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                                                                   Exhibit 10.12

                    FORM OF UNDERWRITING MANAGEMENT AGREEMENT

         THIS UNDERWRITING MANAGEMENT AGREEMENT (this "AGREEMENT"), made as of
[  ], 2002, between St. Paul Fire and Marine Insurance Company, a Minnesota
insurance company (referred to herein as the "COMPANY"), and Platinum
Underwriters Reinsurance Inc., a Maryland insurance company (referred to herein
as the "MANAGER").

                                    ARTICLE I

                       UNDERWRITING AND PRODUCTION MANAGER

         Subject to the terms and conditions of this Agreement, the Company
hereby grants Manager full authority to act and the Manager accepts and agrees
to act as underwriting and production manager for the Company for the purpose of
conducting an assumed reinsurance business, subject to the limitations set forth
herein.

                                   ARTICLE II

                               SCOPE OF AUTHORITY

         Subject to the direction and control of the Company, the Manager is
hereby authorized to take and shall undertake all customary and reasonable
actions required on behalf of and in the name of the Company, including but not
limited to soliciting, negotiating, underwriting and executing, on behalf of the
Company, new and renewal assumed reinsurance contracts, subject to Article III,
Underwriting Limits (the "MANAGED CONTRACTS").

                                   ARTICLE III

                               UNDERWRITING LIMITS

         (a) Manager is authorized on behalf of the Company to underwrite
issuances and renewals of such traditional reinsurance contracts as determined
by the Manager; provided, that all such issuances and renewals are covered under
the one hundred percent (100%) Quota Share Retrocession Agreement (traditional)
between the Company and the Manager. Manager shall be authorized to underwrite
such reinsurance contracts for a period of one year from the date hereof.

         (b) Manager shall on behalf of the Company underwrite renewals of
finite reinsurance contracts specified on Schedules A and B attached hereto on
such terms as may be specifically agreed to by the Company. Manager shall have
the discretion to reinsure such contacts under a 100% Quota Share Retrocession
Agreement (non-traditional) between the Company and the Manager. With respect to
the finite reinsurance contracts specified on Schedule B attached hereto,
Manager shall propose a fair market premium to the Company for the one hundred
percent (100%) quota share

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reinsurance of such renewals and the Company may elect, at its sole
discretion, whether or not to accept such reinsurance. Manager shall underwrite
such finite reinsurance contracts for a period of three years from the date
hereof; provided, however, that at the option of the Company, Manager shall
continue to underwrite such reinsurance contracts at the specific direction of
the Company for up to a period of two years following the third anniversary of
the date hereof.

                                   ARTICLE IV

                               REPORTS AND RECORDS

         (a) Manager shall provide to the Company no later than [TEN] days after
the end of each [MONTH], reports in the form as set forth in Exhibit C attached
hereto, or as otherwise agreed to by the parties[, IN HARD COPY AND ELECTRONIC
FORM].

         (b) Manager shall keep and maintain proper books and records wherein
shall be recorded all business transacted by it on behalf of the Company and
shall retain such books and records as may be required by applicable law or in
accordance with the record retention policies of the Company, whichever is
longer. All records of the Manager relating to the Managed Contracts of the
Company shall be open to inspection by the Company or its representatives during
regular business hours and Manager shall provide copies of all such books and
records as may be requested by the Company at the expense of Manager.

                                    ARTICLE V

                               COSTS AND EXPENSES

         Manager shall bear all charges and expenses incurred by it in
underwriting and administering the business with respect to the Managed
Contracts reinsured by it. With respect to Services provided hereunder for
contracts not reinsured by Manager, the Company shall pay to Manager the "actual
cost" to Manager (which shall consist of Manager's direct and reasonable
indirect costs), as the case may be, as certified in good faith by Manager.

         For greater certainty, the parties agree that "actual cost" will
include any incremental and out-of-pocket costs incurred by Manager in
connection with the Services.

                                   ARTICLE VI

                                      TERM

         This Agreement shall take effect as of the date hereof and shall
continue for a period of three years. The Company will have the option to renew
this Agreement for

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another two years upon written notice to the Manager no later than [TWO] months
prior to the third anniversary hereof.

                                   ARTICLE VII

                                  GOVERNING LAW

         This Agreement shall be governed by and construed and enforced in
accordance with the laws of the state of New York without regard to its conflict
of laws principles.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
signed in their names.

                                       ST. PAUL FIRE AND MARINE
                                         INSURANCE COMPANY

                                       By:
                                           -------------------------------------

                                       Title:
                                              ----------------------------------

                                       PLATINUM UNDERWRITERS REINSURANCE INC.

                                       By:
                                           -------------------------------------

                                       Title:
                                              ----------------------------------

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                                                                   EXHIBIT 10.14

                   FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT

     THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (hereinafter referred to as "this
Agreement"), made as of this ____day of ____________, 2002, by and among
Metropolitan Life Insurance Company ("Landlord"), St. Paul Re, Inc. ("Assignor")
and Platinum Reinsurance Underwriters, Inc. ("Assignee"),

     WITNESSETH, THAT WHEREAS, by a Lease dated September 15, 1995 and a First
Amendment to Lease dated October 8, 2001, by and between the Landlord and the
Assignor, a copy of which is attached hereto as EXHIBIT A (hereinafter
collectively referred to as "the Lease"), the Landlord leased to the Assignor
and the Assignor leased from the Landlord all of that real property, situate and
lying in Miami, Florida, which is described therein (hereinafter and therein
referred to as "the Premises"); and

     WHEREAS, pursuant to a Formation and Separation Agreement between The St.
Paul Companies, Inc. and Platinum Underwriters Holdings, Ltd. dated _______,
2002, Assignor transferred certain of its assets to Assignee on or about
___________, 2002, (the "Closing Date"). As a result, in connection with such
purchase, Assignee will now occupy the Leased Premises as hereinafter described.

     WHEREAS the Assignor desires to assign to the Assignee all of the
Assignor's leasehold estate, right, title and interest under the Lease, and the
Assignee desires to have the Assignor make such assignment to the Assignee, all
upon the terms and subject to the conditions set forth herein; and

     WHEREAS the Landlord is willing to consent to such Assignment, upon the
terms and subject to the conditions set forth herein,

     NOW, THEREFORE, FOR AND IN CONSIDERATION of the mutual entry into this
Agreement by the parties hereto, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged by each party hereto,
the parties hereto hereby agree as follows:

     Section 1. ASSIGNMENT AND ASSUMPTION OF LEASE.

     1.1. ASSIGNMENT. The Assignor hereby assigns to the Assignee all of the
Tenant's estate, rights, title and interest under the Lease.

     1.2. ASSUMPTION. The Assignee hereby (a) assumes all of the Assignor's
estate, rights, title and interest under the Lease, (b) agrees to perform all of
the obligations and satisfy all of the terms, covenants, agreements, provisions
and conditions to be performed or satisfied by the tenant under the provisions
of the Lease, and (c) agrees to indemnify and hold harmless the Assignor against
and from any and all expense or liability arising out of a default by the
Assignee in performing any such obligation or satisfying any such condition.

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     Section 2. CONSENT BY LANDLORD. The Landlord hereby consents to the
Assignor's assignment to the Assignee of all of the Assignor's leasehold estate,
right, title and interest under the provisions of the Lease; provided that:

     2.1. such consent by Landlord shall not be deemed or construed to modify,
amend or affect the terms and provision of the Lease;

     2.2. the Assignor shall not be deemed by virtue of such consent to have
been released from any of its obligations to the Landlord under the provisions
of the Lease, and the Assignor shall remain liable to the Landlord for the full
and timely performance of all of the tenant's obligations under the provisions
of the Lease;

     2.3. if Assignor defaults in the payment of any rent, Landlord is
authorized to collect any rent due or accruing from the Assignee or any other
subtenant or occupant of the Premises and to apply the net amounts collected to
the rent reserved in the Lease;

     2.4. the receipt by Landlord of any amounts from the Assignee or other
subtenant or occupant of the Premises shall not be deemed or construed as
releasing Assignor of Assignor's obligations hereunder; and

     2.5. such consent shall not constitute a consent to any subsequent
assignment thereof or any sublease made pursuant thereto, in each case whether
by the Assignee or by any other person, each of which must, be effective, have
been approved by the Landlord upon the terms and subject to the conditions set
forth in the provisions of the Lease.

     Section 3. REPRESENTATIONS.

     3.1. The Assignor hereby represents and warrants to the Landlord and the
Assignee that the Assignor holds all of the tenant's rights under the provisions
of the Lease, and has such as the full power and authority to enter into this
Agreement and take each action to be taken by the Assignor hereby or pursuant to
the provisions hereof.

     3.2. The Assignee hereby represents and warrants to the Landlord and the
Assignor that the Assignee has full power and authority to enter into this
Agreement and take such action to be taken by the Assignee hereby or pursuant to
the provisions hereof.

     Section 4. GENERAL.

     4.1. EFFECTIVENESS. This Agreement shall become effective upon and only
upon its execution and delivery by each party hereto.

     4.2. SUCCESSORS. This Agreement shall be binding upon and shall inure to
the benefit of the parties hereto and their respective heirs, personal
representatives, successors and assigns hereunder.

     4.3. SEVERABILITY. No determination by any court, governmental body or
otherwise that any provision of this Agreement or any amendment hereof is
invalid or unenforceable in any instance shall affect the validity or
enforceability of (a) any other provisions thereof, or (b) such provision in
any circumstance not controlled by such determination. Each such provision
shall

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be valid and enforceable to the fullest extent allowed by, and shall be
construed wherever possible as being consistent with, applicable law.

     4.4. AUTHORITY. Each party represents and warrants that the person signing
on its behalf is duly authorized to execute and deliver this Agreement and that
no further consents or approvals, whether corporate or third party are required
in order to execute, deliver and carry out the provisions of this Agreement.

     IN WITNESS WHEREOF, each party hereto has executed and ensealed this
Agreement or caused it to be executed and ensealed on its behalf by its duly
authorized representatives, the day and year first above written.

WITNESS:                            METROPOLITAN LIFE INSURANCE COMPANY

______________________________      By:_____________________(SEAL)
                                         Name:
                                         Title:

                                    ST. PAUL RE, INC.

______________________________      By:_____________________(SEAL)
                                         Name:
                                         Title:

                                    PLATINUM REINSURANCE UNDERWRITERS, INC.

______________________________      By:_____________________(SEAL)
                                         Name:
                                         Title:

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