) Limited

         "CANDOVER"
          --------

         Candover Partners Limited as General Partner of the following limited
         partnerships:
              Candover 2001 Fund UK No. 1 Limited Partnership
              Candover 2001 Fund UK No. 2 Limited Partnership
              Candover 2001 Fund UK No. 3 Limited Partnership
              Candover 2001 Fund UK No. 4 Limited Partnership
              Candover 2001 Fund UK No. 5 Limited Partnership
              Candover 2001 Fund UK No. 6 Limited Partnership
              Candover 2001 Fund US No. 1 Limited Partnership
              Candover 2001 Fund US No. 2 Limited Partnership
              Candover 2001 Fund US No. 3 Limited Partnership
              Candover 2001 Fund US No. 4 Limited Partnership
              Candover 2001 Fund US No. 5 Limited Partnership
         Candover 2001 GmbH & Co. KG
         Candover Investments plc
         Candover (Trustees) Limited
         Mourant & Co. Trustees Limited

         "CSFB"
         ------
         DLJMB Overseas Partners III, C.V.
         DLJ Offshore Partners III, C.V.
         DLJ Offshore Partners III-1, C.V.
         DLJ Offshore Partners III-2, C.V.
         DLJMB Partners III GmbH & Co. KG
         Millennium Partners II, L.P.
         MBP III Plan Investors, L.P.

         3i Group plc

         "PHOENIX"
          -------
         Phoenix Equity Partners IV "A" L.P. Phoenix Equity Partners IV "B" L.P.
         Phoenix Equity Partners IV "C" L.P.
         Donaldson, Lufkin & Jenrette Securities Corporation
         Phoenix Equity Partners III and IV Executive Investment Plan L.P.
         Phoenix Equity Partners IV Co-Investment Plan

         "OLYMPUS"
          -------
         Olympus Growth Fund III, L.P.
         Olympus Executive Fund, L.P.

         Montpelier Reinsurance Ltd.

         The Lexicon Partnership LLP

                                       22
<PAGE>

                                   SCHEDULE 1

                                     PART B
                                     ------

     THE MANAGERS

     Paul Myners
     Christopher O'Kane
     Julian Cusack
     Sarah Davies
     David May





                                       23

<PAGE>

                                   SCHEDULE 2


                                DEED OF ADHERENCE



     THIS DEED OF ADHERENCE is made on [ ] 200[ ]

     BY [ ] of [ ] (the "COVENANTOR") in favour of the persons whose names are
     set out in the schedule to this Deed and is SUPPLEMENTAL to the Amended and
     Restated Shareholders' Agreement dated [o] 2003 made by (1) Aspen Insurance
     Holdings Limited, (2) BCP Excalibur Holdco (Cayman) Limited, (3) Wellington
     Underwriting plc, (4) Harrington Trust Limited and (5) others (the
     "SHAREHOLDERS' AGREEMENT").

     THIS DEED WITNESSES as follows:

     The Covenantor confirms that it has been given and read a copy of the
     Shareholders' Agreement and covenants with each person named in the
     schedule to this Deed to perform and be bound by all the terms of the
     Shareholders' Agreement, as if the Covenantor were a Shareholder Party who
     is party to the Shareholders' Agreement.

     This Deed is governed by English law.

     IN WITNESS WHEREOF this Deed has been executed by the Covenantor and is
     intended to be and is hereby delivered on the date first above written.

                                    SCHEDULE

     [Parties to Shareholders' Agreement including those who have executed
     earlier deeds of adherence].




                                       24

<PAGE>

<TABLE>
<S>                                                                <C>
     EXECUTED by the parties:

     Signed by                                                     )  /s/ Christopher O' Kane
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     ASPEN INSURANCE HOLDINGS LIMITED                              )

     Signed by                                                     )  /s/ Stuart William Robinson
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     3I GROUP PLC                                                  )

     Signed by                                                     )  /s/ Michael Isikow
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     DLJ MERCHANT BANKING III, INC.                                )
     as Managing General Partner for and on behalf of              )
     DLJMB OVERSEAS PARTNERS III, C.V.                             )

     Signed by                                                     )  /s/ Michael Isikow
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     DLJ MERCHANT BANKING III, INC.                                )
     as Advisory General Partner for and on behalf of              )
     DLJ OFFSHORE PARTNERS III, C.V.                               )

     Signed by                                                     )  /s/ Michael Isikow
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     DLJ MERCHANT BANKING III, INC.                                )
     as Advisory General Partner on behalf of                      )
     DLJ OFFSHORE PARTNERS III-1, C.V.                             )
     and as attorney-in-fact for                                   )
     DLJ MERCHANT BANKING III, L.P.,                               )
     as Associate General Partner for and on behalf of             )
     DLJ OFFSHORE PARTNERS III-1, C.V.                             )

     Signed by                                                     )  /s/ Michael Isikow
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     DLJ MERCHANT BANKING III, INC.                                )
     as Advisory General Partner on behalf of                      )
     DLJ OFFSHORE PARTNERS III-2, C.V.                             )
     and as attorney-in-fact for                                   )
     DLJ MERCHANT BANKING III, L.P.                                )
     as Associate General Partner for and on behalf of             )
     DLJ OFFSHORE PARTNERS III-2, C.V.                             )
</TABLE>

                                       25
<PAGE>


<TABLE>
<S>                                                                <C>
     Signed by                                                     )  /s/ Michael Isikow
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     DLJ MERCHANT BANKING III, INC.                                )
     General Partner of                                            )
     DLJ MERCHANT BANKING III, L.P.                                )
     as Managing Limited Partner for and on behalf of              )
     DLJMB PARTNERS III GMBH & CO. KG                              )

     Signed by                                                     )  /s/ Michael Isikow
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     DLJ LBO PLANS MANAGEMENT                                      )
     CORPORATION                                                   )
     as Managing General Partner for and on behalf of              )
     MBP III PLAN INVESTORS, L.P.                                  )

     Signed by                                                     )  /s/ Michael Isikow
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     DLJ MERCHANT BANKING III, INC.                                )
     as Managing General Partner for and on behalf of              )
     MILLENNIUM PARTNERS II, L.P.                                  )

     Signed by                                                     )
     duly authorised for and on behalf of                          )
     OGP III, L.L.C.,                                              )
     as General Partner for and on behalf of                       )
     OLYMPUS GROWTH FUND III, L.P.                                 )

     Signed by                                                     )
     duly authorised for and on behalf of                          )
     NIBUR, L.L.C.                                                 )
     General Partner of                                            )
     OEF, L.P.                                                     )
     General Partner for and on behalf of                          )
     OLYMPUS EXECUTIVE FUND L.P.                                   )

     Signed by                                                     )  /s/ [Illegible]
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     PHOENIX EQUITY PARTNERS LIMITED                               )
     in its capacity as manager for and on behalf of               )
     PHOENIX EQUITY PARTNERS IV "A" L.P.                           )
</TABLE>


                                       26

<PAGE>

<TABLE>
<S>                                                                <C>
     Signed by                                                     )  /s/ [Illegible]
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     PHOENIX EQUITY PARTNERS LIMITED                               )
     in its capacity as manager for and on behalf of               )
     PHOENIX EQUITY PARTNERS IV "B" L.P.                           )

     Signed by                                                     )  /s/ [Illegible]
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     PHOENIX EQUITY PARTNERS LIMITED                               )
     in its capacity as manager for and on behalf of               )
     PHOENIX EQUITY PARTNERS IV "C" L.P.                           )

     Signed by                                                     )  /s/ [Illegible]
                                                                      --------------------------------
     PHOENIX EQUITY PARTNERS LIMITED                               )
     as attorney for                                               )
     DONALDSON, LUFKIN & JENRETTE                                  )
     SECURITIES CORPORATION                                        )

     Signed by                                                     )  /s/ [Illegible]
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     PHOENIX EQUITY PARTNERS LIMITED                               )
     in its capacity as administrator for and on behalf of         )
     THE PHOENIX EQUITY PARTNERS IV                                )
     CO-INVESTMENT PLAN                                            )

     Signed by                                                     )  /s/ [Illegible]
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     PHOENIX EQUITY PARTNERS LIMITED                               )
     in its capacity as manager for and on behalf of               )
     PHOENIX EQUITY PARTNERS III AND IV                            )
     EXECUTIVE INVESTMENT PLAN L.P.                                )

     Signed by                                                     )  /s/ [Illegible]
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     PHOENIX EQUITY PARTNERS LIMITED                               )
</TABLE>


                                       27

<PAGE>

<TABLE>
<S>                                                                <C>
     Signed by                                                     )  /s/ Marek Gumienny
                                                                      --------------------------------
     duly authorised attorney for and on behalf of                 )
     CANDOVER PARTNERS LIMITED                                     )
     as general partner for and on behalf of                       )
     CANDOVER 2001 FUND US NO. 1 LIMITED                           )
     PARTNERSHIP                                                   )

     Signed by                                                     )  /s/ Marek Gumienny
                                                                      --------------------------------
     duly authorised attorney for and on behalf of                 )
     CANDOVER PARTNERS LIMITED                                     )
     as general partner for and on behalf of                       )
     CANDOVER 2001 FUND US NO. 2 LIMITED                           )
     PARTNERSHIP                                                   )

     Signed by                                                     )  /s/ Marek Gumienny
                                                                      --------------------------------
     duly authorised attorney for and on behalf of                 )
     CANDOVER PARTNERS LIMITED                                     )
     as general partner for and on behalf of                       )
     CANDOVER 2001 FUND US NO. 3 LIMITED                           )
     PARTNERSHIP                                                   )

     Signed by                                                     )  /s/ Marek Gumienny
                                                                      --------------------------------
     duly authorised attorney for and on behalf of                 )
     CANDOVER PARTNERS LIMITED                                     )
     as general partner for and on behalf of                       )
     CANDOVER 2001 FUND US NO. 4 LIMITED                           )
     PARTNERSHIP                                                   )

     Signed by                                                     )  /s/ Marek Gumienny
                                                                      --------------------------------
     duly authorised attorney for and on behalf of                 )
     CANDOVER PARTNERS LIMITED                                     )
     as general partner for and on behalf of                       )
     CANDOVER 2001 FUND US NO. 5 LIMITED                           )
     PARTNERSHIP                                                   )

     Signed by                                                     )  /s/ Marek Gumienny
                                                                      --------------------------------
     duly authorised attorney for and on behalf of                 )
     CANDOVER PARTNERS LIMITED                                     )
     as general partner for and on behalf of                       )
     CANDOVER 2001 FUND UK NO. 1 LIMITED                           )
     PARTNERSHIP                                                   )
</TABLE>


                                       28

<PAGE>


<TABLE>
<S>                                                                <C>
     Signed by                                                     )  /s/ Marek Gumienny
                                                                      --------------------------------
     duly authorised attorney for and on behalf of                 )
     CANDOVER PARTNERS LIMITED                                     )
     as general partner for and on behalf of                       )
     CANDOVER 2001 FUND UK NO. 2 LIMITED                           )
     PARTNERSHIP                                                   )

     Signed by                                                     )  /s/ Marek Gumienny
                                                                      --------------------------------
     duly authorised attorney for and on behalf of                 )
     CANDOVER PARTNERS LIMITED                                     )
     as general partner for and on behalf of                       )
     CANDOVER 2001 FUND UK NO. 3 LIMITED                           )
     PARTNERSHIP                                                   )

     Signed by                                                     )  /s/ Marek Gumienny
                                                                      --------------------------------
     duly authorised attorney for and on behalf of                 )
     CANDOVER PARTNERS LIMITED                                     )
     as general partner for and on behalf of                       )
     CANDOVER 2001 FUND UK NO. 4 LIMITED                           )
     PARTNERSHIP                                                   )

     Signed by                                                     )  /s/ Marek Gumienny
                                                                      --------------------------------
     duly authorised attorney for and on behalf of                 )
     CANDOVER PARTNERS LIMITED                                     )
     as general partner for and on behalf of                       )
     CANDOVER 2001 FUND UK NO. 5 LIMITED                           )
     PARTNERSHIP                                                   )

     Signed by                                                     )  /s/ Marek Gumienny
                                                                      --------------------------------
     duly authorised attorney for and on behalf of                 )
     CANDOVER PARTNERS LIMITED                                     )
     as general partner for and on behalf of                       )
     CANDOVER 2001 FUND UK NO. 6 LIMITED                           )
     PARTNERSHIP.                                                  )

     Signed by                                                     )  /s/ Marek Gumienny
                                                                      --------------------------------
     CANDOVER 2001 GMBH & CO. KG                                   )
     represented by                                                )
     DEUTSCHE CANDOVER                                             )
     (MANAGING LIMITED PARTNER) GMBH                               )
     represented by                                                )
     Norbert Pacho as managing director                            )
</TABLE>


                                       29
<PAGE>

<TABLE>
<S>                                                                <C>
     Signed by                                                     )  /s/ Marek Gumienny
                                                                      --------------------------------
     duly authorised attorney for and on behalf of                 )
     CANDOVER (TRUSTEES) LIMITED                                   )

     Signed by                                                     )  /s/ Julie Lewis
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     MOURANT & CO. TRUSTEES LIMITED                                )
     in its capacity as trustee of                                 )
     CANDOVER 2001 EMPLOYEE BENEFITS TRUST                         )

     Signed by                                                     )  /s/ Marek Gumienny
                                                                      --------------------------------
     duly authorised attorney for and on behalf of                 )
     CANDOVER INVESTMENTS PLC                                      )

     Signed by                                                     )  /s/ A.C. Winther
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     THE LEXICON PARTNERSHIP LLP                                   )

     Signed by                                                     )  /s/ Julian Avery
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     WELLINGTON UNDERWRITING PLC                                   )

     Signed by                                                     )  /s/ Anthony Taylor
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     MONTPELIER REINSURANCE LTD.                                   )

     Signed by                                                     )  /s/ Bret Pearlman
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     BCP EXCALIBUR HOLDCO (CAYMAN) LIMITED                         )

     Signed by                                                     )  /s/ Bret Pearlman
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     BOCP EXCALIBUR HOLDCO (CAYMAN) LIMITED                        )

     Signed by                                                     )  /s/ Bret Pearlman
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     BFIP EXCALIBUR HOLDCO (CAYMAN) LIMITED                        )

     Signed by                                                     )  /s/ Bret Pearlman
                                                                      --------------------------------
     duly authorised for and on behalf of                          )
     BGE EXCALIBUR HOLDCO (CAYMAN) LIMITED                         )
</TABLE>


                                       30
<PAGE>

<TABLE>
<S>                                                                <C>
     Signed by                                                     )  /s/ [Illegible]
                                                                      --------------------------------
     duly authorized for and behalf of                             )
     HARRINGTON TRUST LIMITED                                      )
     solely as trustee of the Part A Trust                         )
     Fund of the Names Trust                                       )
</TABLE>



                                       30
<PAGE>


<TABLE>
<S>                                                                <C>
     Each Manager has executed and delivered this Agreement only for the limited
     purposes described in clause 8.12.

     Signed by                                                     )  /s/ Paul Myners
                                                                      --------------------------------
     PAUL MYNERS                                                   )

     Signed by                                                     )  /s/ Christopher O'Kane
                                                                      --------------------------------
     CHRISTOPHER O'KANE                                            )

     Signed by                                                     )  /s/ Julian Cusack
                                                                      --------------------------------
     JULIAN CUSACK                                                 )

     Signed by                                                     )  /s/ Sarah Davies
                                                                      --------------------------------
     SARAH DAVIES                                                  )

     Signed by                                                     )  /s/ David May
                                                                      --------------------------------
     DAVID MAY                                                     )
</TABLE>



                                       32