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                                                                   Exhibit 10.14


       QUOTA SHARE TREATY OF WELLINGTON UNDERWRITING INC PROPERTY BUSINESS


REINSURED:                    Wellington Reinsurance Limited, London, United
                              Kingdom.

PERIOD:                       Continuous contract always open in respect of
                              risks attaching on or after the 1st January 2003,
                              subject to six months prior notice of cancellation
                              to be tendered by the Reinsurer and three months
                              prior notice of cancellation to be tendered by the
                              Reinsured, such notice to be effective at any 31st
                              December but such notice not to be effective prior
                              to the 31st December 2005 if tendered by the
                              Reinsured.

                              In the event of cancellation, all business
                              accepted by the Reinsured to run to natural expiry
                              or, at the option of the Reinsured, portfolio
                              conditions as detailed hereon shall apply.

TYPE:                         Quota Share Treaty.

CLASS:                        All Property Facultative Reinsurance business
                              underwritten by Wellington Underwriting Inc. on
                              behalf of the Reinsured.

TERRITORIAL SCOPE:            United States of America, its territories and
                              possessions, including incidental (as defined by
                              the Reinsured) elswhere and Canada. World-wide in
                              respect of all business emanating from the Factory
                              Mutual System and other companies as agreed by the
                              Reinsured and the Reinsurer.

TREATY DETAIL:                To take a 35% Quota Share of all Property
                              Facultative Reinsurance business underwritten by
                              Wellington Underwriting Inc on behalf of the
                              Reinsured, but subject to maximum aggregate of
                              Original Gross Premiums ceded of:

                              For the period 1st January to 31st December 2003
                              USD28,000,000

                              For the period 1st January to 31st December 2004
                              USD56,000,000

                              For the period 1st January to 31st December 2005
                              USD84,000,000

                              The term "Original Gross Premiums" as used herein
                              shall mean all Gross Premium received by the
                              Reinsured in respect of the business reinsured
                              hereunder before deduction of any commissions,
                              premium taxes and similar deductions, brokerage
                              and profit commission but after the deduction of
                              any returned premiums.


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RATE:                         Original Gross Premiums

CEDING COMMISSION:            35% on gross other than automatics where
                              Commission is 10.00% of net premium income.

TAXES:                        As applicable

PROFIT                        20% (after Ceding Commission and Reinsurers
COMMISSION:                   expenses of 7.50% on Gross Original Rates) to be
                              calculated on each Underwriting Year (or GAAP
                              accounting year as mutually agreed).

                              Deficit carry forward for a maximum of three
                              subsequent underwriting years of account. Profit
                              commission including any deficit carry forward
                              from prior years will be calculated on the
                              business attaching to the period 1st January 2003
                              to 1st January 2004. First calculation of profit
                              commission to be made 24 months after inception
                              and annually thereafter but in the event that the
                              Reinsured elects to effect a portfolio transfer
                              then the final adjustment will be paid on the
                              figures at the end of the 36th month.

PORTFOLIO:                    At the end of the thirtieth month of each year of
                              account, if required by the Reinsured, Reinsurers
                              hereon agree to close the year based on the
                              figures provided by the Reinsured and effect a
                              portfolio transfer into the next open year of all
                              outstanding losses as may be agreed.

CASH LOSS:                    For losses equal to or greater than USD 100,000
                              for 100% of the treaty.

ACCOUNTS:                     Quarterly accounts to be submitted within 60 days
                              of the close of each quarter, with remittances of
                              balances by either party 30 days thereafter.

GENERAL                       Cessions hereunder shall be subject to the same
CONDITIONS:                   periods, terms, clauses and and conditions and
                              warranties as the original. Furthermore, this
                              reinsurance is to follow original settlements and/
                              or agreements in all respects.

                              Acceptances in currencies other than United States
                              Dollars shall be at the rates of exchange as used
                              in the books of the reinsured.

                              Reinsurers shall beneift from recoveries under any
                              specific reinsurances purchased by the Reassured
                              solely to protect the business hereunder and shall
                              be debited with their proportion of the cost of
                              such reinsurances.

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                             Confidentiality Clause as attached

                             Extra Contractual Obligations Inclusion Clause NMX
                             100 as attached

                             Offset Clause as attached

                             UK Jurisdiction Clause as attached

                             Outstanding Claims Advance Clause as attached

                             Continuity of Agreement Clause as attached

                             Mediation Clause as attached

                             Arbitration Clause as attached

                             Insolvency Event Clause

                             Delays, Errors or Omissions Clause

                             Alterations and Amendments Clause

                             Access to Records Clause

EXCLUSIONS:                  War and Civil War Exclusion Clause 1978 as attached

                             Terrorism Exclusion Clause NMA 2930B as attached

                             Nuclear Energy Risks Exclusion Clause (Reinsurance)
                             1994 NMA 1975A (Japanese Amendment)

                             Nuclear Incidents Exclusion Clause - Reinsurance -
                             USA and Canada

                             Information Technology Hazards (Risk) Exclusion
                             Clause NMA 2928 as attached

                             Excluding Casualty business written as such

                             Excluding Ocean Marine business

                             Excluding Satellites and Space Risks

                             Excluding Professional Indemnity, Bonds and Motor
                             Liability business

WORDING:                     As agreed by the parties


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This Agreement has been signed in London, this 20th day of June 2002.

For and behalf of the Reassured - Wellington Reinsurance Limited.

/s/ Julian Cusack
-----------------

This Agreement has been signed in Hamilton, Bermuda, this 20th day of June 2002

For and on behalf of Montpelier Reinsurance Ltd.

/s/ Russell Fletcher
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OUTSTANDING CLAIMS ADVANCE CLAUSE

Applicable to so-called US Situs business protected hereunder.

In respect of all loss or losses arising in respect of that business designated
above, the Reinsurer agrees within 14 days, if so requested by the Reinsured, to
provide by special settlement an Outstanding Claims Advance equal to its
proportionate share of outstanding losses hereunder including Incurred but not
Reported (BNR) losses, by one of the following two (2) alternatives to be chosen
by the Reinsured following good faith efforts to reach mutual agreement with the
Reinsurer:

1.     Claims to be advanced with interest to be calculated at the 3 monthly
       LIBOR rate for United States Dollars plus 1.50%. The three monthly LIBOR
       rate for each such collection shall be the rate ruling at 12:00 GMT on
       the date each such advance is made by the Reinsurer. Interest payments
       shall be made by the Reinsured to the Reinsurer 3 months after the date
       of the first invoice and quarterly thereafter.

2.     Claims to be paid at a mutually agreed Present Value of the incurred loss
       including IBNR for which an Outstanding Claims Advance is requested.

Such proportionate share for any loss shall be computed as at any one time by
comparing the recovery due hereunder by reason of the Reinsured's paid loss and
that recovery which would be due hereunder if it were permitted for such loss to
also include the value of the Reinsured's notified outstanding amounts including
IBNR for that same loss. The Reinsurer's undertakings are further conditioned
upon the understanding that:

1.     this Agreement applies only to loss reserve deposits and not to premium
       reserve deposits;

2.     any deposits or advances hereunder will only be established for the
       benefit of Reinsured's ceding companies. Any amounts appropriated from
       any Outstanding Claims Advance provided by or on behalf of the Reinsurer
       shall be deemed to have been sums paid by the Reinsurer on account of its
       proportion of settled losses (if any) for which the Reinsurer is properly
       liable under this Agreement and the amount of such payments shall be
       brought into account in the Accounts to the credit of Reinsurer;

3.     the amount of any Outstanding Claims Advance or Letter Of Credit provided
       by common account Reinsurers shall be netted against any Outstanding
       Claims Advance amount provided hereunder.

The foregoing option may be exercised at any time in respect of each original
incurred loss. In the event that the Reinsured requests an increase in an
Outstanding Claims Advance, such adjustment shall only be made on the next
applicable calendar quarter (being 1st January, 1st April, 1st July and 1st
October).

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CONFIDENTIALITY CLAUSE

The Reinsured has designated the underwriting information used to place this
Agreement as confidential and proprietary information ("confidential
information"). Reinsurers hereon agree that the confidential information shall
only be disclosed to those employees of the Reinsurers who need to know the
information in connection with the evaluation of this risk, who have been
informed of the confidential nature of the confidential information and who have
agreed not to disclose the confidential information to anyone not participating
in the evaluation of the risk on behalf of Reinsurers. The Reinsurers shall,
unless disclosure is lawfully required by a competent court of jurisdiction,
hold in confidence, and shall require its employees to hold in confidence, the
confidential information.

The Reinsurer shall be under a continuing non-delegable duty not to disclose,
directly or indirectly or permit the disclosure of, directly or indirectly, the
confidential information to any third person.

EXTRA-CONTRACTUAL OBLIGATIONS CLAUSE NMX 100

This Agreement shall exclude all cover in respect of Extra-Contractual
Obligations howsoever arising, such Extra-Contractual Obligations being defined
as any award made by a court of competent jurisdiction against an insurer or
reinsurer, which award is not within the coverage granted by any insurance
and/or reinsurance contract made between the parties in dispute.

Notwithstanding the foregoing, this Agreement shall extend to cover any loss
arising from Claims Related Extra-Contractual Obligation:

(a)    awarded against the Reinsured or

(b)    incurred by the Reinsured where he has paid his share of a Claims Related
       Extra-Contractual Obligation awarded against one or more of his
       co-insurers.

It is warranted that any recovery under this Agreement in respect of Claims
Related Extra-Contractual Obligations shall be for that part of any award which
corresponds to the Reinsured's share of the reinsurance and/or reinsurance
policy and/or contract giving rise to the award and all proportional protection
effected by the Reinsured shall provide or shall be deemed to provide pro-rata
coverage for such obligation.

This Agreement shall also extend to cover all loss from Extra-Contractual
Obligations howsoever arising where the loss is incurred by the Reinsured as a
result of his participation in any insurance reinsurance which provides cover
for such loss, it being understood and agreed that such loss results from a
contractual liability incurred by the Reinsured.

A Claims Related Extra-Contractual Obligation shall be defined as the amount
awarded against an insurer or Reinsurer found liable by a court of competent
jurisdiction to pay damages to an insured or reinsured in respect of the conduct
of a claim made under an


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insurance and/or reinsurance policy and/or contract, where such liability has
arisen because of:

(a)    the failure of the insurer or Reinsurer to agree or pay a claim within
       the policy limits or to provide defense against such claims as required
       by law or

(b)    bad faith or negligence in rejecting an offer of settlement or

(c)    negligence or breach of duty in the preparation of the defense or the
       conduct of it trial or the preparation or prosecution of any appeal
       and/or subrogation and/or any subsequent action resulting therefrom

There shall be no liability under this Agreement in respect of:

(a)    any assumption of liability by way of participation in any mutual scheme
       designed specifically to cover Extra-Contractual Obligation; or

(b)    any Extra-Contractual Obligation arising from the fraud of a director,
       officer or employee of the Reinsured acting individually or collectively
       or in collusion with an individual or corporation or with any other
       organisation or party involved in the presentation, defense or settlement
       of any claim.

Any loss arising under this Agreement in respect of Claims Related
Extra-Contractual Obligations shall be deemed to be a loss arising from the same
event as that giving rise to the claim to which the Extra-Contractual Obligation
is related; but recovery hereunder is subject to the insurance and/or
reinsurance policy and/or contract which gives rise to the Extra-Contractual
Obligation falling within the scope of this Agreement.

OFFSET CLAUSE

Each party hereto shall have the right to offset any balance or balances,
whether on account of premium or on account of losses, due from one party to
another party under this Agreement, against any balance or balances due and
payable to one party from the other under this Agreement. However, in the event
of the insolvency of any party hereto, offset shall only be allowed in
accordance with applicable statutes and regulations.

UK JURISDICTION CLAUSE

This Agreement is governed by and is to be construed according to the Law of
England. All questions or disputes arising out of or in connection with this
Agreement, which cannot be decided by Mediation or Arbitration, shall be
referred to an English Court and litigated solely in London.

MEDIATION CLAUSE

In the event of any dispute or difference of opinion arising out of or relating
to this Agreement, including but not limited to the formation, interpretation,
validity, performance or breach of this Agreement, whether such dispute arises
before or after the

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expiration of this Agreement, the Reinsured and the Reinsurer agree that, prior
to requesting Arbitration, they will submit such dispute to non-binding
Mediation which will be held in London, England.

Mediation shall be initiated by the delivery of a written notice of a request
for Mediation by one party to the other. Each party shall submit a list of not
more than four potential mediators to the other party within thirty days of the
delivery of such written notice. The two Parties shall then agree on the
appointment of one Mediator from the combined lists. The Mediator shall be an
active or retired officer of an insurance or reinsurance company or an
Underwriter at Lloyd's, and shall be a disinterested third party to the
Mediation.

The Mediator will schedule an initial Mediation session within thirty days of
appointment and will be responsible for the formulation of an agenda to be
distributed to the parties involved in the Mediation not less than five days
before the Mediation commences.

Additionally, the Mediator will arrange the neutral site where the Mediation
will take place and advise the parties of the time the Mediation shall commence.

The Mediator will have no power of enforcement of any decision which may be
rendered nor will the Mediator have any right to the assessment of any damages,
including punitive damages, to either party participating in this Mediation.

If, in the opinion of the Mediator, the parties cannot resolve the dispute or
difference of opinion, the dispute shall then be submitted to binding
Arbitration in accordance with the Arbitration Clause. Each party shall bear the
expense of its own representatives and shall jointly and equally bear with the
other party the expenses of the Mediation.

ARBITRATION CLAUSE

For any dispute not resolved by mediation such dispute or other matter in
question between the Reinsured and the Reinsures arising out of or relating to
the formation, interpretation, performance, or breach of this Agreement, whether
such dispute arises before or after termination of this Agreement, shall be
settled by arbitration. Arbitration shall be initiated by the delivery of a
written notice of demand for arbitration by one party to the other within a
reasonable time after the dispute has arisen.

Each party shall appoint an individual as arbitrator and the two so appointed
shall then appoint a third arbitrator. If either party refuses or neglects to
appoint an arbitrator within sixty days, the other party may appoint the second
arbitrator. If the two arbitrators do not agree on a third arbitrator within
sixty days of their appointment, each one of the arbitrators shall nominate
three individuals. Each arbitrator shall then decline two of the nominations
presented by the other arbitrator. The third arbitrator shall then be chosen
from the remaining two nominations by drawing lots. The arbitrators shall be
active or retired officers of insurance or reinsurance companies or Lloyd's of
London Underwriters; the arbitrators shall be disinterested parties.

The arbitration hearings shall be held in London, England, or such place as may
be mutually agreed by the arbitrators. Each party shall submit its case to the
arbitrators

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within sixty days of the selection of the third arbitrator or within such longer
period as may be agreed by the arbitrators. The arbitrators shall interpret this
agreement as an honourable engagement and shall not be obliged to follow
judicial formalities or the rules of evidence except to the extent required by
English law; they shall make their decisions according to the custom and
practice of the reinsurance business. The decision, rendered by a majority of
the arbitrators, shall not include awards for Extra-Contractual Obligations and
shall be final and binding on both parties. Such decision shall be a condition
precedent to any right of legal action arising out of the arbitrated dispute
which either party may have against the other. Judgment upon the award rendered
may be entered in any court having jurisdiction thereof.

Each party shall pay the fee and expenses of its own arbitrator and one half of
the fee and expenses of the third arbitrator. In the event that two arbitrators
are chosen by one party, as above provided, the fees and expenses of the
arbitrators shall be equally divided between the two parties. All other expenses
of the arbitration shall be equally divided between the parties.

This arbitration agreement shall be construed as a separate and independent
contract between the parties hereto and arbitration hereunder shall be a
condition precedent to the commencement of any action at law.

WAR EXCLUSION CLAUSE 1978

Loss or Damage directly or indirectly occasioned by, or happening through or in
consequence of War, Invasion, Acts of Foreign Enemies, Hostilities (whether war
be declared or not), Civil War, Rebellion, Revolution, Insurrection, Military or
Usurped Power or Confiscation, or Nationalisation, or Requisition, or
Destruction of or Damage to property by, or under the order of, any government
or public or local authority, but this exclusion shall not apply to business
written in accordance with the Market War and Civil War Risks Exclusion
Agreement, nor to business outside the scope of this Agreement.

NUCLEAR EXCLUSION CLAUSES

Nuclear Energy Risks for those applicable classes of business and territories as
appropriate in accordance with the Market clauses set out below.

(a)    NUCLEAR INCIDENT EXCLUSION CLAUSE - LIABILITY - REINSURANCE - U.S.A. -
       NMA 1590 (including amended definition of 'Waste')

(b)    NUCLEAR INCIDENT EXCLUSION CLAUSE - PHYSICAL DAMAGE - REINSURANCE -
       U.S.A. - NMA 1119

(c)    NUCLEAR INCIDENT EXCLUSION CLAUSE - PHYSICAL DAMAGE AND LIABILITY (BOILER
       AND MACHINERY POLICIES) REINSURANCE - U.S.A. - NMA 1166

(d)    NUCLEAR INCIDENT EXCLUSION CLAUSE - LIABILITY - REINSURANCE - CANADA -
       NMA 1979

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(e)    NUCLEAR INCIDENT EXCLUSION CLAUSE - PHYSICAL DAMAGE - REINSURANCE -
       CANADA - NMA 1980

(f)    NUCLEAR INCIDENT EXCLUSION CLAUSE - PHYSICAL DAMAGE AND LIABILITY (BOILER
       AND MACHINERY POLICIES) REINSURANCE - CANADA - NMA 1251

(g)    NUCLEAR ENERGY RISKS EXCLUSION CLAUSE (REINSURANCE) (1994) - WORLDWIDE
       EXCLUDING U.S.A. AND CANADA -NMA 1975(A)

Notwithstanding the provisions of the exclusion clause as set out in paragraph
(g) above, it is understood and agreed that in respect of Japanese business
certain liabilities the type of which by market practice and custom have not
been declared to the Japanese Nuclear Pool shall not fall within the scope of
this exclusion.

TERRORISM EXCLUSION (PROPERTY TREATY REINSURANCE) NMA2930B

Notwithstanding any provision to the contrary within this reinsurance agreement
or any endorsement thereto, it is agreed that this reinsurance agreement
excludes loss, damage, cost, or expense directly or indirectly caused by,
contributed to by, resulting from, or arising out of or in connection with any
act of terrorism, as defined herein, regardless of any other cause or event
contributing concurrently or in any other sequence to the loss.

An act of terrorism includes any act, or preparation in respect of action, or
threat of action designed to influence the government de jure or de facto of any
nation or any political division thereof, or in pursuit of political, religious,
ideological, or similar purposes to intimidate the public or a section of the
public of any nation by any person or group(s) of persons whether acting alone
or on behalf of or in connection with any organisation(s) or government(s) de
jure or de facto, and which:

(i)    involves violence against one or more persons; or

(ii)   involves damage to property; or

(iii)  endangers life other than that of the person committing the action; or

(iv)   creates a risk to health or safety of the public or a section of the
       public; or

(v)    is designed to interfere with or to disrupt an electronic system.

This reinsurance agreement also excludes loss, damage, cost, or expense directly
or indirectly caused by, contributed to by, resulting from, or arising out of or
in connection with any action in controlling, preventing, suppressing,
retaliating against, or responding to any act of terrorism.

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Notwithstanding the above and subject otherwise to the terms, conditions, and
limitations of this reinsurance agreement in respect only of personal lines this
reinsurance agreement will pay actual loss or damage (but not related cost or
expense) caused by any act of terrorism provided such act is not directly or
indirectly caused by, contributed to by, resulting from, or arising out of or in
connection with biological, chemical, or nuclear pollution or contamination.

INFORMATION TECHNOLOGY HAZARDS (RISK) EXCLUSION CLAUSE - NMA2928

Losses arising, directly or indirectly, out of:

(i)    loss of, alteration of, or damage to

       or

(ii)   a reduction in the functionality, availability or operation of

a computer system, hardware, programme, software, data, information repository,
microchip, integrated circuit or similar device in computer equipment or
non-computer equipment, whether the property of the policyholder of the
reinsured or not, are excluded hereon unless arising out of one or more of the
following perils: fire, lightning, explosion, aircraft or vehicle impact,
falling objects, windstorm, hail, tornado, cyclone, hurricane, earthquake,
volcano, tsunami, flood, freeze or weight of snow.










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