Document:

<PAGE>

                                                                   EXHIBIT 10.28

                   FIRST AMENDMENT TO REIMBURSEMENT AGREEMENT

                                  RENAISSANCERE

         THIS FIRST AMENDMENT TO REIMBURSEMENT AGREEMENT, dated as of November
14, 2003 (this "Amendment"), is made among RENAISSANCE REINSURANCE LTD., a
Bermuda company, RENAISSANCE REINSURANCE OF EUROPE, a company incorporated in
Ireland, GLENCOE INSURANCE LTD., a Bermuda company, DAVINCI REINSURANCE LTD., a
Bermuda company, and TIMICUAN REINSURANCE LTD., a Bermuda company (each of the
foregoing, an "Account Party"), RENAISSANCERE HOLDINGS LTD., a Bermuda company
("RenRe"), the banks and financial institutions listed on the signature pages
hereto or that become parties hereto after the date hereof (collectively, the
"Lenders"), and WACHOVIA BANK, NATIONAL ASSOCIATION ("Wachovia"), as Issuing
Bank, Administrative Agent and Collateral Agent for the Lenders.

                                    RECITALS

         A. The Account Parties, RenRe, the Lenders, Wachovia and certain
Co-Documentation Agents have entered into a Reimbursement Agreement dated as of
December 20, 2002 (the "Reimbursement Agreement"). Capitalized terms not
otherwise defined herein shall have the meanings assigned to such terms in the
Reimbursement Agreement.

         B. The Account Parties have requested, pursuant to Section 2.19 of the
Reimbursement Agreement, that the Expiration Date be extended from November 15,
2003 to March 31, 2004.

         C. The Lenders and Wachovia have agreed to amend the Reimbursement
Agreement as requested by the Account Parties and to effect such agreement the
parties have entered into this Amendment.

                             STATEMENT OF AGREEMENT

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Account Parties, RenRe, the
Lenders and Wachovia (in its various capacities) hereby agree as follows:

<PAGE>

                                    ARTICLE 1

                                    AMENDMENT

      1.1 AMENDMENT TO SECTION 1.1 (DEFINITION OF EXPIRATION DATE). Section 1.01
of the Reimbursement Agreement is hereby amended by deleting the definition of
"Expiration Date" in its entirety and replacing it as follows:

          "Expiration Date" shall mean March 31, 2004, as such date may be
extended pursuant to SECTION 2.19.

      1.2 AMENDMENT TO SCHEDULES. SCHEDULES 4.01(A), 4.01(B), 4.04, 4.05,
4.06(D), 4.14 AND 4.15 of the Reimbursement Agreement are hereby amended by
deleting those SCHEDULES in their entirety and replacing them with the attached
SCHEDULES 4.01(A), 4.01(B), 4.04, 4.05, 4.06(D), 4.14 AND 4.15.

                                   ARTICLE 2

                         REPRESENTATIONS AND WARRANTIES

      To induce the Lenders and Wachovia to enter into this Amendment and to
induce the Lenders to extend the credit contemplated hereby, RenRe and each
Account Party individually and severally represents and warrants that:

      2.1 COMPLIANCE WITH REIMBURSEMENT AGREEMENT. Each such party is in
compliance with all terms and provisions set forth in the Reimbursement
Agreement to be observed or performed by them. No Substitution Event, Suspension
Event, Default, or Event of Default has occurred and is continuing.

      2.2 REPRESENTATIONS IN REIMBURSEMENT AGREEMENT. The representations and
warranties of each such party (with respect to itself and to RIHL) set forth in
the Reimbursement Agreement, except for those relating to a specific date other
than the date hereof, are true and correct in all material respects on and as of
the date hereof as if made on and as of the date hereof after giving effect to
the Amendment.

      2.3 OTHER CREDIT DOCUMENTS. Each such party, to the extent it is a party
to any of the other Credit Documents, is in compliance with all terms and
provisions set forth therein to be observed or performed by it. Nothing herein
will affect the validity or enforceability of the other Credit Documents and all
Obligations secured or guaranteed under such other Credit Documents shall remain
so secured or guaranteed.

                                    ARTICLE 3

                                     GENERAL

      3.1 CONDITIONS PRECEDENT. This Amendment shall be effective as of the date
first written above upon receipt by the Administrative Agent of (i) duly
executed counterparts of this

                                       2
<PAGE>

Amendment signed by each Account Party, RenRe, Wachovia (in its various
capacities) and each Lender and (ii) an acknowledgement of continuing
obligations under the Credit Documents to which it is a party, executed by each
of RIHL and RUM.

      3.2 EFFECT OF AMENDMENT. From and after the effective date hereof, all
references to the Reimbursement Agreement set forth in any other Credit Document
or other agreement or instrument shall, unless otherwise specifically provided,
be references to the Reimbursement Agreement as amended or modified hereby and
as may be further amended, modified, restated or supplemented from time to time.
This Amendment is limited as specified and shall not constitute or be deemed to
constitute an amendment, modification or waiver of any provision of the
Reimbursement Agreement except as expressly set forth herein. Except as
expressly amended hereby, the Reimbursement Agreement and the other Credit
Documents shall remain in full force and effect in accordance with their terms.

      3.3 APPLICABLE LAW. This Amendment shall be governed by and construed in
accordance with the internal laws and judicial decisions of the State of New
York.

      3.4 COUNTERPARTS. This Amendment may be executed in two or more
counterparts, each of which shall constitute an original, but all of which when
taken together shall constitute but one instrument.

      3.5 EXPENSES. The Account Parties and RenRe agree to pay all out-of-pocket
expenses incurred by the Administrative Agent in connection with the
preparation, execution and delivery of this Amendment, including, without
limitation, all reasonable attorneys' fees.

      3.6 HEADINGS. The headings of this Amendment are for the purposes of
reference only and shall not affect the construction of this Amendment.

                      [Signatures begin on following page.]

                                       3
<PAGE>

      IN WITNESS WHEREOF, the Account Parties, RenRe, the Lenders, and Wachovia
have executed this Amendment as of the date first written.

                                           RENAISSANCE REINSURANCE LTD.

                                           By: /s/ John M. Lummis
                                              ----------------------------------
                                           Name: John M. Lummis
                                                 -------------------------------
                                           Title: Chief Financial Officer
                                                  ------------------------------

                                           RENAISSANCE REINSURANCE OF EUROPE

                                           By: /s/ John M. Lummis
                                              ----------------------------------
                                           Name: John M. Lummis
                                                 -------------------------------
                                           Title: Director
                                                  ------------------------------

                                           GLENCOE INSURANCE LTD.

                                           By: /s/ John M. Lummis
                                              ----------------------------------
                                           Name: John M. Lummis
                                                 -------------------------------
                                           Title: Chief Financial Officer
                                                  ------------------------------

                             (signatures continued)

                                       4
<PAGE>

                                           DAVINCI REINSURANCE LTD.

                                           By: /s/ Todd R. Fonner
                                               ---------------------------------
                                           Name: Todd R. Fonner
                                                 -------------------------------
                                           Title: Vice President, Treasurer
                                                  ------------------------------

                                           TIMICUAN REINSURANCE LTD.

                                           By: /s/ Todd R. Fonner
                                               ---------------------------------
                                           Name: Todd R. Fonner
                                                 -------------------------------
                                           Title: Vice President, Treasurer
                                                  ------------------------------

                                           RENAISSANCERE HOLDINGS, LTD.

                                           By: /s/ Todd R. Fonner
                                               ---------------------------------
                                           Name: Todd R. Fonner
                                                 -------------------------------
                                           Title: Vice President, Treasurer
                                                  ------------------------------

                                           Address for each Credit Party:
                                           Renaissance House
                                           8-12 East Broadway
                                           Pembroke HM 19 Bermuda
                                           Telecopy: (441) 292-9453

                             (signatures continued)

                                       5
<PAGE>

                                           WACHOVIA BANK, NATIONAL ASSOCIATION,
                                           as Administrative Agent, as
                                           Collateral Agent, as Issuing Bank and
                                           as a Lender

                                           By: /s/ Laura Kubovcik
                                               ---------------------------------
                                           Name: Laura Kubovcik
                                                 -------------------------------
                                           Title: Associate
                                                  ------------------------------

                                           NATIONAL AUSTRALIA BANK, LIMITED, ABN
                                           12 004 044 937, as Co-Documentation
                                           Agent and as a Lender

                                           By: /s/ Laurence M. Karp
                                               ---------------------------------
                                           Name: Laurence M. Karp
                                                 -------------------------------
                                           Title: Director
                                                  ------------------------------

                                           ING BANK, N.V., London Branch, as
                                           Co-Documentation Agent and as a
                                           Lender

                                           By: /s/ Mike Sharman
                                               ---------------------------------
                                           Name: Mike Sharman
                                                 -------------------------------
                                           Title: Managing Director
                                                  ------------------------------

                                           By: /s/ Nick Marchant
                                               ---------------------------------
                                           Name: Nick Marchant
                                                 -------------------------------
                                           Title: Director
                                                  ------------------------------

                                       6
<PAGE>

                                           BARCLAYS BANK PLC, as
                                           Co-Documentation Agent and as a
                                           Lender

                                           By: /s/ C. M. J. Lee
                                               ---------------------------------
                                           Name: C. M. J. Lee
                                                 -------------------------------
                                           Title: Manager
                                                  ------------------------------

                                           LLOYDS TSB BANK PLC, as Managing
                                           Agent and as a Lender

                                           By: /s/ Matthew S. R. Tuck
                                               ---------------------------------
                                           Name: Matthew S. R. Tuck
                                                 -------------------------------
                                           Title: Assistant Vice President,
                                                  ------------------------------
                                                  Financial Institutions
                                                  ------------------------------

                                           By: /s/ Candice Beato
                                               ---------------------------------
                                           Name: Candice Beato
                                                 -------------------------------
                                           Title: Assistant Vice President,
                                                  ------------------------------
                                                  Financial Institutions
                                                  ------------------------------

                                           FLEET NATIONAL BANK, as a Lender

                                           By: /s/ George Urban
                                               ---------------------------------
                                           Name: George Urban
                                                 -------------------------------
                                           Title: Vice President
                                                  ------------------------------

                                           MELLON BANK, N.A. as a Lender

                                           By: /s/ Carrie Burnham
                                               ---------------------------------
                                           Name: Carrie Burnham
                                                 -------------------------------
                                           Title: Assistant Vice President
                                                  ------------------------------

                                       7
<PAGE>

                                    SCHEDULES

                                  See Attached.

                                       8
<PAGE>

                    ACKNOWLEDGEMENT OF CONTINUING OBLIGATIONS

          To: Wachovia Bank, National Association, as Administrative Agent

          Please refer to (1) the Reimbursement Agreement, dated as of December
20, 2002 (the "Reimbursement Agreement"), between and among RENAISSANCE
REINSURANCE LTD., RENAISSANCE REINSURANCE OF EUROPE, GLENCOE INSURANCE LTD.,
DAVINCI REINSURANCE LTD. and TIMICUAN REINSURANCE LTD., as the Account Parties,
RENAISSANCERE HOLDINGS LTD., the banks and financial institutions listed on the
signature pages hereto or that become parties hereto after the date hereof,
WACHOVIA BANK, NATIONAL ASSOCIATION ("Wachovia"), as Issuing Bank,
Administrative Agent and Collateral Agent for the Lenders, and certain other
named agents and (2) the First Amendment to Reimbursement Agreement, dated
November 14, 2003 (the "Amendment") between and among the foregoing parties, and
(3) the RenRe Agreement, the RIHL Agreement, the RIHL Control Agreement, the
RIHL Custodial Agreement, the RIHL Pledge Agreement, the RIHL Guaranty and each
of the other Credit Documents (as each such term is defined in the Reimbursement
Agreement.

          Pursuant to the Amendment, the Reimbursement Agreement has been
amended to extend the Expiration Date from November 15, 2003 to March 31, 2004.

          Each of the undersigned, with respect to RenRe Agreement, the RIHL
Agreement, the RIHL Control Agreement, the RIHL Custodial Agreement, the RIHL
Pledge Agreement, the RIHL Guaranty and any other of the Credit Documents to
which it is a party, hereby (i) acknowledges and reaffirms all of its
obligations and undertakings under such Credit Documents, and (ii) acknowledges
and agrees that subsequent to, and taking into account the terms and conditions
of the Amendment, such Credit Documents are and shall remain in full force and
effect in accordance with the terms thereof

          Dated: November 14, 2003.

                                          RENAISSANCE INVESTMENT HOLDINGS LTD.

                                          By: /s/ Todd R. Fonner
                                              --------------------------------
                                          Name: Todd R. Fonner
                                                ------------------------------
                                          Title: Vice President, Treasurer
                                                 -----------------------------

                                          RENAISSANCE UNDERWRITING MANAGERS LTD.

                                          By: /s/ Todd R. Fonner
                                              --------------------------------
                                          Name: Todd R. Fonner
                                                ------------------------------
                                          Title: Vice President, Treasurer
                                                 -----------------------------<PAGE>

                                                                   EXHIBIT 10.30
                        AGREEMENT TO INCREASE COMMITMENT

                      (WACHOVIA BANK, NATIONAL ASSOCIATION/
                      RENAISSANCE REINSURANCE LTD, ET AL.)

         THIS AGREEMENT TO INCREASE COMMITMENT, dated as of January 30, 2004
(this "Agreement"), is made among RENAISSANCE REINSURANCE LTD., a Bermuda
company, RENAISSANCE REINSURANCE OF EUROPE, a company incorporated in Ireland,
GLENCOE INSURANCE LTD., a Bermuda company, DAVINCI REINSURANCE LTD., a Bermuda
company, and TIMICUAN REINSURANCE LTD., a Bermuda company (each of the
foregoing, an "Account Party"), RENAISSANCERE HOLDINGS LTD., a Bermuda company
("RenRe"), and WACHOVIA BANK, NATIONAL ASSOCIATION ("Wachovia"), as a Lender
under the Reimbursement Agreement (as defined below).

                                    RECITALS

         A. The Account Parties, RenRe, certain Lenders, and Wachovia (as a
Lender and as Issuing Bank, Administrative Agent and Collateral Agent for the
Lenders) have entered into a Reimbursement Agreement dated as of December 20,
2002, as amended by a First Amendment to Reimbursement Agreement dated as of
November 14, 2003 (the "Reimbursement Agreement"). Capitalized terms not
otherwise defined herein shall have the meanings assigned to such terms in the
Reimbursement Agreement.

         B. The Account Parties have requested, pursuant to Section 2.18 of the
Reimbursement Agreement, that Wachovia increase its L/C Commitment by
$100,000,000 so that upon the effectiveness of this Agreement the total amount
of Wachovia's L/C Commitment under the Reimbursement Agreement will be
$175,000,000.

         C. Wachovia has agreed to increase its L/C Commitment as requested by
the Account Parties and to effect such agreement the parties have entered into
this Agreement.

                             STATEMENT OF AGREEMENT

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Account Parties, RenRe and
Wachovia (in its capacity as a Lender) hereby agree as follows:

                                   ARTICLE 1

                      INCREASE IN WACHOVIA'S L/C COMMITMENT

         1.1  L/C COMMITMENT INCREASE. Upon the effectiveness of this Agreement,
the L/C Commitment of Wachovia shall be $175,000,000. As a result of such
increase, the Total Commitment of all of the Lenders shall be $485,000,000.

         1.2  AMENDMENT TO CREDIT DOCUMENTS. Upon the effectiveness of this
Agreement, all references in the Credit Documents to the "L/C Commitments," the
"Total Commitment" and

<PAGE>

similar terms shall be deemed to reflect the L/C Commitment of Wachovia as
increased hereby. Without limiting the foregoing, Schedule I, Part 1 of the
Reimbursement Agreement shall be amended to reflect Wachovia's increased L/C
Commitment of $175,000,000 and an increased Total Commitment of $485,000,000.

         1.3  NO EFFECT ON OTHER LENDERS. Nothing in this Agreement shall affect
the L/C Commitment or the obligations of any Lender except Wachovia, other than
the resulting adjustment to each Lender's pro rata share of the aggregate Letter
of Credit Participating Interests. The increased L/C Commitment and Letter of
Credit Participating Interests of Wachovia shall be pari passu with those of the
other Lenders.

                                   ARTICLE 2

                         REPRESENTATIONS AND WARRANTIES

         To induce Wachovia to enter into this Agreement and to comply with the
conditions of Section 2.18 of the Reimbursement Agreement, RenRe and each
Account Party individually and severally represents and warrants to Wachovia and
to each of the other Lenders that:

         2.1  Upon the effectiveness of this Agreement the Total Commitment
shall be $485,000,000 and, in any event, shall not exceed $500,000,000.

         2.2  Each such party is in compliance with all terms and provisions set
forth in the Reimbursement Agreement and the other Credit Documents to be
observed or performed by them. No Suspension Event, Default, or Event of Default
has occurred and is continuing and there are no unreimbursed Letter of Credit
Advances pursuant to Section 2.02(e) of the Reimbursement Agreement.

         2.3 The representations and warranties of each such party (with respect
to itself and to RIHL) set forth in the Reimbursement Agreement, except for
those relating to a specific date other than the date hereof, are true and
correct in all material respects on and as of the date hereof as if made on and
as of the date hereof after giving effect to this Agreement.

                                   ARTICLE 3

                                    GENERAL

         3.1  CONDITIONS PRECEDENT. This Agreement shall be effective as of the
date first written above upon (i) receipt by the Administrative Agent of duly
executed counterparts of this Agreement signed by each Account Party and RenRe,
Wachovia, (ii) an acknowledgement of continuing obligations under the Credit
Documents to which it is a party, executed by each of RIHL and RUM, and (iii)
the delivery by Wachovia (in its capacity as Administrative Agent) of notice to
the other Lenders setting forth both the amount and the effective date of the
increase in Wachovia's increased L/C Commitment.

         3.2  LIMITED EFFECT OF AGREEMENT. This Agreement is limited as
specified and shall not constitute or be deemed to constitute an amendment,
modification or waiver of any provision

                                       2
<PAGE>

of the Reimbursement Agreement or other Credit Document except as expressly set
forth herein. Except as expressly amended hereby, the Reimbursement Agreement
and the other Credit Documents shall remain in full force and effect in
accordance with their terms.

         3.3  APPLICABLE LAW. This Agreement shall be governed by and construed
in accordance with the internal laws and judicial decisions of the State of New
York.

         3.4  COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall constitute an original, but all of which when
taken together shall constitute but one instrument.

         3.5  EXPENSES. The Account Parties and RenRe agree to pay all
out-of-pocket expenses incurred by the Administrative Agent in connection with
the preparation, execution and delivery of this Agreement, including, without
limitation, all reasonable attorneys' fees.

         3.6  HEADINGS. The headings of this Agreement are for the purposes of
reference only and shall not affect the construction of this Agreement.

                      [Signatures begin on following page.]

                                       3
<PAGE>

         IN WITNESS WHEREOF, the Account Parties, RenRe and Wachovia have
executed this Agreement as of the date first written.

                                            RENAISSANCE REINSURANCE LTD.

                                            By:     /s/ John M. Lummis
                                                  ------------------------------
                                            Name:   John M. Lummis
                                            Title:  Executive Vice President &
                                                    Chief Financial Officer

                                            RENAISSANCE REINSURANCE OF EUROPE

                                            By:     /s/ Ian D. Branagan
                                                  ------------------------------
                                            Name:   Ian D. Branagan
                                            Title:  Managing Director

                                            GLENCOE INSURANCE LTD.

                                            By:     /s/ John M. Lummis
                                                  ------------------------------
                                            Name:   John M. Lummis
                                            Title:  Executive Vice President &
                                                    Chief Financial Officer

                                            DAVINCI REINSURANCE LTD.

                                            By:     /s/ John M. Lummis
                                                  ------------------------------
                                            Name:   John M. Lummis
                                            Title:  Executive Vice President &
                                                    Chief Financial Officer

                              [Signatures continue]

                                       4
<PAGE>

                                            TIMICUAN REINSURANCE LTD.

                                            By:     /s/ Martin J. Merritt
                                                  ------------------------------
                                            Name:   Martin J. Merritt
                                            Title:  Senior Vice President &
                                                    Controller

                                            RENAISSANCERE HOLDINGS, LTD.

                                            By:     /s/ John M. Lummis
                                                  ------------------------------
                                            Name:   John M. Lummis
                                            Title:  Executive Vice President &
                                                    Chief Financial Officer

                                            WACHOVIA BANK, NATIONAL ASSOCIATION,
                                            as a Lender (and as Administrative
                                            Agent to reflect its acceptance
                                            hereof in such capacity)

                                            By:     /s/ William R. Goley
                                                  ------------------------------
                                            Name:   William R. Goley
                                            Title:  Director

                                       5
<PAGE>

                    ACKNOWLEDGEMENT OF CONTINUING OBLIGATIONS

         To: Wachovia Bank, National Association, as Administrative Agent

         Please refer to (1) the Reimbursement Agreement, dated as of December
20, 2002, between and among RENAISSANCE REINSURANCE Ltd., RENAISSANCE
REINSURANCE OF EUROPE, GLENCOE INSURANCE LTD., DAVINCI REINSURANCE LTD. and
TIMICUAN REINSURANCE LTD., as the Account Parties, RENAISSANCERE HOLDINGS LTD.,
the banks and financial institutions listed on the signature pages thereto or
that become parties thereto after the date hereof, WACHOVIA BANK, NATIONAL
ASSOCIATION ("Wachovia"), as Issuing Bank, Administrative Agent and Collateral
Agent for the Lenders, and certain other named agents, as amended by the First
Amendment to Reimbursement Agreement, dated as of November 14, 2003 (together,
the "Reimbursement Agreement"), between and among the foregoing parties, and (2)
the Agreement to Increase Commitment, dated as of January 30, 2004 (the
"Agreement to Increase Commitment"), between the Account Parties, RenRe and
Wachovia, as a Lender. Capitalized terms not otherwise defined herein shall have
the meanings assigned to such terms in the Reimbursement Agreement.

         Pursuant to the Agreement to Increase Commitment, Wachovia has agreed
pursuant to Section 2.18 of the Reimbursement Agreement to increase its L/C
Commitment to $175,000,000, with the result that the Total Commitment of all of
the Lenders shall be $485,000,000.

         Each of the undersigned, with respect to the RenRe Agreement, the RIHL
Agreement, the RIHL Control Agreement, the RIHL Custodial Agreement, the RIHL
Pledge Agreement, the RIHL Guaranty and any other of the Credit Documents to
which it is a party, hereby (i) acknowledges and reaffirms all of its
obligations and undertakings under such Credit Documents, and (ii) acknowledges
and agrees that subsequent to, and taking into account the terms and conditions
of, the Agreement to Increase Commitment, such Credit Documents are and shall
remain in full force and effect in accordance with the terms thereof

         Dated: January 30, 2004.

                                          RENAISSANCE INVESTMENT HOLDINGS LTD.

                                          By:     /s/ John M. Lummis
                                                 -------------------------------
                                          Name:   John M. Lummis
                                          Title:  Executive Vice President &
                                                  Chief Financial Officer

                                          RENAISSANCE UNDERWRITING MANAGERS LTD.

                                          By:     /s/ John M. Lummis
                                                --------------------------------
                                          Name:   John M. Lummis
                                          Title:  Executive Vice President &
                                                  Chief Financial Officer

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