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                                                                   Exhibit 10.28

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                     100% QUOTA SHARE RETROCESSION AGREEMENT
                              (NON-TRADITIONAL - E)

                                 BY AND BETWEEN

                   ST. PAUL FIRE AND MARINE INSURANCE COMPANY

                                  (RETROCEDANT)

                                       and

                     PLATINUM UNDERWRITERS REINSURANCE, INC.

                               (RETROCESSIONAIRE)

                            DATED AS OF________, 2002

     THIS QUOTA SHARE RETROCESSION AGREEMENT (this "AGREEMENT"), effective as of
12:01 a.m. New York time on the day following the Closing (such term and all
other capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the Formation and Separation Agreement, as defined
below; such time the "EFFECTIVE TIME" and such date the "EFFECTIVE DATE"), is
made by and between ST. PAUL FIRE AND MARINE INSURANCE COMPANY, a Minnesota
domiciled insurance company ("RETROCEDANT"), and PLATINUM UNDERWRITERS
REINSURANCE, INC. (formerly known as USF&G Family Insurance Company), a Maryland
domiciled stock insurance company ("RETROCESSIONAIRE").

     WHEREAS, pursuant to a Formation and Separation Agreement dated as of [  ],
2002 (the "FORMATION AND SEPARATION AGREEMENT") between Platinum Underwriters
Holdings, Ltd. ("PLATINUM HOLDINGS"), the ultimate parent of Retrocessionaire
and The St. Paul Companies, Inc. ("THE ST. PAUL"), the ultimate parent of
Retrocedant, Platinum Holdings acquired one hundred percent (100%) of the issued
and outstanding Shares; and

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     WHEREAS, pursuant to the Formation and Separation Agreement, The St. Paul
agreed to cause its insurance subsidiaries to cede specified liabilities under
certain reinsurance contracts of The St. Paul's insurance subsidiaries; and
Platinum Holdings agreed to cause its insurance subsidiaries to reinsure such
liabilities; and

     WHEREAS, Retrocedant has agreed to retrocede to Retrocessionaire, and
Retrocessionaire has agreed to assume by indemnity reinsurance, as of the
Effective Time, a one hundred percent (100%) quota share of the liabilities
arising pursuant to the Reinsurance Contracts (as defined hereunder), subject to
the terms set forth herein.

     NOW, THEREFORE, in consideration of the mutual covenants and promises and
upon the terms and conditions set forth herein, the parties hereto agree as
follows:

                                    ARTICLE I

                          BUSINESS COVERED; exclusions

     Retrocedant hereby obligates itself to retrocede to Retrocessionaire and
Retrocessionaire hereby obligates itself to accept, pursuant to the terms of
this Agreement, a one hundred percent (100%) quota share of any and all
liabilities incurred by Retrocedant on or after January 1, 2002 but not yet paid
as of the Effective Time, net of Inuring Retrocessions (as defined in Section
7.01 herein), under all reinsurance and retrocession contracts (each, a
"REINSURANCE CONTRACT") that

     (i)    are underwritten by St. Paul Re on behalf of Retrocedant, incept on
or after January 1, 2002 and belong to the classes specified in Exhibit A-1
hereto (solely for the convenience of the parties, Exhibit A-2 hereto sets forth
Loss Reserves (as defined in Exhibit B hereto), over all such Reinsurance
Contracts, by Class of Business (as defined below), each as of June 30, 2002),
or

     (ii)   are new or renewal contracts entered into by Retrocedant pursuant to
Article III, paragraph (a) of the Underwriting Management Agreement between
Retrocedant and Retrocessionaire of even date herewith.

     Notwithstanding the foregoing, Retrocedant shall retain all liabilities for
ceding commission and brokerage fees up to the carrying value of the related
reserves on the books of the Retrocedant as of September 30, 2002 (the "Initial
Ceding Commission Reserves"), and as finally determined pursuant to the
provisions of Article IV herein. All liabilities for ceding commissions and
brokerage fees in excess of such carrying value shall be assumed by
Retrocessionaire, as provided for above.

     Notwithstanding the foregoing, Retrocedant will retain all liabilities
arising under any Reinsurance Contract relating to or emanating from the losses
caused by the European Floods in August 2002 (the "FLOOD LIABILITIES").

     With respect to any named storm(s) (which are any tropical cyclones
assigned a name by the National Hurricane Center) in existence as of the
Effective Time which cause insured damage within 10 days of the Effective Date,
except as provided for herein,

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Retrocedant shall retrocede one hundred percent (100%) quota share of losses
arising from all such storms, net of the inuring benefit of Inuring
Retrocessions as allocated pursuant to Exhibits D and F (but excluding the
inuring benefit of the Holborn aggregate cover referenced as Item 13 in Exhibit
C) to Retrocessionaire and Retrocessionaire shall accept one hundred percent
(100%) quota share of such losses. However, Retrocedant shall retain $25,000,000
of losses, in the aggregate, net of the inuring benefit of Inuring Retrocessions
as allocated pursuant to Exhibits D and F, in excess of the first $25,000,000,
net of the inuring benefit of Inuring Retrocessions as allocated pursuant to
Exhibits D and F, that Retrocessionaire assumes. Retrocedant shall use
commercially reasonable efforts to arrange, on behalf of Retrocessionaire, third
party retrocessional coverage for losses arising from such named storms in
excess of $50,000,000 in the aggregate, net of the inuring benefit of Inuring
Retrocessions as allocated pursuant to Exhibits D and F. The cost of such
coverage shall not exceed $5 million with such cost shared equally by
Retrocedant and Retrocessionaire. The amount of such coverage shall be
$100,000,000 or such lesser amount as may be available on the specified terms.
It is understood that the calculation of any losses or retentions by the
Retrocedant or the Retrocessionaire, as the case may be, pursuant to this
subparagraph shall include all losses or retentions, respectively, with respect
to all subsidiaries of The St. Paul or Platinum Holdings, as the case may be,
under any Quota Share Retrocession Agreement, as defined in the Formation and
Separation Agreement, between any subsidiary of The St. Paul, as cedant, and a
subsidiary of Platinum Holdings as retrocessionaire.

     The Flood Liabilities and the liabilities in respect of the named storms,
as described above retained by Retrocedant as specified above (collectively, the
"EXCLUDED LOSSES") shall not be subject to this Agreement.

     No retrocession shall attach with respect to any contracts of reinsurance
of any kind or type whatsoever issued and/or assumed by Retrocedant, other than
the Reinsurance Contracts.

                                   ARTICLE II

                                      TERM

     This Agreement shall be continuous as to the Reinsurance Contracts. Except
as mutually agreed in writing by the Retrocedant and the Retrocessionaire, this
Agreement shall remain continuously in force until all Reinsurance Contracts are
terminated, expired, cancelled or commuted.

                                   ARTICLE III

                                    COVERAGE

     SECTION 3.01    SECTION A (RETROSPECTIVE) COVERAGE PERIOD. The Section A
(Retrospective) Coverage Period will be the period from and including January 1,
2002 to but not including the Effective Time.

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     SECTION 3.02    SECTION B (PROSPECTIVE) COVERAGE PERIOD. The Section B
(Prospective) Coverage Period will be the period from and including the
Effective Time through the commutation, expiration or final settlement of all
liabilities under any of the Reinsurance Contracts.

     SECTION 3.03    COVERAGE LIMITS. Coverage under this Agreement for a
specific Reinsurance Contract shall be subject to the aggregate limit specified
in the Reinsurance Contract reduced by all payments made by either Retrocedant
or Retrocessionaire pursuant to such Reinsurance Contract. The application of
any such aggregate limits shall be made in chronological order in accordance
with the dates of the respective losses. It is understood, however, that such
application shall not result in Retrocedant's becoming liable for any adverse
development under this Agreement except as otherwise explicitly set forth
herein.

                                   ARTICLE IV

                      PREMIUMS AND ADDITIONAL CONSIDERATION

     SECTION 4.01    SECTION A (RETROSPECTIVE) COVERAGE PERIOD -- PREMIUM.

     (a)    On the Effective Date, in respect of the Section A (Retrospective)
Coverage Period, Retrocedant shall pay to the account of Retrocessionaire an
aggregate amount representing the sum of all amounts related and specifically
allocated to each individual Class of Business (the "INITIAL SECTION A PREMIUM")
equal to one hundred percent (100%) of the carrying value on the books of the
Retrocedant as of September 30, 2002, of the aggregate of all Loss Reserves
relating to the Reinsurance Contracts, determined in accordance with statutory
accounting principles on a basis consistent in all material respects with the
methods, principles, practices and policies employed in the preparation and
presentation of Retrocedant's annual statutory financial statement as of
December 31, 2001 as filed with the Minnesota Department of Commerce (consistent
with the methods, principles, practices and policies applied at June 30, 2002)
and as submitted to The St. Paul, provided, that in no event shall such amount
be less than Retrocedant's good faith estimate, based upon due investigation by
the Retrocedant, as of the date at which such calculation is being made, of all
Loss Reserves relating to the Reinsurance Contracts by applicable Class of
Business that would be required (i) in order for such reserves to be in full
compliance with customary practices and procedures of Retrocedant for filings
and financial statements as of September 30, 2002, and (ii) to cause such
reserves to bear a reasonable relationship to the events, conditions,
contingencies and risks which are the bases for such reserves, to the extent
known by Retrocedant at the time of such calculation.

     (b)    On the 90th day following the Effective Date (or if such 90th day is
not a Business Day, the first Business Day following such 90th day), Retrocedant
shall prepare and deliver to Retrocessionaire an accounting (the "PROPOSED LOSS
RESERVE ACCOUNTING") of all Loss Reserves relating to the Reinsurance Contracts,
as of the Effective Date, determined in accordance with this Section 4.01 and
the Methodology for Calculation of the Final Section A Premium, as set forth on
Exhibit B hereto (the "FINAL SECTION A

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PREMIUM") and the reserves for ceding commissions and brokerage fees as of the
Effective Date (the "Final Ceding Commission Reserves"), and taking into
consideration all relevant data becoming available to Retrocedant subsequent to
the Effective Date. In the event the Final Section A Premium for any individual
Class of Business is greater than the Initial Section A Premium for such
individual Class of Business or the Final Ceding Commission Reserves are less
than the Initial Ceding Commission Reserves, Retrocedant shall promptly pay to
the account of Retrocessionaire the difference plus interest on such amount at
the Applicable Rate from and including the Effective Date to and including the
date of such payment. In the event the Final Section A Premium for any
individual Class of Business is less than the Initial Section A Premium for such
individual Class of Business or the Final Ceding Commission Reserves are greater
than the Initial Ceding Commission Reserves, Retrocessionaire shall promptly pay
to the account of Retrocedant the difference plus interest on such amount at the
Applicable Rate (as defined below) from and including the Effective Date to and
including the date of such payment. "Class of Business" shall be defined as each
individual class or line of business as delineated by the Retrocedant as of the
date hereof as set forth on Exhibit A-1.

     (c)    In the event that a reinsurance contract is not included in one of
the classes set forth in Exhibit A-1, but is deemed to be a Reinsurance Contract
by the mutual agreement of the parties, the parties shall determine whether the
Final Section A Premium reflected one hundred percent of the associated reserves
with respect to such Reinsurance Contract as of the Effective Date. If the Final
Section A Premium did not so reflect such associated reserves with respect to
such Reinsurance Contract as of the Effective Date, Retrocedant shall promptly
pay to the account of Retrocessionaire an amount equal to the amount that should
have been included in the Final Section A Premium, as determined pursuant to
paragraph (b) of this Section 4.01, less any amounts paid by Retrocedant on or
after the Effective Date pursuant to such Reinsurance Contract relating to such
reserves, plus interest on such amount at the Applicable Rate calculated from
and including the Effective Date to and including the date of such payment to
Retrocessionaire.

     (d)    Notwithstanding the foregoing, the parties agree that all gross
estimated premiums written prior to the Effective Date and earned but not yet
billed, net of applicable ceding commission and retrocession premium (net of
retrocession commissions) ("EBUB", and also referred to as "estimated premiums
receivable" or "EBNR" or "earned but unbilled") as of the Effective Time and
relating to the Reinsurance Contracts, as determined on or before _____, 2002,
as set forth in Exhibit C, in a manner consistent with Retrocedant's customary
practices and procedures and as submitted to The St. Paul, shall be allocated to
Retrocedant. All payments received after the Effective Time by Retrocedant or
Retrocessionaire in respect of EBUB as of the Effective Time shall be retained
by Retrocedant or held on trust for and paid by Retrocessionaire to or to the
order of Retrocedant, and all rights to collect such amounts shall be retained
by or transferred to Retrocedant. Any changes made on or after the Effective
Time as to the estimated amount of EBUB as of the Effective Time shall be for
the account of Retrocessionaire and shall not affect the amount retained by
Retrocedant. The parties agree that as of the first anniversary of the date
hereof, Retrocessionaire shall

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pay to Retrocedant the difference, if any, between the amount of EBUB as of the
Effective Time and the aggregate amount subsequently billed and paid to and/or
retained by Retrocedant prior to that date with respect to EBUB as of the
Effective Time, it being understood that Retrocedant shall bear all risk of
non-payment and non-collectibility with respect to premiums written and unearned
as of the Effective Date and subsequently billed. All amounts, if any, in
respect of EBUB which are in excess of EBUB as of the Effective Time, calculated
pursuant to the first sentence of this Section 4.01(a), shall be for the account
of Retrocessionaire and no such amounts shall be retained by or payable to
Retrocedant.

     SECTION 4.02    SECTION B (PROSPECTIVE) COVERAGE PERIOD -- PREMIUMS.

     (a)    On the Effective Date, in respect of the Section B (Prospective)
Coverage Period, Retrocedant shall transfer to Retrocessionaire an aggregate
amount representing the sum of all amounts related and specifically allocated to
each individual Class of Business (the "INITIAL SECTION B PREMIUM") equal to the
carrying value on the books of Retrocedant as of September 30, 2002, of one
hundred percent (100%) of the unearned premium reserves, net of unearned ceding
commission and net of Inuring Retrocession premiums as provided in Section 7.04
and as allocated pursuant to Exhibit E, in each case, relating to the
Reinsurance Contracts, determined in accordance with statutory accounting
principles on a basis consistent in all material respects with the methods,
principles, practices and policies employed in the preparation and presentation
of Retrocedant's annual statutory financial statement as of December 31, 2001 as
filed with the Minnesota Department of Commerce (consistent with the methods,
principles, practices and policies applied at June 30, 2002) and as submitted to
The St. Paul.

     (b)    On the 90th day following the Effective Date (or if such 90th day is
not a Business Day, the first Business Day following such 90th day), Retrocedant
shall prepare and deliver to Retrocessionaire an accounting (the "PROPOSED
PREMIUM RESERVE ACCOUNTING", together with the Proposed Loss Reserve Accounting,
the "PROPOSED ACCOUNTING") of all unearned premium reserves relating to the
Reinsurance Contracts, as of the Effective Date, determined in accordance with
statutory accounting principles on a basis consistent in all material respects
with the methods, principles, practices and policies employed in the preparation
and presentation of Retrocedant's annual statutory financial statement as of
December 31, 2001 as filed with the Minnesota Department of Commerce (consistent
with the methods, principles, practices and policies applied at June 30, 2002)
and as submitted to The St. Paul) relating to the Reinsurance Contracts, net of
the unearned ceding commission and net of Inuring Retrocession premiums as
provided for in Section 7.04 and as allocated pursuant to Exhibit E (the "FINAL
SECTION B PREMIUM"). In the event the Final Section B Premium for any individual
Class of Business is greater than the Initial Section B Premium for such
individual Class of Business, Retrocedant shall promptly pay to the account of
Retrocessionaire the difference plus interest on such amount at the Applicable
Rate from and including the Effective Date to and including the date of such
payment. In the event the Initial Section B Premium for any individual Class of
Business is greater than the Final Section B Premium for such individual Class
of Business, Retrocessionaire shall promptly pay to the account of Retrocedant
the difference plus interest on such amount at

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the Applicable Rate from and including the Effective Date to and including the
date of such payment.

     (c)    Retrocedant shall transfer to Retrocessionaire with respect to all
Reinsurance Contracts, one hundred percent (100%) of all gross premiums written
on or after the Effective Time, net of premium returns, allowances and
cancellations and less any applicable Retrocedant Ceding Commission and Inuring
Retrocession premiums as provided for in Section 7.04 and as allocated pursuant
to Exhibit E.

     (d)    Retrocedant shall retain all gross premiums attributable to losses
arising from the Excluded Losses, including but not limited to adjusted
premiums, portions of reinstatement premiums and other adjustments attributable
to such losses.

     SECTION 4.03    DISPUTE RESOLUTION.

     (a)    After receipt of the Proposed Accounting, together with the work
papers used in preparation thereof, Retrocessionaire shall have 30 days (the
"REVIEW PERIOD") to review such Proposed Accounting. Unless Retrocessionaire
delivers written notice to Retrocedant on or prior to the 30th day of the Review
Period stating that it has material objections to the Proposed Accounting for
one or more Classes of Business or to Final Ceding Commission Reserves,
Retrocessionaire shall be deemed to have accepted and agreed to the Proposed
Accounting. If Retrocessionaire so notifies Retrocedant of any material
objection(s) to the Proposed Accounting, the parties shall in good faith attempt
to resolve, within 30 days (or such longer period as the parties may agree)
following such notice (the "RESOLUTION PERIOD"), their differences with respect
to such material objections related to any Class of Business so identified.
Retrocedant and Retrocessionaire agree that only those Classes of Business (or
the Final Ceding Commission Reserves, if applicable) to which such notification
relates shall be subject to adjustment, and any resolution by them as to any
disputed amounts, as evidenced by a writing signed by both parties, shall be
final, binding and conclusive.

     In the event that Retrocessionaire believes that Loss Reserves for a Class
of Business need to be increased beyond the amount implied by the algorithm set
forth in Exhibit C, or the Final Ceding Commission Reserves needed to be
reduced, Retrocessionaire and Retrocedant will endeavor to agree on an
appropriate adjustment. If the two parties cannot agree on an adjustment,
Retrocedant may elect to (i) retain the liabilities and the associated Loss
Reserves for the subject Class of Business and all unearned premium and
Retrocessionaire shall transfer to Retrocedant all Initial Section A Premium and
Initial Section B Premium paid by Retrocedant for the subject Class of Business,
plus interest on the average [daily] amount at the Applicable Rate from the
Effective Date to the date of such transfer, or (ii) extend the time period for
adjusting the reserve to as much as 36 months or (iii) choose to arbitrate
according to Section 4.03(b), it being understood that arbitration according to
Section 4.03(b) shall be the sole remedy for disputes regarding the Final Ceding
Commission Reserves. In the event that Retrocedant chooses to extend the time
period for adjusting the reserves for a Class of Business, Retrocedant retains
the exposure to adverse loss development and Retrocessionaire will suffer no
exposure to paid losses in excess of the Initial Section A

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Premium and Initial Section B Premium paid by Retrocedant. At the end of the
extended period, any continued disagreement between Retrocedant and
Retrocessionaire would be submitted to arbitration as set forth in Section
4.03(b) hereto.

     (b)    Any amount remaining in dispute at the conclusion of the Resolution
Period for which Retrocedant has not elected the remedies set forth in Section
4.03(a)(i) and (ii) above or as to which any extension period has elapsed
without agreement between the parties ("UNRESOLVED CHANGES") shall be submitted
to arbitration. One arbiter (each arbiter, an "ARBITER") shall be chosen by
Retrocedant, the other by Retrocessionaire, and an umpire (the "UMPIRE") shall
be chosen by the two Arbiters before they enter upon arbitration. In the event
that either party should fail to choose an Arbiter within 30 days following a
written request by the other party to do so, the requesting party may choose two
Arbiters, but only after providing 10 days' written notice of its intention to
do so and only if such other party has failed to appoint an Arbiter within such
10 day period. The two Arbiters shall in turn choose an Umpire who shall act as
the Umpire and preside over the hearing. If the two Arbiters fail to agree upon
the selection of an Umpire within 30 days after notification of the appointment
of the second Arbiter, the selection of the Umpire shall be made by the American
Arbitration Association. All Arbiters and Umpires shall be active or retired
disinterested property/casualty actuaries of insurance or reinsurance companies
or Lloyd's of London Underwriters.

     (c)    Each party shall present its case to the Arbiters within 30 days
following the date of appointment of the Umpire, unless the parties mutually
agree to an extension of time. Subject to the provisions of paragraph (f) of
this Section 4.03, the decision of the Arbiters shall be final and binding on
both parties; but failing to agree, they shall call in the Umpire and the
decision of the majority shall be final and binding upon both parties. Judgment
upon the final decision of the Arbiters may be entered in any court of competent
jurisdiction.

     (d)    Each party shall bear the expense of its own Arbiter, and shall
jointly and equally bear with the other the expense of the Umpire and of the
arbitration unless otherwise directed by the Arbiters.

     (e)    Any arbitration proceedings shall take place in New York, New York
unless the parties agree otherwise.

     (f)    Once the Proposed Accounting has been finalized in accordance with
the above process, the Final Section A Premium and the Final Section B Premium
amounts shall be as set forth in the Proposed Accounting, as determined by the
Arbiters, if applicable (the "ARBITRATED FINAL SECTION A PREMIUM" and/or
"ARBITRATED FINAL SECTION B PREMIUM", as the case may be). In the event the sum
of the Arbitrated Final Section A Premium and the Arbitrated Final Section B
Premium amounts (determined in accordance with the first sentence of this
Section 4.03(f)) is greater than the amount paid by Retrocedant to
Retrocessionaire on the Effective Date, Retrocedant shall promptly pay to the
account of Retrocessionaire the difference plus interest on such amount at the
Applicable Rate from and including the Effective Date to and including the date
of such

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payment. In the event the sum of such amounts (determined in accordance with the
first sentence of this Section 4.03(f)) is lower than the amount paid by
Retrocedant to Retrocessionaire on the Effective Date, Retrocessionaire shall
promptly pay to the account of Retrocedant the difference plus interest on such
amount at the Applicable Rate from the Effective Date to the date of such
payment.

     (g)    It is understood that the dispute resolution provisions set forth in
this Section 4.03 represent the exclusive remedy for disputes arising between
the parties with respect to the Proposed Accounting and that the dispute
mechanisms set forth in Article XV shall be the exclusive remedy for all
disputes not relating to the Proposed Accounting.

     SECTION 4.04    RETURN OF PREMIUM.

     (a)    Retrocessionaire shall calculate the Return Premium (as defined
below) as of each anniversary of the inception of the Reinsurance Contracts and
upon the earlier of the commutation of, final settlement under or termination of
the Reinsurance Contracts (each such date and including the Effective Date
hereof, a "CALCULATION DATE") and shall promptly notify Retrocedant of such
determination. As of each anniversary of the date hereof, if the difference
between the current calculation of aggregate Return Premiums accrued since the
prior anniversary and the prior calculation of aggregate Return Premiums as of
the next preceding anniversary is positive, Retrocessionaire shall promptly pay
such difference to Retrocedant. If the difference is negative, Retrocedant shall
promptly pay such difference to Retrocessionaire, provided however, that no
payment will be required if the cumulative aggregate Return Premium for such
Reinsurance Contract would be less than zero upon such payment.

     (b)    The Return Premium as of any Calculation Date shall be equal to:

            (i)  any profit commission that Retrocedant is obligated to pay
                 under a Reinsurance Contract, as determined therein since the
                 prior Calculation Date, plus

            (ii) the product of:

                 the Deficit Accrual Percentage, as listed on Exhibit I hereto
                 for the respective Reinsurance Contracts, and

                 the greater of (1) the difference between the Beginning Deficit
                 and the Ending Deficit, and (2) zero.

     The Beginning Deficit as of any Calculation Date shall be the deficit (as
defined in the Reinsurance Contract) as of the prior Calculation Date. If the
inception anniversary date of the Reinsurance Contract does not coincide with
the Effective date, the Beginning Deficit as of the Calculation Date that is the
Effective Date shall be adjusted to include premiums earned, excluding deficit
penalty premium accruals, and cumulative losses incurred, including any incurred
but not reported loss reserves carried by Retroce-

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dant, since the immediately prior anniversary date. The Ending Deficit shall be
the deficit as of such Calculation Date.

                                    ARTICLE V

                          RETROCEDANT CEDING COMMISSION

     With respect to the Reinsurance Contracts, Retrocessionaire shall pay to
Retrocedant a ceding commission (the "RETROCEDANT CEDING COMMISSION") with
respect to the Section B (Prospective) Coverage Period, and such Retrocedant
Ceding Commission shall equal 100 percent (100%) of the actual expenses incurred
in writing each Reinsurance Contract, including actual ceding commissions and
brokerage fees, as determined in accordance with Retrocedant's customary
practices and procedures and as submitted to The St. Paul, all as allocable pro
rata to periods from and after the Effective Time. Retrocedant Ceding
Commissions shall also include all underwriting fees and other costs and
expenses paid by Retrocedant pursuant to the Underwriting Management Agreement
between Retrocedant and Retrocessionaire, dated as of the date hereof, and all
underwriting and other expenses incurred by Retrocedant on or after the
Effective Date with respect to the liabilities transferred hereunder, as
determined in accordance with Retrocedant's customary practices and procedures.

                                   ARTICLE VI

                               ORIGINAL CONDITIONS

     All retrocessions assumed under this Agreement shall be subject to the same
rates, terms, conditions, waivers and interpretations, and to the same
modifications and alterations, as the respective Reinsurance Contract.

                                  ARTICLE VII

                              INURING RETROCESSIONS

     SECTION 7.01    ALLOCATION TO RETROCESSIONAIRE. Retrocedant agrees that the
retrocession contracts purchased by the reinsurance division of The St. Paul
("ST. PAUL RE") from third party retrocessionaires ("THIRD PARTY
RETROCESSIONAIRES") on behalf of Retrocedant prior to the Effective Time that
are listed on Exhibit C hereto shall inure to the benefit of Retrocessionaire to
the extent of liabilities covered under this Agreement ("INURING
RETROCESSIONS"), subject to the agreed allocations in Exhibits D, E and F. It is
further understood and agreed that facultative reinsurance not listed on Exhibit
C but relating to the Reinsurance Contracts shall also inure to the benefit of
Retrocessionaire to the extent of liabilities covered under this Agreement and
shall be considered Inuring Retrocessions under this Agreement.

     SECTION 7.02    TRANSFER. Retrocedant and Retrocessionaire shall use their
respective commercially reasonable efforts to obtain the consent of Third Party
Retrocessionaires under the Inuring Retrocessions to include Retrocessionaire as
an

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additional reinsured with respect to the Reinsurance Contracts or, in the
alternative, to make all payments directly to the Retrocessionaire, to the
extent allocable to the Reinsurance Contracts, in the manner set forth in
Exhibit D hereto, and to seek all payments, to the extent allocable to the
Reinsurance Contracts, in the manner set forth herein in Exhibit E hereto,
directly from Retrocessionaire, it being understood that Retrocessionaire shall
bear all risk of non-payment or non-collectibility under the Inuring
Retrocessions.

     SECTION 7.03      INURING RETROCESSIONS CLAIMS.

     (a)    Each of the parties agrees to transfer to the other party all
recoveries or any portion thereof that such party receives on or after the
Effective Time pursuant to the Inuring Retrocessions which are allocated to the
other party in the manner set forth in Exhibit D hereto. Retrocedant shall use
its commercially reasonable efforts to collect any recoveries due to
Retrocessionaire under the Inuring Retrocessions that indemnify the Retrocedant
for losses or expenses payable or return of premium allocable to the
Retrocessionaire and shall hold them on trust for, and pay them to or to the
order of Retrocessionaire. The parties agree that Retrocessionaire's obligations
to make payments pursuant to the Inuring Retrocessions or to reimburse
Retrocedant pursuant to this Agreement shall not be waived by non-receipt of any
such amounts. Retrocessionaire shall reimburse Retrocedant for one hundred
percent (100%) of any expenses reasonably incurred by Retrocedant in attempting
to make such collection, including all allocated expenses, as determined in
accordance with St. Paul Re's customary practices and procedures.
Retrocessionaire shall have the right to associate with Retrocedant, at
Retrocessionaire's own expense, in any actions brought by Retrocedant to make
such collections.

     (b)    In the event claims of Retrocedant and Retrocessionaire aggregate in
excess of the applicable limit under an Inuring Retrocession, all limits
applicable to either Retrocedant or Retrocessionaire shall be allocated between
Retrocedant and Retrocessionaire in the manner set forth in Exhibit F hereto.

     SECTION 7.04    INITIAL CONSIDERATION. To the extent not already reflected
in the calculation of Final Section B Premium, as part of the Section B
(Prospective) Coverage Period premiums described in Section 4.02,
Retrocessionaire shall reimburse Retrocedant for one hundred percent (100%) of
any and all unearned premiums paid by Retrocedant under such Inuring
Retrocessions net of any applicable unearned ceding commissions paid to
Retrocedant thereunder.

     SECTION 7.05    ADDITIONAL CONSIDERATION. Retrocessionaire agrees to pay
under the Inuring Retrocessions all future premiums Retrocedant is obligated to
pay pursuant to the terms of the Inuring Retrocessions to the extent that such
premiums are allocable to Retrocessionaire in the manner set forth in Exhibit E
hereto, and not otherwise paid by Retrocessionaire and to indemnify Retrocedant
for all such premiums paid directly by Retrocedant, net of any ceding
commissions and similar amounts paid by Third Party Retrocessionaires to
Retrocedant.

                                      -11-
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     SECTION 7.06    TERMINATION OR COMMUTATION OF INURING RETROCESSIONS.

     (a)    With respect to any Inuring Retrocessions providing coverage solely
with respect to the Reinsurance Contracts, Retrocedant agrees, on behalf of
itself and its affiliates, not to terminate or commute any such Inuring
Retrocession without the written consent of Retrocessionaire.

     (b)    With respect to any Inuring Retrocessions providing coverage for
both Reinsurance Contracts and to business not being transferred, neither party
shall take any action or fail to take any action that would reasonably result in
the termination or commutation of, or any material change in the coverage
provided by, any Inuring Retrocession, without the prior written consent of the
other party, such consent not to be unreasonably withheld.

                                  ARTICLE VIII

                 LOSS AND LOSS EXPENSE; SALVAGE aND SUBROGATION
                               FOLLOW THE FORTUNES

     (a)    Retrocessionaire shall be liable for one hundred percent (100%) of
all future loss, loss adjustment expenses, incurred but not reported losses and
other payment obligations that arise (including ceding commissions, as and to
the extent determined in Article IV) under the Reinsurance Contracts on and
after January 1, 2002 and are payable as of or after the Effective Time and
shall reimburse Retrocedant for any losses, loss adjustment expenses and other
payment obligations paid by Retrocedant following the Effective Time in respect
of the Reinsurance Contracts, net of any recoveries received by Retrocedant with
respect thereto, including recoveries under Inuring Retrocessions.
Retrocessionaire shall have the right to all salvage and subrogation on the
account of claims and settlements with respect to the Reinsurance Contracts.

     (b)    In the event of a claim under a Reinsurance Contract, the
Retrocedant will assess the validity of the claim and make a determination as to
payment, consistent with the claims handling guidelines previously provided to
Retrocedant in writing by Retrocessionaire and Retrocessionaire may exercise its
rights under Section 10.01 in respect thereof. Retrocedant shall provide prompt
notice of any claim in excess of $500,000 to Retrocessionaire. All payments made
by Retrocedant, whether under strict contract terms or by way of compromise,
shall be binding on Retrocessionaire. In addition, if Retrocedant refuses to pay
a claim in full and a legal proceeding results, Retrocessionaire will be
unconditionally bound by any settlement agreed to by Retrocedant or the adverse
judgment of any court or arbitrator (which could include any judgment for bad
faith, punitive damages, excess policy limit losses or extra contractual
obligations) and Retrocedant may recover with respect to such settlements and
judgments under this Agreement. Though Retrocedant will settle such claims and
litigation in good faith, Retrocessionaire is bound to accept the settlements
paid by Retrocedant and such settlements may be for amounts that could be
greater than the amounts that would be agreed to by Retrocessionaire if
Retrocessionaire were to settle such claims or litigation directly. It is the
intent of this Agreement that Retrocessionaire shall in every case in

                                      -12-
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which this Agreement applies and in the proportions specified herein, "follow
the fortunes" of Retrocedant in respect of risks Retrocessionaire has accepted
under this Agreement.

                                   ARTICLE IX

                          EXTRA CONTRACTUAL OBLIGATIONS

     In the event Retrocedant or Retrocessionaire is held liable to pay any
punitive, exemplary, compensatory or consequential damages because of alleged or
actual bad faith or negligence related to the handling of any claim under any
Reinsurance Contract or otherwise in respect of such Reinsurance Contract, the
parties shall be liable for such damages in proportion to their responsibility
for the conduct giving rise to the damages. Such determination shall be made by
Retrocedant and Retrocessionaire, acting jointly and in good faith, and in the
event the parties are unable to reach agreement as to such determination,
recourse shall be had to Article XV hereof.

                                   ARTICLE X

                     ADMINISTRATION OF REINSURANCE CONTRACTS

     SECTION 10.01   ADMINISTRATION.

     (a)    The parties agree that, as of the Effective Time, Retrocedant shall
have the sole authority to administer the Reinsurance Contract in all respects,
which authority shall include, but not be limited to, authority to bill for and
collect premiums, adjust all claims and handle all disputes thereunder and to
effect any and all amendments, commutations and cancellations of the Reinsurance
Contract, subject, however, in the case of administration of claims, to all
claims handling guidelines provided in advance in writing by Retrocessionaire to
Retrocedant. Retrocedant shall not, on its own, settle any claim, waive any
right, defense, setoff or counterclaim relating to the Reinsurance Contracts
with respect to amounts in excess of $500,000 or make any ex gratia payments,
and shall not amend, commute or terminate any of the Reinsurance Contracts, in
each case, without the prior written consent of Retrocessionaire.

     (b)    Notwithstanding the foregoing, to the extent permitted by law,
Retrocessionaire may, at its discretion and at its own expense, assume the
administration, defense and settlement of any claim upon prior written notice to
Retrocedant. Upon receipt of such notice, Retrocedant shall not compromise,
discharge or settle such claim except with the prior written consent of
Retrocessionaire. Retrocessionaire shall not take any action in the
administration of such claim that would reasonably be expected to adversely
affect Retrocedant, its business or its reputation, without the prior written
consent of Retrocedant. Subject to the terms of Article IX hereof,
Retrocessionaire shall indemnify Retrocedant for all Losses, including punitive,
exemplary, compensatory or consequential damages arising from such assumption of
the conduct of such settlement pursuant to Article XIV herein.

                                      -13-
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     SECTION 10.02   REPORTING AND REGULATORY MATTERS. Each party shall provide
the notices and filings required to be made by it to state regulatory
authorities as a result of this Agreement. Notwithstanding the foregoing, each
party shall provide to the other party any information in its possession
regarding the Reinsurance Contracts as reasonably required by the other party to
make such filings and in a form as agreed to by the parties.

     SECTION 10.03   DUTY TO COOPERATE. Upon the terms and subject to the
conditions and other agreements set forth herein, each party agrees to use its
commercially reasonable efforts to take, or cause to be taken, all actions, and
to do, or cause to be done, and to assist and cooperate with the other party in
doing, all things necessary or advisable to perform the transactions
contemplated by this Agreement.

     SECTION 10.04   COMMUNICATIONS RELATING TO THE REINSURANCE CONTRACTS.
Following the Effective Time, Retrocedant and Retrocessionaire shall each
promptly forward to the other copies of all material notices and other written
communications it receives relating to the Reinsurance Contracts (including,
without limitation, all inquiries and complaints from state insurance
regulators, brokers and other service providers and reinsureds and all notices
of claims, suits and actions for which it receives service of process.)

                                   ARTICLE XI

                             REPORTS AND REMITTANCES

     SECTION 11.01   REPORT FROM RETROCEDANT. Within thirty days following the
end of each month, Retrocedant shall provide Retrocessionaire with a summary
statement of account for the previous month showing all activity relating to
each of the Reinsurance Contracts, including related administration costs and
expenses incurred by Retrocedant consisting of the categories of information set
forth in Exhibit G hereto. The monthly statement of account shall also provide a
breakdown of any amounts due to the Retrocedant or Retrocessionaire, as the case
may be, as reimbursement for paid claims, collected premiums or other amounts
due pursuant to the terms of this Agreement, including amounts relating to
Inuring Retrocessions.

     SECTION 11.02   REMITTANCES. Within two Business Days after delivery of
each monthly report pursuant to Section 11.01, Retrocedant and Retrocessionaire
shall settle all amounts then due under this Agreement for that month. It is
agreed that Retrocedant shall retain all premiums received arising from all
business written for which the first day of the original cedant's account period
occurs prior to the Effective Date until such time as such aggregate amount of
such premiums received equals the net amount to be retained by Retrocedant
pursuant to Section 4.01(d) and 4.02(b) herein, after which time, such premiums
shall be remitted by Retrocedant to Retrocessionaire.

     SECTION 11.03   LATE PAYMENTS. Should any payment due any party to this
Agreement be received by such party after the due date for such payment under
this Agreement, interest shall accrue from the date on which such payment was
due until

                                      -14-
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payment is received by the party entitled thereto, at an annual rate equal to
the London Interbank Offered Rate quoted for six month periods as reported in
The Wall Street Journal on the first Business Day of the month in which such
payment first becomes due plus one hundred basis points (the "APPLICABLE RATE").

     SECTION 11.04   COST REIMBURSEMENT. Retrocessionaire shall reimburse for
its allocated share of all costs and expenses incurred by Retrocedant in
administering the Reinsurance Contracts as set forth in Exhibit H hereto.

     SECTION 11.05   CURRENCY. For purposes of this Agreement, where Retrocedant
receives premiums or pays losses in currencies other than United States dollars,
such premiums or losses shall be converted into United States dollars at the
actual rates of exchange at which these premiums or losses are entered in the
Retrocedant's books.

                                  ARTICLE XII

                             MAINTENANCE OF LICENSES

     Each of Retrocedant and Retrocessionaire hereby covenants to maintain at
all times all licenses and authorizations required to undertake the actions
contemplated hereby.

                                  ARTICLE XIII

                                ACCESS TO RECORDS

     From and after the Closing Date, Retrocedant shall afford to
Retrocessionaire and its respective authorized accountants, counsel and other
designated representatives (collectively, "REPRESENTATIVES") reasonable access
(including using commercially reasonable best efforts to give access to Persons
possessing information) during normal business hours to all data and information
that is specifically described in writing (collectively, "INFORMATION") within
the possession of Retrocedant relating to the liabilities transferred hereunder,
insofar as such information is reasonably required by Retrocessionaire.
Similarly, from and after the Closing Date, Retrocessionaire shall afford to
Retrocedant, any Post-closing Subsidiary of Retrocedant and their respective
Representatives reasonable access (including using commercially reasonable best
efforts to give access to Persons possessing information) during normal business
hours to Information within Retrocessionaire's possession relating to
Retrocedant, insofar as such information is reasonably required by Retrocedant.
Information may be requested under this Article XIII for, without limitation,
audit, accounting, claims, litigation (other than any claims or litigation
between the parties hereto) and tax purposes, as well as for purposes of
fulfilling disclosure and reporting obligations and for performing this
Agreement and the transactions contemplated hereby.

     From and after the Closing Date, Retrocessionaire and Retrocedant or their
designated representatives may inspect, at the place where such records are
located, any

                                      -15-
<Page>

and all data and information that is specifically described in writing within
the possession of the other party hereto reasonably relating to this Agreement,
on reasonable prior notice and during normal business hours. The rights of the
parties under this Article XIII shall survive termination of this Agreement and
shall continue for as long as there may be liabilities under the Reinsurance
Contracts or reporting or retention requirements under applicable law. In
addition, each party shall have the right to take copies (including electronic
copies) of any information held by the other party that reasonably relates to
this Agreement or the Reinsurance Contracts. Each party shall, and shall cause
its designated representative to, treat and hold as confidential information any
information it receives or obtains pursuant to this Article XIII.

                                   ARTICLE XIV

                                 INDEMNIFICATION

     SECTION 14.01   INDEMNIFICATION BY RETROCEDANT. Retrocedant agrees to
indemnify, defend and hold harmless Retrocessionaire, and its officers,
directors and employees with respect to any and all Losses arising from any
breach by Retrocedant of any representation, warranty or covenant herein.
Retrocedant further agrees to indemnify, defend and hold harmless
Retrocessionaire and its officers, directors and employees against any and all
Losses arising out of Retrocedant's administration of the Reinsurance Contracts,
including but not limited to extracontractual obligations, payments in excess of
policy limits and settlements made in respect of any such claims to the extent
arising from the gross negligence or willful misconduct of Retrocedant except to
the extent such actions are taken with the prior consent or direction of
Retrocessionaire. Such indemnification obligations shall be limited to the
aggregate of all fees paid to Retrocedant pursuant to Section 11.04 hereof.

     SECTION 14.02   INDEMNIFICATION BY RETROCESSIONAIRE. Retrocessionaire
agrees to indemnify, defend and hold harmless Retrocedant, and its officers,
directors and employees with respect to any and all Losses arising from any
breach by Retrocessionaire of any representation, warranty or covenant herein.
Retrocessionaire further agrees to indemnify, defend and hold harmless
Retrocedant and its officers, directors and employees against any and all Losses
arising out of Retrocessionaire's administration of the Reinsurance Contracts,
including but not limited to extracontractual obligations, payments in excess of
policy limits and settlements made in respect of any such claims.

     SECTION 14.03   INDEMNIFICATION PROCEDURES. (a) If a party seeking
indemnification pursuant to this Article XIV (each, an "INDEMNITEE") receives
notice or otherwise learns of the assertion by a Person (including, without
limitation, any governmental entity) who is not a party to this Agreement or an
Affiliate thereof, of any claim or of the commencement by any such Person of any
Action (a "THIRD PARTY CLAIM") with respect to which the party from whom
indemnification is sought (each, an "INDEMNIFYING PARTY") may be obligated to
provide indemnification pursuant to this Section 14.01 or 14.02, such Indemnitee
shall give such Indemnifying Party written notice thereof promptly after
becoming aware of such Third Party Claim; PROVIDED that the failure of

                                      -16-
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any Indemnitee to give notice as provided in this Section 14.03 shall not
relieve the Indemnifying Party of its obligations under this Article XIV, except
to the extent that such Indemnifying Party is prejudiced by such failure to give
notice. Such notice shall describe the Third Party Claim in as much detail as is
reasonably possible and, if ascertainable, shall indicate the amount (estimated
if necessary) of the Loss that has been or may be sustained by such Indemnitee.

     (b)    An Indemnifying Party may elect to defend or to seek to settle or
compromise, at such Indemnifying Party's own expense and by such Indemnifying
Party's own counsel, any Third Party Claim. Within 30 days of the receipt of
notice from an Indemnitee in accordance with Section 14.03(a) (or sooner, if the
nature of such Third Party Claim so requires), the Indemnifying Party shall
notify the Indemnitee of its election whether the Indemnifying Party will assume
responsibility for defending such Third Party Claim, which election shall
specify any reservations or exceptions. After notice from an Indemnifying Party
to an Indemnitee of its election to assume the defense of a Third Party Claim,
such Indemnifying Party shall not be liable to such Indemnitee under this
Article XIV for any legal or other expenses (except expenses approved in writing
in advance by the Indemnifying Party) subsequently incurred by such Indemnitee
in connection with the defense thereof; PROVIDED that, if the defendants in any
such claim include both the Indemnifying Party and one or more Indemnitees and
in any Indemnitee's reasonable judgment a conflict of interest between one or
more of such Indemnitees and such Indemnifying Party exists in respect of such
claim or if the Indemnifying Party shall have assumed responsibility for such
claim with reservations or exceptions that would materially prejudice such
Indemnitees, such Indemnitees shall have the right to employ separate counsel to
represent such Indemnitees and in that event the reasonable fees and expenses of
such separate counsel (but not more than one separate counsel for all such
Indemnitees reasonably satisfactory to the Indemnifying Party) shall be paid by
such Indemnifying Party. If an Indemnifying Party elects not to assume
responsibility for defending a Third Party Claim, or fails to notify an
Indemnitee of its election as provided in this Article XIV, such Indemnitee may
defend or (subject to the remainder of this Article XIV) seek to compromise or
settle such Third Party Claim at the expense of the Indemnifying Party.

     (c)    Neither an Indemnifying Party nor an Indemnitee shall consent to
entry of any judgment or enter into any settlement of any Third Party Claim
which does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such Indemnitee, in the case of a consent or settlement
by an Indemnifying Party, or the Indemnifying Party, in the case of a consent or
settlement by the Indemnitee, of a written release from all liability in respect
to such Third Party Claim.

     (d)    If an Indemnifying Party chooses to defend or to seek to compromise
or settle any Third Party Claim, the Indemnitee shall make available at
reasonable times to such Indemnifying Party any personnel or any books, records
or other documents within its control or which it otherwise has the ability to
make available that are necessary or appropriate for such defense, settlement or
compromise, and shall otherwise cooperate in a reasonable manner in the defense,
settlement or compromise of such Third Party Claim.

                                      -17-
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     (e)    Notwithstanding anything in this Article XIV to the contrary,
neither an Indemnifying Party nor an Indemnitee may settle or compromise any
claim over the objection of the other; PROVIDED that consent to settlement or
compromise shall not be unreasonably withheld or delayed. If an Indemnifying
Party notifies the Indemnitee in writing of such Indemnifying Party's desire to
settle or compromise a Third Party Claim on the basis set forth in such notice
(provided that such settlement or compromise includes as an unconditional term
thereof the giving by the claimant or plaintiff of a written release of the
Indemnitee from all liability in respect thereof) and the Indemnitee shall
notify the Indemnifying Party in writing that such Indemnitee declines to accept
any such settlement or compromise, such Indemnitee may continue to contest such
Third Party Claim, free of any participation by such Indemnifying Party, at such
Indemnitee's sole expense. In such event, the obligation of such Indemnifying
Party to such Indemnitee with respect to such Third Party Claim shall be equal
to (i) the costs and expenses of such Indemnitee prior to the date such
Indemnifying Party notifies such Indemnitee of the offer to settle or compromise
(to the extent such costs and expenses are otherwise indemnifiable hereunder)
PLUS (ii) the lesser of (A) the amount of any offer of settlement or compromise
which such Indemnitee declined to accept and (B) the actual out-of-pocket amount
such Indemnitee is obligated to pay subsequent to such date as a result of such
Indemnitee's continuing to pursue such Third Party Claim.

     (f)    In the event of payment by an Indemnifying Party to any Indemnitee
in connection with any Third Party Claim, such Indemnifying Party shall be
subrogated to and shall stand in the place of such Indemnitee as to any events
or circumstances in respect of which such Indemnitee may have any right or claim
relating to such Third Party Claim against any claimant or plaintiff asserting
such Third Party Claim or against any other Person. Such Indemnitee shall
cooperate with such Indemnifying Party in a reasonable manner, and at the cost
and expense of such Indemnifying Party, in prosecuting any subrogated right or
claim.

     (g)    Except with respect to claims relating to actual fraud, the
indemnification provisions set forth in this section are the sole and exclusive
remedy of the parties hereto for any and all claims for indemnification under
this Agreement.

     SECTION 14.04   SURVIVAL. This Article XIV shall survive termination of
this Agreement.

                                   ARTICLE XV

                                   ARBITRATION

     (a)    As a condition precedent to any right of Action under this
Agreement, any dispute or difference between the parties hereto relating to the
formation, interpretation, or performance of this Agreement, or any transaction
under this Agreement, whether arising before or after termination, shall be
submitted for decision to a panel of three arbitrators (the "PANEL") at the
offices of Judicial Arbitration and Mediation Services, Inc. in accordance with
the Streamlined Arbitration Rules and Procedures of Judicial Arbitration and
Mediation Services, Inc.

                                      -18-
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     (b)    The party demanding arbitration shall do so by written notice
complying with the terms of Section 20.06. The arbitration demand shall state
the issues to be resolved and shall name the arbitrator appointed by the
demanding party.

     (c)    Within 30 days of receipt of the demand for arbitration, the
responding party shall notify the demanding party of any additional issues to be
resolved in the arbitration and the name of the responding party's appointed
arbitrator. If the responding party refuses or neglects to appoint an arbitrator
within 30 days following receipt of the written arbitration demand, then the
demanding party may appoint the second arbitrator, but only after providing 10
days' written notice of its intention to do so, and only if such other party has
failed to appoint the second arbitrator within such 10 day period.

     (d)    The two arbitrators shall, before instituting the hearing, select an
impartial arbitrator who shall act as the umpire and preside over the hearing.
If the two arbitrators fail to agree on the selection of a third arbitrator
within 30 days after notification of the appointment of the second arbitrator,
the selection of the umpire shall be made by the American Arbitration
Association. Upon resignation or death of any member of the Panel, a replacement
will be appointed in the same fashion as the resigning or deceased member was
appointed. All arbitrators shall be active or former officers of
property/casualty insurance or reinsurance companies, or Lloyd's underwriters,
and shall be disinterested in the outcome of the arbitration.

     (e)    Within 30 days after notice of appointment of all arbitrators, the
Panel shall meet and determine timely periods for briefs, discovery procedures
and schedules for hearings. The Panel shall have the power to determine all
procedural rules for the holding of the arbitration, including but not limited
to the inspection of documents, examination of witnesses and any other matter
relating to the conduct of the arbitration. The Panel shall interpret this
Agreement as an honorable engagement and not as merely a legal obligation and
shall make its decision considering the custom and practice of the applicable
insurance and reinsurance business. The Panel shall be relieved of all judicial
formalities and may abstain from following the strict rules of law. The decision
of any two arbitrators shall be binding and final. The arbitrators shall render
their decision in writing within 60 days following the termination of the
hearing. Judgment upon the award may be entered in any court of competent
jurisdiction.

     (f)    Except as otherwise provided herein, all proceedings pursuant hereto
shall be governed by the laws of the State of Minnesota without giving effect to
any choice or conflict of laws provision or rule (whether of the State of
Minnesota or any other jurisdiction) that would cause the application of the
laws of any jurisdiction other than the State of Minnesota.

     (g)    The parties agree that any disputes subject to arbitration pursuant
to this Article XV that may also be subject to arbitration proceedings between
respective Affiliates of the parties shall be consolidated with and subject to
arbitration pursuant to this Article XV. The parties further agree that all
issues that are limited to a specific foreign jurisdiction under an agreement
between the respective affiliates of the parties

                                      -19-
<Page>

shall be determined by this Panel pursuant to the consolidation, in reference to
the governing law of the applicable agreement.

     (h)    Each party shall bear the expense of its own arbitrator and shall
share equally with the other party the expense of the umpire and of the
arbitration.

     (i)    Arbitration hereunder shall take place in New York, New York unless
the parties agree otherwise.

     (j)    This Article XV shall survive termination of this Agreement.

                                   ARTICLE XVI

                                   INSOLVENCY

     (a)    In the event of the insolvency of Retrocedant, this reinsurance
shall be payable directly to Retrocedant, or to its liquidator, receiver,
conservator or statutory successor on the basis of the liability of Retrocedant
without diminution because of the insolvency of Retrocedant or because the
liquidator, receiver, conservator or statutory successor of Retrocedant has
failed to pay all or a portion of any claim.

     (b)    It is agreed, however, that the liquidator, receiver, conservator or
statutory successor of Retrocedant shall give written notice to Retrocessionaire
of the pendency of a claim against Retrocedant indicating the Reinsurance
Contract, which claim would involve a possible liability on the part of
Retrocessionaire within a reasonable time after such claim is filed in the
conservation or liquidation proceeding or in the receivership, and that during
the pendency of such claim, Retrocessionaire may investigate such claim and
interpose, at its own expense, in the proceeding where such claim is to be
adjudicated any defense or defenses that it may deem available to Retrocedant or
its liquidator, receiver, conservator or statutory successor. The expense thus
incurred by Retrocessionaire shall be chargeable, subject to the approval of the
court, against Retrocedant as part of the expense of conservation or liquidation
to the extent of a pro rata share of the benefit which may accrue to Retrocedant
solely as a result of the defense undertaken by Retrocessionaire.

     (c)    As to all reinsurance made, ceded, renewed or otherwise becoming
effective under this Agreement, the reinsurance shall be payable as set forth
above by Retrocessionaire to Retrocedant or to its liquidator, receiver,
conservator or statutory successor, except (1) where the Reinsurance Contracts
specifically provide another payee in the event of the insolvency of
Retrocedant, and (2) where Retrocessionaire, with the consent of the reinsured
or reinsureds under the Reinsurance Contracts, has assumed such Reinsurance
Contract obligations of Retrocedant as direct obligations of Retrocessionaire to
the payees under such Reinsurance Contracts and in substitution for the
obligations of the Retrocedant to such payees.

                                      -20-
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                                  ARTICLE XVII

                                     OFFSET

     Retrocedant and Retrocessionaire shall have the right to offset any balance
or amounts due from one party to the other under the terms of this Agreement.
The party asserting the right of offset may exercise such right at any time
whether the balances due are on account of premiums, losses or otherwise.

                                 ARTICLE XVIII

                              ERRORS AND OMISSIONS

     Any inadvertent delay, omission, error or failure shall not relieve either
party hereto from any liability which would attach hereunder if such delay,
omission, error or failure had not been made provided such delay, omission,
error or failure is rectified as soon as reasonably practicable upon discovery.

                                   ARTICLE XIX

                        CREDIT FOR REINSURANCE; SECURITY

     SECTION 19.01   CREDIT FOR REINSURANCE. Retrocessionaire shall take all
actions reasonably necessary, if any, to permit Retrocedant to obtain full
financial statement credit in all applicable U.S. jurisdictions for all
liabilities assumed by the Retrocessionaire pursuant to this Agreement,
including but not limited to loss and loss adjustment expense reserves, unearned
premium reserves, reserves for incurred but not reported losses, allocated loss
adjustment expenses and ceding commissions, and to provide the security required
for such purpose, in a form reasonably acceptable to Retrocedant. Any reserves
required by the foregoing in no event shall be less than the amounts required
under the law of the jurisdiction having regulatory authority with respect to
the establishment of reserves relating to the relevant Reinsurance Contracts.
For purposes of this Article XIX, such "actions reasonably necessary" may
include, without limitation, the furnishing of a letter of credit or the
establishment of a custodial or trust account, as permitted under applicable
law, to secure the payment of the amounts due the Retrocedant under this
Agreement.

     SECTION 19.02   EXPENSES. All expenses of establishing and maintaining any
letter of credit or other security arrangement shall be paid by
Retrocessionaire.

     SECTION 19.03   SECURITY. Retrocessionaire shall establish and maintain a
trust fund for the benefit of Retrocedant as security for the obligations of
Retrocessionaire under this Agreement. The trust fund shall be in a form
reasonably satisfactory to Retrocedant and shall comply in all material respects
with the requirements under Maryland Insurance Law applicable to trust funds
established for credit for reinsurance purposes except as explicitly set forth
therein.

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                                   ARTICLE XX

                            MISCELLANEOUS PROVISIONS

     SECTION 20.01   SEVERABILITY. If any term or provision of this Agreement
shall be held void, illegal, or unenforceable, the validity of the remaining
portions or provisions shall not be affected thereby.

     SECTION 20.02   SUCCESSORS AND ASSIGNS. This Agreement may not be assigned
by either party without the prior written consent of the other. The provisions
of this Agreement shall be binding upon and inure to the benefit of and be
enforceable by the parties hereto and their respective successors and assigns as
permitted herein.

     SECTION 20.03   NO THIRD PARTY BENEFICIARIES. Except as otherwise
specifically provided for in Article XIV of this Agreement, nothing in this
Agreement is intended or shall be construed to give any Person, other than the
parties hereto, their successors and permitted assigns, any legal or equitable
right, remedy or claim under or in respect of this Agreement or any provision
contained herein, and Retrocessionaire shall not be directly liable hereunder to
any reinsured under any Reinsurance Contract.

     SECTION 20.04   EQUITABLE RELIEF. Each party hereto acknowledges that if it
or its employees or agents violate the terms of this Agreement, the other party
will not have an adequate remedy at law. In the event of such a violation, the
other party shall have the right, in addition to any other rights that may be
available to it, to obtain in any court of competent jurisdiction injunctive
relief to restrain any such violation and to compel specific performance of the
provisions of this Agreement. The seeking or obtaining of such injunctive relief
shall not foreclose or limit in any way relief against either party hereto for
any monetary damage arising out of such violation.

     SECTION 20.05   EXECUTION IN COUNTERPARTS. This Agreement may be executed
by the parties hereto in any number of counterparts and by each of the parties
hereto in separate counterparts, each of which counterparts, when so executed
and delivered, shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

     SECTION 20.06   NOTICES. All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be deemed to have been
duly given if delivered by hand (with receipt confirmed), or by facsimile (with
transmission confirmed), or by certified mail, postage prepaid and return
receipt requested, addressed as follows (or to such other address as a party may
designate by written notice to the others) and shall be deemed given on the date
on which such notice is received:

                                      -22-
<Page>

     If to Retrocedant:

     St. Paul Fire and Marine Insurance Company
     385 Washington Street
     St. Paul, Minnesota 55102
     Facsimile: [NO.  ]
     Attention: [TITLE]

     If to Retrocessionaire:

     Platinum Underwriters Reinsurance, Inc.
     195 Broadway
     New York, New York  10007
     Facsimile: (212) 238-9202
     Attention: Chief Financial Officer

     SECTION 20.07   WIRE TRANSFER. All settlements in accordance with this
Agreement shall be made by wire transfer of immediately available funds on the
due date, or if such day is not a Business Day, on the next day which is a
Business Day, pursuant to the following wire transfer instructions:

     For credit to Platinum Underwriters Reinsurance, Inc.
     Citibank
     Newcastle, Delaware
     Account Number 38660864
     Bank ABA Number 031100209.

     For credit to St. Paul Fire and Marine Insurance Company
     [  ]

Payment may be made by check payable in immediately available funds in the event
the party entitled to receive payment has failed to provide wire transfer
instructions.

     SECTION 20.08   HEADINGS. Headings used herein are not a part of this
Agreement and shall not affect the terms hereof.

     SECTION 20.09   FURTHER ASSURANCES. Each of the parties shall from time to
time, on being reasonably requested to do so by the other party to this
Agreement, do such acts and/or execute such documents in a form reasonably
satisfactory to the party concerned as may be necessary to give full effect to
this Agreement and securing to that party the full benefit of the rights, powers
and remedies conferred upon it by this Agreement.

     SECTION 20.10   AMENDMENTS; ENTIRE AGREEMENT. This Agreement may be amended
only by written agreement of the parties. This Agreement, together with the
Formation and Separation Agreement, supersedes all prior discussions and written
and

                                      -23-
<Page>

oral agreements and constitutes the sole and entire agreement between the
parties with respect to the subject matter hereof.

     SECTION 20.11   GOVERNING LAW. This Agreement shall be governed by the laws
of the State of Minnesota, without giving effect to principles of conflicts of
laws thereof.

                                      -24-
<Page>

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

                                                ST. PAUL FIRE AND MARINE
                                                INSURANCE COMPANY

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

                                                PLATINUM UNDERWRITERS
                                                REINSURANCE, INC.

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

                                      -25-
<Page>

                                   EXHIBIT A-1

                              REINSURANCE CONTRACTS

<Table>
<Caption>
                                                  RESERVE         CLASS
CONTRACT      UY             USER TITLE            CLASS           NAME            CEDANT NAME       EFFECTIVE DATE  EXPIRATION DATE
------------------------------------------------------------------------------------------------------------------------------------
<S>           <C>    <C>                            <C>     <C>                 <C>                       <C>              <C>
00003436400   2002   Catastrophe Excess of Loss     0340    Non-traditional E   Hiscox Insurance Co       01-Jan-02        31-Dec-02

00003741500   2001   Marine Excess of Loss          0340    Non-traditional E   X.L. Mid Ocean Re         01-Jul-01        30-Jun-02

M0000584700   2001   CAT XOL                        0340    No-traditional E    Caudle (Lloyd'S)760       01-Jul-01        30-Jun-02

00004162900   2002   PROPERTY CAT RETRO             0340    Non-traditional #   PMA Capital               01-Jul-02        30-Jun-02
</Table>

                                      A-1-1
<Page>

                                   EXHIBIT A-2

                       LOSS RESERVES BY CLASS OF BUSINESS

None.

                                     A-2-1
<Page>

                                    EXHIBIT B

                                  LOSS RESERVES

Loss Reserves shall consist of loss and loss adjustment expense reserves,
including incurred but not reported loss and loss adjustment expense reserves as
of the Effective Time with respect to premium earned on the Reinsurance
Contracts net of retrocessional recoverables under the Inuring Retrocessions.
Loss Reserves shall not include any loss and loss adjustment expense reserves or
ceding commission reserves relating to Excluded Losses. Aggregate Loss Reserves
as of June 30, 2002 are set forth on Exhibit A-2.

             METHODOLOGY FOR CALCULATION OF FINAL SECTION A PREMIUM

     It is understood that the Loss Reserve analysis will be performed by
Retrocessionaire's employees under the direction of Retrocedant and reviewed by
Retrocedant's employees.

     Excluding catastrophes, the IBNR component of Loss Reserves will be booked,
by Class of Business, to the planned IBNR. Planned IBNR is determined using the
Bornhuetter-Ferguson methodology, using the planned loss ratio (adjusted for the
difference between actual and planned commission and brokerage) as the initial
expected loss ratio and the development pattern used for the class in the
September 30, 2002 analysis. In the case of a Class of Business where the
expected reported losses are less than 75% of the expected ultimate losses, as
per the loss development patterns in use as of September 30, 2002, the IBNR will
not be less than that amount needed to produce an ultimate loss ratio equal to
the ultimate plan loss ratio (adjusted for the difference between actual and
planned commission and brokerage).

     In addition to the above, known large events and catastrophe variances from
plan as of the Effective Date will be added to the ultimate losses. Subsequent
adjustments to the reserves for known large events and catastrophe variances
from plan in the 90 days following the Effective Date could be upward or
downward.

          CALCULATION METHODOLOGY FOR EARNED BUT NOT YET BILLED PREMIUM

Earned But Not Yet Billed Premium shall equal estimated premiums receivable with
respect to the Reinsurance Contract net of estimated ceding commissions and
Inuring Retrocession premiums. Earned But Not Yet Billed Premium as of June 30,
2002 is equal to $[ ].

                                       B-1
<Page>

                                    EXHIBIT C

                              INURING RETROCESSIONS

                                       C-1
<Page>

                                       C-8
FER 17/10/02

Platinum Re _Inuring Reinsurance 17_10_02.xls

 PLATINUM RE UK / US / BERMUDA - SCHEDULE OF INURING REINSURANCE : PROPORTIONAL

            AS AT 17/10/02

<Table>
<Caption>
 Reference                             Inception    Expiration
    No.     Name of Contract             Date          Date                 Cover                       Limit
---------------------------------------------------------------------------------------------------------------------------
     <S>    <C>                         <C>          <C>        <C>                            <C>
     1)     Worldwide Property          1/1/02       12/31/02   International Property Risk    USD 40,000,000 Aggregate
            Excluding Japan                                     Excess of Loss & Catastrophe   Cession Limit
                                                                Excess of Loss Business
                                                                (protects Europe)

     2)     UK/Eire Cat. XL Q.S. /      1/1/02       12/31/02   U.K. / Eire Cat. Excess        GBP 100,000,000 Aggregate
            1st & / 2nd Surplus                                 of Loss Treaty Business        Cession Limit
                                                                (protects Europe)

     3)     UK/Europe Cat. XL Quota     1/1/02       12/31/02   International Property         GBP 75,000,000 Aggregate
            Share Treaty                                        Catastrophe Excess of Loss     Cession Limit
                                                                Business (protects Europe)

     4)     Japan Cat. XL Surplus       1/1/02       12/31/02   Japan / Japanese Islands       USD 30,000,000 Aggregate
            Treaty                                              Property Cat. Excess of Loss   Cession Limit : quake USD
                                                                Business (protects New York    20,000,000 Aggregate
                                                                & Europe)                      Cession Limit : windstorm

<Caption>
 Reference
    No.     Name of Contract                Projected Prem.        Participants           % Placed
----------------------------------------------------------------------------------------------------
     <S>    <C>                           <C>                      <C>                       <C>
     1)     Worldwide Property            USD 9m - USD 12m [100%   Nisshin - 50%              55%
            Excluding Japan               treaty estimate]         Nichido - 5%

     2)     UK/Eire Cat. XL Q.S. /        GBP 5m [100% treaty      Nisshin - 14%              29%
            1st & / 2nd Surplus           estimate]                PX Re - 10%
                                                                   TOA Re - 5%

     3)     UK/Europe Cat. XL Quota       GBP 3m - GBP 3.5m        Montpelier Re - 100%      100%
            Share Treaty

     4)     Japan Cat. XL Surplus         USD 1.2m                 PX Re - 100%              100%
            Treaty
</Table>

                                       C-2
<Page>

<Table>
     <S>    <C>                         <C>          <C>        <C>                            <C>
     5)     Casualty Clash Quota        1/1/96       12/31/02   Casualty Clash, Casualty       20% Quota Share of
            Share                                               Contingency, Casualty Cat.     USD 7,500,000 any
                                                                and Workers Comp. Cat. (NY)    one occurrence etc.

     6)     Nisshin NM Open Cover       7/1/01       6/30/02    Business in the Pacific Rim    SGD 2,000,000
                                                                Region from our NY,
                                                                Singapore & HK offices

     7)     North America Property      4/1/02       12/1/02    North America Property         50% Quota Share
            Cat. Quota Share                                    Catastrophe business written
                                                                by NY & Chicago

<Caption>
     <S>    <C>                         <C>           <C>                    <C>
     5)     Casualty Clash Quota        $4,200,000    Auto-Owners Ins. Co.   100%
            Share

     6)     Nisshin NM Open Cover       $500,000      Nisshin F & M          100%

     7)     North America Property      estimated     Montpelier Re          100%
            Cat. Quota Share            $12,500,000
</Table>

                                       C-3
<Page>

FER 17/10/02

Platinum Re _Inuring Reinsurance 17_10_02.xls

       PLATINUM RE UK / US / BERMUDA - SCHEDULE OF INURING REINSURANCE :
                                NON-PROPORTIONAL

            AS AT 17/10/02

<Table>
<Caption>
 Reference                           Inception    Expiration
    No.     Name of Contract            Date         Date            Cover            Limit        Retention    Reinstatement
-------------------------------------------------------------------------------------------------------------------------------
     <S>    <C>                        <C>           <C>        <C>                <C>            <C>             <C>
     1a)    Marine XL (a)               5/1/01        4/30/02   Protects Europe    $  1,500,000   $  1,000,000    1 @ 100%
                                                                XL account         L    750,000   L    500,000

     1b)    Marine XL (b)               1/1/02       12/31/02   Protects Europe    $  5,000,000   $  5,000,000    2 @ 100%
                                                                XL account         L  2,500,000   L  2,500,000

     1c)    Marine XL (c)               1/1/02       12/31/02   Protects Europe    $  5,000,000   $ 10,000,000    2 @ 100%
                                                                XL account         L  2,500,000   L  5,000,000

     2a)    International              7/11/01        7/10/02   Protects Europe    $  7,500,000   $  7,500,000    1 @ 100%
            Property Cat. XL                                    Risk/Prorata/Cat   L  5,000,000   L  5,000,000
                                                                XL business

<Caption>
 Reference                                 Projected
    No.     Name of Contract                Premium       ROL      % Placed            Participants
-----------------------------------------------------------------------------------------------------------------------
     <S>    <C>                          <C>              <C>          <C>    <C>
     1a)    Marine XL (a)                $    360,000     26.67%       100%   PX Re - 44.20%
                                         L     20,000                         Lloyd's Synd. 2121 (HYL) - 10%
                                                                              Cornhill Ins. - 33.33%
                                                                              XL Re - 12.47%

     1b)    Marine XL (b)                $  1,125,000     25.00%       100%   Lloyd's Synd. 1861 (BRM) - 20%
                                         L     62,500                         QBE Intnl. London - 30%
                                                                              Cornhill - 25%
                                                                              Odyssey London Branch - 25%

     1c)    Marine XL (c)                $    675,000     15.00%       100%   QBE Intnl. London - 50%
                                         L     37,500                         Cornhill - 25%
                                                                              Odyssey London Branch - 25%

     2a)    International                $    843,750     22.50%       100%   PX Re - 40%
            Property Cat. XL             L    562,500                         GE Frankona Re (Germany) - 20%
                                                                              Gerling Global (UK) - 1.91%
                                                                              Safety National Casualty Corp. -7.61%
                                                                              Lloyd's Synd. 566 (STN) - 15.24%
                                                                              Lloyd's Synd. 780 (BFC) - 3.81%
                                                                              Lloyd's Synd. 2121 (HYL) - 3.81%
                                                                              Lloyd's Synd. 2027 (COX) - 3.81%
                                                                              Lloyd's Synd. 2010 (MMX) - 3.81%
</Table>

                                       C-4
<Page>

<Table>
     <S>    <C>                         <C>          <C>        <C>                <C>            <C>             <C>
     2b)    International               7/11/01      7/10/02    Protects Europe    $  7,500,000   $ 15,000,000    1 @ 100%
            Property Cat. XL                                    Risk/Prorata/Cat   L  5,000,000   L 10,000,000
                                                                XL business

     2c)    International               7/11/01      7/10/02    Protects Europe    $  7,500,000   $ 22,500,000    1 @ 100%
            Property Cat. XL                                    Risk/Prorata/Cat   L  5,000,000   L 15,000,000
                                                                XL business

     3a)    Joint Risk XOL              2/13/02      2/12/03    1st layer XS 5M    $  2,500,000   $  2,500,000    1 @ 100%
            Cover - First Layer                                 aggregate

     3b)    Joint Risk XOL              2/13/02      2/12/03    Property Risk &    $  5,000,000   $  5,000,000    1 @ 100%
            Cover - Second                                      Prorata
            Layer                                               business
                                                                (all offices)

<Caption>
     <S>    <C>                         <C>              <C>          <C>    <C>
     2b)    International               $  1,162,500     31.00%       100%   PX Re - 15.66%
            Property Cat. XL            L    775,000                         [18.91% w.e.f. 1/11/02]
                                                                             GE Frankona Re (Germany) - 25%
                                                                             XL Re (UK) - 15%
                                                                             Gerling Global (UK) - 1.54%
                                                                             Taisei F&M - 3.25% (replaced @ 1/11/02)
                                                                             Protective Ins. Co. - 3.25%
                                                                             Safety National Corp. - 6.5%
                                                                             Lloyd's Synd. 626 (IRK) - 19.23%
                                                                             Lloyd's Synd. 566 (STN) - 7.69%
                                                                             Lloyd's Synd. 958 (GSC) - 1.92%
                                                                             Lloyd's Synd. 529 (SHE) - 0.96%

     2c)    International               $    900,000     24.00%       100%   PX Re - 12% [14.93% w.e.f. 1/11/02]
            Property Cat. XL            L    600,000                         GE Frankona Re (Germany) - 20%
                                                                             XL Re (UK) - 15%
                                                                             Gerling Global (UK) - 1.17%
                                                                             Taisei F&M - 2.93% (replaced @ 1/11/02)
                                                                             Royal Bank of Canada Ins. Co. - 5.87%
                                                                             Protective Ins. Co. - 2.93%
                                                                             Safety National Corp. - 5.86%
                                                                             Lloyd's Synd. 626 (IRK) - 17.5%
                                                                             Lloyd's Synd. 566 (STN) - 6.75%
                                                                             Lloyd's Synd. 2027 (COX) - 4.42%
                                                                             Lloyd's Synd. 958 (GSC) - 1.76%
                                                                             Lloyd's Synd. 529 (SHE) - 0.88%
                                                                             Lloyd's Synd. 727 (SAM) - 2.93%

     3a)    Joint Risk XOL              $    875,000     35.00%       100%   Lloyd's Synd. 566 (STN) - 25%
            Cover - First Layer                                              Lloyd's Synd. 780 (BFC) - 15%
                                                                             Gerling Global (UK) - 2.373%
                                                                             XL Re - 8.898%
                                                                             Transatlantic Re - 15%
                                                                             Lloyd's Synd. 626 (IRK) - 5.933%
                                                                             Lloyd's Synd. 2010 (MMX) - 4.449%
                                                                             Lloyd's Synd. 282 (LSM) - 4.449%
                                                                             GE Frankona - 8.898%
                                                                             PX Re - 10%

     3b)    Joint Risk XOL              $  2,000,000     40.00%       100%   Lloyd's Synd. 566 (STN) - 10%
            Cover - Second                                                   Lloyd's Synd. 780 (BFC) - 15%
            Layer                                                            Gerling Global (UK) - 4%
                                                                             XL Re - 15%
                                                                             Transatlantic Re - 20%
                                                                             Lloyd's Synd. 2010 (MMX) - 3.50%
                                                                             Lloyd's Synd. 282 (LSM) - 7.50%
                                                                             GE Frankona - 15%
                                                                             PX Re - 10%
</Table>

                                       C-5
<Page>

<Table>
     <S>    <C>                         <C>          <C>        <C>                <C>              <C>             <C>
     4a)    International Cat.          3/9/02       2/8/03     International      $ 20,000,000     $ 50,000,000    1 @ 100%
            XOL - First Layer                                   Risk/Prorata/Cat.
                                                                XL (all offices)

     4b)    International Cat.          3/9/02       2/8/03     International      $ 30,000,000     $ 70,000,000    1 @ 100%
            XOL - Second Layer                                  Risk/Prorata/Cat
                                                                XL (all offices)

     5)     Satellite XL                6/12/02      6/11/03    Protects all       $ 10,000,000     $     10,000          0
            [Geosynchronous /                                   offices. 3
            Geostationary                                       satellite
            In-Orbit                                            warranty.
            Reinsurance]                                        Covers naturally
                                                                occurring
                                                                phenomena in
                                                                space.

     6)     Latin America &             7/1/00       6/3/06     All loss           $ 25,000,000     $ 15,000,000
            Caribbean ILW XOL                                   recoveries on      Term Aggregate
                                                                Latin America      Limit - USD 75M
                                                                and Caribbean
                                                                business
                                                                subject to USD
                                                                1 Billion ILW

     7)     Caribbean ILW XOL           11/1/01      10/31/02   Caribbean          $ 15,000,000     $    100,000        Nil
                                                                Property
                                                                business
                                                                subject to an
                                                                Industry Loss
                                                                of USD1.5
                                                                Billion

<Caption>
     <S>    <C>                         <C>              <C>          <C>    <C>
     4a)    International Cat.          $  4,800,000     24.00%       100%   Lloyd's Synd. 566 (STN) - 12.5%
            XOL - First Layer                                                Lloyd's Synd. 780 (BFC) - 10%
                                                                             Lloyd's Synd. 282 (LSM) - 8%
                                                                             PX Re - 8%
                                                                             Renaissance Re - 25%
                                                                             Di Vinci Re - 12.5%
                                                                             Transatlantic Re - 10%
                                                                             GE Frankona Re - 10%
                                                                             Royal Bank of Canada - 4%

     4b)    International Cat.          $  4,500,000     15.00%       100%   Lloyd's Synd. 566 (STN) - 5%
            XOL - Second Layer                                               Lloyd's Synd. 780 (BFC) - 12.5%
                                                                             Lloyd's Synd. 626 (IRK) - 4.004%
                                                                             Lloyd's Synd. 2010 (MMX) - 1.202%
                                                                             Lloyd's Synd. 282 (LSM) - 10.01%
                                                                             Lloyd's Synd. 1096 (RAS) - 1.602
                                                                             Gerling Global (UK) - 0.801%
                                                                             PX Re - 8.007%
                                                                             Folksamerica - 16.014%
                                                                             Renaissance Re - 8.007%
                                                                             Di Vinci Re - 4.004%
                                                                             Transatlantic Re - 7.5%
                                                                             Auto-Owners - 16.015%
                                                                             Royal Bank of Canada - 2.667%
                                                                             Protective - 2.667%

     5)     Satellite XL                $    575,000      5.75%       100%   Renaissance Re - 100%
            [Geosynchronous /
            Geostationary
            In-Orbit
            Reinsurance]

     6)     Latin America &             margin -           N/A      56.50%   Fuji F & M - 5%
            Caribbean ILW XOL           $400,000                             Nisshin F & M - 13.5%
                                                                             Sumitomo - 10%
                                                                             Taisei F & M - 8%
                                                                             Toa Re - 20%

     7)     Caribbean ILW XOL           $  3,450,000     23.00%       100%   Continental Casualty - 100%
</Table>

                                       C-6
<Page>

<Table>
     <S>    <C>                         <C>          <C>        <C>                <C>               <C>             <C>
     8)     N.A. $10 Billion            7/1/01       6/30/02    North American     $     2,500,000   $     10,000    1 @ 100%
            ILW                                                 Property
                                                                business
                                                                subject to
                                                                Industry Loss
                                                                of USD 10B

     9)     N.A. $10 Billion            8/1/01       7/31/02    North American     $     2,500,000   $  1,000,000    1 @ 100%
            ILW                                                 Property
                                                                business
                                                                subject to
                                                                Industry Loss
                                                                of USD 10B

     10)    N.A. Property /             1/1/02       12/31/02   North American     $    10,000,000   $    100,000    1 @ 100%
            WCA Cat $ 30B ILW                                   Property and
                                                                Workers
                                                                Compensation
                                                                business
                                                                subject to ILW
                                                                of USD 30
                                                                Billion

     11)    N.A. Property Cat           1/5/02       1/5/03     North American     $     5,000,000   $     50,000    1 @ 100%
            $15B ILW                                            Property
                                                                business
                                                                subject to ILW
                                                                of USD 15
                                                                Billion

     12a)   Marine XOL - 1st            1/1/02       12/31/02   Marine business    $     5,000,000   $  5,000,000    1 @ 100%
            layer [NY]                                          for New York
                                                                Office

     12b)   Marine XOL - 2nd            1/1/02       12/31/02   Marine business    $     5,000,000   $ 10,000,000    1 @ 100%
            layer [NY]                                          for New York
                                                                Office

     13)    Single Period               1/1/02       12/31/02   Covers             $   200,000,000
            Accident Year                                       aggregate net      79.4%
            Aggregate XOL                                       losses incurred    Traditional bus.
            (Holborn)                                           on an ultimate     93.5%
                                                                accident year      Non-traditional
                                                                basis IRO all      business
                                                                business
                                                                written by All
                                                                offices
                                                                including
                                                                Discovery Re.

<Caption>
     <S>    <C>                         <C>              <C>          <C>    <C>
     8)     N.A. $10 Billion            $    500,000     20.00%       100%   Transatlantic Re - 100%
            ILW

     9)     N.A. $10 Billion            $    475,000     19.00%       100%   IPC Re Limited - 100%
            ILW

     10)    N.A. Property /             $    420,000      4.20%       100%   Tokio Millenium Re - 100%
            WCA Cat $ 30B ILW

     11)    N.A. Property Cat           $    950,000     19.00%       100%   Odyssey Re - 100%
            $15B ILW

     12a)   Marine XOL - 1st            $  1,125,052     22.50%       100%   Lloyd's Synd. 457 (WTK) - 7.5%
            layer [NY]                                                       Cornhill - 21.5%
                                                                             Folksamerica Re - 30%
                                                                             Lloyd's Synd. 2 (WHS) - 20%
                                                                             Nisshin F & M - 1%
                                                                             XL Mid Ocean Re - 20%

     12b)   Marine XOL - 2nd            $    624,982     12.50%       100%   Lloyd's Synd. 457 (WTK)  - 7.5%
            layer [NY]                                                       Cornhill - 21.5%
                                                                             Folksamerica Re - 30%
                                                                             Lloyd's Synd. 2 (WHS) - 20%
                                                                             Nisshin F & M - 1%
                                                                             XL Mid Ocean Re - 20%

     13)    Single Period               $  4,750,000                  100%   Underwriters Reinsurance - 53.75%
            Accident Year                                                    London Life & General - 25%
            Aggregate XOL                                                    PMA Reins. - 10%
            (Holborn)                                                        Hannover Re - 9%
                                                                             E & S Reins. - 2.25%
</Table>

                                       C-7
<Page>

<Table>
     <S>    <C>                         <C>          <C>        <C>                <C>            <C>                 <C>
     14)    Workers'                    1/1/02       12/31/02   Covers Workers'    $ 50,000,000   $ 75,000,000
            Compensation Cat.           1/1/03       12/31/05   Compensation       $ 50,000,000   $ 75,000,000   Annual Agg. of 50M
            XOL(Holborn)                                        treaty business

     15)    Puerto Rico ILW             7/26/02      7/25/03    Property           $ 10,000,000   $     10,000        Nil
            XOL                                                 business
                                                                subject to an
                                                                Industry Loss
                                                                of USD1.5
                                                                Billion

<Caption>
     <S>    <C>                         <C>              <C>                 <C>        <C>
     14)    Workers'                    $  10,000,000                        100%       Swiss Re - 81.25%
            Compensation Cat.                                                           Hannover - 15%
            XOL(Holborn)                                                                E & S Reins - 3.75%

     15)    Puerto Rico ILW             $   1,250,000    12.50%              100%       ACE Tempest Re - 50%
            XOL                                                                         Renaissance Re - 50%
</Table>

                                       C-8
<Page>

                                    EXHIBIT D

                            ALLOCATION OF RECOVERIES

1.   Recoveries allocable to this contract available under an Inuring
Retrocession shall be allocated between the parties in proportion to the losses
otherwise recoverable.

2.   Any and all loss recoveries and premium adjustments allocable to this
contract resulting from triggering the 2002 Holborn cover will be allocated
between The St. Paul Companies and Retrocessionaire and its affiliates
("Platinum Re") based on variance from plan and in accordance with the existing
methodology shown below.

Variance from plan at an underwriting year level will be the basis for the
allocation. The 2000, 2001 and 2002 underwriting year plan loss ratios
associated with the 2002 calendar year plan loss ratio will be compared to
indicated ultimate loss ratios for the same underwriting years. These indicated
ultimate loss ratios are the same ones used to determine if the Holborn cover
has been triggered. The 2002 underwriting year must be segmented into three
pieces. Namely, that business written on Fire and Marine paper and subject to
transfer, that written on Fire and Marine paper and not subject to transfer and
that written on Platinum Re paper. The distinction is warranted as the cession
to Platinum Re will be net of the Holborn cover. The variance in loss ratio by
underwriting year will be multiplied by the respective underwriting year's EP
component in the 2002 calendar year. This is the same EP by underwriting year
that was used to calculate the total 2002 Holborn Year's EP. This dollar
variance will be the basis for determining the distribution to be applied to the
total loss recovery and AP. It is in this manner that the total loss recovery
and AP attributable to the 2002 Holborn Year will be allocated to underwriting
year. To the extent that the recoveries and AP's have been allocated to the 2000
and 2001 underwriting years they will be afforded to The St. Paul Companies.
Similarly, the allocation to that part of the 2002 underwriting year pertaining
to non-transferred business will also be realized by The St. Paul Companies. The
allocation pertaining to business written on The St. Paul paper and transferred
will be used in determining the net transferred business that will be ceded to
Platinum Re. The remaining allocation associated with 2002 underwriting year
business written on Platinum Re paper will inure to the benefit of Platinum Re
directly. The margin for the 2002 Holborn cover will be distributed based on
earned premium and allocated between The St. Paul Companies and Platinum Re by
underwriting year.

                                       D-1
<Page>

                                    EXHIBIT E

                      ALLOCATION OF RETROCESSIONAL PREMIUMS

1.   Ceded premium allocable to this contract will be allocated between the
parties and to the underwriting year in proportion to the earned subject
premium. Ceding commission will be allocated in the same manner.

2.   Reinstatement premium allocable to this contract due in respect of
non-proportional Inuring Retrocessions will be allocated between the parties in
proportion to the related allocated recoverable losses.

3.   Any and all loss recoveries and premium adjustments allocable to this
contract resulting from triggering the 2002 Holborn cover will be allocated
between The St. Paul Companies and Platinum Re based on variance from plan and
in accordance with the existing methodology shown below.

Variance from plan at an underwriting year level will be the basis for the
allocation. The 2000, 2001 and 2002 underwriting year plan loss ratios
associated with the 2002 calendar year plan loss ratio will be compared to
indicated ultimate loss ratios for the same underwriting years. These indicated
ultimate loss ratios are the same ones used to determine if the Holborn cover
has been triggered. The 2002 underwriting year must be segmented into three
pieces. Namely, that business written on Fire and Marine paper and subject to
transfer, that written on Fire and Marine paper and not subject to transfer and
that written on Platinum Re paper. The distinction is warranted as the cession
to Platinum Re will be net of the Holborn cover. The variance in loss ratio by
underwriting year will be multiplied by the respective underwriting year's EP
component in the 2002 calendar year. This is the same EP by underwriting year
that was used to calculate the total 2002 Holborn Year's EP. This dollar
variance will be the basis for determining the distribution to be applied to the
total loss recovery and AP. It is in this manner that the total loss recovery
and AP attributable to the 2002 Holborn Year will be allocated to underwriting
year. To the extent that the recoveries and AP's have been allocated to the 2000
and 2001 underwriting years they will be afforded to The St. Paul Companies.
Similarly, the allocation to that part of the 2002 underwriting year pertaining
to non-transferred business will also be realized by The St. Paul Companies. The
allocation pertaining to business written on The St. Paul paper and transferred
will be used in determining the net transferred business that will be ceded to
Platinum Re. The remaining allocation associated with 2002 underwriting year
business written on Platinum Re paper will inure to the benefit of Platinum Re
directly. The margin for the 2002 Holborn cover will be distributed based on
earned premium and allocated between The St. Paul Companies and Platinum Re by
underwriting year.

4.   The $10 million of premium payable for 2002 under the Workers Compensation
Catastrophe Excess of Loss $50 million excess of $75 million Retrocession
Contract will be split $1 million for Platinum Re and $9 million for The St.
Paul Companies. Such contract has a feature that states that for certain
unfavorable experience on the Whole Account Stop Loss Cover the premium on this
cover could reduce by as much as $9

                                       E-1
<Page>

million. In this event the reduction in ceded premium would benefit The St. Paul
Companies exclusively. The Platinum Re share would remain at $1 million.

     The contract has a feature that allows the Retrocessionaire to renew the
cover if it is in a loss position. In this event the subsequent years' premium
will be split in proportion to the losses incurred to the cover.

                                       E-2
<Page>

                                    EXHIBIT F

                              ALLOCATION OF LIMITS

     Available limits under an Inuring Retrocession shall be allocated between
the parties in proportion to the losses otherwise recoverable.

                                       F-1
<Page>

                                    EXHIBIT G

                          FORM OF RETROCEDANT'S REPORT

Retrocedant will provide the following information separately for each coverage
period on a monthly basis:

     a) Transaction listing at assumed policy level showing all revenue items
     including booked premiums, booked acquisition costs and paid losses entered
     in Retrocedant's books during the relevant accounting period.

     b) Claims listing at assumed policy level showing loss description, date of
     loss, paid amount and outstanding case reserve.

     c) Listing of Inuring Retrocession amounts allocated to Retrocessionaire
     during the relevant accounting period including details of non-proportional
     Inuring Retrocession premiums and recoverables.

Note 1 relating to (a) and (b): Revenue and reserve amounts will be shown in the
accounting currency used by Retrocedant for the purposes of its own books.

Note 2 relating to (a) and (b): Transaction and claims listings will include
gross amounts and proportional Inuring Retrocession amounts.

Note 3 relating to (c): Retrocession amounts will be paid to Retrocessionaire
only following receipt by Retrocedant. These amounts together with any unpaid
amounts that are due to Retrocessionaire but not yet received by Retrocedant
will be included in the listing of Inuring Retrocession amounts.

                                       G-1
<Page>

                                    EXHIBIT H

                      ALLOCATION OF ADMINISTRATIVE EXPENSES

Retrocessionaire shall pay to Retrocedant the "actual cost" to Retrocedant
(which shall consist of Retrocedant's direct and reasonable indirect costs), as
certified in good faith by Retrocedant. For greater certainty, the parties agree
that "actual cost" will include any incremental and out-of-pocket costs incurred
by Retrocedant in connection with the administrative services provided
hereunder, including the conversion, acquisition and disposition cost of
software and equipment acquired for the purposes of providing the services and
the cost of establishing requisite systems and data feeds and hiring necessary
personnel.

No later than 30 days following the last day of each calendar quarter,
Retrocedant shall provide Retrocessionaire with a report setting forth an
itemized list of the services provided to Retrocessionaire during such last
calendar quarter, in a form agreed to by the parties. Retrocessionaire shall
promptly (and in no event later than 30 days after receipt of such report,
unless Retrocessionaire is contesting the amount set forth in the report in good
faith) pay to Retrocedant by wire transfer of immediately available funds all
amounts payable as set forth in such report. Each party will pay all taxes for
which it is the primary obligor as a result of the provision of any service
under this Agreement; PROVIDED, that Retrocessionaire shall be solely
responsible for, and shall reimburse Retrocedant in respect of, any sales, gross
receipts or transfer tax payable with respect to the provision of any service
under this Agreement, and any such reimbursement obligation shall be in addition
to Retrocessionaire's obligation to pay for such service.

                                       H-1
<Page>

                                    EXHIBIT I

<Table>
<Caption>
                                                             U/W YEAR 2002                       DEFICIT ACCRUAL
CONTRACT                          U/W        INCEPTS               PREMIUM         BEG DEFICIT     PERCENTAGE
--------                          ---        -------         -------------         -----------   ---------------
<S>                                <C>       <C>                <C>                 <C>               <C>
Hiscox (00003436400)               CC        1/1/2002              625,000           3,854,555         0.00%
XL Midocean (00003741500)          CC        7/1/2002            2,844,000           9,218,750        72.50%
Upton (00001955600)                GF        1/1/2002            3,000,000          23,671,250        50.00%
Bailey (M00005334/5/6/7)           JV        1/1/2002              290,000           3,854,820        80.00%
Caudle (M0000584700)               JV        7/1/2002              326,000           4,625,000        80.00%
PMA Capital (M0000557200)          JV        1/1/2002            3,000,000          12,480,000        70.00%

                                                                10,085,000                   6
</Table>

                                      H-1<PAGE>

                                                                 EXHIBIT 10.29

DRAFT (GWJ/GHXC/ESYL) - 21/10/2002

                            DATED             , 2002

                      ST. PAUL REINSURANCE COMPANY LIMITED

                                     - and -

                            PLATINUM RE (UK) LIMITED

                                     - and -

                           ST. PAUL MANAGEMENT LIMITED

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

                           BUSINESS TRANSFER AGREEMENT

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

                                Slaughter and May
                                 One Bunhill Row
                                 London EC1Y 8YY

                               Ref: GWJ/GHXC/ESYL
                                   CA021490093

<PAGE>

                                    CONTENTS
<TABLE>
<CAPTION>

                                                                       PAGE
                                                                       ----

<S>      <C>                                                           <C>
1.       INTERPRETATION                                                  2

2.       TRANSFER                                                       10

3.       AUTHORISATION                                                  11

4.       CONDUCT OF BUSINESS BEFORE COMPLETION                          12

5.       CONSIDERATION                                                  12

6.       VAT                                                            12

7.       COMPLETION                                                     15

8.       APPORTIONMENT                                                  15

9.       RISK AND INSURANCE                                             16

10.      EMPLOYEES                                                      16

11.      DATA PROTECTION                                                24

12.      NON-COMPETITION                                                24

13.      ASSIGNMENT                                                     26

14.      FURTHER ASSURANCE                                              26

15.      ENTIRE AGREEMENT                                               27

16.      REMEDIES AND WAIVERS                                           27

17.      NOTICES                                                        27

18.      ANNOUNCEMENTS                                                  28

19.      COSTS AND EXPENSES                                             28

20.      COUNTERPARTS                                                   29

21.      INVALIDITY                                                     29

22.      CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999                   29

23.      CHOICE OF GOVERNING LAW                                        29

<PAGE>

24.      ARBITRATION                                                    29

25.      CONFLICT                                                       30

</TABLE>

<PAGE>

                                    SCHEDULES

<TABLE>
<CAPTION>

                                                                    PAGE
                                                                    ----
<S>                                                                 <C>
Schedule 1 (Completion arrangements)                                 31

Schedule 2 (Assumed Employees)                                       33

Schedule 3 (Business Intellectual Property)                          36

Schedule 4 (Shared Intellectual Property)                            38

Schedule 5 (Transaction Documents)                                   39

Schedule 6 (Tangible Assets)                                         40

Schedule 7 (Bonus Payments)                                          41

Schedule 8 (Existing Retention Obligations)                          42

Schedule 9 (Prorated Retention Obligations)                          43

Schedule 10 (Compromise and Severance Agreement)                     44

AGREED FORM DOCUMENTS

Licence

</TABLE>

<PAGE>

THIS AGREEMENT is made the          day of              , 2002

BETWEEN:

1.       ST. PAUL REINSURANCE COMPANY LIMITED a company incorporated in England
         (registered number 01460363) whose registered office is The St. Paul
         House, 27 Camperdown Street, London E1 8DS (the "TRANSFEROR")

AND

2.       PLATINUM RE (UK) LIMITED a company incorporated in England (registered
         number 4413755) whose registered office is at The St. Paul House, 27
         Camperdown Street, London E1 8DS (the "TRANSFEREE")

AND

3.       ST PAUL MANAGEMENT LIMITED a company incorporated in England
         (registered number 00972175) whose registered office is at The St. Paul
         House, 27 Camperdown Street, London E1 8DS (the "EMPLOYER")

WHEREAS:

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

(B)      Pursuant to the Formation and Separation Agreement, the parties thereto
         have agreed to procure that the Transferor will transfer (or procure
         the transfer of) the Business Assets to the Transferee on the terms set
         out in this Agreement with the intention that the Transferee shall be
         entitled to carry on the Business in succession to the Transferor as a
         going concern.

(C)      The Transferor carries on the Business (as defined in this Agreement)
         and (further to an asset transfer agreement entered into between the
         Transferor and the Employer on the date hereof) is the beneficial owner
         or is otherwise able to procure the transfer of the Business Assets.

(D) The Employer employs individuals working in the Transferor's business.

(E)      The Transferor intends to enter into three 100% quota share
         retrocession agreements (the "UK QUOTA SHARE RETROCESSION AGREEMENTS")
         with Platinum Underwriters Reinsurance Inc. on the date hereof in
         respect of certain reinsurance business written (as specified in those

<PAGE>
                                       2

         quota share retrocession agreements) by the Transferor on or after 1st
         January, 2002 (including reinsurance business written after the date
         hereof and prior to the earlier of the first anniversary of the
         completion of the Public Offering and the date on which authorisation
         of the Transferee to carry on reinsurance business in the United
         Kingdom is granted by the Financial Services Authority). The Transferor
         has obtained the consent of the retrocessionaires in respect of the
         retrocession covers relating to this business to include Platinum
         Underwriters Reinsurance Inc. as a reinsured under such covers.

NOW IT IS HEREBY AGREED as follows:-

1.       INTERPRETATION

1.1      In this Agreement and the schedules to it, the following words and
         expressions, save where the context otherwise requires, shall have the
         following meanings:-

         "ACT"                      means Financial Services and Markets Act
                                    2000;

         "AGREED FORM"              in relation to any document means the
                                    document in a form agreed by the Transferor
                                    and the Transferee and initialled for the
                                    purposes of identification by or on behalf
                                    of them;

         "ASSUMED EMPLOYEES"        means those individuals who were employed
                                    prior to Completion by the Employer or in
                                    the case of Thomas Mahoney by St Paul Re
                                    Inc. and who are listed in Schedule 2 Part 1
                                    (underwriting staff assigned to the
                                    Business) and in Schedule 2 Part 2 (persons
                                    otherwise carrying out work in the Retained
                                    Business);

         "AUTHORISATION"            means the authorisation of the Transferee to
                                    carry on reinsurance business in the United
                                    Kingdom of the classes comprised within the
                                    Business under the Act;

        "AUTHORISATION DATE"        means the date on which Authorisation takes
                                    place;

        "BONUS PAYMENTS"            means those 2002 annual incentive bonus
                                    payments which are set out in Schedule 7
                                    hereto and are based on 100% of the bonus
                                    targets under the Transferor's 2001 bonus
                                    targets scheme and supersede all other
                                    incentive bonus arrangements due to the
                                    Assumed Employees by the Employer and
                                    Transferor;

<PAGE>
                                       3

         "BUSINESS"                 means the business of the Transferor other
                                    than the Retained Business and so that the
                                    expression shall include the Business
                                    Goodwill but shall exclude (i) the
                                    assumption of responsibility for the
                                    liabilities arising in respect of all
                                    reinsurance business entered into or renewed
                                    by the Transferor or the management,
                                    administration and run-off of such
                                    reinsurance business; and (ii) the right to
                                    use the "St. Paul" brand and any other
                                    brand, trade mark, service mark, name,
                                    get-up, logo or device, and any Intellectual
                                    Property and goodwill relating to any of the
                                    foregoing, used from time to time as part of
                                    the insurance branding of the Transferor's
                                    Group;

         "BUSINESS ASSETS"          means:-

                                    (i)      all the assets relating to the
                                             Business (including all the rights
                                             and property relating to the
                                             assets) listed in Schedule 6;

                                    (ii)     the Business Intellectual Property;
                                             and

                                    (iii)    the Business Goodwill and the
                                             Business Renewal Rights;

                                    but excluding:-

                                    (i)      the Receivables;

                                    (ii)     cash in hand or at the bank used in
                                             the Business;

                                    (iii)    amounts recoverable in respect of
                                             Taxation relating to the Business
                                             Assets attributable to periods
                                             ended on or before, or transactions
                                             occurring on or before, Completion;

                                    (iv)     the benefit of any reinsurance
                                             contract entered into or renewed by
                                             the Transferor; and

                                    (v)      for the avoidance of doubt, any
                                             other item which would be accounted
                                             for as a current asset in respect
                                             of the Business in accordance with
                                             the accounting principles and
                                             practices adopted by the
                                             Transferor;

<PAGE>
                                       4

         "BUSINESS DAY"             means a day (other than a Saturday or
                                    Sunday) on which banks are open for business
                                    (other than solely for trading and
                                    settlement in Euros) in London;

         "BUSINESS GOODWILL"        means all the goodwill and connection of the
                                    Transferor in its reinsurance business but,
                                    for the avoidance of doubt, such expression
                                    shall not include any of the Transferor's
                                    goodwill in the Retained Business or in the
                                    "St. Paul" brand or any other Intellectual
                                    Property used from time to time as part of
                                    the insurance branding of the Transferor's
                                    Group;

         "BUSINESS INTELLECTUAL     means the intellectual property rights
         PROPERTY"                  listed in Schedule 3 and owned by the
                                    Transferor in connection with the Business
                                    and all other Intellectual Property owned
                                    and exclusively used by the Transferor in
                                    connection with the Business but, for the
                                    avoidance of doubt, excluding any
                                    Intellectual Property which is excluded from
                                    the definition of "Business" above;

         "BUSINESS RENEWAL RIGHTS"  means all the direct and indirect rights of
                                    the Transferor to seek to renew reinsurance
                                    treaties, contracts and agreements
                                    underwritten by the Transferor and comprised
                                    within the Business and in force on the
                                    Closing Date;

         "COMPANIES ACTS"           means the Companies Act 1985, the Companies
                                    Consolidation (Consequential Provisions) Act
                                    1985 and the Companies Act 1989;

         "COMPLETION"               means completion of the transfer of the
                                    Business Assets under this Agreement;

         "COMPLETION DATE"          means the date of Completion;

         "DATA PROTECTION           means the Data Protection Act 1998 and all
          LEGISLATION"              other applicable laws, statutes,
                                    regulations, edicts, bye-laws, mandatory
                                    codes of conduct and mandatory guidelines,
                                    existing from time to time in respect of the
                                    processing of personal data;

         "EMPLOYER"

                                    includes any successor employer of employees
                                    working in the Retained Business;

       "EXISTING RETENTION          means St Paul's retention obligations
        OBLIGATIONS"                contained in letters dated 31st May, 2002
                                    from St Paul to those Assumed Employees
                                    ("SCHEDULE 8 EMPLOYEES") and for those sums
                                    listed in Schedule 8 herein;

<PAGE>
                                       5

         "INTELLECTUAL PROPERTY"    means all rights in inventions, patents,
                                    designs, copyrights, trade marks, service
                                    marks, databases, trade secrets and know-how
                                    (whether or not any of those is registered
                                    and including applications for registrations
                                    of the foregoing), together with all rights
                                    or forms of protection of a similar nature
                                    or having equivalent or similar effect to
                                    any of those which may subsist anywhere in
                                    the world;

         "KEY EMPLOYEES"            means those Assumed Employees identified by
                                    "KE" in Schedule 2;

         "LIME BUSINESS PROPERTY"   means those parts of the leasehold property
                                    situated at floors one, two, three, five,
                                    six and seven, 52 Lime Street, London, EC3M
                                    7NL comprising approximately 7,450 square
                                    feet;

         "LIME BUSINESS PROPERTY    means the leases of the Lime Business
          LEASES"                   Property;

         "PRORATED RETENTION        means those retention obligations of the
          OBLIGATIONS"              Transferor and the Transferee contained in
                                    letters dated 3rd September, 2002 from the
                                    Transferor to each of the Assumed Employees
                                    (other than Guy Butler) ("SCHEDULE 9
                                    EMPLOYEES") and for those sums listed in
                                    Schedule 9 herein and which shall be
                                    prorated between the Transferor and the
                                    Transferee in accordance with sub-clause
                                    10.8 herein;

         "RECEIVABLES"              means all payments due to the Transferor as
                                    at Completion for goods or services supplied
                                    by the Transferor in the course of carrying
                                    on the Business;

         "REGULATIONS"              means the Transfer of Undertakings
                                    (Protection of Employment) Regulations 1981;

         "RELEVANT TRANSFER"        means a relevant transfer for the purposes
                                    of the Regulations;

<PAGE>
                                       6

         "RETAINED BUSINESS"        means the management (but not the renewal)
                                    of all insurance and reinsurance business
                                    written by the Transferor prior to
                                    Completion and the writing and management of
                                    such other reinsurance business as may be
                                    written on or after Completion with the
                                    prior written consent of the Transferee or
                                    as may be written on or after Completion on
                                    behalf of the Transferor by the Transferee
                                    pursuant to the UK Underwriting Agency and
                                    Underwriting Management Agreement (as
                                    defined in the Formation and Separation
                                    Agreement);

         "SHARED INTELLECTUAL       means all Intellectual Property owned by the
          PROPERTY"                 Transferor at Completion and used (but not
                                    exclusively used) by the Transferor in
                                    connection with the Business in the twelve
                                    months prior to Completion, including any
                                    Intellectual Property in the assets listed
                                    in Schedule 4 but, for the avoidance of
                                    doubt, excluding any Intellectual Property
                                    which is excluded from the definition of
                                    "Business" above;

         "TAX" or "TAXATION"        includes (without limitation) all taxes,
                                    levies, duties, imposts, charges and
                                    withholdings of any nature whatsoever,
                                    whether of the United Kingdom or elsewhere,
                                    together with all penalties, charges and
                                    interest relating to any of them or to any
                                    failure to file any return required for the
                                    purposes of any of them;

         "TAX COUNSEL"              means Tax counsel who is of at least ten
                                    years' standing and who:

                                    (i)      is reasonably acceptable to the
                                             Transferor and the Transferee; or

                                    (ii)     failing agreement between the
                                             Transferor and the Transferee, is
                                             appointed by the President from
                                             time to time of the Law Society of
                                             England and Wales;

<PAGE>
                                       7

         "THE TRANSFEROR'S          means a scheme of redundancy payments in
          ENHANCED REDUNDANCY       respect of an employee  who qualifies for
          SCHEME"                   redundancy payments under Part XI of the
                                    Employment Rights Act 1996 (i.e. has 2 years
                                    continuous service) and calculated in
                                    accordance with the statutory redundancy
                                    payment formula under s. 162 Employment
                                    Rights Act 1996 save that the formula
                                    applied is based on:

                                    (i)      twice the statutory age related
                                             factor; and

                                    (ii)     the employee's week's pay, as
                                             defined therein, is not subject to
                                             the statutory maximum but based on
                                             the employee's actual basic week's
                                             pay.

                                    The redundancy payment under the
                                    Transferor's Enhanced Redundancy Scheme:

                                    (i)      includes statutory redundancy
                                             payment; and

                                                 (ii)     shall not be less than
                                                          16 weeks basic pay and
                                                          more than 52 weeks
                                                          basic pay if
                                                          aggregated with
                                                          payment in lieu of
                                                          notice;

         "TRANSFERRED BUSINESS      means:-
          CONFIDENTIAL
          INFORMATION"
                                    (i)      originals or copies of all books,
                                             records, ledgers, files, reports,
                                             accounts, data, plans and operating
                                             records, whether in hard copy,
                                             electronic format, magnetic or
                                             other media, which are related to
                                             the Business Assets provided,
                                             however, that the information about
                                             the Business Assets shall not
                                             include minute books and other
                                             similar records and files including
                                             tax returns;

<PAGE>
                                       8

                                    (ii)     copies of all reinsurance
                                             agreements entered into by the
                                             Transferor on or after 1st January,
                                             2002 and retroceded to Platinum
                                             Reinsurance Inc. pursuant to the
                                             relevant UK Quota Share
                                             Retrocession Agreement (the
                                             "REINSURANCE AGREEMENTS") together
                                             with copies of all related
                                             placement slips and binders,
                                             inuring retrocessional contracts,
                                             actuarial analyses, underwriting
                                             files, claims files, correspondence
                                             with brokers, cedants and inuring
                                             retrocessional reinsurers, and
                                             relevant detail (whether in hard
                                             copy, electronic format, magnetic
                                             or other media); and

                                    (iii)    copies of the underwriting files
                                             and relevant detail (whether in
                                             hard copy, electronic format,
                                             magnetic or other media) for
                                             contracts that were underwritten by
                                             the Transferor in the 1997, 1998,
                                             1999, 2000, and 2001 underwriting
                                             years and the customer and brokers
                                             lists relevant to the Business
                                             Renewal Rights, including copies of
                                             contracts, placement slips and
                                             binders, inuring retrocessional
                                             contracts, actuarial analyses,
                                             information pertaining to aggregate
                                             premium and loss activity,
                                             correspondence with brokers,
                                             cedants and inuring retrocessional
                                             reinsurers but excluding any
                                             information that the Transferor
                                             reasonably believes to be legally
                                             privileged and any individual
                                             claims or loss information;

                                    For the avoidance of doubt, Transferred
                                    Business Confidential Information does not
                                    include any information relating to the
                                    Retained Business to be made available to
                                    the Transferee pursuant to the Formation and
                                    Separation Agreement;

         "TRANSACTION DOCUMENTS"    means the documents listed in Schedule 5;

         "TRANSFEREE'S GROUP"       means the Transferee, its subsidiaries and
                                    subsidiary undertakings, any holding company
                                    of the Transferee and all other subsidiaries
                                    and subsidiary undertakings of any such
                                    holding company from time to time;

         "TRANSFEROR'S GROUP"       means the Transferor, its subsidiaries and
                                    subsidiary undertakings, any holding company
                                    of the Transferor and all other subsidiaries
                                    and subsidiary undertakings of any such
                                    holding company from time to time;

<PAGE>
                                       9

         "TRANSITION EXPENSES"      means the provisions of Section 13.16 of the
                                    Formation and Separation Agreement;

         "VATA 1994"                means the Value Added Tax Act 1994; and

         "WORKING HOURS"            means 9.00 a.m. to 5.00 p.m. on a Business
                                    Day.

1.2      In construing this Agreement, unless otherwise specified:-

         (A)      references to clauses, paragraphs and schedules are to clauses
                  and paragraphs of or schedules to this Agreement;

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

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

         (D)      use of any gender includes the other gender;

         (E)      references to a "PERSON" shall be construed so as to include
                  any individual, firm, company or other body corporate,
                  government, state or agency of a state, local or municipal
                  authority or government body or any joint venture, association
                  or partnership (whether or not having separate legal
                  personality);

         (F)      any reference to a "DAY" (including within the phrase
                  "BUSINESS DAY") shall mean a period of 24 hours running from
                  midnight to midnight;

         (G)      the expressions "HOLDING COMPANY", "SUBSIDIARY" and
                  "SUBSIDIARY UNDERTAKING" shall have the meaning given in the
                  Companies Acts;

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

         (I)      references to times of day are to London time;

         (J)      a reference to any statute or statutory provision shall be
                  construed as a reference to the same as it may have been, or
                  may from time to time be, consolidated, amended, modified or
                  re-enacted;

         (K)      a reference to any agreement shall be construed as a reference
                  to the same as it may have been, or may from time to time be,
                  amended, modified, varied or novated;

         (L)      references to any English legal term for any action, remedy,
                  method of judicial proceeding, legal document, legal status,
                  court, official or any legal concept or thing

<PAGE>
                                       10

                  shall in respect of any jurisdiction other than England be
                  treated as including what most nearly approximates in that
                  jurisdiction to the English legal term; and

         (M)      references to a "RENEWED CONTRACT" relate to contractual
                  rights and obligations arising after the renewal date only.

2.       TRANSFER

2.1      The Transferor agrees to transfer or procure the transfer and the
         Transferee agrees to accept the transfer of the Business Assets with
         such title as the Transferor is required to deliver under the Formation
         and Separation Agreement as a going concern at and with effect from
         Completion, but so that the Business shall be carried on by the
         Transferee until the earlier of the Authorisation Date and the first
         anniversary of the completion of the Public Offering solely as agent of
         the Transferor and solely in accordance with the respective rights and
         obligations of the Transferor and the Transferee pursuant to, and
         subject as provided in, Part B of the UK Underwriting Agency and
         Underwriting Management Agreement (as defined in the Formation and
         Separation Agreement) and so that following Authorisation (and only
         following Authorisation), the Transferee will be entitled to assume and
         carry on the Business for its own account and benefit in succession to
         the Transferor.

2.2      CLAUSE 2.1 shall operate as an assignment of such of the Business
         Intellectual Property as is not the subject of a registration or an
         application for registration with effect from Completion. Any Business
         Intellectual Property which is registered or which is the subject of an
         application for registration shall be assigned to the Transferee.

2.3      The Transferor shall use commercially reasonable endeavours to obtain
         prior to Completion any consent, approval or authorisation necessary
         for the transfer of the Business Assets to the Transferee as
         contemplated in this Agreement. If the Transferor has not obtained such
         consent, approval or authorisation necessary for the transfer of any of
         the Business Assets as contemplated by this Agreement prior to
         Completion, the Transferor, for a period of up to 12 months subsequent
         to Completion, shall reasonably co-operate with the Transferee in
         attempting to obtain such consents, approvals or authorisations as
         promptly thereafter as practicable, provided that the Transferee shall
         promptly reimburse the Transferor for any reasonable legal and other
         expenses incurred in connection with such co-operation as such expenses
         are incurred. The Transferor may not exercise any of its rights under
         any of the Business Assets with respect to which such consent, approval
         or authorisation to the transfer thereof has not been obtained by
         Completion except at the direction of or on behalf of the Transferee or
         a member of the Transferee's Group, and the Transferee or such member
         of the Transferee's Group shall be responsible for any Liabilities (as
         defined in the Formation and Separation Agreement) in respect of such
         Business Assets after Completion provided that the Transferor shall not
         be required to take any action directed by the Transferee under any
         agreement relating to a Business Asset that would cause a breach of
         such agreement where the Transferor or a member of the Transferor's
         Group reasonably believes that it retains liability for such breach.

2.4      Where consent of a third party is required for the transfer of any
         Business Intellectual Property to the Transferee, the Transferor shall
         use commercially reasonable endeavours to obtain

<PAGE>
                                       11

         such consent. For the avoidance of doubt the Transferor shall not be
         required to make any payment to any third party to procure such consent
         and the Transferor shall have no liability to the Transferee to the
         extent that such consent is not obtained by Completion.

2.5      The consideration for the transfer of the Business Assets pursuant to
         sub-clause 2.1 will be as set out in CLAUSE 5 (Consideration).

2.6      Without prejudice to the Transferor's obligations to pass title in
         accordance with the Formation and Separation Agreement but for the
         avoidance of doubt, Part 1 Law of Property (Miscellaneous Provisions)
         Act 1994 shall not apply for the purposes of this clause.

2.7      The Transferor shall, with effect from Completion, grant to the
         Transferee a perpetual, non-exclusive, irrevocable, royalty-free
         licence (with the right to sublicense) to use the Shared Intellectual
         Property.

2.8      (A)      The Transferor will grant the Transferee a licence in the
                  Agreed Form to use the Lime Business Property on a
                  non-exclusive basis.

         (B)      The Transferee acknowledges that the consent of the landlord
                  (the "LANDLORD") under the Lime Business Property Leases has
                  not been obtained to the Transferee's occupation of the Lime
                  Business Property. The Transferor has applied to the Landlord
                  to obtain the consent of the Landlord to the Transferee's
                  occupation of the Lime Business Property and will use
                  commercially reasonable endeavours at the cost of the
                  Transferee to obtain such consent. The Transferee shall pay
                  the professional and other fees of any landlord incurred in
                  connection with the application for the consent of the
                  Landlord to the Transferee's occupation of the Lime Business
                  Property. Pending the grant of such consent and if such
                  consent is refused, the Transferee agrees to vacate the Lime
                  Business Property within 40 days of the date of a written
                  request from the Transferor.

         (C)      The Transferor and the Transferee agree that the Transferee's
                  occupation of the Lime Business Property takes effect as a
                  mere licence and does not grant the Transferee exclusive
                  possession or grant a tenancy.

2.9      The obligations of the parties to this Agreement to carry out the
         transactions contemplated by this Agreement are conditional upon the
         Firm Public Offering Shares (as defined in the Formation and Separation
         Agreement) having been delivered and the completion of the ESU Offering
         (as defined in the Formation and Separation Agreement).

3.       AUTHORISATION

3.1      From the date hereof until the first anniversary of the completion of
         the Public Offering, each of the Transferor and the Transferee will use
         commercially reasonable endeavours to obtain the Authorisation as soon
         as possible, provided that the Transferor shall not be required to take
         any action which would be prejudicial to its commercial interests
         including, without limitation, contributing to the Transferee any
         capital investment (other than the transfer of the Business in
         accordance with this Agreement) or incurring any costs or liability.

<PAGE>
                                       12

3.2      The Transferor and the Transferee undertakes to keep each other
         informed as to progress towards the obtaining of the Authorisation and
         in particular (but without limitation) to disclose in writing to each
         other anything which will or may prevent the Authorisation being
         obtained by the first anniversary of the completion of the Public
         Offering immediately where it comes to that party's notice.

4.       CONDUCT OF BUSINESS BEFORE COMPLETION

         The Transferor will procure that, between the date of this Agreement
         and Completion, the Business will be carried on in the ordinary and
         usual course.

5.       CONSIDERATION

5.1      The consideration for the transfer of the Business Assets shall be the
         issue to the Transferor of o common shares in Platinum Holdings with a
         total value of [o].

5.2      The consideration shall be allocated as follows:-

         (A)   all the assets relating to the Business       [          ];
               (including all the rights and property
               relating to the assets) listed in
               Schedule 6

         (B)   the Business Goodwill                         [          ];

         (C)   the Business Renewal Rights                   [          ]; and

         (D)   the Business Intellectual Property            [          ].

5.3      The consideration for the transfer of the Business Assets shall be
         delivered in accordance with CLAUSE 7 (Completion) and may be adjusted
         under CLAUSE 6 (VAT) and other terms of this Agreement.

6.       VAT

6.1      The Transferor and the Transferee shall use commercially reasonable
         endeavours to procure that the transfer of the Business Assets under
         this Agreement is treated by H.M. Customs & Excise as a transfer of a
         business as a going concern for the purposes of both section 49(1) VATA
         1994 and article 5 Value Added Tax (Special Provisions) Order 1995,
         except that the parties shall not be required by virtue of this clause
         to make any appeal to any court against any determination of H.M.
         Customs & Excise that the transfer does not fall to be so treated (so
         that any such appeal shall be made solely in accordance with the
         provisions of CLAUSE 6.5).

6.2      The Transferee declares that it is duly registered for VAT purposes
         under registration number 795 5701 87 and that the Transferee shall
         upon and immediately after Completion use the Business Assets to carry
         on the same kind of business (whether or not as part of any existing
         business of the Transferee) as that carried on by the Transferor in
         relation to the Business Assets before Completion.

<PAGE>
                                       13

6.3      The Transferor shall be entitled to retain all the records of the
         Business which under paragraph 6 of Schedule 11 to the VATA 1994 are
         required to be preserved after Completion provided that the
         Commissioners of H.M. Customs & Excise so direct in accordance with
         section 49(1)(b) VATA 1994. The Transferee shall render all reasonable
         assistance to the Transferor in connection with the Transferor's
         request to the Commissioners of H.M. Customs & Excise to so direct.

6.4      The Transferor shall preserve in the UK all the records of the Business
         that it is entitled to retain pursuant to SUB-CLAUSE 6.3 for a period
         consistent with the longer of its document retention policy in effect
         at Completion or for a period of not less than six years from
         Completion (or for such longer period as may be required by law) and,
         upon being given reasonable notice by the Transferee or its agents, the
         Transferor shall make those records available to the Transferee or its
         agents for inspection (during Working Hours) or copying (at the
         Transferee's expense).

6.5      (A)      If, notwithstanding the provisions of CLAUSE 6.2, H.M. Customs
                  & Excise shall determine that VAT is chargeable in respect of
                  the supply of all or any part of the Business Assets under
                  this Agreement, the Transferor shall notify the Transferee of
                  that determination within seven days of its being so advised
                  by H.M. Customs & Excise, clause 6.6 shall determine whether
                  the consideration payable pursuant to clause 5.1 shall be
                  reduced, and the Transferee shall, unless CLAUSE 6.5(B)
                  applies, pay to the Transferor by way of additional
                  consideration a sum equal to the amount of VAT so chargeable
                  within 14 days of the Transferor notifying the Transferee of
                  that determination (against delivery by the Transferor of an
                  appropriate VAT invoice).

         (B)      If the Transferor and the Transferee disagree with the
                  determination of H.M. Customs & Excise referred to in CLAUSE
                  6.5(A), or if SUB-CLAUSE (F) applies, they shall obtain a
                  review by the Commissioners of H.M. Customs & Excise of that
                  determination and SUB-CLAUSES 6.5(C) TO (F) (inclusive) shall
                  apply. The Transferor and the Transferee shall be responsible
                  jointly for obtaining such review and shall give each other
                  all reasonable assistance and co-operation in that regard.

         (C)      Upon the Transferor being advised by the Commissioners of H.M.
                  Customs & Excise of their decision arising out of the review
                  referred to in CLAUSE 6.5(B), the Transferor shall forthwith
                  notify the Transferee as soon as possible of that decision
                  and, if the Transferor and the Transferee disagree with that
                  decision or if SUB-CLAUSE (F) applies, the Transferor and the
                  Transferee shall be responsible jointly for the making of all
                  such appeals against that decision as the Transferor and the
                  Transferee shall agree.

         (D)      All costs, charges and expenses properly incurred in taking
                  any action pursuant to SUB-CLAUSES (B) TO (E) (inclusive)
                  shall be borne by the Transferor and the Transferee equally
                  and, in any case where an appeal cannot be made against the
                  decision of the Commissioners without the Transferor
                  accounting for the VAT referred to in CLAUSE 6.5(A), the
                  Transferee shall pay to the Transferor in cash an amount equal
                  to that amount (against delivery by the Transferor of an
                  appropriate VAT invoice).

<PAGE>
                                       14

         (E)      Within 14 days of the decision of the Commissioners referred
                  to in CLAUSE 6.5(C) or, if an appeal or appeals have been made
                  in accordance with that clause, within 14 days of the decision
                  of the court or tribunal to which the final such appeal has
                  been made:-

                  (i)      the Transferee shall pay to the Transferor in cash a
                           sum equal to the amount of VAT that has thereby been
                           determined to be properly chargeable in respect of
                           the supply of all or any part of the Business Assets
                           under this Agreement (against delivery by the
                           Transferor of an appropriate VAT invoice) after
                           deducting from that sum any amount previously paid by
                           the Transferee to the Transferor under CLAUSE 6.5(D);
                           or

                  (ii)     if the amount previously paid by the Transferee to
                           the Transferor under CLAUSE 6.5(D) exceeds the VAT
                           that has been determined to be properly chargeable in
                           respect of the supply referred to above, the
                           Transferor shall pay to the Transferee in cash an
                           amount equal to the excess (which payment shall be
                           treated as a reduction in the consideration payable
                           for the Business Assets) and deliver to the
                           Transferee an appropriate credit note for VAT
                           purposes.

         (F)      If one of the Transferor or the Transferee agrees with the
                  determination of H.M. Customs & Excise referred to in CLAUSE
                  6.5(A) but the other disagrees with such determination, or if
                  the Transferor and the Transferee disagree as to the course of
                  action to be taken pursuant to this CLAUSE 6 (including
                  whether or not to appeal a decision of H.M. Customs & Excise
                  or a decision of any court or tribunal and the manner of any
                  such appeal), then the Transferor and the Transferee shall
                  jointly instruct Tax Counsel in that regard and SUB-CLAUSES
                  (B) TO (E) (inclusive) shall apply once Tax Counsel has, after
                  both parties have had a reasonable opportunity to make
                  submissions to Tax Counsel, delivered a written opinion
                  (taking account of all relevant factors) to both parties to
                  the effect that it is or is not appropriate to obtain a review
                  of the determination or which recommends a course of action to
                  be taken by the parties pursuant to this CLAUSE 6. When such
                  an opinion is delivered, the parties agree to apply
                  SUB-CLAUSES (B) TO (E) (inclusive) in accordance with such
                  opinion.

6.6      If the Transferee is unable to recover in full input tax (if any) in
         respect of any of the supplies of Business Assets pursuant to this
         Agreement, then the consideration payable pursuant to CLAUSE 5.1 ("IC")
         shall be reduced to the aggregate amount found by applying the
         following formula to the consideration allocated to each category of
         asset specified in CLAUSE 5.2 and adding the totals thereof:

                                    1
                          ---------------------
                          1 + (0.5 (0.175 - R))

         where R means:

         (i)      in respect of supplies constituted by the transfer of Business
                  Assets pursuant to this Agreement which are taxable supplies,
                  the percentage of input tax in respect thereof which is
                  recoverable by the Transferee (expressed as the decimal
                  fraction obtained by applying the said percentage to 0.175);
                  and

<PAGE>
                                       15

         (ii)     in all other cases 0.175,

         and provided that for this purpose R shall be determined in good faith
         by the Transferee and shall be adjusted as necessary following any
         agreement with H.M. Customs & Excise or otherwise with such
         consequential adjustments being made to IC as are then appropriate
         (using for the avoidance of doubt for the purpose of this recalculation
         the original allocations as stated at the date of this Agreement in
         CLAUSE 5.2), and so that the consideration and allocation pursuant to
         CLAUSES 5.1 AND 5.2 shall be adjusted in accordance with the results of
         the above process, by the Transferor being liable to make such payment
         in cash to the Transferee as is equal to the amount of any reduction in
         the consideration set out pursuant to CLAUSE 5.1 and the Transferee
         shall make such payments of additional consideration as are required
         under CLAUSE 6.5 (A) OR (E) and so that the two said amounts may be set
         off to the maximum extent possible leaving a net payment, and finally
         so that, if pursuant to any further application of this clause to
         determine IC (if R is adjusted as referred to above), IC changes
         (upwards or downwards), such adjusting payments shall be made as are
         necessary.

7.       COMPLETION

7.1      Completion shall take place on the Closing Date, provided that this
         Agreement shall become effective on that date immediately after
         delivery of the Firm St. Paul Shares (as defined in the Formation and
         Separation Agreement) and the completion of the ESU Offering (as
         defined in the Formation and Separation Agreement).

7.2      At Completion the Transferor and the Transferee shall do or procure the
         carrying out of those things listed in SCHEDULE 1 (Completion
         Arrangements).

8.       APPORTIONMENT

8.1      All moneys or other items to which the Transferee is properly entitled
         under the terms hereof which are received by the Transferor or any
         member of the Transferor's Group on or after Completion in connection
         with the Business Assets shall be held in trust by the Transferor for
         the Transferee and shall be promptly paid over to the Transferee.

8.2      All moneys or other items to which the Transferor is properly entitled
         under the terms hereof which are received by the Transferee or any
         member of the Transferee's Group on or after Completion shall be held
         in trust by the Transferee for the Transferor and shall be promptly
         paid over to the Transferor.

8.3      Where anything (including any service) has been provided to the
         Transferor in connection with the Business Assets prior to Completion,
         but any payment has been made by the Transferee in respect of the price
         or cost of it, the Transferor shall pay to the Transferee a sum equal
         to the amount of that payment (excluding any amount in respect of VAT
         thereon and suitably apportioned where the payment relates to the
         provision of goods or a service over a period commencing prior to, and
         ending after, Completion) and shall hold such sum for the Transferee
         until it is promptly paid over.

<PAGE>
                                       16

8.4      Where anything (including any service) is to be provided to the
         Transferee in connection with the Business Assets after Completion, but
         any payment (by way of deposit, prepayment or otherwise) has been made
         by the Transferor in respect of the price or cost of it before
         Completion, the Transferee shall pay to the Transferor a sum equal to
         the amount of that payment (excluding any amount in respect of VAT
         thereon and suitably apportioned where the payment relates to the
         provision of goods or a service over a period commencing prior to, and
         ending after, Completion) and shall hold such sum for the Transferor
         until it is promptly paid over.

8.5      All other prepayments and accruals relating to the Business Assets
         shall, to the extent that they relate to any period commencing prior to
         and ending after Completion, be apportioned on a fair and equitable
         basis between the Transferor and the Transferee and an appropriate
         payment shall be made to reflect that apportionment.

8.6      All notifications and correspondence relating to the Business Assets
         which are received by any member of the Transferor's Group on or after
         Completion shall as soon as reasonably practicable be passed to the
         Transferee.

9.       RISK AND INSURANCE

         Risk in the Business Assets shall pass on Completion.

10.      EMPLOYEES

10.1     The Transferee, the Transferor and the Employer agree that Completion
         will constitute a Relevant Transfer which will take place in its
         entirety on the Completion Date and the Assumed Employees listed in
         Part 1 of Schedule 2 ("PART 1 EMPLOYEES") shall transfer under the
         Regulations to the Transferee from the Employer on the Completion Date
         upon the terms and conditions referred to in sub-clause 10.7(D).

10.2     Subject to sub-clause 10.6 (C) the Transferee, the Transferor and the
         Employer agree that if there is a finding that a Relevant Transfer
         shall not have occurred prior to the Authorisation, the Authorisation
         will constitute a Relevant Transfer which will take place in its
         entirety on the Authorisation Date and sub-clause 10.6 shall be applied
         to the Part 1 Employees between the Completion Date and the
         Authorisation Date and the Part 1 Employees shall thereafter transfer
         under the Regulations to the Transferee from the Employer on the
         Authorisation Date upon the terms and conditions referred to in
         sub-clause 10.7(D).

10.3     (A)      Subject to sub-clause 10.3(B) the Transferee, the Transferor
                  and the Employer agree that the Transferee will immediately
                  upon Completion make to each of the Assumed Employees listed
                  in Part 2 of Schedule 2 ("PART 2 Employees") an offer in
                  writing to employ them under a new contract of employment, to
                  take effect from Completion upon the terms and conditions
                  referred to in sub-clause 10.7(D).

         (B)      In the case of the Assumed Employee Guy Butler, it is agreed
                  that the Transferee shall, prior to the Completion Date, offer
                  Guy Butler a six month fixed term contract of employment
                  effective upon Completion and the Employer shall pay Guy
                  Butler

<PAGE>
                                       17

                  (pound)100,000 upon termination of his employment with the
                  Employer (the "SEVERANCE PAYMENT") subject to the terms of a
                  Compromise and Severance Agreement (including a maximum
                  contribution towards legal fees) in the form as set out in
                  Schedule 10 (the "SEVERANCE AGREEMENT") executed by the
                  Employer, the Transferor, the Transferee and Guy Butler and
                  his legal advisor prior to Completion. The Employer, the
                  Transferor and the Transferee agree that the Severance Payment
                  and said legal fees shall be set off against any Transition
                  Expenses and the Employer and the Transferor shall not be
                  liable for any loss incurred by the Transferee in connection
                  with the termination of the employment of Guy Butler on or
                  after Completion howsoever arising and sub-clauses 10.7(D) and
                  10.7 (E) shall not apply in respect of Guy Butler.

10.4     If for any reason, following Completion any Part 1 Employee is found
         not to have transferred to the Transferee pursuant to the Regulations,
         other than by virtue of Regulation 5(4A) of the Regulations, the
         Transferee in consultation with the Transferor and the Employer will as
         soon as is reasonably practicable but no later than within 14 days of
         learning of the said finding make to any such Part 1 Employee an offer
         in writing to employ him under a new contract of employment to take
         effect as soon as possible thereafter upon the terms and conditions
         referred to in sub-clause 10.7(D) and in the interim unless otherwise
         agreed in writing by the parties sub-clause 10.6 shall be applied by
         the parties. In the event that any Part 1 Employee declines such offer,
         the Employer in consultation with the Transferor may at its discretion
         terminate the employment of such Part 1 Employee.

10.5    (A)       If for any reason any person who is not an Assumed Employee is
                  found to have transferred to the Transferee pursuant to the
                  Regulations, the Transferee will within 14 days after becoming
                  aware of the finding notify the Transferor and the Employer in
                  writing that it does not wish to employ that person
                  ("TRANSFEREE'S NOTIFICATION"), and the Employer will in
                  consultation with the Transferee and the Transferor, following
                  receipt of the Transferee's Notification as soon as is
                  reasonably practicable but no later than within 14 days of the
                  Transferee's Notification make to that person an offer in
                  writing to employ him under a new contract of employment upon
                  the terms and conditions referred to in sub-clause 10.7(D) or
                  alternatively request that the Transferee terminate the
                  employment of that person.

         (B)      Once an offer has been made or the Employer has asked the
                  Transferee to terminate the employment of any person who is
                  not an Assumed Employee (or at the latest after the expiry of
                  14 days after the Transferee's Notification), the Transferee
                  may terminate the employment of the person concerned and, so
                  long as that termination is in accordance with the said
                  person's contractual entitlement subject to any duty to
                  mitigate loss, the Transferor will indemnify the Transferee
                  against any sums payable to, or on behalf of such person in
                  respect of the termination of his employment and each and
                  every liability, claim, demand, expense or cost (including
                  without limitation reasonable legal costs and expenses
                  incurred by the Transferee on a solicitor and own client basis
                  in settling, contesting or dealing with any such claim or
                  demand) on or after the Completion and against any claims or
                  losses arising out of such termination.

<PAGE>
                                       18

10.6     In the event of sub-clause 10.2 applying or where any Part 2 Employee
         remains employed by the Employer pending acceptance by him of an offer
         of employment by the Transferee or as provided in sub-clause 10.4, in
         respect of such Assumed Employees, between Completion and the
         Authorisation Date (or where relevant earlier acceptance of the offer)
         the following interim arrangements shall apply ("INTERIM
         ARRANGEMENTS"):

         (A)      subject to sub-clause 10.6 (C) the Employer shall and the
                  Transferor shall use commercially reasonable endeavours to
                  procure that the Employer shall in respect of those Assumed
                  Employees (except with the express prior written consent of
                  the Transferee):

                  (i)      make each of them available to the Transferee to
                           provide services to the Transferee and so far as is
                           reasonably practicable in accordance with their
                           contractual duties prior to Completion;

                  (ii)     not engage in any act or omission which gives rise to
                           any liability in relation to them including without
                           limitation for breach of contract, unfair dismissal,
                           and sex, race and disability discrimination and shall
                           comply with all obligations imposed on it by all
                           statutes, regulations, collective agreements, customs
                           and practices relevant between it and them or any
                           trade union or their terms of employment or any laws
                           relating to health and safety; and

                  (iii)    save where expressly otherwise provided and subject
                           to the provisions of sub-clauses 10.6(B)(iii),
                           10.7(F)(iii) and 10.7(G)(ii) be responsible for all
                           due salary payments and any other emoluments in
                           accordance with their contracts of employment with
                           the Employer including tax and national insurance
                           payments, holiday, sick pay and all other contractual
                           remuneration and benefits and not subject them to any
                           disciplinary action, dismiss them or in any way
                           change the Assumed Employees' contracts of employment
                           (with or without those Assumed Employees' consent).

         (B)      Subject to sub-clause 10.6 (C) the Transferee shall in respect
                  of those Assumed Employees (except with the express prior
                  written consent of the Transferor and the Employer):

                  (i)      provide work for each of them in accordance with
                           their contractual duties prior to Completion so far
                           as is reasonably practicable and subject to
                           sub-clause 10.6(A) have the day to day control of the
                           manner in which those Assumed Employees perform their
                           duties;

                  (ii)     not engage in any act or omission which would, if it
                           were their employer, give rise to any liability in
                           relation to them including without limitation for
                           breach of contract, unfair dismissal, and sex, race
                           and disability discrimination or which causes the
                           Employer or the Transferor or of any member of the
                           Transferor's Group to incur such a liability and
                           shall comply with all obligations which if it were
                           their employer would be imposed on it by all
                           statutes, regulations, collective agreements, customs
                           and practices relevant between it and those Assumed

<PAGE>
                                       19

                           Employees or any trade union or the terms of
                           employment of the Assumed Employees or any laws
                           relating to health and safety; and

                  (iii)    without prejudice to sub-clauses 10.7(F)(iii) and
                           10.7(G)(ii), fully reimburse the Employer on a
                           monthly basis in respect of all salary payments and
                           other emoluments in accordance with the Assumed
                           Employees' contracts of employment including tax and
                           national insurance payments, holiday and sick pay.

         (C)      The Transferee, the Transferor and the Employer agree that the
                  Interim Arrangements shall automatically terminate on 31st
                  December, 2002 unless otherwise extended in writing by the
                  parties and in respect of such Assumed Employees; and the
                  Employer in consultation with the Transferor and the
                  Transferee may after 31st December, 2002 or such later date as
                  agreed in writing by the parties and before 31st January, 2003
                  (unless otherwise extended in writing by the parties)
                  terminate the employment of such Assumed Employees in
                  accordance with their contractual entitlement subject to any
                  duty to mitigate loss. The termination of the Interim
                  Arrangements shall be without further liability by the
                  Transferor and the Employer to the Transferee and by the
                  Transferee to each of them save that to the extent any such
                  liability has arisen at any time on or after Completion in
                  consequence of the termination of the Interim Arrangements in
                  connection with any Assumed Employee, the Transferee will
                  indemnify the Transferor and the Employer (on an after-tax
                  basis) against any sums properly and reasonably payable to, or
                  on behalf of any such Assumed Employees and each and every
                  liability, claim, demand, expense or cost (including without
                  limitation reasonable legal costs and expenses incurred by the
                  Transferor or the Employer on a solicitor and own client basis
                  in settling, contesting or dealing with any such claim or
                  demand) in respect of the period on or after Completion
                  including any claims or losses arising out of such termination
                  of employment. For the avoidance of doubt, Section 13.16 of
                  the Formation and Separation Agreement (Transition Expenses)
                  shall not apply to this sub-clause.

10.7     Subject to the provisions of sub-clause 10.7 (D) in respect of salaries
         and other contractual emoluments and pension provision the Transferor,
         the Transferee and the Employer agree:

         (A)      save as provided in sub-clauses 10.7(F) and 10.7(G) and
                  subject to sub-clause 10.7(B), with effect from the later of
                  the Completion Date or the date on which any Assumed Employee
                  becomes an employee of the Transferee then in relation to that
                  Assumed Employee all salaries and other contractual
                  emoluments, tax and national insurance payments, and accrued
                  holiday pay shall be borne by the Transferee from that date
                  and all necessary apportionments shall be made;

         (B)      the Transferor shall reimburse the Transferee for that
                  proportion of any Bonus Payments paid to Eligible Assumed
                  Employees which is attributable to the period from [1st]
                  January, 2002 to [the day preceding] the Completion Date.
                  "ELIGIBLE ASSUMED EMPLOYEES" are those Assumed Employees who
                  remain employed by the Transferee on the date of Bonus Payment
                  (or if the Interim Arrangements apply to the Bonus

<PAGE>
                                       20

                  Payment, remain employed by the Employer). The Transferee
                  shall pay any such sums due to Assumed Employees for and on
                  behalf of any liability of the Employer.

         (C)      with effect from the Completion Date life insurance premiums
                  and pension payments pursuant to sub-clause 10.7(F)(iii) shall
                  be borne by the Transferee;

         (D)      with effect from the later of the Completion Date and the date
                  on which any Assumed Employee becomes an employee of the
                  Transferee save as expressly provided in this Agreement and
                  with the exception of occupational pension arrangements and
                  share scheme (save to the extent any part of either of such
                  benefits transfer under the Regulations arrangements) such
                  salaries and other contractual emoluments shall be the same as
                  or not substantially less favourable and giving rise to
                  detriment than any Assumed Employee's terms and conditions of
                  employment before the Completion Date or the date on which any
                  Assumed Employee becomes an employee of the Transferee
                  whichever is the more favourable to the Assumed Employee (the
                  "EQUIVALENT BASIS");

         (E)      save as in the case of Thomas Mahoney, the Transferor's
                  Enhanced Redundancy Scheme applicable to Assumed Employees
                  prior to Completion shall continue to apply to Assumed
                  Employees for 90 days following the Completion Date and the
                  Transferor shall reimburse the Transferee for the sums due to
                  any Assumed Employee whose employment is terminated by the
                  Transferee during such 90-day period, in accordance with the
                  Transferor's Enhanced Redundancy Scheme and subject to the
                  aggregate limit contained in the Transition Expenses;

         (F)      (i)      upon Completion or immediately following Completion
                           to the extent the Transferor has not already done so,
                           the Transferor shall use its best endeavours to
                           obtain the approval of the relevant authorities and
                           the consent of the trustees (the "TRUSTEES") of the
                           St. Paul Pension Plan (the "PLAN") and the Employer
                           to the adherence of the Transferee to the Plan for a
                           period up to and including 31st December, 2002 (the
                           "PENSION PARTICIPATION PERIOD") in respect of those
                           Assumed Employees who are at the time of Completion
                           active members of the Plan (the "MEMBERS") and who
                           shall either continue as or become Members of the
                           defined contribution section of the Plan on the
                           Completion Date until the Employer gives written
                           notice to the Trustees and the Transferee that the
                           Transferee's participation in the Plan is to cease or
                           until the end of the Pension Participation Period,
                           whichever is sooner;

                  (ii)     upon Completion or immediately following Completion
                           to the extent the Transferor and the Employer have
                           not already procured the execution of a Deed of
                           Adherence to the Plan by the Trustees and the
                           Employer, the Transferor shall use its best
                           endeavours to procure such execution and the
                           Transferee will execute such Deed of Adherence upon
                           or immediately following Completion;

                  (iii)    the Transferee shall during the Pension Participation
                           Period pay contributions to the Trustees of the Plan.
                           The applicable contribution rates shall be notified

<PAGE>
                                       21

                           to the Transferee by the Transferor and shall be the
                           same rates as the Transferor shall pay in respect of
                           the Retained Employees from time to time during the
                           Pension Participation Period. The contribution rates
                           applicable at Completion are 11.9% of the Member's
                           Basic Earnings as defined in the trust deed and rules
                           of the Plan comprising a 10% pension contribution and
                           1.9% life insurance contribution. The Transferee
                           shall also pay to the Employer an amount notified to
                           the Transferee by the Transferor to reflect the
                           reasonable administration expenses of the Plan, such
                           contributions and expenses to be paid monthly;

                  (iv)    the Employer may at its sole discretion and at any
                          time during the Pension Participation Period give the
                          Transferee not less than 14 days written notice to
                          cease its participation in the Plan on a certain date
                          (the "CESSATION DATE") and the Transferee shall not
                          later than the Cessation Date take all necessary steps
                          to do so and the Trustees, the Employer and the
                          Transferor shall have no liability to the Transferee
                          or the Members herein and the Trustees, the Employer
                          and the Transferor shall have no further liability to
                          the Transferee or the Members save as required by
                          legislation; and

                  (v)     on the Transferee ceasing to participate in the Plan,
                          save for any contributions then outstanding or
                          otherwise required by legislation, the Transferee
                          shall have no further liability to make contributions
                          to the Plan and the Members shall be treated as
                          deferred Members of the Plan from the Cessation Date
                          unless they enter employment with another
                          participating employer of the Plan within such period
                          (if any) as the Employer shall decide and the Trustees
                          shall agree subject to Inland Revenue and statutory
                          requirements.

         (G)      (i)      The Transferor shall use commercially reasonable
                           endeavours to procure the agreement of the relevant
                           provider that from Completion or as soon as is
                           reasonably practicable following Completion, for a
                           period ending on 31st December, 2002 (the "BENEFITS
                           PARTICIPATION PERIOD") eligible Assumed Employees and
                           their eligible dependants may continue to be eligible
                           to participate in the Cigna Healthcare Plan (the
                           "MEDICAL SCHEME") on the same basis as the Retained
                           Employees including any variation or cessation to or
                           of the Medical Scheme howsoever arising and such
                           participation shall be in accordance with the Medical
                           Scheme's rules and provisions applicable during the
                           Benefits Participation Period. The Employer and the
                           Transferor shall following the Benefits Participation
                           Period have no further liability to the Transferee or
                           the Assumed Employees save as provided under the
                           Medical Scheme's rules or legislation;

                  (ii)    the Transferee shall pay the applicable contribution
                          rates notified to the Transferee by the Transferor
                          including any applicable co-payments and deductibles
                          in respect of the Assumed Employees and their
                          dependants participating in the Medical Scheme during
                          the Benefits Participation Period which rates shall be
                          calculated in accordance with the Medical Scheme's
                          rules applicable to the Retained Employees generally
                          during the Benefits

<PAGE>
                                       22

                           Participation Period. The Transferee shall also pay
                           to the Transferor amounts notified to the Transferee
                           [by the Transferor] to reflect reasonable
                           administration expenses of the Medical Scheme, such
                           contributions and expenses to be paid monthly; and

                  (iii)   the Transferee shall not later than the end of the
                          Benefits Participation Period take all necessary steps
                          to provide the Assumed Employees with an alternative
                          medical benefit scheme on the Equivalent Basis and the
                          Transferee shall have no further liability to make
                          contributions or pay expenses in respect of the
                          [Medical Scheme] save for any contributions then
                          outstanding or any required by legislation.

10.8     (A)      The Transferor agrees to procure that St Paul will honour all
                  St Paul's Existing Retention Obligations and to treat the
                  employment of the Schedule 8 Assumed Employees with the
                  Transferee commencing on the Completion Date as if it were
                  continuous service with the Employer for the purposes only of
                  calculating service under the Existing Retention Obligations.

         (B)      The Transferor and the Transferee agree to honour all the
                  Transferor's and the Transferee's Prorated Retention
                  Obligations in respect of the employment of the Schedule 9
                  Assumed Employees on a pro rata basis adopting the formula set
                  out below and which are detailed in Schedule 9:

                  (i)      the Transferor shall assume and be liable for the
                           portion of each Prorated Retention Obligation in an
                           amount equal to the product of (A) the amount of each
                           such Prorated Retention Obligation and (B) a
                           fraction, the numerator of which is the number of
                           days from the date such Prorated Retention Obligation
                           was entered into through the Completion Date and the
                           denominator of which is the number of days from the
                           date such Prorated Retention Obligation was entered
                           into through 1st July, 2004, and

                  (ii)    the Transferee shall assume and be liable for the
                          portion of each Prorated Retention Obligation in an
                          amount equal to the product of (A) the amount of each
                          such Prorated Retention Obligation and (B) a fraction,
                          the numerator of which is the number of days from the
                          Completion Date through 1st July, 2004 and the
                          denominator of which is the number of days from the
                          date such Prorated Retention Obligation was entered
                          into through 1st July, 2004.

10.9     The Transferee and the Transferor shall procure that their respective
         obligations herein are complied with by each member of the Transferor's
         Group including the Employer and each member of the Transferee's Group
         respectively.

10.10    Subject to the Transferor's overriding indemnity in sub-clause 10.5(B),
         the Transferee shall indemnify the Transferor and the Employer solely
         in respect of the period on or following Completion against any breach
         of its employment obligations under this Agreement and each and every
         liability, claim, demand, expense or cost (including without limitation
         reasonable legal costs and expenses incurred by the Transferor or the
         Employer on a solicitor and own

<PAGE>
                                       23

         client basis in settling, contesting or dealing with any such claim or
         demand) relating to or arising out of any claim by an Assumed Employee
         transferring under the Regulations or any Assumed Employee under
         sub-clause 10.2 in consequence of the transfer of the Business to the
         Transferee for:

         (A)      a finding that there has been or will be a substantial change
                  in such employee's terms and conditions of employment to his
                  detriment; and

         (B)      any act or omission of the Transferee in relation to such
                  employee occurring on or after the Completion Date including
                  without limitation against any claim for redundancy payments
                  or protective awards and any liability for wrongful dismissal
                  or unfair dismissal or otherwise in connection with the
                  transfer of such employee to the Transferee.

10.11    The Transferor shall indemnify the Transferee against any claim in
         respect of any breach of its employment obligations under this
         Agreement and each and every liability, claim, demand, expense or cost
         (including without limitation reasonable legal costs and expenses
         incurred by the Transferee on a solicitor and own client basis in
         settling, contesting or dealing with any such claim or demand) relating
         to or arising out of any claim by an Assumed Employee or subject to
         sub-clause 10.5 any other employee of the Transferor transferring under
         the Regulations in consequence of the transfer of the Business to the
         Transferee for:-

         (A)      [save as in the case of Guy Butler] any act or omission of the
                  Transferor in relation to such employee occurring prior to the
                  Completion Date including without limitation against any claim
                  for redundancy payments or protective awards and any liability
                  for wrongful dismissal or unfair dismissal or otherwise in
                  connection with the transfer of such employee to the
                  Transferee;

         (B)      any claim by any trade union, staff association, staff body or
                  employee representatives (together "REPRESENTATIVES") arising
                  out of any act or omission by the Transferor in failing to
                  comply with its legal obligations to such Representatives
                  under Regulation 10 of the Regulations including, without
                  limitation, any failure by the Transferee to comply with its
                  obligations prior to and in respect of any period prior to
                  Completion under Regulation 10 of the Regulations; and

         (C)      the termination of the employment prior to the Completion Date
                  of any person who was formerly assigned to the Business.

10.12    The Transferee represents, warrants and undertakes that as at
         Completion, it is not aware of any change to the remuneration and
         benefits or any terms and conditions of the employment of Assumed
         Employees that it intends to make following Completion that it has not
         disclosed to the Transferor prior to Completion and acknowledges that
         the Transferor is giving the indemnity in sub-clause 10.11(B) in
         reliance on this warranty.

10.13    The Transferor (and the Employer so procured by the Transferor) and the
         Transferee shall notify each other promptly in writing giving full
         details of any matters in respect of which either the Transferor or the
         Employer or the Transferee shall or may be entitled to claim an
         indemnity

<PAGE>
                                       24

         under this clause 10 from the other. If the indemnifying party shall so
         request in writing, the indemnified party shall consult with the
         indemnifying party at all material stages regarding the care and
         conduct of resisting, compounding or contesting each such matter
         including without limitation any demand, claim or proceedings so as to
         avoid or mitigate any loss and/or disrepute to the indemnifying party
         and the indemnified party shall at its own expense give upon request of
         the indemnifying party any co-operation, assistance or information as
         may be reasonably requested which is relevant to such matters.

11.      DATA PROTECTION

         The Transferee shall at all times comply with all requirements of the
         Data Protection Legislation in respect of the Business including,
         without limitation, by giving any necessary notification to the Data
         Protection Commissioner under Section 18 of the Data Protection Act
         1998 prior to Completion.

12.      NON-COMPETITION

12.1     For a period of two years following the Closing Date (the "RESTRICTED
         PERIOD") the Transferor may not (other than pursuant to the UK
         Underwriting Agency and Management Agreement (as defined in the
         Formation and Separation Agreement) between the parties):-

         (A)      offer, issue, sell, refer or promote, directly or indirectly,
                  any contracts, treaties or agreements of reinsurance of the
                  same type as the Reinsurance Agreements or of the same type as
                  those for which the Transferor has transferred Business
                  Renewal Rights to the Transferee provided that the Transferee
                  or members of the Transferee's Group continue to provide,
                  during the Restricted Period, reinsurance coverage of such
                  types to third parties;

         (B)      employ, offer to employ or solicit with a view to employment
                  any of the Key Employees (save that pending receipt of
                  Authorisation, Thomas Mahoney, Guy Butler, Michael Coldman,
                  Craig Pettengell and Chris Ballard will remain as directors of
                  the Transferor and the foregoing will be made available by the
                  Transferee to the Transferor to act in their capacities as
                  approved persons of the Transferor for the purposes of the
                  Rule Book of the Financial Services Authority); or

         (C)      use or disclose to any person other than the Transferee or
                  members of the Transferee's Group, any Transferred Business
                  Confidential Information except in connection with the
                  administration of (i) the Reinsurance Agreements, (ii) the
                  Run-Off Business (as defined in sub-clause 12.2 (A)) or (iii)
                  the Retained Business provided that the Transferor will
                  disclose Transferred Business Confidential Information only in
                  the ordinary course of business, consistent with past practice
                  including in connection with resolving claims and the purchase
                  of retrocessional coverage and provided, further, that the
                  Transferor shall use reasonable endeavours to avoid providing
                  Transferred Business Confidential Information to a competitor
                  of the Transferee under circumstances reasonably likely to
                  materially impair the value of the Business Renewal Rights;

<PAGE>
                                       25

         provided that, in the case of Transferred Business Confidential
         Information that relates to the Reinsurance Agreements, the Restricted
         Period shall be indefinite.

12.2     Notwithstanding any other provision of sub-clause 12.1 to the contrary,
         the Transferor is not prohibited from:

         (A)      engaging in any line of business in which it is engaged
                  immediately after the completion of the Public Offering and
                  for which Business Renewal Rights were not transferred
                  hereunder, including, without limitation, the administration
                  of reinsurance contracts with inception dates prior to 1st
                  January, 2002 (the "RUN-OFF BUSINESS") and the Reinsurance
                  Agreements (but not including any renewals thereof),
                  purchasing reinsurance for its own account, reinsurance
                  business written through St. Paul's Discover Re operation and
                  Lloyd's of London operation and property catastrophe
                  facultative reinsurance business written by St. Paul's CATRisk
                  Property division;

         (B)      acquiring any person or, subject to the limitation in (C)
                  below, any interest in any person engaged in any line of
                  business except for an acquisition of an interest of more than
                  49% of any person that generated 50% or more of its gross
                  revenues, excluding investment income and realised investment
                  gains and losses, in its most recent financial year for which
                  financial statements are available, by writing property or
                  casualty reinsurance (a "PERMITTED Acquiree"), provided that
                  any Permitted Acquiree may not use any marks, designs, logos,
                  slogans, names, words or letters which include the words "St.
                  Paul", "USF&G" or "F&G" or those that are suggestive or,
                  derivative thereof, or any logo or mark identified with "St.
                  Paul", "USF&G" or "F&G" (except as may be required by law) in
                  connection with its reinsurance business, if any, provided
                  further, however, that the Transferor may acquire an interest
                  of more than 49% of a person that is not a Permitted Acquiree
                  if the Transferor promptly divests the property or casualty
                  reinsurance operations of such person; or

         (C)      soliciting, offering, issuing, selling, purchasing or
                  referring any contracts of reinsurance of any type to, from or
                  with any of its subsidiaries or engaging in any reinsurance
                  activities in connection with the Run-Off Business (other than
                  renewals thereof) or with finite business which is either
                  covered by a Quota Share Retrocession Agreement (as defined in
                  the Formation and Separation Agreement) or which the
                  Transferee and members of the Transferee's Group declines to
                  reinsure.

12.3     During the Restricted Period the Transferor shall not sponsor or
         assist, directly or indirectly, in the sponsorship of a newly formed
         property or casualty reinsurer for so long as St. Paul continues to own
         10% or more of the outstanding common shares of Platinum Holdings.

12.4     Transferred Business Confidential Information shall not include
         information relating to the Business which is or becomes generally
         known on a non-confidential basis provided that the source of such
         information was not bound by a confidentiality agreement or other
         obligation of confidentiality. If the Transferor is legally requested
         or required under an order or subpoena issued by a court,
         administrative agency or arbitration panel (through oral examination,
         interrogatories, requests for information or documents, civil
         investigation demand or other legal, administrative or arbitration
         processes) to disclose any Transferred Business

<PAGE>
                                       26

         Confidential Information, the Transferor shall provide the Transferee
         with prompt written notice of the request, requirement, subpoena or
         order to permit the Transferee (if it so elects) to seek appropriate
         protective steps preventing or limiting disclosure. If the Transferee
         seeks such steps to avoid or limit disclosure, the Transferor shall
         co-operate with the Transferee at the Transferee's expense. If, in the
         absence of such protective steps, the Transferor is compelled to
         disclose any Transferred Business Confidential Information, the
         Transferor may disclose such Transferred Business Confidential
         Information without liability hereunder.

12.5     The Transferor shall treat any Transferred Business Confidential
         Information with the same degree of care with which it treats its own
         confidential information.

12.6     The Transferor and the Transferee agree that money damages would not be
         a sufficient remedy for any breach of sub-clauses 12.1 to 12.5 by the
         Transferor.

12.7     Commencing on the Closing Date, the Transferee may not use any marks,
         designs, logos, slogans, names, words or letters which include the
         words "United States Fidelity and Guaranty", "St. Paul", "Fire and
         Marine" or those that are suggestive or derivative thereof or likely to
         be confused or associated therewith, except (i) as may be required by
         law, (ii) for the purposes of historical identification in materials
         not designed as advertising or solicitation, (iii) as provided under
         the Transitional Trademark License Agreement (as defined in the
         Formation and Separation Agreement), and (iv) pursuant to the
         Underwriting Management Agreement and the UK Underwriting Agency and
         Underwriting Management Agreement (as defined in the Formation and
         Separation Agreement).

12.8     The Transferee shall not use any printed materials or other means of
         communication which state, suggest or imply any affiliation with St.
         Paul or any of its subsidiaries following the Closing Date other than
         references to St. Paul's ownership of the St. Paul Shares (as defined
         in the Formation and Separation Agreement) or to this Agreement, the
         Reinsurance Agreements or the Ancillary Agreements (as defined in the
         Formation and Separation Agreement) or the subject matter thereof.

12.9    The Transferor and the Transferee agrees that it shall not make any
         statement that would reasonably be viewed as intended to be disparaging
         of the business, reputation or good name of the other.

13.3     ASSIGNMENT

         This Agreement shall not be assignable by any party hereto without the
         prior written consent of the other parties.

14.      FURTHER ASSURANCE

14.1     The Transferor shall, from time to time on request, do or procure
         the doing of all such acts and/or execute or procure the execution of
         all such documents in a form reasonably satisfactory to the Transferee
         which the Transferee may reasonably consider necessary for giving full
         effect to this Agreement and securing to the Transferee the full
         benefit of the rights, powers and remedies conferred upon the
         Transferee in this Agreement.
<PAGE>
                                       27

14.2     The Transferee shall, from time to time on request, do or procure the
         doingof all such acts and/or execute or procure the execution of all
         such documents, in particular (without limitation) any instrument of
         assumption and acknowledgements, in a form reasonably satisfactory to
         the Transferor as the Transferor may reasonably consider necessary for
         giving full effect to this Agreement or to secure to the Transferor the
         full benefit of the rights, powers and remedies conferred upon the
         Transferor in this Agreement.

15.     ENTIRE AGREEMENT

15.1     Together this Agreement and the Transaction Documents constitute the
         whole and only agreement relating to the transfer of the Business
         Assets.

15.2     This Agreement may only be varied in writing signed by each of the
         parties.

15.3     Except in the case of fraud, no party shall have any right of action
         against the any other party or parties to this Agreement arising out of
         or in connection with any draft, agreement, undertaking,
         representation, warranty, promise, assurance or arrangement of any
         nature whatsoever, whether or not in writing, relating to the subject
         matter of this Agreement and Transaction Documents made or given by any
         person at any time prior to the date of this Agreement except to the
         extent that it is repeated in this Agreement or any Transaction
         Document.

16.     REMEDIES AND WAIVERS

16.1     No  failure by any of the parties to this agreement to take any action
         or assert any right hereunder shall be deemed to be a waiver of such
         right in the event of the continuation or repetition of the
         circumstances giving rise to such right, unless expressly waived in
         writing.

16.2     The single or partial exercise of any right, power or remedy provided
         by law or under this Agreement shall not preclude any other or further
         exercise of it or the exercise of any other right, power or remedy.

16.3     The rights, powers and remedies provided in this Agreement are
         cumulative and not exclusive of any rights, powers and remedies
         provided by law.

17.     NOTICES

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

<TABLE>
<CAPTION>

    PARTY AND TITLE OF INDIVIDUAL       ADDRESS                         FACSIMILE NO.
    -----------------------------       -------                         -------------
    <S>                                 <C>                              <C>
    Transferor                          St Paul Reinsurance              020 7488 6345
    f.a.o. Company Secretary            Company Limited

<PAGE>
                                       28

    f.a.o. Company Secretary            27 Camperdown Street
                                        London E1 8DS
    Transferee                          Platinum Re (UK) Limited         020 7623 6610
    f.a.o. Company Secretary            52 Lime Street
                                        London EC3M 7NL
    Employer                            St Paul Management Limited       020 7488 6345
    f.a.o. Company Secretary            27 Camperdown Street
                                             London E1 8DS
</TABLE>

18.      ANNOUNCEMENTS

18.1     Noneof the parties to this agreement shall make, or cause to be made,
         any press release or public announcement in respect of this agreement
         or the transactions contemplated hereby or otherwise communicate with
         any news media without the prior written consent of the other parties
         and the parties shall co-operate as to the timing and contents of any
         such press release or public announcement. This clause does not apply
         in the circumstances described in CLAUSE 18.2.

18.2     A   party may, after consultation with the other parties, make an
         announcement concerning the transfer of Business Assets or any
         ancillary matter if required by:-

         (A)      law; or

         (B)      any securities exchange or regulatory or governmental body to
                  which any party is subject or submits, wherever situated,
                  including (amongst other bodies) the UK Financial Services
                  Authority, the London Stock Exchange, The Panel on Takeovers
                  and Mergers, the Securities and Exchange Commission of the
                  United States or the New York Stock Exchange whether or not
                  the requirement has the force of law.

18.3     The restrictions contained in this CLAUSE 18 shall continue to apply
         after the termination of this Agreement without limit in time.

19.     COSTS AND EXPENSES

         Except as otherwise stated in this Agreement (or any agreement referred
         to in this Agreement), each of the parties to this Agreement shall pay
         its own costs and expenses in relation to the negotiations leading up
         to the transfer of the Business Assets and to the preparation,
         execution and carrying into effect of this Agreement and all other
         documents referred to in it.

<PAGE>
                                       29

20.                  COUNTERPARTS

20.1     ThisAgreement may be executed in any number of counterparts, and by the
         Transferor, the Transferee and the Employer on separate counterparts,
         but shall not be effective until each party has executed at least one
         counterpart.

20.1     Eachcounterpart shall constitute an original of this Agreement, but all
         the counterparts shall together constitute but one and the same
         instrument.

21     INVALIDITY

         If at any time any provision of this Agreement is or becomes illegal,
         invalid or unenforceable in any respect under the law of any
         jurisdiction, that shall not affect or impair:-

         (A)      the legality, validity or enforceability in that jurisdiction
                  of any other provision of this Agreement; or

         (B)      the legality, validity or enforceability under the law of any
                  other jurisdiction of that or any other provision of this
                  Agreement.

22.      CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

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

23.      CHOICE OF GOVERNING LAW

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

24.      ARBITRATION

24.1     All matters in difference between the parties arising under, out of or
         in connection with this Agreement, including formation and validity,
         and whether arising during or after the period of this Agreement, may
         be referred by any of the parties to this agreement to an arbitration
         tribunal in the manner hereinafter set out.

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

24.3     The appointor shall be the Chairman for the time being of the A.I.D.A.
         Reinsurance and Insurance Arbitration Society of the UK ("ARIAS (UK)")
         or, if he is unavailable or it is

<PAGE>
                                       30

         inappropriate for him to act for any reason, such person as may be
         nominated by the Committee of ARIAS (UK).

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

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

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

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

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

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

25.     CONFLICT

         In the event of any conflict between the provisions of this Agreement
         and the Formation and Separation Agreement, the provisions of the
         Formation and Separation Agreement shall prevail.

IN WITNESS whereof the parties have entered into this Agreement the day and year
first before written.

<PAGE>
                                       31

                                   SCHEDULE 1
                            (COMPLETION ARRANGEMENTS)

 1.      MATTERS TO BE DEALT WITH BY THE TRANSFEROR

         At Completion, the Transferor shall:

         (A)      Transfer of Business Assets capable of delivery

                  Deliver to the Transferee all the Business Assets which are
                  capable of transfer by delivery with the intent that legal and
                  beneficial title to these Business Assets shall pass by and
                  upon delivery.

         (B)      Other Matters

                  Deliver to the Transferee:

                  (i)      the Ancillary Agreements (as defined in the Formation
                           and Separation Agreement) to which the Transferor is
                           a party duly executed by the Transferor;

                  (ii)     all relevant National Insurance and PAYE records
                           fully completed and showing that payments are
                           up-to-date; and

                  (iii)    a copy of the minutes of a meeting of the directors
                           of the Transferor authorising the execution by the
                           Transferor of this Agreement and all other relevant
                           documents to which the Transferor is a party referred
                           to in this Agreement.

         (C)      Vacant Possession of Lime Business Property

                  The Transferor shall give vacant possession of the Lime
                  Business Property pursuant to the licence in the Agreed Form
                  (and of the other Business Assets capable of possession) to
                  the Transferee.

 2.      MATTERS TO BE DEALT WITH BY THE TRANSFEREE

         Following compliance by the Transferor with its obligations under
         PARAGRAPH 1 above, the Transferee:

         (A)      shall deliver to the Transferor a copy of the minutes of a
                  meeting of the directors of the Transferee authorising the
                  execution by the Transferee of this Agreement and all other
                  relevant documents to which the Transferee is a party referred
                  to in this Agreement; and

<PAGE>
                                       32

         (B)      shall deliver to the Transferor a certificate, duly executed
                  by Platinum Holdings in favour of the Transferor, for [ ]
                  common shares in Platinum Holdings in consideration for the
                  transfer of the Business Assets by the Transferor to the
                  Transferee.

<PAGE>
                                       33

                                   SCHEDULE 2
                               (ASSUMED EMPLOYEES)

                            Part 1 Assumed Employees
<TABLE>
<CAPTION>

   PLATINUM UK FUNCTIONS                  SURNAME          FORENAME        KEY EMPLOYEES
<S>                                      <C>               <C>             <C>

INTERNATIONAL
UNDERWRITING/SOLUTIONS

Underwriter: Casualty                      Archer              Clive                KE

Former Underwriter/General                Ballard              Chris                KE
Manager

Underwriter                             Brudenell             Samuel

Trainee Actuary                              Chan                 TJ

Underwriter                                  Dean           Jonathan

Underwriter                                Dekens            Stephan

Underwriter                                Dudley              Kerry

Actuary                                     Gates               Paul

Underwriter Property                      Fishman                Len                KE

Secretary                                  Forsey               Gwen

Underwriter                                Haynes            Stephen                KE

Managing Director                         Mahoney                Tom                KE

Underwriter                               Manning             Andrew

Underwriter and Actuary                Pettengell              Craig

Underwriter                               Pomeroy               Mark

Underwriter                                Robins             Stuart

<PAGE>
                                       34

Actuary                                      Ross              Fiona                KE

Underwriting secretary                      Smith               Cath

Underwriter                             Stevenson               Gary

Secretary                                Streeter                Kim

Underwriting Actuary (part                 Tinson               Jane
qualified)

Underwriter & Actuary                      Waters                Les

</TABLE>

<PAGE>
                                       35

                                     PART 2
<TABLE>
<CAPTION>

     SUPPORT SERVICES                     SURNAME          FORENAME
<S>                                       <C>              <C>                   <C>
Accounts Assist                              Dean          Christine

Finance Controller                          Boddy            Stephen                KE

Finance Director                           Butler                Guy                KE

Claims Manager                            Coldman            Michael                KE

Claims Handler                             Dawson            Matthew

PA/HR                                      Heddle              Marie

IT Technical                              Howells              David

IT Systems Development                      Lucas            Charlie                KE

Underwriting Admin                           Read            Jacquie

Actuary                                      Shah             Minesh                KE

[IT Technical]                                [o]                [o]

Accounts Assistant                        Weaving               Paul

</TABLE>

<PAGE>
                                       36

                                   SCHEDULE 3
                        (BUSINESS INTELLECTUAL PROPERTY)

The following underwriting pricing models (being identified by their directory
file names, as at 19 June, 2002:

T:\PCMODELS\2002Models\......

                  AGGFFT02

                  AGGHM02

                  AggSim5PO2

                  AggSimLN02

                  CASXPO02

                  Exper02

                  GENXPO02

                  INTCAT02

                  INTILW02

                  IntMtr02

                  LOSSDI02

                  NAILW02

                  PROPXP02

                  ProRat02

                  PRORAT02

                  SCHEDP02

                  WCRETR02

                  WCXPO02

<PAGE>
                                       37

T:\Pricing\2002\UK Cat\Aggregates\Processed Aggs\.......

                  \Aggs_UK2002_AreaConsolid_290900.xls

                  \Aggs_UK2002_district_fudge.xls

                  \Aggs_UK2002_Sector_Filter_CMP.xls

                  \Aggs_UK2002_Sector_RMS.xls

                  \Aggs_UK2002_Sector_Thames.xls

                  \RMS Sectors.xls

                  \Thames Sectors.xls

S:\Marine\Pricing\2002\Cargo and Specie.......

                  \Limits_profile_3.xls

                  \Limits_profile_estimation.xls

                  \profile generator_cargo.xls

S:\Marine\Pricing\2002\Hull\.........

                  \Hull Model 2002 CMP.xls

                  \Limits profile Hull.xls

                  \ profile generator.xls

T: \ Pricing\PCModels_Dev\UKcat2001small_2002.xls

S:\Marine\Pricing\2002\rig\pricing 2002 model.xls

S:\Marine\Pricing\2002\Satellite\Satellite Pricing Model 2002.xls

S:\Marine\Pricing\2002\Clashmod.WK4

<PAGE>
                                       38

                                   SCHEDULE 4
                         (SHARED INTELLECTUAL PROPERTY)

ARS - Actuarial Reserving System.

SWAT - Financial Reporting System.

Fred - Financial Reporting Database.

Oil Rig database.

Underwriting Treaties Database.

Claims Lotus Notes databases.

<PAGE>
                                       39

                                   SCHEDULE 5
                             (TRANSACTION DOCUMENTS)

Formation and Separation Agreement

UK Underwriting Agency and Underwriting Management Agreement

<PAGE>
                                       40

                                   SCHEDULE 6
                                (TANGIBLE ASSETS)

<PAGE>
                                       41

                                   SCHEDULE 7
                                (BONUS PAYMENTS)

<PAGE>
                                       42

                                   SCHEDULE 8
                        (EXISTING RETENTION OBLIGATIONS)

<PAGE>
                                       43

                                   SCHEDULE 9
                        (PRORATED RETENTION OBLIGATIONS)

<PAGE>
                                       44

                                   SCHEDULE 10
                      (COMPROMISE AND SEVERANCE AGREEMENT)

<PAGE>
                                       45

Signed by                                    )
as attorney for and on behalf of             )
ST. PAUL REINSURANCE COMPANY LIMITED         )

Signed by                                    )
as attorney for and on behalf of             )
PLATINUM RE (UK) LIMITED                     )

Signed by                                    )
as attorney for and on behalf of             )
ST. PAUL MANAGEMENT LIMITED                  )

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]