Document:

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                                                                    Exhibit 10.9

THIS AGREEMENT is made on *, 2002

BETWEEN:

(1)   ST. PAUL REINSURANCE COMPANY LIMITED (registered number 01460363) of The
      St. Paul House, 27 Camperdown Street, London E1 8DS ("ST. PAUL RE UK");
      and

(2)   PLATINUM RE (UK) LIMITED (registered number 4413755) of The St. Paul
      House, 27 Camperdown Street, London E1 8DS ("PLATINUM RE UK"),

(each a "PARTY" and together the "PARTIES").

WHEREAS:

A.    The St. Paul Companies, Inc. ("ST. PAUL") and Platinum Underwriters
      Holdings, Ltd. ("PLATINUM HOLDINGS") entered into a Formation and
      Separation Agreement dated * October, 2002 (as such agreement may be
      amended from time to time) (the "FORMATION AGREEMENT") setting forth
      certain terms governing St. Paul's sponsorship of the organisation of
      Platinum Holdings and its subsidiaries, actions to be taken in respect of
      Platinum Holdings' initial public offering (the "PUBLIC OFFERING") of its
      common shares and the ongoing relationships between St. Paul and its
      subsidiaries and Platinum Holdings and its subsidiaries after the
      effective date of the Public Offering (the "CLOSING DATE").

B.    Pursuant to the Formation Agreement, St. Paul and Platinum Holdings agreed
      to procure (inter alia) that St. Paul Re UK and Platinum Re UK would enter
      into an agreement (the "BUSINESS TRANSFER AGREEMENT") under which St. Paul
      Re UK would transfer certain of the assets associated with its reinsurance
      activities to Platinum Re UK.

C.    Pursuant to the Formation Agreement, St. Paul and Platinum Holdings
      further agreed to procure that St. Paul Re UK and Platinum Re UK would
      enter into an agreement (the "UK RUN-OFF SERVICES AGREEMENT") relating to
      the provision by Platinum Re UK to St. Paul Re UK for a specified period
      of time after the Closing Date of certain services for, inter alia, the
      administration of the run-off of (i) the reinsurance contracts which have
      been written by St. Paul Re UK as reinsurer and which will not be renewed
      following the Closing Date; (ii) the reinsurance contracts which have been
      written, or which will be written or renewed, by St. Paul Re UK as
      reinsurer and which will be one hundred per cent. (100%) reinsured by a
      member of the Platinum group pursuant to one of the Quota Share
      Retrocession Agreements (as defined in the Formation Agreement), and (iii)
      the surplus lines insurance contracts which have been written by St. Paul
      Re UK as primary insurer, ((i), (ii) and (iii) together, the "UK RUN-OFF
      CONTRACTS").

D.    The Parties have agreed that the provision of services hereunder shall be
      conducted in a manner that is consistent with the regulatory requirements
      to which the Parties are respectively subject.

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WHEREBY IT IS AGREED as follows:

1.    INTERPRETATION

1.1   In this agreement (including the recitals and the Schedules):

       "ARIAS (UK)"                      has the meaning attributed to it in
                                         sub-clause 11.3;

       "AUTHORISATION"                   means the authorisation of Platinum Re
                                         UK under Part IV of the Financial
                                         Services and Markets Act 2000 to carry
                                         on reinsurance business in the United
                                         Kingdom;

       "BUSINESS TRANSFER AGREEMENT"     has the meaning attributed to it in
                                         Recital B;

       "CLOSING DATE"                    has the meaning attributed to it in
                                         Recital A;

       "EVENTS OF FORCE MAJEURE"         has the meaning attributed to it in
                                         sub-clause 8.2;

       "FORMATION AGREEMENT"             has the meaning attributed to it in
                                         Recital A;

       "LOSSES"                          means any and all losses, liabilities,
                                         claims, damages, obligations, payments,
                                         costs and expenses, matured or
                                         unmatured, absolute or contingent,
                                         accrued or unaccrued, liquidated or
                                         unliquidated, known or unknown
                                         (including, without limitation, the
                                         costs and expenses of any Proceedings,
                                         threatened Proceedings, demand,
                                         assessment, judgment, settlement and
                                         compromise relating thereto and legal
                                         fees and any and all expenses
                                         whatsoever reasonably incurred in
                                         investigating, preparing or defending
                                         against any such Proceedings or
                                         threatened Proceedings);

       "PLATINUM HOLDINGS"               has the meaning attributed to it in
                                         Recital A;

       "PLATINUM UK INDEMNITEES"         has the meaning attributed to it in
                                         sub-clause 7.1;

       "PROCEEDINGS"                     means any proceeding, suit, action,
                                         claim, arbitration, subpoena,
                                         discovery, request, inquiry or
                                         investigation by or before any court,
                                         any governmental or other regulatory or
                                         administrative agency or commission or
                                         any arbitral tribunal arising out of or
                                         in connection with this agreement;

       "PUBLIC OFFERING"                 has the meaning attributed to it in
                                         Recital A;

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       "ST. PAUL"                        has the meaning attributed to it in
                                         Recital A;

       "ST. PAUL CONFIDENTIAL            has the meaning attributed to it in
       INFORMATION"                      sub-clause 6.1;

       "UK RUN-OFF CONTRACTS"            has the meaning attributed to it in
                                         Recital C;

       "UK RUN-OFF SERVICES"             has the meaning attributed to it in
                                         sub-clause 3.1;

       "UK RUN-OFF SERVICES AGREEMENT"   means this agreement; and

       "UK RUN-OFF SERVICES END DATE"    has the meaning attributed to it in
                                         sub-clause 3.4.

1.2   In this agreement, unless otherwise specified:

      (A)  references to clauses, sub-clauses and the Schedules are to clauses
           and sub-clauses of, and the Schedules to, this agreement;

      (B)  headings to clauses and the Schedules are for convenience only and do
           not affect the interpretation of this agreement;

      (C)  the Schedules form part of this agreement and shall have the same
           force and effect as if expressly set out in the body of this
           agreement and any reference to this agreement shall include the
           Schedules;

      (D)  references to an "AFFILIATE" shall be construed so as to mean a
           person that directly, or indirectly through one or more
           intermediaries, controls, is controlled by, or is under common
           control with, the person specified, where "CONTROL" means the
           possession, directly or indirectly, of the power to direct or cause
           the direction of the management policies of a person, whether through
           the ownership of voting securities, by contract, as trustee or
           executor, or otherwise;

      (E)  references to a "COMPANY" shall be construed so as to include any
           company, corporation or other body corporate, wherever and however
           incorporated or established;

      (F)  references to a "PERSON" shall be construed so as to include any
           individual, firm, company, trust, governmental, state or agency of a
           state or any joint venture, association, partnership or other entity,
           whether acting in an individual, fiduciary or other capacity (whether
           or not having separate legal personality);

      (G)  the expressions "BODY CORPORATE" and "SUBSIDIARY" shall have the
           meanings given in the Companies Act 1985, the Companies Consolidation
           (Consequential

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           Provisions) Act 1985, the Companies Act 1989 and Part V of the
           Criminal Justice Act 1993;

      (H)  a reference to a statute or statutory provision shall include a
           reference:

           (i)    to that statute or provision as from time to time
                  consolidated, modified, re-enacted or replaced by any statute
                  or statutory provision; and

           (ii)   to any subordinate legislation made under the relevant
                  statute;

      (I)  references to any English legal term for any action, remedy, method
           of judicial proceeding, legal document, legal status, court, official
           or any legal concept or thing shall in respect of any jurisdiction
           other than England be deemed to include terms which most nearly
           approximate in that jurisdiction to the English legal term;

      (J)  references to writing shall include any modes of reproducing words in
           a legible and non-transitory form;

      (K)  references to the "REGULATOR" in relation to either Party means the
           Financial Services Authority or any successor thereto; and

      (L)  references to the singular shall, where the context so admits,
           include a reference to the plural and vice versa.

2.    EFFECTIVE DATE

      This agreement shall become effective on the Closing Date.

3.    UK RUN-OFF SERVICES

3.1   Subject always to sub-clause 3.12, Platinum Re UK shall provide to St.
      Paul Re UK from time to time after the Closing Date at the reasonable
      request of St. Paul Re UK the services of senior personnel who are
      reasonably acceptable to St. Paul Re UK and who have the expertise and
      experience reasonably necessary to assist St. Paul Re UK in relation to
      the administration of the UK Run-off Contracts by St. Paul Re UK, by
      providing the services set out in the Schedule (as such may be amended
      from time to time with the prior agreement of the Parties) (collectively,
      the "UK RUN-OFF SERVICES").

3.2   Platinum Re UK shall provide each of the UK Run-off Services in such
      manner as St. Paul Re UK may from time to time reasonably request for the
      purposes of this agreement, provided that in no case shall Platinum Re UK
      be required to provide any or all of the UK Run-off Services to a standard
      which is materially higher than that to which the equivalent service is
      generally provided by Platinum Re UK in respect of its other business.

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3.3   Platinum Re UK shall be responsible for obtaining and maintaining in full
      force and effect any and all licences and authorisations necessary for the
      lawful provision by it of any or all of the UK Run-off Services hereunder.

3.4   Platinum Re UK shall provide each of the UK Run-off Services for the
      period up to and including the second anniversary of the date of this
      agreement (the "UK RUN-OFF SERVICES END DATE"), provided that Platinum Re
      UK shall consider in good faith any request by St. Paul Re UK for the
      provision of some or all of the UK Run-off Services to be reasonably
      extended beyond the UK Run-off Services End Date in the light of the
      circumstances subsisting at the time such request is made. Platinum Re UK
      and St. Paul Re UK shall agree upon the terms which will govern the
      provision of the particular UK Run-off Services to be so provided at the
      time St. Paul Re UK makes such request.

3.5   Platinum Re UK shall ensure that it does not breach any obligation owed by
      it to the regulator and that it does not cause St. Paul Re UK to be in
      breach of its obligations owed to the regulator through the provision of
      the UK Run-off Services hereunder.

3.6   (A)  In consideration for the provision to it of the UK Run-off Services,
           St. Paul Re UK shall reimburse Platinum Re UK in respect of the
           actual cost to Platinum Re UK, as certified in good faith by Platinum
           Re UK, of providing the UK Run-off Services to St. Paul Re UK.

      (B)  For the purposes of sub-clause 3.6(A) above, the actual cost to
           Platinum Re UK shall consist of its direct and reasonable indirect
           costs and shall include any incremental and out-of-pocket costs
           incurred by Platinum Re UK in connection with the UK Run-off
           Services, including the conversion, acquisition and disposition cost
           of software and equipment acquired for the purposes of providing the
           UK Run-off Services and the cost of establishing requisite systems
           and data feeds and hiring necessary personnel.

3.7   Each Party shall assign a services co-ordinator (as described in
      sub-clause 3.8 below) and shall provide such other assistance as is
      reasonably necessary to co-operate in determining the extent of the UK
      Run-off Services to be provided hereunder.

3.8   (A)  Each Party shall appoint a services co-ordinator with skills and
           experience acceptable to the other Party who will:

           (i)    provide continuous oversight and co-ordination of the UK
                  Run-off Services;

           (ii)   communicate concerning disputes with respect to the UK Run-off
                  Services;

           (iii)  be available to the Parties during normal business hours; and

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           (iv)   be responsible for providing, or for delegating the provision
                  of, assistance regarding the UK Run-off Services.

      (B)  The services co-ordinators shall co-operate on a regular basis to
           plan the delivery of the UK Run-off Services, including the timetable
           for performance of the UK Run-off Services and the incurring of costs
           in relation thereto.

      (C)  Either Party may from time to time substitute the individual serving
           as its services co-ordinator with another individual qualified to
           serve in that position.

3.9   (A)  Upon the terms and subject to the conditions set out in this
           agreement, each Party agrees to use its commercially reasonable
           endeavours to take, or procure to be taken, all actions and to do, or
           procure to be done, and to assist and co-operate with the other Party
           in doing, all things necessary or advisable to effect the
           transactions contemplated by this agreement.

      (B)  Platinum Re UK may place one or more of its employees on site at St.
           Paul Re UK and St. Paul Re UK shall provide such Platinum Re UK
           employee(s) with such facilities as are reasonably necessary to
           administer the UK Run-off Contracts as contemplated in sub-clause 3.1
           of and Schedule 1 to this agreement.

      (C)  Prior to providing them with access to its facilities, St. Paul Re UK
           may review the qualifications and experience of the Platinum Re UK
           employees which Platinum Re UK proposes should be located on site at
           St. Paul Re UK.

      (D)  The facilities to be provided to the Platinum Re UK employees on site
           shall include:

           (i)    the provision of such work space at the site where St. Paul Re
                  UK is servicing its reinsurance run-off operations as is
                  reasonably requested by Platinum Re UK, to the extent that
                  such work space is available to be provided to Platinum Re UK;
                  and

           (ii)   access to St. Paul Re UK's reinsurance and accounting systems
                  to the extent necessary and provided that St. Paul Re UK shall
                  not be required to provide such access to the extent that such
                  reinsurance and accounting systems relate to matters other
                  than the UK Run-off Contracts. Any such access shall be during
                  normal St. Paul Re UK working hours and shall not interfere
                  unreasonably with the normal operations of St. Paul Re UK.

      (E)  Platinum Re UK acknowledges that the Platinum Re UK employees who are
           to have access to St. Paul Re UK's facilities and information under
           these provisions are limited to using those facilities and that
           information solely and exclusively for the purposes of providing
           administration of the UK Run-off

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           Contracts as contemplated by this agreement and fulfilling Platinum
           Re UK's obligations under this agreement.

      (F)  Platinum Re UK undertakes to procure that the Platinum Re UK
           employees in question shall not attempt to gain access to any
           information relating to contracts other than the UK Run-off Contracts
           and that any non-public information which is not related to the UK
           Run-off Contracts shall be considered confidential and proprietary
           and Platinum Re UK shall not, and shall procure that its employees
           shall not, use such information for any purpose or disclose the
           information to any third parties, except as required by applicable
           law or governmental authority.

3.10  The Parties shall co-operate with each other and all relevant regulatory
      authorities to satisfy any regulatory requirements applicable to either of
      them by virtue of the provision of UK Run-off Services to St. Paul Re UK
      hereunder.

3.11  St. Paul Re UK shall grant to Platinum Re UK a licence to use any service
      mark or trade mark or any other intellectual property right necessary for
      the provision of the UK Run-off Services by Platinum Re UK in accordance
      with the provisions of this agreement.

3.12  Nothing in this agreement shall entitle or oblige Platinum Re UK to
      provide any service to St. Paul Re UK to the extent that the provision of
      such service would involve Platinum Re UK carrying on reinsurance business
      in the United Kingdom unless and until Platinum Re UK has received
      Authorisation.

4.    AUDIT RIGHTS

4.1   Upon reasonable prior notice, each Party hereto shall have full access to
      any books and records maintained by the other and its affiliates insofar
      as reasonably necessary for the purposes of confirming amounts properly
      payable hereunder or satisfying any duty imposed hereby or resulting
      herefrom.

4.2   Each Party shall permit and co-operate with any inspection by the
      regulator or appointee of the regulator in relation to the provision of
      any of the UK Run-off Services hereunder.

4.3   As soon as reasonably practicable following any request (or, in the case
      of access required by the regulator, whether with or without notice being
      given by the regulator), access shall be provided to auditors, other
      nominated inspectors of the requesting Party or the regulator or the
      appointee of the regulator to relevant facilities where records are
      maintained and provision shall be made for such auditors, other inspectors
      or the regulator or the appointee of the regulator to receive such
      assistance as they shall reasonably request in relation thereto.

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4.4   In particular, each Party shall make available to the other all
      information, data and materials:

      (A)  reasonably requested by the other Party so as to enable it to
           evaluate the appropriateness of any charges and expenses payable
           hereunder; or

      (B)  requested by the regulator or the appointee of the regulator in
           connection with any regulatory inspection.

4.5   The Parties acknowledge that an audit may be required for regulatory
      purposes and shall maintain all relevant records in such manner and to
      such standard as may reasonably be requested by either Party for the
      purposes of compliance with any regulatory requirements.

5.    BILLING AND TAXES

5.1   No later than thirty days following the last day of each calendar quarter,
      Platinum Re UK shall provide to St. Paul Re UK a report containing an
      itemised list of the UK Run-off Services provided to St. Paul Re UK during
      such previous calendar quarter in such form as the Parties shall agree.

5.2   St. Paul Re UK shall promptly, and in any event within 30 days after
      receipt of such report unless St. Paul Re UK is contesting in good faith
      the amount set forth in the report, pay to Platinum Re UK by wire transfer
      of immediately available funds all amounts payable in respect of the UK
      Run-off Services as set forth in such report.

5.3   Each Party shall pay all taxes for which it is the primary obligor as a
      result of the provision of UK Run-off Services under this agreement,
      provided that St. Paul Re UK shall be solely responsible for, and shall
      reimburse Platinum Re UK in respect of, any sales, gross receipts, value
      added or transfer tax payable with respect to the provision of any UK
      Run-off Service under this agreement (any such reimbursement obligation
      being, for the avoidance of doubt, in addition to St. Paul Re UK's
      obligation to pay for such UK Run-off Service).

6.    CONFIDENTIALITY

6.1   Neither Platinum Re UK nor any of its directors, officers or agents may
      disclose any information of a confidential nature received from St. Paul
      Re UK or a member of St. Paul Re UK's group (the "ST. PAUL CONFIDENTIAL
      INFORMATION").

6.2   St. Paul Confidential Information shall not include information which is
      or becomes generally known on a non-confidential basis, provided that the
      source of such information was not bound by a confidentiality agreement or
      other obligation of confidentiality.

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6.3   If Platinum Re UK or any of its directors, officers or agents is legally
      requested or otherwise required (whether or not the requirement has the
      force of law) by any securities exchange or regulatory or governmental
      body to which such party is subject or submits, wherever situated
      (including (amongst other bodies) the Financial Services Authority, the
      London Stock Exchange, The Panel on Takeovers and Mergers, the Securities
      and Exchange Commission of the United States or the New York Stock
      Exchange), to disclose any St. Paul Confidential Information, Platinum Re
      UK shall provide St. Paul Re UK with prompt written notice of the request
      or requirement, to permit St. Paul Re UK (if it so elects) to seek an
      appropriate protective order preventing or limiting disclosure. If St.
      Paul Re UK seeks such an order or takes other steps to avoid or limit such
      disclosure, Platinum Re UK shall co-operate with St. Paul Re UK at St.
      Paul Re UK's expense. If, in the absence of such protective order,
      Platinum Re UK is compelled to disclose St. Paul Confidential Information,
      Platinum Re UK may disclose such St. Paul Confidential Information without
      liability hereunder.

7.    INDEMNIFICATION

7.1   St. Paul Re UK shall indemnify and hold harmless, to the fullest extent
      permitted by law, Platinum Re UK, its officers, directors and employees
      ("PLATINUM UK INDEMNITEES") from and against any and all Losses incurred
      by any Platinum UK Indemnitee arising out of or based upon:

      (A)  any actions taken or omitted by any such Platinum UK Indemnitee at
           the direction of St. Paul Re UK pursuant to this agreement; or

      (B)  any breach by St. Paul Re UK of any of the covenants it has given
           under this agreement.

7.2   (A)  Subject to sub-clause 7.2(B) below, Platinum Re UK shall indemnify
           and hold harmless, to the fullest extent permitted by law, St. Paul
           Re UK, its officers, directors and employees ("ST. PAUL RE UK
           INDEMNITEES") from and against any and all Losses incurred by any St.
           Paul Re UK Indemnitee arising out of or based upon:

           (i)    the negligence or wilful misconduct of any person providing UK
                  Run-off Services; or

           (ii)   any breach by Platinum Re UK of any of the covenants it has
                  given under this agreement

      (B)  Notwithstanding anything to the contrary in this agreement, the total
           aggregate liability of Platinum Re UK in respect of indemnifiable
           Losses pursuant to sub-clause 7.2(A) above shall not in any event
           exceed the aggregate amount paid to Platinum Re UK by St. Paul Re UK
           pursuant to sub-clause 3.6 above.

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7.3   Except with respect to claims relating to actual fraud, the remedies set
      forth in this clause 7 shall be the sole and exclusive remedies of the
      Parties in relation to any and all claims for indemnification under this
      agreement.

8.    FORCE MAJEURE

8.1   Neither Party shall be liable to the other for any total or partial
      failure to comply with any of the terms or provisions of this agreement by
      reason of an Event of Force Majeure, provided that the affected Party
      shall take all reasonable steps to mitigate any such failure.

8.2   For the purposes of this clause 8, "EVENTS OF FORCE MAJEURE" shall mean
      fires, floods, earthquakes, elements of nature or acts of God, acts of
      war, terrorism, riots, civil disorders, rebellions or revolutions,
      strikes, lock-outs or labour difficulties, power outages, equipment
      failures, computer viruses or malicious acts of third parties and laws,
      orders, proclamations, regulations, ordinances, demands or requirements of
      governmental authorities.

9.    DATA PROTECTION AND BUSINESS INFORMATION

9.1   During the term of this agreement, the Parties shall ensure that they
      comply at all times with the provisions of the Data Protection Act 1998
      and all related legislation, regulations and guidelines.

9.2   (A)  Each Party shall ensure that to the extent that it holds information
           which relates to the other Party's business it shall provide the
           other Party with such access to that information as is reasonably
           required for the other Party to carry on its business.

      (B)  For the avoidance of doubt, neither Party shall be required under
           sub-clause 9.2(A) above to disclose any information which does not
           relate to the other Party's business.

10.   TERM AND TERMINATION

10.1  This agreement shall continue in full force and effect until all
      obligations hereunder have been fulfilled, unless terminated sooner in
      accordance with the provisions of sub-clause 10.2 below.

10.2  St. Paul Re UK may terminate any or all of the UK Run-off Services upon
      sixty days' prior written notice at any time to Platinum Re UK.

11.   ARBITRATION

11.1  All matters in difference between the Parties arising under, out of or in
      connection with this agreement, including formation and validity, and
      whether arising during or after the

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      period of this agreement, may be referred by either Party to an
      arbitration tribunal in the manner hereinafter set out.

11.2  Unless the Parties appoint a sole arbitrator within 14 days of one
      receiving a written request from the other for arbitration, the claimant
      (the Party requesting arbitration) shall appoint its arbitrator and give
      written notice thereof to the respondent. Within 14 days of receiving such
      notice the respondent shall appoint its arbitrator and give written notice
      thereof to the claimant, failing which the claimant may apply to the
      appointor hereafter named to nominate an arbitrator on behalf of the
      respondent.

11.3  The appointor shall be the Chairman for the time being of the A.I.D.A.
      Reinsurance and Insurance Arbitration Society of the UK ("ARIAS (UK)") or,
      if he is unavailable or it is inappropriate for him to act for any reason,
      such person as may be nominated by the Committee of ARIAS (UK).

11.4  Before they enter upon a reference the two arbitrators shall appoint a
      third arbitrator. Should they fail to appoint such a third arbitrator
      within 30 days of the appointment of the respondent's arbitrator then any
      of them or either of the Parties concerned may apply to the appointor for
      the appointment of the third arbitrator. The three arbitrators shall
      decide by majority. If no majority can be reached the verdict of the third
      arbitrator shall prevail. He shall also act as chairman of the tribunal.

11.5  Unless the parties otherwise agree the arbitration tribunal shall consist
      of persons (including those who have retired) with not less than ten
      years' experience of insurance or reinsurance as persons engaged in the
      industry itself or as lawyers or other professional advisers.

11.6  The arbitration tribunal shall, so far as is permissible under the law and
      practice of the place of arbitration, have power to fix all procedural
      rules for the holding of the arbitration including discretionary power to
      make orders as to any matters which it may consider proper in the
      circumstances of the case with regard to pleadings, discovery, inspection
      of the documents, examination of witnesses and any other matter whatsoever
      relating to the conduct of the arbitration and may receive and act upon
      such evidence whether oral or written, strictly admissible or not as it
      shall in its discretion think fit.

11.7  All costs of the arbitration shall be determined by the arbitration
      tribunal who may, taking into account the law and practice of the place of
      arbitration, direct to and by whom and in what manner they shall be paid.

11.8  Unless the Parties otherwise agree, the place of arbitration shall be
      London, England and, for the avoidance of doubt, the arbitration tribunal
      shall apply English law.

11.9  The award of the arbitration tribunal shall be in writing and binding upon
      the Parties who consent to carry out the same.

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12.   MISCELLANEOUS

12.1  Neither Party may assign its rights under this agreement without the prior
      written consent of the other. Subject to the foregoing, this agreement
      shall be binding upon, inure to the benefit of and be enforceable by the
      Parties and their respective successors and assigns.

12.2  This agreement and the Formation Agreement constitute the whole and only
      agreement between the Parties in relation to the subject matter of this
      agreement and, save to the extent repeated in this agreement and/or the
      Formation Agreement, supersede any previous agreement between the Parties
      with respect thereto.

12.3  This agreement may only be varied in writing signed by each of the
      Parties.

12.4  (A)  No failure or delay on the part of either Party in exercising a
           right, power or remedy provided by this agreement or by law shall
           operate as a waiver of that right, power or remedy or a waiver of any
           other rights, powers or remedies.

      (B)  No single or partial exercise of a right, power or remedy provided by
           this agreement or by law shall prevent further exercise of that
           right, power or remedy or the exercise of another right, power or
           remedy.

      (C)  Except as otherwise provided herein, the rights, powers and remedies
           provided in this agreement shall be cumulative and not exclusive of
           any rights, powers or remedies provided by law.

12.5  If any provision of this agreement or any part of any such provision is
      held to be invalid, unlawful or unenforceable, such provision or part (as
      the case may be) shall be ineffective only to the extent of such
      invalidity, unlawfulness or unenforceability, without rendering invalid,
      unlawful or unenforceable or otherwise prejudicing or affecting the
      remainder of such provision or any other provision of this agreement.

12.6  The Parties hereto acknowledge that if any of the provisions of this
      agreement were not to be performed in accordance with their specific terms
      or were otherwise to be breached, irreparable damage would occur and
      damages would not be an adequate remedy. In the event of any such breach,
      the aggrieved Party shall be entitled, in addition to any other remedy at
      law or in equity, to specific performance of the terms hereof and
      immediate injunctive or other equitable relief, without the necessity of
      proving the inadequacy of money damages as a remedy or of posting any bond
      or other security.

12.7  The Parties do not intend that any term of this agreement shall be
      enforceable, by virtue of the Contracts (Rights of Third Parties) Act
      1999, by any person who is not a party to this agreement.

                    200080/10230 CA021330043 GHXC 211002:1737

<Page>

                                       13

12.8  Nothing in this agreement and no action taken by the Parties under this
      agreement shall constitute a partnership, association, joint venture or
      other co-operative entity between the Parties, nor are the terms of this
      agreement intended to constitute the Parties a joint employer for any
      purpose.

12.9  Following receipt by Platinum Re UK of the necessary Authorisation, each
      of the Parties agrees that the provisions of this agreement as a whole
      shall not constitute control of the other Party or provide it with the
      ability to control such other Party, and each Party expressly disclaims
      any right or power under this agreement to exercise any power whatsoever
      over the management or policies of the other.

12.10 Nothing in this agreement shall oblige either Party to act in breach of
      the requirements of any law, rule or regulation applicable to it,
      including securities and insurance laws, written policy statements of
      securities commissions, insurance and other regulatory authorities, and
      the by-laws, rules, regulations and written policy statements of relevant
      securities and self-regulatory organisations.

13.   NOTICES

13.1  Any notice required or permitted to be given under this agreement shall be
      given in writing to the other Party at its address set out below:

      if to St. Paul Re UK, to:

      St. Paul Reinsurance Company Limited
      27, Camperdown Street,
      London, E1 8DS
      Fax number: 020 7488 6345
      marked for the attention of the Company Secretary

      if to Platinum Re UK, to:

      Platinum Re (UK) Limited
      52, Lime Street,
      London, EC3M 7NL
      Fax number: 020 7623 6610
      marked for the attention of the Company Secretary

      or to such other address or fax number, and marked for the attention of
      such other person, as may from time to time be notified by the relevant
      Party to the other Party.

13.2  Any such notice shall be sent by first class post or facsimile
      transmission (copied by post) or delivered by hand and shall be deemed to
      be served:

      (A)  in the case of post, on the second business day after posting;

                    200080/10230 CA021330043 GHXC 211002:1737

<Page>

                                       14

      (B)  in the case of facsimile transmission, upon successful transmission
           (or, if the day of sending is not a business day in the place of
           receipt, at the opening of business on the first business day in the
           place of receipt thereafter); and

      (C)  in the case of delivery by hand, upon delivery (or, if the day of
           delivery is not a business day in the place of receipt, at the
           opening of business on the first business day in the place of receipt
           thereafter).

14.   GOVERNING LAW

      This agreement shall be governed by and construed in accordance with
      English law.

15.   COUNTERPARTS

15.1  This agreement may be executed in any number of counterparts, and by the
      Parties on separate counterparts, but shall not be effective until each
      Party has executed at least one counterpart.

15.2  Each counterpart shall constitute an original of this agreement, but the
      counterparts shall together constitute but one and the same instrument.

IN WITNESS of which each of the Parties has executed this agreement on the day
and year first above written.

                    200080/10230 CA021330043 GHXC 211002:1737

<Page>

                                       15

                                    SCHEDULE

                               UK RUN-OFF SERVICES

-   Claims management and handling services - in particular, St. Paul Re UK will
    need access to Michael Coldman and his assistance in relation to any legal
    disputes relating to claims files previously handled by him, and access to
    and assistance from underwriting personnel in relation to legal disputes;

-   Contract writing services - in particular, St. Paul Re UK will need access
    to contract wording services and underwriting expertise extending to contact
    and negotiating with brokers and clients on underwriting questions;

-   Actuarial reserving expertise - in particular through access to Minesh Shah

-   Credit control, tax and accounting expertise - in particular through access
    to various individuals including (without limitation) Guy Butler;

-   General systems expertise from various individuals including access to all
    information technology personnel;

-   Consulting services from Thomas Mahoney;

-   Access to and assistance from Thomas Mahoney, Guy Butler and Minesh Shah in
    relation to general St. Paul Re UK business issues previously handled by
    them;

-   Access to other individuals also in the event of a UK audit; and

-   Incidental services.

[THIS SCHEDULE SHOULD IDENTIFY THE SENIOR PERSONNEL WHO WILL PROVIDE THE UK
RUN-OFF SERVICES AND THEIR AVAILABILITY FOR PROVISION OF THE UK RUN-OFF
SERVICES]

[SINCE THIS AGREEMENT COVERS THE SERVICING OF THE REINSURED CONTRACTS,
SUPERVISORY SERVICES MAY BE NEEDED FROM PLATINUM RE UK TO ST. PAUL RE UK FOR
LONGER THAN IS CURRENTLY PROVIDED HEREUNDER. PAM AUFDERHAR TO CONFIRM WHAT HAS
BEEN AGREED IN THIS REGARD.]

                    200080/10230 CA021330043 GHXC 211002:1737

<Page>

                                       16

SIGNED by                        )
for and on behalf of ST. PAUL    )
REINSURANCE COMPANY              )
LIMITED                          )

SIGNED by                        )
for and on behalf of PLATINUM    )
RE (UK) LIMITED                  )

                    200080/10230 CA021330043 GHXC 211002:1737

<Page>

                              DATED    *    , 2002

                      ST. PAUL REINSURANCE COMPANY LIMITED

                                       AND

                            PLATINUM RE (UK) LIMITED

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

                          UK RUN-OFF SERVICES AGREEMENT

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

                                SLAUGHTER AND MAY
                                 ONE BUNHILL ROW
                                     LONDON
                                    EC1Y 8YY

                                   (GWJ/GHXC)

                                   CA021330043

<Page>

                                    CONTENTS

<Table>
<Caption>
                                                                     PAGE
<S>                                                                  <C>
1.     Interpretation                                                 2

2.     Effective Date                                                 4

3.     UK Run-off Services                                            4

4.     Audit Rights                                                   7

5.     Billing and Taxes                                              8

6.     Confidentiality                                                8

7.     Indemnification                                                9

8.     Force Majeure                                                 10

9.     Data Protection and Business Information                      10

10.    Term and Termination                                          10

11.    Arbitration                                                   10

12.    Miscellaneous                                                 12

13.    Notices                                                       13

14.    Governing Law                                                 14

15.    Counterparts                                                  14

Schedule UK Run-off Services                                         15
</Table><Page>

                                                                   Exhibit 10.11

                          REGISTRATION RIGHTS AGREEMENT

     REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT"), dated as of
_____________, 2002, between THE ST. PAUL COMPANIES, INC., a company
incorporated under the laws of Minnesota ("ST. PAUL") and PLATINUM UNDERWRITERS
HOLDINGS, LTD., a company incorporated under the laws of Bermuda (the
"COMPANY").

                                    RECITALS

     WHEREAS, St. Paul and the Company are parties to the Formation and
Separation Agreement dated as of __________________, 2002, and the Option
Agreement, dated as of ________________, 2002 (respectively, the "FORMATION AND
SEPARATION AGREEMENT" and the "OPTION AGREEMENT"), each relating to the purchase
by St. Paul of common shares, par value U.S. $0.01 per share (the "COMMON
SHARES"), of the Company;

     WHEREAS, the Company will effect an initial public offering of certain
Common Shares pursuant to a Registration Statement on Form S-1 (File No.
333-86906) (the "PUBLIC OFFERING"); and

     WHEREAS, the Company has agreed to provide the registration rights
specified in this Agreement to St. Paul following the Public Offering and the
Company and St. Paul are entering into this Agreement to set forth the terms and
conditions applicable to the grant and exercise of such registration rights.

     NOW, THEREFORE, in furtherance of the transactions contemplated by the
Formation and Separation Agreement and in consideration of the promises and the
mutual covenants and agreements contained therein and herein and for other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged by the parties hereto, the Company and St. Paul hereby agree as
follows:

                                    ARTICLE I

                                   DEFINITIONS

     1.1. DEFINED TERMS. As used in this Agreement, the following capitalized
terms have the respective meanings set forth below:

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

     "BYE-LAWS" means the Bye-laws of the Company, as the same may be further
amended from time to time.

     "CAPITAL SECURITIES" means all shares of each class in the capital stock of
the Company and all securities convertible into or exchangeable or exercisable
for any such shares.

     "CLOSING" means the closing of the Public Offering pursuant to an effective
registration statement under the Securities Act.

<Page>

     "CLOSING PRICE" for each day is the reported last sale price regular way
or, in case no such reported sale takes place on such day, the average of the
reported closing bid and asked prices regular way, in either case on the New
York Stock Exchange or, if the Common Shares are not listed or admitted to
trading on such Exchange, on the principal national securities exchange on which
the Common Shares are listed or admitted to trading or, if not listed or
admitted to trading on any national securities exchange, on the NASDAQ National
Market or, if the Common Shares are not listed or admitted to trading on any
national securities exchange or quoted on the NASDAQ National Market, the
average of the closing bid and asked prices in the over-the-counter market as
furnished by any New York Stock Exchange member firm reasonably selected from
time to time by the Board of Directors of the Company for that purpose.

     "COMMON SHARES" has the meaning specified in the Recitals.

     "CURRENT MARKET PRICE" means the average of the daily Closing Prices per
share for the ten consecutive Trading Days ending on the day before the
applicable record date.

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

     "FORMATION AND SEPARATION AGREEMENT" has the meaning specified in the
Recitals.

     "OPTION AGREEMENT" has the meaning set forth in the Recitals.

     "PERSON" means any individual, corporation, company, partnership, joint
venture, trust, association, government or governmental body or other entity.

     "PUBLIC OFFERING" has the meaning specified in the Recitals.

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

     "REGISTRATION EXPENSES" means any and all expenses incident to performance
of or compliance with the demand rights set forth in Section 2.1 and piggy-back
rights set forth in Section 2.2, including, (a) all SEC and stock exchange or
National Association of Securities Dealers, Inc. registration and filing fees,
(b) all fees and expenses of complying with state securities or blue sky laws
(including reasonable fees and disbursements of counsel for the underwriters in
connection with blue sky qualifications of the Registrable Shares), (c) the cost
of printing or preparing any registration statement, prospectus, offering
circular, agreement among underwriters, underwriting agreement, blue sky
memorandum, share certificates and any other documents in connection with the
offering, purchase, sale and delivery of the Registrable Shares, (d) the costs
and charges of any transfer agent and registrar and any custodian or
attorney-in-fact appointed to act on behalf of St. Paul, (e) all messenger and
delivery expenses of the Company, (f) the reasonable fees and expenses of any
qualified independent underwriter, (g) the reasonable fees and disbursements of
counsel for the Company and the Company's independent public accountants,
including the expenses of any special audits and/or "cold comfort" letters
required by or incident to such performance and compliance and (h) any road show
and marketing expenses;

                                       -2-
<Page>

PROVIDED that St. Paul shall pay the fees and disbursements of its own counsel,
if any, and all underwriting discounts, commissions and transfer taxes, if any,
relating to the sale or disposition of its Registrable Shares.

     "RULE 144" means Rule 144 under the Securities Act.

     "ST. PAUL GROUP" means St. Paul and its Affiliates at such time.

     "ST. PAUL OPTION" means the option of St. Paul to purchase additional
Common Shares pursuant to the Option Agreement.

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

     "SEC" means the U.S. Securities and Exchange Commission or any other U.S.
federal agency at the time administering the Securities Act or the Exchange Act.

     "SHAREHOLDER" means, with respect to any Common Shares, the person in whose
name such shares are registered in the register of members maintained by the
Company in accordance with applicable law and the Bye-laws, and the terms
"hold," "held" and "holding" shall have meanings correlative to the foregoing.

     "10% SHAREHOLDER" has the meaning set forth in the Bye-laws.

     "TERMINATION DATE" means the first date after the Closing on which St. Paul
does not have right to make a Demand Request.

     "TRADING DAY" means each Monday, Tuesday, Wednesday, Thursday and Friday,
other than any day on which the Common Shares are not traded on the applicable
securities exchange or on the applicable securities market.

     "UNITED STATES 25% SHAREHOLDER" has the meaning set forth in the Bye-laws.

     1.2. GENERAL. (a) Unless the context otherwise requires, references in this
Agreement to any "section" or "article" mean a section or article of this
Agreement, as the case may be, and the terms "hereof," "hereunder," "hereto" and
words of similar meaning mean this Agreement in its entirety and not any
particular provisions of this Agreement. Unless the context otherwise requires,
the terms defined herein include the singular as well as the plural.

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

                                   ARTICLE II

                               REGISTRATION RIGHTS

     2.1. DEMAND RIGHTS. (a) From and after the first anniversary of the Closing
(unless the Company consents to an earlier date, such consent not to be
unreasonably withheld), St. Paul has the right, on four occasions, to require
the Company to file a registration statement on Form S-1, S-2 or S-3 (or Form
F-1, F-2

                                       -3-
<Page>

or F-3) or any similar or successor to such Forms under the Securities Act for a
public offering of Registrable Shares, by delivering to the Company written
notice, with a copy to RenaissanceRe Holdings Ltd., stating that such right is
being exercised, naming, if applicable, the members of the St. Paul Group whose
Registrable Shares are to be included in such registration (collectively, the
"DEMANDING SHAREHOLDERS"), specifying the number of each such Demanding
Shareholder's Registrable Shares to be included in such registration and
describing the intended method of distribution thereof (a "DEMAND REQUEST");
PROVIDED that St. Paul shall not make a Demand Request during the 180-day period
immediately following the Closing except with the prior written consent of
Goldman, Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and
Salomon Smith Barney Inc.; and PROVIDED FURTHER, that, from and after the fifth
anniversary of the Closing, St. Paul has the right to two additional Demand
Requests if on such date St. Paul is the beneficial owner (directly or
indirectly) of more than 9.9% of the Common Shares then outstanding. Upon
receipt of a Demand Request, the Company shall use its reasonable best efforts
to promptly effect the registration under the Securities Act of the Registrable
Shares included in the Demand Request to permit the Demanding Shareholders to
sell or otherwise dispose of their respective Registrable Shares included in the
registration in accordance with the method or methods of distribution intended
by the Demanding Shareholders. The rights and obligations of the parties listed
under this Section 2.1(a) are subject to the other provisions of this Agreement.

     (b) The Company's obligations pursuant to Section 2.1(a) above are subject
to the following conditions:

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

          (ii) the Company is not obligated to fulfill a Demand Request unless
     the Demand Request is for such number of Registrable Shares with a market
     value that is equal to at least $50 million as of the date of such Demand
     Request, PROVIDED that the last Demand Request (as specified in Section
     2.1(a) of this Agreement) will not be subject to the limitations of this
     Section 2.01(b)(ii); and

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

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

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

                  (B) during any period of time (not to exceed ninety (90) days
          during any period of twelve (12) consecutive months) when the Company
          is in possession of material, non-public

                                       -4-
<Page>

          information that the Company would not be required to disclose
          publicly in the absence of any Securities Act registration of its
          securities, and the disclosure of which would be materially injurious
          to the Company, or

                  (C) during any period of time (not to exceed ninety (90) days
          during any period of twelve (12) consecutive months) when the Company
          is engaged in, or has determined to engage in and is proceeding
          diligently with, any program for the purchase of, or any tender offer
          or exchange offer for, its Capital Securities, and determines, on
          advice of nationally recognized independent U.S. counsel knowledgeable
          in such matters, that such program or offer and the requested
          registration may not proceed concurrently without violating
          Regulation M under the Exchange Act.

          (v) the Company is not required to maintain the effectiveness of a
     registration statement filed pursuant to Section 2.1(a) for a period in
     excess of 90 consecutive days, which period shall be tolled during any
     period in which the Company invokes its rights under Section 2.6; PROVIDED,
     HOWEVER, that, from and after the third anniversary of the Closing and
     receipt thereafter by the Company of written instructions from St. Paul to
     such effect, in the case of any registration of Registrable Shares on Form
     S-3 or F-3 which are intended to be offered on a continuous or delayed
     basis, such 90-day period shall be extended until all such Registrable
     Shares are sold, PROVIDED that Rule 415, or any successor rule under the
     Securities Act, permits an offering on a continuous or delayed basis,
     PROVIDED FURTHER that applicable rules under the Securities Act governing
     the obligation to file a post-effective amendment permit, in lieu of filing
     a post-effective amendment which (1) includes any prospectus required by
     Section 10(a) of the Securities Act or (2) reflects facts or events
     representing a material or fundamental change in the information set forth
     in the registration statement, the incorporation by reference of
     information required to be included in (1) and (2) above to be contained in
     periodic reports filed pursuant to Section 13 or 15(d) of the Exchange Act
     in the registration statement and PROVIDED FURTHER that St. Paul shall give
     the Company written notice, with a copy to RenaissanceRe Holdings Ltd., at
     least ten business days prior to the beginning of any fiscal quarter in
     which St. Paul intends to attempt to sell, transfer or otherwise distribute
     any Common Shares pursuant to this subsection (v) which are offered on a
     continuous or delayed basis, which notice shall specify the aggregate
     number of Common Shares St. Paul intends to attempt to sell, transfer or
     dispose of in such fiscal quarter;

          (vi) the Company shall not be required to file or maintain any
     registration statement that permits a delayed or continuous offering to be
     made for more than 30 consecutive days, which period shall be tolled during
     any period in which the Company invokes its rights under Section 2.6, after
     such registration statement becomes effective;

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

          (viii) St. Paul is entitled to designate any one or more lawful
     methods of distribution permitted pursuant to the registration statement
     (including a firm commitment underwriting) to be the method of

                                       -5-
<Page>

     distribution for the registration pursuant to this Section 2.1, and St.
     Paul will sell its Registrable Shares included in the registration in the
     designated methods (and, in the case of any underwriting, on the same terms
     and conditions as the Company and any other selling shareholder); the
     intended methods of distribution shall be indicated in the Demand Request
     and shall be finally determined prior to filing the registration statement.
     In any distribution pursuant to a Demand Request involving an underwriter,
     St. Paul is entitled to select any nationally recognized investment banking
     firm to act as underwriter, PROVIDED that with respect to any Demand
     Requests and piggy-back registrations for which the Company bears the
     costs and expenses pursuant to Section 2.7, such selection of an
     underwriter by St. Paul is subject to the consent of the Company, such
     consent not to be unreasonably withheld.

     (c) Subject to Section 2.3, the Company may elect to include in any
registration statement filed pursuant to this Section 2.1 any Common Shares to
be issued by it or held by any of its subsidiaries or by any other shareholders
only to the extent such shares are offered and sold pursuant to, and on the
terms and subject to the conditions of, any underwriting agreement or
distribution arrangements entered into or effected by the Demanding
Shareholders.

     (d) St. Paul may withdraw a Demand Request at any time. A Demand Request
withdrawn pursuant to this Section 2.1(d) is deemed not to have been made for
purposes of Section 2.1 and is of no further effect if and only if St. Paul pays
or reimburses the Company for all expenses and costs incurred by the Company in
connection with such Demand Request.

     2.2. "PIGGY-BACK" RIGHTS. If at any time after the Closing the Company
proposes to register, for its own account or for the account of any shareholder,
any Common Shares on a registration statement on Form S-1, S-2 or S-3 (or Form
F-1, F-2 or F-3) or any similar or successor to such Forms under the Securities
Act for purposes of a public offering of such Common Shares, other than pursuant
to a Demand Request, St. Paul has the right to include any Registrable Shares in
such registration. The Company shall give prompt written notice of any such
proposal, including the intended method of distribution of such Common Shares,
to St. Paul. Subject to Section 2.3, upon the written request (a "PIGGY-BACK
REQUEST") of St. Paul, given within fifteen (15) business days after the
transmittal of any such written notice, the Company will use its reasonable best
efforts to include in such public offering any or all of the Registrable Shares
then held by St. Paul, or, if applicable, the St. Paul Group, to permit the sale
of such Registrable Shares pursuant to the intended method or methods of
distribution; PROVIDED that any participation in such public offering by St.
Paul must be on substantially the same terms as the Company's and each other
shareholder's participation therein; and PROVIDED FURTHER, that the total number
of Common Shares to be included in any such public offering may not exceed the
Maximum Number (as defined below), and Common Shares must be allocated to give
effect to this proviso as provided in Section 2.3. St. Paul has the right to
withdraw a Piggy-Back Request by giving written notice to the Company of its
election to withdraw such request at least five (5) business days prior to the
proposed filing date of such registration statement. Each Piggy-Back Request by
St. Paul must specify the members of the St. Paul Group whose Registrable Shares
are to be included in the registration and the number of such shares for each
such member. The Company is entitled to select any nationally recognized
investment banking firm as underwriter in a registration pursuant to this
Section 2.2.

     2.3. ALLOCATION OF SECURITIES INCLUDED IN A PUBLIC OFFERING. If the
managing underwriter or placement agent for any public offering effected
pursuant to Section 2.1 or Section 2.2 (or, if there is none, a nationally
recognized investment banking firm acting as financial advisor to the Company)
advises the Company and St. Paul in writing that the number of Common Shares
sought to be included in such public offering (including those sought to be
offered by the Company and those sought to be offered by St. Paul) exceeds the
maximum number of Common Shares whose inclusion in such public offering would
not be reasonably likely

                                       -6-
<Page>

to have an adverse effect on the price, timing or distribution of the Common
Shares included in such public offering (the "Maximum Number"), the Company
shall allocate Common Shares to be included in such public offering up to the
Maximum Number as follows:

     (a)  in the case of any registration pursuant to Section 2.1, first to the
          Demanding Shareholders, subject, if applicable, to allocation below
          the Maximum Number in such manner as they may agree among themselves;
          then, as to any excess, to the Company; and

     (b)  in the case of any registration pursuant to Section 2.2, first to the
          Company for its own account; then to St. Paul and each other
          shareholder designated by the Company, subject to allocation below the
          Maximum Number pro rata according to the number of Registrable Shares
          held by the St. Paul Group or by such other shareholder, as the case
          may be.

St. Paul may allocate any allocation made to it pursuant to this Section 2.3
among the members of the St. Paul Group as it wishes. The Company may allocate
any allocation made to it pursuant to Section 2.3(a) among itself, its
subsidiaries and its shareholders as it wishes, and may allocate any allocation
made to it for its own account pursuant to Section 2.3(b) among itself and its
subsidiaries as it wishes.

     2.4. INDEMNIFICATION. (a) The Company shall indemnify, to the extent
permitted by law, and hold harmless St. Paul and each member of the St. Paul
Group and each underwriter against any losses, claims, damages or liabilities,
joint or several, or actions in respect thereof ("CLAIMS"), to which such
indemnified party may become subject, under the Securities Act of 1933
("SECURITIES ACT") or otherwise, insofar as such Claims arise out of or are
based upon any untrue statement or alleged untrue statement of any material fact
contained in the registration statement, in any prospectus or preliminary
prospectus included in such registration statement or in any amendment or
supplement thereto filed with the SEC (collectively, "REGISTRATION DOCUMENTS")
or insofar as such Claims arise out of or are based upon the omission or alleged
omission to state in any Registration Document a material fact required to be
stated therein or necessary to make the statements made therein not misleading,
and will reimburse any such indemnified party for any legal or other expenses
reasonably incurred by such indemnified party in investigating or defending any
such Claim as such expenses are incurred; PROVIDED that the Company is not
liable in any such case to the extent that any such Claim arises out of or is
based upon an untrue statement or alleged untrue statement or omission or
alleged omission made in any Registration Document in reliance upon and in
conformity with written information furnished to the Company by or on behalf of
such indemnified party specifically for use in the preparation of such
Registration Document and PROVIDED FURTHER that the Company is not liable to
indemnify St. Paul or any member of the St. Paul Group to the extent that any
such claim arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission made in any Registration Document in
the historical financial statements of the Reinsurance Division of St. Paul or
financial information in any Registration Document derived therefrom.

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

                                       -7-
<Page>

with written information furnished to the Company by or on behalf of St. Paul or
any member of the St. Paul Group specifically for use in the preparation of such
Registration Document.

     (c) Any person entitled to indemnification under Section 2.4(a) or (b)
above shall notify promptly the indemnifying party in writing of the
commencement of any Claim if a claim for indemnification in respect thereof is
to be made against an indemnifying party under this Section 2.4, but the
omission of such notice shall not relieve the indemnifying party from any
liability which it may have to any indemnified party otherwise than under
Section 2.4(a) or (b). In case any action is brought against an indemnified
party and it shall notify the indemnifying party of the commencement thereof,
the indemnifying party is entitled to participate in, and, to the extent that it
chooses, to assume the defense thereof with counsel reasonably acceptable to the
indemnified party, who may be counsel for the indemnifying party unless the
indemnified party reasonably concludes such counsel would have a conflict of
interest in representing both indemnified and indemnifying parties (PROVIDED
that the Company is not responsible for the fees and expenses of more than one
counsel for all indemnified parties with respect to any Claim or group of Claims
alleged to have arisen from similar facts); and, after notice from the
indemnifying party to the indemnified party that it so chooses, the indemnifying
party is not liable for any legal or other expenses subsequently incurred by the
indemnified party in connection with the defense thereof other than reasonable
costs of investigation. The indemnifying party is not liable for any settlement
of any proceeding effected without its written consent, but if settled with such
consent or if there be a final judgment for the plaintiff, the indemnifying
party agrees to indemnify the indemnified party from and against any loss or
liability by reason of such settlement or judgment. No indemnifying party may,
without the prior written consent of the indemnified party, effect any
settlement of any pending or threatened proceeding in respect of which any
indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party, unless such settlement includes an
unconditional release of such indemnified party from all liability on claims
that are the subject matter of such proceeding.

     (d) If for any reason the foregoing indemnity is unavailable to, or is
insufficient to hold harmless, an indemnified party in respect of any Claim,
(i) if the indemnified party is an underwriter, then each indemnifying party
shall contribute to the amount paid or payable by the indemnified party as a
result of any Claim in such proportion as is appropriate to reflect the relative
benefits received by St. Paul and the Company, on the one hand, and the
indemnified party, on the other, from the offering of securities to which such
Registration Documents relate, (ii) as between the Company and St. Paul, the
indemnifying party shall contribute to the amount paid or payable by the
indemnified party as a result of any Claim in such proportion as is appropriate
to reflect the relative benefits to and the relative fault of the indemnifying
party, on the one hand, and the indemnified party, on the other, in connection
with the statements or omissions that resulted in such Claims, as well as any
other relevant equitable considerations. If, however, the allocation provided in
clause (i) or (ii) of the immediately preceding sentence is not permitted by
applicable law, or if the indemnified party failed to give the notice required
by clause (c) above, then each indemnifying party shall contribute to the amount
paid or payable by such indemnified party in such proportion as is appropriate
to reflect both the relative benefits and the relative fault of the indemnifying
party and the indemnified party in connection with the statements or omissions
that resulted in such Claims as well as any other relevant equitable
considerations. The relative benefits received by St. Paul and the Company, on
the one hand, and by the underwriters, on the other, shall be deemed to be in
the same proportion as the total net proceeds from the offering of the
securities (before deducting expenses) received by St. Paul and the Company, on
the one hand, bear to the total underwriting discounts and commissions received
by the underwriters, on the other hand, in connection with such offering. The
relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the
indemnifying party or by the indemnified party and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. The amount paid or

                                       -8-
<Page>

payable in respect of any Claim shall be deemed to include any legal or other
expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such Claim. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) is
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation.

     (e) As a condition to their obligations under this Section 2.4, each of the
Company and St. Paul must have received from each underwriter of Registrable
Shares included in a registration statement filed under the Securities Act
pursuant to Section 2.1 or 2.2 an undertaking to indemnify, to the extent
permitted by law, and hold harmless the Company and St. Paul against (or if such
indemnity is unavailable or is insufficient to hold harmless an indemnified
party, to provide contribution, on substantially the same basis provided to such
underwriter in accordance with Section 2.4(d), in respect of) any Claims to
which each such indemnified party may become subject under the Securities Act or
otherwise, insofar as such Claims arise out of or are based upon any untrue
statement or alleged untrue statement of any material fact contained in any
Registration Document, or insofar as any claims arise out of or are based upon
the omission or alleged omission to state in any Registration Document a
material fact required to be stated therein or necessary to make the statements
made therein not misleading; PROVIDED, HOWEVER, that such indemnification (or
contribution, as the case may be) shall be payable only if, and to the extent
that, any such Claim arises out of or is based upon an untrue statement or
alleged untrue statement or omission or alleged omission made in any
Registration Document in reliance upon and in conformity with written
information furnished to the Company by or on behalf of such underwriter
specifically for use in the preparation thereof. Notwithstanding the foregoing,
no underwriter shall be required to contribute any amount in excess of the
amount by which the total price at which the Registrable Shares underwritten by
it and distributed to the public were offered to the public exceeds the amount
of any damages which such underwriter otherwise has been required to pay by
reason of such untrue or alleged untrue statement or omission or alleged
omission. The obligation of any underwriters to provide indemnification (or
contribution, as the case may be) pursuant to this paragraph (e) shall be
several in proportion to their respective underwriting commitments and not
joint.

     (f) The maximum liability of St. Paul to indemnify or contribute payments
pursuant to this Section 2.4 may not exceed the aggregate net proceeds from the
sale of Common Shares (including the sale of Common Shares, if any, pursuant to
the exercise of an overallotment option) to St. Paul in such registration.

     (g) The obligations of the Company pursuant to this Section 2.4 is in
addition to any liability which the Company may otherwise have and extends, upon
the same terms and conditions, to each officer, director and general partner of
any underwriter or St. Paul and to each person, if any, who controls any
underwriter or St. Paul within the meaning of the Securities Act. The
obligations of St. Paul pursuant to this Section 2.4 are in addition to any
liability which St. Paul may otherwise have and extends, upon the same terms and
conditions, to each officer, director and general partner of the Company, any
underwriter or any other person, if any, who controls the Company or any
underwriter within the meaning of the Securities Act. The obligations of any
underwriter pursuant to this Section 2.4 are in addition to any liability which
such underwriter may otherwise have and extends, upon the same terms and
conditions, to each officer, director and general partner of the Company or St.
Paul and to each person, if any, who controls the Company or St. Paul within the
meaning of the Securities Act.

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

                                       -9-
<Page>

     2.5. REQUIREMENTS WITH RESPECT TO REGISTRATION. If and whenever the Company
is required by the provisions hereof to use its reasonable best efforts to
register any Registrable Shares under the Securities Act, the Company shall, as
promptly as practicable:

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

          (b) Prepare and file with the SEC such amendments and supplements to
     such registration statement and the prospectus used in connection therewith
     as may be necessary to keep such registration statement current and to
     comply with the provisions of the Securities Act and any regulations
     promulgated thereunder with respect to the sale or other disposition of
     such Registrable Shares, for as long as a prospectus relating to any such
     Registrable Shares is required to be delivered under the Securities Act,
     subject to the limitation in Section 2.1(b)(vi).

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

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

          (e) Notify St. Paul, at any time when a prospectus relating to any
     Registrable Shares covered by such registration statement is required to be
     delivered under the Securities Act, of the Company's becoming aware that
     the prospectus included in such registration statement, as then in effect,
     includes an untrue statement of a material fact or omits to state any
     material fact required to be stated therein or necessary to make the
     statements therein not misleading in the light of the circumstances then
     existing, and, subject to the limitation in Section 2.1(b), promptly
     prepare and furnish to St. Paul and each underwriter a reasonable number of
     copies of a prospectus supplemented or amended so that, as thereafter
     delivered to the purchasers of the Registrable Shares, such prospectus
     shall not include an untrue statement of a material fact or omit to state a
     material fact required to be stated therein or necessary to make the
     statements therein not misleading in the light of the circumstances then
     existing.

                                      -10-
<Page>

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

          (g) Deliver promptly to St. Paul, upon St. Paul's written request,
     copies of all correspondence between the SEC and the Company, its counsel
     or auditors and all memoranda relating to discussions with the SEC or its
     staff with respect to the registration statement and permit St. Paul to do
     such investigation, upon reasonable advance notice, with respect to
     information contained in or omitted from the registration statement as it
     deems reasonably necessary. St. Paul agrees that it will use its reasonable
     best efforts not to interfere unreasonably with the Company's business when
     conducting any such investigation. St. Paul shall not, and shall not permit
     any member (other than a member controlling St. Paul) of the St. Paul Group
     and shall use its reasonable best efforts to cause any member of the St.
     Paul Group controlling St. Paul and any underwriter in connection with such
     offering to, disclose any material non-public information received from the
     Company pursuant to this Section 2.5(g) unless such material non-public
     information becomes generally known on a non-confidential basis other than
     as a result of the breach of any obligation of confidentiality.

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

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

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

     2.6. USE OF REGISTRATION STATEMENT. St. Paul shall, and shall cause each
other member (other than a member controlling St. Paul) of the St. Paul Group
and shall use its reasonable best efforts to cause each member of the St. Paul
Group controlling St. Paul and each underwriter in connection with any public
offering to, upon receipt by St. Paul of the Company's notice pursuant to
Section 2.5(e), promptly discontinue the disposition of Registrable Shares
pursuant to the prospectus and registration statement contemplated by such
notice, until such time as St. Paul and the underwriters have received copies of
the amended or supplemented prospectus contemplated by Section 2.5(e) and upon
such receipt by St. Paul, St. Paul shall, and shall cause each other member
(other than a member controlling St. Paul) of the St. Paul Group and shall use
its reasonable best efforts to cause each member of the St. Paul Group
controlling St. Paul and each underwriter in connection with any public offering
to, deliver to the Company all copies in the possession of any member of the
St. Paul Group or any such underwriter at the time of receipt by St. Paul of the
Company's notice pursuant to Section 2.5(e) of any prospectus covering
Registrable Shares.

     2.7. EXPENSES.

     (a) The Company shall pay (to the extent permitted by the Bermuda Companies
Act 1981 as then in effect) the Registration Expenses (other than underwriting
discounts and commissions, which shall be borne by

                                      -11-
<Page>

St. Paul) incurred in connection with the first two Demand Requests, and St.
Paul shall pay the Registration Expenses (including the underwriting discounts
and commissions) incurred in connection with all other Demand Requests, PROVIDED
that in each case, each of the Company and St. Paul shall pay the expenses of
its own legal counsel and PROVIDED FURTHER, that to the extent the Company files
a registration statement in response to a Demand Request made prior to the first
anniversary of the Closing, St. Paul will pay the Registration Expenses
(including the underwriting discounts and commissions) and such Demand Request
shall not be considered one of the first two Demand Requests for purposes of
this Section 2.7(a).

     (b) With respect to the Registration Expenses (other than underwriting
discounts and commissions, which shall be borne by St. Paul) incurred in
connection with any piggy-back registration under Section 2.2, St. Paul shall
only pay such portion of such expenses that is equal to the fraction, (i) the
numerator of which is the number of Registrable Shares registered (subject to
any cutback) pursuant to the applicable Piggy-Back Request of St. Paul, and
(ii) the denominator of which is the total number of Common Shares registered
under the applicable registration statement.

     2.8. CERTAIN OBLIGATIONS OF ST. PAUL. St. Paul shall provide such
information to the Company as the Company may reasonably request in connection
with any registration hereunder of Registrable Shares for St. Paul's account and
shall dispose of any such Registrable Shares pursuant to any registration
hereunder in the manner contemplated thereby, and shall notify the Company in
writing if it becomes aware of any material change or inaccuracy in such
information.

     2.9. TRANSFER OF ST. PAUL OPTION. In the event St. Paul transfers the St.
Paul Option to one or more transferees pursuant to Section 5(c) of the Option
Agreement, following execution by any such transferee and delivery to the
Company of an instrument reasonably acceptable to the Company acknowledging that
such transferee has become a party to this Agreement and assumed its rights and
obligations hereunder, all references herein to St. Paul with respect to
Registrable Shares consisting of Common Shares issuable pursuant to the Option
Agreement shall be deemed to apply (i) in the case of a transfer of the St. Paul
Option in whole, solely to the transferee of the St. Paul Option and (ii) in the
case of a transfer of the St. Paul Option in part, collectively either to the
transferees of the St. Paul Option or, if St. Paul has retained a portion of the
St. Paul Option, to St. Paul and such transferee(s). The Company shall be
entitled to rely solely upon the instructions of St. Paul or the transferee of
the St. Paul Option designated in writing by St. Paul with respect to any rights
granted hereunder to the holders of Registrable Option Shares. The number of
demand and piggy back registration rights afforded St. Paul hereunder shall
apply in aggregate to St. Paul and any and all said transferees, without any
increase in the number of said demand and piggy back registration rights. There
are no registration rights with respect to the St. Paul Option itself.

     2.10 LOCK-UP ARRANGEMENTS. St. Paul agrees that, upon the request of the
Company, it shall agree to any lock-up arrangement requested by any underwriter
for up to a 90 day period following the effectiveness of any Securities Act
registration statement covering Capital Securities (but excluding any
registration on Form S-8 under the Securities Act or any similar successor
form), PROVIDED, that if such registration statement relates to a public
offering of Common Shares, other than pursuant to a Demand Request, St. Paul has
the right to submit a Piggy-Back Request to the Company pursuant to Section 2.2
without regard to the notice requirement in such section.

                                      -12-
<Page>

                                   ARTICLE III

                                    RULE 144

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

                                   ARTICLE IV

                                  MISCELLANEOUS

     4.1. TERMINATION OF CERTAIN RIGHTS. The rights of St. Paul to make a Demand
Request pursuant to Section 2.1 or a Piggy-Back Request pursuant to Section 2.2
terminate on the Termination Date; PROVIDED that, as to any Registrable Shares
that are subject to a Demand Request or Piggy-Back Request duly delivered on or
prior to the Termination Date, such termination will be delayed until such
shares have been disposed of pursuant to such registration statement or such
offering has been completed or abandoned.

     4.2. AMENDMENT. This Agreement may not be amended except in a written
instrument signed by the Company and St. Paul.

     4.3. NOTICES. All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be deemed to have been
duly given if delivered by hand (with receipt confirmed), or by certified mail,
postage prepaid and return receipt requested, or by facsimile addressed as
follows (or to such other address as a party may designate by written notice to
the others) and shall be deemed given on the date on which such notice is
received:

             If to St. Paul:

             The St. Paul Companies, Inc.
             385 Washington Street
             St. Paul, MN 55102
             Attention: General Counsel
             Facsimile: (410) 205-6967

             with a copy to:

             Donald R. Crawshaw
             Sullivan & Cromwell
             125 Broad Street
             New York, New York 10004
             Facsimile: (212) 558-3588

                                      -13-
<Page>

             If to the Company:

             Platinum Underwriters Holdings, Ltd.
             Clarendon House
             2 Church Street
             Hamilton HM11
             Bermuda
             Attention: General Counsel
             Facsimile: (441) 292-4720

             with a copy to:
             Linda E. Ransom
             Dewey Ballantine LLP
             1301 Avenue of the Americas
             New York, New York 10019
             Facsimile: (212) 259-6333

     4.4. ENTIRE AGREEMENT. This Agreement and the Formation and Separation
Agreement constitute the entire agreement between the parties hereto with
respect to the subject matter hereof and supersede all prior agreements and
understandings, oral and written, between the parties hereto with respect to the
subject matter hereof.

     4.5. BINDING EFFECT; BENEFIT. This Agreement shall inure to the benefit of
and be binding upon the parties hereto, and their respective successors and
permitted assigns. Nothing in this Agreement, expressed or implied, is intended
to confer on any person other than the parties hereto, and their respective
successors and permitted assigns, any rights, remedies, obligations or
liabilities under or by reason of this Agreement.

     4.6. ASSIGNABILITY. This Agreement may not be assigned by any party hereto,
except that St. Paul may assign in whole or in part its rights and obligations
hereunder to any transferee of Registrable Securities representing more than 4%
of the outstanding Common Shares.

     4.7. HEADINGS. The headings contained in this Agreement are for convenience
only and do not affect the meaning or interpretation of this Agreement.

     4.8. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which is deemed to be an original and all of which
together are deemed to be one and the same instrument.

     4.9. APPLICABLE LAW; DISPUTE RESOLUTION. (a) This Agreement shall be
governed by, and construed in accordance with, the law of the State of New York
(without regard to principles of conflict of laws).

          (b) MANDATORY ARBITRATION. The parties hereto shall promptly submit
     any dispute, claim, or controversy arising out of or relating to this
     Agreement, including effect, validity, breach, interpretation, performance,
     or enforcement (collectively, a "DISPUTE") to binding arbitration in New
     York, New York at the offices of Judicial Arbitration and Mediation
     Services, Inc. ("JAMS") before an arbitrator (the "ARBITRATOR") in
     accordance with JAMS' Comprehensive Arbitration Rules and Procedures and
     the Federal Arbitration Act, 9 U.S.C. Sections 1 ET SEQ. The Arbitrator
     shall be a former judge selected from JAMS' pool of neutrals. The parties
     agree that, except as otherwise provided herein respecting temporary or
     preliminary injunctive relief, binding arbitration shall be the sole means
     of resolving any

                                      -14-
<Page>

     Dispute. Judgment on any award of the Arbitrators may be entered by any
     court of competent jurisdiction.

          (c) COSTS. The costs of the arbitration proceeding and any proceeding
     in court to confirm or to vacate any arbitration award or to obtain
     temporary or preliminary injunctive relief as provided in paragraph (d)
     below, as applicable (including, without limitation, actual attorneys' fees
     and costs), shall be borne by the unsuccessful party and shall be awarded
     as part of the Arbitrator's decision, unless the Arbitrator shall otherwise
     allocate such costs in such decision.

          (d) INJUNCTIVE RELIEF. This Section 4.9 shall not prevent the parties
     hereto from seeking or obtaining temporary or preliminary injunctive
     relieve in a court for any breach or threatened breach of any provision
     hereof pending the hearing before and determination of the Arbitrator. The
     parties hereby agree that they shall continue to perform their obligations
     under this Agreement pending the hearing before and determination of the
     Arbitrator, it being agreed and understood that the failure to so provide
     will cause irreparable harm to the other party hereto and that the putative
     breaching party has assumed all of the commercial risks associated with
     such breach or threatened breach of any provision hereof by such party.

          (e) COURTS. The parties agree that the State and Federal courts in The
     City of New York shall have jurisdiction for purposes of enforcement of
     their agreement to submit Disputes to arbitration and of any award of the
     Arbitrator.

     4.10. DEFINITIONS; FORMATION AND SEPARATION AGREEMENT. Capitalized terms
used but not defined in this Agreement have the meanings specified in the
Formation and Separation Agreement.

     4.11. EFFECTIVENESS. This Agreement becomes effective contingent upon the
Closing automatically and with no action on the part of any person.

                                      -15-
<Page>

     IN WITNESS WHEREOF, the parties named below have hereto set their hands as
of the day and year first above written.

                                       PLATINUM UNDERWRITERS HOLDINGS, LTD.

                                       By
                                          --------------------------------------
                                          Name:
                                          Title:

                                       THE ST. PAUL COMPANIES, INC.

                                       By
                                          --------------------------------------
                                          Name:
                                          Title:

                                      -16-

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