Document:

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                                                                 EXHIBIT 10.58

                         ALLIANCE CAPITAL MANAGEMENT L.P.

                   Discretionary Investment Advisory Agreement

                                      With

                            Platinum Re (UK) Limited

                             Dated November 27,2002
                                (Effective Date)

                  Alliance Capital Management L.P. (the "Adviser") and Platinum
Re (UK) Limited (the "Client") hereby agree as of the above date that the
Adviser shall act as discretionary investment manager with respect to certain
assets of the Client described below (the "Investment Account") on the following
terms and conditions:

         1.       The Investment Account

                  The Investment Account established for the Client refer
collectively to the Collateral Accounts defined in and subject to a certain
Control Agreement by and among the Client, St. Paul Reinsurance Company Limited
and State Street Bank and Trust Company, dated as of November 27, 2002 and
established as a condition of the 100% Quota Share Retrocession Agreement
(Traditional) (the "Quota Share Retrocession Agreement"), by and between the
Client and St. Paul Reinsurance Company Limited, dated as of November 27, 2002,
shall initially consist of cash, cash equivalents, stocks, bonds, and other
securities placed in the Investment Account by the Client or which shall become
part of such Investment Account as a result of transactions.

                  All cash, securities and other assets in the Investment
Account shall be held by such other party as the Client shall designate as
trustee or custodian for such account (each, a "Custodian"). The Adviser shall
not be responsible for any custodial arrangements involving the assets of the
Investment Account or for the payment of any custodial charges and fees, nor
shall the Adviser have possession or custody of any such assets. All payments,
distributions and other transactions in cash, securities or other assets in
respect of the Investment Account shall be made directly to or from the
Custodian for such Investment Account, and the Adviser shall have no
responsibility or liability with respect to transmittal or safekeeping of such
cash, securities or other assets of an Investment Account, or the acts or
omissions of any Custodian or others with respect thereto. The Client may make
additions to or withdrawals from the Investment Account established for it,
provided the Adviser receives at least three (3) business days' prior written
notice of withdrawals. Should the Client fail to provide the Adviser with timely
written notice of any additions to or withdrawals from its Investment Account,
the Adviser shall not be liable for any resulting investment or other loss, if
any, which shall be incurred by or charged to the applicable Investment Account,
as the case may be. The Client agrees to provide or instruct the

<PAGE>

Custodian for its Investment Account to provide to the Adviser such information
as the Adviser may reasonably request as being necessary or appropriate to the
performance of the Adviser's responsibilities to the Client under this
Agreement.

         2.       Services of Adviser

                  By execution of this Agreement, the Adviser accepts its
appointment as investment manager for the Investment Account with full
discretion and agrees to supervise and direct the investments of the Investment
Account in accordance with the written investment objectives, policies and
restrictions of the Client previously furnished to the Adviser as the same may
be amended by the Client from time to time. In the performance of its services,
the Adviser will not be liable for any error in judgment or any acts or
omissions to act except those resulting from the Adviser's negligence, willful
misconduct, malfeasance or material breach of this Agreement. Nothing herein
shall in any way constitute a waiver or limitation of any right of any person
under the Federal securities laws or any state securities laws

                  The Adviser will make available to the Client a daily report
on the positions of each of the investments in the Investment Account and a
monthly written report of the inventory of investments in the Investment Account
established for the Client. It is agreed that the Adviser, in the maintenance of
its records, does not assume responsibility for the accuracy of information
furnished by any Client or any other person.

         3.       Funding Policy

                  The Client shall from time to time inform the Adviser in
writing of the funding policy applicable to it and of its cash disbursement
requirements. The Adviser shall make its investment decisions for an Investment
Account in accordance with such funding policy and requirements.

         4.       Investment Objectives, Policies and Restrictions

                  It will be the responsibility of the Client to notify the
Adviser in writing of the of any modifications to Schedule A. The Client is also
required to notify the Adviser in writing of specific restrictions governing its
Investment Account under the current or future laws of any jurisdiction or by
virtue of the terms of any other contract or instrument purporting to bind the
Client or the Adviser.

         5.       Delivery of Client Documentation

                  No later than the date of this Agreement, the Client will
provide the Adviser with copies of all documents relevant to the Adviser's
management of the Investment Account established for the Client, (i.e. trust
agreement, pension plan documents, by-laws, etc.), including the Client's
written statement of investment objectives, policies and restrictions referred
to above. The Client further agrees to promptly deliver to the Adviser true and
complete copies of

                                       2

<PAGE>

all amendments or supplements to such documents. The Client will indemnify and
hold harmless the Adviser against any and all losses, costs, claims and
liabilities which it may suffer or incur arising out of any failure by the
Client to provide to the Adviser the documents required to be furnished in
accordance with the above provisions.

         6.       Discretionary Authority

                  The Adviser, whenever it deems appropriate may (i) buy, sell,
exchange, convert, liquidate or otherwise trade in any stock, bonds and other
securities (including money market instruments) and contracts relating to the
same, and (ii) subject to its duty to seek best execution, place orders for the
execution of such transactions with or through such brokers, dealers or issuers
as the Adviser in its absolute discretion may select.

                  It is understood that, to the extent permitted by Schedule A,
the Adviser or Alliance Capital Global Derivatives Corporation, an affiliate of
the Adviser, may also effect transactions for the Investment Account of the
Client in options and futures and other commodity contracts. In such event, the
Client will execute any additional documentation which the Adviser deems
necessary to enable it or its affiliate to engage in such transactions on behalf
of its Investment Account. The Client represents and warrants that it is
familiar with the requirements of the Commodity Exchange Act and the National
Futures Association pertaining to commodity pool operators and has determined
that it is in compliance with such requirements, to the extent applicable.

         7.       Brokerage Transactions

                  Fixed-income securities transactions for the Investment
Account will generally be effected in dealer markets where the Adviser will act
as agent for the Client in the purchase or sale of fixed-income securities at a
net price that includes a mark-up from the dealer. The Adviser will issue
instructions to such issuers, brokers and dealers for the placement of orders
for the Investment Account and instruct such dealers to forward to the Client
copies of all confirmations promptly after the execution of transactions for the
Client's Investment Account.

         8.       Aggregation of Transactions

                  The Client authorizes the Adviser in its discretion to
aggregate purchases and sales of securities for its Investment Account with
purchases and sales of securities of the same issuer for other clients of the
Adviser occurring on the same day. When transactions are so aggregated, the
actual prices applicable to the aggregated transactions will be averaged, and
the Investment Account and the accounts of other participating clients of the
Adviser will be deemed to have purchased or sold their proportionate share of
the securities involved at the average price so obtained.

         9.       Transaction Procedures

                  All transactions will be settled by payment to, or delivery
by, the applicable Custodian of all cash, securities or other assets due to or
from the Investment Account. The

                                       3

<PAGE>

Adviser may issue such instructions to a Custodian as may be appropriate in
connection with the settlement of transactions initiated by the Adviser.
Instructions of the Adviser to a Custodian shall be transmitted in writing or,
at the option of the Adviser, orally and confirmed in writing as soon as
practical thereafter. The Adviser will take reasonable measures to insure that
broker-dealers and issuers selected by the Adviser perform their obligations
with respect to the Investment Accounts.

         10.      Fees

                  The compensation of the Adviser for its services under this
Agreement shall be calculated and paid by the Client in respect of the
Investment Account established for it, in accordance with the Fee Schedule
attached hereto as Exhibit A, as the same may be amended from time to time by
mutual agreement between the Client and the Adviser. It is understood that, in
the event that such fees are to be billed to and paid by the Custodian for an
Investment Account, the Client will provide written authorization to the
Custodian to pay the fees of the Adviser directly from the Investment Account.
The Client shall" be responsible solely for the fee due to the Adviser in
respect of the Investment Account established for such Client.

         11.      Confidential Relationship

                  All information provided by the Client or a Custodian to the
Adviser shall be held as confidential by the Adviser; provided, however, as is
necessary to carry out the purposes of this Agreement or as may be required by
law, the Adviser shall be permitted to disclose or communicate to a proper party
any information received from the Client or a Custodian or developed by the
Adviser under the terms of this Agreement. All recommendations, advice and other
work product of the Adviser developed under the terms of this Agreement and
disclosed to the Client or a Custodian shall be held as confidential, except as
required by law. Notwithstanding the foregoing, Client hereby authorizes the
Adviser to disclose through whatever means it deems appropriate (CHECK THE
APPROPRIATE BOXES BELOW):

         PLATINUM RE (UK) LIMITED

         (a) Yes [X]  No [ ] that the Client is an investment management client
                             of the Adviser;

         (b) Yes [X]  No [ ] the type of assets that the Adviser is managing
                             for the Client from time to time(e.g., fixed-income
                             assets); and/or

         (c) Yes [X]  No [ ] solely in the limited context of the Adviser's
                             responses to Request for Proposals ("RFPs"), the
                             Adviser is also authorized by the Client to
                             disclose in such RFPs, the value of the assets
                             managed for the Client by the Adviser from time to
                             time.

If the Client does not check either "yes" or "no" to any of the requested
disclosure authorizations indicated in (a) through (c) above, the Client shall
be deemed to have no objection to the Adviser disclosing the indicated
information. The Client may revoke these authorizations in respect of itself, at
any time by written notice to the Adviser.

                                       4

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         12.      Services to Other Clients

                  It is understood that the Adviser performs investment advisory
services for various clients including investment companies. The Client agrees
that the Adviser may give advice and take action with respect to any of its
other clients which may differ from advice given, or the timing or nature of
action taken, with respect to the Investment Account established for it, so long
as it is the Adviser's policy, to the extent practical, to allocate investment
opportunities to the Investment Account over a period of time on a fair and
equitable basis relative to other clients.

                  Nothing in this Agreement shall limit or restrict the Adviser
or any of its directors, officers, affiliates or employees from buying, selling
or trading in any securities or other assets for its or their own account or
accounts, and the Client acknowledges that the Adviser, its directors, officers,
affiliates and employees, and other clients of the Adviser, may at any time
have, acquire, increase, decrease or dispose of positions in investments which
are at the same time being acquired, held or disposed of for the Investment
Account.

                  The Adviser will not have any obligation to initiate the
purchase or sale, or to recommend for purchase or sale, for the Investment
Account any security or other asset which the Adviser, its directors, officers,
affiliates or employees may purchase, hold or sell for its or their own accounts
or for the accounts of any other clients of the Adviser.

         13.      Non-Public Information

                  The Adviser will have no obligation to purchase or sell for
the Investment Account the securities of any issuer on the basis of any material
non-public information as may come into its possession.

         14.      Representations by the Client

                  The Client represents and warrants as to itself that (i) the
appointment of the Adviser as discretionary investment adviser entitled to give
entitlement orders or other instructions and communications to the Custodian is
authorized by the governing documents (including, but not limited to the Quota
Share Retrocession Agreement and all documents related thereto) relating to the
Investment Account and that the terms of this Agreement do not violate any
provisions thereof or any obligation by which it is bound, whether arising by
contract, operation of law or otherwise; (ii) this Agreement has been duly
authorized by appropriate action and when executed and delivered will be binding
upon it in accordance with its terms; and (iii) it will deliver to the Adviser
such evidence of such authority as the Adviser may reasonably require, whether
by way of a certified resolution or otherwise.

         15.      Representations by Adviser

                  The Adviser represents that (i) it is registered as an
investment adviser under the Investment Advisers Act of 1940, as amended (the
"Advisers Act") and (ii) that it has all other regulatory authority and capacity
to enter into this Agreement and perform its duties hereunder.

                                       5

<PAGE>

         16.      Indemnification

                  The Adviser agrees to indemnify and hold the Client harmless
from any and all expenses, damages, costs and fees, including reasonable
attorney's fees, which may be incurred by reason of the Adviser's negligence,
willful misconduct, malfeasance, material breach of this Agreement or violation
of applicable law.

         17.      Valuation

                  In computing the market value of any security held in the
Investment Account, the Adviser shall value such security through independent,
recognized pricing services utilized by the Adviser for pricing securities held
in its advisory accounts generally. Any other security or asset shall be valued
in a manner determined in good faith by the Adviser to reflect its fair market
value.

         18.      Receipt of Disclosure Statement

                  The Client acknowledges receipt of Part II of the Adviser's
current Form ADV in compliance with Rule 204-3(b) under the Advisers Act more
than forty eight (48) hours prior to the date of execution of this Agreement.

         19.      Notices

                  Unless otherwise specified herein, all notices, instructions
and advice with respect to security transactions or any other matters
contemplated by this Agreement shall be deemed duly given when received by the
Client and the Adviser, as applicable, at their addresses appearing below. In
respect of the Investment Account, the Adviser may rely upon any notice (written
or oral) from any person whom the Adviser reasonably believes to be an
authorized representative of the Client.

         20.      Specimen Signatures

                  The Adviser will forward from time to time to the Client and
the Custodian for the Client's Investment Account, a list of names and specimen
signatures of persons authorized to act on behalf of the Adviser. The Client
will forward to the Adviser a list of names and specimen signatures of persons
authorized to act on behalf of the Client shall cause the Custodian of its
Investment Account to forward a like list and specimen signatures to the
Adviser.

         21.      Invalid Provisions

                  If any provision of this Agreement is held to be illegal,
invalid or unenforceable under present or future law, such provision shall be
fully severable, and this Agreement shall be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part of this
Agreement, and the remaining provisions of this Agreement shall remain in full

                                       6

<PAGE>

force and effect and shall not be affected by the illegal, invalid or
unenforceable provision or its severance from this Agreement.

         22.      Termination; Assignment; Amendment

                  This Agreement may be terminated at any time by the Client in
respect of its Investment Account by giving to the Adviser at least thirty (30)
days* prior written notice of such termination. This Agreement may be terminated
at any time by the Adviser in respect of the Investment Account by giving to the
Client at least thirty (30) days(1) prior written notice of such termination.
Fees paid in advance of the effectiveness of the termination will be prorated to
the date of termination specified in the notice of termination, and any unearned
portion thereof will be refunded to the Client. No assignment, as that term is
defined in the Advisers Act, shall be made by the Adviser without the written
consent of the Client. No assignment shall be deemed to result from changes in
the directors, officers or employees of the Adviser except as may be provided in
the Advisers Act. The Adviser agrees that it will notify the Client of any
change in the membership of the general partners of the Adviser within a
reasonable time after such change. This Agreement may be amended or modified at
any time by mutual agreement of the Client and the Adviser in writing.

         23.      Counterparts

                  This Agreement may be executed in two or more counterparts,
each one of which shall be deemed to be an original.

         24.      Governing Law

                  To the extent Federal law does not apply, this Agreement shall
be construed in accordance with and governed by the laws of the State of New
York.

         25.      Entire Agreement

                  This Agreement constitutes the entire agreement of the parties
with respect to management of the Investment Account.

                                       7

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed by their respective representatives as of the date
first above written.

                                PLATINUM RE (UK) LIMITED BY:

                                BY: /s/ G. R. Butler
                                      ------------------------------------
                                        Name:  G. R. Butler
                                        Title: FINANCE DIRECTOR

                                ADDRESS:   52 Lime Street
                                           London EC3M TNL
                                           UNITED KINGDOM
                                           Attention: Guy Butler

                                ALLIANCE CAPITAL MANAGEMENT L.P.

                                BY:     Alliance Capital Management
                                        Corporation, its General Partner

                                BY: /s/ Louis T. Mangan
                                      ------------------------------------
                                        Louis T. Mangan
                                        Assistant Secretary

                                ADDRESS:   1345 Avenue of the Americas
                                           New York, New York 10105
                                           Attn: Holly Spencer
                                     cc:   Managing Director,
                                           Institutional Asset Management

                                       8

<PAGE>
                           New Account Documentation
                                      for

                            Platinum Re (UK) Limited

The Adviser will require the documents identified below to establish its
investment management relationship with Platinum Underwriters Bermuda, Ltd.

1.   Fully executed advisory agreement (with fee schedule attached).

2.   Accurate list of securities to be transferred to new account unless
     initially consisting of cash or cash equivalents.

3.   Written statement of investment objectives, guidelines and restrictions, if
     any.

4.   Form W-9/W-8, as applicable.

5.   List of Authorized Signatories.

6.   Certified resolution of the Board of Directors or appropriate Committee
     authorizing appointment of the Adviser as investment adviser.

                                       9

<PAGE>

                                    EXHIBIT A

                        ALLIANCE CAPITAL MANAGEMENT L.P.

            FIXED INCOME INSURANCE ASSET MANAGEMENT FEES PREPARED FOR

                            Platinum Re (UK) Limited

FOR MINIMUM FIXED INCOME ACCOUNT SIZE OF $1 BILLION

<TABLE>
<CAPTION>
 Fee                                      Assets
 ---                                      ------
<S>             <C>                    <C>
0.19%           on the first           $100 million
0.14%           on the next            $150 million
0.11%           on the next            $250 million
0.10%           on the balance
</TABLE>

 FOR FIXED INCOME ASSETS LESS THAN $1 BILLION

<TABLE>
<CAPTION>
 Fee                                      Assets
 ---                                      ------
<S>             <C>                    <C>
0.20%           on the first           $100 million
0.15%           on the next            $150 million
0.12%           on the next            $250 million
0.10%           on the balance
</TABLE>

<PAGE>

                                   SCHEDULE A

                              INVESTMENT GUIDELINES

<PAGE>

                              INVESTMENT GUIDELINES

                            PLATINUM RE (UK) LIMITED
                                ST. PAUL RE (UK)

INVESTMENT OBJECTIVE:

The Fund's assets are managed to provide a high degree of investment income
subject to risk, guidelines, appropriate liquidity considerations, and tax
efficiency.

Other objectives include to maintain or enhance the Platinum Group's
[Financial/Credit] rating and to generate a superior long-term total rate of
return versus a benchmark.

PORTFOLIO DURATION:

The targeted duration of the portfolio will be that of the liability stream,
which Platinum will provide as needed. If no liability stream is available, a
duration target of 3.5 years will apply. The portfolio could deviate as much as
+/- one year away from this target. There is no limitation placed on the
duration of individual securities.

PORTFOLIO CREDIT QUALITY:

The average quality of the managed fund should be no less than A/A2.

<TABLE>
<CAPTION>
                                     SECURITY PARAMETERS:                                                 DIVERSIFICATION
                                                                                                              LIMITS
---------------------------------------------------------------------------------------------------------------------------------
                                                SECURITY:                           RATING:
---------------------------------------------------------------------------------------------------------------------------------
<S>                           <C>                                                  <C>                  <C>
i.  GOVERNMENT                Government securities issued by OECD Governments     AA-/Aa3 or           100% per issuer
                                                                                     better             100% of portfolio
---------------------------------------------------------------------------------------------------------------------------------
ii.   MONEY                   Repurchase and Reverse repurchase agreements                                3% per issuer
      MARKETS                                                                                           100% of portfolio
                              ---------------------------------------------------------------------------------------------------
                              Negotiable Certificates of Deposit and Time          A-/A3 or               3% per issuer
                              Deposits, Demand Notes and Funding Agreements         better              100% of portfolio
                              ---------------------------------------------------------------------------------------------------
                              Commercial paper, including finance company paper    A1/p1 or               3% per issuer
                              and asset-backed commercial paper                     better              100% of portfolio

---------------------------------------------------------------------------------------------------------------------------------
iii.  MORTGAGE                Mortgage backed securities whose collateral is       A/A2 or                5% per issuer
      BACKED                  guaranteed by FNMA, FHLMC or GNMA - agency            better               30% of portfolio
      SECURITIES              mortgage backed securities
      AND                     (pass-throughs and CMOs)
      ASSET-                  ---------------------------------------------------------------------------------------------------
      BACKED                  Asset-backed securities (an asset-backed security    A/A2 or                5% per issuer
      SECURITIES              issued by a discreet master trust will be thought     better               20% of portfolio
                              portfolio of as an individual issuer) - Public
                              and 144a asset-backed securities
                              ---------------------------------------------------------------------------------------------------
                              Publicly issued private label pass-throughs and      A/A2 or                5% per issuer
                              CMOs (excluding I/Os and P/Os)                        better               30% of portfolio
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
---------------------------------------------------------------------------------------------------------------------------------
<S>                           <C>                                                  <C>                  <C>
iv.   COMMERCIAL
      MORTGAGE                Commercial mortgage backed securities (including     A/A2 or                3% per issuer
      BACKED                  REITS)                                                better               10% of portfolio
      SECURITIES
---------------------------------------------------------------------------------------------------------------------------------
v.    MUNICIPAL               Municipal securities, including "general             A-/A3 or               3% per issuer
      BONDS                   obligation" and "revenue" bonds*                      better              100% of portfolio

                                                                                   ----------------------------------------------
                                                                                   Greater than           3% per issuer
                                                                                       BBB-              10% of portfolio
                                                                                   /Baa3,less
                                                                                   than A-/A3

---------------------------------------------------------------------------------------------------------------------------------
vi.   CORPORATE               Notes, debentures, medium term notes or secured      A-/A3 or               3% per issuer
      SECURITIES              securities**                                          better               50% of portfolio

                                                                                   ----------------------------------------------
                                                                                   BBB-/Baa3              3% per issuer
                                                                                   or better             20% of portfolio

                              ---------------------------------------------------------------------------------------------------
                              Credit default swaps (only when the swap {unfunded    A-/A3 or              3% per issuer
                              version} can create more investment income than        better              50% of portfolio
                              the bond for the same reference entity).***

                                                                                   ----------------------------------------------
                                                                                   BBB-/Baa3              3% per issuer
                                                                                   or better             20% of portfolio

---------------------------------------------------------------------------------------------------------------------------------
vii.  PREFERRED               Preferred Stocks including Perpetual, Sinking Fund,  BBB-/Baa3 or         2.5% per issuer
      STOCKS                  Adjustable Rate and Fixed Rate                        better               10% of portfolio

---------------------------------------------------------------------------------------------------------------------------------
viii. SOVEREIGN               Sovereign securities                                 AA-/Aa3 or            50% per issuer
      AND                                                                           better               50% of portfolio
      SUPRANATIONAL
      SECURITIES              ---------------------------------------------------------------------------------------------------
                              Supranational securities                             AA-/Aa3 or            50% per issuer
                                                                                    better               50% of portfolio

---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

The per issuer limitations are a function of the market value of the combined
accounts (US, Bermuda and UK).

The maximum percentage for all securities rated BBB/Baa is 20% of the portfolio.

A maximum of 30% of the portfolio to be invested in iii. Above.

OTHER RESTRICTIONS:

Futures and options are permitted, provided the instrument is used as a hedge,
with specific prior approval from Platinum.

-                 Swaps

-                 Futures

-                 Exchange traded options

-                 Over-the-counter options

Structured securities or securities with embedded options are permitted.
Leverage is not permitted.

In the case of a split rating, the lower of the ratings available shall apply.

Should a security be downgraded below investment grade (BBB-/Baa3) the manager
must notify and consult with Platinum as soon as reasonably practicable,
regarding the optimal timing of the disposal.

<PAGE>

For securities with variable principal repayment, the estimated duration should
be used with respect to the duration restrictions.

All holdings must be denominated in the base currency of the relevant portfolio
(but including legacy currencies in the case of Euros).

WITHHOLDING TAXES:

No investments shall be made that give rise to withholding taxes unless the
after-tax returns are competitive with available returns on which withholding
taxes are not imposed, which will ordinarily only occur where the investor is
able to utilize the withheld taxes as a credit against its domestic income tax
liability. In general investments made with respect to the Bermuda account will,
in the case of securities issued by U.S. issuers, be limited to securities that
are eligible for the " portfolio interest exemption"- i.e., essentially
securities that are in registered form and not issued by a 10% or more
shareholder of Platinum Holdings.

KEY:

*        General obligation bonds are secured by the issuer's pledge of its full
         faith, credit and taxing power for the payment of principal and
         interest. Revenue or special tax bonds are payable only from the
         revenues derived from a particular facility or class of facilities or,
         in some cases, from the proceeds of a special excise or other tax, but
         not from general tax revenues. Municipal bonds will be utilized when
         there is an after-tax benefit to the portfolio.

**       No more than 25% of the portfolio assets can be invested in an
         industry.

***      For Credit Default Swaps, the rating of the reference entity will serve
         as the rating for the Swap.

****<PAGE>

                                                                 EXHIBIT 10.59

                                                                  EXECUTION COPY

                               REVISED AND AMENDED
                                 TRUST AGREEMENT

                          Dated as of November 1, 2002

                       and amended as of December 12, 2002

                                      among

                    PLATINUM UNDERWRITERS REINSURANCE, INC.

                                 ("Platinum US")

                                  as Grantor,

                   ST. PAUL FIRE AND MARINE INSURANCE COMPANY

                               ("Fire and Marine")

                                 as Beneficiary,

                                       and

                       STATE STREET BANK AND TRUST COMPANY

                                   As Trustee

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
PARTIES                                                                                                        PAGE
<S>             <C>                                                                                            <C>
Section 1.      Creation and Deposit of Assets to the Trust Account.....................................         2

Section 2.      Withdrawal of Assets from the Trust Account.............................................         6

Section 3.      Application of Assets...................................................................         7

Section 4.      Redemption, Investment and Substitution of Assets.......................................         8

Section 5.      The Income Account......................................................................         9

Section 6.      Right to Vote Assets....................................................................        10

Section 7.      Additional Rights and Duties of the Trustee.............................................        10

Section 8.      The Trustee's Compensation, Expenses and Indemnification................................        13

Section 9.      Resignation or Removal of the Trustee...................................................        14

Section 10.     Termination of the Trust Account........................................................        16

Section 11.     Indemnity...............................................................................        17

Section 12.     Insolvency of Grantor...................................................................        17

Section 13.     Definitions.............................................................................        18

Section 14.     Governing Law...........................................................................        20

Section 15.     Grantor's Tax Status....................................................................        20

Section 16.     Successors and Assigns..................................................................        20

Section 17.     Severability............................................................................        20

Section 18.     Entire Agreement........................................................................        20

Section 19.     Amendments..............................................................................        21

Section 20.     Notices, etc............................................................................        21

Section 21.     Headings................................................................................        22

Section 22.     Counterparts............................................................................        22
</TABLE>

EXHIBIT A       Form of 100% Quota Share Retrocession Agreement

EXHIBIT B       List of Assets Deposited to the Trust Account

                                      -ii-

<PAGE>

                       REVISED AND AMENDED TRUST AGREEMENT

                  REVISED AND AMENDED TRUST AGREEMENT, dated as of November 1,
2002 and amended as of December 12, 2002 (the "Agreement"), among PLATINUM
UNDERWRITERS REINSURANCE, INC. ("Platinum US"), a Maryland-domiciled insurance
company (the "Grantor"), ST. PAUL FIRE AND MARINE INSURANCE COMPANY ("Fire and
Marine"), a Minnesota-domiciled insurance company (the "Beneficiary"), and STATE
STREET BANK AND TRUST COMPANY, a Massachusetts trust company (the "Trustee")
(the Grantor, the Beneficiary and the Trustee are hereinafter each sometimes
referred to individually as a "Party" and collectively as the "Parties").

                               W I T N E S S E T H

                  WHEREAS, the Grantor and the Beneficiary have entered into
nine 100% Quota Share Retrocession Agreements, copies of which are attached as
Exhibit A-l, and St. Paul Reinsurance Company Limited ("St. Paul Re UK"), an
affiliate of the Beneficiary, and the Grantor have entered into three 100% Quota
Share Retrocession Agreements, copies of which are attached as Exhibit A-2
hereto (the "Retrocession Agreements");

                  WHEREAS, the Beneficiary has issued a guarantee of the
obligations of St. Paul Re UK (the "Guarantee"), including obligations of St.
Paul Re UK retroceded to the Grantor pursuant to the Retrocession Agreements to
which St. Paul Re UK is a party;

                  WHEREAS, the Beneficiary desires the Grantor to secure
payments of all amounts at any time and from time to time owing by the Grantor
to the Beneficiary and owing by the Grantor to St. Paul Re UK with respect to
obligations guaranteed by the Beneficiary pursuant to the Guarantee, in each
case under or in connection with the Retrocession Agreements;

<PAGE>

                  WHEREAS, the Grantor desires to transfer to the Trustee for
deposit to a trust account (the "Trust Account") assets in order to secure
payments by the Grantor under or in connection with the Retrocession Agreements;

                  WHEREAS, the Trustee has agreed to act as trustee hereunder,
and to hold such assets in trust in the Trust Account for the sole use and
benefit of the Beneficiary; and

                  WHEREAS, this Agreement is established for the sole use and
benefit of the Beneficiary and for the purposes of setting forth the duties and
powers of the Trustee with respect to the Trust Account and the relative rights
and obligations of the Parties hereto;

                  NOW, THEREFORE, for consideration of the premises and for
other good and valuable consideration, the receipt of which is hereby
acknowledged, the Parties hereby agree as follows:

SECTION 1.        CREATION AND DEPOSIT OF ASSETS TO THE TRUST ACCOUNT.

                  (a)      The Grantor shall establish and maintain the Trust
Account for the benefit of the Beneficiary as security for the obligations of
the Grantor to the Beneficiary and St. Paul Re UK under the Retrocession
Agreements. The Grantor shall ensure that the Trust Account shall be in a form
reasonably satisfactory to the Beneficiary and, except as otherwise expressly
provided herein, shall comply in all material respects with the requirements
under Maryland Insurance Law applicable to trust funds established for credit
for reinsurance purposes. The Trustee shall administer the Trust Account in its
name as Trustee for the Beneficiary. The Trust Account shall be subject to
withdrawal by the Beneficiary solely as provided herein.

                  (b)      (i) On the date hereof, the Grantor shall deposit
Qualifying Assets into the Trust Account equal to all payments and proceeds
received by the Grantor as Initial Section A Premium and Initial Section B
Premium (in each case as defined in the Retrocession

                                       -2-

<PAGE>

Agreements) in respect of all Reinsurance Contracts (as defined in the
Retrocession Agreements) which are subject to the Retrocession Agreements,
whether with the Beneficiary or with St. Paul Re UK. The list of assets so
deposited is set forth on Exhibit B hereto, as amended from time to time. In
addition, Grantor shall deposit Qualifying Assets into the Trust Account equal
to all payments received by Grantor under Sections 4.01(b) and 4.02(b) of the
Retrocession Agreements, if any, following determination of the Final Section A
Premium and Final Section B Premium or the Arbitrated Final Section A Premium
and/or the Arbitrated Final Section B Premium, as the case may be (each as
defined in the Retrocession Agreements). All assets received in the Trust
Account are hereinafter referred to as "Assets".

                  (ii) As of the end of each calendar quarter, the Grantor shall
calculate the fair market value of the Assets held in the Trust Account as of
the last day of such quarter (such amount, the "Ending Asset Value") and the
aggregate loss, loss adjustment expense reserves, unearned premium reserves,
ceding commission and other reserves related to the Reinsurance Contracts as
reported in the statutory financial statements filed by the Grantor with the
Maryland Insurance Administration, as of the last day of such quarter (the
"Ending Reserves") and shall provide such calculation to the Beneficiary within
five days of the filing of such statutory financial statements with the Maryland
Insurance Administration. Calculation of the Ending Reserves shall exclude the
aggregate loss, loss adjustment expense reserves, unearned premium reserves,
ceding commission and other reserves related to any Reinsurance Contract
underwritten by the manager in accordance with the terms of Article III(a) of
the Underwriting Management Agreement between Beneficiary and Grantor, as
manager, dated as of the date hereof or by the manager in accordance with the
terms of Section 4.1 of the UK Underwriting

                                       -3-

<PAGE>

Agency and Underwriting Management Agreement, dated as of the date hereof, to
the extent reinsured by Grantor under a Retrocession Agreement ("New Business").

                  (iii) The Ending Reserves, calculated so as to exclude
reserves with respect to New Business, as provided in Section l(b)(ii) hereof,
shall be reduced by any increase in reserves during such calendar quarter due to
reserve strengthening or adverse development in the reserves recognized by the
Grantor in its statutory financial statements during such calendar quarter (as
so reduced, the "Adjusted Ending Reserves"). The excess of the Adjusted Ending
Reserves over the Ending Asset Value, if any, shall be the "Excess Reserves". To
the extent the Adjusted Ending Reserves exceed the Ending Asset Value, the
Grantor promptly shall deposit in the Trust Account sufficient Qualifying Assets
with a fair market value equal to such excess. For the avoidance of doubt, it is
understood that to the extent such excess is due to adverse development with
respect to the related reserves, Grantor shall not be required to make any
additional deposit of Qualifying Assets into the Trust Account. To the extent
the Ending Asset Value exceeds the Adjusted Ending Reserves, the Grantor may
withdraw Assets with a fair market value equal to the amount of such excess.

                  (c)      Upon receipt of the quarterly calculation from the
Grantor, the Beneficiary shall have the right to reasonably object to such
calculation and to offer a reasonable proposal for the amount of the reserves
described in Section l(b) hereof. If the parties in good faith are not able to
resolve the disagreement within two weeks of the Beneficiary's indication of
disagreement, the parties shall mutually agree upon an independent actuarial
firm to determine an appropriate level of aggregate reserves, as described in
Section l(b) hereof, with respect to the Reinsurance Contracts, such level to be
no more than the amount proposed by the Beneficiary and no less than the amount
reported by the Grantor, and both parties agree to be

                                      -4-

<PAGE>

bound by such determination. The fees and expenses of the actuarial firm shall
be shared equally by the Grantor and the Beneficiary.

                  (d)      The Grantor shall retain the investment discretion
with respect to the Assets in the Trust Account, provided, however, that all
Assets held in the Trust Account shall be invested consistently with the
Investment Guidelines (the "Investment Guidelines") attached to the
Discretionary Investment Advisory Agreement dated as of November 4, 2002, by and
between Alliance Capital Management L.P. and the Grantor.

                  (e)      The Grantor shall be permitted to liquidate the trust
at the earlier of (i) such time as the Trustee receives notice from the Grantor
and the Beneficiary that the Grantor's obligations under all of the Retrocession
Agreements have been met or are terminated or waived or (ii) such time as the
Trustee receives notice from the Grantor that the Adjusted Ending Reserves so
reported by the Grantor do not exceed $100 million as of two successive calendar
year ends. In such event, the Trustee shall, within 10 days, transfer to the
Grantor any Assets remaining in the Trust Account.

                  (f)      The Beneficiary shall bear the costs and expenses of
the Trustee.

                  (g)      The Trustee shall have no responsibility to determine
(i) whether the Assets in the Trust Account are sufficient to secure the
Grantor's liabilities under the Retrocession Agreements, (ii) whether they
represent Qualifying Assets or (iii) whether any investment of Assets in the
Trust Account as directed by the Grantor complies with the Investment
Guidelines. Further, the Trustee shall have no responsibility whatsoever to
determine whether the Assets in the Trust Account entitle either the Grantor or
the Beneficiary to favorable

                                       -5-

<PAGE>

or unfavorable tax accounting, or other treatment, consideration, evaluation or
calculation under any law, rule or regulation.

SECTION 2.        WITHDRAWAL OF ASSETS FROM THE TRUST ACCOUNT.

                  (a)      Without notice to the Grantor, the Beneficiary shall
have the right, at any time and from time to time, notwithstanding anything to
the contrary contained in the Retrocession Agreements, to withdraw from the
Trust Account, upon written notice to the Trustee (the "Withdrawal Notice"),
such Assets as are specified in such Withdrawal Notice. The Beneficiary need
present no statement or document in addition to a Withdrawal Notice in order to
withdraw any Assets; nor is said right of withdrawal or any other provision of
this Agreement subject to any conditions or qualifications not contained in this
Agreement.

                  (b)      Upon receipt of a Withdrawal Notice, the Trustee
shall promptly take the steps necessary to transfer absolutely all right, title
and interest in the Assets specified in such Withdrawal Notice and shall deliver
physical custody of such Assets to or for the account of the Beneficiary. In the
event that the Trustee must sell an investment in order to comply with the
Withdrawal Notice, the Trustee shall not be liable for any loss or penalty
associated with such investment, except to the extent such loss or penalty
arises from the Trustee's negligence, willful misconduct or lack of good faith,
or failure to comply with the Withdrawal Notice.

                  (c)      Subject to paragraph (a) of this Section 2 and to
Section 4 of this Agreement, in the absence of a Withdrawal Notice, the Trustee
shall allow no substitution or withdrawal of any Asset from the Trust Account.

                  (d)      The Trustee shall have no responsibility whatsoever
to determine that any Assets withdrawn from the Trust Account pursuant to this
Section 2 are withdrawn in

                                      -6-

<PAGE>

compliance with the Retrocession Agreements, or will be used and applied in the
manner contemplated by Section 3 of this Agreement.

SECTION 3.        APPLICATION OF ASSETS.

                  (a)      The Beneficiary hereby covenants to the Grantor that
it shall use and apply any withdrawn Assets, without diminution because of the
insolvency of the Beneficiary or the Grantor, for the following purposes only:

                  (i)      to pay or reimburse the Beneficiary for the Grantor's
share under the Retrocession Agreements with the Beneficiary regarding any
losses and allocated loss expenses paid by the Beneficiary but not recovered
from the Grantor, and unearned premiums due to the Beneficiary if not otherwise
paid by the Grantor, or other amounts due to the Beneficiary, if not otherwise
paid by the Grantor, in accordance with the terms of the Retrocession
Agreements;

                  (ii)     to pay or reimburse the Beneficiary for any amounts
paid by the Beneficiary under the Guarantee corresponding to the Grantor's share
under the Retrocession Agreements with St. Paul Re UK regarding any losses and
allocated loss expenses paid by St. Paul Re UK but not recovered by Beneficiary
or St. Paul Re UK from the Grantor, and unearned premiums due to St. Paul Re UK
if not otherwise paid by the Grantor, or for other amounts due to St. Paul Re
UK, if not otherwise paid by the Grantor, in accordance with the terms of the
Retrocession Agreements;

                  (iii)    to make payment to the Grantor of any amounts held in
the Trust Account that exceed 100% of the actual amount required to fund the
Grantor's entire Obligations (as hereinafter defined), and

                                       -7-

<PAGE>

                  (iv)     except in the event of a liquidation of the trust
under Section l(e) hereof, where the Beneficiary has received a Termination
Notice (as hereinafter defined) pursuant to Section 10 of this Agreement and
where all or a portion of the Grantor's Obligations remain unliquidated and
undischarged ten days prior to the Termination Date (as hereinafter defined), to
withdraw amounts equal to such Obligations and deposit such amounts in a
separate account, in the name of the Beneficiary, in any Qualified United States
Financial Institution (as defined herein), apart from its other assets, in trust
for the uses and purposes specified in subparagraphs (i), (ii) and (iii) of this
Section as may remain executory after such withdrawal and for any period after
such Termination Date. For the purposes of this subparagraph (iii), the phrase
"the Trust Account" in subparagraph (iii) of this Section shall be deemed to
read "the separate account" established pursuant to this subparagraph (iv),

                  (v)      For purposes of this Section 3, all Assets shall be
valued at their current fair market value.

SECTION 4.        REDEMPTION, INVESTMENT AND SUBSTITUTION OF ASSETS.

                  (a)      The Trustee shall surrender for payment all maturing
Assets and all Assets called for redemption (and provide written notice to the
Beneficiary to that effect) and deposit the principal amount of the proceeds of
any such payment into the Trust Account.

                  (b)      From time to time, at the written order and direction
of the Grantor, any instruction or order concerning investments being referred
to herein as an "Investment Order", the Trustee shall invest the Trust Account
in Qualifying Assets.

                  (c)      From time to time, the Grantor may, subject to the
written approval of the Beneficiary as provided in Section 4(d) hereof, direct
the Trustee to substitute Qualifying Assets

                                      -8-

<PAGE>

for other Qualifying Assets held in the Trust Account at such time. The Trustee
shall have no responsibility whatsoever to determine the value of such
substituted securities or that such substituted securities constitute Qualifying
Assets.

                  (d)      Subject to the terms of Section 5, the Trustee shall
not allow any substitutions or withdrawals of Assets from the Trust Account,
except on (i) written approval from the Beneficiary, or (ii) a call on or the
maturity of any Assets in the Trust Account if the Trustee pays the proceeds
from the Asset into the Trust Account.

                  (e)      All investments and substitutions of securities
referred to in paragraphs (b) and (c) of this Section 4 shall be in compliance
with the relevant limitations in "Qualifying Assets", as set forth in Section 11
of this Agreement. The Trustee shall have no responsibility whatsoever to
determine that any Assets in the Trust Account are or continue to be Qualifying
Assets. The Trustee shall execute Investment Orders and settle securities
transactions by itself or by means of an agent or broker. The Trustee shall not
be responsible for any act or omission, or for the solvency, of any such agent
or broker unless said act or omission is the result, in whole or in part, of the
Trustee's negligence, willful misconduct or lack of good faith.

                  (f)      Any loss incurred from any investment pursuant to the
terms of this Section 4 shall be borne exclusively by the Trust Account. The
Trustee shall not be liable for any loss due to changes in market rates or
penalties for early redemption.

SECTION 5.        THE INCOME ACCOUNT.

                  The Grantor shall establish and maintain an income account
with the Trustee for its own benefit (the "Income Account") at an office of the
Trustee. All payments of interest and dividends actually received in respect of
Assets in the Trust Account shall be deposited and held

                                      -9-

<PAGE>

in the Income Account and distributed by the Trustee to the Grantor within 10
days following the end of each calendar month. The Grantor shall provide the
Trustee with the appropriate wiring instructions for such distributions.

SECTION 6.        RIGHT TO VOTE ASSETS.

                  (a)      The Trustee shall forward all annual and interim
stockholder reports and all proxies and proxy materials relating to the Assets
in the Trust Account to the Grantor. The Grantor shall have the full and
unqualified right to vote any Assets in the Trust Account.

SECTION 7.        ADDITIONAL RIGHTS AND DUTIES OF THE TRUSTEE.

                  (a)      The Trustee shall receive Assets and hold the Assets
in a safe place;

                  (b)      The Trustee shall determine that the Assets are in a
form that the Beneficiary, or the Trustee on direction of the Beneficiary, may
negotiate whenever necessary, without consent or signature from the Grantor or
any other person or entity;

                  (c)      The Trustee shall provide to the Grantor and the
Beneficiary a statement of all Assets in the Trust Account on its inception and
following the end of each month;

                  (d)      The Trustee shall notify the Grantor and the
Beneficiary, within 10 days, of any deposits to or withdrawals from the Trust
Account;

                  (e)      The Trustee shall hold the Assets in the Trust
Account;

                  (f)      The Trustee may deposit any Assets in the Trust
Account in a book-entry account maintained at the appropriate Federal Reserve
Bank or in depositories such as the Depository Trust Company. Assets may be held
in the name of a nominee maintained by the Trustee or by any such depository.

                                      -10-

<PAGE>

                  (g)      The Trustee shall accept and open all mail directed
to the Grantor or the Beneficiary in care of the Trustee.

                  (h)      Upon the request of the Grantor or the Beneficiary,
the Trustee shall promptly permit the Grantor or the Beneficiary, their
respective agents, employees or independent auditors to examine, audit, excerpt,
transcribe and copy, during the Trustee's normal business hours, any books,
documents, papers and records relating to the Trust Account or the Assets.

                  (i)      The Trustee is authorized to follow and rely upon all
instructions given by applicable officers named in incumbency certificates
furnished to the Trustee from time to time by the Grantor and Beneficiary,
respectively, and by attorneys-in-fact acting under written authority furnished
to the Trustee by the Grantor or the Beneficiary, including, without limitation,
instructions given by letter, facsimile transmission, telegram, teletype,
cablegram or electronic media other than e-mail, if the Trustee believes such
instructions to be genuine and to have been signed, sent or presented by the
proper party or parties. Such instructions may also be in a tested communication
or in a communication utilizing access codes effected between electro-mechanical
or electronic devices. The Trustee shall not incur any liability to anyone
resulting from actions taken by the Trustee in reliance in good faith on such
instructions. The Trustee shall not incur any liability in executing
instructions (i) from an attorney-in-fact or (ii) from any officer of the
Grantor of the Beneficiary named in an incumbency certificate delivered
hereunder prior to receipt by it of a more current certificate.

                  (j)      The duties and obligations of the Trustee shall only
be such as are specifically set forth in this Agreement, as it may from time to
time be amended, and no implied

                                      -11-

<PAGE>

duties or obligations shall be read into this Agreement against the Trustee. The
Trustee shall not be charged with knowledge of any document, instrument or
agreement, other than this Agreement. The Trustee shall only be liable for its
own negligence, willful misconduct or lack of good faith.

                  (k)      No provision of this Agreement shall require the
Trustee to take any action which, in the Trustee's reasonable judgment, would
result in any violation of this Agreement or any provision of law or, following
written advice from counsel, expose the Trustee to personal liability.

                  (1)      The Trustee may confer with counsel of its own choice
in relation to matters arising under this Agreement and shall have full and
complete authorization from the other Parties hereunder for any action taken or
suffered by it under this Agreement or under any transaction contemplated hereby
in good faith and in accordance with opinion of such counsel.

                  (m)      The invasion of the trust corpus to pay compensation
to, or reimburse the expense of, the Trustee is hereby prohibited.

                  (n)      The Trustee shall deliver to the Beneficiary written
notice of termination as and when required under Section 10(b).

                  (o)      Except as may arise from the Trustee's own negligence
or willful misconduct or lack of good faith, the Trustee shall be without
liability for any loss, liability, claim or expense resulting from or caused by
events or circumstances beyond the reasonable control of the Trustee, including,
without limitation, the interruption, suspension or restriction of trading on or
the closure of any securities markets, power or other mechanical or
technological

                                      -12-

<PAGE>

failures or interruptions, or computer viruses or communications disruptions,
work stoppages, natural disasters or other similar events or acts, delays or
inability to perform its duties due to any disorder in market infrastructure
with respect to any particular security or changes to any provision of any
present or future law or regulation or order of the United States of America, or
any state thereof, or any other country, or political subdivision thereof or any
court of competent jurisdiction.

                  (p)      The Trustee, in incurring any debt, liability or
obligation, or in taking or omitting to take any action for or in connection
with the Trust, is and shall be deemed to be acting solely as a trustee, and not
in an individual capacity. The Trustee shall assume no responsibility and shall
not be held to any personal liability whatsoever in tort, contract, or otherwise
for any action taken or omitted pursuant to this Agreement. In the event that
the Grantor or the Beneficiary enters into any agreement or arrangement of any
kind with any third party with respect to all or any part of the Trust Account,
the Grantor or the Beneficiary, as appropriate, shall ensure that the agreement
or arrangement shall pose no risk of personal liability to the Trustee.

SECTION 8.        THE TRUSTEE'S COMPENSATION, EXPENSES AND INDEMNIFICATION.

                  (a)      The Beneficiary shall pay the Trustee, as
compensation for its services under this Agreement, a fee at rates determined by
the Trustee and agreed to by the Beneficiary, from time to time and communicated
in writing to the Beneficiary. The Beneficiary shall pay or reimburse the
Trustee for all of the Trustee's reasonable expenses and disbursements in
connection with its duties under this Agreement (including attorney's fees and
expenses), except any such expense, or disbursement as may arise from the
Trustee's negligence, willful misconduct or lack of good faith. The Grantor
shall indemnify, defend and save harmless the

                                      -13-

<PAGE>

Trustee from all loss or expense (including attorney's fees and expenses)
arising out of or in connection with (i) its execution and performance of this
Agreement, except to the extent that such loss, liability or expense is due to
the negligence, willful misconduct or lack of good faith of the Trustee, or (ii)
its following any instructions or other directions from the Grantor, except to
the extent that its following any such instructions or direction is expressly
forbidden by the terms hereof. In no event shall the Trustee be liable for
special, indirect or consequential loss or damage of any kind whatsoever. The
Grantor hereby acknowledges that the foregoing indemnities shall survive the
resignation of the Trustee or the termination of this Agreement and hereby
grants the Trustee a lien, right of set-off and security interest in the funds
in the Income Account for the payment of any claim for indemnity, or payment of
its fees and reasonable expenses and disbursements, as expressly provided in
this Section 8. In the event that the Trustee should withdraw funds from the
Income Account in satisfaction of its fees, expenses or disbursements pursuant
to this Section 8, the Beneficiary shall be liable to, and shall reimburse, the
Grantor for such amounts.

                  (b)      No Assets shall be withdrawn from the Trust Account
or used in any manner for paying compensation to, or reimbursement or
indemnification of, the Trustee.

SECTION 9.        RESIGNATION OR REMOVAL OF THE TRUSTEE.

                  (a)      The Trustee may resign at any time by giving not less
than sixty (60) days' written notice thereof to the Beneficiary and to the
Grantor, such resignation to become effective only on the acceptance of
appointment by a successor trustee and the transfer to such successor trustee of
all Assets in the Trust Account in accordance with paragraph (b) of this Section
9.

                                      -14-

<PAGE>

                  (b)      Upon receipt of the Trustee's notice of resignation,
the Grantor and the Beneficiary shall appoint a successor trustee. Any successor
trustee shall be a Qualified United States Financial Institution and shall not
be a Parent, a Subsidiary or an Affiliate of the Grantor or the Beneficiary.
Upon the acceptance of the appointment as trustee hereunder by a successor
trustee and the transfer to such successor trustee of all Assets in the Trust
Account, the resignation of the Trustee shall become effective. Thereupon, such
successor trustee shall succeed to and become vested with all the rights,
powers, privileges and duties of the Trustee, and the Trustee shall be
discharged from any future duties and obligations under this Agreement, but the
Trustee shall continue after its resignation to be entitled to the benefits of
the indemnities provided herein for the Trustee. If a successor has not been
appointed within sixty (60) days of the Trustee's notice of resignation, the
Trustee may apply to a court of competent jurisdiction to have a successor
trustee appointed.

                  (c)      The Grantor may remove the Trustee at any time by
giving not less than sixty (60) days' written notice thereof to the Beneficiary
and to the Trustee, such removal to become effective only on the acceptance of
appointment by a successor trustee and the transfer to such successor trustee of
all Assets in the Trust Account in accordance with paragraph (d) of this Section
9.

                  (d)      Upon receipt of the Grantor's notice of removal, the
Grantor and the Beneficiary shall appoint a successor trustee. Any successor
trustee shall be a Qualified United States Financial Institution and shall not
be a Parent, a Subsidiary or an Affiliate of the Grantor or the Beneficiary.
Upon the acceptance of the appointment as trustee hereunder by a successor
trustee and the transfer to such successor trustee of all Assets in the Trust
Account, the removal of the Trustee shall become effective. Thereupon, such
successor trustee shall succeed to and

                                      -15-

<PAGE>

become vested with all the rights, powers, privileges and duties of the Trustee,
and the Trustee shall be discharged from any future duties and obligations under
this Agreement, but the Trustee shall continue after its removal to be entitled
to the benefits of the indemnities provided herein for the Trustee.

SECTION 10.       TERMINATION OF THE TRUST ACCOUNT

                  (a)      The Trust Account and this Agreement, except as
provided in Section l(e) hereof and except for the indemnities provided herein,
may be terminated only after (i) the Grantor and the Beneficiary have given the
Trustee written notice of their intention to terminate the Trust Account (the
"Notice of Intention"), and (ii) the Trustee has given the Grantor and the
Beneficiary the written notice specified in paragraph (b) of this Section 10.
The Notice of Intention shall specify the date on which the notifying Party
intends the Trust Account to terminate (the "Proposed Date").

                  (b)      Within ten Business Days following receipt by the
Trustee of the Notice of Intention, the Trustee shall give written notification
(the "Termination Notice") to the Beneficiary and the Grantor of the date (the
"Termination Date") on which the Trust Account shall terminate. The Termination
Date shall be (a) the Proposed Date (or if not a Business Day, the next Business
Day thereafter), if the Proposed Date is at least 30 days but no more than 45
days subsequent to the date the Termination Notice is given; (b) 30 days
subsequent to the date the Termination Notice is given (or if not a Business
Day, the next Business Day thereafter), if the Proposed Date is fewer than 30
days subsequent to the date the Termination Notice is given; or (c) 45 days
subsequent to the date the Termination Notice is given (or if not a Business
Day, the next Business Day thereafter), if the Proposed Date is more than 45
days subsequent to the date the Termination Notice is given.

                                      -16-

<PAGE>

                  (c)      On the Termination Date, upon receipt of written
approval of the Beneficiary, the Trustee shall transfer to the Grantor any
Assets remaining in the Trust Account, at which time all liability of the
Trustee with respect to such Assets shall cease.

                  (d)      In the event that Beneficiary and St. Paul Re UK
cease to be affiliated companies, Grantor shall withdraw a percentage of Assets
held in the Trust equal to the percentage of Adjusted Ending Reserves, as
determined pursuant to Section l(b)(iii), relating to obligations of the Grantor
to St. Paul Re UK under the applicable Retrocession Contracts, and shall deposit
such assets in a trust account pursuant to a trust agreement on the same terms
as this Agreement, except as may be agreed to by the parties.

SECTION 11.       INDEMNITY.

                  (a)      Grantor indemnifies Beneficiary in respect of all
payments which Beneficiary elects to make under the terms of a Letter Agreement
among Beneficiary, St. Paul Re UK and Grantor, dated November 1, 2002 (the
"Letter Agreement"), to the extent that such payments arise in respect of any
Contract (as defined in the Letter Agreement). It is understood and agreed
between the Beneficiary and the Grantor that such indemnity shall not extend to
payment upon any obligations that would not be subject to indemnity or repayment
by Grantor under the Retrocession Agreements.

                  (b)      The Trust Account will also serve as security for the
obligations of the Grantor to the Beneficiary pursuant to provisions of this
Section 11(a).

SECTION 12.       INSOLVENCY OF GRANTOR.

                  (a)      Notwithstanding any other provision in this
Agreement, if the Grantor has been declared insolvent or placed into
receivership, rehabilitation, liquidation, or similar proceedings under the laws
of Maryland, the Trustee shall comply with any order of the

                                      -17-

<PAGE>

regulatory authority with oversight over the Trust Account or court of competent
jurisdiction directing the Trustee to transfer to such regulatory authority or
other designated receiver all of the Assets in the Trust Account, less any
amounts owed by the Grantor to the Trustee pursuant to this Agreement.

                  (b)      The Assets so transferred shall be applied in
accordance with the priority statutes of the state in which the Trust Account is
established applicable to the assets of insurance companies in liquidation.

                  (c)      If the regulatory authority with oversight over the
Trust Account determines that the Assets held in the Trust Account or any part
of the Assets are not necessary to satisfy the claims of the Beneficiary, the
Assets or any part of the Assets shall be returned to the Trustee for
distribution in accordance with this Agreement.

SECTION 13.       DEFINITIONS.

                  Except as the context shall otherwise require, the following
terms shall have the following meanings for all purposes of this Agreement (the
definitions to be applicable to both the singular and the plural forms of each
term defined if both such forms of such term are used in this Agreement):

                  The term "Affiliate" with respect to any corporation shall
mean a corporation which directly, or indirectly through one of more
intermediaries, controls or is controlled by, or is under common control with,
such corporation. The term "control" (including the related terms "controlled
by" and "under common control with") shall mean the ownership, directly or
indirectly, of more than fifty percent (50%) of the voting stock of a
corporation.

                                      -18-

<PAGE>

                  The term "Business Day" shall mean any day on which the
offices of the Trustee in Boston, Massachusetts are open for business.

                  The term "Expenses" shall mean the Trustee's reasonable
expenses and disbursements in connection with its duties under this Agreement
(including reasonable attorney's fees and expenses) not including any such
expense, or disbursement as may arise from the Trustee's gross negligence,
willful misconduct or lack of good faith.

                  The term "Obligations" shall mean, with respect to the
Retrocession Agreement, (a) reinsured losses and allocated loss expenses paid by
the Beneficiary, but not recovered from the Grantor, (b) reserves for reinsured
losses reported and outstanding, (c) reserves for reinsured losses incurred but
not reported, and (d) reserves for allocated reinsured loss expenses and
unearned premiums.

                  The term "Parent" shall mean an institution that, directly or
indirectly, controls another institution.

                  The term "person" shall mean and include an individual, a
corporation, a partnership, an association, a trust, an unincorporated
organization or a government or political subdivision thereof.

                  The term "Qualified United States Financial Institution" shall
have the meaning provided in COMAR31.05.08.08.

                  The term "Qualifying Assets" shall mean and include any
security that conforms with the criteria set forth in the Investment Guidelines.

                  The term "Subsidiary" shall mean an institution controlled,
directly or indirectly, by another institution.

                                      -19-

<PAGE>

SECTION 14.       GOVERNING LAW.

                  This Agreement shall be governed by and construed in
accordance with the laws of the Commonwealth of Massachusetts without regard to
its choice of laws principles.

SECTION 15.      GRANTOR'S TAX STATUS.

                  The Grantor shall provide the Trustee with a Certificate of
Foreign Status on Form W-8 (or any successor form) or its Tax Identification
Number (TIC) as assigned by the Internal Revenue Service, as applicable. All
income arising from the Assets in the Trust Account shall be treated as income
of the Grantor for U.S. federal income tax purposes.

SECTION 16.       SUCCESSORS AND ASSIGNS.

                  No Party may assign this Agreement or any of its obligations
hereunder without the prior written consent of the other Parties; provided,
however, that this Agreement shall inure to the benefit of and bind those who,
by operation of law, become successors to the Parties, including, without
limitation, any liquidator, rehabilitator, receiver or conservator and any
successor merged or consolidated entity and provided further that, in the case
of the Trustee, the successor trustee is eligible to be a trustee under the
terms hereof.

SECTION 17.       SEVERABILITY.

                  In the event that any provision of the Agreement shall be
declared invalid or unenforceable by any regulatory body or court having
jurisdiction, such invalidity or unenforceability shall not affect the validity
or enforceability of the remaining portions of this Agreement.

SECTION 18.       ENTIRE AGREEMENT.

                  This Agreement constitutes the entire agreement among the
Parties, and there are no understandings or agreement, conditions or
qualifications relative to this Agreement which are not fully expressed in this
Agreement.

                                      -20-

<PAGE>

SECTION 19.       AMENDMENTS.

                  This Agreement may be modified or otherwise amended, and the
observance of any term of this Agreement may be waived, if such modification,
amendment or waiver is in writing and signed by all of the Parties.

SECTION 20.       NOTICES, ETC.

                  Unless otherwise provided in this Agreement, all notices,
directions, requests, demands, acknowledgments and other communications required
or permitted to be given or made under the terms hereof shall be in writing and
shall be deemed to have been duly given or made on the date received when
addressed as follows:

              If to the Grantor:      Platinum Underwriters Reinsurance, Inc.
                                      195 Broadway
                                      New York, New York 10007
                                      Attention: Chief Financial Officer
                                      Fax No.: (212)238-9202

              If to the Beneficiary:  The St. Paul Companies, Inc.
                                      385 Washington Street
                                      St. Paul, Minnesota 55102
                                      Attention: General Counsel
                                      Fax No.: (410)205-6967

              If to the Trustee:      State Street Bank and Trust Company
                                      801 Pennsylvania Avenue
                                      Kansas City, Missouri 64105
                                      Attention: Vice President
                                      Fax No.: (816)871-9210

                  Each Party may from time to time designate a different address
for notices, directions, requests, demands, acknowledgments and other
communications by giving written notice of such change to the other Parties. All
notices, directions, requests, demands, acknowledgments and other communications
relating to the Beneficiary's approval of the Grantor's authorization to
substitute Assets and to the termination of the Trust Account shall be in
writing and may not be made or given by prepaid telex, telegraph or telecopier.

                                      -21-

<PAGE>

SECTION 21.       HEADINGS.

                  The headings of the Sections and the Table of Contents have
been inserted for convenience of reference only, and shall not be deemed to
constitute a part of this Agreement.

SECTION 22.       COUNTERPARTS.

                  This Agreement may be executed in any number of counterparts,
each of which when so executed and delivered shall constitute an original, but
such counterparts together shall constitute one and the same Agreement.

                  [THIS SPACE INTENTIONALLY LEFT BLANK]

                                      -22-

<PAGE>

                  IN WITNESS WHEREOF, the Parties hereto have caused this
Agreement to be executed and delivered by their respective officers thereunto
duly authorized as of the date first above written.

                                PLATINUM UNDERWRITERS REINSURANCE, INC.
                                As Grantor

                                By: /s/ Michael D. Price
                                    --------------------
                                    Name:  Michael D. Price
                                    Title:

                                ST. PAUL FIRE AND MARINE INSURANCE COMPANY
                                As Beneficiary

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

                                    and

                                STATE STREET BANK AND TRUST COMPANY
                                As Trustee

                                By: /s/ KENNETH A. BERGERON
                                    ------------------------
                                    Name:  KENNETH A. BERGERON
                                    Title: SENIOR VICE PRESIDENT

                                      -23-

<PAGE>

                                   EXHIBIT A-1

1. 100% Quota Share Retrocession Agreement (Traditional) with St. Paul Fire and
Marine Insurance Company, Dated as of November 1, 2002.

2. 100% Quota Share Retrocession Agreement (Non-Traditional A) with St. Paul
Fire and Marine Insurance Company, Dated as of November 1, 2002.

3. 100% Quota Share Retrocession Agreement (Non-Traditional B-1) with St. Paul
Fire and Marine Insurance Company, Dated as of November 1, 2002.

4. 100% Quota Share Retrocession Agreement (Non-Traditional B-2) with St. Paul
Fire and Marine Insurance Company, Dated as of November 1, 2002.

5. 100% Quota Share Retrocession Agreement (Non-Traditional C) with St. Paul
Fire and Marine Insurance Company, Dated as of November 1, 2002.

6. 100% Quota Share Retrocession Agreement (Non-Traditional D-3) with St. Paul
Fire and Marine Insurance Company, Dated as of November 1, 2002.

7. 100% Quota Share Retrocession Agreement (Non-Traditional D-4) with St. Paul
Fire and Marine Insurance Company, Dated as of November 1, 2002.

8. 100% Quota Share Retrocession Agreement (Non-Traditional D-Spread Loss) with
St. Paul Fire and Marine Insurance Company, Dated as of November 1, 2002.

9. 100% Quota Share Retrocession Agreement (Non-Traditional E) with St. Paul
Fire and Marine Insurance Company, Dated as of November 1, 2002.

<PAGE>

                                   EXHIBIT A-2

1. 100% Quota Share Retrocession Agreement (Traditional) with St. Paul
Reinsurance Company Limited, Dated as of November 1, 2002.

2. 100% Quota Share Retrocession Agreement (Non-Traditional A) with St. Paul
Reinsurance Company Limited, Dated as of November 1, 2002.

3. 100% Quota Share Retrocession Agreement (Non-Traditional B-l) with St. Paul
Reinsurance Company Limited, Dated as of November 1, 2002.

<PAGE>

                                   EXHIBIT B

                            List of Assets Deposited
                              to the Trust Account

                                      Cash

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