Document:

EXHIBIT 10.2

                        ADMINISTRATIVE SERVICE AGREEMENT

Odyssey America Reinsurance Corporation, a reinsurance company organized under
the laws of the State of Connecticut in the United States of America and having
established a branch in Singapore ("Odyssey America"), and Compagnie
Transcontinentale de Reassurance, a reinsurance company organized under the laws
of France and also having established a branch in Singapore ("CTR"), enter into
this administrative service agreement (this "Agreement") effective July 1, 2000
("Effective Date").

PREAMBLE:

Odyssey America is a property/casualty reinsurer whose branch in Singapore (the
"Singapore Branch") has been established to facilitate the transaction of
reinsurance business in Singapore and elsewhere outside the United States.

CTR is a property/casualty reinsurer whose branch office in Singapore (the "CTR
Singapore") has engaged in the transaction of reinsurance business in Singapore
and elsewhere outside of France and which branch office has put its reinsurance
business into run-off.

CTR desires to engage Odyssey America, as an affiliated company, through the
Singapore branch of each, to provide certain administrative and support services
(the "services") to CTR Singapore and desires further to enable CTR Singapore to
make use in its day-to-day operations of certain property, equipment and
facilities (collectively, the "facilities") of Odyssey America that may be
required to perform the services in order to facilitate the operation of CTR
Singapore including, without limitation, the orderly run-off of the business of
CTR transacted through CTR Singapore.

IN CONSIDERATION OF THE FOREGOING, IT IS AGREED AND DECIDED AS FOLLOWS:

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ARTICLE 1 - SUBJECT OF THE AGREEMENT

Odyssey America herewith agrees to provide to CTR Singapore any administrative
and support services that CTR requests including, but not limited to,
accounting, tax and auditing, data processing and technical support, purchasing,
billing, personnel and general corporate and administrative support and such
other services as may be appropriate to assure for CTR the orderly run-off of
the business it transacted through CTR Singapore. This Agreement is not an
agreement, contract or treaty of reinsurance between Odyssey America and CTR and
is solely an administrative service agreement.

ARTICLE 2 - OWNERSHIP OF RECORDS

All business records, reports, studies, documents, financial statements and
other information generated pursuant to or relating to the operation of CTR
through CTR Singapore are the property of CTR.

ARTICLE 3 - REMUNERATION

3.1      The parties agree that remuneration due to the Odyssey America for
         services and facilities provided hereunder will be as follows:

         (a)  Odyssey America shall submit invoices to CTR on a quarterly basis,
              setting forth the costs and expenses it has incurred during the
              previous quarter in providing services to CTR Singapore pursuant
              to this Agreement, plus a service fee equal to ten per cent (10%)
              of the allocable cost of such services.

         (b)  CTR shall pay any invoices issued by Odyssey America promptly.

         (c)  All applicable tax will be added to invoices issued to CTR by
              Odyssey America.

         (d)  Upon termination of this Agreement, Odyssey America shall issue
              CTR a final invoice no later than sixty (60) days after the date
              of termination. CTR shall pay such final invoice promptly.
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ARTICLE 4 - DURATION

4.1      The term of this Agreement shall be twelve (12) months from the
         Effective Date; provided, however, that CTR may terminate this
         Agreement at any time upon fifteen (15) days prior written notice to
         Odyssey America. Unless otherwise terminated as provided herein, this
         Agreement shall automatically renew upon the anniversary of the
         Effective Date.

4.2      Odyssey America may terminate this Agreement at any time during any
         automatic extension period upon three (3) months' prior written notice
         to CTR.

ARTICLE 5 - AMENDMENTS

This Agreement may be amended only by written agreement signed by the parties.

ARTICLE 6 - ENTIRE AGREEMENT

This Agreement, together with such amendments as may from time to time be
executed in writing by the parties, constitutes the entire agreement and
understanding between the parties in respect of the transactions contemplated
hereby.

ARTICLE 7 - GOVERNING LAW AND JURISDICTION

This Agreement shall be governed by and construed in accordance with French law.
The parties hereby agree that the Courts of Paris alone shall have jurisdiction
over any suit between the parties arising under this Agreement, notwithstanding
the provisions contained in article 48 of
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the New Civil Procedure Code.

         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed in duplicate by their respective officers, duly authorized to do so.

Odyssey America Reinsurance Corporation

  /s/  Michael G. Wacek
-----------------------------------
Name:  Michael G. Wacek
Title: President

Signed at:
On:
In ______ originals in English and ______ originals in French.

Compagnie Transcontinentale de Reassurance

  /s/  Roland W. Jackson
-----------------------------------
Name:  Roland W. Jackson
Title: President

Signed at: 300 First Samford Place, Stamford, Connecticut 06902

On: August 24, 2000
In 2 originals in English and ______ originals in French.EXHIBIT 10.3

                              AFFILIATE GUARANTEE

                  THIS GUARANTEE (the "Guarantee") is made as of July 14, 2000,
by ODYSSEY AMERICA REINSURANCE CORPORATION ("Guarantor") for the benefit of
COMPAGNIE TRANSCONTINENTALE DE REASSURANCE ("CTR"), an affiliate corporation of
the Guarantor.

                  WHEREAS, CTR's operations inure to the benefit of Guarantor;
and

                  WHEREAS, CTR is the beneficiary of a parental guarantee
agreement, effective January 1, 1998, between CTR and its indirect parent
corporation, Odyssey Re Group Ltd. (the "Parental Guarantee"); and

                  WHEREAS, CTR is the beneficiary of a stop-loss agreement with
CTR's former parent, GAN International (the "GAN Stop-Loss"); and

                  WHEREAS, Guarantor wishes to enhance CTR's position in the
reinsurance marketplace by guaranteeing the performance by CTR of all
reinsurance agreements entered into by CTR that for any reason are not subject
to the guarantees and indemnifications provided by either the Parental Guarantee
or the GAN Stop-Loss, as hereinafter provided;

                  NOW THEREFORE, in consideration of the mutual terms,
conditions and other agreements set forth herein, Guarantor and CTR agree as
follows:

                                    ARTICLE I

                                    GUARANTEE

                  Guarantor hereby unconditionally guarantees the performance by
CTR of all of CTR's liabilities under policies, contracts, binders and
lineslips, and all renewals or extensions of any of the same, in all cases
incepting prior to, on or as of any date during the term of

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this Guarantee, of insurance or reinsurance entered into by CTR as either an
insurer, reinsurer or retrocessionaire (the "Subject Contracts") in the event of
insolvency, as more fully set out in Article V hereof; provided however, that
such Subject Contracts are not also subject to the guarantees and
indemnifications provided by either the Parental Guarantee or the GAN Stop-Loss
or, in the event such Subject Contracts are subject to such guarantees and
indemnifications, the provider of the Parental Guarantee or the GAN Stop-Loss,
as the case may be, has defaulted on its obligations thereunder with respect to
the Subject Contracts; and provided also, that the Guarantor is not itself a
party to such Subject Contracts.

                                   ARTICLE II

                BENEFITS OF GUARANTEE AND CONTINUANCE IN EFFECT

                  This Guarantee is given to CTR on behalf of, and shall be
treated and enforced as though the same were expressly given directly to and in
the name of, all parties to the Subject Contracts besides CTR and the Guarantor,
and shall continue in effect indefinitely (including, for greater certainty,
after 2000) with respect to all of the Subject Contracts.

                                   ARTICLE III

                                TERM; TERMINATION

                  This Guarantee shall remain in force until terminated by the
Guarantor upon written notice to CTR not less than three (3) months prior to
December 31 in any year. Notwithstanding the termination of this Guarantee
pursuant to the provisions of this Article III, any such termination will in no
way affect the validity or enforceability of the Guarantee with respect to any
or all Subject Contracts incepting or renewed prior to the effective date of
such termination.

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<PAGE>

                                   ARTICLE IV

                              OBLIGATIONS HEREUNDER

                  Except as provided herein, the obligations of Guarantor
hereunder are unconditional and may not be revoked by Guarantor for any reason
whatsoever. Guarantor further agrees that, except as provided herein, the
Guarantee is and shall be an open and continuing guaranty and all obligations to
which it applies or may apply shall continue in full force and effect,
notwithstanding any modifications of or additions to any of the Subject
Contracts or any other action which would otherwise relieve or release a
guarantor, with or without notice to Guarantor; provided further that nothing in
this Guarantee shall be construed to prevent the extinguishment of the
Guarantee, as regards any Subject Contract, at such time as such Subject
Contract has been fully satisfied either in accordance with the terms thereof or
as mutually agreed upon by the parties thereto.

                                    ARTICLE V

                                 ENFORCEABILITY

                  A. Subject to Article I hereof, this Guarantee may be directly
enforced by any insured or reinsured of CTR that is an insured or reinsured
under any of the Subject Contracts; provided however, that with respect to any
particular Subject Contract, this Guarantee may be enforced only after a showing
that CTR has been declared insolvent and placed in liquidation by a court of
competent jurisdiction and has failed to pay any loss payable under such Subject
Contract within the time therein agreed upon, and further provided, that
Guarantor shall not be required to make duplicate insurance or reinsurance
payments as a result of this Guarantee.

                  B. Guarantor's obligations under this Guarantee, and the
enforceability of this Guarantee by any insured or reinsured under the Subject
Contracts, are subject to the same defenses, counterclaims and any and all
procedural and substantive contractual or non-contractual rights which CTR may
possess, or to which the party seeking

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<PAGE>

enforcement or for whose benefit enforcement is being sought, is obligated,
regarding the underlying amounts in dispute or the Subject Contracts at issue;
provided, however, that no such defense available to CTR based upon its
insolvency, disability or lack of corporate power shall affect, impair or be a
defense to this Guarantee.

                                   ARTICLE VI

                          EFFECT OF PAYMENTS HEREUNDER

                  Upon the making of any payment under this Guarantee with
respect to the Subject Contracts, Guarantor shall succeed to all such rights of
CTR as may exist under such Subject Contracts, to the same extent as if CTR had
directly made such payment, including, without limitation, the right to recoup
any and all monies owed but not paid with respect to such Subject Contracts
pursuant to the terms of the Parental Guarantee or the GAN Stop-Loss because of
the default thereunder by the providers thereof, without need for taking any
further action which would not be required of CTR in the same circumstances.

                                   ARTICLE VII

                             LIMITATION OF LIABILITY

                  Notwithstanding anything to the contrary contained herein, the
liability of Guarantor under this Guarantee shall in all cases be entirely
derivative of such liability assumed by CTR under the Subject Contracts and
shall in no case be greater than such liability.

                                  ARTICLE VIII

                                  GOVERNING LAW

                  The provisions of this Guarantee shall be subject to the laws
of the State of Connecticut.

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<PAGE>

                                   ARTICLE IX

                             TIME IS OF THE ESSENCE

                  With respect to all notice provisions and limitations for the
filing of reinsurance claims and requests for the payment of other reinsurance
recoverables, time is of the essence.

                  IN WITNESS WHEREOF, the Guarantor has executed, delivered and
entered into this Guarantee as of the date first above written.

ODYSSEY AMERICA REINSURANCE CORPORATION

By: /s/ Michael G. Wacek
    ---------------------
Name:   Michael G. Wacek
Title:  President

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