Document:

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                                                                   EXHIBIT 10.12

             Bayerische Hypo- und Vereinsbank AG, New York Branch

COLLATERALIZED   LETTER  OF  CREDIT   FACILITY:   SUMMARY  OF  TERMS  -  MAX  RE
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SUMMARY:
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Bayerische Hypo- und Vereinsbank AG, New York Branch ("HVB") is considering a
senior secured letter of credit facility designed to serve Bermuda-domiciled
reinsurers. The facility will be supported by collateral which will be subject
to specific eligibility, haircut, MTM, diversification and custodian
requirements. Standby letters of credit issued under the Facility will support
reinsurance liabilities of the Applicant. Each such letter of credit will have a
maximum initial term of one year, be renewable annually, and be clean,
unconditional and irrevocable.

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GENERAL TERMS
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General Description:                 A senior secured letter of credit  facility
                                     (the "Facility").
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Purpose:                             Standby  letters of credit issued under the
                                     Facility will support reinsurance liability
                                     of  the  Applicant.  Each  such  letter  of
                                     credit will have a maximum  initial term of
                                     one year,  be  renewable  annually,  and be
                                     clean, unconditional and irrevocable.  Each
                                     letter of credit shall be in the form,  and
                                     contain  such  terms,  as may  be  required
                                     under the applicable  rule and  regulations
                                     for  the  beneficiary   thereof  to  obtain
                                     financial statement credit.
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 Applicant:                          Max Re Ltd., ("Max Re" or the "Applicant"),
                                     a    Bermuda-domiciled     insurance    and
                                     reinsurance     company    which    is    a
                                     wholly-controlled   subsidiary  of  Max  Re
                                     Capital  Ltd.  ("Max  Re  Capital"  or  the
                                     "Guarantor"),  a Bermuda  holding  company.
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Applicant   Guarantor:               Max   Re   Capital
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Beneficiaries:                       Counterparties   with  whom  the  Applicant
                                     enters  into  insurance  and   re-insurance
                                     arrangements.
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Administrative  Agent/               HVB   (also   defined   as  the   "Agent").
Letter of Credit  Issuer:
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Sole Lead  Arranger/Book  Runner:    HVB  (also  defined  as  the   "Arranger").
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Commitment:                          HVB will  provide  Letters of Credit with a
                                     face  amount  up  to  $100,000,000  in  the
                                   aggregate.
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Lenders:                             Also, under terms mutually agreeable to HVB
                                     and the  Applicant,  HVB will  arrange  for
                                     additional   commitments   to  expand   the
                                     Facility   from   financial    institutions
                                     acceptable to HVB and the  Applicant  (such
                                     institutions,     together     with    HVB,
                                     collectively the "Lenders").
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Expansion  Option:                   Subject to  additional  Lender  commitments
                                     begin   obtained,   the   Facility  may  be
                                     expanded   at  any  time   prior  to  Final
                                     Maturity to an amount  agreed upon  between
                                     the parties.
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              Bayerische Hypo- und Vereinsbank AG, New York Branch

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Optional Facility Reduction:         The  Applicant may  irrevocably  cancel the
                                     unutilized  portion of any commitment under
                                     the  Facility  in  whole  or in part at any
                                     time.
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Closing:                             The    execution   of    definitive    loan
                                     documentation,  to occur  on or  after  the
                                     establishment  and funding of Grand Central
                                     Re Limited (the "Grand  Central  Closing").
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Final  Maturity:                     Final  maturity of the Facility will be 364
                                     days from the ate date of Closing.  Letters
                                     of credit may be issued  under the Facility
                                     until Final Maturity.
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LETTER OF CREDIT TERMS
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Letter  of  Credit  Form:            Each  letter of credit  will be  fronted by
                                     HVB, and each Lender will be severally (but
                                     not jointly) obligated to fund its pro rata
                                     portion of any draw  under  such  letter of
                                     credit.  Draw  requests  under a letter  of
                                     credit  shall be  presented  to the  Agent,
                                     which  will  remit  drawn  amounts  to  the
                                     related letter of credit beneficiary.  Each
                                     letter of credit to be  governed  by ISP or
                                     UCP 500.
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Fronting  Fee:                       To  be  determined  by  HVB
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Commitment Fee:                      A per  annum  fee of  0.15%  of the  unused
                                     portion of the Facility,  payable quarterly
                                     in arrears.
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Letter  of  Credit                   A per  annum  fee of 0.40%  of the  average
Commission:                          amount of  letters  of  credit  outstanding
                                     that are secured by Non Alternative
                                     Investments and a per annum fee of 0.90% of
                                     the average amount letters of credit
                                     outstanding that are secured by Alternative
                                     Investments, payable quarterly in arrears.
                                     Fee to be pro-rated for letters of credit
                                     outstanding that are secured by both Non
                                     Alternative Investments and Alternative
                                     Investments.
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Letter of Credit                     Upon any draw  under any  letter of credit,
Borrowing Rate:                      the Applicant will immediately reimburse in
                                     full HVB on behalf of the Lenders.

                                     In the event that HVB is not immediately
                                     reimbursed in full, the reimbursement
                                     obligation will bear interest from the date
                                     of such draw until the date of payment at a
                                     rate per annum equal to the Alternate Base
                                     Rate (as defined below) plus 2.00%.

                                     The Alternate Base Rate is the higher of
                                     (i) USD one-month LIBOR calculated on an
                                     actual/360 day count basis, and (ii) the
                                     Federal Funds rate plus 0.50% calculated on
                                     the basis of actual days in a 365/366 day
                                     year
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Calculation of Interest and Fees:    All interest, commissions and fees shall be
                                     calculated  on  an  actual/360   day  count
                                     basis, except where the Alternate Base Rate
                                     is based on Federal Funds
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Payments Net of Withholding:         All  payments,  whether by the Applicant or
                                     by the Guarantor,  of or on account of fees
                                     and  interest  to be  net  of  and  without
                                     deduction  for any  withholding  or similar
                                     taxes.
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              Bayerische Hypo- und Vereinsbank AG, New York Branch

COLLATERAL TERMS:
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Collateral:                          The facility will be secured by a first
                                     priority, perfected security interest in
                                     certain of the Applicant's investment
                                     securities and funds in favor of HVB for
                                     the benefit of the Lenders, which meet all
                                     the requirements for Eligible Investments.

                                     The aggregate face amount of letters of
                                     credit to be issued under the Facility
                                     shall never exceed the Borrowing Base.
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Eligible Investments:                Eligible  Investments  shall consist of Non
                                     Alternative   Investments  and  Alternative
                                     Investments  subject to the  conditions and
                                     limitations  and  the  minimum  eligibility
                                     requirements   set  forth   below  in  this
                                     section.  HVB  reserves  the right to waive
                                     certain    requirements    at   its    sole
                                     discretion.

                                     General  Eligibility.  Eligible Investments
                                     --------------------
                                      must:

                                     o    Be capable  of being  marked-to-market
                                          (Fair  Market Value or Net Asset Value
                                          ("NAV"),  as  applicable)  on a  daily
                                          basis for Non Alternative Investments,
                                          on a  monthly  basis  for  Alternative
                                          Investments   (other  than  the  Moore
                                          Japan  Restructuring  Fund)  and  on a
                                          quarterly  basis for the  Moore  Japan
                                          Restructuring    Fund,    which    for
                                          Alternative    Investments   must   be
                                          supported   by   annual    unqualified
                                          audited   financial   statements  from
                                          accounting  firms  acceptable  to  the
                                          Lenders.

                                     o    Be capable of being pledged or
                                          otherwise transferred to HVB such that
                                          HVB can have a perfected security
                                          interest in the investment

                                     o    Be held by a custodian acceptable to
                                          HVB.

                                     Diversification  Requirements Additionally,
                                     -----------------------------
                                     Eligible Investments will be subject to
                                     diversification requirements to be mutually
                                     agreed upon, including but not limited to
                                     the following:

                                     Single  Issuer-Issue-Fund Limit. Initially,
                                     -------------------------------
                                     the Eligible Investments shall not be
                                     concentrated in any one issuer, any one
                                     issue, or any one fund (except that there
                                     shall be no limitation on US Treasury
                                     Securities, U.S. Agency securities or
                                     securities directly guaranteed by the U.S.
                                     Government, other than structured notes of
                                     a government-backed U.S. Agency), in a
                                     percentage greater than 5% of the
                                     collateral pool making up the Borrowing
                                     Base for the Facility.
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              Bayerische Hypo- und Vereinsbank AG, New York Branch

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                                     Weighted Average Requirement.  The weighted
                                     ----------------------------
                                     average credit quality rating of Non
                                     Alternative Eligible Investments must be
                                     maintained at or above a minimum of AA-/Aa3
                                     according to Moody's and S&P with the lower
                                     rating applicable.
                                     Alternative Investment Aggregate Limit. The
                                     --------------------------------------
                                     Alternative Investment Amount (as defined
                                     below) shall at no time exceed 50% of the
                                     Borrowing Base.

                                     Alternative  Investment  Strategies  Limit.
                                     ------------------------------------------
                                     The Alternative Investments will be subject
                                     to concentration requirements according to
                                     investment strategies. The eligible
                                     investments strategies may include:

                                     o        Commodity Trading Advisers
                                     o        Macro
                                     o        Directional Equity
                                     o        Short
                                     o        High      Yield,      Convertible,
                                              Distressed Securities
                                     o        Market    Neutral,     Statistical
                                              Arbitrage
                                     o        Fixed   Income   Arbitrage,    MBS
                                              Arbitrage
                                     o        Index Arbitrage
                                     o        Merger Arbitrage, Regulation D

                                     Not single eligible investment strategy may
                                     account for in excess of 33% of the
                                     aggregate Alternative Investment Amount of
                                     all Alternative Investments.
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Non Alternative Investments:         Non Alternative Investments may include the
                                     following asset classes:

                                     o    Cash and cash equivalents (including
                                          time deposits and repurchase
                                          agreements, money market funds, and
                                          short term asset management accounts)
                                     o    Commercial paper of one year or less
                                          maturity and rated at least A-1/P-1 by
                                          Moody's and S&P (with the lower rating
                                          applicable).
                                     o    U.S. Government and Agency securities
                                     o    Mortgage    backed    securities   and
                                          collateralized   mortgage  obligations
                                          and rated Baa3/BBB- or better.
                                     o    Asset Backed Securities rated both
                                          Baa3/BBB- or better (or the
                                          equivalent), including securitizations
                                          of auto loans, credit card
                                          receivables, manufactured housing,
                                          home equity loans and commercial real
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              Bayerische Hypo- und Vereinsbank AG, New York Branch

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                                          estate.  Asset backed  securities  all
                                          must be S&P and Moody's with the lower
                                          rating applicable).
                                     o    Publicly traded U.S. securities issued
                                          by  Industrial  Companies,  Utilities,
                                          Banks,  and other-non  Bank  Financial
                                          Companies and rated at least Baa3/BBB-
                                          or better (or the equivalent).  Public
                                          securities   must  be  rated  by  both
                                          Moody's and S&P, with the lower rating
                                          applicable.
                                     o    Other AA/Aa or better rated G-7
                                          securities.
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Alternative  Investments:            Alternative  Investments  may include Funds
                                     ("Hedge Funds") that are neither registered
                                     under the  Investment  Company  Act of 1940
                                     (the    "Act")    nor    traded    on    an
                                     internationally   recognized  exchange,  or
                                     whose  leverage,  defined  as the ration of
                                     total  debt  to  net  assets,  exceeds  the
                                     maximum of 33% specified in the Act.

                                     Alternative Investments shall include
                                     investments owned by Applicant, provided
                                     that the Lenders reserve the rights to
                                     restrict or limit such additional
                                     Alternative Investments based on reasonable
                                     consideration. Specifically, the Moore
                                     Japan Restructuring Fund may qualify as a
                                     permitted Alternative Investment in a
                                     concentration up to 5% of the utilized
                                     portion of the Alternative Investment
                                     Amount.
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Borrowing  Base:                     On any date,  an amount equal to the sum of
                                     the non Alternative  Investment  Amount and
                                     the   Alternative   Investment   Amount  as
                                     defined below:

                                     (1)   The Non Alternative Investment
                                           Amount, defined as the sum of the
                                           Fair Market Value or NAV, as
                                           applicable, or each such investment
                                           times the applicable Advance Rate (as
                                           set forth in the Appendix with a
                                           maximum advance rate of 98% per
                                           Investment), provided that, if there
                                           is no applicable Advance Rate, the
                                           Advance Rate is zero.

                                     (2)   The Alternative Investment Amount,
                                           defined as the sum of the Fair Market
                                           Value or NAV, applicable, or each
                                           such investment times the applicable
                                           advance rate as set forth below based
                                           on a fund's maximum period between
                                           liquidation notice and expected
                                           redemption, provided that (a) the
                                           applicable advance rate for the Moore
                                           Japan Restructuring Fund shall be 50%
                                           of the current NAV, and (b) the
                                           excess of (i) the Fair Market Value
                                           or NAV, as applicable, of any single
                                           investment or eligible investment
                                           strategy to which the single
                                           investment is allocable over (ii) any
                                           Diversification Requirement
                                           applicable to such investment shall
                                           be deemed to be zero:

                                     Days to Redemption                 % of NAV

                                     0 - 60 days                        61.0%

                                     61- 120 days                       56.0%

                                     Over 120 days                      00.0%
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              Bayerische Hypo- und Vereinsbank AG, New York Branch

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Collateral Maintenance:              (a)   The  Applicant  is  required  at  all
                                           times to maintain  collateral  levels
                                           such that on any day the face  amount
                                           of  letters  of  credit   outstanding
                                           under the  facility  does not  exceed
                                           the  Borrowing   Base  by  an  amount
                                           greater    than    the    Applicant's
                                           Threshold   Amount.   The   Threshold
                                           Amount shall be zero.

                                     (b)   In the event that the face  amount of
                                           letters of credit  outstanding  shall
                                           at any time exceed the Borrowing base
                                           by more than $500,000,  the Applicant
                                           shall,  within one Business Day, post
                                           sufficient     additional    Eligible
                                           investments  as collateral  such that
                                           the  Borrowing  Base shall exceed the
                                           face  amount  of  letters  of  credit
                                           outstanding.
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ADDITIONAL TERMS
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Conditions Precedent                 Standard conditions  precedent,  including,
To Closing:                          without limitation, the following:

                                     o    No material adverse change in the
                                          facts presented to the Lenders with
                                          respect to management, the financial
                                          condition, business operations or
                                          prospects of the Applicant, as
                                          determined in the reasonable opinion
                                          of the Lenders,
                                     o    Receipt  of final  approvals  from HVB
                                          internal  credit and risk  controlling
                                          departments,
                                     o    Grand Central Closing and signing of
                                          the Max Re Insurance Management
                                          Agreement for Grand Central Re Limited
                                          shall have occurred.
                                     o    Completion      of       documentation
                                          (including, without limitation, master
                                          letter of credit  agreement,  security
                                          agreement,  account control agreement,
                                          financing    statements,     corporate
                                          resolutions,  incumbency certificates,
                                          compliance  certificates,   attorneys'
                                          opinions and filing  searches,  all as
                                          applicable)  satisfactory  to HVB  and
                                          its counsel.
                                     o    All necessary governmental,  creditor,
                                          shareholder  and third party approvals
                                          in  connection  with the  transactions
                                          contemplated  herein  shall  have been
                                          obtained  and shall  remain in effect,
                                          and  all  applicable  waiting  periods
                                          shall  have  expired  without,  in all
                                          such cases,  any action being taken by
                                          any    competent     authority    that
                                          restrains,      prevents,      imposes
                                          materially adverse conditions upon the
                                          consummation of such transactions.
                                     o    Delivery by Applicant of Federal
                                          Reserve Form FR U-1 (margin regulation
                                          form relating to non-purpose credit).
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Conditions Precedent                      Standard conditions precedent,
to Lending                                including, without limitation, the
                                          following:
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              Bayerische Hypo- und Vereinsbank AG, New York Branch

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                                     o    No Event of Default or event that,
                                          with notice or lapse of time, or both,
                                          could become an Event of Default, and
                                     o    All representations and warranties
                                          shall be repeated and be true and
                                          correct in all material respects as of
                                          the date of issuance of each letter of
                                          credit under the Facility.
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Representations &                    All representations and warranties shall be
Warranties:                          true and correct in all material  respects,
                                     and shall include such representations and
                                     warranties as are customarily found in
                                     letter of credit agreements for similar
                                     transactions and such additional
                                     representations and warranties as are
                                     appropriate under the circumstances as
                                     requested by the Lenders.
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Events of Default:                   Standard events of default for facilities
                                     of this nature and others deemed
                                     appropriate for this specific transaction
                                     to be agreed to by the Applicant and HVB,
                                     including, without limitation:

                                     o    Withdraw or downgrading of the
                                          Applicant's current credit ratings
                                          below BBB or equivalent by all
                                          applicable rating agencies;
                                     o    Nonpayment  of  principal,   interest,
                                          fees or  commissions;
                                     o    Violations of covenants;
                                     o    Material inaccuracy of representations
                                          and warranties;
                                     o    Bankruptcy and other insolvency events
                                          of the  Applicant;
                                     o    Failure  by  the   Applicant  to  post
                                          additional collateral;
                                     o    Cross default to payment and covenant
                                          defaults under any other indebtedness
                                          of the Applicant with a principal
                                          amount of $10 million or more;
                                     o    Final judgment(s) which in an
                                          aggregate exceed $10 million.
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Cure  Period:                        There  will  be  no  Cure   Period  for  an
                                     unreimbursed  draw payment default,  breach
                                     of  net  worth  covenant,   breach  of  any
                                     negative covenant,  Event of Default rating
                                     withdraw or downgrade,  bankruptcy or cross
                                     default.  Cure  Period  will be 3 New  York
                                     Business Days for collateral calls,  breach
                                     of rating  downgrade  covenant  and payment
                                     default other than an reimbursed draw. Cure
                                     Period  will  be  30   calendar   days  for
                                     breaches    of    other    Covenants    and
                                     Representation  or Warranty,  to the extent
                                     curable.
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Remedies:                            Upon an Event of Default, standard remedies
                                     for  secured   facilities  of  this  nature
                                     including, without limitation:

                                     o    Commitment to issue further letters of
                                          credit terminates;
                                     o    Outstanding  letters of credit may, at
                                          the  option  of  the  Lenders,  not be
                                          renewed;
                                     o    Lenders  may demand  that  Alternative
                                          Investments   be  replaced   with  Non
                                          Alternative Investments;
                                     o    Lenders may immediately liquidate and
                                          convert to cash any non-cash
                                          collateral including, without
                                          limitation, the delivery of redemption
                                          notices for any Alternative
                                          Investments.
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              Bayerische Hypo- und Vereinsbank AG, New York Branch

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Covenants/Other Terms                The documentation will include covenants
                                     customarily found in letter of credit
                                     agreements for similar transactions,
                                     including, but not limited to:

                                     Minimum US GAAP consolidated net worth of
                                     Max Re of not less than USD 400 million.

                                     Maintain credit ratings at or above
                                     A-rating, by one of the Best, Fitch,
                                     Moody's and S&P credit rating agencies;

                                     Other affirmative covenants including,
                                     without limitation, reporting requirements
                                     (including without limitation (1) quarterly
                                     unaudited and annual audited financial
                                     statements, and (2) reports to HVB or its
                                     designee on Fair Market Value and NAV, as
                                     applicable, of Eligible Investments on a
                                     monthly basis (and at such other times as
                                     reasonably requested by HVB)) and
                                     compliance with applicable laws, payment of
                                     all applicable taxes and maintenance of
                                     existence.

                                     Additionally, the agreement would include
                                     appropriate negative covenants limiting
                                     change of control.

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Assignments:                         Each  Lender  will  be  permitted  to  make
                                     assignments in acceptable  minimum  amounts
                                     to other financial  institutions subject to
                                     approval  by the Agent  and,  so long as no
                                     event of default  under the Facility or any
                                     incipient   default  has  occurred  and  in
                                     continuing,  to approval  by the  Applicant
                                     which   approvals   shall  be  unreasonably
                                     withheld.  Lenders will be permitted freely
                                     to sell  participations  with voting rights
                                     limited  to  significant  matters  such  as
                                     changes in amount, rate and maturity date.

                                     An assignment fee of $3,500 shall be
                                     payable by the assigning Lender to the
                                     Agent upon the effectiveness of any such
                                     assignment (including, but not limited to,
                                     an assignment by a Lender to another
                                     Lender).

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Expenses:                            Regardless of whether the Facility  closes,
                                     the   Applicant    will   pay    reasonable
                                     attorneys' fees (including reasonable costs
                                     and  expenses  of  outside  counsel),   (a)
                                     incurred   to   document   and   close  the
                                     Facility,  (b)  incurred at any time by the
                                     Agent  and  the  Arranger  in  the  ongoing
                                     administration  of  the  Facility,  (c)  in
                                     establishing           third          party
                                     administration/custody    arrangements   in
                                     connection with the collateral,  and (d) in
                                     maintaining           third           party
                                     administration/custody    arrangements   in
                                     connection  with the  collateral,  provided
                                     that, if the Facility closes, all costs and
                                     expenses   in  items  (a)  will  be  shared
                                     equally  between  the  Applicant  and Grand
                                     Central  Re  Limited.   In  addition,   the
                                     Applicant will pay all reasonable costs and
                                     expenses,  including legal costs,  incurred
                                     by  the  Lenders  in  enforcing   any  loan
                                     document,  whether  or  not  a  lawsuit  is
                                     commenced.
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Waiver and  Consents:                Waiver  of  jury   trial  and   consent  to
                                     jurisdiction of Federal and State courts in
                                     New York.
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              Bayerische Hypo- und Vereinsbank AG, New York Branch

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Governing Law:                       New York.
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Expiration Date:                     This term sheet  expires on August 31, 2001
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                                        9<PAGE>

                                                                   EXHIBIT 10.13

                 GENERAL RE - NEW ENGLAND ASSET MANAGEMENT, INC.

                         Investment Management Agreement
                         -------------------------------

         This Agreement is made as of the 1st day of May, 2000, between

1.       GENERAL  RE  -  NEW  ENGLAND  ASSET  MANAGEMENT,  INC.,  a  corporation
organized under the laws of the State of Delaware ("Manager"); and

2.       MAX RE  LTD.,  a  corporation  organized  under  the  laws  of  Bermuda
("Client").

         WHEREAS, Client desires to appoint Manager as the investment manager of
that portion of Client's assets constituting the Account (as defined below);

         NOW THEREFORE, in consideration of the mutual agreements herein
contained, it is agreed as follows:

Section 1.        The Account
                  -----------

         The cash, securities and other assets placed by Client in the account
to be managed under this Agreement (the "Account") are listed on Schedule A.
Assets may be added to or withdrawn from the Account at any time. The Account
will include these assets and any changes in them resulting from transactions
directed by Manager, deposits and withdrawals made by Client, or dividends,
interest, stock splits and other earnings, gains or losses on the assets.

         Assets placed in the Account by Client that are not to be managed by
Manager are separately identified on Schedule A ("Unmanaged Assets"). Manager
will include these assets in its periodic reports to Client, but will exclude
their value from the Account in calculating Manager's fee.

Section 2.        Management of the Account
                  -------------------------

         Manager will make all investment decisions for the Account, in
Manager's sole discretion and without first consulting or notifying Client, in
accordance with the investment restrictions and guidelines which are attached as
Schedule B (the "Investment Guidelines"). Client may change these Investment
Guidelines at any time, but Manager will be bound by the changes only after it
has received and agreed to them in writing. Other than by the Investment
Guidelines and the terms of this Agreement, the investments made by Manager on
behalf of the Client will not be restricted in any manner, except by operation
of law.

         Manager will have full power and authority, on behalf of Client, to
instruct any brokers, dealers or banks to buy, sell, exchange, convert or
otherwise trade in all securities, futures or other investments for the Account.

         Manager will not be responsible for giving Client investment advice or
taking any other action with respect to Unmanaged Assets.
<PAGE>

         Client appoints Manager as the true and lawful attorney of the Client
for and in the name, place and stead of Client, in Manager's unrestricted
discretion, to operate and conduct the brokerage accounts of the Client and to
do and perform all and every act and thing whatsoever requisite in furtherance
of this Agreement, including the execution of all writings related to the
purchase or sale, assignments, transfers and ownership of any stocks, bonds,
commodities, or other derivatives or securities. Manager is hereby fully
authorized to act and rely on the authority vested pursuant to said power of
attorney.

Section 3.        Transactions for the Account
                  ----------------------------

         Manager will arrange for securities transactions for the Account to be
executed through those brokers, dealers or banks that Manager believes will
provide best execution. In choosing a broker, dealer or bank, Manager will
consider the broker, dealer or bank's execution capability, reputation and
access to the markets for the securities being traded for the Account. Manager
will seek competitive commission rates, but not necessarily the lowest rates
available.

         Manager may also send transactions for the Account to brokers who
charge higher commissions than other brokers, provided that Manager determines
in good faith that the amount of commissions Manager pays is reasonable in
relation to the value of the brokerage and research services provided, viewed in
terms either of that particular transaction or Manager's overall
responsibilities with respect to all clients whose accounts Manager manages on a
discretionary basis.

         If Manager decides to purchase or sell the same securities for Client
and other clients at about the same time, Manager may combine Client's order
with those of other clients if Manager reasonably believes that it will be able
to negotiate better prices or lower commission rates or transaction costs for
the combined order than for Client's order alone. Client will pay the average
price and transaction costs obtained for such combined orders.

         If Manager cannot obtain execution of the combined orders at prices or
for transaction costs that Manager believes to be desirable, Manager will
allocate the securities purchased or sold as part of the combined order by
following its order allocation procedures.

         Manager generally will allocate securities purchased or sold as part of
a combined order to Client's Account and to accounts of other clients pro rata
in proportion to the size of the order placed for each client. However, Manager
may increase or decrease the amounts of securities allocated to each client if
necessary to avoid having odd or small numbers of shares held for the account of
any client. Each client that participates in a combined order will receive or
pay the average share price for all transactions executed as part of the
combined order and will pay its pro rata share of the transaction costs.
                                --- ----

         If Client directs Manager to use particular brokers, dealers or banks
to execute transactions for the Account, Manager will do so, but Manager will
not seek better execution services or prices for Client from other brokers,
dealers or banks, and Client may pay higher prices or transaction costs as a
result. Manager also may not be able to seek better execution services for
Client by combining Client's orders with those of other clients.

                                        2
<PAGE>

         Client may direct all transactions for the Account to a particular
broker, dealer or bank, by writing the name and address of that broker, dealer
or bank in the space provided on Schedule A.

Section 4.        Transaction Confirmations
                  -------------------------

         Manager  will  instruct  the  brokers,  dealers  or banks  who  execute
transactions  for the  Account  to send  Client all  transaction  confirmations,
unless Client chooses not to receive  confirmations.  If Client does not wish to
receive individual confirmations, this box should be checked. [X]

         Client may elect to receive individual confirmations at any time by
giving Manager written notice.

Section 5.        Custody of Account Assets
                  -------------------------

         The assets in the Account will be held for Client by the custodian
named on Schedule A (the "Custodian"). Manager will not have custody of any
Account assets. Client will pay all fees of the Custodian.

         Client will authorize the Custodian to follow Manager's instructions to
make and accept payments for, and to deliver or to receive, securities, cash or
other investments purchased, sold, redeemed, exchanged, pledged or loaned for
the Account. Client also will instruct the Custodian to send Client and Manager
monthly statements showing the assets in and all transactions for the Account
during the month, including any payments of Manager's fees.

         Client will provide Manager with a copy of its agreement with the
Custodian, and will give Manager reasonable advance notice of any change of
Custodian.

Section 6.        Reports to Client
                  -----------------

         Manager will send Client monthly written reports showing the identity,
cost, and current market value of the assets in the Account and each transaction
made for the Account during the period covered by the report. The Account's
performance will be sent monthly.

Section 7.        Account Valuation
                  -----------------

         Manager will value the securities in the Account that are listed and
traded on a national securities exchange or on NASDAQ on the valuation date at
the closing price on the principal market where the securities are traded. Where
the market value of any security is not readily available, Client and the
Manager will each choose one broker-dealer and the market value will be deemed
to be the average of the values determined by the two broker-dealers.

Section 8.        Manager's Fees
                  --------------

         For Manager's services, Client will pay a percentage of the value, as
determined under Section 7 of this Agreement, of all assets in the Account
(excluding Unmanaged Assets) as of the last trading day of each calendar month.
The fees are payable at the end of each calendar quarter for services provided

                                        3
<PAGE>

by Manager during the prior three months. The percentage amount of the fees is
shown on Schedule A. In any partial quarter, the fees will be reduced pro rata
based on the number of days the Account was managed.

         Client agrees to pay Manager's fees as follows:

         [_]      The Custodian will deduct the fees from Client's Account and
                  pay them to Manager each quarter. Manager will send Client and
                  the Custodian at the same time a bill showing the amount of
                  Manager's fees, the Account value on which they were based and
                  how they were calculated. The Custodian will send Client a
                  monthly statement showing all amounts paid from the Account,
                  including Managers fees.

         [X]      Client will be billed directly by Manager and will pay
                  Manager's fees within 30 days of receiving the bill.

         If Manager invests in securities issued by money market finds or other
investment companies for the Account, these securities will be included in the
value of the Account when Manager's fees are calculated. These same assets will
be subject to additional investment management and other fees that are paid by
the investment company but ultimately borne by its shareholders. These
additional fees are described in each investment company's prospectus.

Section 9.        Proxy Voting
                  ------------

         Proxies for securities in the Account should be voted as follows:

         [_]      Client directs Manager to vote proxies for securities held for
                  the Account.

         [X]      Client directs Manager to vote all proxies for securities held
                  for Client's Account in accordance with --

                  [X]   Manager's own discretion

                                or

                  [_] Client's proxy voting guidelines attached as Schedule C.

         Client will direct Custodian to send promptly all proxies and related
shareholder communications to Manager and to identify them as relating to
Client's Account. Client understands that Manager will not be able to vote
proxies if they are not received on a timely basis from the Custodian as
properly identified as relating to Client's Account.

         These proxy voting instructions may be changed at any time by notifying
Manager in writing.

Section 10.       Legal Proceedings
                  -----------------

         Manager will not advise or act for Client in any legal proceedings,
including bankruptcies or class actions, involving securities held in the
Account or issuers of those securities.

                                        4
<PAGE>

Section 11.       Risk
                  ----

         Manager cannot guarantee the future performance of the Account, promise
any specific level of performance or promise that its investment decisions,
strategies or overall management of the Account will be successful. The
investment decisions Manager will make for Client are subject to various market,
currency, economic, political and business risks, and will not necessarily be
profitable.

Section 12.       Standard of Care; Limitation of Liability
                  -----------------------------------------

         Except as may otherwise be provided by law, Manager will not be liable
to Client for any loss (i) that Client may suffer as a result of Manager's good
faith decisions or actions where Manager exercises the degree of care, skill,
prudence and diligence that a prudent person acting in a like fiduciary capacity
would use; (ii) caused by following Client's instructions; or (iii) caused by
the Custodian, any broker, dealer or bank to which Manager directs transactions
for the Account or any other person.

         Federal and state securities laws impose liabilities tinder certain
circumstances on persons who act in good faith, and this Agreement does not
waive or limit Client's rights under those laws.

         Manager will not be responsible for Client's own compliance with the
insurance investment laws of Client's state of domicile or for Client's
compliance with applicable tax laws.

         In managing the Account, Manager will not consider any other
securities, cash, or other investments or assets Client owns for diversification
or other purposes. Manager shall have no responsibility whatsoever for the
management of the Unmanaged Assets or any assets of Client other than the
Account and shall incur no liability for any loss or damage which may result
from the management of such other assets.

Section 13.       Client Directions
                  -----------------

         The names and specimen signatures of each individual who is authorized
to give directions to Manager on Client's behalf under this Agreement are set
forth on Schedule D. Directions received by Manager from Client must be signed
by at least one such person. If Manager receives directions from Client which
are not signed by a person that Manager reasonably believes is authorized to do
so, Manager shall not be required to comply with such directions until it
verifies that the directions are properly authorized by Client.

         Manager shall be fully protected in relying upon any direction signed
or given by a person that Manager reasonably believes is authorized to give such
directions on Client's behalf. Manager also shall be fully protected when acting
upon an instrument, certificate, or paper that Manager reasonably believes to be
genuine and to be signed or presented by any such person or persons. Manager
shall be under no duty to make any investigation or inquiry as to any statement
contained in any writing and may accept the same as conclusive evidence of truth
and accuracy of statements contained therein.

                                        5
<PAGE>

Section 14.       Confidentiality
                  ---------------

         Except as Client and Manager otherwise agree or as may be required by
law, all information concerning the Account and services provided under this
Agreement shall be kept confidential.

Section 15.       Non-Exclusive Agreement
                  -----------------------

         Manager provides investment advice to other clients and may give them
advice or take actions for them, for Manager s own accounts or for accounts of
persons related to or employed by Manager, that is different from advice
provided to or actions taken for Client.

         Manager is not obligated to buy, sell or recommend for Client's Account
any security or other investment that Manager may buy, sell or recommend for
other clients or for the account of Manager or its related persons or employees.

         If Manager obtains material, non-public information about a security or
its issuer that Manager may not lawfully use or disclose, Manager will have no
obligation to disclose the information to Client or to use it for Client's
benefit.

Section 16.       Term of Agreement
                  -----------------

         Either Client or Manager may cancel this Agreement at any time upon 30
days written notice. This Agreement will remain in effect until terminated.
Termination of this Agreement will not affect (i) the validity of any action
that Manager or Client has previously taken; (ii) the liabilities or obligations
of Manager or Client for transactions started before termination; or (iii)
Client's obligation to pay Manager's fees through the date of termination. Upon
termination, Manager will have no obligation to recommend or take any action
with regard to the securities, cash or other assets in the Account.

Section 17.       Agreement Not Assignable
                  ------------------------

         This Agreement may not be assigned within the meaning of the Investment
Advisers Act of 1940 (the "Advisers Act") by Manager without Client's consent.

Section 18.       Governing Law
                  -------------

         The internal law of Connecticut will govern this Agreement. However,
nothing in this Agreement will be construed contrary to any provision of the
Advisers Act or the rules thereunder.

Section 19.       Miscellaneous
                  -------------

         If any provision of this Agreement is or becomes inconsistent with any
applicable law or rule, the provision will be deemed rescinded or modified to
the extent necessary to comply with such law or rule. In all other respects,
this Agreement will continue in full force and effect. This Agreement contains
the entire understanding between Manager and Client and may not be changed
except in writing signed by both parties. Failure to insist on strict compliance

                                        6
<PAGE>

with this Agreement or with any of its terms or any continued conduct will not
be considered a waiver by either party under this Agreement.

Section 20.       Notices
                  -------

         All notices and instructions with respect to the Account or other
matters covered by this Agreement may be sent by U.S. mail, overnight courier,
or facsimile transmission (with a hard copy sent by U.S. mail) to Client and to
Manager at the addresses at the end of this agreement or to another address
provided in writing.

Section 21.       Representations of Client
                  -------------------------

         Client represents and warrants to Manager that (a) Client is the
beneficial owner of all assets in the Account and that there are no restrictions
on transfer or sale of any of those assets; (b) this Agreement has been duly
authorized, executed, and delivered by Client and is Client's valid and binding
obligation; (c) the names of the individuals who are authorized to act under
this Agreement on behalf of Client have been given to Manager in writing; (d) no
government authorizations, approvals, consents, or filings not already obtained
are required in connection with the execution, delivery, or performance of this
Agreement by Client; and (e) Client certifies that it is not an employee benefit
plan subject to the Employee Retirement Income Security Act of 1974, as amended
("ERISA") or a plan subject to Section 4975 of the Internal Revenue Code of
1986, as amended (the "Code"), nor a Person acting on behalf of any such plan.
Client agrees to notify Manager in writing within five (5) days after the
occurrence of an event making the above statement no longer accurate.

         Client agrees to indemnify, defend and hold harmless Manager and its
officers, directors, agents, employees, shareholders, legal representatives,
successors and assigns, from and against any and all claims, actions, suits,
damages, costs, liabilities, judgments, losses, charges, costs and expenses,
including attorneys' fees, of Manager arising from any failure by Client to
accurately disclose its status under this Section or by reason of any defect in
Client's authority to appoint Manager under this Agreement.

Section 22.       Representations of Manager
                  --------------------------

         Manager represents and warrants that this Agreement has been duly
authorized, executed and delivered by Manager and is its valid and binding
obligation.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                        7
<PAGE>

Section 23.       Form ADV
                  --------

         Client has received and reviewed a copy of Part II of Manager's Form
ADV and a copy of this Agreement.

AGREED TO AND ACCEPTED BY:

GENERAL RE - NEW ENGLAND ASSET MANAGEMENT, INC.              MAX RE LTD.

/s/ Gerard T. Lynch                                          /s/ Keith S. Hynes
-------------------                                          -------------------
By:  Gerard T. Lynch                                         By:  Keith S. Hynes
Its President                                                Its Executive Vice
                                                                 President & CFO

Pond View Corporate Center                                   Principal Address:
76 Batterson Park Road                                       Ascot House
Farmington, Connecticut  06032                               28 Queen Street
                                                               Hamilton, Bermuda

                                                             Mailing Address:
                                                             P.O. Box HM2565
                                                             Hamilton, HMKX
                                                             Bermuda

                                                                             N/A
                                                             -------------------
                                                             (Taxpayer
                                                              Identification
                                                              Number)

                                        8
<PAGE>

                                   SCHEDULE A

--------------------------------------------------------------------------------
I.       ACCOUNT ASSETS.
         --------------

         A.       Managed   Assets  -  Client  has   deposited   the   following
                  ----------------
securities, cash and other assets with the Custodian identified below to be
managed under this Agreement:
                  Custodial Accounts:       MRLF 1010302
                                            MRLF 0010302
                                            MRLF 0020502

         B.       Unmanaged  Assets - Client also  deposited  with the Custodian
                  -----------------
the following assets which are not to be managed under this Agreement:
                  Custodial Accounts:       MRLF 1222992
                                            MRLF 1223002
and any  shares of Moore  Diversified  Strategies,  Ltd.  held in any  custodial
account
--------------------------------------------------------------------------------
II.      CUSTODY  OF  ACCOUNT  ASSETS.  The  assets  to be  managed  under  this
         ----------------------------
Agreement and any Unmanaged Assets will be held by:
Mellon Trust                                 Custodial Account Number: see above
One Mellon Bank Center
Room 1570                                    Custodial Contact: Mary Gallagher
Pittsburgh, PA  15258
                                             Contact Phone #: (412) 236-4779
--------------------------------------------------------------------------------
III.     FEES.  Manager's fees for services  provided under this Agreement shall
         ----
be as follows: Annual fee of .15 of 1% (fifteen hundredths of one percent) on
the first $200 million of the market value of the assets under management; .06
of 1% (six hundredths of one percent) on the market value of the next $200
million; .03 of 1% (three hundredths of one percent) on next $200 million and
negotiable on remaining assets under management. The intent of this fee schedule
it to achieve a fee of .08 of 1% on first $600 million of invested assets.

                                                   /s/ Keith S. Hynes

--------------------------------------------------------------------------------
IV.      BROKERAGE  DIRECTION.  Client direct Manager to cause all  transactions
         --------------------
for the Account to be executed  through the  following  broker,  dealer or bank:
--------------------------------------------------------------------------------

Client has read, understands and accepts the limitation that this direction will
place on Manager's ability to seek best execution for the Account. This
direction may be changed by Client at any time by notifying Manager in writing.
--------------------------------------------------------------------------------
V.       NAME OF CLIENT: MAX RE LTD.                            VI.   DATE:

By:          /s/ Keith S. Hynes                                    May 1, 2000
         ---------------------------                            ----------------
--------------------------------------------------------------------------------

                                        9
<PAGE>

                                   SCHEDULE B

--------------------------------------------------------------------------------
INVESTMENT GUIDELINES:  The  investment  guidelines to be followed by Manager in
---------------------
managing Client's Account are set forth below:

Attached Separately

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
NAME OF CLIENT: MAX RE LTD.                               DATE:

By:     /s/ Keith S. Hynes                                     May 1, 2000
    ------------------------------                        --------------------
--------------------------------------------------------------------------------

                                       10
<PAGE>

           [GENERAL RE NEW ENGLAND ASSET MANAGEMENT, INC. LETTERHEAD]

                                    Exhibit A

                  General Re-New England Asset Management, Inc.
                               Authorized Persons

Effective immediately, the following General Re-New England Asset Management,
Inc. ("GR-NEAM") representatives are authorized to direct the substitution of
assets in the Account established for the Reinsurance Trust Agreement Standard
Life Insurance Company, Max Re, Ltd. and Mellon Bank, as trustee.

Gerard T. Lynch                         /s/ Gerard T. Lynch
                                        -----------------------------

Louis Bartenstein                       /s/ Louis Bartenstein
                                        -----------------------------

Michele Brooks                          /s/ Michele Brooks
                                        -----------------------------

Susan Chadha                            /s/ Susan Chadha
                                        -----------------------------

Christine Gondek                        /s/ Christine Gondek
                                        -----------------------------

Jeffrey Knuth                           /s/ Jeffrey Knuth
                                        -----------------------------

David Leone                             /s/ David Leone
                                        -----------------------------

D. Christopher Shane                    /s/ D. Christopher Shane
                                        -----------------------------

Teresa McTague                          /s/ Teresa McTague
                                        -----------------------------

This authorization will remain in effect unless written notice is provided that
an individual's authority to act on behalf of GR-NEAM has been revoked.

Sincerely,

General Re-New England Asset Management, Inc.
Pond View Corporate Center
76 Batterson Park Road
Farmington, CT 06032

By:      /s/ Gerard T. Lynch
         ------------------------
         Gerard T. Lynch
         President
<PAGE>

                                   MAX RE LTD.
                             Post Office Box HM 2565
                               Hamilton KX Bermuda
                           ---------------------------

I, Dawna L. Ferguson, Assistant Secretary of Max Re Ltd., DO HEREBY CERTIFY that
the following is a true copy of Resolutions adopted by the Board of Directors of
the Company at a Meeting thereof duly convened and held the 2nd and 3rd of
March, 2000, at which meeting a quorum was present and voting throughout and
that such Resolutions are still in full force and effect as at the date hereof:

         "FINANCE AND INVESTMENT COMMITTEE"
          --------------------------------

         RESOLVED,  that  the  recommendation  of  the  Finance  and  Investment
         Committee  to approve the  investment  policy of Max Re Ltd.,  with two
         revisions, be and hereby are approved; and be it further

         RESOLVED, that management be and hereby are authorized to engage one or
         more managers for its Traditional Investment Portfolio."

Dated:   This 27th day of April, 2000

                                                           /s/ Dawna L. Ferguson
                                                           ---------------------
                                                           Dawna L. Ferguson
                                                           Assistant Secretary
<PAGE>

                               [MAX RE LETTERHEAD]

September 27, 2000

Mr. Tom Spagnol
Client Service Officer
Mellon Trust
One Mellon Bank Center
Room 1570
Pittsburgh, PA  15258

Dear Mr. Spagnol:

RE:      Max Re Ltd. RSL Trust Account and Gen-Re Neam Account

Until further notice, we authorize General Re - New England Asset Management,
Inc., to transfer any property (cash and/or securities) from the following
account:

Custody Account MRLF0020502 to the RSL Trust Account MRLF1010302.

We also authorize NEAM to transfer any property (cash and/or securities) from
Custody Account MRLF0020502 to any future Trust Accounts established by Max Re
as Grantor, as long as NEAM has been given proper authority for substitution of
assets within said Trust.

Sincerely,

/s/ Lionel (Kip) Herring                                     /s/ N. James Tees
Lionel (Kip) Herring                                         N. James Tees
Senior Vice President                                        SVP & Controller

cc:  Teresa McTague, General Re  NEAM
<PAGE>

           [GENERAL RE NEW ENGLAND ASSET MANAGEMENT, INC. LETTERHEAD]

July 12, 2000

VIA FEDERAL EXPRESS

Max Re Ltd.
Ascot House
213 Queen Street
Hamilton HM KX Bermuda
Attn:    Peter Minton

         Re:      Amendment to Investment Management Agreement

Dear Peter:

         Enclosed please find duplicate copies of the amendment to the
Investment Management Agreement between Max Re Ltd. and General Re-New England
Asset Management, Inc. ("GR-NEAM"), dated as of May 1, 2000, (the `Agreement').
This amendment incorporates into the Agreement the language regarding the Trust
Agreement(s), which we discussed during your visit to our offices.

         Please arrange for the execution of the Amendments and return both to
my attention. I will return to you one originally executed Amendment for your
files.

         Thank you for your assistance. If you have any questions, please do not
hesitate to contact us.

                                                     Sincerely,

                                                     /s/ Karen Morais
                                                     Karen Morais

Encl.
cc:  Teresa McTague
<PAGE>

           [GENERAL RE NEW ENGLAND ASSET MANAGEMENT, INC. LETTERHEAD]

                  Amendment to Investment Management Agreement

THIS AGREEMENT OF AMENDMENT,  dated this 19th day of July, 2000, is entered into
by and between Max Re Ltd.  (the  "Client")  and General  Re-New  England  Asset
Management, Inc. (the "Manager").

                                    PREAMBLE:
                                    --------

WHEREAS, Client and Manager entered into a certain agreement entitled
"Investment Management Agreement," effective as of May 1, 2000 (the
"Agreement"); and

WHEREAS, Client has authorized Manager to manage the assets held in Client's
trust account, created pursuant to a Reinsurance Trust Agreement dated as of
June 27, 2000, among Client, Reliance Standard Life Insurance Company and Mellon
Bank, N.A. as Trustee, wherein RSL has the right to withdraw assets from said
trust account at any time, without notice to Manager or Client; and

WHEREAS, Client plans to enter into additional Trust Agreements in the future,
which may contain similar provisions and which Client may request Manager to
manage; and

WHEREAS, Client and Manager wish to amend the Agreement, as described below, in
accordance with the terms and conditions of this Agreement.

                                   WITNESSETH:
                                   ----------

NOW, THEREFORE Client and Manager hereby agree as follows:

1.       The Agreement is amended by the addition of the following section after
         the first paragraph in Section 21., Representations of Client:

         "Client may enter into Trust Agreements from time to time wherein which
         the Parties thereto have the right to withdraw assets from the Account
         at any time. Client further represents and warrants to Manager that (i)
         it will promptly notify Manager if it enters into any such Trust
         Agreements; (ii) that it will immediately notify Manager regarding any
         such withdrawals of any Assets; and (iii) that it shall indemnify and
         hold harmless the Manager from all claims, liabilities, losses, damages
         and expenses, including reasonable attorneys' fees and expenses
         incurred by the Manager if any unsettled trades in the Account are
         affected by such a withdrawal."

In all other respects, the Agreement is hereby ratified and confirmed.
<PAGE>

Kindly indicate Max Re Ltd.'s consent to the foregoing by signing in the space
indicated below.

Very truly yours
                                             Accepted and Agreed:

GENERAL RE - NEW ENGLAND ASSET               MAX RE LTD.
MANAGEMENT, INC.

By:      /s/ Gerard T. Lynch                 By:        /s/ Keith S. Hynes
     --------------------------                   ------------------------------
Name:  Gerard T. Lynch                       Name:   Keith S. Hynes
      -------------------------                    -----------------------------
Title:    President                          Title:   EVP & CFO
        -----------------------                     ----------------------------
<PAGE>

                                   SCHEDULE D

                              OFFICER'S CERTIFICATE
                              ---------------------

                  I,  Keith  S.   Hynes,   EVP  &  CFO  of  MAX  RE  LTD.   (the
                      --------------------------------
"Corporation"), a Corporation organized and existing under the laws of Bermuda,
hereby certify that each of the following officers of the Corporation, acting
singly, is authorized in the name and on behalf of the Corporation, to give
instructions to General Re-New England Asset Management, Inc. ("Manager") with
respect to any and all matters, including investment and reinvestment of
securities, pertaining to the Investment Management Agreement between the
Corporation and Manager, and to execute and deliver any and all documents and to
take any and all other action to carry out the purposes of said Investment
Management Agreement. I further certify that the specimen signature set forth
next to the names of such officers, is the true and genuine signature of such
persons.

<TABLE>
<CAPTION>

Name of Officer                 Title                                Signature
<S>                             <C>                                  <C>
Robert J. Cooney                Chairman, President & CEO            /s/ Robert J. Cooney
----------------                -------------------------            --------------------

Keith S. Hynes                  SVP & Chief Risk Officer             /s/ Keith S. Hynes
--------------                  ------------------------             --------------------

Peter A. Minton                                                      /s/ Peter A. Minton
---------------                                                      -------------------

Lionel (Kip) Herring            SVP - Operations                     /s/ Lionel (Kip) Herring
--------------------            ----------------                     ------------------------

</TABLE>

                  This Certificate shall be in effect from the date hereof until
written notice is given on behalf of the Corporation to terminate to revise it.

                  IN WITNESS WHEREOF, I set my hand.

                          /s/ Keith S. Hynes                    April 27, 2000
                      -------------------------              -------------------
                            EVP & CFO                               Date

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