Document:

FIRST SUPPLEMENTAL INDENTURE (the "Supplemental  Indenture"),  dated as
of  September  27,  2000,  among  Trenwick  Group Inc.,  a Delaware  corporation
("Trenwick"),  Trenwick America Corporation,  a Delaware Corporation  ("Trenwick
America") and Bank One Trust Company,  N.A., as successor to First National Bank
of Chicago, as trustee under the Indenture referred to below (the "Trustee").

                               W I T N E S S E T H

         WHEREAS, pursuant to the Indenture (the "Indenture"), dated as of March
27, 1998, between Trenwick and the Trustee,  Trenwick issued its 6.70% Notes due
April 1, 2003 (collectively, the "Securities");

         WHEREAS,  Trenwick, LaSalle Re Holdings Limited, LaSalle Re Limited and
Trenwick Group Ltd. (formerly Gowin Holdings International Limited) have entered
into an Amended  and  Restated  Agreement,  Schemes of  Arrangement  and Plan of
Reorganization,  dated as of March 20, 2000, in connection  with which  Trenwick
will transfer its property substantially as an entirety to Chartwell Re Holdings
Corporation, a Delaware corporation ("Chartwell Re") and Chartwell Re will merge
with and into Trenwick America (the "Asset Transfer");

         WHEREAS,  upon  consummation of the Asset  Transfer,  all of the debts,
liabilities,   duties  and  obligations  of  Trenwick  will  become  the  debts,
liabilities,  duties and  obligations  of Trenwick  America,  including  without
limitation the debts, liabilities,  duties and obligations of Trenwick under the
Indenture;

         WHEREAS, Section 10.01 of the Indenture provides in pertinent part that
Trenwick  may  consummate  the Asset  Transfer and that,  in the event  thereof,
Trenwick America shall expressly assume, by supplemental indenture, executed and
delivered  to  the  Trustee,  all of  the  obligations  of  Trenwick  under  the
Indenture;

         WHEREAS,  Sections 9.05 and 10.03 of the Indenture provide in pertinent
part that in connection with the Asset Transfer, Trenwick is required to deliver
to the Trustee an Officers'  Certificate and Opinion of Counsel stating that the
Asset  Transfer and  supplemental  indenture in respect  thereto comply with the
provisions described in Articles IX and X of the Indenture;

         WHEREAS, Section 10.02 of the Indenture provides in pertinent part that
upon the Asset Transfer,  the successor Person to which Trenwick transferred its
property  substantially as an entirety shall succeed to, and be substituted for,
and may exercise  every right and power of Trenwick under the Indenture with the
same effect as if such successor Person had been named as Trenwick therein;

         WHEREAS,  Section 9.01 of the Indenture provides in pertinent part that
the Company and the Trustee may supplement the Indenture  without the consent of
any Noteholder to provide for the assumption of Trenwick's obligations under the
Indenture to the Noteholders pursuant to Article X of the Indenture;

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         WHEREAS,  all things  necessary to make this  Supplemental  Indenture a
valid and binding  agreement of Trenwick and Trenwick America in accordance with
its terms have been done;

         NOW,  THEREFORE,  for  and  in  consideration  of the  premises,  it is
mutually  covenanted and agreed for the equal and  proportionate  benefit of all
Noteholders as follows:

         SECTION  1.  Trenwick  America  hereby  expressly  assumes  all  of the
obligations of Trenwick  under the  Indenture,  including the obligation to make
due and  punctual  payment of the  principal of and interest on all of the Notes
and the due and punctual  performance and observance of all of the covenants and
conditions of this Indenture to be performed or observed by the Company.

         SECTION 2. Pursuant to Section 10.02 of the Indenture, Trenwick America
hereby  succeeds to, and is  substituted  for, and may exercise  every right and
power of  Trenwick  under the  Indenture  with the same  effect  as if  Trenwick
America had been named as Trenwick therein.

         SECTION  3.  After the  execution  and  delivery  of this  Supplemental
Indenture, any Notes authenticated and delivered in substitution for, or in lieu
of, Notes then  outstanding  and all Notes presented or delivered to the Trustee
on and after such date for such  purpose  shall be stamped,  typed or  otherwise
affixed with a notation as follows:

                  TRENWICK  AMERICA  CORPORATION,  A DELAWARE  CORPORATION,  HAS
                  EXPRESSLY  ASSUMED ALL OF THE  OBLIGATIONS  OF TRENWICK  GROUP
                  INC. UNDER THE INDENTURE, INCLUDING THE OBLIGATION TO MAKE DUE
                  AND PUNCTUAL  PAYMENT OF THE  PRINCIPAL OF AND INTEREST ON ALL
                  OF  THE  NOTES  AND  THE  DUE  AND  PUNCTUAL  PERFORMANCE  AND
                  OBSERVANCE  OF ALL OF THE  COVENANTS  AND  CONDITIONS  OF THIS
                  INDENTURE   TO  BE  PERFORMED  OR  OBSERVED  BY  THE  COMPANY.
                  REFERENCE IS HEREBY MADE TO THE FIRST SUPPLEMENTAL  INDENTURE,
                  DATED AS OF SEPTEMBER  27,  2000,  COPIES OF WHICH ARE ON FILE
                  WITH THE TRUSTEE.

         SECTION 4. The Trustee accepts this  Supplemental  Indenture and agrees
to execute the trust  created by the Indenture as hereby  supplemented  upon the
terms  and  conditions  set  forth in the  Indenture,  including  the  terms and
provisions  defining and limiting the  liabilities and  responsibilities  in the
performance of the trust created by the Indenture as hereby supplemented.

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         SECTION 5. The Indenture,  supplemented as hereinabove set forth, is in
all  respects  ratified and  confirmed,  and the terms and  conditions  thereof,
supplemented  as  hereinabove  set forth,  shall be and remain in full force and
effect.

         SECTION 6. The recitals  contained in this  Supplemental  Indenture and
the statements in the Officers'  Certificate and Opinion of Counsel delivered in
connection  herewith  shall be taken  as  statements  of  Trenwick  America  and
Trenwick, and the Trustee shall have no responsibility for their correctness.

         SECTION 7. This Supplemental Indenture shall become effective upon, and
simultaneously with, the effective time of the Asset Transfer.

         SECTION 8. The internal laws of the State of New York shall govern this
Supplemental Indenture.

         SECTION 9. This  Supplemental  Indenture may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.

         SECTION 10. Capitalized terms not otherwise defined herein are defined
as set forth in the Indenture.

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         IN WITNESS  WHEREOF,  the parties hereto have caused this  Supplemental
Indenture to be duly executed as of the date first above written.

                                    TRENWICK AMERICA CORPORATION

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

By: /s/ John V. Del Col
   -------------------------
   Name:   John V. Del Col
   Title:  Senior Vice President,
           General Counsel and Secretary

                                    TRENWICK GROUP INC.

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

Attest:

By:  /s/ John V. Del Col
   -------------------------
     Name:  John V. Del Col
     Title: Senior Vice President,
            General Counsel and Secretary

                                    BANK ONE TRUST COMPANY, N.A.

                                    By:  /s/ Mary R. Fonti
                                       ---------------------------------
                                        Name:  Mary R. Fonti
                                        Title: Vice President

Attest:

By:  /s/ Michael D. Pinzon
   -------------------------
     Name:  Michael D. Pinzon
     Title: Authorized Officer

                                       4SECOND SUPPLEMENTAL INDENTURE (the "Supplemental  Indenture"),
dated as of  October  27,  1999,  among  Chartwell  Re  Corporation,  a Delaware
corporation  (the  "Company"),  Trenwick  Group  Inc.,  a  Delaware  corporation
("Trenwick")  and State  Street  Bank and Trust  Company  as  trustee  under the
Indenture referred to below (the "Trustee").

                               W I T N E S S E T H

                  WHEREAS, pursuant to the Indenture (the "Original Indenture"),
dated  as  of  December  1,  1995,  between  Piedmont  Management  Company  Inc.
("Piedmont") and the Trustee,  Piedmont issued its Contingent Interest Notes Due
June 30, 2006 (collectively, the "Securities");

                  WHEREAS,  on December 13, 1995,  Piedmont merged with and into
the Company (the "Prior Merger"), and upon consummation of the Prior Merger, all
of the debts, liabilities,  duties and obligations of Piedmont became the debts,
liabilities,   duties  and  obligations  of  the  Company,  including,   without
limitation, the debts, liabilities, duties and obligations of Piedmont under the
Original Indenture;

                  WHEREAS,  on consummation of the Prior Merger,  the assumption
of the debts, liabilities, duties and obligations of Piedmont under the Original
Indenture was  evidenced by the execution and delivery by Piedmont,  the Company
and the Trustee of a First Supplemental  Indenture dated as of December 13, 1995
(the Original Indenture, as so supplemented, the "Indenture");

                  WHEREAS,  the  Company  and  Trenwick  have  entered  into  an
Agreement and Plan of Merger dated as of June 21, 1999 (the "Merger  Agreement")
pursuant to which,  at the Effective Time (as defined in the Merger  Agreement),
the  Company  will be merged with and into  Trenwick,  with  Trenwick  being the
surviving corporation (the "Present Merger");

                  WHEREAS,  upon consummation of the Present Merger,  all of the
debts, liabilities, duties and obligations of the Company will become the debts,
liabilities,  duties and obligations of Trenwick,  including without  limitation
the  debts,  liabilities,  duties  and  obligations  of the  Company  under  the
Indenture;

                  WHEREAS,  Section 5.1 of the  Indenture  provides in pertinent
part that the Company may consummate the Present Merger,  and that, in the event
thereof,  Trenwick shall expressly assume, by supplemental  indenture,  executed
and delivered to the Trustee,  all of the  obligations  of the Company under the
Indenture;

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                  WHEREAS,  Section 5.1 of the  Indenture  provides in pertinent
part that in  connection  with the  Present  Merger,  the Company is required to
deliver to the Trustee an Officers'  Certificate and an Opinion of Counsel, each
stating that the Present Merger and  supplemental  indenture in respect  thereto
comply with the  provisions  described in the Indenture and that all  conditions
precedent  provided for in the Indenture  relating to such transaction have been
complied with;

                  WHEREAS,  Section 5.2 of the  Indenture  provides in pertinent
part that upon the Present Merger,  the successor  Person into which the Company
is merged shall succeed to, and be substituted for, and may exercise every right
and power of the  Company  under the  Indenture  with the same effect as if such
successor Person had been named as the Company therein;

                  WHEREAS,  Section 9.1 of the  Indenture  provides in pertinent
part that the Company and the Trustee may supplement  the Indenture  without the
consent  of any  Holder of a  Security  to  provide  for the  assumption  of the
Company's obligations under the Indenture to the Holders in the case of a merger
pursuant to Article 5 of the Indenture  upon request of the Company  accompanied
by a  resolution  of the  Board of  Directors  of the  Company  authorizing  the
execution of such supplemental indenture; and

                  WHEREAS,  all  things  necessary  to  make  this  Supplemental
Indenture  a  valid  and  binding  agreement  of the  Company  and  Trenwick  in
accordance with its terms have been done;

                  NOW, THEREFORE,  for and in consideration of the premises,  it
is mutually covenanted and agreed for the equal and proportionate benefit of all
Holders of the Securities as follows:

                  SECTION  1.  Trenwick  hereby  expressly  assumes  all  of the
obligations of the Company under the Indenture, including the obligation to make
due and  punctual  payment of the Payment  Amount and the  performance  of every
covenant,  agreement  and  obligation  on the  part  of the  Company  under  the
Indenture.

                      SECTION  2.  Pursuant  to  Section  5.2 of the  Indenture,
     Trenwick hereby succeeds to, and is substituted for, and may exercise every
     right and power of the Company under the Indenture  with the same effect as
     if Trenwick had been named as the Company therein.

                      SECTION  3.  After  the  execution  and  delivery  of this
     Supplemental  Indenture,  any  Securities  authenticated  and  delivered in
     substitution  for,  or in lieu  of,  Securities  then  outstanding  and all
     Securities presented or delivered to the Trustee on and after such date for
     such purpose shall be stamped,  typed or otherwise  affixed with a notation
     as follows:

                   TRENWICK GROUP INC., A DELAWARE CORPORATION, HAS EXPRESSLY
                   ASSUMED  ALL   OF  THE OBLIGATIONS OF  PIEDMONT MANAGEMENT
                   COMPANY INC. AND CHARTWELL  RE  CORPORATION  UNDER THE
                   INDENTURE,  INCLUDING THE OBLIGATION TO MAKE DUE AND
                   PUNCTUAL  PAYMENT OF THE PAYMENT AMOUNT (AS DEFINED IN THE
                   INDENTURE) AND THE PERFORMANCE OF EVERY COVENANT,
                   AGREEMENT  AND  OBLIGATION  ON THE  PART  OF THE  COMPANY
                   UNDER  THE INDENTURE.  REFERENCE IS HEREBY MADE TO THE
                   SECOND SUPPLEMENTAL INDENTURE, DATED AS OF OCTOBER 27, 1999,
                   COPIES OF WHICH ARE ON FILE WITH THE TRUSTEE.

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<PAGE>

                  SECTION 4. The Trustee accepts this Supplemental Indenture and
agrees to execute the trust created by the Indenture as hereby supplemented upon
the terms and  conditions  set forth in the  Indenture,  including the terms and
provisions  defining and limiting the  liabilities and  responsibilities  in the
performance of the trust created by the Indenture as hereby supplemented.

                  SECTION 5. The  Indenture,  supplemented  as  hereinabove  set
forth, is in all respects  ratified and confirmed,  and the terms and conditions
thereof,  supplemented  as  hereinabove  set forth,  shall be and remain in full
force and effect.

                  SECTION  6.  The  recitals   contained  in  this  Supplemental
Indenture  shall be taken as  statements  of Trenwick and the  Company,  and the
Trustee shall have no responsibility for their correctness.

                  SECTION 7. This Supplemental  Indenture shall become effective
upon, and simultaneously with, the Effective Time of the Merger.

                  SECTION  8. The  internal  laws of the State of New York shall
govern this Supplemental Indenture.

                  SECTION 9. This  Supplemental  Indenture  may be signed in any
number of counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and hereto were upon the same instrument.

                  SECTION 10. Capitalized terms not otherwise defined herein are
defined as set forth in the Indenture.

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<PAGE>

                  IN WITNESS  WHEREOF,  the  parties  hereto  have  caused  this
Supplemental Indenture to be duly executed as of the date first above written.

                                            TRENWICK GROUP INC.

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

By: /s/ Jane T. Wiznitzer
    ------------------------
Name:    Jane T. Wiznitzer
Title:   Secretary

                                            CHARTWELL RE CORPORATION

                                            By: /s/ Steven J. Bensinger
                                                ----------------------------
                                            Name:    Steven J. Bensinger
                                            Title:   President

Attest:

By:    /s/ John V. Del Col
    ------------------------
Name:    John V. Del Col
Title:   Vice President,
         General Counsel & Secretary

                                            STATE STREET BANK AND TRUST COMPANY

                                            By: /s/ Kathy A. Larimore
                                                ----------------------------
                                            Name:    Kathy A. Larimore
                                            Title:   Assistant Vice President

Attest:

By:    /s/ Debra A. Colon
    ------------------------
Name:    Debra A. Colon
Title:   Assistant Secretary

                                       4

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