Document:

exhibit10_24.htm

    
      

      

    

     

    
      Exhibit
        10.24

      

      PLATINUM
        UNDERWRITERS HOLDINGS, LTD.

      RETENTION
        BONUS PLAN

       

      The
        Company hereby adopts this Platinum Underwriters Holdings, Ltd. Retention
        Bonus
        Plan for the benefit of certain employees of the Company and its subsidiaries,
        on the terms and conditions hereinafter stated, effective as of April 27,
        2007.  The Plan, as set forth herein, is intended to ensure employees’
continued dedication and efforts, to help retain qualified employees and
        to
        maintain a stable work environment.  All capitalized terms used in
        this Plan or in an Award Letter are defined herein.

       

      
        	
                SECTION
                  1.  

              	
                  DEFINITIONS.

              

      

       

      As
        hereinafter used:

       

      1.1 “AIP”
means
        the
        Platinum Underwriters Holdings, Ltd. Amended and Restated Annual Incentive
        Plan,
        effective January 1, 2006, as amended from time to time.

       

      1.2 “Award
        Letter” has the
        meaning specified in Section 2.1 of the Plan.

       

      1.3 “Board”
means
        the
        Board of Directors of the Company.

       

      1.4 “Cause”
shall
        have the
        meaning given to such term in any employment or severance agreement between
        the
        Company and the Participant as in effect at the time of termination of
        employment.  In the event that no such agreement is in effect, “Cause”
shall mean (i) the willful failure by the Participant to perform substantially
        the Participant’s duties to the Company or any subsidiary of the Company (other
        than due to death or disability) after reasonable notice to the Participant
        of
        such failure; (ii) the Participant’s engaging in misconduct that is injurious to
        the Company or any subsidiary of the Company, including, without limitation,
        by
        way of damage to business reputation or industry standing; (iii) the Participant
        having been convicted of, or having entered a plea of nolocontendere
        to, a crime that
        constitutes a felony, (iv) the Participant’s breach of any restrictive covenants
        agreed to between the Participant and the Company or any subsidiaries of
        the
        Company; or (v) the Participant’s termination for “cause” as defined under any
        other plan of the Company or any agreement between the Participant and the
        Company.

       

      1.5 “Change
        in Control”
shall have the meaning specified in Section 10.2 of the Platinum Underwriters
        Holdings, Ltd. 2006 Share Incentive Plan, as amended from time to
        time.

       

      1.6 “Code”
means
        the
        Internal Revenue Code of 1986, as it may be amended from time to time, including
        any rules and regulations promulgated thereunder, along with Treasury and
        IRS
        interpretations thereof.  Reference to any section or subsection of
        the Code includes reference to any comparable or succeeding provisions of
        any
        legislation that amends, supplements or replaces such section or
        subsection.

       

      
        
          
          

        

        
          -
            1
            -

          
            

          

        

        
          
          

        

      

      1.7 “Company”
means
        Platinum Underwriters Holdings, Ltd., a company organized under the laws
        of
        Bermuda, and its successors.

       

      1.8 “Committee”
means
        the
        Compensation Committee of the Board.

       

      1.9 “Disability”
means
        a
        Participant being considered “disabled” within the meaning of Section
        409A(a)(2)(C) of the Code.

       

      1.10 “Exchange
        Act” means
        the Securities Exchange Act of 1934, as amended.

       

      1.11 “Good
        Reason” shall
        have the meaning given to such term in any employment or severance agreement
        between the Company and the Participant as in effect at the time of termination
        of employment.  In the event that no such agreement is in effect,
“Good Reason”
        shall mean, on or following a Change in Control, (a) a reduction in the
        Participant’s annual base salary or (b) the relocation of the Participant’s
        principal place of employment to a location more than 50 miles from his or
        her
        principal place of employment immediately prior to the Change in
        Control.

       

      1.12 “Participant”
means
        any employee of the Company (or any of its subsidiaries or affiliates)
        designated as a Participant by the Chief Executive Officer of the Company
        to
        participate in the Plan.

       

      1.13 “Plan”
means
        this
        Platinum Underwriters Holdings, Ltd. Retention Bonus Plan, as it may be amended
        from time to time.

       

      1.14 “Plan
        Administrator”
means the person or persons appointed from time to time by the Committee
        to
        administer this Plan which appointment may be revoked at any time by the
        Committee.

       

      1.15 “Retention
        Bonus
        Award” means an amount designated in a Participant’s Award
        Letter.

       

      1.16 “Payment
        Trigger Date”
means the earlier of:  (a) the date on which a Change in Control is
        consummated or (b) March 31, 2008.

       

       

      
        	
                SECTION
                  2.  

              	
                  PARTICIPATION

              

      

       

      2.1 Each
        Participant shall be advised in writing that he or she has been designated
        as a
        Participant by an award letter signed or specifically authorized to be signed
        by
        the Plan Administrator (such instrument, an “Award
        Letter”).  Each Award Letter shall so advise the recipient that
        he or she has been designated as a Participant in the Plan and shall be eligible
        to receive the Retention Bonus Award in the amount specified in the Award
        Letter.  No employee will at any time have the right to be selected as
        a Participant.

       

      2.2 Retention
        Bonus Awards made under the Plan are not in lieu of any other benefits a
        Participant may be entitled to receive from the Company.  Retention
        Bonus Awards will not be considered compensation for purposes of the Company’s
        welfare benefit plans, programs and arrangements.

       

      
        
          
          

        

        
          -
            2
            -

          
            

          

        

        
          
          

        

      

       

      
        	
                SECTION
                  3.  

              	
                  RETENTION
                  BONUS AWARD.

              

      

       

      3.1 Except
        as
        provided in this Section 3, a Participant shall be entitled to receive the
        Participant’s Retention Bonus Award so long as the Participant continues to be
        employed by the Company on payment date of such Retention Bonus Award, as
        specified in Section 3.4.

       

      3.2 If
        a
        Participant’s employment is terminated prior to the Payment Trigger Date for any
        reason (other than the Participant’s death or Disability), the Participant will
        not be entitled to the Retention Bonus Award.  In the event of
        termination of the Participant’s employment as a result of the Participant’s
        death or Disability, the Participant or the Participant’s legal representative
        will nonetheless be entitled to receive the Participant’s Retention Bonus Award
        on the payment date, as specified in Section 3.4.

       

      3.3 Notwithstanding
        anything in Section 3.1 to the contrary, to the extent on or following the
        Payment Trigger Date and prior to payment of the Participant’s Retention Bonus
        Award, (a) the Participant’s employment is terminated by the Company without
        Cause, (b) the Participant resigns employment with the Company for Good Reason,
        (c) the Participant’s termination of employment as a result of the Participant’s
        death or (d) the Participant termination of employment as a result of the
        Participant’s Disability, the Participant (or in the event of death or
        Disability, the Participant’s legal representative) will nonetheless be entitled
        to receive the Participant’s Retention Bonus Award on the payment date, as
        specified in Section 3.4.

       

      3.4 Subject
        to Section 6 of the Plan, a Participant's Retention Bonus Award shall be
        paid in
        a single lump-sum payment to the Participant on March 31, 2008.

       

      
        	
                SECTION
                  4.  

              	
                  PLAN
                  ADMINISTRATION.

              

      

       

      4.1 The
        Plan
        Administrator will administer the Plan and may interpret the Plan, prescribe,
        amend and rescind rules and regulations under the Plan and make all other
        determinations necessary or advisable for the administration of the Plan,
        subject to all of the provisions of the Plan; provided, however,
        that the
        Chief Executive Officer will be the Plan Administrator with respect to any
        person appointed as the Plan Administrator who is a Participant in the
        Plan.  Any determination by the Plan Administrator hereunder will be
        conclusive, but however, will not be entitled to deference by a trier of
        fact.  The Plan Administrator may delegate any of its duties hereunder
        to such person or persons from time to time as it may designate.

       

      4.2 The
        Plan
        Administrator is empowered, on behalf of the Plan, to engage accountants,
        legal
        counsel and such other personnel as it deems necessary or advisable to assist
        it
        in the performance of its duties under the Plan.  The functions of any
        such persons engaged by the Plan Administrator will be limited to the specified
        services and duties for which they are engaged, and such persons will have
        no
        other duties, obligations or responsibilities under the Plan.  Such
        persons will exercise no discretionary authority or discretionary control
        respecting the management of the Plan.  All reasonable expenses
        thereof will be borne by the Company.

       

      
        
          
          

        

        
          -
            3
            -

          
            

          

        

        
          
          

        

      

       

      
        	
                SECTION
                  5.  

              	
                  PLAN
                  MODIFICATION OR TERMINATION.

              

      

       

      At
        any
        time prior to the Payment Trigger Date, the Plan may be amended or terminated
        by
        the Board at any time with respect to any or all Participants; provided, however,
        that,
        subject to Section 6 of the Plan, no termination or amendment may reduce
        the
        benefits or payments under the Plan to a Participant or otherwise be adverse
        in
        any manner to the interests of any Participant.

       

      
        	
                SECTION
                  6.  

              	
                  COMPLIANCE
                  WITH SECTION 409A OF THE CODE.

              

      

       

      6.1 To
        the
        extent applicable, it is intended that this Plan and any awards made hereunder
        are exempt from Section 409A of the Code or are structured in a manner that
        would not cause a Participant to be subject to taxes and interest pursuant
        to
        Section 409A of the Code.  This Plan and any award made hereunder
        shall be administered in a manner consistent with this intent, and any provision
        that would cause this Plan or any award made hereunder to become subject
        to
        taxation under Section 409A of the Code shall have no force and effect until
        amended to comply with Section 409A of the Code (which amendment may be
        retroactive to the extent permitted by Section 409A of the Code and may be
        made
        by the Company without the consent of Participants).

       

      6.2 Notwithstanding
        any provision of this Plan to the contrary, to the extent an award shall
        be
        deemed to be vested (i) upon the occurrence of a Change in Control and (ii)
        in
        accordance with the payment provisions of Section 3 of the Plan, and such
        Change
        in Control does not constitute a “change in the ownership or effective control”
or a “change in the ownership or a substantial portion of the assets” of the
        Company within the meaning of Section 409A(a)(2)(A)(v) of the Code, then
        even
        though such award may be deemed to be vested upon the occurrence of the Change
        in Control or any other provision of this Plan, payment will be made, to
        the
        extent necessary to comply with the provisions of Section 409A of the Code,
        to
        the Participant on the earliest of:  (i) the Participant’s “separation
        from service” with the Company (determined in accordance with Section 409A of
        the Code); provided, however,
        that if the
        Participant is a “specified employee” (within the meaning of Section 409A of the
        Code), the payment date shall be the date that is six (6) months after the
        date
        of the Participant’s separation from service with the Company, (ii) March 31,
        2008, or (iii) the Participant’s death.

       

      
        	
                SECTION
                  7.  

              	
                  GENERAL
                  PROVISIONS.

              

      

       

      7.1 Except
        as
        otherwise provided herein or by law, no right or interest of any Participant
        under the Plan will be assignable or transferable, or otherwise encumbered
        in
        whole or in part, either directly or by operation of law or otherwise, including
        without limitation by execution, levy, garnishment, attachment, pledge or
        in any
        manner.  No attempted assignment or transfer thereof will be
        effective, and no right or interest of any Participant under the Plan will
        be
        liable for, or subject to, any obligation or liability of such
        Participant.

       

      7.2 Neither
        the establishment of the Plan, nor any modification thereof, nor the creation
        of
        any fund, trust or account, nor the payment of any benefits will be construed
        as
        giving any Participant, or any person whomsoever, the right to be retained
        in
        the service of the Company or any subsidiary or affiliate of the
        Company.

       

      
        
          
          

        

        
          -
            4
            -

          
            

          

        

        
          
          

        

      

      7.3 If
        any
        provision of this Plan is held invalid or unenforceable, such invalidity
        or
        unenforceability will not affect any other provisions hereof, the remainder
        of
        this Plan and the application of such provision to any other person or
        circumstance will not be affected, and the provision so held to be invalid
        or
        unenforceable will be reformed to the extent (and only to the extent) necessary
        to make it enforceable or valid.  To the extent any provisions held to
        be invalid or unenforceable cannot be reformed, such provisions are to be
        stricken herefrom and the remainder of this Plan will be binding on the parties
        and their successors and assigns as if such invalid or unenforceable provisions
        were never included in this Plan from the first instance.

       

      7.4 This
        Plan
        will inure to the benefit of and be binding upon the heirs, executors,
        administrators, successors and assigns of the parties, including each
        Participant, present and future, and any successor to the Company, including
        any
        persons acquiring directly or indirectly all or substantially all of the
        business or assets of the Company whether by purchase, merger, consolidation,
        reorganization or otherwise (and such successor will thereafter be deemed
        the
“Company” for the purposes of this Plan).

       

      7.5 The
        headings and captions herein are provided for reference and convenience only,
        will not be considered part of the Plan, and will not be employed in the
        construction of the Plan.

       

      7.6 The
        Plan
        will not be funded.  No Participant will have any right to, or
        interest in, any assets of any Company which may be applied by the Company
        to
        the payment of benefits or other rights under this Plan.

       

      7.7 Any
        notice or other communication required or permitted pursuant to the terms
        hereof
        shall have been duly given when delivered or mailed by United States Mail,
        first
        class, postage prepaid, addressed to the intended recipient at his, her or
        its
        last known address.

       

      7.8 This
        Plan
        will be governed by and construed in accordance with the internal substantive
        laws of the State
        of New York.

       

      7.9 The
        Company will deduct from all amounts paid pursuant to the terms of the Plan,
        all
        federal, state, local and other taxes that the Company is required by law
        to
        withhold with respect to such amounts pursuant to applicable law, and such
        amounts will be subject to applicable tax reporting, as determined by the
        Plan
        Administrator.

       

      7.10 No
        member
        of the Board or the Committee or any officer, or employee of the Company
        will be
        personally liable by reason of any contract or other instrument, or any action
        or inaction, related to the Plan or any Award Letter and the Company will
        indemnify and hold harmless each such person against any cost or expense
        (including legal fees, disbursements and other related fraud charges) or
        liability (including any sum paid in settlement) arising out of any of the
        foregoing.

       

      
        -
          5 -exhibit10_81.htm

     

    
      

      

    

    Exhibit
      10.81

     

    
      EXCESS
        OF
        LOSS RETROCESSION AGREEMENT

       

      BY
        AND
        BETWEEN

       

      PLATINUM
        UNDERWRITERS BERMUDA, LTD.

       

      (RETROCEDANT)

       

      and

       

      PLATINUM
        UNDERWRITERS REINSURANCE, INC.

       

      (RETROCESSIONAIRE)

       

      DATED
        AS
        OF JANUARY 1, 2008

       

          ARTICLE
        1
        -  BUSINESS
        COVERED

       

      This
        Agreement is to indemnify the Retrocedant in respect of the net excess liability
        as a result of any European Windstorm and/or wind-driven flood loss or losses
        which may occur during the term of this Agreement under any original reinsurance
        contracts written by the Retrocedant.

       

          ARTICLE
        2
        -  COMMENCEMENT
        AND TERMINATION

       

      This
        Agreement shall take effect and shall apply to all losses occurring during
        the
        period 1st
        January
        2008 to 31st
        December 2008 both days inclusive, Local Standard Time, at the place where
        the
        loss occurs.

       

      If
        this
        Agreement terminates while an occurrence covered hereunder is in progress,
        it is
        agreed that subject to the other conditions of this Agreement, the
        Retrocessionaire shall indemnify the Retrocedant as if the entire loss had
        occurred during the term of this Agreement.

       

          ARTICLE
        3
        -  EXCLUSIONS

       

      The
        following Exclusion Clauses are attached to and form part of this
        Agreement:

       

      
        	
                1.  

              	
                Nuclear
                  Energy Risks Exclusion Clause (Reinsurance) (Worldwide Excluding
                  U.S.A.
                  & Canada) (Japanese Amendment)

              

      

       

      
        	
                2.  

              	
                Pools,
                  Associations, and Syndicates.

              

      

       

      
        
          	
                  3.  

                	
                  War
                    Risk Exclusion Clause.

                

        

      

       

      
        
          	
                  4.  

                	
                  Insolvency
                    Funds Exclusion Clause

                

        
 

      
        	
                5.  

              	
                Losses
                  emanating from the Quota Share Retrocession Agreement by and between
                  Platinum Underwriters Bermuda, Ltd. and Platinum Underwriters Reinsurance,
                  Inc.

              

      

       

      
              ARTICLE
          4 -   TERRITORY

      

       

      Coverage
        applies within the territorial limits of Europe, defined as Albania, Andorra, Armenia,
        Austria,
        Belarus, Belgium, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus, the
        Czech
        Republic, Denmark, Estonia, Faroe Islands, Finland, France, Georgia, Germany,
        Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein,
        Lithuania, Luxembourg, Macedonia, Malta, Moldova, Monaco, Montenegro, the
        Netherlands, Norway, Poland, Portugal, Romania, Russia, San Marino, Serbia,
        Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, the Ukraine, and
        the
        United Kingdom (together with the Channel Islands and the Isle of Man) and/or
        any other names by which such territories may become known.

      

      
        
          
          

        

        
          -
            1 -

          
            

          

        

        
          
          

        

      

          ARTICLE
        5   - LIMIT AND RETENTION

       

      The
        Retrocessionaire shall be liable in respect of each and every loss occurrence
        over and above an initial Ultimate Net Loss of $275,000,000 each and every
        loss
        each and every loss occurrence, subject to a limit of liability to the
        Retrocessionaire of $75,000,000 Ultimate Net Loss each and every loss or
        series
        of losses arising out of one loss occurrence.  Nevertheless, the limit
        of liability to Retrocessionaire for all occurrences arising under this
        Agreement shall be limited to $150,000,000.

       

          ARTICLE
        6   - REINSTATEMENT

       

      Each
        loss
        hereon reduces the amount of indemnity provided under this Agreement by the
        amount paid.  Any amount so exhausted shall be automatically
        reinstated from the time of the occurrence of loss and for each amount so
        reinstated, the Retrocedant agrees to pay an additional premium calculated
        at
        pro rata of the annual premium as respects the fraction of indemnity exhausted
        and 100% of the annual premium regardless of the unexpired term of this
        Agreement.  Nevertheless, the Retrocessionaire's liability shall not
        exceed $150,000,000 with respect to all Loss Occurrences during the term
        of the
        Agreement.

       

          ARTICLE
        7 -
        PREMIUM

       

      The
        premium for this Agreement shall be a flat premium of $3,750,000 payable
        in two
        equal installments on January 1, 2008 and July1, 2008.

       

          ARTICLE
        8 -
        ULTIMATE NET LOSS

       

      Ultimate
        Net Loss shall mean the actual loss paid by the Retrocedant, or for which
        the
        Retrocedant becomes liable to pay, such loss to include 100% of any Extra
        Contractual Obligations and 100% of any Excess of Policy Limits loss, and
        expenses of litigation and interest, if any, and all other loss expenses
        covered
        under Original Reinsurance Contract, and such expenses of the Retrocedant
        incurred in the handling of loss arising out of Original Reinsurance Contracts
        including subrogation, salvage and recovery expenses (office expenses and
        salaries of officials and employees not classified as loss adjusters are
        not
        chargeable as expenses for purpose of this paragraph), but salvages and all
        recoveries, including recoveries under all reinsurances which inure to the
        benefit of this agreement (whether recovered or not), shall be first deducted
        from such loss to arrive at the amount of liability attaching
        hereunder.

       

      All
        salvages, recoveries or payments recovered or received subsequent to loss
        settlement hereunder shall be applied as if recovered or received prior to
        the
        aforesaid settlement and all necessary adjustments shall be made by the parties
        hereto.

       

      For
        purposes of this article, the phrase “becomes liable to pay” shall mean the
        existence of a judgment or award, which the Retrocedant does not intend to
        appeal or a release has been obtained by the Retrocedant, or the Retrocedant
        has
        accepted a proof of loss.

       

      Nothing
        in this clause shall be construed to mean that losses are not recoverable
        hereunder until the Retrocedant’s net loss has been ascertained.

       

          ARTICLE
        9
        - EXTRA CONTRACTUAL
        OBLIGATIONS

       

      This
        Agreement shall protect the Retrocedant and any original reinsured, within
        the
        limits hereof, where the loss includes any Extra Contractual
        Obligations.  The term “Extra Contractual Obligations” is defined as
        those liabilities not covered under any other provision of this Agreement
        and
        which arise from the handling of any claim on business covered hereunder,
        such
        liabilities arising because of, but not limited to, the following: failure
        by
        any original reinsured to settle within the policy limit, or by reason of
        alleged or actual negligence, fraud, or bad faith in rejecting an offer of
        settlement or in the preparation of the defense or in the trial of any action
        against its insured or reinsured or in the preparation or prosecution of
        an
        appeal consequent upon such action.

       

       The
        date
        on which any Extra Contractual Obligation is incurred by any original reinsured
        shall be deemed, in all circumstances, to be the date of the original disaster
        and/or casualty.

       

       However,
        this Article shall not apply where the loss has been incurred due (i) solely
        to
        the acts, or failure to act, of the Retrocedant in handling its claims or
        (ii)
        to fraud by a member of the Board of Directors or a corporate officer of
        any
        original reinsured acting individually or collectively or in collusion with
        any
        individual or corporation or any other organization or party involved in
        the
        presentation, defense or settlement of any claim covered hereunder.

       

      
        
          
          

        

        
          -
            2 -

          
            

          

        

        
          
          

        

      

           ARTICLE
        10 - EXCESS OF ORIGINAL POLICY LIMITS

       

       This
        Agreement shall protect the Retrocedant and any original reinsured, within
        the
        limits hereof, in connection with loss in excess of the limit of its original
        policy, such loss in excess of the limit having been incurred because of
        failure
        of the original reinsured to settle within the policy limit or by reason
        of
        alleged or actual negligence, fraud, or bad faith in rejecting an offer of
        settlement or in the preparation of the defense or in the trial of any action
        against its insured or reinsured or in the preparation or prosecution of
        an
        appeal consequent upon such action.

       

       However,
        this Article shall not apply where the loss has been incurred due (i) solely
        to
        the acts, or failure to act, of the Retrocedant in handling its claims or
        (ii)
        to fraud by a member of the Board of Directors or a corporate officer of
        the
        original reinsured acting individually or collectively or in collusion with
        any
        individual or corporation or any other organization or party involved in
        the
        presentation, defense or settlement of any claim covered hereunder.

       

       For
        the
        purpose of this Article, the word “loss” shall mean any amounts for which the
        original reinsured or Retrocedant would have been contractually liable to
        pay
        had it not been for the limit of the original policy.

      

       

          ARTICLE
        11 -
        NET RETAINED LINES

       

      This
        Agreement applies only to that portion of any reinsurance or any Extra
        Contractual Obligations or Excess of Original Policy Limits which the
        Retrocedant retains net for its own account, and in calculating the amount
        of
        any loss hereunder and also in computing the amount or amounts in excess
        of
        which this Agreement attaches, only loss or losses in respect of that portion of
        any reinsurance or any Extra Contractual Obligations or Excess of Original
        Policy Limits which the Retrocedant retains nets for its own account shall
        be
        included.

       

      The
        amount of the Retrocessionaire liability hereunder in respect of any loss
        or
        losses shall not be increased by reason of the inability of the Retrocedant
        to
        collect from any other Retrocessionaire, whether specific or general, any
        amounts which may have become due from them, whether such inability arises
        from
        the insolvency of such other Retrocessionaire or otherwise.

       

          ARTICLE
        12-
        NOTICE OF LOSS AND LOSS SETTLEMENTS

       

      The
        Retrocedant shall advise the Retrocessionaire promptly of any Loss Occurrence
        which, in the opinion of the Retrocedant may result in a claim hereunder
        and of
        all subsequent developments thereto which, in the opinion of the Retrocedant
        may
        materially affect the position of the Retrocessionaire.

       

      All
        loss
        settlements made by the Retrocedant, provided they are within the terms of
        this
        Agreement, shall be unconditionally binding upon the Retrocessionaire who
        agrees
        to pay all amounts for which it may be liable immediately upon being furnished
        by the Retrocedant with reasonable evidence of the amount due or to be
        due.  In addition, the Retrocessionaire agrees to abide by court
        and/or arbitration decisions affecting the Retrocedant’s Original Reinsurance
        Contracts.

       

      
        
          
          

        

        
          -
            3 -

          
            

          

        

        
          
          

        

      

          ARTICLE
        13 -
        ARBITRATION

       

      SECTION
        13.01         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.

       

      SECTION
        13.02         The party demanding
        arbitration shall do so by written notice to the responding party.
        Retrocessionaire hereby appoints its General Counsel as its agent to receive
        any
        arbitration demand hereunder and Retrocedant hereby appoints its Chief Financial
        Officer as its agent to receive any arbitration demand hereunder. The
        arbitration demand shall state the issues to be resolved and shall name the
        arbitrator appointed by the demanding party.

       

      SECTION
        13.03         Within thirty (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 thirty
        (30)
        days following receipt of the written arbitration demand, then the demanding
        party may appoint the second arbitrator but only after providing ten (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 ten (10) day
        period.

       

      SECTION
        13.04          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 thirty
        (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.

       

      SECTION
        13.05         Within thirty (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 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 Panel shall render its decision
        in
        writing within sixty (60) days following the termination of the hearing.
        Judgment upon the award may be entered in any court of competent
        jurisdiction.

       

      SECTION
        13.06         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.

       

      SECTION
        13.07         Arbitration hereunder
        shall take place in New York, New York unless the parties agree
        otherwise.

       

      SECTION
        13.08        The parties hereto hereby
        expressly (i) submit to the jurisdiction of the Panel, (ii) agree to comply
        with
        all requirements necessary to give the Panel jurisdiction and (iii) agree
        to
        abide by the final decision of the Panel.

       

      SECTION
        13.09        This Article 13 shall survive
        termination of this Agreement.

       

      
        
          
          

        

        
          -
            4 -

          
            

          

        

        
          
          

        

      

          ARTICLE
        14 -
        CURRENCY

       

      For
        purposes of this Agreement, where the 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
        15 -
        ACCESS TO RECORDS

       

      The
        Retrocedant shall place at the disposal of the Retrocessionaire at all
        reasonable times, and the Retrocessionaire shall have the right to inspect
        through its designated representatives, during the term of this Agreement
        and
        thereafter, all books, records and papers of the Retrocedant in connection
        with
        any reinsurance hereunder, or the subject matter hereof.

       

      The
        Retrocessionaire, except with the express prior written consent of the
        Retrocedant, shall not directly or indirectly, communicate, disclose or divulge
        to any third party, any knowledge or information that may be acquired either
        directly or indirectly as a result of the inspection of the Retrocedant’s books,
        records and papers.  The restrictions as outlined in this Article
        shall not apply to communication or disclosures that the Retrocessionaire
        is
        required to make to its statutory auditors, retrocessionaires, legal counsel,
        arbitrators involved in any arbitration procedures under this Agreement or
        disclosures required upon subpoena or other duly-issued order of a court
        or
        other governmental agency or regulatory authority.

       

      
            ARTICLE
          16 -
          INSOLVENCY

      

       

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

       

      It
        is
        agreed, however, that the liquidator, receiver, conservator or statutory
        successor of the Retrocedant shall give written notice to the Retrocessionaire
        of the pendency of a claim against the Retrocedant indicating the Reinsurance
        Contract reinsured, which claim would involve a possible liability on the
        part
        of the 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, the 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 the
        Retrocedant or its liquidator, receiver, conservator or statutory
        successor.  The expense thus incurred by the Retrocessionaire shall be
        chargeable, subject to the approval of the court, against the 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 the Retrocedant solely as a result
        of
        the defense undertaken by the Retrocessionaire.

       

      As
        to all
        reinsurance made, ceded, renewed or otherwise becoming effective under this
        Agreement, the reinsurance shall be payable as set forth above by the
        Retrocessionaire to the 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 the Retrocedant,
        or (2)
        where the Retrocessionaire with the consent of the insured or reinsureds,
        has
        assumed such Reinsurance Contract obligations of the Retrocedant as direct
        obligations of the Retrocessionaire to the payees under such Reinsurance
        Contracts and in substitution for the obligations of the Retrocedant to such
        payees.

       

      
            ARTICLE
          17 -
          OFFSET

      

       

      The
        Retrocedant and the 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
        18 -
        ERRORS AND OMISSIONS

       

      Any
        inadvertent delay, omission, error or failure made in connection with this
        Agreement 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 after discovery.

       

      
        
          
          

        

        
          -
            5 -

          
            

          

        

        
          
          

        

      

          ARTICLE
        19-
        MISCELLANEOUS PROVISIONS

       

      SECTION
        19.01    
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
        19.02      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
        19.03      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
        19.04       Headings.  Headings
        used herein are not a part of this Agreement and shall not affect the terms
        hereof.

       

      SECTION
        19.05       Amendments; Entire
        Agreement.  This Agreement may be amended only by written
        agreement of the parties.  This Agreement supersedes all prior
        discussions and written and oral agreements and constitutes the sole and
        entire
        agreement between the parties with respect to the subject matter
        hereof.

       

      SECTION
        19.06      Negotiated
        Agreement.  This Agreement has been negotiated at arm's-length,
        and the fact that the initial and final drafts will have been prepared by
        either
        party will not give rise to any presumption for or against any party to this
        Agreement or be used in any respect or forum in the construction or
        interpretation of this Agreement or any of its provisions.

       

      IN
        WITNESS WHEREOF, the parties have caused this Agreement to be executed in
        duplicate by their respective officers duly authorized so to do, on the date
        set
        forth below.

      

                                             Platinum
        Underwriters
        Bermuda, Ltd.

       

                                             By:
        /s/ Les Waters

                                            
        Name: Les Waters

                                             Title:
        Vice President

                                             Date:
        February 20,
        2008

       

                                             Platinum
        Underwriters
        Reinsurance, Inc.

       

                                             By:
        /s/ Kevin Marine

                                             Title:
        Senior Vice
        President and Chief Operating Officer

                                             Date:
        February 14,
        2008

      

      
        
          
          

        

        
          -
            6 -

          
            

          

        

        
          
          

        

      

      NUCLEAR
        ENERGY RISKS EXCLUSION CLAUSE
        (REINSURANCE) (1994)

      (WORLDWIDE
        EXCLUDING U.S.A. AND
        CANADA)

      (INCLUDES
        JAPANESE
        AMENDMENT)

       

          This
        agreement shall exclude Nuclear Energy Risks whether such risks are written
        directly and/or by way of reinsurance and/or via Pools and/or
        Associations. 

       

          For
        all
        purposes of this agreement Nuclear Energy Risks shall mean all first party
        and/or third
        party insurances or reinsurances (other than Workers' Compensation and
        Employers' Liability) in respect of:

       

      
        	
                (I) All
                  Property on the site of a nuclear power station. Nuclear Reactors,
                  reactor
                  buildings and plant and equipment therein on any site other than
                  a nuclear
                  power station.

              

      

      
        	
                (II) All
                  Property, on any site (including but not limited to the sites referred
                  to
                  in (I) above) used or having been used
                  for:

              

      

      
        	 	
                (a) the
                  generation of nuclear energy; or

              

      

      
        	 	
                (b) the
                  Production, Use or Storage of Nuclear
                  Material.

              

      

      
        	
                (III) Any
                  other Property eligible for insurance by the relevant local Nuclear
                  Insurance Pool and/or Association but only to the extent of the
                  requirements of that local Pool and/or
                  Association.

              

      

      
        	
                (IV)
                  The supply of goods and services to any of the sites, described
                  in (I) to
                  (III) above, unless such insurances or reinsurances shall exclude
                  the
                  perils of irradiation and contamination by Nuclear
                  Material.

              

      

       

           Except
        as
        undernoted, Nuclear Energy Risks shall not include:

       

      
        	
                (i) Any
                  insurance or reinsurance in respect of the construction or erection
                  or
                  installation or replacement or repair or maintenance or decommissioning
                  of
                  Property as described in (I) to (III) above (including contractors'
                  plant
                  and equipment);

              

      

      
        	
                (ii) Any
                  Machinery Breakdown or other Engineering insurance or reinsurance
                  not
                  coming within the scope of (i)
                  above;

              

      

       

            Provided
        always that such insurance or reinsurance shall exclude the perils of
        irradiation and contamination by Nuclear Material.

       

         
However,
        the above
        exemption shall not extend to:

       

      
        	
                (1)
                  The provision of any insurance or reinsurance whatsoever in respect
                  of:

              

      

       

      
        	
                (a)
                  Nuclear Material;

              

      

      
        	
                (b)
                  Any Property in the High Radioactivity Zone or Area of any Nuclear
                  Installation as from the introduction of Nuclear Material or -
                  for reactor
                  installations - as from fuel loading or first criticality where
                  so agreed
                  with the relevant local Nuclear Insurance Pool and/or
                  Association.

              

      

      
        	
                (2)
                  The provision of any insurance or reinsurance for the undernoted
                  perils:

              

      

           -           
        Fire, lightning, explosion;

           -           
        Earthquake;

           -           
        Aircraft and other aerial devices or articles dropped therefrom;

           -           
        Irradiation and radioactive contamination;

           -           
        Any other peril insured by the relevant local Nuclear Insurance Pool
        and/or Association;

       

      in
        respect of any other Property not specified in (1) above which directly involves
        the Production, Use or Storage of Nuclear Material as from the introduction
        of
        Nuclear Material into such Property.

       

      
        
          
          

        

        
          -
            7 -

          
            

          

        

        
          
          

        

         

         Definitions

         

        "Nuclear
          Material" means:

      

       

      
        	
                (i)
                  Nuclear fuel, other than natural uranium and depleted uranium,
                  capable of
                  producing energy by a self-sustaining chain process of nuclear
                  fission
                  outside a Nuclear Reactor, either alone or in combination with
                  some other
                  material; and

              

      

      
        	
                (ii) Radioactive
                  Products or Waste.

              

      

       

      "Radioactive
        Products or Waste" means any radioactive material produced in, or any material
        made radioactive by exposure to the radiation incidental to the production
        or
        utilization of nuclear fuel, but does not include radioisotopes which have
        reached the final stage of fabrication so as to be usable for any scientific,
        medical, agricultural, commercial or industrial purpose.

       

      "Nuclear
        Installation" means:

       

      
        	
                (i)  Any
                  Nuclear Reactor;

              

      

      
        	
                (ii) Any
                  factory using nuclear fuel for the production of Nuclear Material,
                  or any
                  factory for the processing of Nuclear Material, including any factory
                  for
                  the reprocessing of irradiated nuclear fuel;
                  and

              

      

      
        	
                (iii) Any
                  facility where Nuclear Material is stored, other than storage incidental
                  to the carriage of such material.

              

      

       

       "Nuclear
        Reactor" means any structure containing nuclear fuel in such an arrangement
        that
        a self-sustaining chain process of nuclear fission can occur therein without
        an
        additional source of neutrons.

       

       "Production,
        Use or Storage of Nuclear Material" means the production, manufacture,
        enrichment, conditioning, processing, reprocessing, use, storage, handling
        and
        disposal of Nuclear Material.

       

       "Property"
        shall mean all land, buildings, structures, plant, equipment, vehicles, contents
        (including but not limited to liquids and gases) and all materials of whatever
        description whether fixed or not.

       

       "High
        Radioactivity Zone or Area" means:

       

      
        	
                (i) For
                  nuclear power stations and Nuclear Reactors, the vessel or structure
                  which
                  immediately contains the core (including its supports and shrouding)
                  and
                  all the contents thereof, the fuel elements, the control rods and
                  the
                  irradiated fuel store; and

              

      

      
        	
                (ii) 
                  For non-reactor Nuclear Installations, any area where the level
                  of
                  radioactivity requires the provision of a biological
                  shield.

              

      

       

      Notwithstanding
        the provisions of this Clause, certain liabilities
        the type of which by market practice and custom have not been declared to
        the
        Japanese Nuclear Pool are covered hereunder.

       

       N.M.A.
        1975a (10/3/94) (with Japanese Amendment added).

       Approved
        by Lloyd's Underwriters' Non-Marine Association.

       

      
        
          
          

        

        
          -
            8 -

          
            

          

        

        
          
          

        

      

       

      WAR
        AND CIVIL WAR EXCLUSION CLAUSE

       

      This
        Agreement excludes loss or damage directly or indirectly occasioned by,
        happening through or in consequence of War, Invasion, Acts of Foreign Enemies,
        Hostilities (whether War be declared or not), Civil War, Rebellion, Revolution,
        Insurrection, Military or Usurped Power, or confiscation or nationalization
        or
        requisition or destruction of or damage to property by or under the order
        of any
        government or public or local authority, but this exclusion shall not apply
        to
        business written in accordance with the Market War and Civil War Risks Exclusion
        Agreement nor to business outside the scope of such Agreement.

      

      

      
        
          
          

        

        
          -
            9 -

          
            

          

        

        
          
          

        

      

      

      INSOLVENCY
        FUNDS EXCLUSION CLAUSE

       

      This
        Agreement excludes all liability of the Company arising by contract, operation
        of law, or otherwise, from its participation or membership, whether voluntary
        or
        involuntary, in any insolvency fund.  "Insolvency fund" includes any
        guaranty fund, insolvency fund, plan, pool, association, fund, or other
        arrangement, howsoever denominated, established, or governed, that provides
        for
        any assessment of or payment or assumption by the Company of part or all
        of any
        claim, debt, charge, fee, or other obligation of an insurer, or its successors
        or assigns, which has been declared by any competent authority to be insolvent,
        or which is otherwise deemed unable to meet any claim, debt, charge, fee,
        or
        other obligation in whole or in part.

       

       

      
        -
          10
          -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]