Document:

Exhibit 10.7

                                 AMENDMENT NO. 1
                                       TO
                              AMENDED AND RESTATED
             CATASTROPHE EQUITY SECURITIES ISSUANCE OPTION AGREEMENT

     This Amendment No. 1, dated as of January 25, 2002 (this "Amendment") to
the Amended and Restated Catastrophe Equity Securities Issuance Option
Agreement, dated as of January 1, 2001 (the "Agreement"), between Trenwick Group
Ltd., a Bermuda company ("Trenwick"), on the one hand, and European Reinsurance
Company of Zurich, a corporation organized under the laws of Switzerland (the
"Option Writer"), on the other hand.

                                    RECITALS

     WHEREAS, Trenwick and Option Writer are parties to the Agreement; and

     WHEREAS, Trenwick and Option Writer desire to amend the Agreement;

     NOW, THEREFORE, for good and valuable consideration, receipt of which is
hereby acknowledged, Trenwick and Option Writer agree as follows:

                                    AGREEMENT

A.   Amendment

     1. The definition of "Exercise Date" is amended by deleting such definition
and inserting in its place the following definition:

     " "Exercise Date" means the date of purchase and sale of Preferred Shares
     pursuant to an exercise of the Securities Issuance Option which date shall
     be specified in the Notice of Exercise and shall be the later of (a) seven
     (7) calendar days (or thirty (30) calendar days if the delivery of a Notice
     of Exercise does not occur until after March 31, 2002) following the
     delivery of the Notice of Exercise or (b) ten (10) calendar days following
     receipt of all regulatory approvals applicable to Trenwick and Option
     Writer in connection with such purchase and sale of Preferred Shares
     (including without limitation any necessary approvals by the Bermuda
     Monetary Authority or Registrar of Companies), provided that the Exercise
     Date shall not be later than the one hundred eightieth (180th) day after
     delivery of the Notice of Exercise, or such later date, if any, as may be
     determined by alternative dispute resolution under Article 8 of this
     Agreement, which date shall be ten (10) days after the rendering of a final
     decision under Article 8."

     2. Section 2.3 of the Agreement is amended by deleting the third sentence
thereof and inserting in its place the following sentence:

     "Following delivery of a Notice of Exercise in accordance with Section
     10.2, Option Writer shall have until the end of the seven (7) calendar day
     period (or the thirty (30) calendar day period if the delivery of a Notice
     of Exercise does not occur until after

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     March 31, 2002) following delivery of the Notice of Exercise to investigate
     whether the conditions to exercise of the Securities Issuance Option set
     forth in Section 5.2 have been satisfied and shall, by the end of such
     seven (7) (or thirty (30), as applicable) calendar day period, if Option
     Writer determines that such conditions have not been satisfied, issue a
     Notice of Objection (as defined below); provided, however, that if the
     Exercise Date is extended for more than an additional thirty (30) days
     (beyond the initial seven (7) (or thirty (30), as applicable) day notice
     period) as described in the Definition of Exercise Date in Article 1 above,
     Option Writer shall have a period of ten (10) business days to update its
     investigation, which ten (10) business day period shall commence on the
     date which is the later of (a) the date that Trenwick certifies to Option
     Writer that all conditions to exercise of the Securities Issuance Option
     set forth in Section 5.2 have been satisfied or (b) the thirtieth (30th)
     day preceding the actual Exercise Date."

     3. Section 2.3 of the Agreement is further amended by deleting the fifth
sentence thereof and inserting in its place the following sentence:

     "In the event that Option Writer determines that the conditions for
     exercise of the Securities Issuance Option have not been met, Option Writer
     shall deliver a written notice of objection to exercise of the Securities
     Issuance Option (the "Notice of Objection") to Trenwick within such seven
     (7) (or thirty (30), as applicable) calendar day period or the ten (10)
     business day update period described above, as applicable."

     4. Section 5.2 of the Agreement is amended by adding as a new paragraph
immediately following the existing clause (h) the following sentences:

     "In addition to the foregoing conditions, the right of Trenwick to exercise
     the Securities Issuance Option (or any increment of the Securities Issuance
     Option) shall be subject to Trenwick and Option Writer having obtained all
     consents and approvals necessary for the authorization and issuance of the
     Preferred Shares, the conversion of the Preferred Shares into Trenwick
     Common Stock, and the authorization and issuance of such Trenwick Common
     Stock, of any applicable regulatory body or agency, including without
     limitation the approval of any applicable insurance regulatory body or
     agency (whether of Bermuda, the U.S., any state of the U.S., or any other
     applicable jurisdiction), but excluding any consents or approvals required
     in connection with the securities filings referenced in Section 6.6.
     Notwithstanding the foregoing, if (a) any applicable regulatory body shall
     for any reason decline to approve the conversion of the Preferred Shares
     and/or the issuance of Trenwick Common Stock pursuant to such conversion,
     but shall approve the authorization and issuance of the Preferred Shares,
     or (b) any consent, approval or other matter necessary for conversion of
     the Preferred Shares into Trenwick Common Stock is of such a nature that it
     cannot be obtained or achieved until at or about the time of such
     conversion, then such consent, approval or other matter shall not be a
     condition to exercise of the Securities Issuance Option."

     5. Section 6.7 of the Agreement is amended by deleting it in the entirety
and inserting in its place the following:

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<PAGE>

     "6.7 Regulatory Filings. Trenwick, Option Writer and their respective
     Affiliates shall cooperate with each other and (a) promptly prepare and
     file all necessary documentation, (b) effect all necessary applications,
     notices, petitions, filings and other documents and (c) use their
     respective reasonable best efforts to obtain all necessary permits,
     consents, approvals and authorizations of all regulatory bodies or agencies
     necessary or advisable to consummate the transactions contemplated by this
     Agreement, including without limitation, the authorization and issuance of
     the Preferred Shares, the conversion of the Preferred Shares into Trenwick
     Common Stock, and the authorization and issuance of such Trenwick Common
     Stock. Each of Trenwick and Option Writer shall have the right to review
     and approve in advance all characterizations of the information relating to
     each such party which appear in any filing or submission made by the other
     party in connection with the transactions contemplated by this Agreement.
     Trenwick, Option Writer and their respective Affiliates shall consult with
     each other prior to proposing or entering into any stipulation or agreement
     with any regulatory body or agency in connection with any permit, consent,
     approval or authorizations of any regulatory body or agency to be obtained
     in connection with the transactions contemplated by this Agreement and
     Trenwick, Option Writer and their respective Affiliates shall not propose
     or enter into any such stipulation or agreement without the other party's
     prior written consent, which consent shall not be unreasonably withheld."

     6. The Agreement is amended by adding as a new Section 6.17 immediately
following the existing Section 6.16 the following:

     "6.17 Escrow Account. In the event that, following delivery of a Notice of
     Exercise pursuant to Section 2.3, the applicable notice period set forth in
     Section 2.3 shall have elapsed and all of the conditions to exercise of the
     Securities Issuance Option set forth in Section 5.2 have been satisfied
     other than receipt by Option Writer of the regulatory approvals required to
     be obtained by Option Writer by the last paragraph of Section 5.2, Option
     Writer shall deposit into an escrow account with a financial institution
     mutually satisfactory to Option Writer and Trenwick (the "Escrow Account")
     pursuant to the terms of an escrow agreement in a form mutually agreed upon
     by Option Writer and Trenwick the aggregate Preferred Share Purchase Price
     for the Preferred Shares to be issued pursuant to the exercise of the
     Securities Issuance Option. The proceeds of the Escrow Account shall be
     solely subject to, and shall be released to Trenwick upon, the satisfaction
     of the condition set forth in the last paragraph of Section 5.2, which
     shall be determined jointly by Trenwick and Option Writer in good faith.
     All interest and fees related to the Escrow Account shall be credited to
     and deducted from the Escrow Account. Alternatively, the Option Writer may
     provide Trenwick with a letter of credit from a financial institution
     reasonably satisfactory to Trenwick and Option Writer in an amount equal to
     the aggregate Preferred Share Purchase Price, or a portion thereof, with
     the remaining balance, if any, deposited into the escrow account in cash.
     All fees and expenses related to such letter of credit shall be borne
     solely by Option Writer."

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<PAGE>

B.   Miscellaneous Provisions

     1. This Amendment is limited as specified and shall not constitute an
amendment, modification, acceptance or waiver of any other provision of the
Agreement or any other agreement between Trenwick and Option Writer.

     2. This Amendment and the rights and obligations of the parties hereunder
shall be governed by and construed in accordance with the laws of Bermuda
(without regard to any choice of law or conflict of law rules that would cause
the application of any laws or rules of any jurisdiction other than Bermuda).

     3. This Amendment shall become effective on the date (the "Amendment
Effective Date") when Trenwick and Option Writer shall have signed a counterpart
hereof (whether the same or different counterparts) and shall have delivered
(including by way of telecopier) the same to the other party.

     4. From and after the Amendment Effective Date, all references in the
Agreement (including any exhibit or schedule related thereto) shall be deemed to
be references to the Agreement as modified hereby.

                                      -4-
<PAGE>

     IN WITNESS WHEREOF, the undersigned have caused this Amendment to be duly
executed and delivered as of the date first above written.

                                   TRENWICK GROUP LTD.

                                   By:  /s/ JAMES F. BILLETT, JR.
                                      ---------------------------------------
                                      Name:  James F. Billett, Jr.
                                      Title: Chairman, President and
                                              Chief Executive Officer

                                   By:  /s/ COLEMAN D. ROSS
                                      ---------------------------------------
                                      Name:  Coleman D. Ross
                                      Title: Executive Vice President and
                                              Chief Financial Officer

                                   EUROPEAN REINSURANCE COMPANY
                                   OF ZURICH

                                   By:  /s/ J. SCOTT BRADLEY
                                      ---------------------------------------
                                      Name:  J. Scott Bradley
                                      Title: Member of Senior Management

                                   By:  /s/ DAVID R. WHITING
                                      ---------------------------------------
                                      Name:  David R. Whiting
                                      Title: Member of Senior ManagementExhibit 10.28

                        EMPLOYMENT TERMINATION AGREEMENT

EMPLOYMENT TERMINATION AGREEMENT, dated as of December 12, 2001 (this
"Agreement"), between Trenwick Group Ltd., a Bermuda company (the "Company"),
and Steven J. Bensinger (the "Executive").

WHEREAS, Chartwell Re Corporation and the Executive entered into an Employment
Agreement, dated March 6, 1992, which was amended from time to time by the
parties thereto (as so amended, the "Employment Agreement"); and

WHEREAS, at the time of the merger of Chartwell Re Corporation with and into
Trenwick Group Inc., Trenwick Group Inc. agreed to assume the Employment
Agreement and to make certain amendments to the Employment Agreement; and

WHEREAS, at the time of the business combination among Trenwick Group Inc.,
LaSalle Re Holdings Limited, LaSalle Re Limited and the Company, the Company
assumed the Employment Agreement; and

WHEREAS, on November 3, 1999, the Executive entered into an Agreement with
Trenwick Group Inc., setting forth certain rights of the Executive in the event
of a change in control of Trenwick Group Inc.; and

WHEREAS, on September 26, 2000, Trenwick Group Inc. and the Executive amended
and restated such Agreement (as amended and restated, the "Change in Control
Agreement"); and

WHEREAS, at the time of the business combination among Trenwick Group Inc.,
LaSalle Re Holdings Limited, LaSalle Re Limited and the Company, the Company
assumed the Change in Control Agreement; and

WHEREAS, the Executive has delivered a Notice of Termination of his employment
with the Company pursuant to Section 6(d)(iii) of the Employment Agreement.

NOW, THEREFORE, the Company and the Executive hereby agree upon the terms of the
cessation of the Executive's employment with the Company.

1.   Termination Date.

     The effective date of the Executive's cessation of employment with the
     Company and separation from all positions with the Company and its
     Affiliates (as defined in Section 12)) is December 31, 2001 (the
     "Termination Date").

2.   Payments and Benefits.

     The Executive shall be entitled to compensation and other payments and
     benefits in accordance with Exhibit 1, which is attached to, and forms a
     part of this Agreement.

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3.   No Mitigation or Offset.

     The Executive has no obligation to seek or accept employment (or otherwise
     seek or accept offers to provide services to any person or entity), and any
     compensation earned by or provided to the Executive from any person or
     entity other than the Company for the performance of such employment or
     other services (regardless of whether such compensation is provided to the
     Executive in cash or in any other form) shall not reduce or otherwise
     affect the amount due to the Executive from the Company in accordance with
     this Agreement.

4.   Public Support and Assistance.

     The Executive agrees that he will endorse strategies of the Company and/or
     any of its Affiliates and will not disclose or cause to be disclosed any
     negative, adverse or derogatory comments or information of a substantial
     nature about the Company or its management, or about any product or service
     provided by the Company, or about the Company's prospects for the future
     (including any such comments or information with respect to Affiliates of
     the Company). For a period of three years after the Termination Date, the
     Company and/or its Affiliates may seek the assistance, cooperation or
     testimony of the Executive in connection with any investigation, litigation
     or proceeding arising out of matters within the knowledge of the Executive
     and related to his position as an officer, director or employee of the
     Company or any Affiliates, and in any such instance, the Executive shall
     provide such assistance, cooperation or testimony and the Company shall pay
     the Executive's reasonable costs and expenses in connection therewith. In
     addition, if such assistance, cooperation or testimony requires more than a
     nominal commitment of the Executive's time, the Company will compensate him
     for such time at a per diem rate derived from his base salary from the
     Company at the Termination Date.

5.   Nondisclosure of Confidential Information.

     The Executive shall keep secret and confidential and shall not disclose to
     any third party in any fashion or for any purpose whatsoever, any
     information regarding the Company or its Affiliates which is (i) not
     available to the general public, and/or (ii) not generally known outside
     the Company or any such Affiliate to which he has or will have had access
     at any time during the course of his employment by the Company and its
     Affiliates, including, without limitation, any information relating to: the
     Company's business or operations; its plans, strategies, prospects or
     objectives; its products, technology, processes or specifications; its
     research and development operations or plans; its customers and customer
     lists; its manufacturing, distribution, sales, service, support and
     marketing practices and operations; its financial condition and results of
     operations; its operational strengths and weaknesses; and, its personnel
     and compensation policies and procedures (including any such information
     with respect to Affiliates of the Company). Notwithstanding the foregoing
     provisions of this Section 5, the Executive may disclose any information
     regarding the Company or its Affiliates which, in the opinion of the
     Executive's counsel, the Executive is legally compelled to disclose.

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<PAGE>

6.   Non-Disclosure.

     (a)  The Executive acknowledges that the benefits provided by the Company
          under this Agreement are not generally available to other employees of
          the Company, and the Executive agrees that, except as may be required
          by the lawful order of a court or agency of competent jurisdiction or
          as may be otherwise required by law, the Executive will keep the terms
          of this Agreement secret and confidential indefinitely.
          Notwithstanding the foregoing provisions of this Section 6, the
          Executive may disclose the contents of this Agreement to the
          Executive's attorneys, accountants and financial advisors, the
          Executive's immediate family, any prospective employer in connection
          with its decision to hire the Executive, and any prospective lender in
          connection with its decision to make a loan to the Executive, provided
          that the Executive takes steps that are reasonably calculated to
          assure that such persons do not further disclose the terms of this
          Agreement. Nothing in this Agreement shall preclude the Executive from
          fully discussing with any prospective employer, in connection with its
          decision to hire the Executive, the conditions and reasons surrounding
          the Executive's separation from the Company. The provisions of this
          Subsection (a) shall be waived if the Company publicly discloses the
          contents of this Agreement in accordance with Subsection (b) next
          below.

     (b)  The Company agrees that it will keep the terms of this Agreement
          secret and confidential indefinitely, except to the extent that the
          Company determines that disclosure is required by reason of applicable
          securities laws or other legal requirements, and except as otherwise
          provided in this Agreement.

7.   Transition.

     (a)  The Executive and the Company will cooperate with each other in any
          statements about the Executive's cessation of employment with the
          Company and about the Executive's cessation as an officer or director
          of any of the Company's Affiliates.

     (b)  The Executive is required to execute the resignation letters set forth
          in Exhibit 2 of this Agreement on or before the Termination Date.

     (c)  The Executive is required to execute the releases set forth in Exhibit
          3 of this Agreement on or before the Termination Date.

     (d)  On or before the Termination Date, the Executive agrees to remove his
          personal effects from his office at the Company or any dwelling rented
          by the Company on his behalf (or the Company will remove such personal
          effects and ship them to you in accordance with Section 1-4 of Exhibit
          1 of this Agreement), to vacate such office and dwelling, to return to
          the Company any keys, credit cards, passes, confidential documents or

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<PAGE>

          material, or other property belonging to the Company or any of the
          Affiliates (other than as set forth in Section 1-5 of Exhibit 1 of
          this Agreement), and to return all writings, files, records,
          correspondence, notebooks, notes and other documents and things
          (including any copies thereof) containing any trade secrets relating
          to the Company or any of the Affiliates.

     (e)  The Company and the Executive shall enter into an agreement mutually
          satisfactory to each party providing for appropriate reconciliation on
          a tax equalization basis of tax payments made and to be made by the
          Company and the Executive to the taxing authorities of the United
          States, the State of Connecticut, the State of New York and the United
          Kingdom in connection with the Executive's employment in the United
          Kingdom during portions of 1998 and 1999.

     (f)  The Executive shall be entitled to continue to utilize the Executive's
          current office voice mail, mobile phone and electronic mail phone
          numbers, addresses and accounts until the Termination Date and the
          Company shall reimburse the Executive for all reasonable charges
          related thereto incurred by the Executive on or prior to the
          Termination Date.

8.   Indemnification.

     (a)  If the Executive incurs liability by reason of actions taken by the
          Executive on behalf of the Company or any Affiliate while the
          Executive was employed by the Company, or by reason of actions taken
          by the Executive as required under Section 4 of this Agreement, the
          Executive shall be eligible for indemnification from the Company to
          the same extent as other current or former directors or officers of
          the Company.

     (b)  The Executive shall be entitled to coverage under the directors and
          officers liability insurance coverage maintained by the Company or its
          Affiliates (as in effect from time to time) to the same extent as
          other current or former officers and directors of the Company;
          provided, however, that nothing in this Section 8 shall be construed
          to require the Company or any Affiliate to continue to maintain any
          such directors and officers liability insurance coverage.

     (c)  To the extent that expenses (including attorneys' fees) incurred by
          the Executive in defending any civil, criminal, administrative or
          investigative action, suit or proceeding may be subject to
          indemnification by the Company and such expenses are not paid
          currently by insurance, the Company shall pay all such expenses
          (including attorneys' fees) in advance of the final disposition of
          such action, suit or proceeding upon receipt of an undertaking by the
          Executive to repay such amount if it shall ultimately be determined
          that the Executive is not entitled to be

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<PAGE>

          indemnified by the Company and not entitled to insurance coverage for
          such expenses.

9.   Excess Parachute Payment

     Notwithstanding any other provision of this Agreement or of any other
     agreement, understanding or compensation plan, the Executive shall not be
     entitled to receive any payment which, taking into account all payments,
     rights and benefits, would be deemed to be an "excess parachute payment"
     under Section 280G of the Internal Revenue Code of 1986, as amended, and
     the amount of each payment made under this Agreement shall be reduced to
     the extent necessary to ensure that the Executive receives no such "excess
     parachute payment;" provided that no such reduction shall occur to the
     extent that the Executive shall have elected to defer receipt of payments
     beyond the dates such payments were otherwise to be made to the Executive,
     such deferral shall have resulted in the present value of such payment not
     constituting an "excess parachute payment," such deferral shall otherwise
     comply with Section 280G of the Internal Revenue Code of 1986, as amended,
     and such deferral shall be reasonably acceptable to the Company. If, at any
     future date following the making of a payment hereunder, it shall have been
     determined by the IRS that such payment was in excess of the limits set
     forth in Section 280G, and such excess shall not have been caused by a
     voluntary action of the Executive not required by this Agreement, then the
     Executive shall be entitled to receive from the Company, and the Company
     shall pay to Executive promptly upon notification to the Company of such
     determination, an excise tax adjustment payment of an amount such that
     after payment of all applicable U.S. federal, state and local taxes
     (computed at the maximum marginal rates and including interest penalties
     and any cost of contest or defense and including any applicable excise tax)
     imposed upon the excise tax adjustment payment, the Executive retains from
     the excise tax adjustment payment an amount equal to the excise tax imposed
     upon the payments and benefits.

10.  Non-Alienation.

     The Executive's interests under this Agreement are not subject to the
     claims of the Executive's creditors, and may not otherwise be voluntarily
     or involuntarily assigned, alienated or encumbered. The Executive's
     obligations under this Agreement may not be assigned.

11.  Amendment.

     This Agreement may be amended or cancelled only by mutual agreement of the
     parties in writing without the consent of any other person. So long as the
     Executive lives, no person, other than the parties hereto, shall have any
     rights under or interest in this Agreement or the subject matter hereof.

12.  Successors and Affiliates.

     This Agreement shall be binding on, and inure to the benefit of, the
     Company and its successors and assigns and any person acquiring, whether by
     merger, consolidation, purchase of assets or otherwise, all or
     substantially all of the Company's assets and

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     business. For purposes of this Agreement, the term "Affiliate" means (a)
     any corporation, partnership, joint venture or other entity which, as of
     the Termination Date, owns, directly or indirectly, at least fifty percent
     of the voting power of all classes of stock of the Company (or any
     successor to the Company) entitled to vote; and (b) any corporation,
     partnership, joint venture or other entity in which, as of the Termination
     Date, at least a fifty percent voting or profits interest is owned,
     directly or indirectly, by the Company, by any entity that is a successor
     to the Company, or by any entity that is an Affiliate by reason of clause
     (a) next above. For purposes of Sections 4, 5, 6 and 8 and the releases set
     forth in Exhibit 3 of this Agreement, the term "Affiliate" shall also
     include any entity that would have been an "Affiliate" by reason of the
     preceding sentence (including any successor to the assets or business of
     any such Affiliate) at any time during the period of your employment by the
     Company (and shall include any predecessor to any entity described in
     clause (a) or (b)).

13.  Effect of Breach.

     The Executive acknowledges that the Company would be irreparably injured by
     his violation of Section 5 or 6, and the Executive agrees that the Company
     and its Affiliates, in addition to any other remedies available to it for
     such breach or threatened breach, shall be entitled to a preliminary
     injunction, temporary restraining order, or other equivalent relief, as may
     be permitted or applicable in the given circumstances, restraining the
     Executive from any actual or threatened breach of Section 5 or 6.

14.  Waiver of Breach.

     The waiver by either the Executive or the Company (or the Affiliates) of a
     breach of any provision of this Agreement shall not operate as or be deemed
     a waiver of any subsequent breach by either the Executive or the Company.
     Continuation of benefits hereunder by the Company following a breach by the
     Executive of any provision of this Agreement shall not preclude the Company
     from thereafter exercising any right that it may otherwise independently
     have to terminate said benefits based upon the same violation.

15.  Severability.

     The invalidity or unenforceability of any provision of this Agreement will
     not affect the validity or enforceability of any other provision of this
     Agreement, and this Agreement will be construed as if such invalid or
     unenforceable provision were omitted (but only to the extent that such
     provision cannot be appropriately reformed or modified).

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16.  Releases.

     As part of this Agreement, and in consideration of the payments provided to
     you in accordance with this Agreement, you are required to execute the
     General Release and Waiver and the Waiver and Release of Claims under the
     Federal Age Discrimination in Employment Act, in the forms set forth as
     Exhibit 3 of this Agreement, which is attached to and forms a part of this
     Agreement.

17.  Other Agreements.

     Except as otherwise specifically provided in this Agreement, including but
     not limited to Exhibit 1 attached hereto, this instrument constitutes the
     entire agreement between the Executive and the Company and supersedes all
     prior agreements and understandings, written or oral, including, without
     limitation the Employment Agreement, the Change in Control Agreement and
     any other employment agreements that may have been made by and between the
     Executive and the Company or its predecessors or Affiliates. As of the
     Termination Date, all rights, duties and obligations of both the Executive
     and the Company pursuant to the Employment Agreement and the Change in
     Control Agreement shall terminate.

18.  Notices.

     Notices and all other communications provided for in this Agreement shall
     be in writing and shall be delivered personally or sent by registered or
     certified mail, return receipt requested, postage prepaid, or sent by
     facsimile or prepaid overnight courier to the parties at the addresses set
     forth in Exhibit 4 of this Agreement (or such other addresses as shall be
     specified by the parties by like notice). Such notices, demands, claims and
     other communications shall be deemed given:

          (a)  in the case of delivery by overnight service with guaranteed next
               day delivery, the next day or the day designated for delivery;

          (b)  in the case of certified, registered or similar mail delivery,
               five days after deposit in the local mail; or

          (c)  in the case of facsimile, the date upon which the transmitting
               party received confirmation of receipt by facsimile, telephone or
               otherwise;

     provided, however, that in no event shall any such communications be deemed
     to be given later than the date they are actually received. Communications
     that are to be delivered by the mail or by overnight service are to be
     delivered to the addresses set forth in Exhibit 4:

     All notices to the Company shall be directed to the attention of the Chief
     Executive Officer of the Company, with a copy to the Secretary of the
     Company. Each party, by written notice furnished to the other party, may
     modify the applicable delivery address, except that notice of change of
     address shall be effective only upon receipt.

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19.  Governing Law.

     The provisions of this Agreement shall be construed in accordance with the
     laws of the State of New York, without regard to the conflict of law
     provisions of any jurisdiction.

20.  Arbitration of All Disputes.

     (a)  All controversies, claims, or disputes arising out of or related to
          this Agreement, shall be settled by arbitration under the rules of the
          American Arbitration Association then in effect in the State of New
          York, as the sole and exclusive remedy of either party, and judgment
          upon such award rendered by the arbitrator(s) may be entered in any
          court of competent jurisdiction.

     (b)  The Executive and the Company shall each promptly select an arbitrator
          and a third arbitrator shall be selected jointly by the arbitrators
          selected by the parties within 15 days of their selection by the
          Executive and the Company. If the arbitrators are unable to agree on a
          third arbitrator within that period, then the Company or the Executive
          may request that the American Arbitration Association select the third
          arbitrator. The arbitrators shall possess substantive legal experience
          in the principal issues in dispute and shall be independent of the
          parties hereto.

     (c)  The arbitration shall take place at a location selected by the
          arbitrators within the New York City metropolitan area. The
          arbitrators shall have the authority to award any remedy or relief
          that a court of competent jurisdiction could order or grant,
          including, without limitation, the issuance of an injunction. Either
          party may apply to a court for enforcement of the remedy or relief the
          arbitrators order or grant.

     (d)  Any discovery permitted shall be limited to information directly
          relevant to the controversy or claim in arbitration. In the event of
          discovery disputes, the arbitrators are directed to issue such orders
          as are appropriate to limit discovery in accordance with the foregoing
          and as are reasonable in light of the issues in dispute, the amount in
          controversy and other relevant considerations.

     (e)  The Company shall reimburse the Executive, upon demand, for all costs
          and expenses (including, without limitation attorneys' fees)
          reasonably incurred by the Executive in good faith in connection with
          this arbitration provision, including without limitation, in
          connection with any such application undertaken by the Executive in
          good faith as well as for all such costs and expenses reasonably
          incurred by the Executive in connection with entering or enforcing the
          award rendered by the arbitrators.

     (f)  Except as necessary in court proceedings to enforce this arbitration
          provision or an award rendered hereunder, neither a party nor an
          arbitrator may disclose the existence, content or results of any
          arbitration hereunder without the prior written consent of the
          Company.

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<PAGE>

21.  Exhibits, Other Documents.

     Except as otherwise expressly provided in this Agreement, or except where
     the context clearly requires otherwise, all references in this Agreement to
     "the Agreement" or "this Agreement" shall be deemed to include references
     to each of the Exhibits to this Agreement. To the extent that the terms of
     this Agreement (including the Exhibits to this Agreement) provide that the
     rights or obligations set forth in this Agreement (including the Exhibits
     to this Agreement) are to be determined under, or are to be subject to, the
     terms of any other plan or other document, this Agreement (including the
     Exhibits to this Agreement) shall be deemed to incorporate by reference
     such plan or other document.

22.  Counterparts.

     This Agreement may be executed in more than one counterpart, but all of
     which together will constitute one and the same agreement.

     IN WITNESS WHEREOF, the Company and the Executive have executed this
Agreement as of the date first set forth above.

                                        TRENWICK GROUP LTD.

                                        By:  /s/ JAMES F. BILLETT, JR.
                                           --------------------------------
                                        Name:    James F. Billett, Jr.
                                        Title:   Chairman, President &
                                                 Chief Executive Officer

                                             /s/ STEVEN J. BENSINGER
                                           --------------------------------
                                                 Steven J. Bensinger

                                        9

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