Document:

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                                                                 EXHIBIT 10.36

                  FIRST AMENDMENT, dated as of November 1, 2002 (the
"Amendment"), to the Investment Agreement, dated as of September 20, 2002 (the
"Investment Agreement"), by and among Platinum Holdings Ltd., a Bermuda company
(the "Company"), The St. Paul Companies, Inc., a Minnesota corporation ("St.
Paul"), and RenaissanceRe Holdings Ltd., a Bermuda company (the "Purchaser").
Each capitalized term used and not otherwise defined herein shall have the
meaning assigned to such term in the Investment Agreement.

                  WHEREAS, the Company, St. Paul and the Purchaser desire to
modify the Investment Agreement in accordance with the provisions of Section
10.4 thereof.

                  NOW, THEREFORE, in consideration of the mutual agreements
herein contained and other good and valuable consideration, the sufficiency and
receipt of which are hereby acknowledged, the parties hereto agree as follows:

                  Section 1.        Amendments to the Investment Agreement.

                  (a)      The last sentence of Section 5.1 of the Investment
Agreement is hereby amended and restated as follows:

                           The Chief Executive Officer or the Treasurer of the
                  Company and the Chief Executive Officer, Chief Financial
                  Officer or any Executive Vice President of St. Paul each shall
                  have delivered at the Closing a certificate stating that each
                  of the respective conditions specified in the preceding
                  sentence has been fulfilled, which certificates shall also be
                  delivered at any Second Closing.

                  (b)      Section 1.1 of the Transfer Restrictions,
Registration Rights and Standstill Agreement attached as Exhibit A to the
Investment Agreement is hereby amended by adding the following definitions in
the appropriate alphabetical order:

                           "Purchase Contract" means the contract to purchase
                  Common Shares issued as part of the Units."

                           "Purchase Contract Agreement" means the purchase
                  contract agreement between the Company and JPMorgan Chase
                  Bank, as purchase contract agent."

                           "Units" means Company's equity security units having
                  a stated amount of $25 per Unit."

                  (c)      The last sentence of Section 5(b) of the Transfer
Restrictions, Registration Rights and Standstill Agreement attached as Exhibit A
to the Investment Agreement is hereby amended and restated as follows:

                           Purchaser shall have ten days from the date of
                  receipt of any such notice to agree to purchase up to
                  Purchaser's pro rata share of New Securities specified above
                  for the same price paid to the Company in connection with such
                  Dilutive Transaction (i.e., less underwriting discounts and
                  commissions) by giving written notice to the Company and
                  stating therein the quantity of New Securities to be purchased
                  provided, however, that in the connection with an Early
                  Settlement (as

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                  such term is defined in the Purchase Contract Agreement) of
                  the Purchase Contracts pursuant to Section 5.10 of the
                  Purchase Contract Agreement, this Section 5(b) shall not
                  apply, but the Company shall give the Purchaser prompt written
                  notice of such Early Settlement.

                  (d)      The first paragraph of the RenaissanceRe Option
Agreement attached as Exhibit B to the Investment Agreement is hereby amended by
(i) inserting "AND EXCEPT TO THE EXTENT PERMITTED HEREIN" immediately following
the word "APPROVALS" in the second sentence thereof, and (ii) deleting the
reference to "SECTION 6(C)" in the final sentence thereof and inserting "SECTION
6" in replacement therefor.

                  (e)      The last sentence of Section 3(e) of the
RenaissanceRe Option Agreement attached as Exhibit B to the Investment Agreement
is hereby amended and restated as follows:

                           The "Initial Dividend" means the distributions
                  described in items (i) and (ii) above per Common Share paid by
                  the Company to all or substantially all holders of its Common
                  Shares during the 2003 calendar year as determined by the
                  Company's Board of Directors, up to a maximum of $0.44 per
                  Common Share.

                  (f)      Section 6(a) of the RenaissanceRe Option Agreement
attached as Exhibit B to the Investment Agreement is hereby amended by inserting
the following sentence immediately following the first sentence thereof:

                           Notwithstanding anything to the contrary in this
                  Agreement, RenRe may, at any time, assign or otherwise
                  transfer, dispose or encumber the RenRe Option or the RenRe
                  Option Shares in whole or in part to any direct or indirect
                  wholly owned subsidiary of RenRe, provided that such
                  transferee shall enter into an option agreement with the
                  Company that is substantially identical to this Agreement.

                  Section 2.        Miscellaneous.

                  (a)      This Amendment shall be governed by and construed in
accordance with the laws of the State of New York, without regard to the
conflicts of laws rules of such State. This Amendment may be executed in one or
more counterparts, which together will constitute a single agreement.

                  (b)      The captions herein are included for convenience of
reference only and shall be ignored in the construction or interpretation
hereof.

                  (c)      This Amendment may not be amended nor may any
provision be waived except by a writing signed, in the case of an amendment, by
each party hereto and, in the case of a waiver, by the party against whom the
waiver is to be effective. Except as otherwise permitted pursuant to the
Investment Agreement, this Amendment is not assignable by any of the parties
without the prior written consent of the other parties. This Amendment shall be
binding upon and inure to the benefit of the parties hereto, any subsidiary to
whom the Shares are delivered pursuant hereto, and their respective successors
and permitted assignees.

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                  (d)      The Investment Agreement, as amended hereby, is and
shall continue to be in full force and effect and is hereby in all respects
ratified and confirmed. Except as expressly modified and amended hereby, all of
the terms, provisions and conditions of the Investment Agreement shall remain
unchanged and in full force and effect. On and after the effective date of the
amendments to the Investment Agreement set forth above, each reference in the
Investment Agreement (including the exhibits and schedules thereto) shall mean
and be a reference to the Investment Agreement as amended hereby.

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                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed by their respective authorized officers as of the
day and year first above written.

                                            RENAISSANCERE HOLDINGS LTD.

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

                                            PLATINUM UNDERWRITERS HOLDINGS,
                                            LTD.

                                            By: /s/ Jerome T. Fadden
                                                ------------------------------
                                            Name:  Jerome T. Fadden
                                            Title: President and Chief
                                                   Executive Officer

                                            THE ST. PAUL COMPANIES, INC.

                                            By: /s/ Thomas A. Bradley
                                                ------------------------------
                                            Name:  Thomas A. Bradley
                                            Title: Executive Vice President and
                                                   Chief Financial Officer<PAGE>

                                                                  EXHIBIT 10.37

              [Letterhead of Platinum Underwriters Holdings, Ltd.]

November 1, 2002

RenaissanceRe Holdings Ltd
Renaissance House
8-12 East Broadway
Pembroke HM 19
Bermuda

                   TRANSFER RESTRICTIONS, REGISTRATION RIGHTS
                            AND STANDSTILL AGREEMENT

Ladies and Gentlemen:

      Pursuant to an Investment Agreement, dated September 20, 2002, among
Platinum Underwriters Holdings, Ltd, a Bermuda company (the "Company"), The St.
Paul Companies, Inc. ("St. Paul") and the Purchaser identified therein
("Purchaser") (the "Investment Agreement"), the Company has agreed to sell to
Purchaser or its permitted assignees, and Purchaser has agreed to purchase from
the Company, (i) 3,960,000 Common Shares, par value $0.01 per share, of the
Company and, in certain circumstances described in the Investment Agreement, has
the right to purchase up to an additional 594,000 Common Shares (collectively,
the "Shares") and (ii) an option (the "RenRe Option") to purchase up to
2,500,000 additional Common Shares pursuant to the RenRe Option Agreement
attached as Exhibit B to the Investment Agreement.

      Unless the context otherwise requires, each reference herein to the
Securities Act, the Exchange Act or Rule 144 (or any other rule, regulation or
form promulgated under either such statute) shall be deemed to mean, as of any
time, such statute, rule, regulation or form as then in effect, after all
amendments thereto, or, if not then in effect, any successor statute, rule,
regulation or form as then in effect, after all amendments thereto.

      The Company and Purchaser are entering into this Agreement to define the
future relationship between the Company and Purchaser and in consideration of
the mutual covenants and agreements contained herein.

1. Certain Definitions. As used in this Agreement, the following capitalized
terms have the respective meanings set forth below:

      "Affiliate" means, with respect to one person, any other person that
directly or indirectly through one or more intermediaries controls or is
controlled by or is under common control with such person.

      "Beneficial owner" and "beneficially own" means, with respect to any
person

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      (i) securities that such person or any of such person's Affiliates,
      directly or indirectly, has the right to vote or dispose of or has
      "beneficial ownership" of (as determined pursuant to Rule 13d-3 of the
      General Rules and Regulations under the Exchange Act, including without
      limitation pursuant to any agreement, arrangement or understanding,
      whether or not in writing; provided that a person shall not be deemed the
      "beneficial owner" of, or to "beneficially own," (A) securities tendered
      pursuant to a tender or exchange offer made by such person or any of such
      person's Affiliates until such tendered securities are accepted for
      payment, purchase or exchange, (B) any security as a result of an oral or
      written agreement, arrangement or understanding to vote such security if
      such agreement, arrangement or understanding: (1) arises solely from a
      revocable proxy given in response to a public proxy or consent
      solicitation made pursuant to, and in accordance with, the applicable
      provisions of the General Rules and Regulations under the Exchange Act,
      and (2) is not also then reportable by such Person on Schedule 13D under
      the Exchange Act (or any comparable or successor report); or

      (ii) securities that are beneficially owned, directly or indirectly, by
      any other person (or any Affiliate thereof) with which such person (or any
      of such person's Affiliates) has any agreement, arrangement or
      understanding (whether or not in writing, but excluding customary
      agreements with and between underwriters and selling group members with
      respect to a bona fide public offering of securities until the expiration
      of forty days after the date of such acquisition), for the purpose of
      acquiring, holding, voting (except pursuant to a revocable proxy as
      described in the proviso to subparagraph (i) above) or disposing of any
      Voting Securities.

      "Common Shares" means the common shares, par value U.S. $0.01 per share,
of the Company.

      "Exchange Act" means the U.S. Securities Exchange Act of 1934, as amended.

      "Purchaser Group" means RenRe and its Subsidiaries at such time.

      "Registrable Shares" means, at any time, any and all Common Shares owned
by the Purchaser Group, whether issued to RenRe pursuant to the Investment
Agreement or the RenRe Option or otherwise acquired, as the case may be, other
than shares that have ceased to be Registrable Shares. Common Shares cease to be
Registrable Shares (a) when a registration statement with respect to the
disposition of such shares has become effective under the Securities Act and
such shares shall have been disposed of pursuant to such registration statement,
or (b) when such shares have been sold pursuant to Rule 144 under the Securities
Act.

      "Registration Expenses" means any and all expenses incident to performance
of or compliance with the demand rights set forth in Section 3(a) and piggy-back
rights set forth in Section 3(b), including, (a) all SEC and stock exchange or
National Association of Securities Dealers, Inc. registration and filing fees,
(b) all fees and expenses of complying with state securities or blue sky laws
(including reasonable fees and disbursements of counsel for the underwriters in
connection with blue sky qualifications of the Registrable Shares), (c) the cost
of printing or preparing any registration statement, prospectus, offering
circular, agreement among underwriters, underwriting agreement, blue sky
memorandum, share certificates and any other

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documents in connection with the offering, purchase, sale and delivery of the
Registrable Shares, (d) the costs and charges of any transfer agent and
registrar and any custodian or attorney-in-fact appointed to act on behalf of
Purchaser, (e) all messenger and delivery expenses of the Company, (f) the
reasonable fees and expenses of any qualified independent underwriter, (g) the
reasonable fees and disbursements of counsel for the Company and the Company's
independent public accountants, including the expenses of any special audits
and/or "cold comfort" letters required by or incident to such performance and
compliance and (h) any road show and marketing expenses; provided that Purchaser
shall pay the fees and disbursements of its own counsel, if any, and all
underwriting discounts, commissions and transfer taxes, if any, relating to the
sale or disposition of its Registrable Shares.

      "Securities Act" means the U.S. Securities Act of 1933, as amended.

      "Subsidiary" means, as to any person, (i) any corporation 50% of whose
stock of any class or classes having by the terms thereof ordinary voting power
to elect a majority of the directors of such corporation (irrespective of
whether or not at the time stock of any class or classes of such corporation
shall have or might have voting power by reason of the happening of any
contingency) is at the time owned by such person and/or one or more Subsidiaries
of such person and (ii) any other person in which such person and/or one or more
Subsidiaries of such person has a 50% equity interest at the time.

      "Voting Securities" means securities of the Company with the power to vote
with respect to the election of directors generally, including, without
limitation, Common Shares (or, where reference is made to the "voting securities
of another corporation," such term shall mean securities that are generally
entitled to vote in the election of directors of such other corporation).

      "Wholly Owned Subsidiary" means, as to any person, (i) any corporation
100% of whose stock of any class or classes having by the terms thereof ordinary
voting power to elect a majority of the directors of such corporation
(irrespective of whether or not at the time stock of any class or classes of
such corporation shall have or might have voting power by reason of the
happening of any contingency) is at the time owned by such person and/or one or
more Wholly Owned Subsidiaries of such person and (ii) any other person in which
such person and/or one or more Wholly Owned Subsidiaries of such person has a
100% equity interest at the time.

2. Restrictions on Transfers.

      (a) Purchaser agrees that, prior to the first anniversary of the Closing
(as defined in the Investment Agreement), it will not, directly or indirectly,
sell, transfer or otherwise dispose of any of the Shares or any interest
therein, except that Purchaser may transfer Shares under the following
circumstances:

      (i) to any Wholly Owned Subsidiary of Purchaser that enters into a
      standstill agreement with the Company containing terms and conditions
      substantially identical to those in this Agreement, provided that any such
      transferee shall not, at the time of the transfer or at any time
      thereafter, be other than a Foreign Corporation (as such term is defined
      in the Investment Agreement) and a Qualified Institutional Buyer (as such
      term is defined in

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<PAGE>

      Rule 144A under the Securities Act), and in any case in accordance with
      all applicable law;

      (ii) pursuant to any tender offer or exchange offer which is recommended
      by the Board of Directors of the Company; or

      (iii) in a transfer by operation of law upon consummation of a merger or
      consolidation of Purchaser into another person.

      (b) Notwithstanding anything to the contrary in this Agreement, Purchaser
may not, at any time, directly or indirectly, sell, transfer or otherwise
dispose of more than 9.9% of the Common Shares outstanding at the time of such
sale, transfer or other disposition to any person that generates 50% or more of
its gross revenue in its most recent fiscal year for which financial statements
are available, by writing property or casualty insurance or reinsurance, except
in the following circumstances: (i) in connection with any tender offer or
exchange offer made to all holders of outstanding Common Shares; (ii) to a
Wholly Owned Subsidiary of Purchaser provided that such Wholly Owned Subsidiary
agrees in writing with the Company to the same transfer restrictions as are
contained in this Section 2; or (iii) in a transfer by operation of law upon
consummation of a merger or consolidation of Purchaser into another person.

      (c) For the avoidance of doubt, no transfer of Shares, RenRe Option Shares
or the RenRe Option or any interest therein pursuant to this Section 2 or
pursuant to the Option Agreement shall result in any increase in the number of
Demand Requests (as defined below) available.

3. Registration Rights.

      (a) Demand Rights.

            (i) From and after the first anniversary of the Closing (unless the
      Company consents to an earlier date, such consent not be unreasonably
      withheld), Purchaser has the right, on four occasions, to require the
      Company to file a registration statement on Form S-1, S-2 or S-3 (or Form
      F-1, F-2 or F-3) or any similar or successor to such Forms under the
      Securities Act for a public offering Registrable Shares, by delivering to
      the Company written notice, with a copy to St. Paul, stating that such
      right is being exercised, naming, if applicable, the members of the
      Purchaser Group whose Registrable Shares are to be included in such
      registration (collectively, the "Demanding Shareholders"), specifying the
      number of each such Demanding Shareholder's Registrable Shares to be
      included in such registration and describing the intended method of
      distribution thereof (a "Demand Request"); provided that, from and after
      the fifth anniversary of the Closing, Purchaser has the right to two
      additional Demand Requests if on such date Purchaser is the beneficial
      owner (directly or indirectly) of more than 9.9% of the Common Shares then
      outstanding. Upon receipt of a Demand Request, the Company shall use its
      reasonable best efforts to promptly effect the registration under the
      Securities Act of the Registrable Shares included in the Demand Request to
      permit the Demanding Shareholders to sell or otherwise dispose of its
      Registrable Shares included in the registration in accordance with the
      method or methods of distribution intended by the Demanding Shareholders.
      The

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      rights and obligations of the parties listed under this Section 3(a)(i)
      are subject to the other provisions of this Agreement.

            (ii) The Company's obligations pursuant to Section 3(a)(i) above are
      subject to the following conditions:

                  (A) the Company is not obligated to fulfill a Demand Request
            if it has fulfilled a Demand Request received during the period of
            12 months immediately preceding the date of receipt of such Demand
            Request;

                  (B) the Company is not obligated to fulfill a Demand Request
            unless the Demand Request is for such number of Registrable Shares
            with a market value that is equal to at least $50 million as of the
            date of such Demand Request, provided that the last Demand Request
            (as specified in Section 3(a)(i) of this Agreement) will not be
            subject to the limitations of this Section 3(a)(ii)(B);

                  (C) the Company shall, if requested by Purchaser, undertake a
            "road show" and other customary marketing efforts in connection with
            the sale of Registrable Shares pursuant to such registration, at
            such times and in such manner as Purchaser may reasonably request;

                  (D) the Company is not obligated to fulfill the requirements
            herein with regard to any registration relating to a Demand Request:

                        (1) during any period of time (not to exceed ninety (90)
                  days in the aggregate during any period of twelve (12)
                  consecutive months) after the Company has determined to
                  proceed with a Securities Act registration of any of its
                  securities and is diligently proceeding to complete such
                  registration or any offering of securities pursuant thereto
                  (whether for its own account or that of any shareholder but
                  excluding any registration on Form S-8 under the Securities
                  Act or any similar or successor form) if, in the judgment of a
                  nationally recognized investment banking firm (which may be
                  acting as managing underwriter for any such offering or as
                  financial advisor to the Company), the fulfillment of such
                  requirements or such filing would have an adverse effect on
                  the offering,

                        (2) during any period of time (not to exceed ninety (90)
                  days during any period of twelve (12) consecutive months) when
                  the Company is in possession of material, non-public
                  information that the Company would not be required to disclose
                  publicly in the absence of any Securities Act registration of
                  its securities, and the disclosure of which would be
                  materially injurious to the Company, or

                        (3) during any period of time (not to exceed ninety (90)
                  days during any period of twelve (12) consecutive months) when
                  the Company is engaged in, or has determined to engage in and
                  is proceeding diligently with, any program for the purchase
                  of, or any tender offer or exchange offer for, its capital
                  securities, and determines, on advice of nationally

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<PAGE>

                  recognized independent U.S. counsel knowledgeable in such
                  matters, that such program or offer and the requested
                  registration may not proceed concurrently without violating
                  Regulation M under the Exchange Act;

                  (E) the Company is not required to maintain the effectiveness
            of a registration statement filed pursuant to Section 3(a)(i) for a
            period in excess of 90 consecutive days, which period shall be
            tolled during any period in which the Company invokes its rights
            under Section 3(1); provided, however, that, from and after the
            third anniversary of the Closing and receipt thereafter by the
            Company of written instructions from Purchaser to such effect, in
            the case of any registration of Registrable Shares on Form S-3 or
            F-3 which are intended to be offered on a continuous or delayed
            basis, such 90-day period shall be extended until all such
            Registrable Securities are sold, provided that Rule 415, or any
            successor rule under the Securities Act, permits an offering on a
            continuous or delayed basis, provided further that applicable rules
            under the Securities Act governing the obligation to file a
            post-effective amendment permit, in lieu of filing a post-effective
            amendment which (1) includes any prospectus required by Section
            10(a) of the Securities Act or (2) reflects facts or events
            representing a material or fundamental change in the information set
            forth in the registration statement, the incorporation by reference
            of information required to be included in (1) and (2) above to be
            contained in periodic reports filed pursuant to Section 12 or 15(d)
            of the Exchange Act in the registration statement and provided
            further that Purchaser shall give the Company written notice, with a
            copy to St. Paul, at least ten business days prior to the beginning
            of any fiscal quarter in which Purchaser intends to attempt to sell,
            transfer or otherwise distribute any Common Shares pursuant to this
            subsection (E) which are offered on a continuous or delayed basis,
            which notice shall specify the aggregate number of Common Shares
            Purchaser intends to attempt to sell, transfer or dispose of in such
            fiscal quarter:

                  (F) and shall not be required to file or maintain any
            registration statement that permits a delayed or continuous offering
            to be made for more than 30 consecutive days, which period shall be
            tolled during any period in which the Company invokes its rights
            under Section 3(f), after such registration statement becomes
            effective;

                  (G) any underwriting agreement entered into in connection with
            any public offering pursuant to this Section 3 shall contain a
            provision pursuant to which the managing underwriter of any such
            public offering shall agree to use its reasonable best efforts to
            avoid selling Registrable Shares to any one person or group of
            related persons (other than another dealer acting as an underwriter
            or member of any selling group in connection with such public
            offering) if, as a result of such sale, any person would
            beneficially or of record own directly or indirectly through a
            foreign corporation, or constructively under applicable rules
            contained in the Internal Revenue Code of 1986, as amended (the
            "Code"), more than 9.9% of the Voting Securities; and

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<PAGE>

                  (H) Purchaser is entitled to designate any one or more lawful
            methods of distribution permitted pursuant to the registration
            statement (including a firm commitment underwriting) to be the
            method of distribution for the registration pursuant to this Section
            3(a), and Purchaser will sell its Registrable Shares included in the
            registration in the designated methods (and, in the case of any
            underwriting, on the same terms and conditions as the Company and
            any other selling shareholder); the intended methods of distribution
            shall be indicated in the Demand Request and shall be finally
            determined prior to filing the registration statement. In any
            distribution pursuant to a Demand Request involving an underwriter,
            Purchaser is entitled to select any nationally recognized investment
            banking firm to act as underwriter, provided that with respect to
            any Demand Requests and piggy-back registrations for which the
            Company bears the costs and expenses pursuant to Section 3(g), such
            selection of an underwriter by Purchaser is subject to the consent
            of the Company, such consent not to be unreasonably withheld.

            (iii) Subject to Section 3(c), the Company may elect to include in
      any registration statement filed pursuant to this Section 3(a) any Common
      Shares to be issued by it or held by any of its Subsidiaries or by any
      other shareholders only to the extent such shares are offered and sold
      pursuant to, and on the terms and subject to the conditions of, any
      underwriting agreement or distribution arrangements entered into or
      effected by the Demanding Shareholders.

            (iv) Purchaser may withdraw a Demand Request at any time. A Demand
      Request withdrawn pursuant to this Section 3(a)(iv) is deemed not to have
      been made for purposes of Section 3(a) and is of no further effect if and
      only if Purchaser pays or reimburses the Company for all expenses and
      costs incurred by the Company in connection with such Demand Request.

      (b) "Piggy-Back" Rights. If at any time after the Closing the Company
proposes to register, for its own account or for the account of any shareholder,
any Common Shares on a registration statement on Form S-1, S-2 or S-3 (or Form
F-1, F-2 or F-3) or any similar or successor to such Forms under the Securities
Act for purposes of a public offering of such Common Shares, other than pursuant
to a Demand Request, Purchaser has the right to include any Registrable Shares
in such registration. The Company shall give prompt written notice of any such
proposal, including the intended method of distribution of such Common Shares,
to Purchaser. Subject to Section 3(c), upon the written request (a "Piggy-Back
Request") of Purchaser, given within fifteen (15) business days after the
transmittal of any such written notice, the Company will use its reasonable best
efforts to include in such public offering any or all of the Registrable Shares
then held by Purchaser or, if applicable, the Purchaser Group, to permit the
sale of such Registrable Shares pursuant to the intended method or methods of
distribution; provided that any participation in such public offering by
Purchaser must be on substantially the same terms as the Company's and each
other shareholder's participation therein; and provided further, that the total
number of Common Shares to be included in any such public offering may not
exceed the Maximum Number (as defined below), and Common Shares must be
allocated to give effect to this proviso as provided in Section 3(c). Purchaser
has the right to withdraw a Piggy-Back Request by giving written notice to the
Company of its election to withdraw such

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request at least five (5) business days prior to the proposed filing date of
such registration statement. Each Piggy-Back Request by Purchaser must specify
the members of the Purchaser Group whose Registrable Shares are to be included
in the registration and the number of shares for each such member. The Company
is entitled to select any nationally recognized investment banking firm as
underwriter in a registration pursuant to this Section 3(b).

      (c) Allocation of Securities Included in a Public Offering. If the
managing underwriter or placement agent for any public offering effected
pursuant to Section 3(a) or Section 3(b) (or, if there is none, a nationally
recognized investment banking firm acting as financial advisor to the Company)
advises the Company and Purchaser in writing that the number of Common Shares
sought to be included in such public offering (including those sought to be
offered by the Company and those sought to be offered by St. Paul and Purchaser)
exceeds the maximum number of Common Shares whose inclusion in such public
offering would not be reasonably likely to have an adverse effect on the price,
timing or distribution of the Common Shares included in such public offering
(the "Maximum Number"), the Company shall allocate Common Shares to be included
in such public offering up to the Maximum Number as follows:

            (i) in the case of any registration pursuant to Section 3(a), first
      to the Demanding Shareholders, subject, if applicable, to allocation below
      the Maximum Number in such manner as they may agree among themselves;
      then, as to any excess, to the Company; and

            (ii) in the case of any registration pursuant to Section 3(b), first
      to the Company for its own account; then to Purchaser and each other
      shareholder designated by the Company, subject to allocation below the
      Maximum Number pro rata according to the number of Registrable Shares held
      by the Purchaser Group or by such other shareholder, as the case may be.

Purchaser may allocate any allocation made to it pursuant to this Section 3(c)
among the members of the Purchaser Group as it wishes. The Company may allocate
any allocation made to it pursuant to Section 3(c)(i) among itself, its
Subsidiaries and its shareholders as it wishes, and may allocate any allocation
made to it for its own account pursuant to Section 3(c)(ii) among itself and its
Subsidiaries as it wishes.

      (d) Indemnification.

            (i) The Company shall indemnify, to the extent permitted by law, and
      hold harmless Purchaser and each member of the Purchaser Group and each
      underwriter against any losses, claims, damages or liabilities, joint or
      several, or actions in respect thereof ("Claims"), to which such
      indemnified party may become subject, under the Securities Act or
      otherwise, insofar as such Claims arise out of or are based upon any
      untrue statement or alleged untrue statement of any material fact
      contained in the registration statement, in any prospectus or preliminary
      prospectus included in such registration statement or in any amendment or
      supplement thereto filed with the SEC (collectively, "Registration
      Documents") or insofar as such Claims arise out of or are based upon the
      omission or alleged omission to state in any Registration Document a
      material fact required to be stated therein or necessary to make the
      statements made

                                       8
<PAGE>

therein not misleading, and will reimburse any such indemnified party for any
legal or other expenses reasonably incurred by such indemnified party in
investigating or defending any such Claim as such expenses are incurred;
provided that the Company is not liable in any such case to the extent that any
such Claim arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission made in any Registration Document in
reliance upon and in conformity with written information furnished to the
Company by or on behalf of such indemnified party specifically for use in the
preparation of such Registration Document.

            (ii) In connection with any registration in which Purchaser is
      participating, Purchaser shall indemnify, to the extent permitted by law,
      and hold harmless the Company and each underwriter against any Claims to
      which each such indemnified party may become subject under the Securities
      Act or otherwise, insofar as such Claims arise out of or are based upon
      any untrue statement or alleged untrue statement of any material fact
      contained in any Registration Document, or insofar as any claims arise out
      of or are based upon the omission or alleged omission to state in any
      Registration Document a material fact required to be stated therein or
      necessary to make the statements made therein not misleading; provided,
      however, that such indemnification is payable only if, and to the extent
      that, any such Claim arises out of or is based upon an untrue statement or
      alleged untrue statement or omission or alleged omission made in any
      Registration Document in reliance upon and in conformity with written
      information furnished to the Company by or on behalf of Purchaser or any
      member of the Purchaser Group specifically for use in the preparation of
      such Registration Document.

            (iii) Any person entitled to indemnification under Section 3(d)(i)
      or (ii) above shall notify promptly the indemnifying party in writing of
      the commencement of any Claim if a claim for indemnification in respect
      thereof is to be made against an indemnifying party under this Section
      3(d), but the omission of such notice shall not relieve the indemnifying
      party from any liability which it may have to any indemnified party
      otherwise than under Section 3(d)(i) or (ii). In case any action is
      brought against an indemnified party and it shall notify the indemnifying
      party of the commencement thereof, the indemnifying party is entitled to
      participate in, and, to the extent that it chooses, to assume the defense
      thereof with counsel reasonably acceptable to the indemnified party, who
      may be counsel for the indemnifying party unless the indemnified party
      reasonably concludes such counsel would have a conflict of interest in
      representing both indemnified and indemnifying parties (provided, that the
      Company is not responsible for the fees and expenses of more than one
      counsel for all indemnified parties with respect to any Claim or group of
      Claims alleged to have arisen from similar facts); and, after notice from
      the indemnifying party to the indemnified party that it so chooses, the
      indemnifying party is not liable for any legal or other expenses
      subsequently incurred by the indemnified party in connection with the
      defense thereof other than reasonable costs of investigation. The
      indemnifying party is not liable for any settlement of any proceeding
      effected without its written consent, but if settled with such consent or
      if there be a final judgment for the plaintiff, the indemnifying party
      agrees to indemnify the indemnified party from and against any loss or
      liability by reason of such settlement or judgment. No indemnifying party
      may, without the prior written consent of the indemnified party, effect
      any settlement of any pending or threatened proceeding in

                                       9
<PAGE>

respect of which any indemnified party is or could have been a party and
indemnity could have been sought hereunder by such indemnified party, unless
such settlement includes an unconditional release of such indemnified party from
all liability on claims that are the subject matter of such proceeding.

      (iv) If for any reason the foregoing indemnity is unavailable to, or is
      insufficient to hold harmless, an indemnified party in respect of any
      Claim, (a) if the indemnified party is an underwriter, then each
      indemnifying party shall contribute to the amount paid or payable by the
      indemnified party as a result of any Claim in such proportion as is
      appropriate to reflect the relative benefits received by Purchaser and the
      Company, on the one hand, and the indemnified party, on the other, from
      the offering of securities to which such Registration Documents relate,
      (b) as between the Company and Purchaser, the indemnifying party shall
      contribute to the amount paid or payable by the indemnified party as a
      result of any Claim in such proportion as is appropriate to reflect the
      relative benefits to and the relative fault of the indemnifying party, on
      the one hand, and the indemnified party, on the other, in connection with
      the statements or omissions that resulted in such Claims, as well as any
      other relevant equitable considerations. If, however, the allocation
      provided in clause (a) or (b) of the immediately preceding sentence is not
      permitted by applicable law, or if the indemnified party failed to give
      the notice required by clause (iii) above, then each indemnifying party
      shall contribute to the amount paid or payable by such indemnified party
      in such proportion as is appropriate to reflect both the relative benefits
      and the relative fault of the indemnifying party and the indemnified party
      in connection with the statements or omissions that resulted in such
      Claims as well as any other relevant equitable considerations. The
      relative benefits received by Purchaser and the Company, on the one hand,
      and by the underwriters, on the other, shall be deemed to be in the same
      proportion as the total net proceeds from the offering of the securities
      (before deducting expenses) received by Purchaser and the Company, on the
      one hand, bear to the total underwriting discounts and commissions
      received by the underwriters, on the other hand, in connection with such
      offering. The relative fault shall be determined by reference to, among
      other things, whether the untrue or alleged untrue statement of a material
      fact or the omission or alleged omission to state a material fact relates
      to information supplied by the indemnifying party or by the indemnified
      party and the parties' relative intent, knowledge, access to information
      and opportunity to correct or prevent such statement or omission. The
      amount paid or payable in respect of any Claim shall be deemed to include
      any legal or other expenses reasonably incurred by such indemnified party
      in connection with investigating or defending any such Claim. No person
      guilty of fraudulent misrepresentation (within the meaning of
      Section 11(f) of the Securities Act) is entitled to contribution from any
      person who was not guilty of such fraudulent misrepresentation.

            (v) As a condition to their obligations under this Section 3(d),
      each of the Company and Purchaser must have received from each underwriter
      of Registrable Shares included in a registration statement filed under the
      Securities Act pursuant to Section 3(a) or 3(b) an undertaking to
      indemnify, to the extent permitted by law, and hold harmless the Company
      and Purchaser against (or if such indemnity is unavailable or is
      insufficient to hold harmless an indemnified party, to provide
      contribution, on substantially the same basis provided to such underwriter
      in accordance with Section 3(d)(iv), in respect of) any

                                       10
<PAGE>

      Claims to which each such indemnified party may become subject under the
      Securities Act or otherwise, insofar as such Claims arise out of or are
      based upon any untrue statement or alleged untrue statement of any
      material fact contained in any Registration Document, or insofar as any
      claims arise out of or are based upon the omission or alleged omission to
      state in any Registration Document a material fact required to be stated
      therein or necessary to make the statements made therein not misleading;
      provided, however, that such indemnification (or contribution, as the case
      may be) shall be payable only if, and to the extent that, any such Claim
      arises out of or is based upon an untrue statement or alleged untrue
      statement or omission or alleged omission made in any Registration
      Document in reliance upon and in conformity with written information
      furnished to the Company by or on behalf of such underwriter specifically
      for use in the preparation thereof. Notwithstanding the foregoing, no
      underwriter shall be required to contribute any amount in excess of the
      amount by which the total price at which the Registrable Shares
      underwritten by it and distributed to the public were offered to the
      public exceeds the amount of any damages which such underwriter otherwise
      has been required to pay by reason of such untrue or alleged untrue
      statement or omission or alleged omission. The obligation of any
      underwriters to provide indemnification (or contribution, as the case may
      be) pursuant to this paragraph (v) shall be several in proportion to their
      respective underwriting commitments and not joint.

            (vi) The maximum liability of Purchaser to indemnify or contribute
      payments pursuant to this Section 3(d) may not exceed the aggregate net
      proceeds from the sale of Common Shares (including the sale of Common
      Shares, if any, pursuant to the exercise of an over-allotment option) to
      Purchaser in such registration.

            (vii) The obligations of the Company pursuant to this Section 3(d)
      are in addition to any liability which the Company may otherwise have and
      extends, upon the same terms and conditions, to each officer, director and
      general partner of any underwriter or Purchaser and to each person, if
      any, who controls any underwriter or Purchaser within the meaning of the
      Securities Act. The obligations of Purchaser pursuant to this Section 3(d)
      are in addition to any liability which Purchaser may otherwise have and
      extends, upon the same terms and conditions, to each officer, director and
      general partner of the Company, any underwriter and to each person, if
      any, who controls the Company or any underwriter within the meaning of the
      Securities Act. The obligations of any underwriter pursuant to this
      Section 3(d) are in addition to any liability which such underwriter may
      otherwise have and extends, upon the same terms and conditions, to each
      officer, director and general partner of the Company or Purchaser and to
      each person, if any, who controls the Company or Purchaser within the
      meaning of the Securities Act.

            (viii) The indemnification provisions set forth in this section are
      the sole and exclusive remedy of the parties hereto for any and all claims
      for indemnification under this Agreement.

      (e) Requirements with Respect to Registration. If and whenever the Company
is required by the provisions hereof to use its reasonable best efforts to
register any Registrable Shares under the Securities Act, the Company shall, as
promptly as practicable:

                                       11
<PAGE>

            (i) Prepare and file with the SEC a registration statement with
      respect to such Registrable Shares and use its reasonable best efforts to
      cause such registration statement to become and remain effective for the
      periods specified herein.

            (ii) Prepare and file with the SEC such amendments and supplements
      to such registration statement and the prospectus used in connection
      therewith as may be necessary to keep such registration statement current
      and to comply with the provisions of the Securities Act and any
      regulations promulgated thereunder with respect to the sale or other
      disposition of such Registrable Shares, for as long as a prospectus
      relating to any such Registrable Shares is required to be delivered under
      the Securities Act, subject to the limitation in Section 3(a)(ii)(F).

            (iii) Furnish to each member of the Purchaser Group participating in
      the offering copies (in reasonable quantities) of summary, preliminary,
      final, amended or supplemented prospectuses, in conformity with the
      requirements of the Securities Act and any regulations promulgated
      thereunder, and other documents as reasonably may be required in order to
      facilitate the disposition of such Registrable Shares, but only while the
      Company is required under the provisions hereof to keep the registration
      statement current.

            (iv) Use its reasonable best efforts to register or qualify the
      Registrable Shares covered by such registration statement under such other
      securities or blue sky laws of such jurisdictions in the United States as
      the managing underwriter or placement agent (or, if none, Purchaser) shall
      reasonably request, and do any and all other acts and things which may be
      reasonably necessary to enable such managing underwriter, placement agent
      or Purchaser to consummate the disposition of the Registrable Shares in
      such jurisdictions; provided, however, that in no event is the Company
      required to qualify to do business as a foreign corporation in any
      jurisdiction where it is not so qualified; to execute or file any general
      consent to service of process under the laws of any jurisdiction; to take
      any action that would subject it to service of process in suits other than
      those arising out of the offer and sale of the securities covered by the
      registration statement; or to subject itself to taxation in any
      jurisdiction where it has not theretofore done so unless the Company shall
      have received a reasonably satisfactory indemnity in respect thereto; or
      to subject itself to any insurance regulation in any jurisdiction in which
      it has not theretofore been so subject.

            (v) Notify Purchaser, at any time when a prospectus relating to any
      Registrable Shares covered by such registration statement is required to
      be delivered under the Securities Act, of the Company's becoming aware
      that the prospectus included in such registration statement, as then in
      effect, includes an untrue statement of a material fact or omits to state
      any material fact required to be stated therein or necessary to make the
      statements therein not misleading in the light of the circumstances then
      existing, and, subject to the limitation in Section 3(a)(ii), promptly
      prepare and furnish to Purchaser and each underwriter a reasonable number
      of copies of a prospectus supplemented or amended so that, as thereafter
      delivered to the purchasers of the Registrable Shares, such prospectus
      shall not include an untrue statement of a material fact or omit to state
      a

                                       12
<PAGE>

      material fact required to be stated therein or necessary to make the
      statements therein not misleading in the light of the circumstances then
      existing.

            (vi) As soon as practicable after the effective date of such
      registration statement, and in any event within eighteen (18) months
      thereafter, make generally available to Purchaser an earnings statement
      (which need not be audited) covering a period of at least twelve (12)
      consecutive months beginning after the effective date of the registration
      statement, which earning statement shall satisfy the provisions of Section
      11(a) of the Securities Act, including at the Company's option, Rule 158
      thereunder.

            (vii) Deliver promptly to Purchaser, upon Purchaser's written
      request, copies of all correspondence between the SEC and the Company, its
      counsel or auditors and all memoranda relating to discussions with the SEC
      or its staff with respect to the registration statement and permit
      Purchaser to do such investigation, upon reasonable advance notice, with
      respect to information contained in or omitted from the registration
      statement as it deems reasonably necessary. Purchaser agrees that it will
      use its reasonable best efforts not to interfere unreasonably with the
      Company's business when conducting any such investigation. Purchaser shall
      not, and shall not permit any member (other than a member controlling
      Purchaser) of the Purchaser Group and shall use its reasonable best
      efforts to cause any member of the Purchaser Group controlling Purchaser
      and any underwriter in connection with such offering not to, disclose any
      material non-public information received from the Company pursuant to this
      Section 3(e)(vii) unless such material non-public information becomes
      generally known on a non-confidential basis other than as a result of the
      breach of any obligation of confidentiality.

            (viii) The Company agrees that it will use its reasonable best
      efforts to obtain "cold comfort" letters from the Company's independent
      public accountants (including one letter when such registration statement
      goes effective and one at the closing) in customary form and covering such
      matters of the type customarily covered by such "cold comfort" letters.

            (ix) Enter into underwriting or placement agreements in the
      customary form, including, without limitation, representations and
      warranties and indemnification and contribution provisions for any
      underwriter or placement agent selling Registrable Shares hereunder.

            (x) Use its commercially reasonable efforts to qualify (and remain
      qualified) for registration on Form S-3 or F-3, as applicable.

      (f) Use of Registration Statement. Purchaser shall, and shall cause each
other member (other than a member controlling Purchaser) of the Purchaser Group
and shall use its reasonable best efforts to cause each member of the Purchaser
Group controlling Purchaser and each underwriter in connection with any public
offering to, upon receipt by Purchaser of the Company's notice pursuant to
Section 3(e)(v), promptly discontinue the disposition of Registrable Shares
pursuant to the prospectus and registration statement contemplated by such
notice, until such time as Purchaser and the underwriters have received copies
of the amended or supplemented prospectus contemplated by Section 3(e)(v) and
upon such receipt by Purchaser,

                                       13
<PAGE>

Purchaser shall, and shall use its reasonable best efforts to cause each
underwriter in connection with any public offering to, deliver to the Company
all copies in the possession of Purchaser or any such underwriter at the time of
receipt by Purchaser of the Company's notice pursuant to Section 3(e)(v) of any
prospectus covering Registrable Shares.

      (g) Expenses.

            (i) The Company shall pay (to the extent permitted by the Bermuda
      Companies Act 1981 as then in effect) the Registration Expenses (other
      than underwriting discounts and commissions, which shall be borne by
      Purchaser) incurred in connection with the first two Demand Requests, and
      Purchaser shall pay the Registration Expenses (including the underwriting
      discounts and commissions) incurred in connection with all other Demand
      Requests, provided that in each case, each of the Company and Purchaser
      shall pay the expenses of its own legal counsel and provided further, that
      to the extent the Company files a registration statement in response to a
      Demand Request made prior to the first anniversary of the Closing,
      Purchaser will pay the Registration Expenses (including the underwriting
      discounts and commissions) and such Demand Request shall not be considered
      one of the first two Demand Requests for purposes of this Section 3(g)(i).

            (ii) With respect to the Registration Expenses (other than
      underwriting discounts and commissions, which shall be borne by Purchaser)
      incurred in connection with any piggy-back registration under Section
      3(b), Purchaser shall only pay such portion of such expenses that is equal
      to the fraction, (A) the numerator of which is the number of Registrable
      Shares registered (subject to any cutback) pursuant to the applicable
      Piggy-Back Request of Purchaser, and (B) the denominator of which is the
      total number of Common Shares registered under the applicable registration
      statement.

      (h) Certain Obligations of Purchaser. Purchaser shall provide such
information to the Company as the Company may reasonably request in connection
with any registration hereunder of Registrable Shares for Purchaser's account
and shall dispose of any such Registrable Shares pursuant to any registration
hereunder in the manner contemplated thereby, and shall notify the Company in
writing if it becomes aware of any material change or inaccuracy in such
information.

      (i) Transfer of RenRe Option. In the event Purchaser transfers the RenRe
Option to one or more transferees pursuant to Section 6(c) of the RenRe Option
Agreement, following execution by any such transferee and delivery to the
Company of an instrument reasonably acceptable to the Company acknowledging that
such transferee has become a party to this Agreement and assumed Purchaser's
rights and obligations hereunder, all references herein to Purchaser with
respect to Registrable Shares consisting of Common Shares issuable pursuant to
the RenRe Option Agreement shall be deemed to apply (i) in the case of a
transfer of the RenRe Option in whole, solely to the transferee of the RenRe
Option and (ii) in the case of a transfer of the RenRe Option in part,
collectively either to the transferees of the RenRe Option or, if Purchaser has
retained a portion of the RenRe Option, to Purchaser and such transferee(s). The
Company shall be entitled to rely solely upon the instructions of Purchaser or
the transferee of the RenRe Option designated in writing by RenRe with respect
to any rights granted hereunder

                                       14
<PAGE>

to the holders of Registrable Option Shares. The number of demand and piggy back
registration rights afforded Purchaser hereunder shall apply in aggregate to
Purchaser and any and all said transferees, without any increase in the number
of said demand and piggy back registration rights. There are no registration
rights with respect to the RenRe Option itself.

      (j) Lock-up Arrangements. Purchaser agrees that, upon the request of the
Company, it shall agree to any lock-up arrangement requested by any underwriter
for up to a 90 day period following the effectiveness of any Securities Act
registration statement covering the Company's capital securities (but excluding
any registration on Form S-8 under the Securities Act or any similar successor
form), provided, that if such registration statement relates to a public
offering of Common Shares, other than pursuant to a Demand Request, Purchaser
has the right to submit a Piggy-Back Request to the Company pursuant to Section
3(b) without regard to the notice requirement in such section.

      (k) Availability of Rule 144. The Company shall use its reasonable best
efforts to ensure that the information requirement set forth in paragraph (c) of
Rule 144 is satisfied so that the safe harbor provided by Rule 144 is available
to Purchaser for all transfers of Registrable Shares made after the 90th day
after the Company becomes subject to the reporting requirements of Section 13 of
the Exchange Act. Upon request made by Purchaser at any time during such period,
the Company will provide Purchaser with a written statement confirming that the
Company has been subject to and has complied with the reporting requirements as
provided in said paragraph (c), unless the Company has included such a statement
in its then-latest annual or quarterly report filed with the SEC.

      (1) Termination of Certain Rights. The rights of Purchaser to make a
Piggy-Back Request pursuant to Section 3(b) shall terminate on the first day
after the Closing on which Purchaser does not have a right to make a Demand
Request pursuant to Section 3(a) (the "Termination Date"); provided that, as to
any Registrable Shares that are subject to a Demand Request or Piggy-Back
Request duly delivered on or prior to the Termination Date, such termination
will be delayed until such shares have been disposed of pursuant to such
registration statement or such offering has been completed or abandoned.

4. Standstill and Voting Provisions; Share Repurchases.

      (a) Purchaser agrees that except as contemplated in the Investment
Agreement, Purchaser and its Subsidiaries will not, and Purchaser will use its
commercially reasonable efforts to cause its Affiliates and any officer,
employee, agent or representative of Purchaser or such Affiliates (collectively,
the "Representatives") to not, directly or indirectly, (i) advise or encourage
any party or entity with respect to the voting of any Voting Securities in an
attempt to cause a Change in Control of the Company, (ii) initiate or otherwise
solicit shareholders of the Company for the granting of any proxy or the
approval of one or more shareholder proposals, or induce any other party or
entity to seek any proxy or to initiate any shareholder proposal, that in any
case results or is designed to result in a Change in Control of the Company, or
(iii) directly or indirectly acquire, announce an intention to acquire, or agree
to acquire, by purchase or otherwise, beneficial ownership of any Voting
Securities, if, immediately after any such acquisition, Purchaser or any
Subsidiary of Purchaser would beneficially or of record own, in the aggregate,
more than 19.9% of the Voting Securities then outstanding, except with the prior

                                       15
<PAGE>

written approval of the Company, provided, that nothing herein shall limit the
ability of Purchaser or any of its Affiliates to discuss any matter, including a
Change in Control of the Company, with St. Paul or any of its Affiliates. A
"Change in Control" of the Company is deemed to have occurred if (i) any person
or group (as defined for purposes of Section 13 of the Securities Exchange Act
of 1934, as amended) (excluding the Company or any Subsidiary thereof) becomes
the beneficial owner of more than 50% of the outstanding equity securities of
the Company representing the right to vote for the election of directors or (ii)
there shall occur a merger, consolidation or other business combination in which
the Company is acquired (unless the shareholders of the Company immediately
before such business combination own, directly or indirectly, immediately
following such business combination, at least a majority of the combined voting
power of the entity resulting from such business combination).

      (b) In the event that the Company determines to effect repurchases of its
Common Shares (and, if applicable, New Securities, as defined below) in a
repurchase program approved by its board of directors, then Purchaser must sell
to the Company, on each day on which any Common Shares are so repurchased at a
price equal to the average price of repurchases by the Company on such day, such
number of Common Shares necessary to limit Purchaser's beneficial ownership
interest in the Company to no more than 19.9% of the outstanding Voting
Securities (on an Unadjusted Basis (as defined in the Company's bye-laws)) after
all such repurchases, or such higher limit as the Company may approve in
writing; provided, that Purchaser may require that any repurchases from it by
the Company must be at the average purchase price of any repurchases effected by
the Company on such day pursuant to Rule l0b-18 under the Exchange Act. The
precise number of Common Shares to be repurchased by the Company from Purchaser
will be rounded up to the nearest round lot number.

      (c) Notwithstanding anything in Section 4(b) to the contrary, if (i)
Purchaser beneficially owns less than 19.9% of the outstanding Voting Securities
on an Unadjusted Basis (as defined in the Company's bye-laws) or such higher
limit as the Company may approve in writing other than as a result of any
voluntary sale of Common Shares by Purchaser, and (ii) Purchaser thereafter
purchases Common Shares to maintain such beneficial ownership level at 19.9% or
such higher limit as the Company may approve in writing either (A) in accordance
with its pre-emptive rights under Section 5 or (B) in the open market, in each
case within 60 days after suffering such dilution, then any repurchases by the
Company of its Common Shares in the period that is six months plus one day from
the trade date of any such purchase by Purchaser in accordance with clause (A)
or (B) may only be effected in a manner that either does not trigger Purchaser's
obligation pursuant to Section 4(b) to sell back Common Shares to the Company,
or would not result in any requirement by Purchaser to disgorge profits pursuant
to Section 16(b) of the Exchange Act.

      (d) Purchaser shall use its commercially reasonable efforts to cause all
Voting Securities beneficially owned directly or indirectly by it or any
Subsidiary to be present for quorum purposes, in person or represented by proxy
at every meeting of holders of Common Shares (or, if applicable, in any matter
to be acted upon by written consent of shareholders without a meeting).

                                       16
<PAGE>

5. Pre-emptive Rights.

      (a) If the Company proposes to issue (a "Dilutive Transaction") any Common
Shares or any securities convertible into or exchangeable for or carrying in any
way the right to acquire Common Shares (the "New Securities"), Purchaser will
have the right to subscribe for up to such number of New Securities as is
necessary to maintain Purchaser's beneficial ownership interest in the Company
at the same percentage owned immediately prior to the Dilutive Transaction
(assuming conversion or exchange of the New Securities; provided, however, that
Purchaser shall not have a right to subscribe for any New Securities if the
ownership of such New Securities would cause Purchaser to beneficially own in
excess of 19.9% of the outstanding Voting Securities, or such higher limit as
the Company may approve in writing. The precise number of New Securities to be
issued to Purchaser will be rounded up to the nearest round lot number. For the
avoidance of doubt, the issuance of Common Shares upon the settlement of the
Purchase Contracts forming part of the ESUs is deemed to be a Dilutive
Transaction.

      (b) If the Company proposes to issue New Securities, it shall give
Purchaser 30 days' written notice of its intention, describing the type and
number of New Securities and the price and terms upon which the Company proposes
to issue the same. Purchaser shall have ten days from the date of receipt of any
such notice to agree to purchase up to Purchaser's pro rata share of New
Securities specified above for the same price paid to the Company in connection
with such Dilutive Transaction (i.e., less underwriting discounts and
commissions) by giving written notice to the Company and stating therein the
quantity of New Securities to be purchased provided, however, that in the
connection with an Early Settlement (as such term is defined in the Purchase
Contract Agreement) of the Purchase Contracts pursuant to Section 5.10 of the
Purchase Contract Agreement, this Section 5(b) shall not apply, but the Company
shall give the Purchaser prompt written notice of such Early Settlement.

      (c) In the event that Purchaser fails to exercise its pre-emptive right
within the ten-day notice period, the Company shall have 120 days thereafter to
sell the New Securities with respect to which Purchaser's pre-emptive right was
not exercised, upon the same terms specified in the Company's notice to
Purchaser (except that underwriting discounts and commissions may be paid),
provided that the Company shall not be obligated to issue such New Securities.
To the extent the Company does not sell all the New Securities offered within
such 120-day period, the Company shall not thereafter issue or sell such New
Securities without first again offering such securities to Purchaser in the
manner provided above.

      (d) Notwithstanding anything in this Section 5 to the contrary, the
parties hereby agree that

            (i) any New Securities issued pursuant to (A) any director or
      employee benefit plans of the Company or (B) any acquisition transaction
      engaged in by the Company are not to be deemed Dilutive Transactions and
      that, consequently, no preemptive rights will attach with respect to New
      Securities issued pursuant to clauses (A) and (B);

                                       17
<PAGE>

            (ii) Purchaser's pre-emptive rights to subscribe for New Securities
      will terminate without any further action by either party hereto at such
      time as Purchaser beneficially owns less than 6.25% of the outstanding
      Common Shares;

            (iii) Purchaser shall have no pre-emptive rights with respect to any
      proposed Dilutive Transaction if (A) to the extent a proposed Dilutive
      Transaction is an underwritten public offering, the underwriters request a
      reduction of the number of New Securities to be issued, or (B) prior to a
      Dilutive Transaction a nationally recognized investment bank mutually
      agreed by the parties advises Purchaser and the Company in writing that
      Purchaser exercising pre-emptive rights in connection with such Dilutive
      Transaction would materially hinder or interfere with such proposed
      Dilutive Transaction;

            (iv) with respect to any New Securities that are securities
      convertible into or exchangeable for or carrying in any way the right to
      acquire Common Shares ("Convertible New Securities"), the terms of such
      Convertible New Securities issuable to Purchaser upon exercise of the
      pre-emptive rights shall contain provisions which preclude conversion into
      or exchange for the underlying Common Shares until such time as
      Purchaser's ownership of Voting Securities measured immediately after such
      conversion or exchange is no more than 19.9% of the total number of
      outstanding Voting Securities, or such higher limit as the Company may
      approve in writing. Ownership for this purpose will be determined under
      Section 958 of the Code. These special limitations on conversions or
      exchanges shall lapse upon a transfer of the Convertible New Securities by
      Purchaser to a person with which Purchaser has no constructive ownership
      relationship under Section 958 of the Code; and

            (v) Purchaser shall have no pre-emptive rights in the event of an
      issuance of Common Shares upon the conversion or exchange of New
      Securities with respect to the issuance of which Purchaser had pre-emptive
      rights.

      (e) Cooperation.

            (i) For so long as Purchaser has the right to exercise any
      pre-emptive rights pursuant to this Section 5, each party hereto shall use
      its commercially reasonable efforts to obtain all authorizations,
      consents, orders and approvals of all governmental authorities and
      officials that may be or become necessary in connection with Purchaser's
      exercise of such rights, and will cooperate reasonably with the other
      party in promptly seeking to obtain all such authorizations, consents,
      orders and approvals. The parties hereto agree to cooperate reasonably,
      complete and file any joint applications for any authorizations from any
      governmental authorities reasonably necessary or desirable to effectuate
      the transactions contemplated by this Section 5. The parties hereto agree
      that they will keep each other apprised of the status of matters relating
      to the exercise of the pre-emptive rights contemplated under this Section
      5, including reasonably promptly furnishing the other with copies of
      notices or other communications received by the Company or Purchaser, from
      all third parties and governmental authorities with respect to the
      pre-emptive rights contemplated by this Section 5.

                                       18
<PAGE>

            (ii) For so long as Purchaser has the right to exercise any
      pre-emptive rights pursuant to this Section 5, the Company and Purchaser
      agree to reasonably promptly prepare and file, if necessary, any filing
      under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
      amended, with the Federal Trade Commission (the "FTC") and the Antitrust
      Division of the Department of Justice (the "DOJ") in order to enable
      Purchaser to exercise such pre-emptive rights under this Section 5. Each
      party hereby covenants to cooperate reasonably with the other such party
      to the extent reasonably necessary to assist in making any reasonable
      supplemental presentations to the FTC or the DOJ, and, if requested by the
      FTC or the DOJ, to reasonably promptly amend or furnish additional
      information thereunder.

            (iii) Any reasonable out-of-pocket costs and expenses arising in
      connection with actions taken pursuant to this Section 5(e) shall be borne
      by Purchaser.

      6. Specific Performance. Each of Purchaser and the Company acknowledges
that the other party would not have an adequate remedy at law for money damages
if any of the covenants or agreements of the other party in this Agreement were
not performed in accordance with its terms and therefore agrees that the other
party shall be entitled to specific enforcement of such covenants or agreements
and to injunctive and other equitable relief in addition to any other remedy to
which it may be entitled, at law or in equity.

      7. Legend. Each of the Company and Purchaser agrees that the certificates
for the Shares and the RenRe Option shall bear the following legend thereon,
which legend shall remain until the date the securities represented by such
certificates are transferred in accordance with the provisions of this
Agreement. In the event of the termination of this Agreement pursuant to Section
13, the second sentence of the legend shall be removed:

      THESE SECURITIES WERE SOLD IN A PRIVATE PLACEMENT, AND ANY COMMON SHARES
      ISSUED UPON EXERCISE HEREOF WILL BE ISSUED AND SOLD, WITHOUT REGISTRATION
      UNDER THE SECURITIES ACT OF 1933, AND MAY BE OFFERED OR SOLD ONLY IF
      REGISTERED UNDER THE SECURITIES ACT OF 1933 OR IF AN EXEMPTION FROM
      REGISTRATION IS AVAILABLE. THESE SECURITIES ARE SUBJECT TO THE PROVISIONS
      OF A TRANSFER RESTRICTIONS, REGISTRATION RIGHTS AND STANDSTILL AGREEMENT
      DATED ________, 2002, BY AND BETWEEN THE ISSUER AND THE PURCHASER
      IDENTIFIED THEREIN, AND MAY NOT BE SOLD OR TRANSFERRED EXCEPT IN
      ACCORDANCE THEREWITH.

      8. Entire Agreement. This Agreement, the Investment Agreement, the
Services Agreement, the RenRe Option Agreement and the Confidentiality Agreement
(which Confidentiality Agreement shall terminate as of Closing), contain the
entire understanding of the parties with respect to the subject matter of such
agreements. This Agreement may not be amended or any provision waived except by
a writing signed, in the case of an amendment, by each party hereto and, in the
case of a waiver, by the party against whom the waiver is to be effective. No
failure or delay by any party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof unless the other party is materially
prejudiced thereby, nor shall any single or partial exercise thereof preclude
any other or further exercise thereof or the

                                       19
<PAGE>

exercise of any other right, power or privilege. The rights and remedies herein
provided shall be cumulative and not exclusive of any rights and remedies
provided by law.

      9. Assignment. This Agreement is not assignable by either of the parties
without the prior written consent of the other, except that this Agreement may
be assigned by the Purchaser to (i) any Subsidiary of Purchaser that is a
Foreign Corporation (as defined in the Investment Agreement) and a Qualified
Institutional Buyer (as such term is defined in Rule 144A under the Act),
provided that such assignee enters into an assumption agreement reasonably
satisfactory to the Company, and, provided further that no assignment pursuant
to this clause shall relieve Purchaser of its obligations hereunder, and (ii)
Purchaser may assign in whole or in part its rights and obligations under this
Agreement (excluding Sections 4 and 5 hereof) to any transferee of Registrable
Shares representing more than 4% of the outstanding Common Shares. This
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and permitted assigns.

      10. Severability. If any term, provision or restriction of this Agreement
is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions and restrictions of this
Agreement shall remain in full force and effect, unless such action would
substantially impair the benefits to either party of the remaining provisions of
this Agreement.

      11. Notices. Any notices and other communications required to be given
pursuant to this Agreement shall be deemed to have been duly given or made as of
the date delivered or mailed if delivered personally, mailed by registered or
certified mail (postage prepaid, return receipt requested), or delivered by
facsimile or by telex, as follows:

      If to the Company:

                Platinum Underwriters Holdings, Ltd.
                Clarendon House
                2 Church Street
                Hamilton HM (11)
                Bermuda
                Attention:  General Counsel
                Telecopier: (441) 292-4720

      with copies to:

                Linda E. Ransom
                Dewey Ballantine LLP
                1301 Avenue of the Americas
                New York, New York 10019
                Telecopier:  (212) 259-6333

                                       20
<PAGE>

      If to Purchaser:

                RenaissanceRe Holdings Ltd.
                Renaissance House
                8-12 East Broadway
                Pembroke HM19 Bermuda
                Attention:  Stephen H. Weinstein, General Counsel
                Telecopier: (441) 296-5037

      with copies to:

                John S. D'Alimonte
                Wilikie Farr & Gallagher
                787 Seventh Avenue
                New York, New York 10019
                Telecopier: (212) 728-8111

      12. Effectiveness of Agreement. This Agreement shall become effective only
upon the execution and delivery of this Agreement by the parties hereto and the
occurrence of the Closing under the Investment Agreement.

      13. Termination. This Agreement shall terminate upon the occurrence of any
of the following:

      (a) the written agreement of the Company and Purchaser to terminate this
Agreement; or

      (b) Purchaser shall cease to own Voting Securities.

provided, that the provisions set forth in Section 4(a) hereof will continue in
effect until six months after the termination of this Agreement.

      14. Expenses. Except as otherwise provided herein, all costs and expenses
incurred in connection with this Agreement shall be paid by the party incurring
such cost or expense.

      15. Governing Law, etc. This Agreement shall be governed by and construed
in accordance with the laws of the State of New York without regard to the
conflicts of laws rules of such State. This Agreement may be executed in one or
more counterparts, which together will constitute a single agreement.

      16. Jurisdiction. Except as otherwise expressly provided in this
Agreement, the parties hereto agree that any suit, action or proceeding seeking
to enforce any provision of, or based on any matter arising out of or in
connection with, this Agreement or the transactions contemplated hereby shall be
brought in the United States District Court for the Southern District of New
York or, if such court shall not have jurisdiction over such suit, any New York
State court sitting in New York City, so long as such courts shall have subject
matter jurisdiction over such suit, action or proceeding, and that any cause of
action arising out of this Agreement shall be deemed to have arisen from a
transaction of business in the State of New York, and each of

                                       21
<PAGE>

the parties hereby irrevocably consents only with respect to such suits, actions
or proceedings to the jurisdiction of such courts (and of the appropriate
appellate courts therefrom) in any such suit, action or proceeding and
irrevocably waives, to the fullest extent permitted by law, any objection that
it may now or hereafter have to the laying of the venue of any such suit, action
or proceeding in any such court or that any such suit, action or proceeding
which is brought in any such court has been brought in an inconvenient forum.
Without limiting the foregoing, each party agrees that service of process on
such party by hand delivery as provided in Section 11 shall be deemed effective
service of process on such party.

      17. Waiver of Jury Trial. Each of the parties hereto irrevocably waives
any and all right to trial by jury in any legal proceeding arising out of or
related to this Agreement or the transactions contemplated hereby.

      18. Captions. The captions herein are included for convenience of
reference only and shall be ignored in the construction or interpretation
hereof.

                                       22
<PAGE>

            If you are in agreement with the foregoing, please sign the
accompanying copy of this letter and return it to the Company, whereupon this
letter shall be a binding agreement between you and the Company.

                                                Very truly yours,

                                                PLATINUM UNDERWRITERS
                                                HOLDINGS, LTD.

                                                By: /s/ Jerome T. Fadden
                                                    ----------------------------
                                                Name:  Jerome T. Fadden
                                                Title: President & CEO

Accepted and agreed as of the  date first written above:

RENAISSANCERE HOLDINGS, LTD.

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

         [Signature Page to Transfer Restrictions, Registration Rights
                           and Standstill Agreement]

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