<PAGE>

                                                                   EXHIBIT 10.11

[LETTER HEAD OF LASALLE RE LIMITED]


                                                            April 27, 1999

Robert P. Cuthbert
126 Lloyd Road
Montclair, New Jersey 07042

Dear Bob:

     This letter agreement (the "Agreement") will confirm our understanding
regarding your cessation of employment from LaSalle Re Limited (the "Company")
by mutual agreement, as described in paragraph 3(f) of the Employment Contract,
as defined in paragraph 17 of this Agreement, between you and the Company.

1.   Termination Date.  Except as otherwise provided in paragraph 4, the
     effective date of your cessation of employment with the Company and
     separation from all positions with the Company and its Affiliates (as
     defined in paragraph 12) is May 1, 1999, the "Termination Date" for
     purposes of this Agreement.

2.   Payments and Benefits.  You shall be entitled to compensation and other
     payments and benefits in accordance with Exhibit 1, which is attached to,
     and forms a part of this Agreement.

3.   No Mitigation or Offset.  Except as otherwise provided in this Agreement,
     you have no obligation to seek or accept employment (or otherwise seek or
     accept offers to provide your services to any person or entity), and any
     compensation earned by or provided to you from any person or entity other
     than the Company for the performance of such employment or other services
     (regardless of whether such compensation is provided to you in cash or in
     any other form) shall not reduce or otherwise affect the amount due to you
     from the Company in accordance with this Agreement.

4.   Assistance with Claims.  You agree that, for the period beginning on your
     Termination Date, and continuing for a reasonable time thereafter (but for
     a period of not less than 24 months after your Termination Date), you will
     assist the Company and its Affiliates in the defense of any claims that may
     be made against the Company and its Affiliates, and will assist the Company
     and its Affiliates in the prosecution of any claims that may be made by the
     Company or any Affiliate, to the extent that such claims may relate to
     services performed by you for the Company or its Affiliates. The Company
     will consult
<PAGE>

Robert P. Cuthbert
April 27, 1999
Page 2


     with you, and make reasonable efforts to schedule such assistance so as not
     to materially disrupt your business and personal affairs. You agree, unless
     precluded by law, to promptly inform the Company if you are asked to
     participate (or otherwise become involved) in any lawsuits involving such
     claims that may be filed against the Company or any Affiliate. You also
     agree, unless precluded by law, to promptly inform the Company if you are
     asked to assist in any investigation (whether governmental or private) of
     the Company or any Affiliate (or their actions) that may relate to services
     performed by you for the Company or any Affiliate, regardless of whether a
     lawsuit has then been filed against the Company or any Affiliate with
     respect to such investigation. The Company agrees to reimburse you for all
     of your reasonable out-of-pocket expenses associated with such assistance,
     including travel expenses. The determination of the reasonableness of such
     compensation shall take into account information provided to the Company by
     you or otherwise known to the Company, which may include, without
     limitation, (a) your rate of compensation at the time you ceased employment
     with the Company, and whether your are then receiving other compensation
     payments from the Company; (b) your rate of compensation at the time of
     such cooperation; (c) the amount of time required of you for such
     cooperation; (d) difficulty of the issues as to which the cooperation is
     required; (e) the amount of inconvenience to you resulting from such
     cooperation (including consideration of factors such as the amount of
     travel required of you, the effect on your other commitments, and the
     amount of advance notice provided to you); and (f) whether such cooperation
     would be legally required in the absence of the requirements of this
     paragraph 4.

5.   Confidential Information.  Except as may be required by the lawful order of
     a court or agency of competent jurisdiction, or except to the extent that
     you have express authorization from the Company, you agree to keep secret
     and confidential indefinitely all non-public information (including,
     without limitation, information regarding litigation and pending
     litigation) concerning the Company or any of its Affiliates which was
     acquired by or disclosed to you (a) during your negotiations regarding
     employment or during the course of your consultation with the Company or
     any Affiliate prior to your employment with the Company, (b) during the
     course of your employment with the Company or your holding a position as an
     officer of any Affiliate, or (c) during the course of your consultation
     with the Company or any Affiliate following your termination of employment
     (regardless of whether consultation is pursuant to paragraph 4), and not to
     disclose the same, either directly or indirectly, to any other person,
     firm, or business entity, or to use it in any way. To the extent that you
     obtain information on behalf of the Company or any of the Affiliates that
     may be subject to attorney-client privilege as to the Company's or any
     Affiliate's attorneys, you shall take reasonable steps to maintain the
     confidentiality of such information and to preserve such privilege.
<PAGE>

Robert P. Cuthbert
April 27, 1999
Page 3

     Nothing in the foregoing provisions of this paragraph 5 shall be construed
     so as to prevent you from using, in connection with your employment for
     yourself, whether or not in partnership with others, or for an employer
     other than the Company or any of the Affiliates, knowledge which was
     acquired by you during the course of your employment with the Company or
     your being an officer of any Affiliate, and which is generally known to
     persons of your experience in other companies in the same industry.

6.   Non-Disclosure.

     a.        You acknowledge that the benefits provided by the Company under
               this Agreement are not generally available to other employees of
               the Company, and you agree that, except as may be required by the
               lawful order of a court or agency of competent jurisdiction, you
               will keep the terms of this Agreement secret and confidential
               indefinitely. Notwithstanding the foregoing provisions of this
               paragraph 6, you may disclose the contents of this Agreement to
               your attorneys, accountants and financial advisors, your
               immediate family, any prospective employer in connection with its
               decision to hire you, and any prospective lender in connection
               with its decision to make a loan to you, provided that you take
               steps that are reasonably calculated to assure that such persons
               do not further disclose the terms of this Agreement. Nothing in
               this Agreement shall preclude you from fully discussing with any
               prospective employer, in connection with its decision to hire
               you, the conditions and reasons surrounding your separation from
               the Company. The provisions of this paragraph (a) shall be waived
               if the Company publicly discloses the contents of this Agreement
               in accordance with paragraph (b) next below.

     b.        The Company agrees that it will keep the terms of this Agreement
               secret and confidential indefinitely, except to the extent that
               the Company determines that disclosure is required by reason of
               applicable securities laws or other legal requirements, and
               except as otherwise provided in this Agreement.

     c.        You agree that, prior to the commencement of any new employment
               in the insurance industry, you will furnish the prospective new
               employer with a copy of the provisions of this Agreement relating
               to competition, confidentiality, and solicitation. You also agree
               that the Company may advise any new employer or prospective new
               employer of the provisions of this Agreement relating to
               competition, confidentiality, and solicitation

<PAGE>

Robert P. Cuthbert
April 27, 1999
Page 4

               and furnish the new employer or prospective new employer with a
               copy of such provisions.

7.   Disparagement.

     a.        You agree that for the period beginning on your Termination Date
               and ending on the twelve-month anniversary of your Termination
               Date, you will not make any statement or disclosure that
               disparages the Company or its Affiliates and is intended or
               reasonably likely to result in material harm to the Company or
               its Affiliates; provided that the provisions of this paragraph
               (a): (i) shall not apply to testimony as a witness, compliance
               with other legal obligations, your assertion of or defense
               against any claim of breach of this Agreement (including the
               Exhibits thereto and the referenced plans and arrangements), or
               your statements or disclosures to officers or directors of the
               Company or its Affiliates, and (ii) shall not require you to make
               false statements or disclosures.

     b.        The Company agrees that for the period beginning on your
               Termination Date and ending on the twelve-month anniversary of
               your Termination Date, neither the Company nor any Affiliate will
               make any statement or disclosure that disparages you and is
               intended or reasonably likely to result in material harm to you;
               provided that the provisions of this paragraph (b): (i) shall not
               apply to testimony as a witness, compliance with other legal
               obligations, assertion of or defense against any claim of breach
               of this Agreement (including the Exhibits thereto and the
               referenced plans and arrangements), or statements or disclosures
               to you, and (ii) shall not require false statements or
               disclosures to be made.

8.   Transition.

     a.        Your cessation of employment from the Company and your cessation
               as an officer of LaSalle Re Holdings Limited shall be announced
               by a statement substantially in the form of Exhibit 2 of this
               Agreement. You and the Company will cooperate with each other in
               any statements about your cessation of employment with the
               Company and about your cessation as an officer of LaSalle Re
               Holdings Limited so as not to depart materially from the
               statement described in this paragraph (a); provided, however,
               that in addition to the information in the statement, both you
               and the Company
<PAGE>

Robert P. Cuthbert
April 27, 1999
Page 5

               or any Affiliate may refer generally to differences between you
               and the Company in management style and approach to business
               operations.

     b.        You are required to execute the resignation letters set forth in
               Exhibits 3A and 3B of this Agreement.

     c.        As soon as practicable after this Agreement has been fully
               executed, you agree to remove your personal effects from your
               office at the Company (or the Company will remove such personal
               effects and ship them to you in accordance with paragraph 1-4 of
               Exhibit 1 of this Agreement), to vacate such office, to return to
               the Company any keys, credit cards, passes, confidential
               documents or material, or other property belonging to the Company
               or any of the Affiliates, and to return all writings, files,
               records, correspondence, notebooks, notes and other documents and
               things (including any copies thereof) containing any trade
               secrets relating to the Company or any of the Affiliates.

9.   Indemnification.

     a.        If you incur liability by reason of actions taken by you on
               behalf of the Company while you were employed by the Company, or
               by reason of actions taken by you as required under paragraph 4
               of this Agreement, you shall be eligible for indemnification from
               the Company to the same extent as other current or former
               directors or officers of the Company.

     b.        You shall be entitled to coverage under the directors and
               officers liability insurance coverage maintained by the Company
               or its Affiliates (as in effect from time to time) to the same
               extent as other current or former officers and directors of the
               Company; provided, however, that nothing in this paragraph 9
               shall be construed to require the Company or any Affiliate to
               continue to maintain any such directors and officers liability
               insurance coverage.

     c.        To the extent that expenses (including attorneys' fees) incurred
               by you in defending any civil, criminal, administrative or
               investigative action, suit or proceeding may be subject to
               indemnification by the Company and such expenses are not paid
               currently by insurance, the Company shall pay all such expenses
               (including attorneys' fees) in advance of the final disposition
               of such action, suit or proceeding upon receipt of an
<PAGE>

Robert P. Cuthbert
April 27, 1999
Page 6

               undertaking by you to repay such amount if it shall ultimately be
               determined that you are not entitled to be indemnified by the
               Company and not entitled to insurance coverage for such expenses.

10.  Non-Alienation.  Your interests under this Agreement are not subject
     to the claims of your creditors, and may not otherwise be voluntarily
     or involuntarily assigned, alienated or encumbered. Your obligations
     under this Agreement may not be assigned.

11.  Amendment.  This Agreement may be amended or canceled only by mutual
     agreement of the parties in writing without the consent of any other
     person. So long as you live, no person, other than the parties hereto,
     shall have any rights under or interest in this Agreement or the subject
     matter hereof.

12.  Successors and Affiliates.  This Agreement shall be binding on, and inure
     to the benefit of, the Company and its successors and assigns and any
     person acquiring, whether by merger, consolidation, purchase of assets or
     otherwise, all or substantially all of the Company's assets and business.
     For purposes of this Agreement, the term "Affiliate" means (a) any
     corporation, partnership, joint venture or other entity which, as of your
     Termination Date, owns, directly or indirectly, at least fifty percent of
     the voting power of all classes of stock of the Company (or any successor
     to the Company) entitled to vote; and (b) any corporation, partnership,
     joint venture or other entity in which, as of your Termination Date, at
     least a fifty percent voting or profits interest is owned, directly or
     indirectly, by the Company, by any entity that is a successor to the
     Company, or by any entity that is an Affiliate by reason of clause (a) next
     above. For purposes of paragraph 4 (relating to assistance with claims),
     paragraph 5 (relating to confidential information), paragraph 6 (relating
     to protective covenants), paragraph 7 (relating to disparagement), the
     Employee Release, and the Company Release, the term "Affiliate" shall also
     include any entity that would have been an "Affiliate" by reason of the
     preceding sentence (including any successor to the assets or business of
     any such Affiliate) at any time during the period of the your employment by
     the Company (and shall include any predecessor to any entity described in
     clause (a) or (b)).

13.  Effect of Breach.  You acknowledge that the Company would be irreparably
     injured by your violation of paragraph 5, 6, or 7, and you agree that the
     Company and its Affiliates, in addition to any other remedies available to
     it for such breach or threatened breach, shall be entitled to a preliminary
     injunction, temporary restraining order, or other equivalent relief, as may
     be permitted or applicable in the given circumstances, restraining you from
     any actual or threatened breach of paragraph 5, 6, or 7. The Company
     acknowledges that you would be irreparably injured by its violation of
<PAGE>

Robert P. Cuthbert
April 27, 1999
Page 7

     paragraph 6 or 7, and the Company agrees that you, in addition to any other
     remedies available to you for such breach or threatened breach, shall be
     entitled to a preliminary injunction, temporary restraining order, or other
     equivalent relief, as may be permitted or applicable in the given
     circumstances, restraining the Company and its Affiliates from any actual
     or threatened breach of paragraph 6 or 7.

14.  Waiver of Breach.  The waiver by either you or the Company (or the
     Affiliates) of a breach of any provision of this Agreement shall not
     operate as or be deemed a waiver of any subsequent breach by either you or
     the Company. Continuation of benefits hereunder by the Company following a
     breach by you of any provision of this Agreement shall not preclude the
     Company from thereafter exercising any right that it may otherwise
     independently have to terminate said benefits based upon the same
     violation.

15.  Severability.  The invalidity or unenforceability of any provision of this
     Agreement will not affect the validity or enforceability of any other
     provision of this Agreement, and this Agreement will be construed as if
     such invalid or unenforceable provision were omitted (but only to the
     extent that such provision cannot be appropriately reformed or modified).

16.  General Release and Waiver. As part of this Agreement, and in consideration
     of the release provided to the Company as set forth in Exhibit 5 of this
     Agreement, the Company shall enter into the General Release and Waiver as
     set forth in Exhibit 4 of this Agreement, which is attached to and forms
     part of this Agreement (the "Company Release"). As part of this Agreement,
     and in consideration of the payments provided to you in accordance with
     this Agreement, and in consideration of the release provided to you as set
     forth in Exhibit 4 of this Agreement, you are required to execute the
     General Release and Waiver, in the form set forth as Exhibit 5 of this
     Agreement, which is attached to and forms a part of this Agreement (the
     "Employee Release").

17.  Other Agreements.  Except as otherwise specifically provided in this
     Agreement, this instrument constitutes the entire agreement between you and
     the Company and supersedes all prior agreements and understandings, written
     or oral, including, without limitation, the employment contract between you
     and the Company which was effective April 1, 1999 (referred to in this
     Agreement as the "Employment Contract") and any other employment agreements
     that may have been made by and between you and the Company or its
     predecessors or Affiliates. As of your Termination Date, all rights, duties
     and obligations of both you and the Company pursuant to the Employment
     Contract shall terminate.
<PAGE>

Robert P. Cuthbert
April 27, 1999
Page 8

18.  Notices.  Notices and all other communications provided for in this
     Agreement shall be in writing and shall be delivered personally or sent by
     registered or certified mail, return receipt requested, postage prepaid, or
     sent by facsimile or prepaid overnight courier to the parties at the
     addresses set forth below (or such other addresses as shall be specified by
     the parties by like notice). Such notices, demands, claims and other
     communications shall be deemed given:

     (a)  in the case of delivery by overnight service with guaranteed next day
          delivery, the next day or the day designated for delivery;

     (b)  in the case of certified, registered or similar mail delivery, five
          days after deposit in the local mail; or

     (c)  in the case of facsimile, the date upon which the transmitting party
          received confirmation of receipt by facsimile, telephone or otherwise;

     provided, however, that in no event shall any such communications be deemed
     to be given later than the date they are actually received.  Communications
     that are to be delivered by the mail or by overnight service are to be
     delivered to the addresses set forth below:

     to the Company:

          LaSalle Re Limited
          25 Church Street
          Hamilton HMFX, Bermuda

     or to you:

          Robert P. Cuthbert
          126 Lloyd Road
          Montclair, New Jersey 07042

     All notices to the Company shall be directed to the attention of the chief
     executive officer of the Company, with a copy to the Secretary of the
     Company.  Each party, by written notice furnished to the other party, may
     modify the applicable delivery address, except that notice of change of
     address shall be effective only upon receipt.
<PAGE>

Robert P. Cuthbert
April 27, 1999
Page 9

19.  Governing Law.  The provisions of this Agreement shall be construed in
     accordance with the laws of Bermuda, without regard to the conflict of law
     provisions of any jurisdiction.

20.  Arbitration of All Disputes.  In the event of any dispute, controversy or
     claim arising out of or in relation to this Agreement, or the breach,
     termination or invalidity thereof, the parties hereto agree to proceed to
     arbitration. The number of arbitrators shall be three (3), to be appointed
     in the absence of the parties agreement by the Appointment Committee of the
     Chartered Institute of Arbitrators Bermuda Branch. The procedure to be
     followed shall be that as laid down in the Arbitration Act of 1986. The
     place of arbitration shall be Bermuda and the language of the arbitration
     shall be English. The decision and award of the arbitral tribunal is final
     and binding on the parties. For the avoidance of doubt, the parties agree
     that judgment may be entered and any award made by the Tribunal in any
     Federal Court in the United States (or any other jurisdiction where a party
     to this agreement is located). In accordance with section 13 of the
     Employment Contract, as defined in section 17 of this Agreement, the
     Employment Contract is hereby amended by mutual agreement of the parties,
     by deleting the language in section 19 of the Employment Contract and
     replacing it, effective as of the original effective date of the Employment
     Contract, with terms identical to the immediately foregoing provisions of
     this section 20 of this Agreement.

21.  Exhibits, Other Documents.  Except as otherwise expressly provided in this
     Agreement, or except where the context clearly requires otherwise, all
     references in this Agreement to "the Agreement" or "this Agreement" shall
     be deemed to include references to each of the Exhibits to this Agreement.
     To the extent that the terms of this Agreement (including the Exhibits to
     this Agreement) provide that your rights or obligations set forth in this
     Agreement (including the Exhibits to this Agreement) are to be determined
     under, or are to be subject to, the terms of any other plan or other
     document, this Agreement (including the Exhibits to this Agreement) shall
     be deemed to incorporate by reference such plan or other document.

22.  Counterparts.  This Agreement may be executed in more than one counterpart,
     but all of which together will constitute one and the same agreement.
<PAGE>

Robert P. Cuthbert
April 27, 1999
Page 10

     If you agree to the terms of this Agreement, please indicate your agreement
by signing and returning a copy of this letter to the undersigned, along with a
signed copies of Exhibits 3A and 3B (Letters of Resignation), and a signed and
notarized copy of Exhibit 5 (Employee Release).

                                    Very truly yours,

                                    LASALLE RE LIMITED

                                    By:  /s/ Victor H. Blake
                                         -------------------------------
                                    Its: Chairman, President and CEO
                                         -------------------------------


Accepted and agreed to this
28th day of April, 1999.

 /s/ Robert P. Cuthbert
--------------------------------
Robert P. Cuthbert
<PAGE>

                                 Exhibit 1
                                 ---------

                           COMPENSATION AND BENEFITS
                           -------------------------


      This Exhibit 1 describes your right to compensation, benefits and other
payments and distributions from the Company under the Agreement.

      1-1.  Prior Amounts.  The Company shall pay you the amount of all earned
and previously unpaid salary for the period ending on your Termination Date.

      1-2.  Bonus Payment. You shall be entitled to receive $100,000,
representing payment of the bonus described in and otherwise payable under
paragraph 2(b) of your Employment Contract, of which $50,000 shall be paid as
soon as practicable following the date of execution of this Agreement; and of
which the remaining $50,000 shall be paid on September 30, 1999, or as soon as
practicable thereafter; provided, however, that payment of such remaining
$50,000 shall be made only if you have complied with all terms of this
Agreement, as determined by the Company.

      1-3.  Salary Continuation.  Subject to the provisions of this Agreement,
for the period beginning on your Termination Date, you shall be entitled to
"Salary Continuation Payments" in accordance with the following:

(a)   Subject to paragraph 1-3(b), for each calendar month (A) beginning with
      the month of May, 1999, and (B) ending with the earlier of the month of
      April, 2000 or the calendar month in which the Payment Termination Date
      (as defined in paragraph 1-10) occurs, you will receive a Salary
      Continuation Payment of $ 25,000.

(b)   You will not receive a Salary Continuation Payment for any period after
      the occurrence of a Payment Termination Date.  The loss of your right to
      payments under this paragraph 1-3 shall be in addition to, and not in lieu
      of, any other remedies to which the Company may be entitled by reason of a
      breach of this Agreement.

(c)   Salary Continuation Payment due under this paragraph 1-3 for any month
      will be paid to you in arrears, provided that no Salary Continuation
      Payment shall be due under this paragraph 1-3 prior to the Initial Payment
      Date.

      1-4.  Expense Reimbursement.  Upon written approval by the Chief Executive
Officer of the Company, for the period beginning on January 25, 1999 and ending
April 15, 1999, the Company will reimburse you for reasonable expenses in the
amount of $7,406.95, and for additional reasonable expenses, if any, for
shipping your personal effects from Bermuda to your home in New Jersey in the
United States, which expenses you have documented or which you will document in
such form as required by the Company to report business expenses.
<PAGE>

      1-5.   Leasing Expense Payment.  You will provide timely notice to the
lessor of the house you leased in Bermuda of your intent to terminate the lease
effective May 1, 1999, and the Company will cooperate with you in enabling you
to provide the notice to the lessor in accordance with the terms of such lease.
To the extent continued rental payment is required by the terms of the lease for
the period following May 1, 1999, the Company shall pay the monthly rent of
$14,000 for the months of May, June and July, 1999; but in no event shall the
Company be obligated to pay more than $42,000 for such continued payment of
rent.

      1-6.   Car Payment Reimbursement.  Upon your transfer to the Company's
designee of the title to the automobile that you have purchased in Bermuda, the
Company will reimburse you for the $4,950.00 which you paid out of your own
funds for such automobile.

      1-7.   Other Benefits.  For the period beginning on your Termination Date,
and ending on the earlier of the three-month anniversary of your Termination
Date or the Payment Termination Date, you and your eligible dependents may
continue to participate in the Company's medical and dental plans in which you
participated on the date before your Termination Date; provided, however, that
participation in the medical and dental plans is subject to your payment of the
applicable employee portion of the monthly premium cost, if any.

      1-8.   Withholding.  All amounts otherwise payable under the Agreement
shall be subject to customary withholding and other employment taxes, if any, if
required under United States tax law.

      1-9.   Initial Payment Date.  For purposes of this Agreement, the "Initial
Payment Date" shall be the first business day following the date of execution of
this Agreement, including your execution of Exhibit 3A and Exhibit 3B (Letters
of Resignation) and Exhibit 5 (Employee Release) of this Agreement.  All
payments to be made by the Company to the Employee shall be made by wire
transfer to the account designated by the Employee, unless the Employee provided
written direction to the Company to make payment directly to the Employee.

      1-10.  Payment Termination Date.  The Payment Termination Date shall be
the earliest to occur of: (a) the twelve-month anniversary of your Termination
Date or (b) the date, if any, of any breach by you of the provisions of
paragraph 5, 6, or 7.

      1-11.  Other Payments. Except as specified in this Exhibit 1, or otherwise
expressly provided in or pursuant to the Agreement, you shall be entitled to no
compensation, benefits or other payments or distributions, and references in the
Employee Release to the release of claims against the Company shall be deemed to
also include reference to the release of claims against all compensation and
benefit plans and arrangements established or maintained by the Company and its
Affiliates.

      1-12.  Dollar Amounts.  As used in this Agreement, "dollars" or numbers
preceded by the symbol "$" shall mean amounts in United States Dollars.

<PAGE>

                                   Exhibit 2
                                   ---------

                                 PRESS RELEASE
                                 -------------


LaSalle Re Holdings Limited announced today that it has reopened its search for
a Chief Financial Officer.  Robert P. Cuthbert will leave to pursue other
interests, effective May 1, 1999.

A committee of the Company's Board of Directors will serve as a search committee
to identify a successor.

LaSalle Re Holdings Limited, through its operating company LaSalle Re Limited,
writes specialist classes of reinsurance on a worldwide basis, including
property catastrophe reinsurance.
<PAGE>

                                 Exhibit 3A
                                 ----------

                             LETTER OF RESIGNATION
                             ---------------------

Board of Directors
LaSalle Re Limited

Dear Sirs:

      Effective May 1, 1999, I hereby resign from employment with LaSalle Re
Limited.


                                                     Very truly yours,

                                                     /s/ Robert P. Cuthbert

                                                     Robert P. Cuthbert
<PAGE>

                                 Exhibit 3B
                                 ----------

                             LETTER OF RESIGNATION
                             ---------------------

Board of Directors
LaSalle Re Holdings Limited

Dear Sirs:

      Effective May 1, 1999, I hereby resign from all positions held with
LaSalle Re Holdings Limited.


                                                  Very truly yours,

                                                  /s/ Robert P. Cuthbert

                                                  Robert P. Cuthbert
<PAGE>

                                   Exhibit 4
                                   ---------

                                COMPANY RELEASE
                                ---------------

                          GENERAL RELEASE AND WAIVER
                          --------------------------

      1.  This document is attached to, is incorporated into, and forms a part
of, an agreement (the "Agreement") by and between LaSalle Re Limited (the
"Company") and Robert P. Cuthbert (the "Employee").

      2.  Except for a claim based upon a breach of the Agreement, the Company,
for and on behalf of itself and the other Company Releasors, releases and
forever discharges to the fullest extent permitted under applicable law, and in
particular to that extent permitted by Section 98 of the Companies Act of 1981,
the Employee and the other Employee Releasees from any and all Claims, which the
Company may now have or claim, or might hereafter have or claim, against the
Employee (or against the other Employee Releasees, to the extent that it is
derived from a Claim against the Employee) based upon or arising out of any
matter or thing whatsoever, occurring or arising on or before the date of this
General Release and Waiver, to the extent that the Claim arises out of or
relates to the Employee's employment by the Company and its Affiliates, the
Employee's position as an officer of the Company or any of its Affiliates,
and/or the Employee's termination or resignation therefrom, and shall include,
without limitation, Claims arising out of or related to the Employment Contract.

      For purposes of this General Release and Waiver, the terms set forth below
shall have the following meanings:

      (a)     The term "Agreement" shall include the Agreement and the Exhibits
              thereto, and including the plans and arrangements under which the
              Employee is entitled to benefits in accordance with the Agreement
              and the Exhibits.

      (b)     The term "Claims" shall include any and all rights, claims,
              demands, debts, dues, sums of money, accounts, attorneys' fees,
              complaints, judgments, executions, actions and causes of action of
              any nature whatsoever, cognizable at law or equity.

      (c)     The term "Company Releasors" shall include the Company and its
              Affiliates (as defined in the Agreement), and their officers,
              directors, trustees, members, representatives, agents, employees,
              shareholders, partners, attorneys, and insurers, and their
              predecessors and successors.

      (d)     The term "Employee Releasees" shall include the Employee and his
              heirs, representatives, agents, and insurers.
<PAGE>

In witness whereof LaSalle Re Limited has executed this deed on the 30 April
1999

The Common Seal of           )
LaSalle Re Limited           )                [Common Seal affixed here]
was hereunto affixed in the  )
presence of:                 )



 /s/ Victor H. Blake
---------------------------------
Director



 /s/ Lisa J. Marshall
---------------------------------
Secretary

<PAGE>

                                   Exhibit 5
                                   ---------

                               EMPLOYEE RELEASE
                               ----------------

                          GENERAL RELEASE AND WAIVER
                          --------------------------

      1.  This document is attached to, is incorporated into, and forms a part
of, an agreement (the "Agreement") by and between LaSalle Re Limited (the
"Company") and Robert P. Cuthbert (the "Employee").  Except for a claim based
upon a breach of the Agreement, the Employee, on behalf of himself and the other
Employee Releasors, releases and forever waives and discharges the Company and
the other Company Releasees from any and all Claims which the Employee (or the
other Employee Releasors may have, to the extent that it is derived from a Claim
which the Employee may have) now has or claims, or might hereafter have or
claim, against the Company Releasees based upon or arising out of any matter or
thing whatsoever, occurring or arising on or before the date of this General
Release and Waiver, to the extent that the Claim arises out of or relates to the
Employee's employment by the Company and its Affiliates, the Employee's position
as an officer of the Company or any of its Affiliates, and/or the Employee's
termination or resignation therefrom, and shall include, without limitation,
Claims arising out of or related to the Employment Contract, and Claims arising
under any law dealing with employment discrimination.

      For purposes of this General Release and Waiver, the terms set forth below
shall have the following meanings:

(a)   The term "Agreement" shall include the Agreement and the Exhibits thereto,
      and including the plans and arrangements under which the Employee is
      entitled to benefits in accordance with the Agreement and the Exhibits.

(b)   The term "Claims" shall include any and all rights, claims, demands,
      debts, dues, sums of money, accounts, attorneys' fees, complaints,
      judgments, executions, actions and causes of action of any nature
      whatsoever, cognizable at law or equity of any applicable jurisdictions.

(c)   The term "Company Releasees" shall include the Company and its Affiliates
      (as defined in the Agreement), and their officers, directors, trustees,
      members, representatives, agents, employees, shareholders, partners,
      attorneys, and insurers, and their predecessors and successors.

(d)   The term "Employee Releasors" shall include the Employee, and his heirs,
      representatives, agents, and insurers.

      2.  The following provisions are applicable to and made a part of the
Agreement and this General Release and Waiver:
<PAGE>

(a)   In exchange for this General Release and Waiver, the Employee hereby
      acknowledges that he has received separate consideration beyond that to
      which he is otherwise entitled under the Company's policy or applicable
      law.

(b)   The Company hereby expressly advises the Employee to consult with an
      attorney of his choosing prior to executing the Agreement or this General
      Release and Waiver.  The Employee acknowledges that, prior to executing
      this Agreement and this General Release and Waiver, he has been given a
      reasonable time to review it, to consult with counsel of his choice, and
      to negotiate at arm's-length with the Company as to the contents.

(c)   The Employee hereby acknowledges that he has carefully read and
      understands the terms of the Agreement and this General Release and Waiver
      and each of his rights as set forth therein.

      Signed, sealed and delivered by Robert P. Cuthbert this 28th day of April,
      1999.

                                        /s/ Robert P. Cuthbert
                                       -------------------------------
                                        Robert P. Cuthbert



State of New Jersey
         -------------------
County of  Essex
           -----------------

Subscribed Before Me This
28th Day of April, 1999.

   /s/ Phillis Roberson
 ---------------------------
             Notary Public