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Exhibit 10.2
 
  
 ARTICLE
1.  BUSINESS COVERED
  ARTICLE 2.  COMMENCEMENT AND TERMINATION
 st st
  ARTICLE
3.  EXCLUSIONS
  1.
    
    Nuclear Energy Risks Exclusion Clause (Reinsurance) (Worldwide Excluding U.S.A.
& Canada) (Japanese Amendment)2.
    
    Pools, Associations, and Syndicates.3.
    
    War Risk Exclusion Clause.4.
    
    Insolvency Funds Exclusion Clause.5.
    
    Losses emanating from the Quota Share Retrocession Agreement by and between
Platinum Underwriters Bermuda, Ltd. and Platinum Re (UK) Limited.
 
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ARTICLE 4.  TERRITORY
  ARTICLE
5.  INURING REINSURANCE
  ARTICLE
6.  - LIMIT AND RETENTION
  ARTICLE
7.  - REINSTATEMENT
  ARTICLE
8.  - PREMIUM
  ARTICLE
9.  - ULTIMATE NET LOSS
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ARTICLE
10.  - EXTRA CONTRACTUAL OBLIGATIONS
    ARTICLE
11.  - EXCESS OF ORIGINAL POLICY LIMITS
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ARTICLE 12.  - NET RETAINED LINES
   ARTICLE 13.  - NOTICE OF LOSS AND LOSS SETTLEMENTS
   ARTICLE 14.  - ARBITRATION
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ARTICLE 15.  - CURRENCY
  ARTICLE 16.  - ACCESS TO RECORDS
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ARTICLE 17.  - INSOLVENCY
    ARTICLE 18.  - OFFSET
  ARTICLE 19.  - ERRORS AND OMISSIONS
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ARTICLE
20.  - MISCELLANEOUS PROVISIONS
 Severability
 Successors and Assigns
 Execution in Counterparts
 Headings
 Amendments; Entire Agreement
 Negotiated Agreement
  Platinum Re (UK) LimitedBy:
    
    /s/ Les WatersName: Les WatersTitle: Underwriting ManagerPlatinum Underwriters Bermuda, Ltd.By:
    
    /s/ Francois BertrandName: Francois BertrandTitle: Senior Vice President
 
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NUCLEAR ENERGY RISKS EXCLUSION CLAUSE (REINSURANCE) (1994)
(WORLDWIDE EXCLUDING U.S.A. AND CANADA)
(INCLUDES JAPANESE AMENDMENT)
  all first party and/or third
party insurances or reinsurances (other than Workers Compensation and Employers Liability) in
respect of:
 (I)
    
    All Property on the site of a nuclear power station. Nuclear Reactors, reactor
buildings and plant and equipment therein on any site other than a nuclear power station.(II)
    
    All Property, on any site (including but not limited to the sites referred to in (I)
above) used or having been used for:(a)
    
    the generation of nuclear energy; or(b)
    
    the Production, Use or Storage of Nuclear Material.(III)
    
    Any other Property eligible for insurance by the relevant local Nuclear Insurance Pool
and/or Association but only to the extent of the requirements of that local Pool and/or
Association.(IV)
    
    The supply of goods and services to any of the sites, described in (I) to (III) above,
unless such insurances or reinsurances shall exclude the perils of irradiation and
contamination by Nuclear Material.
  (i)
    
    Any insurance or reinsurance in respect of the construction or erection or installation
or replacement or repair or maintenance or decommissioning of Property as described in (I)
to (III) above (including contractors plant and equipment);(ii)
    
    Any Machinery Breakdown or other Engineering insurance or reinsurance not coming within
the scope of (i) above;
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(1)
    
    The provision of any insurance or reinsurance whatsoever in respect of:
 (a)
    
    Nuclear Material;(b)
    
    Any Property in the High Radioactivity Zone or Area of any Nuclear Installation
as from the introduction of Nuclear Material or  for reactor installations  as from
fuel loading or first criticality where so agreed with the relevant local Nuclear
Insurance Pool and/or Association.
 (2)
    
    The provision of any insurance or reinsurance for the undernoted perils:
 
    
    Fire, lightning, explosion;
    
    Earthquake;
    
    Aircraft and other aerial devices or articles dropped therefrom;
    
    Irradiation and radioactive contamination;
    
    Any other peril insured by the relevant local Nuclear Insurance Pool and/or
Association;
 in respect of any other Property not specified in (1) above which directly involves the
Production, Use or Storage of Nuclear Material as from the introduction of Nuclear
Material into such Property.
 Definitions
  (i)
    
    Nuclear fuel, other than natural uranium and depleted uranium, capable of producing
energy by a self-sustaining chain process of nuclear fission outside a Nuclear Reactor,
either alone or in combination with some other material; and(ii)
    
    Radioactive Products or Waste.
   (i)
    
    Any Nuclear Reactor;(ii)
    
    Any factory using nuclear fuel for the production of Nuclear Material, or any factory
for the processing of Nuclear Material, including any factory for the reprocessing of
irradiated nuclear fuel; and
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(iii)
    
    Any facility where Nuclear Material is stored, other than storage incidental to the
carriage of such material.
     (i)
    
    For nuclear power stations and Nuclear Reactors, the vessel or structure which
immediately contains the core (including its supports and shrouding) and all the contents
thereof, the fuel elements, the control rods and the irradiated fuel store; and(ii)
    
    For non-reactor Nuclear Installations, any area where the level of radioactivity
requires the provision of a biological shield.
  
 WAR AND CIVIL WAR EXCLUSION CLAUSE
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INSOLVENCY FUNDS EXCLUSION CLAUSE
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