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                                                                    EXHIBIT 10.2


                                Placement Slip


Reinsured:               LaSalle Re Limited
---------

Type:                    Quota Share Treaty
----

Cession:                 22.5%. This percentage shall be adjustable at any time 
-------                  during the period of this treaty, subject to agreement
                         between the Reinsurer and the Reinsured.

Period:                  Continuous from April 1, 1999, in respect of all
------                   written by the Reinsured in force at the effective date
                         or issued or renewed on or after that date, for subject
                         business as defined in the Business Covered section
                         below.

                         This treaty shall be subject to termination by either
                         party at any time after April 1, 2002, subject to 30
                         days prior notice of cancellation and to the terms of
                         the Special Cancellation provision contained herein.

Special Cancellation:    This treaty shall be subject to termination by the 
--------------------     Reinsured at any time, subject to 30 days prior notice,
                         in the event of the following:

                         . A reduction in the Reinsurer's Standard & Poor's
                           Claims Paying Ability Rating below that of the
                           Reinsured.

                         . A change of control on the part of the Reinsurer.

                         This treaty shall be subject to termination by the
                         Reinsurer at any time, subject to 30 days prior notice,
                         in the event of the following:

                         . A change of control on the part of the Reinsured. 
                           (see attached clause)

Business Covered:        Property Catastrophe business classified as Product 
----------------         Type (PT) 31,32,33,34 and 35 for cedants domiciled in 
                         the United States of America. (Product type 
                         description as attached).

Territory:               United States of America, including any and all
---------                territories and possessions and other geographic areas
                         considered to be incidental to the account's overall
                         exposure. The Reinsured is to be the sole judge of what
                         constitutes "incidental."

Premium:                 Original Net Premium, to be defined as original 
-------                  reinsurance premium less brokerage and U.S. Federal 
                         Excise Tax.

Coding Commission:       8% of Original Net Premium.
-----------------
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                                Placement Slip


Profit Commission:   Equal to 5% of ceded Original Net Premium when the
------------------   Reinsured's Loss Ratio for subject lines of business, as
                     defined below, is less than 45%.

                     For the purpose of this contract, "Loss Ratio" shall be
                     equal to the Reinsured's 100% net losses incurred dividend
                     by 100% net premiums earned for the subject lines of
                     business.

Portfolio:           Within 60 days after inception, the Reinsured shall remit
----------           to the Reinsurer the unearned premium reserve on business
                     ceded hereunder that was in force at the inception of this
                     treaty. The Reinsurer will allow a ceding commission on the
                     premium ceded at the rate provided herein. In consideration
                     of the premium so transferred, the Reinsurer will accept
                     liability for its share of losses that occur on or after
                     the effective date of this treaty.

Cash Loss:           At the Reinsured's discretion, subject to a minimum ceded 
----------           loss recoverable of $2,000,000.

Accounts:            Quarterly accounts for each of the Reinsured's fiscal 
--------             year's business ceded hereunder.

Exclusions:          1.  War risks
-----------          2.  Nuclear Incident Exclusion Clause - Physical Damage - 
                         Reinsurance (U.S.A and Canada)
                     3.  Nuclear Energy Risks Exclusion Clause
                     4.  Financial Guarantee and Insolvency
                     5.  Insolvency Funds
                     6.  Seepage and Pollution
                     7.  London Market Excess of Loss (LMX) business
                     
General
-------
Conditions:          Currency
-----------          Commutation
                     Credit and Deficit carry forward to be agreed
                     Tax
                     Loss and Loss Settlement
                     Funding
                     Arbitration
                     Service of Suit
                     Insolvency

                                       2

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                                Placement Slip


Wording:               To be agreed
--------

Authorization:         100    %
--------------         -------

Signature:             /s/ DOUGLAS R. BEHNKE
----------             -------------------------

Reinsurer:             Continental Casualty Co.
----------             -------------------------

Date:                  4-14-99
-----                  -------------------------

                                       3

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Product Type Code         Type
-----------------         ----

31                        Catastrophe Aggregate Excess of Loss

32                        Nationwide Catastrophe Excess of Loss

33                        Super Regional Catastrophe Excess of Loss

34                        Auto Physical Damage Catastrophe Excess of Loss

35                        Regional Catastrophe Excess of Loss

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Change in control provision:

(a)   The rights and obligations of the parties under this Agreement may not be 
assigned by them to any other person, and any purported assignment shall be null
and void, provided, however that either party may assign all of its rights and 
obligations under this Agreement to a property licensed and otherwise qualified 
(i) subsidiary (direct or indirect) of such party or (ii) entity under common 
control with such party, provided that such assignment does not in any way 
diminish or adversely affect the obligations of the assigning party under this 
Agreement.

(b)   A "Change of Control" shall constitute a prohibited assignment of this 
Agreement. A "Change of Control" means (i) a sale or issuance (or any 
combination thereof) to any person or group (as defined in regulations of the 
Securities and Exchange Commission, Rule 13d-5) of 30% or more of the voting 
interest in securities of LaSalle Re Holdings Limited or of the Reinsured 
(provided, however, that an issuance of additional shares of voting securities 
pro rata to persons holding common stock of LaSalle Re Holdings Limited as of 
the date of this Agreement shall not constitute a change of control); (ii) a
sale (whether by reinsurance agreement or other transfer or conveyance) of
substantially all of the business, renewal rights or assets of the Reinsured to
a person other than a permitted assignee under (a) above; or (iii) a merger,
reorganization or other business combination of LaSalle Re Holdings Limited or
the Reinsured (except with a permitted transferee under (a) above.