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                                                                    EXHIBIT 10.1

                         REGISTRATION RIGHTS AGREEMENT

      This REGISTRATION RIGHTS AGREEMENT, dated as of January 31, 2007 (this
"Agreement"), is made among CASTLEWOOD HOLDINGS LIMITED, a Bermuda company (the
"Company"), TRIDENT II, L.P., a Cayman Islands limited partnership, MARSH &
McLENNAN CAPITAL PROFESSIONALS FUND, L.P., a Cayman Islands limited partnership
("CPF"), MARSH & McLENNAN EMPLOYEES' SECURITIES COMPANY, L.P., a Cayman Islands
limited partnership (collectively, "Trident"), J. CHRISTOPHER FLOWERS ("JCF"),
DOMINIC F. SILVESTER ("DS") and the other shareholders of the Company set forth
on the Schedule of Shareholders attached hereto (collectively, together with
Trident, JCF and DS, the "Shareholders").

      A. The Company is a party to a Merger Agreement, dated as of May 23, 2006,
amended on November 21, 2006, with The Enstar Group, Inc., a Georgia corporation
("Enstar"), CWMS Subsidiary Corp., a Georgia corporation and a direct
wholly-owned subsidiary of the Company ("Merger Sub") (as amended, supplemented
or otherwise modified, the "Merger Agreement"), which provides, among other
things, for the merger (the "Merger") of Merger Sub with and into Enstar, with
Enstar continuing as the surviving corporation, and the issuance by the Company
of ordinary shares, par value $1.00 per share, of the Company (the "Ordinary
Shares") to the shareholders of Enstar pursuant to the Merger, the closing of
which (the "Closing") shall take place on the date hereof, concurrently with the
execution of this Agreement.

      B. The Company and the Shareholders have entered into a Recapitalization
Agreement, dated as of May 23, 2006 (as amended, supplemented or otherwise
modified, the "Recapitalization Agreement"), which provides, among other things,
for the exchange of the outstanding shares of the Company for newly created
Ordinary Shares and non-voting convertible ordinary shares, par value $1.00 per
share, of the Company (the "Non-Voting Convertible Ordinary Shares") at the
Closing but immediately prior to the date and time the Merger becomes effective.

      C. The Company has agreed to provide the registration rights set forth in
this Agreement.

      D. Capitalized terms used in this Agreement and set forth in Section 10
are used as defined in Section 10. Capitalized terms used in this Agreement
without definition shall have the respective meanings assigned to them in the
Merger Agreement.

      Now, therefore, the parties hereto agree as follows:

      1. Demand Registrations.

      (a) Requests for Registration. At any time following the one (1) year
anniversary of the date hereof, each of Trident, JCF and DS (each, a "Requesting

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Holder") shall respectively be entitled to make requests in writing that the
Company effect the registration of all or any part of the Registrable Securities
held by such Holder (a "Registration Request"). Trident shall be entitled to
make three (3) such Registration Requests, JCF shall be entitled to make two (2)
such Registration Requests, and DS shall be entitled to make two (2) such
Registration Requests. Notwithstanding the foregoing, at one time following the
date that is ninety (90) days after the date hereof and prior to the one (1)
year anniversary of the date hereof, Trident may exercise one (1) of its
Registration Requests; provided that such Registration Request shall not be for
more than 750,000 Registrable Securities on the date of such request (after
giving effect to any subsequent stock split, combination, recapitalization or
similar transaction) (the "Initial Request"); provided, further, that Trident
shall give the Company at least 30 days prior written notice of its intent to
exercise the Initial Request. As promptly as reasonably practicable after its
receipt of any Registration Request, other than the Initial Request, but in any
event within seven (7) days of such request, the Company will give written
notice of such request to all other Holders, and will use its reasonable best
efforts to register, in accordance with the provisions of this Agreement, all
Registrable Securities that have been requested to be registered by the Holder
in the Registration Request or by any other Holders by written notice to the
Company given within ten (10) Business Days after the date the Company has given
such Holders notice of the Registration Request; provided, that the Company will
not be required to effect a registration pursuant to this Section 1(a) unless
the aggregate number of shares proposed to be registered constitutes at least
the lesser of (x) 25% of the total number of Registrable Securities held by the
Requesting Holder on the date hereof (or 15% in the case of an Initial Request)
or (y) 10% of the total number of Registrable Securities held by all Holders on
the date hereof, or if the total number of Registrable Securities then
outstanding is less than such amount, all of the Registrable Securities then
outstanding. The Company will not be obligated to effect any registration
pursuant to this Section 1(a) more than once in any nine (9) month period;
provided that the request for a registration that immediately follows the
registration pursuant to the Initial Request may be as soon as six (6) months
following such earlier registration. Notwithstanding anything contained herein
to the contrary, the Company will not include in the Initial Request any
securities other than Registrable Securities owned by Trident without Trident's
prior written consent. Except if expressly prohibited by applicable law, the
Company will pay all Registration Expenses incurred in connection with any
registration pursuant to this Section 1.

      (b) Limitation on Demand Registrations. A request for registration will
not constitute the use of a Registration Request pursuant to Section 1(a) if (i)
the Requesting Holder and the Required Holders determine in good faith to
withdraw (prior to the effective date of the Registration Statement relating to
such request) the proposed registration, (ii) the Registration Statement
relating to such request is not declared effective within ninety (90) days of
the date such registration statement is first filed with the SEC, (iii) prior to
the sale of at least 90% of the Registrable Securities included in the
registration relating to such request, such registration is adversely affected
by any stop

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order, injunction or other order or requirement of the SEC or other
governmental agency, quasi-governmental agent or self-regulatory body or court
for any reason and the Company fails to have such stop order, injunction or
other order or requirement removed, withdrawn or resolved to the Holders of a
majority of Registrable Securities included in such registration statement
reasonable satisfaction within thirty (30) days of the date of such order, (iv)
more than 20% of the Registrable Securities requested by the Requesting Holder
to be included in the registration are not so included pursuant to Section 1(e);
provided, that, notwithstanding the foregoing, the Requesting Holder shall
nonetheless be permitted to include the number of Registrable Securities that
the underwriter permits to be included in such registration, (v) the conditions
to closing specified in any underwriting agreement or purchase agreement entered
into in connection with the registration relating to such request are not
satisfied (other than as a result of a material breach thereunder by the
Requesting Holder), or (vi) the Company did not provide Full Cooperation in the
case of an underwritten offering. Notwithstanding the foregoing but except if
expressly prohibited by applicable law, the Company will pay all Registration
Expenses in connection with any request for registration pursuant to Section
1(a) regardless of the application of this provision.

      (c) Restrictions on Demand Registrations. The Company may postpone for a
reasonable period of time, not to exceed ninety (90) days, the filing or the
effectiveness of a Registration Statement for a Demand Registration if the
Company furnishes to the Holders a certificate signed by the Chief Executive
Officer of the Company stating that the Board of Directors of the Company has
determined that such Demand Registration is reasonably likely to have a material
adverse effect on any proposal or plan by the Company to engage in any
acquisition of assets or any merger, amalgamation, consolidation, tender offer
or similar transaction, or otherwise would have a material adverse effect on the
business, assets, operations, prospects or financial condition of the Company;
provided, that the Company may not effect such a postponement more than once in
any 360-day period. If the Company so postpones the filing or the effectiveness
of a Registration Statement, the Requesting Holder will be entitled to withdraw
such request and, if such request is withdrawn, such registration request will
not count as a Registration Request for the purposes of Section 1(a). Except if
expressly prohibited by applicable law, the Company will pay all Registration
Expenses incurred in connection with any such non-completed registration.

      (d) Selection of Underwriters. If the Requesting Holder intends to
distribute the Registrable Securities covered by its Registration Request by
means of an underwritten offering, the Requesting Holder will so advise the
Company as a part of the Registration Request, and the Company will include such
information in the notice sent by the Company to the other Holders with respect
to such Registration Request. In such event, the Holders of a majority of the
Registrable Securities being so registered will have the right to select the
investment banker(s) and manager(s) to administer the offering, subject to the
Company's approval which will not be unreasonably withheld,

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conditioned or delayed. If the offering is underwritten, the right of any Holder
to registration pursuant to this Section 1 will be conditioned upon such
Holder's participation in such underwriting and the inclusion of such Holder's
Registrable Securities in the underwriting (unless otherwise agreed by the
Required Holders), and each such Holder will (together with the Company and the
other Holders distributing their securities through such underwriting) enter
into an underwriting agreement in customary form with the underwriter or
underwriters selected for such underwriting. In connection with each
underwritten Demand Registration, the Company shall cause there to be Full
Cooperation.

      (e) Priority on Demand Registrations. The Company will not include in any
underwritten registration pursuant to Section 1(a) any securities that are not
Registrable Securities without the prior written consent of both Holders of a
majority of the Registrable Securities included in such Registration Statement
and the Requesting Holder. If the managing underwriter advises the Company that
in its opinion the number of Registrable Securities (and, if permitted
hereunder, other securities requested to be included in such offering) exceeds
the number of securities that can be sold in such offering without adversely
affecting the marketability of the offering, including the price at which the
securities can be sold, the Company will include in such offering the maximum
number of securities that in the opinion of such underwriters can be sold
without adversely affecting the marketability of the offering, including the
price at which the securities can be sold, which securities will be so included
in the following order of priority: (i) first, securities the Company proposes
to sell, provided that the Company shall not be entitled to such first priority
hereunder if such first priority has applied at any time during the 18 month
period preceding the relevant Registration Request, in which case clause (iii)
below shall apply to securities the Company proposes to sell; (ii) second,
Registrable Securities, pro rata among the respective Holders thereof
participating in such registration on the basis of the aggregate number of
Registrable Securities owned by each such Holder on the date of such request or
in such other manner as they may agree; and (iii) third, any other securities of
the Company that have been requested to be so included. Notwithstanding the
foregoing, no employee of the Company or any subsidiary thereof will be entitled
to participate, directly or indirectly, in any such registration to the extent
that the managing underwriter (or, in the case of an offering that is not
underwritten, a nationally recognized investment banking firm) determines in
good faith that the participation of such employee in such registration would
adversely affect the marketability or offering price of the securities being
sold in such registration; provided, however, that this sentence shall not apply
to any registration initiated by a Registration Request made by DS.

      (f) Other Registration Rights. Except as provided in this Agreement, the
Company will not grant to any holder or prospective holder of any securities of
the Company registration rights with respect to such securities which are senior
to or otherwise conflict in any material respect with the rights granted
pursuant to this Section

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1 without the prior written consent of either each of the Requesting Holders or
of the Required Holders and, for such time as Trident owns at least 20% of the
Registrable Securities it owns as of the date hereof, Trident; provided, that
the foregoing shall not prevent the Company from granting additional demand or
piggy back registration rights that are pari passu with the rights set forth in
this Agreement, and any dilution of the registration rights herein resulting
from any such pari passu rights shall not be deemed to conflict with the rights
set forth herein.

      2. Piggyback Registrations.

      (a) Right to Piggyback. At any time after the date hereof, whenever the
Company proposes to register Ordinary Shares (other than a registration pursuant
to Section 1(a) (as a result of the piggyback registration rights related to
such registration being set forth in Section 1(a)), a registration on Form S-4
or a registration relating solely to employee benefit plans), whether for its
own account or for the account of one or more securityholders of the Company,
and the registration form to be filed may be used for the registration or
qualification for distribution of Registrable Securities, the Company will give
prompt written notice to all Holders of its intention to effect such a
registration and will include in such registration all Registrable Securities
with respect to which the Company has received written requests for inclusion
therein within fifteen (15) days after the date of the Company's notice (a
"Piggyback Registration"). Any Holder that has made such a written request may
withdraw its Registrable Securities from such Piggyback Registration by giving
written notice to the Company and the managing underwriter, if any, on or before
the fifth (5th) day prior to the anticipated effective date of such Piggyback
Registration. The Company may terminate or withdraw any registration initiated
by it and covered by this Section 2 prior to the effectiveness of such
registration, whether or not any Holder has elected to include Registrable
Securities in such registration, and except for the obligation to pay
Registration Expenses pursuant to Section 2(c) the Company will have no
liability to any Holder in connection with such termination or withdrawal. A
Piggyback Registration shall not be considered a Demand Registration for
purposes of Section 1 of this Agreement.

      (b) Underwritten Registration. If the registration referred to in Section
2(a) is proposed to be underwritten, the Company will so advise the Holders as a
part of the written notice given pursuant to Section 2(a). In such event, the
right of any Holder to registration pursuant to this Section 2 will be
conditioned upon such Holder's participation in such underwriting and the
inclusion of such Holder's Registrable Securities in the underwriting, and each
such Holder will (together with the Company and the other Holders distributing
their securities through such underwriting) enter into an underwriting agreement
in customary form with the underwriter or underwriters selected for such
underwriting by the Company. If any Holder disapproves of the terms of the
underwriting, such Holder may elect to withdraw therefrom by written notice to
the Company and the managing underwriter.

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      (c) Piggyback Registration Expenses. Except if expressly prohibited by
applicable law, the Company will pay all Registration Expenses in connection
with any Piggyback Registration, whether or not any registration or prospectus
becomes effective or final.

      (d) Priority on Primary Registrations. If a Piggyback Registration relates
to an underwritten primary offering on behalf of the Company, and the managing
underwriters advise the Company that in their opinion the number of securities
requested to be included in such registration exceeds the number which can be
sold without adversely affecting the marketability of the offering, including
the price at which such securities can be sold, the Company will include in such
registration the maximum number of securities that in the opinion of such
underwriters can be sold without adversely affecting the marketability of the
offering, including the price at which such securities can be sold, which
securities will be so included in the following order of priority: (i) first,
the securities the Company proposes to sell, (ii) second, the Registrable
Securities requested to be included in such registration, pro rata among the
Holders of such Registrable Securities on the basis of the number of Registrable
Securities so requested to be included therein owned by each such Holder or in
such other manner as they may agree, and (iii) third, other securities requested
to be included in such registration. Notwithstanding the foregoing, any employee
of the Company or any subsidiary thereof will not be entitled to participate,
directly or indirectly, in any such registration to the extent that the managing
underwriter (or, in the case of an offering that is not underwritten, a
nationally recognized investment banking firm) will determine in good faith that
the participation of such employee in such registration would adversely affect
the marketability or offering price of the securities being sold in such
registration.

      (e) Priority on Secondary Registrations. If a Piggyback Registration
relates solely to an underwritten secondary registration on behalf of other
holders of the Company's securities, and the managing underwriters advise the
Company that in their opinion the number of securities requested to be included
in such registration exceeds the number which can be sold without adversely
affecting the marketability of the offering, including the price at which such
securities can be sold, the Company will include in such registration the
maximum number of securities that in the opinion of such underwriters can be
sold without adversely affecting the marketability of the offering, including
the price at which such securities can be sold, which securities will be so
included in the following order of priority: (i) first, the securities requested
to be included therein by the holders requesting such registration and the
Registrable Securities requested to be included in such registration, pro rata
among the holders of such securities and Registrable Securities on the basis of
the number of securities so requested to be included therein owned by each such
holder or in such other manner as they may agree, and (ii) second, other
securities requested to be included in such registration. Notwithstanding the
foregoing, any employee of the Company or any subsidiary thereof will not be
entitled to participate, directly or indirectly, in any such registration to the

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extent that the managing underwriter (or, in the case of an offering that is not
underwritten, a nationally recognized investment banking firm) will determine in
good faith that the participation of such employee in such registration would
adversely affect the marketability or offering price of the securities being
sold in such registration.

      (f) Other Registrations. If the Company files a Registration Statement
with respect to Registrable Securities pursuant to Section 1 or Section 2, and
if such registration has not been withdrawn or abandoned, the Company will not
file or cause to be effected any other registration of any of its equity
securities or securities convertible or exchangeable into or exercisable for its
equity securities under the Securities Act (except on Form S-4 or S-8 or any
successor or similar forms), whether on its own behalf or at the request of any
holder or holders of such securities, until a period of at least one hundred
eighty (180) days have elapsed from the effective date of the effectiveness of
such Registration Statement.

      3. Registration Procedures. Subject to Section 1(c), whenever the Holders
of Registrable Securities have requested that any Registrable Securities be
registered pursuant to this Agreement, the Company will use its reasonable best
efforts to effect the registration and sale of such Registrable Securities in
accordance with the intended method of disposition thereof. Without limiting the
generality of the foregoing, the Company will, as expeditiously as possible:

            (a) prepare and (within forty five (45) days after the end of the
      period within which requests for registration may be given to the Company
      pursuant hereto) file with the SEC a Registration Statement with respect
      to such Registrable Securities, make all required filings with the
      National Association of Securities Dealers and thereafter use its
      reasonable best efforts to cause such Registration Statement to become
      effective; provided, that before filing a Registration Statement or any
      amendments or supplements thereto, the Company will furnish to
      one firm of counsel selected by the Holders in accordance with Section
      4(b) copies of all such documents proposed to be filed, which documents
      will be subject to review of such counsel at the Company's expense. Unless
      such counsel earlier informs the Company that it has no objections to the
      filing of such Registration Statement, amendment or supplement, the
      Company will not file such Registration Statement, amendment or supplement
      prior to the date that is five Business Days from the date that such
      counsel received such document. The Company will not file any Registration
      Statement or amendment or post-effective amendment or supplement to such
      Registration Statement to which such counsel will have reasonably objected
      in writing on the grounds that such amendment or supplement does not
      comply in all material respects with the requirements of the Securities
      Act or of the rules or regulations thereunder. The Company shall not
      permit any person acting on behalf of the Company to use any free writing
      prospectus (as defined in Rule 405 under the Securities Act) in connection
      with

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      any registration statement covering Registrable Securities, without the
      prior consent of the Holders named in such registration statement, such
      consent not to be unreasonably withheld or delayed;

            (b) prepare and file with the SEC such amendments and supplements to
      such Registration Statement as may be necessary to keep such Registration
      Statement effective for a period of either (i) not less than six (6)
      months or, if such Registration Statement relates to an underwritten
      offering, such longer period as in the opinion of - counsel for the
      underwriters a prospectus is required by law to be delivered in connection
      with sales of Registrable Securities by an underwriter or dealer or (ii)
      such shorter period as will terminate when all of the securities
      covered by such Registration Statement have been disposed of in accordance
      with the intended methods of disposition by the Holder or Holders thereof
      set forth in such Registration Statement (but in any event not before the
      expiration of any longer period required under the Securities Act), and to
      comply with the provisions of the Securities Act with respect to the
      disposition of all securities covered by such Registration Statement until
      such time as all of such securities have been disposed of in accordance
      with the intended methods of disposition by the Holder or Holders thereof
      set forth in such Registration Statement;

            (c) furnish to each Holder of the Registrable Securities being sold
      such number of copies, without charge, of such Registration Statement,
      each amendment and supplement thereto, including each preliminary
      prospectus, final prospectus, all exhibits and other documents filed
      therewith and such other documents as such Holder may reasonably request
      including in order to facilitate the disposition of the Registrable
      Securities owned by such Holder;

            (d) use its reasonable best efforts to register or qualify such
      Registrable Securities under such other securities or blue sky laws of
      such jurisdictions as any Holder reasonably requests and do any and all
      other acts and things that may be necessary or reasonably advisable to
      enable such Holder to consummate the disposition in such jurisdictions of
      the Registrable Securities owned by such Holder (provided, that the
      Company will not be required to (i) qualify generally to do business in
      any jurisdiction where it would not otherwise be required to qualify but
      for this subsection, (ii) subject itself to taxation in any such
      jurisdiction or (iii) consent to general service of process in any such
      jurisdiction);

            (e) use its reasonable best efforts to cause all Registrable
      Securities covered by such Registration Statement to be registered with or
      approved by such other governmental agencies, authorities or
      self-regulatory bodies as may be necessary or reasonably advisable in
      light of the business and operations of the

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      Company to enable the Holder or Holders thereof to consummate the
      disposition of such Registrable Securities in accordance with the intended
      method or methods of disposition thereof;

            (f) immediately notify each Holder of such Registrable Securities
      being sold and any underwriter(s), at any time when a prospectus relating
      thereto is required to be delivered under the Securities Act, of the
      occurrence of any event which will have the result that, the prospectus
      contains an untrue statement of a material fact or omits to state any fact
      necessary to make the statements therein not misleading in the light of
      the circumstances under which they were made, and, as promptly as
      practicable, prepare and furnish to such Holder and underwriter(s) a
      reasonable number of copies of a supplement or amendment to such
      prospectus so that, as thereafter delivered to the purchasers of such
      Registrable Securities, such prospectus will not contain an untrue
      statement of a material fact or omit to state any fact necessary to make
      the statements therein not misleading in the light of the circumstances
      under which they were made;

            (g) notify each Holder of any Registrable Securities being sold and
      covered by such Registration Statement (i) when the prospectus or any
      prospectus supplement or post-effective amendment has been filed and, with
      respect to such Registration Statement or any post-effective amendment,
      when the same has become effective, (ii) of any request by the SEC for
      amendments or supplements to such registration statement or to amend or to
      supplement such prospectus or for additional information and (iii) of the
      issuance by the SEC of any stop order suspending the effectiveness of such
      registration statement or the initiation of any proceedings for any of
      such purposes;

            (h) use its reasonable best efforts to cause all such Registrable
      Securities to be listed on each securities exchange on which similar
      securities issued by the Company are then listed or, if no similar
      securities issued by the Company are then listed on any securities
      exchange, use its reasonable best efforts to cause all such Registrable
      Securities to be listed on the Nasdaq;

            (i) provide a transfer agent and registrar for all such Registrable
      Securities not later than the effective date of such Registration
      Statement;

            (j) enter into such customary agreements (including underwriting
      agreements with customary provisions) and take all such other actions as
      the Requesting Holder, Holders of a majority of Registrable Securities
      included in such Registration Statement or the underwriters, if any,
      reasonably request in order to expedite or facilitate the disposition of
      such Registrable Securities (including, without limitation, effecting a
      share split or a combination of shares);

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            (k) make available for inspection by any Holder of the Registrable
      Securities being sold, any underwriter participating in any disposition
      pursuant to such Registration Statement and any attorney, accountant or
      other agent retained by any such Holder or underwriter, all financial and
      other records, pertinent corporate documents and documents relating to the
      business of the Company, and cause the Company's officers, directors,
      employees and independent accountants to supply all information reasonably
      requested by any such Holder, underwriter, attorney, accountant or agent
      in connection with such Registration Statement; provided, that each Holder
      will, and will use its commercially reasonable efforts to cause each such
      underwriter, accountant or other agent to enter into a customary
      confidentiality agreement in form and substance reasonably satisfactory to
      the Company; provided further, that such confidentiality agreement will
      not contain terms that would prohibit any such Person from complying with
      its obligations under applicable law or Nasdaq rules.

            (l) otherwise use its reasonable best efforts to comply with all
      applicable rules and regulations of the SEC, and make available to its
      security holders, as soon as reasonably practicable, an earnings statement
      covering the period of at least twelve months beginning with the first day
      of the Company's first full calendar quarter after the effective date of
      the Registration Statement, which earnings statement will satisfy the
      provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

            (m) in the event of the issuance of any stop order suspending the
      effectiveness of a Registration Statement, or of any order suspending or
      preventing the use of any related prospectus or ceasing trading of any
      securities included in such Registration Statement for sale in any
      jurisdiction, use its reasonable best efforts promptly to obtain the
      withdrawal of such order;

            (n) enter into such agreements and take such other actions as the
      Holders of the Registrable Securities being sold or the underwriters
      reasonably request in order to expedite or facilitate the disposition of
      such Registrable Securities, including, without limitation, preparing for
      and participating in such number of "road shows" and all such other
      customary selling efforts as the underwriters reasonably request in order
      to expedite or facilitate such disposition;

            (o) obtain one or more comfort letters, addressed to the Holders of
      the Registrable Securities being sold (and, if such registration includes
      an underwritten public offering to the underwriters of such offering),
      signed by the Company's independent public accountants in customary form
      and covering such matters of the type customarily covered by comfort
      letters;

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            (p) provide legal opinions of the Company's outside counsel,
      addressed to the Holders of the Registrable Securities being sold (and, if
      such registration includes an underwritten public offering, to the
      underwriters of such offering), with respect to the Registration Statement
      and prospectus in customary form and covering such matters of the type
      customarily covered by legal opinions of such nature;

            (q) furnish to any Holder of the Registrable Securities being sold
      such information and assistance as such Holder may reasonably request in
      connection with any "due diligence" effort which such Holder deem
      appropriate; and

            (r) use its reasonable best efforts to take or cause to be taken all
      other actions, and do and cause to be done all other things, necessary or
      reasonably advisable to effect the registration of such Registrable
      Securities contemplated hereby.

The Company agrees not to file or make any amendment to any Registration
Statement with respect to any Registrable Securities, or any amendment of or
supplement to the prospectus used in connection therewith, that refers to any
Holder covered thereby by name, or otherwise identifies such Holder as the
holder of any securities of the Company, without the consent of such Holder,
such consent not to be unreasonably withheld or delayed, unless and to the
extent such disclosure is required by law.

The Company represents and warrants that no Registration Statement (including
any amendments or supplements thereto and prospectuses contained therein) shall
contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein, or necessary to make the statements therein not
misleading (except that the Company makes no representation or warranty with
respect to information relating to any Holder furnished in writing to the
Company by or on behalf of the Holder specifically for inclusion therein).

The Company may require each Holder of Registrable Securities as to which any
registration is being effected to furnish the Company with such information
regarding such Holder and pertinent to the disclosure requirements relating to
the registration and the distribution of such securities as the Company may from
time to time reasonably request in writing.

      4. Registration Expenses.

      (a) Except as otherwise provided for herein, all expenses incidental to
the Company's performance of or compliance with this Agreement, including,
without limitation, all registration and filing fees (including SEC registration
and National Association of Securities Dealers filing fees), fees and expenses
of compliance with

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securities or blue sky laws, word processing, duplicating and
printing expenses, messenger and delivery expenses, transfer agent's and
registrar's fees, cost of distributing prospectuses in preliminary and final
form, as well as any supplements thereto, and fees and disbursements of counsel
for the Company and all independent certified public accountants, underwriters
and other Persons retained by the Company (all such expenses, "Registration
Expenses"), will be borne by the Company. In addition, the Company will, in any
event, pay its internal expenses (including, without limitation, all salaries
and expenses of its officers and employees performing legal or accounting
duties), the expenses of any annual audit or quarterly review, the expenses of
any liability insurance and the expenses and fees for listing the securities to
be registered on each securities exchange or automatic quotation system on which
similar securities issued by the Company are then listed (including the Nasdaq).
Notwithstanding the foregoing, all Selling Expenses will be borne by the holders
of the securities so registered pro rata on the basis of the number of their
shares so registered.

      (b) In connection with each registration pursuant to Section 1 and each
Piggyback Registration, the Company will reimburse the Holders of the
Registrable Securities covered by such registration or qualification for the
reasonable fees and disbursements of one law firm, who will be chosen by the
Holders of a majority of the Registrable Securities being so registered.

      5. Indemnification.

      (a) The Company agrees to indemnify and hold harmless, and hereby does
indemnify and hold harmless, each Holder, its affiliates and their respective
officers, directors and partners and each Person who controls such Holder
(within the meaning of the Securities Act) against, and pay and reimburse such
holder, affiliate, director, officer or partner or controlling person for any
losses, claims, damages, expenses, liabilities, joint or several, to which such
holder or any such affiliate, director, officer or partner or controlling person
may become subject under the Securities Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions or proceedings, whether
commenced or threatened, in respect thereof) arise out of or are based upon (i)
any untrue or alleged untrue statement of material fact contained in any
Registration Statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto, or any "issuer free writing prospectus" (as
defined in Securities Act Rule 433), (ii) any omission or alleged omission of a
material fact required to be stated therein or necessary to make the statements
therein not misleading, or (iii) any violation or alleged violation by the
Company of any rule or regulation promulgated under the Securities Act , the
Exchange Act, the National Association of Securities Dealers or any state
securities laws applicable to the Company and relating to action or inaction
required of the Company in connection with any such registration, and the
Company will pay and reimburse such Holder and each such affiliate, director,
officer, partner and controlling person for any legal or any other expenses
actually and reasonably incurred by them in connection with

                                       12
<PAGE>

investigating, defending or settling any such loss, claim, liability, action or
proceeding; provided, that the Company will not be liable in any such case to
the extent that any such loss, claim, damage, expense, liability (or action or
proceeding in respect thereof) or expense arises out of or is based upon an
untrue statement or alleged untrue statement, or omission or alleged omission,
made in such Registration Statement, any such prospectus or preliminary
prospectus or any amendment or supplement thereto, or in any application, in
reliance upon, and in conformity with, written information prepared and
furnished to the Company by such Holder expressly for use therein or by such
Holder's failure to deliver, to the extent required by law and except to the
extent such failure results from a failure by the Company to comply with Section
3(f), a copy of the Registration Statement or prospectus or any amendments or
supplements thereto after the Company has furnished such Holder with a
sufficient number of copies of the same. In connection with an underwritten
offering, the Company, if requested, will indemnify such underwriters, their
officers and directors and each Person who controls such underwriters (within
the meaning of the Securities Act) to at least the same extent as provided above
with respect to the indemnification of the Holders.

      (b) In connection with any Registration Statement in which a Holder is
participating, each such Holder will furnish to the Company in writing such
information as the Company reasonably requests for use in connection with any
such Registration Statement or prospectus and will indemnify and hold harmless
the Company, its directors and officers, each other Person who controls the
Company (within the meaning of the Securities Act) and each underwriter (to the
extent required by such underwriter) against any losses, claims, damages,
expenses, liabilities (or actions or proceedings, whether commenced or
threatened, in respect thereof), joint or several, to which the Company or any
such director or officer, any such underwriter or controlling person may become
subject under the Securities Act or otherwise, insofar as such losses, claims,
damages, liabilities, actions or proceedings arise out of or are based upon (i)
any untrue or alleged untrue statement of material fact contained in the
Registration Statement, prospectus or preliminary prospectus or any amendment
thereof or supplement thereto or in any application or (ii) any omission or
alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading, but only to the extent that such
untrue statement or omission is made in such Registration Statement, any such
prospectus or preliminary prospectus or any amendment or supplement thereto, or
in any application, in reliance upon and in conformity with written information
prepared and furnished to the Company by such Holder expressly for use therein,
and such Holder will reimburse the Company and each such director, officer,
underwriter and controlling Person for any legal or any other expenses actually
and reasonably incurred by them in connection with investigating, defending or
settling any such loss, claim, liability, action or proceeding; provided, that
the obligation to indemnify and hold harmless will be individual and several to
each Holder and will be limited to the amount of net proceeds received by such
Holder from the sale of Registrable Securities pursuant to such Registration
Statement.

                                       13
<PAGE>

      (c) Any Person entitled to indemnification hereunder will (i) give prompt
written notice to the indemnifying party of any claim with respect to which it
seeks indemnification and (ii) unless in such indemnified party's reasonable
judgment a conflict of interest between such indemnified and indemnifying
parties may exist with respect to such claim, permit such indemnifying party to
assume the defense of such claim with counsel reasonably satisfactory to the
indemnified party. If such defense is assumed, the indemnifying party will not
be subject to any liability for any settlement made by the indemnified party
without its prior written consent (but such consent will not be unreasonably
withheld). An indemnifying party who is not entitled to, or elects not to,
assume the defense of a claim will not be obligated to pay the fees and expenses
of more than one counsel for all parties indemnified by such indemnifying party
with respect to such claim, unless in the reasonable judgment of any indemnified
party a conflict of interest may exist between such indemnified party and any
other of such indemnified parties with respect to such claim. Failure to give
prompt written notice shall not release the indemnifying party from its
obligations hereunder except to the extent that such indemnifying party is
materially prejudiced as a result of such failure to give notice.

      (d) The indemnification provided for under this Agreement will remain in
full force and effect regardless of any investigation made by or on behalf of
the indemnified party or any officer, director or controlling Person of such
indemnified party and will survive the registration and sale of any securities
by any Person entitled to any indemnification hereunder and the expiration or
termination of this Agreement.

      (e) If the indemnification provided for in this Section 5 is held by a
court of competent jurisdiction to be unavailable to an indemnified party with
respect to any loss, liability, claim, damage or expense referred to herein,
then the indemnifying party, in lieu of indemnifying such indemnified party
hereunder, will contribute to the amount paid or payable by such indemnified
party as a result of such loss, liability, claim, damage or expense in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party on the other hand in
connection with the statements or omissions which resulted in such loss,
liability, claim, damage or expense as well as any other relevant equitable
considerations. The relevant fault of the indemnifying party and the indemnified
party will be determined by reference to, among other things, whether the untrue
or alleged untrue statement of a material fact or the 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.
Notwithstanding the foregoing, the amount any Holder will be obligated to
contribute pursuant to this Section 5(e) will be limited to an amount equal to
the net proceeds to such Holder of the Registrable Securities sold pursuant to
the registration statement which gives rise to such obligation to contribute
(less the aggregate amount of any damages which the Holder has otherwise been
required to pay in respect of such loss,

                                       14
<PAGE>

claim, damage, expense, liability or action or any substantially similar loss,
claim, damage, expense, liability or action arising from the sale of such
Registrable Securities).

      6. Participation in Underwritten Registrations.

      (a) No Holder may participate in any registration hereunder that is
underwritten unless such Holder (i) agrees to sell its Registrable Securities on
the basis provided in any underwriting arrangements approved by the Person or
Persons entitled hereunder to approve such arrangements (including, without
limitation, pursuant to the terms of any over-allotment or "green shoe" option
requested by the managing underwriter(s); provided, that no Holder will be
required to sell more than the number of Registrable Securities that such Holder
has requested the Company to include in any registration), (ii) completes and
executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents reasonably required under the terms of such
underwriting arrangements, and (iii) cooperates with the Company's reasonable
requests in connection with such registration or qualification (it being
understood that the Company's failure to perform its obligations hereunder,
which failure is caused by such Holder's failure to cooperate, will not
constitute a breach by the Company of this Agreement). Notwithstanding the
foregoing, no Holder will be required to agree to any indemnification
obligations on the part of such Holder that are materially greater than its
obligations pursuant to Section 6(b).

      (b) Each Holder that is participating in any registration hereunder agrees
that, upon receipt of any notice from the Company of the happening of any event
of the kind described in subsection 3(f) above, such Holder will forthwith
discontinue the disposition of its Registrable Securities pursuant to the
Registration Statement until such Holder receives copies of a supplemented or
amended prospectus as contemplated by such Section 3(f). In the event the
Company gives any such notice, the applicable time period during which a
Registration Statement is to remain effective will be extended by the number of
days during the period from and including the date of the giving of such notice
pursuant to this Section 6(b) to and including the date when each Holder of a
Registrable Security being sold and covered by such Registration Statement will
have received the copies of the supplemented or amended prospectus contemplated
by Section 3(f).

      7. Rule 144 and 144A Reporting.

      (a) With a view to making available the benefits of certain rules and
regulations of the SEC which may permit the sale of restricted securities to the
public without registration, the Company agrees to:

            (i) make and keep public information available as those terms are
      understood and defined in Rule 144 under the Securities Act, and

                                       15
<PAGE>

            (ii) file with the SEC in a timely manner all reports and other
      documents required of the Company under the Securities Act and the
      Exchange Act at any time after it has become subject to such reporting
      requirements.

      (b) For purposes of facilitating sales pursuant to Rule 144A, so long as
the Company is not subject to the reporting requirements of Section 13 or 15(d)
of the Exchange Act, each Holder and any prospective purchaser of such Holder's
securities will have the right to obtain from the Company, upon request of the
Holder prior to the time of sale, a copy of the most recent annual or quarterly
report of the Company, and such other reports and documents so filed as such
Holder or prospective purchaser may reasonably request in availing itself of any
rule or regulation of the SEC allowing such Holder to sell any such securities
without registration, including the Company's most recent quarterly balance
sheet and profit and loss and retained earnings statements, and similar
financial statements for the two preceding fiscal years (the financial
statements to be audited to the extent reasonably available).

      (c) Upon the request of any Holder, the Company will deliver to such
Holder a written statement as to whether it has complied with the foregoing
information requirements.

      8. Lock Up Agreements. In consideration for the Company agreeing to its
obligations under this Agreement, each Holder agrees in connection with any
registration of the Company's securities (whether or not such Holder is
participating in such registration) upon the request of the Company and the
underwriters managing any underwritten offering of the Company's securities, not
to effect (other than pursuant to such registration) any public sale or
distribution of Registrable Securities, including, but not limited to, any sale
pursuant to Rule 144 or Rule 144A, or make any short sale of, loan, grant any
option for the purchase of, or otherwise dispose of any Registrable Securities,
any other equity securities of the Company or any securities convertible into or
exchangeable or exercisable for any equity securities of the Company without the
prior written consent of the Company or such underwriters, as the case may be,
for such period of time (not to exceed 90 days) beginning on the effective date
of such registration as the Company and the underwriters may specify; provided,
that nothing herein will prevent any Holder that is a partnership or corporation
from making a distribution of Registrable Securities to the partners or
shareholders thereof that is otherwise in compliance with applicable securities
laws, so long as such distributees agree to be so bound. The Company agrees to
use its reasonable best efforts to work with the underwriters to limit any
lock-up period under this Section 8 to the minimum number of days that the
underwriters consider advisable.

      9. Term. This Agreement will be effective as of the date hereof and will
continue in effect thereafter until the earliest of (a) its termination by the
consent of the Required Holders and each of the Requesting  Holders (but only if
such Requesting

                                       16
<PAGE>

Holder, as the case may be, holds any Registrable Securities at
such time) or, in each case, their respective successors in interest, (b) the
date on which no Registrable Securities remain outstanding and (c) the
dissolution, liquidation or winding up of the Company.

      10. Defined Terms. Capitalized terms when used in this Agreement have the
following meanings:

      "Business Day" means any day, except a Saturday, Sunday or legal holiday
      on which banking institutions in The City of New York are authorized or
      obligated to close.

      "Full Cooperation" means, in connection with any underwritten offering,
      where, in addition to the cooperation otherwise required by this
      Agreement, (a) members of senior management of the Company (including the
      chief executive officer and chief financial officer) reasonably cooperate
      with the underwriter(s) in connection therewith and make themselves
      reasonably available to participate in "road-shows" and other customary
      marketing activities in such locations (domestic and foreign) as
      reasonably recommended by the underwriter(s) (including one-on-one
      meetings with prospective purchasers of the Registrable Securities) and
      (b) the Company prepares preliminary and final prospectuses for use in
      connection therewith containing such additional information as reasonably
      requested by the underwriter(s) (in additional to the minimum amount of
      information required by law, rule or regulation).

      "Fully Marketed Underwritten Offering" means an underwritten offering in
      which there is Full Cooperation.

      "Holder" means any holder of outstanding Registrable Securities who is a
      party to this Agreement or to whom the benefits of this Agreement have
      been validly assigned.

      "Person" means an individual, a partnership, a joint venture, a
      corporation, a limited liability company, a trust, an unincorporated
      organization or a government or department or agency thereof.

      "Register," "registered" and "registration" refers to a registration
      effected by preparing and filing a Registration Statement in compliance
      with the Securities Act, and the declaration or ordering of the
      effectiveness of such Registration Statement, and compliance with
      applicable state securities laws of such states in which Holders notify
      the Company of their intention to offer Registrable Securities.

                                       17
<PAGE>

      "Registrable Securities" means (i) any Ordinary Shares issued pursuant to
      the Merger, (ii) any Ordinary Shares issued pursuant to the
      Recapitalization Agreement, (iii) any Ordinary Shares issued upon
      exercise, exchange or conversion of any options, restricted stock units or
      other rights to acquire Ordinary Shares that are issued in connection with
      the Merger or the Recapitalization Agreement, or (iv) any equity
      securities issued or issuable with respect to the securities referred to
      in the foregoing clauses (i) through (iii) by way of conversion, exercise
      or exchange thereof or share dividend or share split or in connection with
      a combination of shares, recapitalization, reclassification, merger,
      amalgamation, arrangement, consolidation or other reorganization. As to
      any particular securities constituting Registrable Securities, such
      securities will cease to be Registrable Securities when (x) they have been
      effectively registered or qualified for sale by prospectus filed under the
      Securities Act and disposed of in accordance with the Registration
      Statement covering them or (y) they have been sold to the public through a
      broker, dealer or market maker pursuant to Rule 144 or Rule 145 or other
      exemption from registration under the Securities Act. For purposes of this
      Agreement, a Person will be deemed to be a holder of Registrable
      Securities whenever such Person has the right to acquire directly or
      indirectly such Registrable Securities (upon conversion, exercise or
      exchange in connection with a transfer of securities or otherwise, but
      disregarding any restrictions or limitations upon the exercise of such
      right), whether or not such acquisition has actually been effected.

      "Registration Expenses" has the meaning set forth in Section 4.

      "Registration Request" has the meaning set forth in Section 1(a).

      "Registration Statement" means the prospectus and other documents filed
      with the SEC to effect a registration under the Securities Act.

      "Required Holders" means Shareholders holding in the aggregate 50% or more
      of the outstanding Registrable Securities.

      "Rule 144" means Rule 144 under the Securities Act or any successor or
      similar rule as may be enacted by the SEC from time to time, as in effect
      from time to time.

      "Rule 144A" means Rule 144A under the Securities Act or any successor or
      similar rule as may be enacted by the SEC from time to time, as in effect
      from time to time.

      "Selling Expenses" means all underwriting discounts, selling commissions
      and transfer taxes applicable to the sale of Registrable Securities
      hereunder.

                                       18
<PAGE>

      11. Miscellaneous.

      (a) No Inconsistent Agreements. Subject to Section 1(f), the Company will
not hereafter enter into any agreement with respect to its securities that is
more favorable or is inconsistent or conflicts with or violates the rights
granted to the holders of Registrable Securities in this Agreement.

      (b) Adjustments Affecting Registrable Securities. The Company will not
take any action, or permit any change to occur, with respect to its securities
which would materially and adversely affect the ability of the holders of
Registrable Securities to include such Registrable Securities in a registration
or qualification for sale by prospectus undertaken pursuant to this Agreement or
which would adversely affect the marketability of such Registrable Securities in
any such registration or qualification (including, without limitation, effecting
a share split or a combination of shares).

      (c) Remedies. The parties hereto agree and acknowledge that money damages
may not be an adequate remedy for any breach of the provisions of this Agreement
and that any party hereto will have the right to equitable relief, including
specific performance and injunctive relief, in addition to all of its other
rights and remedies at law or in equity, to enforce the provisions of this
Agreement.

      (d) Amendments and Waivers. Except as otherwise provided herein, the
provisions of this Agreement may be amended or waived only upon the prior
written consent of the Company and the Required Holders; provided, that in the
event that such amendment or waiver would treat a Holder or group of Holders in
a manner different from any other Holders, then such amendment or waiver will
require the consent of such Holder or the Holders of a majority of the
Registrable Securities of such group adversely treated.

      (e) Successors and Assigns. This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and
permitted assigns; provided, that a Holder may not assign or otherwise transfer
its rights or obligations under this Agreement to any other Person without the
prior written consent of the Company.

      (f) Severability. Whenever possible, each provision of this Agreement will
be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement is held to be invalid, illegal or
unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or the effectiveness or validity of any provision in any
other jurisdiction, and this Agreement will be reformed, construed and enforced
in such jurisdiction as if such invalid, illegal or unenforceable provision had
never been contained herein.

                                       19
<PAGE>

      (g) Counterparts. This Agreement may be executed simultaneously in two or
more counterparts, any one of which need not contain the signatures of more than
one party, but all such counterparts taken together will constitute one and the
same Agreement.

      (h) Descriptive Headings. The descriptive headings of this Agreement are
inserted for convenience only and do not constitute a part of this Agreement.

      (i) Governing Law. This Agreement and the rights and duties of the parties
hereto hereunder shall be governed by and construed in accordance with laws of
the State of New York, without giving effect to its principles or rules of
conflict of laws to the extent such principles or rules are not mandatorily
applicable by statute and would require or permit the application of the laws of
another jurisdiction.

      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 may be brought in any federal or state court
located in the County and State of New York, and each of the parties hereby
consents 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 which it may now or
hereinafter have to the laying of the venue of any such suit, action or
proceeding which is brought in any such court has been brought in an
inconvenient forum. Process in any such suit, action or proceeding may be served
on any party anywhere in the world, whether within or without the jurisdiction
of any such court. Without limiting the foregoing, each party agrees that
service of process on such party as provided in Section 12(l) shall be deemed
effective service of process on such party.

      EACH OF THE PARTIES HERETO HERBY 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.

      (j) Further Assurances. Each of the parties hereto shall execute such
documents and other papers and perform such further acts as may be reasonably
required or advisable to carry out the provisions of this Agreement and the
transactions contemplated hereby.

      (k) Organizational Documents. Notwithstanding anything to the contrary
herein, all applicable provisions of the Company's Bye-Laws and Memorandum of
Association (the "Organizational Documents") shall apply to this Agreement and
any actions taken hereunder as if set forth herein, and any conflict between the
Organizational

                                       20
<PAGE>

Documents and this Agreement shall be resolved in favor of the provisions of the
Organizational Documents. The Company shall not amend or restate the
Organizational Documents at any time in a manner that would conflict in any
material respect with this Agreement, except to the extent required by
applicable law. If any conflict between this Agreement and the Organizational
Documents interferes in any material respect with the exercise of any
Registration Request or other right or remedy hereunder, the Company shall use
its reasonable best efforts to facilitate the exercise of such Registration
Request or other right or remedy without conflict with the Organizational
Documents.

      (l) Notices. All notices, demands or other communications to be given or
delivered under or by reason of the provisions of this Agreement will be in
writing and will be to the Company and the Shareholders in the manner set forth
in the Recapitalization Agreement at the addresses set forth in the
Recapitalization Agreement and on the Schedule of Shareholders attached hereto
(or at such other address or telecopy number as a party may designate to the
other parties).

      (m) Entire Agreement. This Agreement together with the Organizational
Documents contains the entire agreement among the parties hereto with respect to
the subject matter hereof and supersedes and replaces all other prior
agreements, written or oral, among the parties hereto with respect to the
subject matter hereof.

      (n) No Waivers. No failure or delay by any party in exercising any right,
power or privilege hereunder shall operate as a waiver thereof nor shall any
single or partial exercise thereof preclude any other or further exercise
thereof or the exercise of any other right, power or privilege. The rights and
remedies herein provided shall be cumulative and not exclusive of any rights or
remedies provided by law.

               [Remainder of this page left intentionally blank.]

                                       21
<PAGE>

      IN WITNESS WHEREOF, the undersigned have set their hands and seals as of
the above date.

                                       CASTLEWOOD HOLDINGS LIMITED

                                       By: /s/ Richard J. Harris
                                           -------------------------------------
                                           Name: Richard J. Harris
                                           Title: Chief Financial Officer

                                       J. CHRISTOPHER FLOWERS

                                       /s/ J. Christopher Flowers
                                       -----------------------------------------

                                       John J. Oros

                                       /s/ John J. Oros
                                       -----------------------------------------

                                       Nimrod T. Frazer

                                       /s/ Nimrod T. Frazer
                                       -----------------------------------------

                                       TRIDENT II, L.P.

                                       By: Trident Capital II, L.P.
                                       Its sole general partner

                                       By: DW Trident GP, LLC, a general partner

                                       By: /s/ David Wermuth
                                           -------------------------------------
                                       Name: David Wermuth
                                       Title: Member

                                       22
<PAGE>

                                        MARSH & McLENNAN CAPITAL
                                        PROFESSIONALS FUND, L.P.

                                        By: Stone Point Capital LLC, as manager

                                        By: /s/ David Wermuth
                                            ------------------------------------
                                        Name: David Wermuth
                                        Title: Principal

                                        MARSH & McLENNAN EMPLOYEES'
                                        SECURITIES COMPANY, L.P.

                                        By: Marsh & McLennan GP I, Inc.
                                        Its sole general partner

                                        By: Stone Point Capital LLC, its
                                        attorney-in-fact

                                        By: /s/ David Wermuth
                                            ------------------------------------
                                        Name: David Wermuth
                                        Title: Member

                                        DOMINIC F. SILVESTER

                                        /s/ Dominic F. Silvester
                                        ----------------------------------------

                                        PAUL J. O'SHEA

                                        /s/ Paul J. O'Shea
                                        ----------------------------------------

                                        NICHOLAS A. PACKER

                                        /s/ Nicholas A. Packer
                                        ----------------------------------------

                                        T. WHIT ARMSTRONG

                                        /s/ T. Whit Armstrong
                                        ----------------------------------------

                                       23
<PAGE>

                                        T. WAYNE DAVIS

                                        /s/ T. Wayne Davis
                                        ----------------------------------------

                                        GREGORY L. CURL

                                        /s/ Gregory L. Curl
                                        ----------------------------------------

                                        PAUL J. COLLINS

                                        /s/ Paul J. Collins
                                        ----------------------------------------

                                        The COMMON SEAL of R&H TRUST
                                        CO. (BVI) LTD., as trustee of THE
                                        RIGHT TRUST was hereunto affixed
                                         in the presence of

                                        By: /s/ Edith Steel / Kenneth Morgan
                                            ------------------------------------
                                        Name: Edith Steel and Kenneth Morgan
                                        Title: Directors

                                        The COMMON SEAL of R&H TRUST CO.
                                        (NZ) LIMITED, as trustee of THE
                                        LEFT TRUST was hereunto affixed
                                         in the presence of

                                        By: /s/ BMR Smith
                                            ------------------------------------
                                        Name: BMR Smith
                                        Title: Director

                                        The COMMON SEAL of R&H
                                        TRUST CO. (BVI) LTD., as trustee
                                        of THE ELBOW TRUST was hereunto
                                        affixed in the presence of

                                       24
<PAGE>

                                        By: /s/ Edith Steel / Kenneth Morgan
                                            -----------------------------------
                                        Name: Edith Steel and Kenneth Morgan
                                        Title: Directors

                                        The COMMON SEAL of R&H
                                        TRUST CO. (BVI) LTD., as trustee of
                                        THE HOVE TRUST was hereunto affixed
                                        in the presence of

                                        By: /s/ Edith Steel / Kenneth Morgan
                                            -----------------------------------
                                        Name: Edith Steel and Kenneth Morgan
                                        Title: Directors

                                        STEVE ALDOUS

                                        /s/ Steve Aldous
                                        ----------------------------------------

                                        ANDY BROADBENT

                                        /s/ Andy Broadbent
                                        ----------------------------------------

                                        STEVE GIVEN

                                        /s/ Steve Given
                                        ----------------------------------------

                                        DAVID GRISLEY

                                        /s/ David Grisley
                                        ----------------------------------------

                                       25
<PAGE>

                                        DAVID HACKETT

                                        /s/ David Hackett
                                        ----------------------------------------

                                        RICHARD HARRIS

                                        /s/ Richard Harris
                                        ----------------------------------------

                                       26
<PAGE>

                                        TIM HOUSTON

                                        /s/ Tim Houston
                                        ----------------------------------------

                                        ADRIAN KIMBERLEY

                                        /s/ Adrian Kimberley
                                        ----------------------------------------

                                        STEVE NORRINGTON

                                        /s/ Steve Norrington
                                        ----------------------------------------

                                        DAVID ROCKE

                                        /s/ David Rocke
                                        ----------------------------------------

                                        DUNCAN SCOTT

                                        /s/ Duncan Scott
                                        ----------------------------------------

                                        ALAN TURNER

                                        /s/ Alan Turner
                                        ----------------------------------------

                                       27
<PAGE>

                                        KARL WALL

                                        /s/ Karl Wall
                                        ----------------------------------------

                                        DUNCAN McLAUGHLIN

                                        /s/ Duncan McLaughlin
                                        ----------------------------------------

                                       28
<PAGE>

                                        DEREK REID

                                        /s/ Derek Reid
                                        ----------------------------------------

                                        IAN BIRCH

                                        /s/ Ian Birch
                                        ----------------------------------------

                                        IAN MILLAR

                                        /s/ Ian Millar
                                        ----------------------------------------

                                        JAMES LINFORD

                                        /s/ James Linford
                                        ----------------------------------------

                                        JONATHAN ZISARUK

                                        /s/ Jonathan Zisaruk
                                        ----------------------------------------

                                        KENNY McMANUS

                                        /s/ Kenny McManus
                                        ----------------------------------------

                                        LEE BARSON

                                        /s/ Lee Barson
                                        ----------------------------------------

<PAGE>

                                        ELIZABETH DASILVA

                                        /s/ Elizabeth Dasilva
                                        ----------------------------------------

                                        MARTIN WYNN

                                        /s/ Martin Wynn
                                        ----------------------------------------

                                        MICHAEL SMELLIE

                                        /s/ Michael Smellie
                                        ----------------------------------------

                                        NICOLAS SLATER

                                        /s/ Nicolas Slater
                                        ----------------------------------------

                                        NICK BRIGGS

                                        /s/ Nick Briggs
                                        ----------------------------------------

                                        ORLA GREGORY

                                        /s/ Orla Gregory
                                        ----------------------------------------

                                        C. PAUL THOMAS

                                        /s/ C. Paul Thomas
                                        ----------------------------------------

<PAGE>

                                        PHIL HERNON

                                        /s/ Phil Hernon
                                        ----------------------------------------

                                        SIMON LOUGHNANE

                                        /s/ Simon Loughnane
                                        ----------------------------------------

                                        STEVE WESTERN

                                        /s/ Steve Western
                                        ----------------------------------------

                                        TOM NICHOLS

                                        /s/ Tom Nichols
                                        ----------------------------------------

                                        VIVEK JAIN

                                        /s/ Vivek Jain
                                        ----------------------------------------

                                        DARREN TRUMAN

                                        /s/ Darren Truman
                                        ----------------------------------------

                                        DAVID ATKINS

                                        /s/ David Atkins
                                        ----------------------------------------
<PAGE>

                            Schedule of Shareholders

<TABLE>
<CAPTION>
Name                                                 Address and Telecopy Number
----                                                 ---------------------------
<S>                                                  <C>
J. Christopher Flowers

John J. Oros

Nimrod T. Frazer

T. Whit Armstrong

T. Wayne Davis

Gregory L. Curl

Paul J. Collins

Trident II, L.P.

Marsh & McLennan Capital
Professionals Fund, L.P.

Marsh & McLennan Employees' Securities
Company, L.P.

Dominic F. Silvester

R&H Trust Co. (BVI) Ltd., as trustee of
The Right Trust

R&H Trust Co. (NZ) Limited, as trustee of
The Left Trust

R&H Trust Co. (BVI) Ltd., as trustee of
The Elbow Trust

R&H Trust Co. (BVI) Ltd., as trustee of
The Hove Trust

Richard Harris
</TABLE>
<PAGE>

<TABLE>
<S>                                                  <C>
Adrian Kimberley

Andy Broadbent

Duncan Scott

Tim Houston

David Rocke

Alan Turner

David Grisley

David Hackett

Steve Aldous

Steve Given

Steve Norrington

Karl Wall

Duncan McLaughlin

Derek Reid

Ian Birch

Ian Millar

James Linford

Jonathan Zisaruk

Kenny McManus

Lee Barson

Elizabeth Dasilva

Martin Wynn
</TABLE>

                                        2
<PAGE>

<TABLE>
<S>                                                  <C>
Michael Smellie

Nicolas Slater

Nick Briggs

Orla Gregory

C. Paul Thomas

Phil Hernon

Simon Loughnane

Steve Western

Tom Nichols

Vivek Jain

Darren Truman

David Atkins
</TABLE>

                                        3<PAGE>

                                                                    EXHIBIT 10.2

                            INDEMNIFICATION AGREEMENT

      THIS INDEMNIFICATION AGREEMENT (the "Agreement") is made as of January 31,
2007, between ENSTAR GROUP LIMITED (formerly known as Castlewood Holdings
Limited), a company organized under the laws of Bermuda (the "Company"), and
DOMINIC F. SILVESTER ("Indemnitee").

                                     RECITAL

      The Second Amended and Restated Bye-Laws of the Company, as may be amended
from time to time (the "Bye-Laws") contain provisions indemnifying the Company's
directors and officers with respect to certain liabilities and expenses.
Indemnitee is currently serving as a director of the Company's Board of
Directors (the "Board"), and the Board has determined that it is in the best
interests of the shareholders of the Company for the Company to provide
Indemnitee with additional assurance of protection against personal liability
pursuant to and in furtherance of the Bye-Laws, as provided in this Agreement.

                                    AGREEMENT

      NOW, THEREFORE, in consideration of the foregoing recital and of other
good and valuable consideration, the receipt and sufficiency of which is
acknowledged, the parties, intending to be legally bound, agree as follows:

      1. Indemnification.

           (a) The Company shall hold harmless and indemnify and reimburse
Indemnitee against all liabilities, costs, expenses (including without
limitation, investigation expenses and expert witnesses' and attorneys' fees),
judgments, penalties, fines, excise taxes, interest and amounts paid or to be
paid in settlement in connection with any threatened, pending or completed
action, suit, arbitration, alternate dispute resolution mechanism,
investigation, administrative hearing, or proceeding (collectively, a
"Proceeding"), in which Indemnitee was or is a party or a witness, or is
threatened to be made a party or a witness, including without limitation,
actions by or in the right of the Company, whether civil, criminal,
administrative, regulatory or investigative, by reason that, either before or
after the date hereof, Indemnitee is or was a director, officer, employee,
agent, fiduciary, or other representative of the Company, or is or was serving
while a director, officer, employee, agent, fiduciary, or other representative
of the Company at the request of the Company as a director, officer, employee,
agent, fiduciary, or other representative of another corporation (for profit or
not-for-profit), limited liability company, partnership, joint venture, trust,
employee benefit plan or other entity or enterprise ("Indemnified Position").
Notwithstanding anything to the contrary set forth in this Agreement, the term
"Proceeding" shall not include any action or proceeding commenced by Indemnitee,
other than (i) mandatory counterclaims, (ii) affirmative defenses, (iii) as
permitted by the Company and (iv) actions or proceedings to enforce the terms of
this Agreement.

           (b) If Indemnitee is entitled under this Agreement to indemnification
by the Company for a portion of the Indemnified Amounts (defined below) but not
for the total

<PAGE>

 amount thereof, the Company shall nevertheless
indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

            (c) The Company shall not settle any Proceeding in any manner which
would impose any penalty or limitation of any kind or nature on Indemnitee
without Indemnitee's prior written consent.

      2. Limitations on Indemnification. Notwithstanding any other provision of
this Agreement, Indemnitee shall not be entitled to indemnification under
Section 1:

            (a) if the claim, obligation or liability with respect to which
indemnity is sought shall have been determined by a court of competent
jurisdiction, by a final, nonappealable judgment or decree, to have resulted
from Indemnitee's fraud or dishonesty;

            (b) if a court of competent jurisdiction shall determine, by a
final, nonappealable judgment or decree, that such indemnity is prohibited under
applicable law;

            (c) on account of any suit in which judgment is rendered for an
accounting of profits made from the purchase or sale by Indemnitee of securities
of the Company in violation of the provisions of Section 16(b) of the Securities
Exchange Act of 1934, as amended, and amendments thereto or similar provisions
of any U.S. federal or state statutory law or any Bermuda statutory law; or

            (d) on account of any suit brought against Indemnitee for misuse or
misappropriation of non-public information, or otherwise involving Indemnitee's
status as an "insider" of the Company, in connection with any purchase or sale
by Indemnitee of securities of the Company, and judgment is rendered against
Indemnitee in such suit.

      3. Other Indemnification Arrangements. The Company's purchase,
establishment and maintenance of insurance or similar protection or other
arrangements, including, but not limited to, the Bye-Laws, providing a trust
fund, letter of credit or surety bond (collectively, "Indemnification
Arrangements") on behalf of Indemnitee against any liability asserted against
him or her or incurred by or on his or her behalf in his or her Indemnified
Position, whether or not the Company would have the power to indemnify him or
her against such liability under the provisions of this Agreement or under
applicable law, shall not in any way limit or affect the rights and obligations
of the Company or of Indemnitee under this Agreement, and the execution and
delivery of this Agreement by the Company and Indemnitee shall not in any way
limit or affect the rights and obligations of the Company or the other party or
parties thereto under any Indemnification Arrangement. All amounts payable by
the Company pursuant to this Section 3 or Section 1 are referred to as
"Indemnified Amounts."

      4. Advance Payment of Indemnified Amounts.

            (a) Subject to Section 4(b), Indemnitee hereby is granted the right
to receive in advance of a final, nonappealable judgment or other final,
nonappealable adjudication of a Proceeding the amount of any and all expenses,
including, without limitation, attorney's

                                     - 2 -
<PAGE>

fees, expended or incurred by Indemnitee in connection with any Proceeding (such
amounts so expended or incurred, "Advanced Amounts").

            (b) In making any request for Advanced Amounts, Indemnitee shall
submit to the Company an undertaking by or on behalf of Indemnitee to repay the
Advanced Amounts if it shall ultimately be determined in a final, nonappealable
judgment or decree that he or she is not entitled to be indemnified by the
Company. The undertaking shall be in the form attached hereto as Exhibit A. The
Company shall pay to Indemnitee without the need for action by the Board
Advanced Amounts within five days of its receipt of appropriate documentation
and information evidencing the Advanced Amounts provided that Indemnitee has
previously provided the Company with the undertaking required to be provided by
Indemnitee pursuant to this Section 4(b).

      5. Procedure for Payment of Indemnified Amounts.

            (a) To obtain indemnification under this Agreement, Indemnitee shall
submit to the Company a written request for payment of the appropriate
Indemnified Amounts, with such documentation and information to accompany such
request as is reasonably available to Indemnitee and reasonably necessary for
the Company to determine whether and to what extent Indemnitee is entitled to
indemnification.

            (b) The Company shall pay Indemnitee the Indemnified Amounts unless
it is established that Indemnitee has not met any applicable standard of conduct
required in this Agreement or applicable law. For purposes of determining
whether Indemnitee is entitled to Indemnified Amounts, in order to deny
indemnification to Indemnitee, the Company shall have the burden of proof in
establishing that Indemnitee did not meet the applicable standard of conduct
required to qualify for indemnification. In this regard, a termination of any
Proceeding by judgment, order, plea of nolo contendere, settlement or conviction
shall not create a presumption that Indemnitee did not meet the applicable
standard of conduct required to qualify for indemnification.

            (c) Any determination that Indemnitee has not met the applicable
standard of conduct required to qualify for indemnification shall be made either
(i) by the Board by a unanimous vote of all directors who were not parties to
the Proceeding or (ii) by independent legal counsel (who may be the outside
counsel regularly employed by the Company, so long as it has not advised any
party in the subject matter of the Proceeding or the Proceeding itself) approved
in advance in writing by both the highest ranking executive officer of the
Company who is not party to the Proceeding and by Indemnitee. The fees and
expenses of counsel in connection with making the determination contemplated
hereunder shall be paid by the Company, and, if requested by such counsel, the
Company shall give such counsel an appropriate written agreement with respect to
the payment of their fees and expenses and such other matters as may be
reasonably requested by such counsel.

            (d) The Company shall use its best efforts to conclude as soon as
practicable (but in no event later than 60 days from the date of Indemnitee's
request for indemnification pursuant to Section 5(a)) any requested
determination pursuant to Section 5(c) and shall promptly advise Indemnitee in
writing with respect to any determination that

                                     - 3 -
<PAGE>

Indemnitee is or is not entitled to indemnification, including a reasonably
detailed description of any reason or basis for which indemnification has been
denied. Payment of any applicable Indemnified Amounts shall be made to
Indemnitee within five days after any determination of Indemnitee's entitlement
to indemnification.

            (e) Notwithstanding the foregoing, at any time after 30 days after
Indemnitee's request for indemnification pursuant to Section 5(a) (or upon
receipt of written notice that a claim for Indemnified Amounts has been
rejected, if earlier), and before three years after a claim for Indemnified
Amounts has been delivered by Indemnitee to the Company, Indemnitee may petition
a court of competent jurisdiction to determine whether Indemnitee is entitled to
indemnification under the provisions of this Agreement, and such court shall
thereupon have the exclusive authority to make such determination unless and
until the court dismisses or otherwise terminates the action without having made
such determination. The court shall, as petitioned, make an independent
determination of whether Indemnitee is entitled to indemnification as provided
under this Agreement, irrespective of any prior determination made by the Board
or independent counsel and without being provided or having evidence or
testimony regarding any such prior determination. If the court determines that
Indemnitee is entitled to indemnification as to any claim, issue or matter
involved in the Proceeding with respect to which there has been no prior
determination pursuant to this Agreement or with respect to which there has been
a prior determination that Indemnitee was not entitled to indemnification
hereunder, the Company shall pay all expenses, including attorneys' fees,
actually incurred by Indemnitee in connection with obtaining such judicial
determination, as well as Indemnified Amounts relating thereto.

            (f) Nothing set forth in this Section 5 shall limit or affect the
timing or amount, or the right of Indemnitee to payment, of any Advanced Amounts
pursuant to Section 4.

      6. Agreement Not Exclusive: Subrogation Rights, etc.

            (a) This Agreement shall not be deemed exclusive of and shall not
diminish any other rights Indemnitee may have to be indemnified, insured or
otherwise protected against any liability, cost, expense (including, without
limitation, investigation expenses and expert witnesses and attorney's fees),
judgment, penalty, fine, excise tax, interest or amount paid or to be paid in
settlement by the Company, any subsidiary of the Company, or any other person or
entity under any memorandum of association, charter, bylaw, law, agreement,
policy of insurance or similar protection, vote of shareholders or directors,
disinterested or not, or otherwise, whether or not now in effect, both as to
actions in Indemnitee's official capacity with the Company, and as to actions in
another capacity while holding such office, including Indemnitee's right to
contribution as may be available under applicable law. The Company's obligations
to make payments of Indemnified Amounts hereunder shall be satisfied to the
extent that payments with respect to the same Proceeding (or part thereof) have
been made to or for the benefit of Indemnitee by reason of the indemnification
of Indemnitee pursuant to any other arrangement made by the Company for the
benefit of Indemnitee.

            (b) If Indemnitee shall actually receive payment from any insurance
carrier or from the plaintiff in any Proceeding against Indemnitee in respect of
Indemnified Amounts after payments on account of all or part of such Indemnified
Amounts have been made

                                     - 4 -
<PAGE>

by the Company pursuant hereto, Indemnitee shall promptly reimburse to the
Company the amount, if any, by which the sum of such payment by such insurance
carrier or such plaintiff and payments by the Company or pursuant to
arrangements made by the Company to Indemnitee exceeds such Indemnified Amounts.
Portions, if any, of insurance proceeds that are required to be reimbursed to
the insurance carrier under the terms of its insurance policy, such as
deductible or co-insurance payments, shall not be deemed to be payments to
Indemnitee hereunder. In addition, upon payment of Indemnified Amounts
hereunder, the Company shall be subrogated to the rights of Indemnitee receiving
such payments (to the extent thereof) against any insurance carrier (to the
extent permitted under such insurance policies) or plaintiff in respect of such
Indemnified Amounts and Indemnitee shall execute and deliver any and all
instruments and documents and perform any and all other acts or deeds that the
Company deems reasonably necessary or advisable to secure such rights; provided
that the Company reimburses Indemnitee for any costs, expenses or liabilities
incurred by it in providing such cooperation. Such right of subrogation shall be
terminated upon receipt by the Company of the amount to be reimbursed by
Indemnitee pursuant to the first sentence of this Section 6(b).

      7. Additional Indemnification Rights. Notwithstanding any other provision
of this Agreement, the Company hereby agrees to indemnify Indemnitee to the
fullest extent permitted by applicable law, notwithstanding that such
indemnification may not be specifically authorized by the other provisions of
this Agreement, the Bye-Laws or by statute. If there is any change, after the
date of this Agreement, in any applicable law, statute or rule, whether by case
law or otherwise, that expands the right of a Bermuda company to indemnify a
member of its board of directors, such changes shall be, ipso facto, within the
purview of Indemnitee's rights and Company's obligations, under this Agreement.
If there is any change in any applicable law, statute or rule that narrows the
right of a Bermuda company to indemnify a member of its board of directors, such
changes, to the extent not otherwise mandatorily required by such law, statute
or rule to be applied to this Agreement, shall have no effect on this Agreement
or the parties, rights and obligations hereunder.

      8. Insurance.

            (a) If the Company maintains directors and officers liability
insurance to protect itself and any of its directors or officers against any
expense, liability or loss, and such insurance may cover Indemnitee, such
insurance shall cover Indemnitee to at least the same extent as any other
director or officer of the Company. If at any point (i) such insurance ceases to
cover acts and omissions occurring during all or any part of the period of
Indemnitee's Indemnified Position or (ii) neither the Company nor any of its
subsidiaries maintains any such insurance, the Company shall ensure that
Indemnitee is covered, for at least six years (or such shorter period as is
available on commercially reasonable terms) from such point, by other directors
and officers liability insurance, in amounts and on terms (including the period
of Indemnitee's Indemnified Position) no less favorable (or such other
commercially reasonable amounts and terms as are available) to Indemnitee than
the amounts and terms of the liability insurance maintained by the Company on
the date hereof, provided that such insurance is available on commercially
reasonable terms.

            (b) The Company shall give prompt notice of the commencement of a
Proceeding to the insurers in accordance with the procedures set forth in the
respective policies.

                                     - 5 -
<PAGE>

The Company shall thereafter take reasonable action to cause such insurers to
pay, on behalf of the Indemnitee, all amounts payable as a result of such
Proceeding in accordance with the terms of such policies.

      9. Severability. Each of the provisions of this Agreement is a separate
and distinct agreement and independent of the others, so that if any provisions
hereof shall be held to be invalid or unenforceable for any reason or under any
circumstances, such invalidity or unenforceability shall not affect the validity
or enforceability of the other provisions hereof or the application of the
invalid or unenforceable provision under other circumstances. Furthermore, to
the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of this Agreement containing any provision held
to be invalid, void or otherwise unenforceable, that is not itself invalid, void
or unenforceable) shall be construed so as to give effect to the intent
manifested by the provision held invalid, illegal or unenforceable.

      10. Further Assurances. The parties shall do, execute and deliver, or
shall cause to be done, executed and delivered, all such further acts, documents
and things as may be reasonably required for the purpose of giving effect to
this Agreement and the transactions contemplated hereby.

      11. Successors; Binding Agreement; No Third Party Beneficiaries. This
Agreement shall be binding on and shall inure to the benefit of and be
enforceable by the Company's successors and assigns and by Indemnitee's personal
or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. Except for the foregoing persons and
entities, nothing in this Agreement, express or implied, is intended to or shall
be deemed to confer upon any person or entity other than the parties hereto any
rights or remedies under or by reason of this Agreement or any provision of this
Agreement. The Company shall require any successor or assignee (whether direct
or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Company, by written agreement
in form and substance reasonably satisfactory to the Company and to Indemnitee,
expressly to assume and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform if no such
succession or assignment had taken place.

      12. Counterparts. This Agreement may be executed by the parties hereto in
separate counterparts, each of which when so executed and delivered shall be an
original (including facsimile signatures), but all such counterparts shall
together constitute one and the same instrument.

      13. Corporate Power and Authority; Due Authorization; Valid and Binding
Obligation. The Company represents and warrants that (a) it has the corporate
power and authority to execute, deliver and perform its obligations under this
Agreement, (b) this Agreement has been duly authorized, executed and delivered
by the Company, (c) upon the execution and delivery of this Agreement by the
Indemnitee, this Agreement will constitute a valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, (d) the
execution, delivery and performance of its obligations under this Agreement by
the Company does not and will not breach, violate or cause a termination,
default or acceleration under its Memorandum of Association or Bye-Laws or any
agreement, document,

                                     - 6 -
<PAGE>

instrument, policy (insurance or otherwise), or arrangement to which it is a
party or is bound and (e) Indemnitee is relying upon this Agreement in serving
in an Indemnified Position.

      14. Specific Performance. It is specifically understood and agreed that
any breach or threatened breach of this Agreement by the Company will result in
irreparable injury to Indemnitee, that the remedy at law alone will be an
inadequate remedy for such breach or threatened breach and that, in addition to
any other remedy for such breach or threatened breach, the Indemnitee shall be
entitled to enforce the provisions of this Agreement through both temporary and
permanent injunctive relief, without the necessity of (a) proving actual
damages, but without limitation of the rights to recover such damages and (b)
posting a bond or other security.

      15. Miscellaneous. No provision of this Agreement may be modified, waived,
or discharged unless the modification, waiver or discharge is agreed to in
writing signed by Indemnitee and either the Chairman of the Board or the
President of the Company or another officer of the Company specifically
designated by the Board. No waiver by either party at any time of any breach by
the other party of, or of compliance with, any condition or provision of this
Agreement to be performed by the other party shall be deemed a waiver of similar
or dissimilar provisions or conditions at the same time or at any prior or
subsequent time. The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any
other right or remedy. No agreements or representations, oral or otherwise,
express or implied, with respect to the subject matter hereof have been made by
either party that are not set forth expressly in this Agreement. The validity,
interpretation, construction and performance of this Agreement shall be governed
by the laws of Bermuda, without giving effect to the principles of conflict of
laws of that or any other jurisdiction. The headings in this Agreement are for
convenience only and shall not affect the interpretation of any provision of
this Agreement. All communications under this Agreement shall be in writing and
shall be deemed effectively given: (a) upon personal delivery to the party to be
notified; (b) when sent by confirmed facsimile if sent during normal business
hours of the recipient; (c) seven days after having been sent by registered or
certified mail, return receipt requested, postage prepaid; or (d) two days after
deposit with an internationally recognized overnight courier, specifying two day
or prior delivery, with written verification of receipt. All communications
under this Agreement to the (i) Company shall be sent to its principal place of
business to the attention of the Secretary and (ii) Indemnitee shall be sent to
his residential mailing address on file with the Company.

            (The remainder of this page is intentionally left blank.)

                                     - 7 -
<PAGE>

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.

                                      INDEMNITEE

                                      /s/ Dominic F. Silvester
                                      ------------------------------------------
                                      Name: Dominic F. Silvester

                                      ENSTAR GROUP LIMITED

                                      By: /s/ Richard J. Harris
                                          --------------------------------------
                                      Name: Richard J. Harris
                                      Title: Chief Financial Officer

                                     - 8 -
<PAGE>

                                                                       Exhibit A

                                     [Date]

[Company name and Address]

Ladies and Gentlemen:

      I have entered into an Indemnification Agreement, made as of January 31,
2007 (the "Indemnification Agreement"), with Enstar Group Limited (formerly
known as Castlewood Holdings Limited) (the "Company") pursuant to which I am
entitled to advancement of expenses. I understand that the entry into of this
undertaking is a condition to the Company's obligations to advance expenses
under the Indemnification Agreement.

      Please accept this letter as my undertaking to repay Advanced Amounts (as
defined in the Indemnification Agreement) if it shall ultimately be determined
in a final, nonappealable judgment or decree that I am not entitled to be
indemnified by the Company. I agree to repay any amounts to the Company within
fifteen business days of any demand therefore pursuant to this undertaking.

      This undertaking shall survive any termination or rescission of the
Indemnification Agreement, unless agreed otherwise by the Company.

      The validity, interpretation, construction and performance of this
undertaking shall be governed by the laws of Bermuda, without giving effect to
the principles of conflict of laws of that or any other jurisdiction.

                                   Sincerely,

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