<PAGE>


                                                                   EXHIBIT 10.23

                                  PUT AGREEMENT

This Agreement (the "Agreement") is made by and between United States Fire
Insurance Company ("USF"), ORC Re Limited ("ORC") and Fairfax Financial Holdings
Limited ("Fairfax") and is made as of June 28, 2002.

         WHEREAS ORC Re has transferred to USF limited partnership interests in
Rutland Fund A and Unison Capital Partners LP (the "Partnerships").

         WHEREAS USF maybe required to make additional contributions to the
Partnerships in accordance with their respective agreements ("Additional
Contributions").

         WHEREAS ORC is a wholly-owned subsidiary and accordingly its operations
inure to the benefit of Fairfax.

         NOW, THEREFORE, the parties to this Agreement agree as follows:

                                    ARTICLE I

                                    PUT RIGHT

Within 10 business days of written notice from USF to ORC that USF wishes to
sell its interest in a Partnership to ORC, ORC shall purchase USF's interest in
that Partnership. The purchase price shall be paid in cash and shall be equal
to:

         i)       the initial purchase price paid by USF to ORC for the interest
                  in that Partnership; plus

         ii)      the aggregate of Additional Contributions made by USF to that
                  Partnership; less

         iii)     any distributions received by USF from that Partnership.

                                   ARTICLE II

                                    GUARANTEE

Fairfax hereby guarantees the obligations of ORC hereunder.

                                   ARTICLE III

                                     GENERAL

3.1      Notices. All notices that are required or that my be given pursuant to
         the terms of this Agreement shall be in writing and shall be sufficient
         in all respects if given in writing and delivered personally or by
         registered certified mail, return receipt requested, postage prepaid as
         follows:

<PAGE>

         If to USF:
         United States Fire Insurance Company
         305 Madison Avenue
         Morristown NJ 07960
         U.S.A.

         If to ORC:
         ORC Re Limited
         4th Floor
         12-13 Exchange Place
         ISFC
         Dublin 1 IRELAND

         If to Fairfax:
         Fairfax Financial Holdings Limited
         95 Wellington Street West
         Suite 800
         Toronto ON  M5J 2N7

3.2      Assignment of Agreement. This Agreement shall be binding on and inure
         to the benefit of the parties to this Agreement and their respective
         successors and permitted assigns. This Agreement may not be assigned by
         any other party without the written consent of all parties and any
         attempt to make an assignment without the consent is void.

3.3      Governing Law. This Agreement shall be construed and governed by the
         laws of the state of New York.


3.4      Amendments; Waiver. This Agreement may be amended only in writing by
         the mutual consent of all of the parties, evidenced by all necessary
         and proper corporate authority. No waiver of any provision of this
         Agreement shall arise from any action or inaction of any party, except
         an instrument in writing expressly waiving the provision executed by
         the party entitled to the benefit of the provision.

3.5      Entire Agreement. This Agreement, together with any documents and
         exhibits given or delivered pursuant to this Agreement, constitutes the
         entire agreement between the parties hereto as to the sale and purchase
         of the Orcasia Shares. No party shall be bound by any communications
         between them on the subject matter of this Agreement unless the
         communication is (a) in writing, (b) bears a date contemporaneous with
         or subsequent to the date of this Agreement, and (c) is agreed to by
         all parties to this Agreement. On execution of this Agreement, all
         prior agreement or understandings between the parties shall be null and
         void.


                                       2
<PAGE>


         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as of the day and year first above written.

UNITED STATES FIRE INSURANCE COMPANY


By:             /s/ DENNIS J. HAMMER
                -----------------------

Name Printed:   Dennis J. Hammer
                -----------------------

Title:          Senior Vice President
                -----------------------


ORC RE LIMITED


By:             /s/  RONALD SCHOKKING
                -----------------------

Name Printed:   Ronald Schokking
                -----------------------

Title:          Chairman
                -----------------------


FAIRFAX FINANCIAL HOLDINGS LIMITED


By:             /s/ BRADLEY P. MARTIN
                -----------------------

Name Printed:   Bradley P. Martin
                -----------------------

Title:          Vice President
                -----------------------


                                       3