Document:

<PAGE>   1

                           VOTING AND TENDER AGREEMENT

        VOTING AND TENDER AGREEMENT, dated as of April 26, 2001 (this
"AGREEMENT"), by and among the individuals listed on Schedule 1 attached hereto,
(hereinafter sometimes referred to collectively as the "PRINCIPAL STOCKHOLDERS"
or individually as a "PRINCIPAL STOCKHOLDER"), Swiss Re Life & Health America
Holding Company, a Delaware corporation ("PARENT" or "SWISS RE"), and SW
HOLDINGS INC., a Delaware corporation ("PURCHASER") and, for purposes of Section
8 only, SOUTHWESTERN LIFE HOLDINGS, INC. (the "COMPANY").

                              W I T N E S S E T H:

        WHEREAS, simultaneously with the execution of this Agreement, Parent,
Purchaser and the Company have entered into an Agreement and Plan of Merger (the
"MERGER AGREEMENT"), pursuant to which Purchaser has agreed, among other things,
to commence a cash tender offer (as such tender offer may hereafter be amended
from time to time, the "OFFER") to purchase all of the issued and outstanding
shares of common stock of the Company, par value $.01 per share (the "COMMON
SHARES"), with such tender offer to be followed by the merger of Purchaser with
and into the Company (the "MERGER");

        WHEREAS, as of the date hereof, the Principal Stockholders are the
record and beneficial owners of the number of Shares listed opposite each such
Principal Stockholder's name on Schedule 1; and

        WHEREAS, as a condition to the willingness of Parent and Purchaser to
enter into the Merger Agreement, each of the Parent and Purchaser has required
that each of the Principal Stockholders agree, and in order to induce Parent and
Purchaser to enter into the Merger Agreement, each of the Principal Stockholders
have agreed, to enter into this Agreement.

        NOW, THEREFORE, in consideration of the foregoing and the mutual
promises, representations, warranties, covenants and agreements contained herein
and in the Merger Agreement, the parties hereto, intending to be legally bound
hereby, agree as follows:

        1.      CERTAIN DEFINITIONS. Capitalized terms used and not defined
herein shall have the respective meanings ascribed to them in the Merger
Agreement. In addition, for purposes of this Agreement:

        "AFFILIATE" means, when used with respect to any Person, any other
Person directly or indirectly through one or more intermediaries controlling,
controlled by, or under common control with such Person. As used in the
definition of "Affiliate," the term "CONTROL" means possession, directly or
indirectly, of the power to direct or cause the direction of the management or
policies of a Person, whether through the ownership of voting securities, by
contract or otherwise.

<PAGE>   2

        "BENEFICIALLY OWN" or "BENEFICIAL OWNERSHIP" with respect to any
securities means having "beneficial ownership" of such securities (as determined
pursuant to Rule 13d-3 under the Exchange Act), including pursuant to any
agreement, arrangement or understanding, whether or not in writing. Without
duplicative counting of the same securities by the same holder, securities
Beneficially Owned by a Person shall include securities Beneficially Owned by
all Affiliates of such Person and all other Persons with whom such Person would
constitute a "group" within the meaning of Section 13(d) of the Exchange Act and
the rules promulgated thereunder.

        "EXCHANGE ACT" means the Securities Exchange Act of 1934 and the rules
and regulations promulgated thereunder, as amended.

        "GOVERNMENTAL ENTITY" means any foreign, federal, state, municipal or
other court, administrative agency, commission or other governmental or
regulatory body or authority or instrumentality or political subdivision,
including tribal bodies, or any official thereof.

        "OWNED SHARES" means, with respect to a Principal Stockholder, the
Common Shares Beneficially Owned or held of record by the Principal Stockholder
on the date hereof or which may hereafter be acquired by the Principal
Stockholder.

        "OPTIONS" means, with respect to a Principal Stockholder, the
outstanding options to acquire Common Shares now owned or which may hereafter be
acquired by the Principal Stockholder.

        "PERSON" or "PERSONS" means any natural person, firm, corporation,
business trust, joint venture, joint stock company, incorporated or
unincorporated association, company, partnership, limited liability company or
other entity, or any Governmental Entity, or any agency or political subdivision
thereof, and shall include any successor (by merger or otherwise) of such
entity.

        "REPRESENTATIVE" means, with respect to any Person, such Person's
officers, directors, employees, agents and representatives (including any
investment banker, financial advisor, accountant, attorney, or expert retained
by or acting on behalf of such Person or its subsidiaries).

        "TRANSFER" means, with respect to a security, the sale, transfer,
pledge, hypothecation, encumbrance, assignment or disposition of such security
or the Beneficial Ownership thereof, the offer to make such a sale, transfer or
other disposition, and each option, agreement, arrangement or understanding,
whether or not in writing, to effect any of the foregoing. As a verb, "TRANSFER"
shall have a correlative meaning.

        2.      TENDER OF OWNED SHARES. Each of the Principal Stockholders
hereby agrees to validly tender, or cause the Record Holder (as defined below)
to validly tender, all of his, her or its Owned Shares pursuant to and in
accordance with the Offer prior to the expiration of the Offer, and not to
withdraw or permit to be withdrawn any Owned Shares therefrom. Notwithstanding
the foregoing, no Principal Stockholder shall be required to tender Owned

                                       2
<PAGE>   3

Shares in the Offer and, if such Principal Stockholder has tendered Owned
Shares, shall be permitted to withdraw Owned Shares, if this Agreement has been
terminated in accordance with Section 10 hereof.

        3.      VOTING OF OWNED SHARES. During the period commencing on the date
hereof and continuing until the earlier of (x) the consummation of the Offer or
(y) the termination of this Agreement in accordance with Section 10 hereof, each
of the Principal Stockholders hereby agree as follows:

                (a)     ATTENDANCE AT MEETINGS. At any annual or special meeting
        of the stockholders of the Company (including any adjournment thereof),
        however called, or in connection with any written consent of the
        stockholders of the Company, at which or in which matters relating to
        the Merger, the Merger Agreement or any transaction contemplated thereby
        are considered, the Principal Stockholder shall appear, or cause the
        holder of record on any applicable record date with respect to any Owned
        Shares of the Principal Stockholder (the "RECORD HOLDER") to appear, at
        each such meeting, in person or by proxy, or otherwise cause the Owned
        Shares to be counted as present thereat for the purposes of establishing
        a quorum.

                (b)     VOTING. At any meeting of the stockholders of the
        Company, however called, and in any action by consent of the
        stockholders of the Company, the Principal Stockholder shall vote, or
        cause the Record Holder to vote, the Owned Shares (to the extent such
        Person also has the right to vote such Owned Shares) of the Principal
        Stockholder: (i) in favor of the Merger, the Merger Agreement (as
        amended from time to time) and the transactions contemplated by the
        Merger Agreement and (ii) against any Acquisition Proposal (as defined
        in the Merger Agreement) or any other action or agreement that is
        intended or which reasonably could be expected to (x) result in a breach
        of any covenant, representation or warranty or any other obligation or
        agreement of the Company under the Merger Agreement, (y) result in any
        of the conditions to the Company's obligations under the Merger
        Agreement not being fulfilled or (z) impede, interfere with, delay,
        postpone or materially adversely affect the Merger and the transactions
        contemplated by the Merger Agreement; provided, however that nothing in
        this Section 3(b) shall prevent such Principal Stockholder from voting
        in favor of any Acquisition Proposal if this Agreement has been
        terminated in accordance with Section 10 hereof.

        4.      ACKNOWLEDGMENT. The Principal Stockholders hereby acknowledge
the receipt and review of a copy of the Merger Agreement.

        5.      TERMINATION OF AGREEMENTS. Each of the Principal Stockholders
hereby agree that, prior to or at the Effective Time, it shall use its
commercially reasonable efforts to terminate or cause to be terminated all
agreements between the Company or any Subsidiary of the Company, on the one
hand, and the Principal Stockholder or any of its controlled Affiliates, on the
other hand, on terms and conditions mutually agreeable to Parent, the Company
and such Principal Stockholder. Notwithstanding the foregoing, nothing in this
Section 5 shall be construed to obligate the Principal Stockholder to cause to
be terminated any

                                       3
<PAGE>   4

agreement between such Principal Stockholder or one of its controlled
Affiliates, on the one hand, and the Company, on the other hand, (i) to the
extent that such agreement was entered into in the ordinary course of business
and (ii) to the extent that such agreement provides indemnification for the
benefit of such Principal Stockholder or its Affiliates.

        6.      REPRESENTATIONS AND WARRANTIES OF THE PRINCIPAL STOCKHOLDERS.
Each Principal Stockholder hereby represents and warrants to Parent and
Purchaser, as follows:

                (a)     EXISTENCE. If the Principal Stockholder is other than a
        natural Person, such Principal Stockholder has been duly organized and
        is validly existing and in good standing under the laws of the
        jurisdiction of its organization.

                (b)     POWER AND AUTHORITY. The Principal Stockholder has all
        necessary power and authority to enter into this Agreement, to perform
        its obligations hereunder and to consummate the transactions
        contemplated hereby, and the execution, delivery and performance of this
        Agreement by the Principal Stockholder and the consummation by the
        Principal Stockholder of the transactions contemplated hereby have been
        duly authorized by all necessary action on the part of the Principal
        Stockholder, and no other proceedings on the part of the Principal
        Stockholder are necessary to authorize the execution, delivery or
        performance of this Agreement or the consummation of the transactions
        contemplated hereby.

                (c)     EXECUTION. This Agreement has been duly and validly
        executed and delivered by the Principal Stockholder and, assuming the
        valid authorization, execution and delivery of this Agreement by the
        other parties hereto, constitutes a legal, valid and binding obligation
        of the Principal Stockholder, enforceable against the Principal
        Stockholder in accordance with its terms, except to the extent
        enforceability may be limited by bankruptcy, insolvency, moratorium or
        other similar laws affecting creditors' rights generally or by general
        principles governing the availability of equitable remedies.

                (d)     NO CONFLICT. None of the execution and delivery of this
        Agreement by the Principal Stockholder, the consummation by the
        Principal Stockholder of the transactions contemplated hereby or
        compliance by the Principal Stockholder with any of the provisions
        hereof shall (i) conflict with or violate the certificate of
        incorporation, or other organizational documents, of the Principal
        Stockholder, (ii) result in a violation or breach of, or constitute
        (with or without notice or lapse of time or both) a default (or give
        rise to any third party right of termination, cancellation, material
        modification or acceleration) under any of the terms, conditions or
        provisions of any note, loan agreement, bond, mortgage, indenture,
        license, contract, commitment, lease, permit, franchise, arrangement,
        understanding, agreement or other instrument or obligation of any kind
        to which the Principal Stockholder is a party or by which the Principal
        Stockholder or any of its properties or assets (including the Owned
        Shares) may be bound, or (iii) violate any order, writ, injunction,
        decree, judgment, law, statute, rule, regulation or administrative or
        arbitral order applicable to the Principal Stockholder or any of its
        properties or assets, excluding from the foregoing such violations,
        breaches or

                                       4
<PAGE>   5

        defaults which could not reasonably be expected to, individually or in
        the aggregate, have a material adverse effect on the Company or
        Principal Stockholder or which would not materially impair the ability
        of the Company or Principal Stockholder to consummate the transactions
        contemplated hereby.

                (e)     NO CONSENTS OR APPROVALS. The execution and delivery of
        this Agreement by the Principal Stockholder does not, and the
        performance of this Agreement by the Principal Stockholder shall not,
        require any consent, approval, authorization or permit of, or filing
        with or notification to, any court or arbitrator or any Governmental
        Entity, except for applicable requirements, if any, of the Exchange Act,
        and except where the failure to obtain such consents, approvals,
        authorizations or permits, or to make such filings or notifications,
        could not reasonably be expected to prevent or delay the performance by
        the Principal Stockholder of its obligations under this Agreement.

                (f)     TITLE TO THE OWNED SHARES. The Principal Stockholder is
        the Beneficial Owner or holder of record of the Owned Shares listed
        opposite its name on Schedule 1 hereto. Such Owned Shares are all the
        securities of the Company either Beneficially Owned or owned of record
        by the Principal Stockholder as of the date hereof and the Principal
        Stockholder owns no other rights or interests exercisable for or
        convertible into any securities of the Company. Such Owned Shares are
        owned free and clear of all security interests, liens, claims, pledges,
        options, rights of first refusal, agreements, limitations on the
        Principal Stockholder's voting rights, charges and other encumbrances of
        any nature whatsoever except, with respect to the Options, the option
        plans and agreements pursuant to which such options were issued. The
        Principal Stockholder has not appointed or granted any proxy, which
        appointment or grant is still effective, with respect to the Owned
        Shares.

                (g)     CONTINUOUS OWNERSHIP. Schedule 2 sets forth the
        respective dates of acquisition of the Owned Shares by the Principal
        Stockholder. The Principal Stockholder has Beneficially Owned the Owned
        Shares since the respective dates of acquisition of such Owned Shares as
        set forth on Schedule 2 and has not disposed of any Owned Shares since
        such respective acquisition dates.

        7.      COVENANTS.

                (a)     NO INCONSISTENT AGREEMENTS. The Principal Stockholders
        hereby covenant and agree that, except as contemplated by this
        Agreement, they shall not enter into any agreement, arrangement or
        understanding with, or grant a proxy or power of attorney to, any Person
        (other than Parent or Purchaser) with respect to the Owned Shares which
        would prevent the Company or the Principal Stockholders from complying
        with their obligations under this Agreement.

                (b)     RESTRICTION ON TRANSFER; PROXIES. The Principal
        Stockholders hereby covenant and agree that, until this Agreement is
        terminated in accordance with Section 10 hereof, the Company and
        Principal Stockholders shall not, directly or indirectly: (i) except for
        tendering such Owned Shares in the Offer as provided in

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<PAGE>   6

        Sections 2 hereof, Transfer (whether by operation of law, by agreement
        or otherwise) to any Person all or any portion of the Owned Shares and
        shall not cause any security interests, liens, claims, pledges, charges,
        encumbrances, options, rights of first refusals, agreements or other
        limitations on such Principal Stockholder's voting rights, to attach to
        the Owned Shares to be tendered to Purchaser pursuant to Section 2
        hereof or to the Options or any Owned Shares issuable thereunder; or
        (ii) grant any proxies or powers of attorney (other than to Parent or
        Purchaser), deposit any Owned Shares into a voting trust or enter into a
        voting agreement, understanding or arrangement with respect to such
        Owned Shares. Notwithstanding the foregoing, the Principal Stockholders
        may transfer any or all of their Owned Shares to one or more of their
        Affiliates; provided that, prior to effecting such Transfer, each such
        Affiliate shall agree in writing to be bound by the terms and conditions
        of this Agreement pursuant to an instrument, in form and substance
        reasonably satisfactory to Parent and Purchaser.

                (c)     NO SOLICITATION. From the date hereof until the
        consummation of the Offer or the termination of this Agreement in
        accordance with its terms, each Principal Stockholder (i) shall
        immediately terminate any discussions with any third party concerning an
        Acquisition Proposal and (ii) shall not, and shall not permit any of its
        Representatives to, directly or indirectly, (A) encourage, solicit,
        initiate or knowingly facilitate any inquiries or the making of any
        proposal or offer with respect to an Acquisition Proposal, (B)
        participate in any discussions or negotiations with, or provide any
        information to, or otherwise take any other action to assist or
        facilitate any Person or group (other than Parent or Purchaser or any
        Affiliate or associate of Parent or Purchaser) concerning any
        Acquisition Proposal, (C) enter into an agreement with any Person, other
        than Parent or Purchaser, providing for a possible Acquisition Proposal
        or (D) make or authorize any statement, recommendation or solicitation
        in support of any possible Acquisition Proposal by any Person, other
        than by Parent or Purchaser. Notwithstanding the foregoing, the
        Principal Stockholders or any of their Representatives may take any such
        actions in the Principal Stockholders' or any of their Representatives'
        capacity as a director or officer of the Company to the extent permitted
        pursuant to and in strict accordance with the terms of the Merger
        Agreement.

                (d)     NOTIFICATION. The Company and the Principal Stockholders
        hereby agree to notify Parent promptly of the number of any additional
        Shares and the number and type of any other shares of capital stock
        acquired by it, if any, after the date hereof.

        8.      STOP TRANSFER. The Principal Stockholders shall not request that
the Company or the Company's transfer agent register the transfer (book-entry or
otherwise) of any certificate or uncertificated interest representing any of the
Owned Shares, unless such transfer is made in compliance with this Agreement.
The Company agrees to take all action reasonably necessary, including the
delivery of stop-transfer or other similar instructions to its transfer agent,
to ensure compliance by the Principal Stockholders with the foregoing.

        9.      [INTENTIONALLY OMITTED].

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<PAGE>   7

        10.     TERMINATION. This Agreement, and all rights and obligations of
the parties hereunder, shall terminate upon the earlier of (a) the date upon
which the Parent shall have purchased and paid for all of the Owned Shares of
the Principal Stockholders in accordance with the Offer and (b) the date upon
which the Merger Agreement is terminated in accordance with its terms; provided,
however, that if the Merger Agreement is terminated by Parent pursuant to
Section 9.1(b)(i) (due to a failure of the condition set forth in paragraph e of
Annex A to the Merger Agreement) or Section 9.1(b)(v) of the Merger Agreement,
or by the Company under Section 9.1(b)(vi) of the Merger Agreement, the
Agreement shall not terminate unless and until the Termination Fee is paid by
the Company.

        11.     MISCELLANEOUS.

                (a)     [INTENTIONALLY OMITTED].

                (b)     ENTIRE AGREEMENT. This Agreement constitutes the entire
        agreement between the parties with respect to the subject matter hereof
        and supersedes all other prior agreements and understandings, both
        written and oral, between the parties with respect to the subject matter
        hereof.

                (c)     COSTS AND EXPENSES. All costs and expenses incurred in
        connection with this Agreement and the transactions contemplated hereby
        shall be paid by the party incurring such expenses.

                (d)     ASSIGNMENT. This Agreement and all of the provisions
        hereof shall be binding upon and inure to the benefit of the parties and
        their respective successors, personal or legal representatives,
        executors, administrators, heirs, distributees, devisees, legatees and
        permitted assigns, but neither this Agreement nor any of the rights,
        interests or obligations hereunder shall be assigned by either party
        (whether by operation of law or otherwise) without the prior written
        consent of the other party; PROVIDED, that Parent and Purchaser may
        assign their respective rights and obligations hereunder to any direct
        or indirect Subsidiary of Parent which is an assignee of such parties'
        rights and obligations under the Merger Agreement, but no such
        assignment shall relieve Parent or Purchaser, as the case may be, of its
        obligations hereunder. Nothing in this Agreement, express or implied, is
        intended to or shall confer upon any other Person any rights, benefits
        or remedies of any nature whatsoever under or by reason of this
        Agreement.

                (e)     AMENDMENTS; WAIVER. This Agreement may not be amended,
        changed, supplemented or otherwise modified or terminated, except upon
        the execution and delivery of a written agreement executed by each of
        the parties hereto. The parties may waive compliance by the other
        parties hereto with any representation, agreement or condition otherwise
        required to be complied with by such other party hereunder, but any such
        waiver shall be effective only if in writing executed by the waiving
        party.

                (f)     NOTICE. All notices and other communications hereunder
        shall be in writing and shall be deemed given upon (i) transmitter's
        confirmation of a receipt of a

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<PAGE>   8

        facsimile transmission, (ii) confirmed delivery by a standard overnight
        carrier or when delivered by hand or (iii) the expiration of five (5)
        business days after the day when mailed by certified or registered mail,
        postage prepaid, addressed at the following addresses (or at such other
        address for a party as shall be specified by like notice):

If to Parent or Purchaser:

                                Swiss Re Life & Health America Holding Company
                                969 High Ridge Road
                                Stamford, Connecticut 06905
                                Attention: Chris C. Stroup
                                Facsimile: (203) 321-3180
                                Attention: W. Weldon Wilson
                                Facsimile: (203) 968-0920

Copy to:                        Sutherland Asbill & Brennan LLP
                                1275 Pennsylvania Avenue, NW
                                Washington, DC  20004
                                Attention: David A. Massey, Esq.
                                Facsimile: (202) 637-3593

If to the Company, to:
                                Southwestern Life Holdings, Inc.
                                717 North Harwood Street
                                Dallas, Texas 75201
                                Attention: James L. Young, Esq.
                                Facsimile: (214) 954-7717

with a copy to:
                                Weil, Gotshal & Manges LLP
                                100 Crescent Court, Suite 1300
                                Dallas, Texas 75201-6950
                                Attention: Mary R. Korby, Esq.
                                Facsimile: (214) 746-7777

                                and

                                Weil, Gotshal & Manges LLP
                                767 Fifth Avenue
                                New York, New York 10153
                                Attention: Thomas A. Roberts, Esq.
                                Facsimile: (212) 310-8007

If to a Principal Stockholder, to such address set forth on their respective
signature page to this Agreement:

                                       8
<PAGE>   9

or, in each case, to such other address or facsimile number as the Person to
whom notice is given shall have previously furnished to the others in writing in
the manner set forth above.

                (g)     SEVERABILITY. Any provision of this Agreement which is
        prohibited or unenforceable in any jurisdiction shall, as to such
        jurisdiction, be ineffective to the extent of such prohibition or
        unenforceability without affecting the validity or enforceability of the
        remaining provisions hereof. Any such prohibition or unenforceability in
        any jurisdiction shall not invalidate or render unenforceable such
        provision in any other jurisdiction. If any provision of this Agreement
        is so broad as to be unenforceable, the provision shall be interpreted
        to be only so broad as is enforceable.

                (h)     SPECIFIC PERFORMANCE. Each of the parties hereto
        acknowledges and agrees that in the event of any breach of this
        Agreement, each non-breaching party would be irreparably and immediately
        harmed and could not be made whole by monetary damages. It is
        accordingly agreed that the parties hereto (a) will waive, in any action
        for specific performance, the defense of adequacy of a remedy at law and
        (b) shall be entitled, in addition to any other remedy to which they may
        be entitled at law or in equity, to compel specific performance of this
        Agreement.

                (i)     REMEDIES. All rights, powers and remedies provided under
        this Agreement or otherwise available in respect hereof at law or in
        equity shall be cumulative and not alternative, and the exercise of any
        thereof by any party shall not preclude the simultaneous or later
        exercise of any other such right, power or remedy by such party. The
        failure of any party hereto to exercise any right, power or remedy
        provided under this Agreement or otherwise available in respect hereof
        at law or in equity, or to insist upon compliance by any other party
        hereto with its obligations hereunder, and any custom or practice of the
        parties at variance with the terms hereof, shall not constitute a waiver
        by such party of its right to exercise any such or other right, power or
        remedy or to demand such compliance.

                (j)     DIRECTORS' FIDUCIARY DUTIES. Notwithstanding anything
        herein to the contrary, nothing set forth herein shall in any way
        restrict any director, officer or employee in the exercise of his
        fiduciary or other duties as a director, officer or employee of the
        Company.

                (k)     GOVERNING LAW. This Agreement shall be governed and
        construed in accordance with the laws of the State of Delaware without
        giving effect to the principles of conflicts of law thereof.

                (l)     JURISDICTION. Each party to this agreement hereby
        irrevocably agrees that any legal action or proceeding arising out of or
        relating to this agreement or any agreements or transactions
        contemplated hereby shall be brought in the courts of the state of
        Delaware or the United states of America for the District of Delaware
        and hereby expressly submits to the personal jurisdiction and venue of
        such courts for the purposes

                                       9
<PAGE>   10

        thereof and expressly waives any claim of improper venue and any claim
        that such courts are an inconvenient forum.

                (m)     WAIVER OF JURY TRIAL. Parent, Purchaser, Company, and
        the Principal Stockholders hereby irrevocably waive, to the fullest
        extent permitted by law, all rights to trial by jury in any action,
        proceeding or counterclaim (whether based on contract, tort or
        otherwise) arising out of or relating to this agreement or any of the
        transactions contemplated hereby.

                (n)     HEADINGS; INTERPRETATION. The descriptive headings used
        herein are inserted for convenience of reference only and are not
        intended to be part of or to affect the meaning or interpretation of
        this Agreement. Whenever the context may require, any pronoun shall
        include the corresponding masculine, feminine and neuter forms.
        "Include," "includes," and "including" shall be deemed to be followed by
        "without limitation" whether or not they are in fact followed by such
        words or words of like import.

                (o)     COUNTERPARTS. This Agreement may be executed in
        counterparts, each of which shall be deemed to be an original, but all
        of which, taken together, shall constitute one and the same instrument.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

                                       10
<PAGE>   11

        IN WITNESS WHEREOF, Company, Parent, Purchaser and the Principal
Stockholders have caused this Agreement to be duly executed as of the day and
year first above written.

<TABLE>
<S>                                           <C>
                                              SOUTHWESTERN LIFE HOLDINGS, INC.

                                              By:       /s/ James L. Young
                                                 --------------------------------
Date:   April 26, 2001                           Name: James L. Young
      ------------------                         Its: Senior Vice President and General Counsel

                                              SW HOLDINGS INC.

                                              By: /s/ Chris C. Stroup
                                                 --------------------------------
                                                 Name: Chris C. Stroup
Date:   April 26, 2001                           Its: President
      ------------------

                                              SWISS RE LIFE & HEALTH AMERICA
                                              HOLDING COMPANY

                                              By: /s/ Jacques E. Dubois
                                                 ----------------------------------
Date:   April 26, 2001                           Name: Jacques E. Dubois
      ------------------                         Its: Chief Executive Officer
</TABLE>

<PAGE>   12

BROWN'S DOCK, L.L.C.

By:   /s/ James C. Comis III
   -------------------------------
Name: James C. Comis III
Its:  Managing Director

INVERNESS/PHOENIX PARTNERS LP

By: Inverness/Phoenix Capital LLC
Its: General Partner

        By: Inverness Management Fund I LLC
        Its: Managing Member

                By: J.C. COMIS LLC
                Its: General Partner

                        By:   /s/ James C. Comis III
                           ---------------------------
                        Name: James C. Comis III
                        Its: Managing Member

EXECUTIVE CAPITAL PARTNERS I LP

By: Inverness/Phoenix Capital LLC
Its: General Partner

        By: Inverness Management Fund I LLC
        Its: Managing Member

                By: J.C. COMIS LLC
                Its: General Partner

                        By:   /s/ James C. Comis III
                           ---------------------------
                        Name: James C. Comis III
                        Its: Managing Member

<PAGE>   13

INVERNESS/PHOENIX CAPITAL LLC

By: Inverness Management Fund I LLC
Its: Managing Member

        By: J.C. COMIS LLC
        Its: General Partner

                By:   /s/ James C. Comis III
                   ---------------------------
                Name: James C. Comis III
                Its: Managing Member

   /s/ James C. Comis III
---------------------------
James C. Comis III

Address: 660 Steamboat Road, Greenwich, Connecticut 06830

<PAGE>   14

SLM Investment, LP

By:   /s/ John Sharpe
   ------------------
Name: John Sharpe
Its: General Partner

Sharpe Taylor Investments, Ltd.

By: JTS Management, L.L.C., its General Partner

By:   /s/ John Sharpe
   ------------------
Name: John Sharpe
Its: President

JTS Family Limited Partnership #14

By: JTS Management, L.L.C., its General Partner

By:   /s/ John Sharpe
   ------------------
Name: John Sharpe
Its: President

   /s/ John Sharpe
------------------
John Sharpe

Address: 2305 Cedar Springs, Suite 410, Dallas, Texas 75201

<PAGE>   15

   /s/ Bernard Rapoport
-----------------------
Bernard Rapoport

Address:  510 Valley Mills Drive, Suite 504, Waco, Texas  76710

<PAGE>   16

                                   SCHEDULE 1

                             PRINCIPAL STOCKHOLDERS

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
NAME                                                    OWNED SHARES              OPTIONS
----                                                    ------------              -------
----------------------------------------------------------------------------------------------
<S>                                                  <C>                        <C>
Inverness/Phoenix Capital LLC                                  8,000                        0
----------------------------------------------------------------------------------------------
Brown's Dock, LLC                                            530,257                        0
----------------------------------------------------------------------------------------------
Inverness/Phoenix Partners, LP                             2,450,961                        0
----------------------------------------------------------------------------------------------
Executive Capital Partners I, L.P.                            82,477                        0
----------------------------------------------------------------------------------------------
James C. Comis, III                                                0                        0
----------------------------------------------------------------------------------------------
Bernard Rapoport                                           1,600,000                  300,000
----------------------------------------------------------------------------------------------
SLM Investment, LP                                            12,000                        0
----------------------------------------------------------------------------------------------
Sharpe Taylor Investments, Ltd.                                4,000                        0
----------------------------------------------------------------------------------------------
JTS Family Limited Partnership #14                           224,000                        0
----------------------------------------------------------------------------------------------
John T. Sharpe                                                     0                  180,600
----------------------------------------------------------------------------------------------
                                        Totals:            4,911,695                  480,600
----------------------------------------------------------------------------------------------
</TABLE>

<PAGE>   17

                                   SCHEDULE 2

                              PRINCIPAL STOCKHOLDER
                            SUMMARY OF ACQUISITION OF
                  HOLDINGS OF SOUTHWESTERN LIFE HOLDINGS, INC.

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
                                             Acquired 6/13/00          Acquired 6/15/00          Acquired 6/21/00
-------------------------------------------------------------------------------------------------------------------
<S>                                          <C>                       <C>                       <C>
Inverness/Phoenix Capital LLC                              8,000                         -                     -
-------------------------------------------------------------------------------------------------------------------
Brown's Dock, LLC                                        530,257                         -                     -
-------------------------------------------------------------------------------------------------------------------
Inverness/Phoenix Partners, LP                         2,194,918                   228,574                27,470
-------------------------------------------------------------------------------------------------------------------
Executive Capital Partners I, L.P.                        73,788                     7,756                   932
-------------------------------------------------------------------------------------------------------------------
James C. Comis, III                                            -                         -                     -
-------------------------------------------------------------------------------------------------------------------
Bernard Rapoport                                       1,600,000                         -                     -
-------------------------------------------------------------------------------------------------------------------
SLM Investment, LP                                        12,000                         -                     -
-------------------------------------------------------------------------------------------------------------------
Sharpe Taylor Investments, Ltd.                            4,000                         -                     -
-------------------------------------------------------------------------------------------------------------------
JTS Family Limited Partnership #14                       224,000                         -                     -
-------------------------------------------------------------------------------------------------------------------
John T. Sharpe                                                 -                         -                     -
-------------------------------------------------------------------------------------------------------------------
</TABLE>ex10-46

EX 10.46

SENIOR MANAGEMENT AGREEMENT

      THIS AGREEMENT is made as of January 1, 2001, between GLOBAL VACATION
GROUP, INC., a New York corporation (the “Company"), and DEBBIE LUNDQUIST
(“Executive").

Recitals

      A. The Company and Executive desire to enter into an agreement pursuant to
which Executive will be employed as the Executive Vice President and Chief
Financial Officer of the Company on the terms and conditions set forth in this
Agreement.

      B. Certain definitions are set forth in Section 4 of this Agreement.

Agreement

      The parties hereto agree as follows:

      1. Employment. The Company hereby engages Executive to serve as Executive
Vice President and Chief Financial Officer of the Company, and Executive agrees
to serve the Company, during the Service Term (as defined in Section 1(d)
hereof) in the capacities, and subject to the terms and conditions, set forth
in this Agreement.

            
(a) Services. During the Service Term, Executive, as Executive Vice
President and Chief Financial Officer of the Company, shall have all the duties
and responsibilities customarily rendered by Executive Vice Presidents and
Chief Financial Officers of companies of similar size and nature and as may be
delegated from time to time by the Board in its sole discretion or the
Company’s Chief Executive Officer. Executive will devote her best efforts and
substantially all of her business time and attention (except for vacation
periods and periods of illness or other incapacity) to the business of the
Company and its Affiliates.

            
(b) Salary, Bonus and Benefits.

		
	 	      (i) Salary and Bonus. During the Service Term, the Company will
pay Executive a base salary (the “Annual Base Salary”) as the Board
may designate from time to time, at the rate of not less than
$200,000 per annum; provided, however, that the Annual Base Salary
shall be subject to review annually by the Board for upward increases
thereon. The Executive will have the potential to earn an annual
bonus of up to 100% (or a greater percentage if approved by the Board
for a specific year) of Executive’s Annual Base Salary for such year,
as determined by the Board based upon the Company’s and Executive’s
achievement of budgetary and other objectives set by the Board.
During the Service Term, Executive shall be entitled to participate,
to the extent of her eligibility, in the standard health and welfare
benefit programs made available by the Company to its employees.
Executive shall also be eligible to receive (1) four weeks paid
vacation per annum; (2) a car allowance of $1,000 per month; and (3)
$10,000 per year of aggregate face value in airline tickets or rental
car credits received by the Company in “soft Dollars” from the
Company’s suppliers.

            
(c) Termination.

		
	 	      (i) Events of Termination. During the Service Term, Executive’s
employment with the Company shall cease upon the occurrence of any of
the following events:

		
	 	                  (A) Executive’s death.

		
	 	                  (B) Executive’s voluntary retirement in accordance with
the Company’s retirement policies.

		
	 	                  (C) Executive’s disability, which means her incapacity due
to physical or mental illness such that she is unable to
perform the essential functions of her previously assigned
duties for a period of six months in any twelve month period
and such incapacity has been determined to exist by either (x)
the

15

		
	 	Company’s disability insurance carrier or (y) by the Board in
good faith based on competent medical advice in the event that
the Company does not maintain disability insurance on the
Executive.

		
	 	      (D) Termination by the Company by the delivery to
Executive of a written notice from the Board that Executive has
been terminated (“Notice of Termination”) with or without Cause
or with Performance Cause. “Cause” shall mean:

		
	 	        (1) Executive’s (aa) conviction of a felony or
Executive’s commission of any other act or omission
involving dishonesty or fraud with respect to the Company
or any of its Affiliates or any of their customers,
vendors or suppliers or involving harassment or
discrimination with respect to the employees of the
Company or its Subsidiaries, (bb) misappropriation of
funds or assets of the Company for personal use or (cc)
engaging in any conduct relating to the Company’s business
or involving moral turpitude that actually brought the
Company or any of its Affiliates into public disgrace or
disrepute;

		
	 	        (2) Executive’s continued substantial and repeated
neglect of her duties, after written notice thereof from
the Board, and such neglect has not been cured within 30
days after Executive receives notice thereof from the
Board;

		
	 	        (3) Executive’s gross negligence or willful
misconduct in the performance of her duties hereunder that
results, or is reasonably expected to result, in material
damage to the Company; or

		
	 	        (4) Executive’s engaging in conduct constituting a
breach of Sections 2 or 3 hereof.

		
	 	“Performance Cause” shall mean Executive’s termination within
120 days after the Company’s failure to achieve at least 80% of
its budgeted net income as determined in accordance with
generally accepted accounting principles for any nine-month
period for which financial statements are available, provided,
however, that the Board shall determine in good faith if any
adjustments thereto are necessary or appropriate to account for
extraordinary or nonrecurring events (including but not limited
to Acts of God, substantive travel industry events (e.g.,
materially adverse tax or regulatory changes), travel industry
strikes, wars, terrorism) or other circumstances that should be
included or disregarded in order to fairly determine whether
the Company has failed to achieve such budgeted net income.

		
	 	In order for the termination to be effective, Executive must be
notified in writing (which writing shall specify the cause in
reasonable detail) of any termination of her employment for
Cause or Performance Cause. Notwithstanding anything to the
contrary contained in this paragraph, Executive shall have the
right after termination has occurred to appeal such termination
to arbitration in accordance with the provisions of Section
6(g) hereof.

		
	 	      (E) Executive’s voluntary resignation by the delivery to
the Board of a written notice from Executive that Executive has
resigned with or without Good Reason. “Good Reason” shall mean
Executive’s resignation from employment with the Company within
45 days after the occurrence of any one of the following:

		
	 	        (1) the failure of the Company to pay an amount owing
to Executive hereunder after Executive has provided the
Company with written notice of such failure and such
payment has not thereafter been made within 15 days of the
delivery of such written notice; or

		
	 	        (2) the relocation of Executive’s work location to an
office that is more than fifty miles from One North First
Street, San Jose, California, without Executive’s consent.

		
	 	      The delivery by the Executive or the Company of a non-renewal notice
as provided in Section 1(d) shall constitute a resignation by the
Executive without Good Reason.

            (ii) Rights on Termination.

		
	 	      (A) In the event that termination is by Executive with
Good Reason or by the Company without either Cause or
Performance Cause, the Company will continue to pay Executive a

16

		
	 	monthly portion of the Annual Base Salary for a period equal to
twelve-months commencing on the date of termination on regular
salary payment dates. In the event that termination is by the
Company for Performance Cause, the Company will continue to pay
Executive a monthly portion of the Annual Base Salary for a
period equal to three-months commencing on the date of
termination on regular salary payment dates. The payments to
Executive pursuant to the foregoing two sentences are referred
to as the “Severance Payments.”

		
	 	      (B) If the Company terminates Executive’s employment for
Cause, if Executive retires or if Executive resigns without
Good Reason (including by operation of the last paragraph of
Section 1(c)(i)(E)), the Company’s obligations to pay any
compensation or benefits under this Agreement will cease
effective as of the date of termination. Executive’s right to
receive any health or other benefits will be determined under
the provisions of applicable plans, programs or other
coverages.

		
	 	      (C) If Executive’s employment terminates because of
Executive’s death or disability, the Company will pay Executive
or her estate an amount, if any, equal to Executive’s Annual
Base Salary for the current year prorated to reflect the number
of days Executive has worked during the year in which she dies
or becomes disabled (such amount to be paid after the end of
such year when bonuses are normally paid to other senior
executives of the Company).

      Notwithstanding the foregoing, the Company’s obligation to Executive for
severance pay or other rights under either subparagraphs (A), (B), or (C) above
(the “Severance Pay”) shall cease if Executive is in violation of the
provisions of Sections 2 or 3 hereof. Until such time as Executive has
received all of her Severance Payments, she will be entitled to continue to
receive any health, life, accident and disability insurance benefits provided
by the Company to Executive under this Agreement.

      (d) Term of Employment. Unless Executive’s employment under this
Agreement is sooner terminated as a result of Executive’s termination in
accordance with the provisions of Section 1(c) above, Executive’s employment
under this Agreement shall commence on January 1, 2001 and shall terminate on
the second anniversary of the date hereof (the “Service Term”); provided,
however, that Executive’s employment under this Agreement, and the Service
Term, shall be automatically renewed for one-year periods commencing on the
second anniversary of the date hereof and, thereafter, on each successive
anniversary of such date unless either the Company or Executive notifies the
other party in writing within sixty (60) days prior to any such anniversary
that it or she desires to terminate Executive’s employment under this
Agreement. All references herein to “Service Term” shall include any renewals
thereof after the second anniversary of the date hereof.

2. Confidential Information and Goodwill; Inventions. Executive
acknowledges and agrees that:

      (a) As a necessary function of Executive’s employment hereunder, Executive
will have access to and utilize Confidential Information which constitutes a
valuable and essential asset of the Company’s business.

      (b) The Confidential Information, observations and data obtained by her
during the course of her performance under this Agreement concerning the
business and affairs of the Company are the property of the Company, including
information concerning the acquisition opportunities in or reasonably related
to the Business of which Executive becomes aware during the Service Term.
Therefore, Executive agrees that she will not disclose to any unauthorized
person or use for her own account any of the Confidential Information without
the Board’s written consent. Executive agrees to deliver to the Company at the
termination of her employment, or at any other time the Company may request,
all memoranda, notes, plans, records, reports and other documents (including
copies or computer files thereof) relating to the Company, the Business or any
other Confidential Information.

      (c) All inventions, innovations, developments, improvements, methods,
designs, analyses, drawings, software, reports and all similar or related
information (whether or not patented or patentable) developed by Executive
during the Service Term which (i) directly or indirectly relate to the Company
or its Affiliates or the Business, or (ii) result from any work performed by
Executive while employed by the Company or its Affiliates shall belong to the
Company and its Affiliates. Executive shall promptly disclose all such
inventions to the Board and perform all actions reasonably requested by the
Board (whether during or after the Service Term) to establish and confirm such
ownership (including, without limitation, assignments, consents, powers of
attorney and other instruments).

3. Noncompetition and Nonsolicitation.

      (a) Noncompetition. Executive acknowledges that in the course of her
employment with the Company she has or will become familiar with the Company’s
and its Affiliates’ trade secrets and with other confidential information
concerning the Company and that her services will be of special, unique and
extraordinary value to the Company and its Affiliates. Therefore, Executive
agrees that, during the Service Term and for a period of one (1) year after
termination thereof (collectively, the

17

“Noncompete Period”), she shall not directly or indirectly own, manage,
control, participate in, consult with, render services for, or in any manner
engage in any business competing with the business of the Company or its
Subsidiaries or any businesses with which the Company or its Subsidiaries have
firm plans to engage in at the time of the termination of the Executive’s
employment with the Company.

      (b) Nonsolicitation. During the Noncompete Period and for a period of one
(1) year thereafter, Executive shall not directly or indirectly through another
entity (i) induce or attempt to induce any senior management employee of the
Company or any Subsidiary or, to the actual knowledge of the Executive, any
other employee of the Company or any Subsidiary, to leave the employ of the
Company or such Subsidiary, or in any way interfere with the relationship
between the Company or any Subsidiary and any employee thereof; (ii) induce or
attempt to induce any customer, supplier, vendor, licensee or other business
relation of the Company or any Subsidiary to cease doing business with the
Company or such Subsidiary, or to modify its business relationship with the
Company in a manner adverse to the Company or any Subsidiary; or (iii) in any
way disparage the Company or its Subsidiaries to any customer, supplier,
vendor, licensee or business relation of the Company or any Subsidiary.

      (c) Enforcement. The Executive understands and agrees that the terms and
conditions of Executive’s employment hereunder are in consideration for
Executive’s covenants contained in Section 2 and 3 of this Agreement. If, at
the time of enforcement of Section 2 or 3 of this Agreement, a court holds that
the restrictions stated herein are unreasonable under circumstances then
existing the parties hereto agree that the maximum duration, scope or
geographical area reasonable under such circumstances shall be substituted for
the stated period, scope or area and that the court shall be allowed to revise
the restrictions contained herein to cover the maximum duration, scope and area
permitted by law. Because Executive’s services are unique and because
Executive has access to confidential information, the parties hereto agree that
money damages would be an inadequate remedy for any breach of this Agreement.
Therefore, in the event of a breach or threatened breach of this Agreement, the
Company or its successors or assigns may, in addition to other rights and
remedies existing in their favor, apply to any court of competent jurisdiction
for specific performance and/or injunctive or other relief in order to enforce,
or prevent any violations of, the provisions hereof (without posting a bond or
other security).

GENERAL PROVISIONS

4. Definitions.

      “Affiliate” of any Person means any other Person which directly or
indirectly controls, is controlled by or is under common control with such
Person.

      “Board” means the Company’s board of directors or the board of directors
or similar management body of any successor of the Company.

      “Business” means any business of the Company or its Subsidiaries now or
hereafter engaged in, including without limitation the business of providing
travel products and/or services.

      “Confidential Information” means all confidential information and trade
secrets of the Company and its Affiliates including, without limitation, the
following: the identity, written lists, or descriptions of any customers,
vendors, referral sources or Organizations; financial statements, cost reports,
or other financial information; contract proposals or bidding information;
business plans; training and operations methods and manuals; personnel records;
fee structures; and management systems, policies or procedures, including
related forms and manuals. “Confidential Information” shall not include any
information or knowledge which: (a) is in the public domain other than by
Executive’s breach of this Agreement or (b) is disclosed to Executive lawfully
by a third party who is not under any obligation of confidentiality with
respect to such information or knowledge.

      “Organization” means any organization that has contracted with the Company
for the performance of services or delivery of products in connection with the
Business.

      “Person” means an individual, a partnership, a limited liability company,
a corporation, an association, a joint stock company, a trust, a joint venture,
an unincorporated organization and a governmental entity or any department,
agency or political subdivision thereof.

      “Subsidiary” means any corporation of which the Company owns, directly or
indirectly through one or more Persons, securities having a majority of the
ordinary voting power in electing such corporations’ board of directors.

5. Notices. Any notice provided for in this Agreement must be in writing
and must be personally delivered, mailed by first class United States mail
(postage prepaid, return receipt requested), sent by reputable overnight
courier service (charges prepaid) or sent by facsimile to the recipient at the
address below indicated:

18

      If to the Executive:

	 	Debbie Lundquist

c/o Classic Custom Vacations, Inc.

One North First Street

San Jose, CA 95113

Tel No.:(408) 287-4550

Fax No.: (408) 287-5953

      If to the Company:

	 	Global Vacation Group

C/o Classic Custom Vacations, Inc.

One North First Street

San Jose, CA 95113

Attention: Chief Executive Officer

Tel No.:(408) 287-4550

Fax No.: (408) 993-8547

	 	with a copy to:

	 	Hogan & Hartson, LLP

555 Thirteenth Street, N.W.

Washington, D.C. 20004

Attention: Christopher J. Hagan

Tel No.:(202) 637-5771

Fax No.: (202) 637-5910

or such other address or to the attention of such other person as the recipient
party shall have specified by prior written notice to the sending party.

6. General Provisions.

      (a) Expenses. Each party shall bear her or its own expenses in connection
with the negotiation and execution of this Agreement.

      (b) Severability. Whenever possible, each provision of this Agreement
will be interpreted in such manner as to be effective and valid under
applicable law. If any provision of this Agreement is held to be invalid,
illegal or unenforceable in any respect under any applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or any other jurisdiction, but this Agreement, subject to
the provisions of Section 3(c) above, will be reformed, construed and enforced
in such jurisdiction as if such invalid, illegal or unenforceable provision had
never been contained herein.

      (c) Complete Agreement. This Agreement embodies the complete agreement
and understanding among the parties and supersedes and preempts any prior
understandings, agreements or representations by or among the parties, written
or oral, which may have related to the subject matter hereof in any way.

      (d) Counterparts. This Agreement may be executed in separate
counterparts, each of which is deemed to be an original and all of which taken
together constitute one and the same agreement.

      (e) Successors and Assigns. Except as otherwise provided herein, this
Agreement shall bind and inure to the benefit of and be enforceable by
Executive, the Company and their respective successors and assigns; provided
that the rights and obligations of Executive under this Agreement shall not be
assignable.

      (f) Choice of Law. This Agreement will be governed by and construed in
accordance with the internal laws of the State of New York, without giving
effect to any choice of law or conflict of law provision or rule (whether of
the State of New York or any other jurisdiction) that would cause the
application of the laws of any jurisdiction other than the State of New York.

      (g) Remedies and Arbitration. Each of the parties to this Agreement will
be entitled to enforce its rights under this Agreement to recover damages and
costs (including reasonable attorney’s fees) caused by any breach of any
provision of this Agreement and to exercise all other rights existing in its
favor. Except for the remedies of the Company provided in Section 3(c) hereof,
the parties hereto agree to submit any disputes arising out of or relating to
this Agreement to binding arbitration in Washington,

19

D.C. administered by the American Arbitration Association under its Commercial
Arbitration Rules, before a panel of three arbitrators, and judgment on the
award rendered by the arbitrators may be entered into any court having
jurisdiction thereof. The prevailing party in any arbitration shall be
entitled to recover its reasonable attorneys’ fees and costs from the other
party or parties.

      (h) Amendment and Waiver. The provisions of this Agreement may be amended
or waived only with the prior written consent of the Company and Executive.

      (i) Business Days. If any time period for giving notice or taking action
hereunder expires on a day which is a Saturday, Sunday or holiday in the state
in which the Company’s chief executive office is located, the time period shall
be automatically extended to the business day immediately following such
Saturday, Sunday or holiday.

      (j) Termination. This Agreement (except for the provisions of Section 1)
shall survive the termination of Executive’s employment with the Company and
shall remain in full force and effect after such termination.

[THIS SPACE INTENTIONALLY LEFT BLANK]

20

      IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
date first written above.

		GLOBAL VACATION GROUP, INC.
	
	
	
	
	

	
	
	
	
	

	
	
	
	
	

	
	
	
	
	

	 	By:   /s/ Ronald M. Letterman        

        Ron Letterman

        Chief Executive
Officer
	
	
	
	
	

	
	
	
	
	

	
	
	
	
	

	
	
	
	
	

	 	/s/ Debbie Lundquist        

DEBBIE LUNDQUIST

21

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