Exhibit 10.2


 


AMENDMENT TO EMPLOYMENT
AGREEMENT


 


Amendment (“Amendment”), dated April 27, 2005,
to the Employment Agreement, dated as of October 23, 2001 (the “Agreement”),
among, Arch Capital Group Ltd., a Bermuda company (“Parent”), Arch Reinsurance
Ltd, a Bermuda company (“Arch Re”), and Dwight R. Evans (the “Executive”).  Capitalized terms used without definition
herein have the meanings given to them in the Agreement.


 


WHEREAS, the Executive has been appointed by the Board
of Parent to serve as the Chairman and Chief Executive Officer of Arch
Worldwide Reinsurance Group; and, in that connection, Executive has been issued
a work permit by the Bermuda government authorities;


 


NOW, THEREFORE, in
consideration of the premises and mutual covenants contained herein, the
parties have agreed to amend the Agreement as follows:


 


1.               Parent
hereby assumes all of Arch Re’s rights and obligations under the Agreement; all
references in the Agreement to the “Company” and “Companies” shall be to
Parent; and Arch Re is released from all of its obligations under the
Agreement.


 


2.               The
first sentence of Section 3.01 shall be amended and restated in its entirety as
follows:


 


“During the Employment Period, the Executive shall
serve as Chairman and Chief Executive Officer of Arch Worldwide Reinsurance
Group and shall have such responsibilities, powers and duties as may from time
to time be prescribed by the Board of Directors of the Company; provided that such responsibilities, powers and duties are
substantially consistent with those customarily assigned to individuals serving
in such position at comparable companies.”


 


3.               SECTION 4.04 shall be hereby amended and restated as
follows:


 


“SECTION 4.04.  Expenses.  The Company shall reimburse the
Executive for all reasonable expenses incurred by him in the course of
performing his duties under this Agreement which are consistent with the Company’s
policies in effect from time to time with respect to travel, entertainment and
other business expenses (“Reimbursable Expenses”), subject to the Company’s requirements with respect to reporting and
documentation of expenses.  In addition,
the Company will reimburse the Executive, on an after-tax basis, for his
reasonable expenses incurred in traveling between Bermuda and the United
States.”


 


4.               All other provisions of the Agreement shall remain in
full force and effect.  This amendment
shall be governed by and construed in accordance with the laws of Bermuda,
without giving effect to principles of conflict of laws, and may be executed in
two counterparts, each of which shall constitute one and the same instrument.


 





















 


IN WITNESS
WHEREOF, the parties hereto have executed this Amendment as of the date and
year first above written.


 


	
   

  	
  ARCH
  CAPITAL GROUP LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Constantine
  Iordanou

  
	
   

  	
  Printed
  Name:

  	
  Constantine Iordanou

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ARCH
  REINSURANCE LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marc
  Grandisson

  
	
   

  	
  Printed
  Name:

  	
  Marc Grandisson

  
	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Dwight
  R. Evans

  
	
   

  	
  Dwight
  R. Evans

  
						



 


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