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                                                                  EXHIBIT 10.52

                                                                  EXECUTION COPY

                     100% QUOTA SHARE RETROCESSION AGREEMENT
                                  (TRADITIONAL)

                                 BY AND BETWEEN

                      ST. PAUL REINSURANCE COMPANY LIMITED

                                  (RETROCEDANT)

                                       and

                     PLATINUM UNDERWRITERS REINSURANCE INC.

                               (RETROCESSIONAIRE)

                          DATED AS OF NOVEMBER 1, 2002

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

WHEREAS, pursuant to a Formation and Separation Agreement dated as of October
28, 2002 (the "FORMATION AND SEPARATION AGREEMENT") between Platinum
Underwriters Holdings, Ltd. ("PLATINUM HOLDINGS"), the ultimate parent of
Retrocessionaire, and The St. Paul Companies, Inc. ("THE ST. PAUL"), the
ultimate parent of Retrocedant, Platinum Holdings acquired one hundred percent
(100%) of the issued and outstanding Shares; and

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

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

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

BUSINESS COVERED; EXCLUSIONS

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

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         (i)      are underwritten by St. Paul Re on behalf of Retrocedant,
                  incept on or after January 1, 2002 and belong to the classes
                  specified in Exhibit A-1 hereto (solely for the convenience of
                  the parties, Exhibit A-2 hereto sets forth a list of such
                  reinsurance contracts and Exhibit A-3 sets forth Loss Reserves
                  (as defined in Exhibit C hereto), over all such Reinsurance
                  Contracts, by Class of Business (as defined below), each as of
                  June 30, 2002, or

         (ii)     are new or renewal traditional contracts entered into by
                  Retrocedant pursuant to Clause 4.1 or 4.3 of Part B of the UK
                  Underwriting Agency and Underwriting Management Agreement (the
                  "AGENCY AGREEMENT") between Retrocedant and Platinum Re (UK)
                  Limited of even date herewith, and that Retrocedant has
                  consented to being retroceded to Retrocessionaire

         but in each case excluding reinsurance contracts entered into otherwise
         than pursuant to Clause 4.1 or 4.3 of Part B of the Agency Agreement
         belonging to the classes specified in Exhibit B-1 hereto (the "EXCLUDED
         CONTRACTS"), (solely as a reference for the convenience of the parties,
         Exhibit B-2 hereto sets forth a list of such reinsurance contracts) it
         being understood that any reinsurance contract not meeting the criteria
         set forth in Exhibit A-1 (other than a Reinsurance Contract entered
         into pursuant to Clause 4.1 or 4.3 of Part B of the Agency Agreement)
         shall be deemed to be an Excluded Contract for purposes of this
         Agreement unless otherwise agreed to by the parties.

         Notwithstanding the foregoing, Retrocedant shall retain all liabilities
         for ceding commission and brokerage fees up to the carrying value of
         the related reserves on the books of the Retrocedant as of September
         30, 2002 (the "Initial Ceding Commission Reserves"), and as finally
         determined pursuant to the provisions of the Premiums and Additional
         Consideration section herein, which reserves shall also be retained by
         Retrocedant. All liabilities for ceding commissions and brokerage fees
         in excess of such carrying value shall be assumed by Retrocessionaire,
         as provided for above.7

         Notwithstanding the foregoing, Retrocedant will retain all liabilities
         arising under any Reinsurance Contract relating to or emanating from
         each of the following:

         (i)      the losses caused by the European floods in August 2002 (the
                  "Flood Liabilities"); and

         (ii)     the 2002 underwriting year with respect to the Reinsurance
                  Contracts included in Classes L27 and L34 as set forth on
                  Exhibit A-1 hereto (the "2002 UK Bank Book"), including,
                  without limitation, the Loss Reserves, unearned premium
                  reserves, and other associated reserves relating to such 2002
                  underwriting year for the 2002 UK Bank Book (the "2002 UK Bank
                  Book Liabilities").

         With respect to any named storm(s) (which are Tropical Prediction
         Center designated named storms) in existence as of the Effective Time
         which cause insured damage within 10 days of the Effective Date, except
         as provided for herein, Retrocedant shall retrocede one hundred percent
         (100%) quota share of losses arising from all such storms, net of the
         inuring benefit of Inuring Retrocessions as allocated pursuant to
         Exhibits E and G (but excluding the inuring benefit of the Holborn
         aggregate cover referenced as Item 13 in Exhibit D) to Retrocessionaire
         and Retrocessionaire shall accept one hundred percent (100%) quota
         share of such losses. However, Retrocedant shall retain $25,000,000 of
         losses, in the aggregate, net of the inuring benefit of Inuring
         Retrocessions as allocated pursuant to Exhibits E and G, in excess of
         the first $25,000,000, net of the inuring benefit of Inuring
         Retrocessions as allocated pursuant to Exhibits E and G, that
         Retrocessionaire assumes. Retrocedant shall use commercially reasonable
         efforts to arrange, on behalf of Retrocessionaire,

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         third party retrocessional coverage for losses arising from such named
         storms in excess of $50,000,000, in the aggregate, net of the inuring
         benefit of Inuring Retrocessions as allocated pursuant to Exhibits E
         and G. The cost of such coverage shall not exceed $5 million with such
         cost shared equally by Retrocedant and Retrocessionaire. The amount of
         such coverage shall be $100,000,000 or such lesser amount as may be
         available on the specified terms. It is understood that the calculation
         of any losses or retentions by the Retrocedant or the Retrocessionaire,
         as the case may be, pursuant to this subparagraph shall include all
         losses or retentions, respectively, with respect to all subsidiaries of
         The St. Paul or Platinum Holdings, as the case may be, under any Quota
         Share Retrocession Agreement, as defined in the Formation and
         Separation Agreement, between any subsidiary of The St. Paul, as
         cedant, and a subsidiary of Platinum Holdings as retrocessionaire.

         The Flood Liabilities, the 2002 UK Bank Book Liabilities and the
         liabilities in respect of the named storms, as described above retained
         by Retrocedant as specified above (collectively, the "Excluded Losses")
         shall not be subject to this Agreement.

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

TERM

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

COVERAGE

SECTION A (RETROSPECTIVE) COVERAGE PERIOD.

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

SECTION B (PROSPECTIVE) COVERAGE PERIOD.

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

PREMIUMS AND ADDITIONAL CONSIDERATION

SECTION A (RETROSPECTIVE) COVERAGE PERIOD -- PREMIUMS.

                  (a)      On the Effective Date, in respect of the Section A
         (Retrospective) Coverage Period, Retrocedant shall pay to the account
         of Retrocessionaire an aggregate amount representing the sum of all
         amounts related and specifically allocated to each individual Class of
         Business (the "Initial Section A Premium") equal to one hundred percent
         (100%) of the carrying value on the books of the Retrocedant as of
         September 30, 2002, of the aggregate of all Loss Reserves relating to
         the Reinsurance Contracts, determined in accordance with statutory
         accounting principles on a basis consistent in all material respects
         with the methods, principles, practices and policies employed in the
         preparation and presentation of Retrocedant's annual statutory
         financial statement as of 31 December 2001 as filed with the Financial
         Services Authority (consistent with the methods, principles, practices
         and policies applied at June 30, 2002) and as submitted to The St.
         Paul, provided that, in no event shall such amount be less than
         Retrocedant's good faith estimate, based

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         upon due investigation by the Retrocedant, as of the date at which such
         calculation is being made, of all Loss Reserves relating to the
         Reinsurance Contracts by applicable Class of Business that would be
         required (i) in order for such reserves to be in full compliance with
         customary practices and procedures of Retrocedant for filings and
         financial statements as of September 30, 2002, and (ii) to cause such
         reserves to bear a reasonable relationship to the events, conditions,
         contingencies and risks which are the bases for such reserves, to the
         extent known by Retrocedant at the time of such calculation.

                  (b)      On the 90th day following the Effective Date (or if
         such 90th day is not a Business Day, the first Business Day following
         such 90th day), Retrocedant shall prepare and deliver to
         Retrocessionaire an accounting (the "Proposed Loss Reserve Accounting")
         of all Loss Reserves relating to the Reinsurance Contracts, as of the
         Effective Date, determined in accordance with this Section and the
         Methodology for Calculation of the Final Section A Premium, as set
         forth on Exhibit C hereto (the "Final Section A Premium"), and the
         reserves for ceding commissions and brokerage fees relating to the
         Reinsurance Contracts on the books of the Retrocedant as of the
         Effective Date (the "Final Ceding Commission Reserves"), and taking
         into consideration all relevant data becoming available to Retrocedant
         subsequent to the Effective Date. In the event the Final Section A
         Premium for any individual Class of Business is greater than the
         Initial Section A Premium for such individual Class of Business or the
         Final Ceding Commission Reserves are less than the Initial Ceding
         Commission Reserves, Retrocedant shall promptly pay to the account of
         Retrocessionaire the difference plus interest on such amount at the
         Applicable Rate from and including the Effective Date to and including
         the date of such payment. In the event the Final Section A Premium for
         any individual Class of Business is less than the Initial Section A
         Premium for such individual Class of Business, or the Final Ceding
         Commission Reserves are greater than the Initial Ceding Commission
         Reserves, Retrocessionaire shall promptly pay to the account of
         Retrocedant the difference plus interest on such amount at the
         Applicable Rate (as defined below) from and including the Effective
         Date to and including the date of such payment. "Class of Business"
         shall be defined as each individual class or line of business as
         delineated by the Retrocedant as of the date hereof as set forth on
         Exhibit A-1.

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

                  Notwithstanding the foregoing, the parties agree that all
         gross estimated premiums written prior to the Effective Date and earned
         but not yet billed, net of applicable ceding commission and
         retrocession premium (net of retrocession commissions) ("EBUB", and
         also referred to as "estimated premiums receivable" or "EBNR" or
         "earned but unbilled") as of the Effective Time and relating to the
         Reinsurance Contracts, as determined on or before 30 September, 2002,
         as set forth in Exhibit C, in a manner consistent with Retrocedant's
         customary practices and procedures and as submitted to The St. Paul,
         shall be allocated to Retrocedant. All payments received after the
         Effective Time by Retrocedant or Retrocessionaire in

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         respect of EBUB as of the Effective Time shall be retained by
         Retrocedant or held on trust for and paid by Retrocessionaire to or to
         the order of Retrocedant, and all rights to collect such amounts shall
         be retained by or transferred to Retrocedant. Any changes made on or
         after the Effective Time as to the estimated amount of EBUB as of the
         Effective Time shall be for the account of Retrocessionaire and shall
         not affect the amount retained by Retrocedant. The parties agree that
         as of the first anniversary of the date hereof, Retrocessionaire shall
         pay to Retrocedant the difference, if any, between the amount of EBUB
         as of the Effective Time and the aggregate amount subsequently billed
         and paid to and/or retained by Retrocedant prior to that date with
         respect to EBUB as of the Effective Time, it being understood that
         Retrocedant shall bear all risk of non-payment and non-collectibility
         with respect to premiums written and unearned as of the Effective Date
         and subsequently billed. All amounts, if any, in respect of EBUB which
         are in excess of EBUB as of the Effective Time, calculated pursuant to
         the first sentence of this Section, shall be for the account of
         Retrocessionaire and no such amounts shall be retained by or payable to
         Retrocedant.

SECTION B (PROSPECTIVE) COVERAGE PERIOD -- PREMIUMS.

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

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

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

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

         DISPUTE RESOLUTION.

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

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

                  (b)      Any amount remaining in dispute at the conclusion of
         the Resolution Period for which Retrocedant has not elected the
         remedies set forth in (a)(i) and (ii) above or as to which any
         extension period has elapsed without agreement between the parties
         ("Unresolved Changes") shall be submitted to arbitration. One arbiter
         (each arbiter, an "Arbiter") shall be chosen by Retrocedant, the other
         by Retrocessionaire, and an umpire (the "Umpire") shall be chosen by
         the two Arbiters

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         before they enter upon arbitration. In the event that either party
         should fail to choose an Arbiter within 30 days following a written
         request by the other party to do so, the requesting party may choose
         two Arbiters, but only after providing 10 days' written notice of its
         intention to do so and only if such other party has failed to appoint
         an Arbiter within such 10-day period. The two Arbiters shall in turn
         choose an Umpire who shall act as the Umpire and preside over the
         hearing. If the two Arbiters fail to agree upon the selection of an
         Umpire within 30 days after notification of the appointment of the
         second Arbiter, the selection of the Umpire shall be made by the
         A.I.D.A. Reinsurance and Insurance Arbitration Society of the UK
         ("ARIAS UK"). All Arbiters and Umpires shall be active or retired
         disinterested property/casualty actuaries of insurance or reinsurance
         companies or Lloyd's of London Underwriters.

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

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

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

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

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

RETROCEDANT CEDING COMMISSION

         With respect to the Reinsurance Contracts ceded under Section B
         (Prospective Coverage Period -- Premiums (d), Retrocessionaire shall
         pay to Retrocedant a ceding commission (the "RETROCEDANT CEDING
         COMMISSION") with respect to the Section B (Prospective) Coverage
         Period, and such Retrocedant Ceding Commission shall equal 100 percent
         (100%) of the actual expenses incurred in writing each Reinsurance
         Contract, including actual ceding commissions and brokerage fees, as

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         determined in accordance with Retrocedant's customary practices and
         procedures and as submitted to The St. Paul, all as allocable pro rata
         to periods from and after the Effective Time. Retrocedant Ceding
         Commission shall also include all underwriting fees and other costs and
         expenses paid by Retrocedant pursuant to the Agency Agreement between
         Retrocedant and Platinum Re (UK) Limited, dated as of the date hereof,
         and all underwriting and other expenses incurred by Retrocedant on or
         after the Effective Date with respect to the liabilities transferred
         hereunder, as determined in accordance with Retrocedant's customary
         practices and procedures.

ORIGINAL CONDITIONS

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

INURING RETROCESSIONS

ALLOCATION TO RETROCESSIONAIRE

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

TRANSFER

         Retrocedant and Retrocessionaire shall use their respective
         commercially reasonable efforts to obtain the consent of Third Party
         Retrocessionaires under the Inuring Retrocessions to include
         Retrocessionaire as an additional reinsured with respect to the
         Reinsurance Contracts or, in the alternative, to make all payments
         directly to the Retrocessionaire, to the extent allocable to the
         Reinsurance Contracts, in the manner set forth in Exhibit E hereto, and
         to seek all payments, to the extent allocable to the Reinsurance
         Contracts, in the manner set forth herein in Exhibit F hereto, directly
         from Retrocessionaire, it being understood that Retrocessionaire shall
         bear all risk of non-payment or non-collectibility under the Inuring
         Retrocessions.

INURING RETROCESSIONS CLAIMS

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

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         associate with Retrocedant, at Retrocessionaire's own expense, in any
         actions brought by Retrocedant to make such collections.

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

INITIAL CONSIDERATION

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

ADDITIONAL CONSIDERATION

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

TERMINATION OR COMMUTATION OF INURING RETROCESSIONS

         With respect to any Inuring Retrocessions providing coverage solely
         with respect to the Reinsurance Contracts, Retrocedant agrees, on
         behalf of itself and its affiliates, that Retrocedant shall not take
         any action or fail to take any action that would reasonably result in
         the termination or commutation of, or any material change in the
         coverage provided by, any Inuring Retrocession, without the prior
         written consent of the Retrocessionaire, such consent not to be
         unreasonably withheld.

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

LOSS AND LOSS EXPENSE; SALVAGE AND SUBROGATION; FOLLOW THE
         FORTUNES

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

                                       9

<PAGE>

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

EXTRA CONTRACTUAL OBLIGATIONS

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

ADMINISTRATION OF REINSURANCE CONTRACTS

ADMINISTRATION

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

         Notwithstanding the foregoing, to the extent permitted by law,
         Retrocessionaire may, at its discretion and at its own expense, assume
         the administration, defense and settlement of any claim upon prior
         written notice to Retrocedant. Upon receipt of such notice, Retrocedant
         shall not compromise, discharge or settle such claim except with the
         prior written consent of Retrocessionaire. Retrocessionaire shall not
         take any action in the administration of such claim that would
         reasonably be expected to adversely affect Retrocedant, its business or
         its reputation, without the prior written consent of Retrocedant.
         Subject to the terms of the Extra Contractual Obligations

                                       10

<PAGE>

         section hereof, Retrocessionaire shall indemnify Retrocedant for all
         Losses, including punitive, exemplary, compensatory or consequential
         damages arising from such assumption of the conduct of such settlement
         pursuant to the Indemnification section herein.

REPORTING AND REGULATORY MATTERS

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

DUTY TO COOPERATE

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

COMMUNICATIONS RELATING TO THE REINSURANCE CONTRACTS

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

REPORTS AND REMITTANCES

REPORT FROM RETROCEDANT

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

REMITTANCES

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

                                       11

<PAGE>

LATE PAYMENTS

         Should any payment due any party to this Agreement be received by such
         party after the due date for such payment under this Agreement,
         interest shall accrue from the date on which such payment was due until
         payment is received by the party entitled thereto, at an annual rate
         equal to the London Interbank Offered Rate quoted for six month periods
         as reported in The Wall Street Journal on the first Business Day of the
         month in which such payment first becomes due plus one hundred basis
         points (the "APPLICABLE RATE").

COST REIMBURSEMENT

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

CURRENCY

         For purposes of this Agreement, where Retrocedant receives premiums or
         pays losses in currencies other than United States dollars, GBP or
         Euros, such premiums or losses shall (subject to the consent of
         Retrocessionaire, not to be unreasonably withheld or delayed) 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.

MAINTENANCE OF LICENSES

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

ACCESS TO RECORDS

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

         From and after the Closing Date, Retrocessionaire and Retrocedant or
         their designated representatives may inspect, at the place where such
         records are located, any and all data and information that is
         specifically described in writing within the possession of the other
         party hereto reasonably relating to this Agreement, on reasonable prior
         notice and during normal business hours. The rights of the parties
         under this Section shall survive termination of this Agreement and
         shall continue for as long as there may be liabilities under the
         Reinsurance Contracts or reporting or retention requirements under
         applicable law. In addition, each party shall have the

                                       12

<PAGE>

         right to take copies (including electronic copies) of any information
         held by the other party that reasonably relates to this Agreement or
         the Reinsurance Contracts. Each party shall, and shall cause its
         designated representatives to, treat and hold as confidential
         information any information it receives or obtains pursuant to this
         Section.

INDEMNIFICATION

INDEMNIFICATION BY RETROCEDANT

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

INDEMNIFICATION BY RETROCESSIONAIRE

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

INDEMNIFICATION PROCEDURES

         (a)      If a party seeking indemnification pursuant to this Section
                  (each, an "INDEMNITEE") receives notice or otherwise learns of
                  the assertion by a Person (including, without limitation, any
                  governmental entity) who is not a party to this Agreement or
                  an Affiliate thereof, of any claim or of the commencement by
                  any such Person of any Action (a "THIRD PARTY CLAIM") with
                  respect to which the party from whom indemnification is sought
                  (each, an "INDEMNIFYING PARTY") may be obligated to provide
                  indemnification pursuant to the Indemnification by Retrocedant
                  and the Indemnification by Retrocessionaire subsections of
                  this Section, such Indemnitee shall give such Indemnifying
                  Party written notice thereof promptly after becoming aware of
                  such Third Party Claim; provided that the failure of any
                  Indemnitee to give notice as provided in this Section shall
                  not relieve the Indemnifying Party of its obligations under
                  this Section, except to the extent that such Indemnifying
                  Party is prejudiced by such failure to give notice. Such
                  notice shall describe the Third Party Claim in as much detail
                  as is reasonably possible and, if ascertainable, shall
                  indicate the amount (estimated if necessary) of the Loss
                  that has been or may be sustained by such Indemnitee.

         (b)      An Indemnifying Party may elect to defend or to seek to settle
                  or compromise, at such Indemnifying Party's own expense and by
                  such Indemnifying Party's own counsel, any Third Party Claim.
                  Within 30 days of the receipt of notice from an Indemnitee in
                  accordance with subsection (a) of this Section (or sooner, if
                  the nature of such Third Party Claim so requires),

                                       13

<PAGE>

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

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

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

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

                                       14

<PAGE>

                  of any offer of settlement or compromise which such Indemnitee
                  declined to accept and (B) the actual out-of-pocket amount
                  such Indemnitee is obligated to pay subsequent to such date as
                  a result of such Indemnitee's continuing to pursue such Third
                  Party Claim.

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

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

SURVIVAL

         This Indemnification Section shall survive termination of this
         Agreement.

 ARBITRATION

         All disputes and differences arising under or in connection with this
         Agreement shall be referred to arbitration under the Arbitration Rules
         of ARIAS (UK).

         The Arbitration Tribunal shall consist of three arbitrators, one to be
         appointed by the claimant party, one to be appointed by the respondent
         party and the third to be appointed by the two appointed arbitrators.

         The third member of the Tribunal shall be appointed as soon as
         practicable (and no later than 28 days) after the appointment of the
         two party-appointed arbitrators. The Tribunal shall be constituted upon
         the appointment of the third arbitrator.

         The Arbitrators shall be persons (including those who have retired)
         with not less than ten years' experience of insurance or reinsurance
         within the industry or as lawyers or other professional advisers
         serving the industry.

         Where a party fails to appoint an arbitrator within 14 days of being
         called upon to do so or where the two party-appointed arbitrators fail
         to appoint a third within 28 days of their appointment, then upon
         application ARIAS (UK) will appoint an arbitrator to fill the vacancy.
         At any time prior to appointment by ARIAS (UK) the party or arbitrators
         in default may make such appointment.

         The Tribunal may in its sole discretion make such orders and directions
         as it considers to be necessary for the final determination of the
         matters in dispute. The Tribunal shall have the widest discretion
         permitted under the law governing the arbitral procedure when making
         such orders or directions.

         The seat of arbitration shall be London.

         Each party shall bear the expense of its own arbitrator and shall share
         equally with the other party the expense of the third arbitrator and of
         the arbitration.

         This Arbitration section shall survive termination of this Agreement.

                                       15

<PAGE>

INSOLVENCY

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

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

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

For the purposes of this Section 16, an Insolvency Event shall occur if:

         (i)      a winding up petition is presented in respect of Retrocedant
                  or a provisional liquidator is appointed over it or if
                  Retrocedant goes into administration, administrative
                  receivership or receivership or if Retrocedant has a scheme of
                  arrangement or voluntary arrangement proposed in relation to
                  all or any part of its affairs; or

         (ii)     Retrocedant goes into compulsory or voluntary liquidation;

                  or, in each case, if Retrocedant becomes subject to any other
                  similar insolvency process (whether under the laws of England
                  and Wales or elsewhere); and

                  Retrocedant is unable to pay its debts as and when they fall
                  due within the meaning of section 123 of the Insolvency Act
                  1986 (or any statutory amendment or re-enactment of that
                  section).

OFFSET

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

                                       16

<PAGE>

ERRORS AND OMISSIONS

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

CREDIT FOR REINSURANCE; SECURITY

CREDIT FOR REINSURANCE

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

EXPENSES

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

SECURITY

         Retrocessionaire shall establish and maintain a trust fund or other
         security arrangement for the benefit of Retrocedant as security for the
         obligations of Retrocessionaire under this Agreement. The trust fund or
         other security arrangement shall be in a form reasonably satisfactory
         to Retrocedant and shall comply with such requirements (if any) as may
         be laid down by the Financial Services Authority. It is understood that
         to the extent Retrocessionaire provides such other security arrangement
         reasonably satisfactory to Retrocedant, Retrocesssionaire shall not be
         required to provide a trust fund under this provision. It is further
         understood that to the extent payments are made either to Retrocedant
         or to an affiliate of Retrocedant pursuant to such other security
         arrangement in respect of obligations of Retrocessonaire hereunder,
         Retrocessionaire shall be relieved of such obligations to the extent of
         such payment.

         Retrocessionaire shall be permitted to liquidate the trust at the
         earlier of (i) such time as Retrocessionaire's obligations under this
         Agreement have been met or are terminated or waived or (ii) the
         reserves so reported by Retrocessionaire do not exceed $100 million as
         of two successive calendar year ends.

         Retrocedant shall bear the costs and expenses of the trustee relating
         to the trust.

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<PAGE>

MISCELLANEOUS PROVISIONS

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.

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.

EQUITABLE RELIEF

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

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.

NOTICES

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

         If to Retrocedant:

         St. Paul Reinsurance Company Limited
         27 Camperdown Street
         London
         E1 8DS
         Facsimile: + 44 20 7488 6345
         Attention: Company Secretary

         If to Retrocessionaire:
         Platinum Underwriters Reinsurance, Inc.
         195 Broadway
         New York, New York 10007
         Facsimile: 001 212 238 9202
         Attention: Chief Financial Officer

                                       18

<PAGE>

WIRE TRANSFER

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

         For credit to Platinum Underwriters Reinsurance, Inc.
         USD Account: Citibank, Delaware; ABA No. 031100209; Account
         No. 38660864
         GBP Account: Citibank, London; SWIFT CITIGB2L; Account No.
         10440698
         Euro Account: Citibank, London; SWIFT CITIGB2L; Account No.
         10440701

         For credit to St. Paul Reinsurance Company Limited
         USD Account: Citibank, London; SORTCODE 18-50-08; A/c No. 988529
         GBP Account: Citibank, London; SORTCODE 18-50-08; A/c No. 8560420
         Euro Account: Citibank, London; SORTCODE 18-50-08; A/c No. 8655197

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

HEADINGS

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

FURTHER ASSURANCES

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

THIRD PARTY RIGHTS

         (A)      Section 14 confers a benefit on the officers,
                  directors and employees of Retrocedant and of
                  Retrocessionaire (the "THIRD PARTIES") and, subject
                  to the remaining provisions of this Section 20.9, is
                  intended to be enforceable by the Third Parties by
                  virtue of the Contracts (Rights of Third Parties) Act
                  1999.

         The parties to this Agreement do not intend that any term of
         this Agreement, apart from Section 14, should be enforceable,
         by virtue of the Contracts (Rights of Third Parties) Act 1999,
         by any person who is not a party to this Agreement.

         Notwithstanding the provisions of Section 20.9(A) above, this
         Agreement may be rescinded or varied in any way and at any
         time by the parties to this Agreement without the consent of
         any or all of the Third Parties.

AMENDMENTS; ENTIRE AGREEMENT

         This Agreement may be amended only by written agreement of the
         parties. This Agreement, together with the Formation and
         Separation Agreement, supersedes all prior discussions and
         written and oral agreements and constitutes the sole and
         entire agreement between the parties with respect to the
         subject matter hereof.

GOVERNING LAW

         This Agreement shall be governed by English law.

                              19

<PAGE>

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

                                             ST. PAUL REINSURANCE COMPANY
                                             LIMITED

                                             By /s/ T. Mahoney
                                                ---------------------------
                                                Name:  T. Mahoney
                                                Title: Managing Director

                                             PLATINUM UNDERWRITERS
                                             REINSURANCE, INC.

                                             By /s/ Michael D. Price
                                                ---------------------------
                                                Name:  Michael D. Price
                                                Title: President and Chief
                                                       Underwriting Officer

                                       20

<PAGE>

                                   EXHIBIT A-1

                            List of Included Classes

The business that will be transferred into Platinum Re is defined by all
business incepting in the 2002 underwriting year and belonging to the included
classes below.

                                     A-1-1

<PAGE>

<TABLE>
<CAPTION>
              London Classes
              --------------
<S>  <C>
L06            N. Am Med Mal
L08        N Am Casualty Treaty
L11              N. Am Cat
L17          N Am Property P-R
L18       N Am Property Per Risk
L74             Med Mal PR
L91             N. Am Crop
L21          Int'l Marine P-R
L23         Int'l Property P-R
L24       Int'l Property Per Risk
L25              Int'l Cat
L26           Int'l Motor XS
L27        Int'l Casualty Excess
L32           Int'l Marine XL
L33  U.K. Property Proportional Treaty
L34         Int'l Casualty P-R
L79             Satelite XS
L80      Int'l Motor Liability PR
</TABLE>

<TABLE>
<CAPTION>
                 London Classes
                 --------------
<S>  <C>
L40           N Am Motor Pro Rata
L41              N Am Motor XL
L43             N Am GL Pro Rata
L44                N Am GL XL
L48                N Am PI XL
L63             N Am PI Pro Rata
B21            Brussels Marine PR
B23       Brussels Int'l Property P-R
B24     Brussels Int'l Property Per Risk
B25            Brussels Int'l Cat
B26           Brusses Int'l Motor
B27          Brussels Int'l Liab XS
B32         Brussels Int'l Marine XS
B34          Brussels Int'l Liab PR
B55     Brussels Int'l Personal Acc P-R
B60  Brussels Int Motor Physical Damage PR
B61         Brussels Engineering PR
B62         Brussels Engineering XL
B80         Brussels Motor Pro Rata
</TABLE>

<TABLE>
<CAPTION>
                      London Classes
                      --------------
<S>  <C>
M21                 Munich - Marine PR
M23             Munich - Int'l Property P-R
M24          Munich - Int'l Property Per Risk
M25                 Munich - Int'l Cat
M26                Munich - Int'l Motor
M27               Munich - Int'l Liab XS
M32              Munich - Int'l Marine XS
M34           Munich Int'l Liability Pro Rata
M55     Munich Int'l Proportional Personal Accident
M60  Munich International Motor Pro Rata Treaty (MAPD)
M61  Munich International Engineering Pro Rata Treaty
M62   Munich International Engineering Excess Treaty
LL1           L1 GTR Scaleback Europe Class 1
LL2           L2 GTR Scaleback Europe Class 2
LL3           L3 GTR Scaleback Europe Class 3
LL5           L5 GTR Scaleback Europe Class 5
LF1           F1 GTR Scaleback Europe Class 1
LF2           F2 GTR Scaleback Europe Class 2
LF3           F3 GTR Scaleback Europe Class 3
LF5           F5 GTR Scaleback Europe Class 5
LL4           L4 GTR Scaleback Europe Class 4
LF4           F4 GTR Scaleback Europe Class 4
</TABLE>

                                      A-1-2

<PAGE>

                                   EXHIBIT A-2

                            The Reinsurance Contracts

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                         <C>
   11        11    US Prop.Cat Tty  000547021AXP   1/15/02    1/14/03  Farmers Ins Exchange *AC*   Farmers Ins Corporate
   11        11    US Prop.Cat Tty  000728021AXP    1/1/02   12/31/02  California EQ Authori *TO*  California Earthquake Auth Cat
   11        11    US Prop.Cat Tty  001516021AXP   1/15/02    1/14/03  Farmers Ins Exchange *AC*   Farmers Ex Cat TX
   11        11    US Prop.Cat Tty  002211021AXP    1/1/02   12/31/02  Wellington Synd 2020 *AC*   Wellington Uwtg Inc 3rd Cat
   11        11    US Prop.Cat Tty  002482021AXP    1/1/02   12/31/02  Houston Cas Co *AC*         Houston Casualty 1st Cat
   11        11    US Prop.Cat Tty  002753021AXP    1/1/02   12/31/02  Wellington Synd 2020 *AC*   Wellington Uwtg Inc 2nd Cat
   11        11    US Prop.Cat Tty  002795021AXP    1/1/02   12/31/02  Balboa Ins Co *AC*          Balboa Ins Co 4th Cat Layer
   11        11    US Prop.Cat Tty  002796021AXP    1/1/02   12/31/02  Balboa Ins Co *AC*          Balboa Ins Co 2nd Cat Layer
   11        11    US Prop.Cat Tty  002840021AXP    1/1/02   12/31/02  Alfa Mut Ins Co *AC*        Alfa Mutual 5th Cat
   11        11    US Prop.Cat Tty  002841021AXP    1/1/02   12/31/02  Alfa Mut Ins Co *AC*        Alfa Mutual 3rd Cat
   11        11    US Prop.Cat Tty  825759021AXP    1/1/02   12/31/02  Houston Cas Co *AC*         Houston Cas Co 2nd Cat
   11        11    US Prop.Cat Tty  825895021AXP    1/1/02   12/31/02  Nat Grange Mut Ins Co *AC*  National Grange Cat 4th Cat
   18        18    US Prop.Risk XL  000900021AXP    1/1/02   12/31/02  XL Re America Inc *AC*      NAC Re 4th Layer Risk Excess
   18        18    US Prop.Risk XL  002210021AXP    1/1/02   12/31/02  Wellington Synd 2020 *AC*   Wellington Uwtg Inc 2nd Risk
   18        18    US Prop.Risk XL  002212021AXP    1/1/02   12/31/02  Wellington Synd 2020 *AC*   Wellington Uwtg Inc 3rd Risk
   18        18    US Prop.Risk XL  825267021AXP    1/1/02   12/31/02  XL Re America Inc *AC*      NAC Re Corp 3rd Risk
   21        21    Marine PrR Tty   040225021BRM    1/1/02   12/31/02  GLOBAL CO DE SEG SA *TO*    MARINE HULL & CARGO QS
   21        21    Marine PrR Tty   040226021BRM    1/1/02   12/31/02  GLOBAL CO DE SEG SA *TO*    MARINE CARGO SPL
   21        21    Marine PrR Tty   040230021BRM    1/1/02   12/31/02  Mundial Confianca *AC*      MARINE FO"B"
   21        21    Marine PrR Tty   040231021BRM    1/1/02   12/31/02  Mundial Confianca *AC*      MARINE FO"C"
   21        21    Marine PrR Tty   053067021BRM    1/1/02   12/31/02  BPB Assic SpA *AC*          MARINE H&C QUOTA SHARE TREATY
   21        21    Marine PrR Tty   055813021BRM    1/1/02   12/31/02  RAS (Riunione Adriati *AC*  MARINE HULL QUOTA SHARE TTY
   23        23    Intl.Prop.Pro R  002448021NRP    1/1/02   12/31/02  Amlin Synd 2001 *AC*        Summit Property Surplus
   23        23    Intl.Prop.Pro R  002691021NRP    1/1/02   12/31/02  Bahamas First Gen Ins *TO*  Bahamas First qs/1st surp
   23        23    Intl.Prop.Pro R  002692021NRP    1/1/02   12/31/02  Bahamas First Gen Ins *TO*  Bahamas First 2nd surp
   23        23    Intl.Prop.Pro R  002739021NRP    2/1/02    1/31/03  Colonial Ins Co Ltd *AC*    Colonial Surplus
   23        23    Intl.Prop.Pro R  002895021NRP    1/1/02   12/31/02  HSBC Re Ltd *NR*            HSBC UK Quota Share
   23        23    Intl.Prop.Pro R  003462021NRP    1/1/02   12/31/02  Winterthur Ass *TO*         Winterthur Hail QS
</TABLE>

                                     A-2-1

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry           Cedant                        Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   23        23    Intl.Prop.Pro R  003479021NRP    7/1/02    6/30/03  Clico Int Gen Ins Ltd *TO*   Clico Equity QS/Surplus
   23        23    Intl.Prop.Pro R  040220021BRP    1/1/02   12/31/02  GLOBAL CO DE SEG SA *TO*     FIRE & ALL 1SPL
   23        23    Intl.Prop.Pro R  040221021BRP    1/1/02   12/31/02  GLOBAL CO DE SEG SA *TO*     FIRE & ALL 2SPL
   23        23    Intl.Prop.Pro R  040386021BRP    1/1/02   12/31/02  Hannover Ruck AG *AC*        FIRE SSP
   23        23    Intl.Prop.Pro R  040391021BRP    1/1/02   12/31/02  Hannover Ruck AG *AC*        FIRE & ENGINEERING QS
   23        23    Intl.Prop.Pro R  040394021BRP    1/1/02   12/31/02  Hannover Ruck AG *AC*        FIRE & ENGINEERING FSP
   23        23    Intl.Prop.Pro R  044703021BRP    1/1/02   12/31/02  INTERPOLIS NV *AC*           CATTLE QS
   23        23    Intl.Prop.Pro R  045473021BRP    1/1/02   12/31/02  INTERPOLIS NV *AC*           HAGELUNIE SURPLUS+STORM EVENT
   23        23    Intl.Prop.Pro R  049678021BRP    1/1/02   12/31/02  Allianz Royal Nederla *AC*   FIRE & ALLIED QS SHARE TREATY
   23        23    Intl.Prop.Pro R  053064021BRP    1/1/02   12/31/02  BPB Assic SpA *AC*           BURGLARY QUOTA SHARE TREATY
   23        23    Intl.Prop.Pro R  053065021BRP    1/1/02   12/31/02  BPB Assic SpA *AC*           FIRE QUOTA SHARE TREATY
   23        23    Intl.Prop.Pro R  055936021BRP    1/1/02   12/31/02  Leeuwarder Onderlinge *TO*   FIRE AND ALLIED SURPLUS TREATY
   23        23    Intl.Prop.Pro R  920459021NRP    2/1/02    1/31/03  British Caymanian Ins *AC*   British Caymanian 1st Surplus
   23        23    Intl.Prop.Pro R  920481021NRP    1/1/02   12/31/02  Argus Ins Co Ltd *AC*        Argus Property QS&1st Surplus
   24        24    Intl.Prop Risk   000150021NXP    1/1/02   12/31/02  Victoria Ruck *AC*           Victoria Risk X/L - 1st layer
   24        24    Intl.Prop Risk   000151021NXP    1/1/02   12/31/02  Victoria Ruck *AC*           Victoria Risk XL - 2nd layer
   24        24    Intl.Prop Risk   000269021NXP    7/1/02    6/30/03  Zurich Ins Co *AC*           Zurich 1st Risk
   24        24    Intl.Prop Risk   000271021NXP    7/1/02    6/30/03  Zurich Ins Co *AC*           Zurich 2nd Risk
   24        24    Intl.Prop Risk   001071021NXP    4/1/02    3/31/03  Nichido F&M Ins Co Lt *AC*   Nichido 1st Risk
   24        24    Intl.Prop Risk   001072021NXP    4/1/02    3/31/03  Nichido F&M Ins Co Lt *AC*   Nichido 2nd Risk
   24        24    Intl.Prop Risk   001199021NXP    7/1/02    6/30/03  Alliance & Leicester *XO*    Alliance & Leicester 1/2 risk
   24        24    Intl.Prop Risk   001318021NXP    1/1/02   12/31/02  Converium Ltd *AC*           Converium 1st eng. xl
   24        24    Intl.Prop Risk   001319021NXP    1/1/02   12/31/02  Converium Ltd *AC*           Converium 3rd eng. xl
   24        24    Intl.Prop Risk   001396021NXP    1/1/02   12/31/02  Al-Alamiya Ins Co Ltd *AC*   Al-Alamiya Risk & Cat XL
   24        24    Intl.Prop Risk   001829021NXP    1/1/02   12/31/02  Victoria Vers AG *AC*        Victoria 1st Risk
   24        24    Intl.Prop Risk   001831021NXP    1/1/02   12/31/02  Victoria Vers AG *AC*        Victoria 3rd Risk
   24        24    Intl.Prop Risk   001892021NXP    1/1/02   12/31/02  Royal Sun Alliance NZ *AC*   RSA - NZ Risk
   24        24    Intl.Prop Risk   002073021NXP    1/1/02   12/31/02  Swiss Re Italia SpA *AC*     Swiss Re Italia 3rd Risk
   24        24    Intl.Prop Risk   002074021NXP    1/1/02   12/31/02  Swiss Re Italia SpA *AC*     Swiss Re Italia 2nd Risk XL
   24        24    Intl.Prop Risk   002324021NXP    1/1/02   12/31/02  R+V Vers AG, Ruck-Re *AC*    R&V Versicherung 2nd Risk XL
   24        24    Intl.Prop Risk   002327021NXP    1/1/02   12/31/02  R+V Vers AG, Ruck-Re *AC*    R&V Versicherung 1st Risk XL
   24        24    Intl.Prop Risk   002392021NXP    1/1/02   12/31/02  Ecclesiastical Ins Of *AC*   Ecclesiastical 1st Risk
</TABLE>

                                     A-2-2

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry          Cedant                         Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   24        24    Intl.Prop Risk   002422021NXP    1/1/02   12/31/02  Northern Star Ins Co *AC*    Northern Star 1st Risk XL
   24        24    Intl.Prop Risk   002423021NXP    1/1/02   12/31/02  Northern Star Ins Co *AC*    Northern Star 2nd Risk
   24        24    Intl.Prop Risk   002424021NXP    1/1/02   12/31/02  Northern Star Ins Co *AC*    Northern Star 3rd Risk XL
   24        24    Intl.Prop Risk   002444021NXP    1/1/02   12/31/02  Amlin Synd 2001 *AC*         Summit Property Layer 1
   24        24    Intl.Prop Risk   002445021NXP    1/1/02   12/31/02  Amlin Synd 2001 *AC*         Summit Property Layer 2
   24        24    Intl.Prop Risk   002446021NXP    1/1/02   12/31/02  Amlin Synd 2001 *AC*         Summit Property Layer 3
   24        24    Intl.Prop Risk   002447021NXP    1/1/02   12/31/02  Amlin Synd 2001 *AC*         Summit Property Layer 4
   24        24    Intl.Prop Risk   002526021NXP    1/1/02   12/31/02  GE Frankona Re Ltd *AC*      GE Frankona 1st Engineering xl
   24        24    Intl.Prop Risk   002678021NXP    1/1/02   12/31/02  Cornhill Ins PLC *AC*        Cornhill Coded Risk XL
   24        24    Intl.Prop Risk   002766021NXP    1/1/02   12/31/02  QBE Ins & Re (Europe) *XF*   QBE Ireland 1st Risk XL
   24        24    Intl.Prop Risk   002767021NXP    1/1/02   12/31/02  QBE Ins & Re (Europe) *XF*   QBE Ireland 2nd Risk XL
   24        24    Intl.Prop Risk   002771021NXP    1/1/02   12/31/02  Gage P J Synd 1301 *AC*      Broadgate 2nd & 3rd Risk
   24        24    Intl.Prop Risk   002782021NXP    1/1/02   12/31/02  Converium Ltd *AC*           Converium 2nd eng. xl
   24        24    Intl.Prop Risk   002793021NXP    1/1/02   12/31/02  GE Frankona Re Ltd *AC*      G E frankona top layer risk
   24        24    Intl.Prop Risk   002805021NXP    1/1/02   12/31/02  Nat Farmers Union Mut *AC*   NFU 4th Risk
   24        24    Intl.Prop Risk   002806021NXP    1/1/02   12/31/02  Groupama Ins Co Ltd *AC*     GROUPAMA Household 1st Risk XL
   24        24    Intl.Prop Risk   002817021NXP    1/1/02   12/31/02  Sydney Re Co Ltd *AC*        QBE (Sydney Re) Risk XL
   24        24    Intl.Prop Risk   002928021NXP    1/1/02   12/31/02  Northern Star Ins Co *AC*    Northern Star 4th Risk XL
   24        24    Intl.Prop Risk   003021021NXP    1/1/02   12/31/02  PritchardMSF Synd0318 *AC*   Pritchard 3rd Layer Risk
   24        24    Intl.Prop Risk   003021021NXP    1/1/02   12/31/02  PritchardMSF Synd0318 *AC*   Pritchard 3rd Layer Risk
   24        24    Intl.Prop Risk   003022021NXP    1/1/02   12/31/02  PritchardMSF Synd0318 *AC*   Pritchard 2nd Layer Risk
   24        24    Intl.Prop Risk   003022021NXP    1/1/02   12/31/02  PritchardMSF Synd0318 *AC*   Pritchard 2nd Layer Risk
   24        24    Intl.Prop Risk   003176021NXP    7/1/02    6/30/03  Allianz Australia Ins *AC*   Allianz Unknown Accumul X/L
   24        24    Intl.Prop Risk   003289021NXP    1/1/02   12/31/02  Sydney Re Co Ltd *AC*        QBE (Sydney RE)Fac 2nd risk
   24        24    Intl.Prop Risk   003333021NXP    1/1/02   12/31/02  Fubon Ins Co Ltd *XF*        Fubon 2nd Layer Risk
   24        24    Intl.Prop Risk   003334021NXP    1/1/02   12/31/02  Fubon Ins Co Ltd *XF*        Fubon 3rd layer risk
   24        24    Intl.Prop Risk   003340021NXP    1/1/02   12/31/02  Groupama Ins Co Ltd *AC*     GROUPAMA Commercial 2nd Risk
   24        24    Intl.Prop Risk   003341021NXP    1/1/02   12/31/02  Groupama Ins Co Ltd *AC*     GROUPAMA Commercial 3rd Risk
   24        24    Intl.Prop Risk   003398021NXP    1/1/02   12/31/02  GE Frankona Re Ltd *AC*      GE Frankona 2nd Engineering xl
   24        24    Intl.Prop Risk   003401021NXP    3/1/02    2/28/03  PritchardMSF Synd0318 *AC*   Pritchard Commercial Risk XL 2
   24        24    Intl.Prop Risk   003404021NXP    1/1/02   12/31/02  South African Special *AC*   SASRIA 2nd Risk and Cat XL
   24        24    Intl.Prop Risk   003454021NXP    1/1/02   12/31/02  Groupama Ins Co Ltd *AC*     GROUPAMA Comml 2nd Risk Backup
</TABLE>

                                      A-2-3

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   24        24    Intl.Prop Risk   003486021NXP    7/1/02    6/30/03  ACE Ins Co Bermuda Lt *AC*   ACE Tempest CAR/EAR $5m/5m
   24        24    Intl.Prop Risk   003487021NXP    7/1/02    6/30/03  ACE Ins Co Bermuda Lt *AC*   ACE Tempest Boiler & Mach XL
   24        24    Intl.Prop Risk   040084021BXP    1/1/02   12/31/02  VICTORIA VERS AG *AC*        FIRE XSL
   24        24    Intl.Prop Risk   040338021BXP    1/1/02   12/31/02  VICTORIA VERS AG *AC*        FIRE XSL (DAS)
   24        24    Intl.Prop Risk   045385021BXP    1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*   BURGLARY XSL 1ST LAYER
   24        24    Intl.Prop Risk   045392021BXP    1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*   FIRE XSL 1ST LAYER
   24        24    Intl.Prop Risk   045393021BXP    1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*   FIRE XSL 2ND LAYER
   24        24    Intl.Prop Risk   045395021BXP    1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*   FIRE XSL 3RD LAYER
   24        24    Intl.Prop Risk   046488021BXP    1/1/02   12/31/02  INTERPOLIS NV *AC*           AGRO PROPERTY XSL
   24        24    Intl.Prop Risk   046604021BXP    1/1/02   12/31/02  Vers Bayern Konzern-R *AC*   FIRE XSL ON RET. 1ST LAYER
   24        24    Intl.Prop Risk   048072021BXP    1/1/02   12/31/02  INTERPOLIS NV *AC*           FIRE / E.C. NON LIFE COM 2L.
   24        24    Intl.Prop Risk   048093021BXP    1/1/02   12/31/02  PROVINZIAL FEUERVERS *AC*    FIRE XSL 3RD LAYER
   24        24    Intl.Prop Risk   048105021BXP    1/1/02   12/31/02  PROVINZIAL FEUERVERS *AC*    FIRE XSL 1ST LAYER
   24        24    Intl.Prop Risk   048118021BXP    1/1/02   12/31/02  Generali Lloyd *AC*          PROPERTY XSL PER RISK 1ST L.
   24        24    Intl.Prop Risk   048120021BXP    1/1/02   12/31/02  Generali Lloyd *AC*          PROPERTY XSL PER RISK 2ND L.
   24        24    Intl.Prop Risk   048121021BXP    1/1/02   12/31/02  Generali Lloyd *AC*          PROPERTY XSL PER RISK 3RD L.
   24        24    Intl.Prop Risk   048127021BXP    1/1/02   12/31/02  Generali Lloyd *AC*          F&A ACC XSL 1 LAYER PER RISK
   24        24    Intl.Prop Risk   048130021BXP    1/1/02   12/31/02  Generali Lloyd *AC*          F&A ACC XSL 2 LAYER PER RISK
   24        24    Intl.Prop Risk   048358021BXP    1/1/02   12/31/02  NV Secura SA Belgian *AC*    EUROPEAN PROPERTY XSL 2L/ RISK
   24        24    Intl.Prop Risk   048360021BXP    1/1/02   12/31/02  NV Secura SA Belgian *AC*    EUROPEAN PROPERTY XSL 3L/ RISK
   24        24    Intl.Prop Risk   048602021BXP    1/1/02   12/31/02  Generali Lloyd *AC*          F&A ACC XSL 3 LAYER PER RISK
   24        24    Intl.Prop Risk   048603021BXP    1/1/02   12/31/02  Generali Lloyd *AC*          F&A ACC XSL 4 LAYER PER RISK
   24        24    Intl.Prop Risk   050104021BXP    1/1/02   12/31/02  Caisse Centrale des M *AC*   FIRE HEAVY RISKS XSL 2ND LAYER
   24        24    Intl.Prop Risk   050175021BXP    1/1/02   12/31/02  Alte Leipziger Ruck V *AC*   SIMPLE FIRE XSL
   24        24    Intl.Prop Risk   052299021BXP    1/1/02   12/31/02  Westfalische Provinzi *AC*   FIRE XSL ON RET. 1ST LAYER
   24        24    Intl.Prop Risk   052300021BXP    1/1/02   12/31/02  Westfalische Provinzi *AC*   FIRE XSL ON RET. 2ND LAYER
   24        24    Intl.Prop Risk   052311021BXP    1/1/02   12/31/02  AXA Colonia Konzern *AC*     PROPERTY DMG XSL PER RISK 1L
   24        24    Intl.Prop Risk   052653021BXP    1/1/02   12/31/02  Landschaftliche Brand *AC*   WATERPIPE DAMAGE XSL 1ST LAYER
   24        24    Intl.Prop Risk   052654021BXP    1/1/02   12/31/02  Landschaftliche Brand *AC*   WATERPIPE DAMAGE XSL 2ND LAYER
   24        24    Intl.Prop Risk   052655021BXP    1/1/02   12/31/02  Landschaftliche Brand *AC*   WATERPIPE DAMAGE XSL 3RD LAYER
   24        24    Intl.Prop Risk   052656021BXP    1/1/02   12/31/02  Landschaftliche Brand *AC*   WATERPIPE DAMAGE XSL 4TH LAYER
   24        24    Intl.Prop Risk   052684021BXP    1/1/02   12/31/02  Hamburger Feuerkasse *AC*    FIRE XSL ON COMBINED RET. 1L.
</TABLE>

                                      A-2-4

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry          Cedant                        Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                           <C>
   24        24    Intl.Prop Risk   052688021BXP    1/1/02   12/31/02  Hamburger Feuerkasse *AC*     FIRE XSL ON COMBINED RET. 2L.
   24        24    Intl.Prop Risk   052689021BXP    1/1/02   12/31/02  Hamburger Feuerkasse *AC*     FIRE XSL ON COMBINED RET. 3L.
   24        24    Intl.Prop Risk   052792021BXP    1/1/02   12/31/02  ACHMEA *AC*                   FIRE AND ALLIED XSL 1ST LAYER
   24        24    Intl.Prop Risk   052793021BXP    1/1/02   12/31/02  ACHMEA *AC*                   FIRE AND ALLIED XSL 2ND LAYER
   24        24    Intl.Prop Risk   052794021BXP    1/1/02   12/31/02  ACHMEA *AC*                   FIRE AND ALLIED XSL 3RD LAYER
   24        24    Intl.Prop Risk   052859021BXP    1/1/02   12/31/02  Caisse Centrale des M *AC*    FIRE HEAVY RISKS XSL 3RD LAYER
   24        24    Intl.Prop Risk   052861021BXP    1/1/02   12/31/02  Caisse Centrale des M *AC*    FIRE HEAVY RISKS XSL 4TH LAYER
   24        24    Intl.Prop Risk   052866021BXP    1/1/02   12/31/02  Donau Allgemeine Vers *AC*    FIRE XSL ON RET. FSP 1ST LAYER
   24        24    Intl.Prop Risk   052867021BXP    1/1/02   12/31/02  Donau Allgemeine Vers *AC*    FIRE XSL ON RET. FSP 2ND LAYER
   24        24    Intl.Prop Risk   052868021BXP    1/1/02   12/31/02  Donau Allgemeine Vers *AC*    FIRE XSL ON RET. FSP 3RD LAYER
   24        24    Intl.Prop Risk   052911021BXP    1/1/02   12/31/02  Unive Verzekeringen *AC*      FIRE CONFLAGRATION XSL 2ND L.
   24        24    Intl.Prop Risk   053123021BXP    1/1/02   12/31/02  Lippische Landesbrand *AC*    PROPERTY SPECIFIC XSL
   24        24    Intl.Prop Risk   053124021BXP    1/1/02   12/31/02  Lippische Landesbrand *AC*    UMBRELLA XSL 1ST LAYER
   24        24    Intl.Prop Risk   053125021BXP    1/1/02   12/31/02  Lippische Landesbrand *AC*    UMBRELLA XSL 2ND LAYER
   24        24    Intl.Prop Risk   053126021BXP    1/1/02   12/31/02  Lippische Landesbrand *AC*    UMBRELLA XSL 3RD LAYER
   24        24    Intl.Prop Risk   053129021BXP    1/1/02   12/31/02  Lippische Landesbrand *AC*    MOTOR HULL XSL
   24        24    Intl.Prop Risk   055424021BXH    1/1/02   12/31/02  Deutsche Hagel Vers G *XF*    HAIL XSL ON RETENTION
   24        24    Intl.Prop Risk   055426021BXP    1/1/02   12/31/02  Deutsche Hagel Vers G *XF*    FIRE AND B.I. / ENG XSL
   24        24    Intl.Prop Risk   055490021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*         FIRE XSL 3RD LAYER
   24        24    Intl.Prop Risk   055491021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*         FIRE XSL 4TH LAYER
   24        24    Intl.Prop Risk   055492021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*         FIRE XSL 5TH LAYER
   24        24    Intl.Prop Risk   055493021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*         FIRE XSL 6TH LAYER
   24        24    Intl.Prop Risk   055494021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*         FIRE XSL 7TH LAYER
   24        24    Intl.Prop Risk   055515021BXP    1/1/02   12/31/02  Unive Verzekeringen *AC*      FIRE XSL PER RISK/EVENT 1 L.
   24        24    Intl.Prop Risk   055517021BXP    1/1/02   12/31/02  Unive Verzekeringen *AC*      FIRE XSL PER RISK/EVENT 2 L.
   24        24    Intl.Prop Risk   055518021BXP    1/1/02   12/31/02  Unive Verzekeringen *AC*      FIRE XSL PER RISK/EVENT 3 L.
   24        24    Intl.Prop Risk   055521021BXP    1/1/02   12/31/02  Unive Verzekeringen *AC*      PROPERTY / MSV COVER
   24        24    Intl.Prop Risk   055623021BXP    1/1/02   12/31/02  Delta Lloyd Schadever *AC*    FIRE XSL ON RET SPL 1ST LAYER
   24        24    Intl.Prop Risk   055624021BXP    1/1/02   12/31/02  Delta Lloyd Schadever *AC*    FIRE XSL ON RET SPL 2ND LAYER
   24        24    Intl.Prop Risk   055625021BXP    1/1/02   12/31/02  Delta Lloyd Schadever *AC*    FIRE XSL ON RET SPL 3RD LAYER
   24        24    Intl.Prop Risk   055646021BXP    1/1/02   12/31/02  AXA Aurora Iberica *AC*       PROPERTY XSL 2ND LAYER
   24        24    Intl.Prop Risk   055648021BXP    1/1/02   12/31/02  AXA Aurora Iberica *AC*       PROPERTY XSL 3RD LAYER
</TABLE>

                                      A-2-5

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   24        24    Intl.Prop Risk   055650021BXP    1/1/02   12/31/02  AXA Aurora Iberica *AC*      PROPERTY XSL 4TH LAYER
   24        24    Intl.Prop Risk   055690021BXP    1/1/02   12/31/02  Mapfre Re Co de Reas *AC*    PROPERTY XSL 1ST LAYER
   24        24    Intl.Prop Risk   055693021BXP    1/1/02   12/31/02  Mapfre Re Co de Reas *AC*    PROPERTY XSL 2ND LAYER
   24        24    Intl.Prop Risk   055754021BXP    1/1/02   12/31/02  Alte Leipziger Ruck V *AC*   INDUSTRIAL INSURANCE XSL
   24        24    Intl.Prop Risk   055755021BXP    1/1/02   12/31/02  Alte Leipziger Ruck V *AC*   ELECTRONIC INSURANCE XSL
   24        24    Intl.Prop Risk   055791021BXP    1/1/02   12/31/02  Fortis Corporate Ins *AC*    PROPERTY XSL PER RISK 3RD L.
   24        24    Intl.Prop Risk   055867021BXP    1/1/02   12/31/02  AXA Colonia Konzern *AC*     PROPERTY DMG XSL PER RISK 2L
   24        24    Intl.Prop Risk   055868021BXP    1/1/02   12/31/02  AXA Colonia Konzern *AC*     PROPERTY DMG XSL PER RISK 3L
   24        24    Intl.Prop Risk   055869021BXP    1/1/02   12/31/02  AXA Colonia Konzern *AC*     PROPERTY DMG XSL PER RISK 4L
   24        24    Intl.Prop Risk   055937021BXP    1/1/02   12/31/02  Wederkerige 1820 *TO*        PROPERTY PER RISK XSL 1ST L
   24        24    Intl.Prop Risk   055939021BXP    1/1/02   12/31/02  Wederkerige 1820 *TO*        PROPERTY PER RISK XSL 2ND L
   24        24    Intl.Prop Risk   055940021BXP    1/1/02   12/31/02  Wederkerige 1820 *TO*        PROPERTY PER RISK XSL 3RD L
   24        24    Intl.Prop Risk   055999021BXP    1/1/02   12/31/02  Deutscher Herold *AC*        PROPERTY XSL VGV
   24        24    Intl.Prop Risk   056000021BXP    1/1/02   12/31/02  Deutscher Herold *AC*        PROPERTY XSL VGV-LW
   24        24    Intl.Prop Risk   056001021BXP    1/1/02   12/31/02  Deutscher Herold *AC*        BURGLARY XSL
   24        24    Intl.Prop Risk   056002021BXP    1/1/02   12/31/02  Deutscher Herold *AC*        WATERPIPE DAMAGE
   24        24    Intl.Prop Risk   822087021NXP    1/1/02   12/31/02  South African Special *AC*   SASRIA 1st Risk & Cat (3of3)
   24        24    Intl.Prop Risk   822174021NXP    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   Royal 1st Comm Risk
   24        24    Intl.Prop Risk   822224021NXP    1/1/02   12/31/02  Swiss Re Co *AC*             Swiss Re 1st Risk
   24        24    Intl.Prop Risk   822616021NXP    1/1/02   12/31/02  PritchardMSF Synd0318 *AC*   Pritchard 1st Risk XL
   24        24    Intl.Prop Risk   822616021NXP    1/1/02   12/31/02  PritchardMSF Synd0318 *AC*   Pritchard 1st Risk XL
   24        24    Intl.Prop Risk   822617021NXP    3/1/02    2/28/03  PritchardMSF Synd0318 *AC*   Pritchard Commercial Risk XL 1
   24        24    Intl.Prop Risk   823012021NXP    4/1/02    3/31/03  Aioi Ins Co Ltd *AC*         Aioi Insurance 1st Layer Risk
   24        24    Intl.Prop Risk   823013021NXP    4/1/02    3/31/03  Aioi Ins Co Ltd *AC*         Aioi Insurance 2nd Risk XL
   24        24    Intl.Prop Risk   823131021NXP    7/1/02    6/30/03  Al Ahlia Ins Co (BSC) *XO*   Al Ahlia Risk XL
   24        24    Intl.Prop Risk   823255021NXP    1/1/02   12/31/02  Groupama Ins Co Ltd *AC*     GROUPAMA Commercial 1st Risk
   24        24    Intl.Prop Risk   823492021NXP    1/1/02   12/31/02  Nat Farmers Union Mut *AC*   N F U 2nd Risk
   24        24    Intl.Prop Risk   823902021NXP    1/1/02   12/31/02  Cologne Re Co Ltd *AC*       Cologne Re Clash Risk XL
   24        24    Intl.Prop Risk   823931021NXP    4/1/02    3/31/03  Saison Auto & Fire In *AC*   Saison 1st Risk
   24        24    Intl.Prop Risk   823932021NXP    4/1/02    3/31/03  Saison Auto & Fire In *AC*   Saison 2nd Risk
   24        24    Intl.Prop Risk   824067021NXP    1/1/02   12/31/02  Cornhill Ins PLC *AC*        Cornhill 4TH Risk
   24        24    Intl.Prop Risk   824374021NXP    4/1/02    3/31/03  Integrand Ass Co *AC*        Integrand 4th risk
</TABLE>

                                      A-2-6

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   25        25    Intl.Prop.Cat.   000099021NXP    1/1/02   12/31/02  Ennia Caribe NV *XO*         Ennia Caribe 3rd Layer Cat XL
   25        25    Intl.Prop.Cat.   000128021NXP    7/1/02    6/30/03  Legal & Gen Ass Soc L *AC*   L & G 1st Cat
   25        25    Intl.Prop.Cat.   000206021NXP    1/1/02   12/31/02  Argus Ins Co Ltd *AC*        Argus 1st/2nd Cat XL
   25        25    Intl.Prop.Cat.   000240021NXP    4/1/02    3/31/03  CGNU plc *AC*                NU Ins Personal Lines 1st CatXL
   25        25    Intl.Prop.Cat.   000241021NXP    4/1/02    3/31/03  CGNU plc *AC*                NU Ins Personal Lines 2nd Cat
   25        25    Intl.Prop.Cat.   000242021NXP    4/1/02    3/31/03  CGNU plc *AC*                NU Ins Comm. Lines 1st Cat XL
   25        25    Intl.Prop.Cat.   000252021NXP    1/1/02   12/31/02  HDI aG *AC*                  H D I 4th motor pd cat
   25        25    Intl.Prop.Cat.   000289021NXP    4/1/02    3/31/03  CGNU plc *AC*                CGNU 1st Cat WW
   25        25    Intl.Prop.Cat.   000290021NXP    4/1/02    3/31/03  CGNU plc *AC*                CGNU 2nd CAT WW
   25        25    Intl.Prop.Cat.   000319021NXP    1/1/02   12/31/02  AXA Re France *AC*           Axa 6th WW Cat
   25        25    Intl.Prop.Cat.   000320021NXP    1/1/02   12/31/02  AXA Re France *AC*           Axa 7th WW Cat
   25        25    Intl.Prop.Cat.   000516021NXP    4/1/02    3/31/03  Zenkyoren Nat Mut Ins *AC*   Zenkyoren 4th Cat
   25        25    Intl.Prop.Cat.   000517021NXP    4/1/02    3/31/03  Zenkyoren Nat Mut Ins *AC*   Zenkyoren 5TH Cat
   25        25    Intl.Prop.Cat.   000521021NXP    4/1/02    3/31/03  Toa Re Co Ltd *AC*           Toa 1st Motor Quake PD EQ Cat
   25        25    Intl.Prop.Cat.   000522021NXP    4/1/02    3/31/03  Aioi Ins Co Ltd *AC*         AIOI Motor PD Quake Cat
   25        25    Intl.Prop.Cat.   000542021NXP    4/1/02    3/31/03  Kyousuiren *AC*              Kyosuiren 2nd Layer Cat X/L
   25        25    Intl.Prop.Cat.   000621021NXP   6/30/02    6/30/03  AMI Ins Ltd *AC*             AMI 2nd-4th Cat (1 of 3)
   25        25    Intl.Prop.Cat.   000630021NXP    1/1/02   12/31/02  Ecclesiastical Ins Of *AC*   Eccles 2nd layer cat
   25        25    Intl.Prop.Cat.   000648021NXP    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   Halifax 1st,2nd & 3rd
   25        25    Intl.Prop.Cat.   000714021NXP    4/1/02    3/31/03  Yasuda Gen Ins Co Ltd *AC*   Yasuda General 2nd Layer Cat
   25        25    Intl.Prop.Cat.   000715021NXP    4/1/02    3/31/03  Yasuda Gen Ins Co Ltd *AC*   Yasuda General 3rd Layer Cat
   25        25    Intl.Prop.Cat.   000761021NXP    1/1/02   12/31/02  Swiss Elemental Pool *XO*    Swiss Elemental 6th agg
   25        25    Intl.Prop.Cat.   000826021NXP    1/1/02   12/31/02  Nat Farmers Union Mut *AC*   NFU Glasshouse Specific X/L
   25        25    Intl.Prop.Cat.   000841021NXP    1/1/02   12/31/02  PritchardMSF Synd0318 *AC*   M S Pritchard 3rd loss Cat XL
   25        25    Intl.Prop.Cat.   000881021NXP    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   RSA 3rd Engineering CAT
   25        25    Intl.Prop.Cat.   000887021NXP    1/1/02   12/31/02  Helvetia Ins *AC*            Helvetia 4th Cat
   25        25    Intl.Prop.Cat.   000920021NXP    1/1/02   12/31/02  Ins Corp of Barbados *XO*    ICB 5th Cat
   25        25    Intl.Prop.Cat.   001063021NXP    4/1/02    3/31/03  AIU Ins Co *AC*              AIU Middle East PersLines Cat2
   25        25    Intl.Prop.Cat.   001064021NXP    4/1/02    3/31/03  AIU Ins Co *AC*              AIU Middle East PersLines Cat1
   25        25    Intl.Prop.Cat.   001076021NXP    4/1/02    3/31/03  Kyoei Mut F&M Ins Co *AC*    Kyoei EFEI
   25        25    Intl.Prop.Cat.   001101021NXP    4/1/02    3/31/03  NipponKoa Ins Co Ltd *AC*    NipponKoa 1st Wind Cat X/L
   25        25    Intl.Prop.Cat.   001126021NXP    6/1/02    5/31/03  EQ Commission *AC*           EQ Comm. 1st layer (3 of 3)
</TABLE>

                                      A-2-7

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   25        25    Intl.Prop.Cat.   001127021NXP    6/1/02    5/31/03  EQ Commission *AC*           EQ Comm. 2nd layer cat (3 of 3)
   25        25    Intl.Prop.Cat.   001128021NXP    6/1/02    5/31/03  EQ Commission *AC*           EQ Comm. 3rd layer (3 of 3)
   25        25    Intl.Prop.Cat.   001133021NXP    6/1/02    5/31/03  AIU Ins Co *AC*              AIU 3rd EFEI Cat
   25        25    Intl.Prop.Cat.   001145021NXP    6/1/02    5/31/03  Pacific Indemnity Ins *XO*   Pacific Indemnity 5th Cat
   25        25    Intl.Prop.Cat.   001285021NXP    6/1/02    5/31/03  Pacific Indemnity Ins *XO*   Pacific Indemnity RPP
   25        25    Intl.Prop.Cat.   001295021NXP    1/1/02   12/31/02  AIG Co Ltd *AC*              AIU 4th layer cat x/l
   25        25    Intl.Prop.Cat.   001296021NXP    1/1/02   12/31/02  AIG Co Ltd *AC*              AIU 5th layer cat x/l
   25        25    Intl.Prop.Cat.   001334021NXP    1/1/02   12/31/02  Royal Sun Alliance PR *XO*   RSA PR&VI 1stLayer CatXL
   25        25    Intl.Prop.Cat.   001335021NXP    1/1/02   12/31/02  Royal Sun Alliance PR *XO*   RSA PR&VI 2ndLayer CatXL
   25        25    Intl.Prop.Cat.   001336021NXP    1/1/02   12/31/02  Royal Sun Alliance PR *XO*   RSA PR&VI3rd LayerCatXL
   25        25    Intl.Prop.Cat.   001344021NXP    1/1/02   12/31/02  Nat Farmers Union Mut *AC*   NFU 5TH CAT
   25        25    Intl.Prop.Cat.   001371021NXP    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   RSA 1st Cat In-house
   25        25    Intl.Prop.Cat.   001374021NXP    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   RSA Cat
   25        25    Intl.Prop.Cat.   001378021NXP    4/1/02    3/31/03  Coop De Seg Multiples *AC*   CO-OPERATIVA 5th Layer Cat XL
   25        25    Intl.Prop.Cat.   001537021NXP    4/1/02    3/31/03  AIU Ins Co *AC*              AIU Middle East PersLines Cat3
   25        25    Intl.Prop.Cat.   001555021NXP    4/1/02    3/31/03  Nisshin F&M Ins Co Lt *AC*   Nisshin EFEI 1st Cat
   25        25    Intl.Prop.Cat.   001557021NXP    4/1/02    3/31/03  Nikkaren *XO*                Nikkaren Efei
   25        25    Intl.Prop.Cat.   001561021NXP    4/1/02    3/31/03  Aioi Ins Co Ltd *AC*         AIOI Ins EFEI Cat
   25        25    Intl.Prop.Cat.   001572021NXP    4/1/02    3/31/03  Grocane Fire Ins Coop *XO*   Grocane 1ST STOP LOSS
   25        25    Intl.Prop.Cat.   001573021NXP    4/1/02    3/31/03  Grocane Fire Ins Coop *XO*   Grocane 2nd Stop Loss
   25        25    Intl.Prop.Cat.   001618021NXP    4/1/02    3/31/03  Chubb Corporation *AC*       Chubb 3rd Cat
   25        25    Intl.Prop.Cat.   001625021NXP    6/1/02    5/31/03  EQ Commission *AC*           EQ Comm. 2nd cat (2 of 3)
   25        25    Intl.Prop.Cat.   001626021NXP    6/1/02    5/31/03  EQ Commission *AC*           EQ Comm. 3rd cat (2 of 3)
   25        25    Intl.Prop.Cat.   001635021NXP    4/1/02    3/31/03  NipponKoa Ins Co Ltd *AC*    NipponKoa Top Layer EFEI
   25        25    Intl.Prop.Cat.   001810021NXP    1/1/02   12/31/02  Caribbean Alliance *XO*      Caribbean Alliance 2nd Cat XL
   25        25    Intl.Prop.Cat.   001811021NXP    1/1/02   12/31/02  Caribbean Alliance *XO*      Caribbean Alliance 3rd Cat XL
   25        25    Intl.Prop.Cat.   001812021NXP    1/1/02   12/31/02  Caribbean Alliance *XO*      Caribbean Alliance 4th cat XL
   25        25    Intl.Prop.Cat.   001813021NXP    1/1/02   12/31/02  Swiss Elemental Pool *XO*    Swiss Elemental Pool 7th Cat
   25        25    Intl.Prop.Cat.   001823021NXP    1/1/02   12/31/02  RoyalSunAllianceAustr *AC*   RSA 5th CAT XL
   25        25    Intl.Prop.Cat.   001826021NXP    1/1/02   12/31/02  Royal Sun Alliance US *AC*   RSA Caribbean Top Layer
   25        25    Intl.Prop.Cat.   001828021NXP    1/1/02   12/31/02  Provinzial Nord Brand *AC*   Provinzial Kiel 5th Cat
   25        25    Intl.Prop.Cat.   001851021NXP    1/1/02   12/31/02  ING Fatum *XO*               ING Fatum 1st Layer Cat XL
</TABLE>

                                      A-2-8

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   25        25    Intl.Prop.Cat.   001852021NXP    1/1/02   12/31/02  ING Fatum *XO*               ING Fatum 3rd Layer Cat XL
   25        25    Intl.Prop.Cat.   001853021NXP    1/1/02   12/31/02  ING Fatum *XO*               ING Fatum 4th Cat
   25        25    Intl.Prop.Cat.   001863021NXP    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   RSA 1st Cat UK Commercial
   25        25    Intl.Prop.Cat.   001864021NXP    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   RSA 2nd Cat UK Comm
   25        25    Intl.Prop.Cat.   001865021NXP    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   RSA 3rd Cat UK Comm
   25        25    Intl.Prop.Cat.   001867021NXP    1/1/02   12/31/02  Commercial Union Sigo *XO*   CU TURKEY 5th Layer
   25        25    Intl.Prop.Cat.   001869021NXP    1/1/02   12/31/02  ACHMEA *AC*                  Achmea 1st Motor PD Cat
   25        25    Intl.Prop.Cat.   001893021NXP    1/1/02   12/31/02  Israel Phoenix Ass Co *AC*   Israel Phoenix 1st Cat
   25        25    Intl.Prop.Cat.   001895021NXP    1/1/02   12/31/02  PritchardMSF Synd0318 *AC*   Pritchard Top Layer Cat
   25        25    Intl.Prop.Cat.   001929021NXP    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   RSA 4th Engineering Cat
   25        25    Intl.Prop.Cat.   001988021NXP    1/1/02   12/31/02  Aksigorta Anonim Sirk *XO*   AK Sigorta 5th Cat XL
   25        25    Intl.Prop.Cat.   002149021NXP    4/1/02    3/31/03  MitsuiSumitomo Ins Co *AC*   MitsuiSumitomo Quake 1st Cat
   25        25    Intl.Prop.Cat.   002163021NXP    1/1/02   12/31/02  F.A.T.A.(Fondo Ass. Fr *TO*  F.A.T.A 1st Hail Stop Loss
   25        25    Intl.Prop.Cat.   002178021NXP    1/1/02   12/31/02  Mut du Mans Ass IARD *AC*    La Mutuelle du Mans Cat Nat XL
   25        25    Intl.Prop.Cat.   002189021NXP    1/1/02   12/31/02  AXA Cessions *AC*            AXA 3rd Cat XL
   25        25    Intl.Prop.Cat.   002218021NXP    1/1/02   12/31/02  Assic Generali SpA (I *AC*   Generali Stop L. Hail 2nd Layer
   25        25    Intl.Prop.Cat.   002255021NXP    6/1/02    5/31/03  EQ Commission *AC*           EQC 2nd Cat (1 of 3)
   25        25    Intl.Prop.Cat.   002259021NXP    7/1/02    6/30/03  HSBC Ins (Asia Pac) H *XO*   HSBC Hong Kong 3rd Cat
   25        25    Intl.Prop.Cat.   002260021NXP    7/1/02    6/30/03  HSBC Ins (Asia Pac) H *XO*   HSBC Hong Kong 4th Cat
   25        25    Intl.Prop.Cat.   002261021NXP   6/30/02    6/30/03  GIO Australia Hldgs L *AC*   Suncorp / Gio Cat XL Top lyr
   25        25    Intl.Prop.Cat.   002264021NXP    6/1/02    5/31/03  EQ Commission *AC*           EQC 3rd Cat (1 of 73)
   25        25    Intl.Prop.Cat.   002370021NXP    1/1/02   12/31/02  Helvetia Ins *AC*            Helvetia 5th Cat
   25        25    Intl.Prop.Cat.   002379021NXP    1/1/02   12/31/02  Deutsche Ruck AG *AC*        Deutsche Ruck Stop Loss
   25        25    Intl.Prop.Cat.   002381021NXP    1/1/02   12/31/02  Swiss Elemental Pool *XO*    SWISS ELEMENTAL 8TH LAYER
   25        25    Intl.Prop.Cat.   002391021NXP    1/1/02   12/31/02  Milli Re TAS *AC*            Milli Re Surplus Cat 4th Layer
   25        25    Intl.Prop.Cat.   002398021NXP    1/1/02   12/31/02  Aksigorta Anonim Sirk *XO*   AK Sigorta 4th Cat XL
   25        25    Intl.Prop.Cat.   002404021NXP    1/1/02   12/31/02  KOC Allianz *XO*             Koc 3rd cat XL
   25        25    Intl.Prop.Cat.   002406021NXP    1/1/02   12/31/02  KOC Allianz *XO*             Koc 4th Cat XL
   25        25    Intl.Prop.Cat.   002412021NXP    1/1/02   12/31/02  Ennia Caribe NV *XO*         Ennia caribe 2nd cat
   25        25    Intl.Prop.Cat.   002416021NXP    1/1/02   12/31/02  ING Fatum *XO*               Ing Fatum 1st&2nd mortgage XL
   25        25    Intl.Prop.Cat.   002427021NXP    1/1/02   12/31/02  Fortis Grp *AC*              Amev Cat layer 1
   25        25    Intl.Prop.Cat.   002428021NXP    1/1/02   12/31/02  Fortis Grp *AC*              Amev Cat layer 2
</TABLE>

                                      A-2-9

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   25        25    Intl.Prop.Cat.   002429021NXP    1/1/02   12/31/02  Fortis Grp *AC*              Amev cat layer 3
   25        25    Intl.Prop.Cat.   002457021NXP    1/1/02   12/31/02  Ecclesiastical Ins Of *AC*   Eccles 1st layer cat
   25        25    Intl.Prop.Cat.   002476021NXP    4/1/02    3/31/03  Nichido F&M Ins Co Lt *AC*   Nichido 2nd layer efei
   25        25    Intl.Prop.Cat.   002477021NXP    1/1/02   12/31/02  Allianz Royal Nederla *AC*   Allianz Royal Ned 1st Cat
   25        25    Intl.Prop.Cat.   002493021NXP    1/1/02   12/31/02  AB Int AS (Alm Brand) *AC*   AB 5th Cat Whole A/C XL
   25        25    Intl.Prop.Cat.   002513021NXP    1/1/02   12/31/02  Milli Re TAS *AC*            Milli Decree pool top layer
   25        25    Intl.Prop.Cat.   002525021NXP    1/1/02   12/31/02  Gunes Sigorta *AC*           Gunes 3rd Layer cat
   25        25    Intl.Prop.Cat.   002529021NXP    4/1/02    3/31/03  CGNU plc *AC*                NU Ins Comm. Lines 2nd Cat XL
   25        25    Intl.Prop.Cat.   002537021NXP    1/1/02   12/31/02  Seg Triple S Inc *XO*        Seguros Triple 4th Cat XL
   25        25    Intl.Prop.Cat.   002542021NXP    4/1/02    3/31/03  NipponKoa Ins Co Ltd *AC*    Nipponkoa 2nd layer quake
   25        25    Intl.Prop.Cat.   002545021NXP    4/1/02    3/31/03  Zenrosai *AC*                Zenrosai 1st layer cat
   25        25    Intl.Prop.Cat.   002546021NXP    4/1/02    3/31/03  Zenrosai *AC*                Zenrosai 2nd layer cat
   25        25    Intl.Prop.Cat.   002558021NXP    4/1/02    3/31/03  Toa Re Co Ltd *AC*           Toa 2nd primary Fire(Wind) Cat
   25        25    Intl.Prop.Cat.   002559021NXP    4/1/02    3/31/03  Zenrosai *AC*                Zenrosai 1st layer wind
   25        25    Intl.Prop.Cat.   002562021NXP    4/1/02    3/31/03  Toa Re Co Ltd *AC*           Toa 1st Layer Wind Cat iro 007
   25        25    Intl.Prop.Cat.   002563021NXP    4/1/02    3/31/03  Toa Re Co Ltd *AC*           Toa 2nd layer Wind Cat iro 007
   25        25    Intl.Prop.Cat.   002564021NXP    4/1/02    3/31/03  Toa Re Co Ltd *AC*           Toa 3rd layer Wind Cat iro 007
   25        25    Intl.Prop.Cat.   002565021NXP    4/1/02    3/31/03  Toa Re Co Ltd *AC*           Toa 4th layer Wind cat iro 007
   25        25    Intl.Prop.Cat.   002589021NXP    7/1/02    6/30/03  Universal Ins Co (PR) *AC*   Universal 3rd Cat XL
   25        25    Intl.Prop.Cat.   002599021NXP    7/1/02    6/30/03  Seg Universal America *XO*   Universal America 4th cat XL
   25        25    Intl.Prop.Cat.   002606021NXP    7/1/02    6/30/03  Co Nacional Seg CXA *XO*     Nacional cat XL 3rd Layer
   25        25    Intl.Prop.Cat.   002611021NXP   6/30/02    6/30/03  Territory Ins Office *AC*    TIO 4th cat XL
   25        25    Intl.Prop.Cat.   002612021NXP   6/30/02    6/30/03  Territory Ins Office *AC*    TIO 5th Cat XL
   25        25    Intl.Prop.Cat.   002615021NXP    7/1/02    6/30/03  Fortis UK Ins Ltd *AC*       Fortis 3rd cat XL
   25        25    Intl.Prop.Cat.   002619021NXP    7/1/02    6/30/03  Defence Service Homes *AC*   Defence Services Homes XL 3 OF 3
   25        25    Intl.Prop.Cat.   002620021NXP    7/1/02    6/30/03  Defence Service Homes *AC*   Defence Services Homes XL 3 OF 3
   25        25    Intl.Prop.Cat.   002623021NXP    8/1/02    7/31/03  Topdanmark AS *AC*           Topdanmark 3rd cat XL
   25        25    Intl.Prop.Cat.   002624021NXP    8/1/02    7/31/03  Topdanmark AS *AC*           Topdanmark 4th cat XLss
   25        25    Intl.Prop.Cat.   002640021NXP    7/1/02    6/30/03  Zurich Ins Co *AC*           Zurich in House Agg XL
   25        25    Intl.Prop.Cat.   002684021NXP    1/1/02   12/31/02  Bahamas First Gen Ins *TO*   Bahamas First 4th Cat XL
   25        25    Intl.Prop.Cat.   002693021NXP    2/1/02   10/31/02  Turkish Cat Ins Pool *XO*    TCIP 6th Layer Cat
   25        25    Intl.Prop.Cat.   002697021NXP    1/1/02   12/31/02  RSA Ins Bahamas *AC*         RSA Bahamas 3rd cat XL
</TABLE>

                                     A-2-10

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   25        25    Intl.Prop.Cat.   002698021NXP    1/1/02   12/31/02  RSA Ins Bahamas *AC*         RSA Bahamas 5th Cat XL
   25        25    Intl.Prop.Cat.   002701021NXP    1/1/02   12/31/02  Alka Forsikrings Akti *AC*   Alka 1st cat XL
   25        25    Intl.Prop.Cat.   002709021NXP    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   RSA Japan 1st Cat XL
   25        25    Intl.Prop.Cat.   002717021NXP    1/1/02   12/31/02  NEM Ins Co Jamaica Lt *AC*   NEM Jamaica 2nd Cat XL
   25        25    Intl.Prop.Cat.   002727021NXP    1/1/02   12/31/02  AXA Cessions *AC*            Axa 2nd Ireland Cat XL
   25        25    Intl.Prop.Cat.   002728021NXP    1/1/02   12/31/02  AXA Cessions *AC*            Axa Ireland 3rd Cat xl
   25        25    Intl.Prop.Cat.   002729021NXP    1/1/02   12/31/02  AXA Cessions *AC*            Axa Ireland 4th Cat XL
   25        25    Intl.Prop.Cat.   002730021NXP    1/1/02   12/31/02  KOC Allianz *XO*             Koc allianz top layer
   25        25    Intl.Prop.Cat.   002732021NXP    1/1/02   12/31/02  RoyalSunAllianceAustr *AC*   RSA Asia Pacific 6th CAT XL
   25        25    Intl.Prop.Cat.   002733021NXP    1/1/02   12/31/02  Inst Nac De Seg *XO*         INS 4th Cat XL
   25        25    Intl.Prop.Cat.   002734021NXP    1/1/02   12/31/02  AXA Oyak Sigorta *XO*        Axa Oyak 2nd layer
   25        25    Intl.Prop.Cat.   002735021NXP    1/1/02   12/31/02  AXA Oyak Sigorta *XO*        Axa Oyak 4th layer cat
   25        25    Intl.Prop.Cat.   002737021NXP    1/1/02   12/31/02  Royal Sun Alliance PR *XO*   RSA Puerto Rico local 4th XL
   25        25    Intl.Prop.Cat.   002738021NXP    1/1/02   12/31/02  Royal Sun Alliance PR *XO*   RSA Puerto Rico local 3rd xl
   25        25    Intl.Prop.Cat.   002740021NXP    2/1/02    1/31/03  Colonial Ins Co Ltd *AC*     Colonial 3rd cat XL
   25        25    Intl.Prop.Cat.   002746021NXP    1/1/02   12/31/02  Norsk Naturskadepool *XO*    Norway perils pool 1st Cat
   25        25    Intl.Prop.Cat.   002750021NXP    1/1/02   12/31/02  Churchill Ins Co Ltd *AC*    Churchill Top Cat XL
   25        25    Intl.Prop.Cat.   002751021NXP    1/1/02   12/31/02  AXA Cessions *AC*            AXA 2nd UK Cat XL
   25        25    Intl.Prop.Cat.   002763021NXP    1/1/02   12/31/02  Provinzial Nord Brand *AC*   Prov Kiel 6th layer cat x/l
   25        25    Intl.Prop.Cat.   002764021NXP    1/1/02   12/31/02  Ecclesiastical Ins Of *AC*   Eccles top layer cat
   25        25    Intl.Prop.Cat.   002769021NXP    1/1/02   12/31/02  Gage P J Synd 1301 *AC*      Broadgate 1st layer cat
   25        25    Intl.Prop.Cat.   002770021NXP    1/1/02   12/31/02  Gage P J Synd 1301 *AC*      Broadgate 2nd & 3rd layer Cat
   25        25    Intl.Prop.Cat.   002773021NXP    1/1/02   12/31/02  RSA Ins Bahamas *AC*         RSA Bahamas 4th cat (pref)
   25        25    Intl.Prop.Cat.   002774021NXP    1/1/02   12/31/02  RSA Ins Bahamas *AC*         RSA Bahamas 6th Cat (pref)
   25        25    Intl.Prop.Cat.   002777021NXP    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   RSA EMEA Cat top layer
   25        25    Intl.Prop.Cat.   002778021NXP    1/1/02   12/31/02  Mut & Fedl Ins Co Ltd *AC*   Mut & Fedl 4th fire & motor
   25        25    Intl.Prop.Cat.   002779021NXP    1/1/02   12/31/02  Mut & Fedl Ins Co Ltd *AC*   Mut & Fedl 5th fire & motor
   25        25    Intl.Prop.Cat.   002780021NXP    1/1/02   12/31/02  Liberty Seg *XO*             Liberty Seguros 2nd Cat XL
   25        25    Intl.Prop.Cat.   002781021NXP    1/1/02   12/31/02  Liberty Seg *XO*             Liberty Seguros 5th Cat XL
   25        25    Intl.Prop.Cat.   002801021NXP   6/30/02    6/30/03  Allianz Australia Ins *AC*   Allianz Ins 1st Cat Xl
   25        25    Intl.Prop.Cat.   002802021NXP   6/30/02    6/30/03  Allianz Australia Ins *AC*   Allianz Ins 5th Cat XL
   25        25    Intl.Prop.Cat.   002803021NXP   6/30/02    6/30/03  Allianz Australia Ins *AC*   sAllianz 2nd Cat xl
</TABLE>

                                     A-2-11

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   25        25    Intl.Prop.Cat.   002807021NXP    1/1/02   12/31/02  AXA Oyak Sigorta *XO*        Axa Oyak 3rd Cat XL
   25        25    Intl.Prop.Cat.   002809021NXP    1/1/02   12/31/02  Yapi Kredi Sigorta *XO*      Yapi Kredi 3rd layer cat
   25        25    Intl.Prop.Cat.   002811021NXP    1/1/02   12/31/02  Yapi Kredi Sigorta *XO*      Yapi Kredi 4th layer cat
   25        25    Intl.Prop.Cat.   002813021NXP    1/1/02   12/31/02  AB Int AS (Alm Brand) *AC*   Alm Brand 3rd layer CAT
   25        25    Intl.Prop.Cat.   002832021NXP    1/1/02   12/31/02  HSBC Re (Ireland) Ltd *AC*   HSBC 1st Cat XL
   25        25    Intl.Prop.Cat.   002833021NXP    1/1/02   12/31/02  HSBC Re (Ireland) Ltd *AC*   HSBC 2nd Cat xl
   25        25    Intl.Prop.Cat.   002834021NXP    1/1/02   12/31/02  HSBC Re (Ireland) Ltd *AC*   HSBC 3rd Cat XL
   25        25    Intl.Prop.Cat.   002846021NXP    1/1/02   12/31/02  Ins Co of West Indies *XO*   ICWI 4th Cat XL
   25        25    Intl.Prop.Cat.   002847021NXP    1/1/02   12/31/02  Ins Co of West Indies *XO*   ICWI 5th Cat XL
   25        25    Intl.Prop.Cat.   002848021NXP    1/1/02   12/31/02  Isvicre Sigorta AS *XO*      Isvicre 3rd cat
   25        25    Intl.Prop.Cat.   002849021NXP    1/1/02   12/31/02  Isvicre Sigorta AS *XO*      Isvicre top layer cat
   25        25    Intl.Prop.Cat.   002850021NXP    1/1/02   12/31/02  Anadolu Sigorta *XO*         Anadolu Top Cat XL
   25        25    Intl.Prop.Cat.   002857021NXP    1/1/02   12/31/02  Norsk Naturskadepool *XO*    Norway perils pool 4th Cat
   25        25    Intl.Prop.Cat.   002859021NXP    1/1/02   12/31/02  Norsk Naturskadepool *XO*    Norway perils pool 5th cat
   25        25    Intl.Prop.Cat.   002862021NXP    1/1/02   12/31/02  Demir Sigorta AS *XO*        Demir 2nd cat
   25        25    Intl.Prop.Cat.   002863021NXP    1/1/02   12/31/02  Demir Sigorta AS *XO*        Demir 3rd cat
   25        25    Intl.Prop.Cat.   002867021NXP    1/1/02   12/31/02  Cornhill Ins PLC *AC*        Cornhill top Cat XL
   25        25    Intl.Prop.Cat.   002877021NXP    1/1/02   12/31/02  Ennia Caribe NV *XO*         Ennia Caribe top layer cat
   25        25    Intl.Prop.Cat.   002932021NXP    1/1/02   12/31/02  Allianz Church & Gen *AC*    Allianz 4th cat XL
   25        25    Intl.Prop.Cat.   002933021NXP    1/1/02   12/31/02  Allianz Church & Gen *AC*    Allianz 5th Cat XL
   25        25    Intl.Prop.Cat.   002975021NXP    1/1/02   12/31/02  Multinacional de Seg *NR*    Multinacional 3rd Cat
   25        25    Intl.Prop.Cat.   002976021NXP    1/1/02   12/31/02  Multinacional de Seg *NR*    Multinacional 4th Cat XL
   25        25    Intl.Prop.Cat.   002984021NXP    1/1/02   12/31/02  Hiscox Ins Co *AC*           Hiscox Cat & EML Failure XL
   25        25    Intl.Prop.Cat.   002987021NXP    1/1/02   12/31/02  AGF Garanti Sigorta A *XO*   Garanti 5th layer cat
   25        25    Intl.Prop.Cat.   002995021NXP    1/1/02   12/31/02  Seg Triple S Inc *XO*        Seguros Triple Top Cat
   25        25    Intl.Prop.Cat.   003003021NXP    1/1/02   12/31/02  PritchardMSF Synd0318 *AC*   Pritchard 4th loss cat back up
   25        25    Intl.Prop.Cat.   003003021NXP    1/1/02   12/31/02  PritchardMSF Synd0318 *AC*   Pritchard 4th loss cat back up
   25        25    Intl.Prop.Cat.   003023021NXP    1/1/02   12/31/02  Alka Forsikrings Akti *AC*   Alka 2nd cat XL
   25        25    Intl.Prop.Cat.   003024021NXP    1/1/02   12/31/02  Alka Forsikrings Akti *AC*   Alka 3rd cat XL
   25        25    Intl.Prop.Cat.   003026021NXP    1/1/02   12/31/02  Alka Forsikrings Akti *AC*   Alka 4th Cat XL
   25        25    Intl.Prop.Cat.   003029021NXP    1/1/02   12/31/02  Seg Orinoco *NR*             Seg Orinoco/Mercantil 5th Cat
   25        25    Intl.Prop.Cat.   003044021NXP    4/1/02    3/31/03  CGNU plc *AC*                NU Ins Umbrella Cat XL
</TABLE>

                                     A-2-12

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   25        25    Intl.Prop.Cat.   003045021NXP    4/1/02    3/31/03  Yasuda F&M Ins Co Ltd *AC*   Yasuda/Sompo 2nd layer efei
   25        25    Intl.Prop.Cat.   003047021NXP    4/1/02    3/31/03  Zenrosai *AC*                Zenrosai 2nd layer wind
   25        25    Intl.Prop.Cat.   003051021NXP    4/1/02    3/31/03  Medical Ins Soc Ltd *XO*     Medical 3rd layer cat
   25        25    Intl.Prop.Cat.   003054021NXP    4/1/02    3/31/03  Zenkyoren Nat Mut Ins *AC*   Zenkyoren top layer quake
   25        25    Intl.Prop.Cat.   003064021NXP    4/1/02    3/31/03  NipponKoa Ins Co Ltd *AC*    NipponKoa 3rd WW cat XL
   25        25    Intl.Prop.Cat.   003065021NXP    4/1/02    3/31/03  NipponKoa Ins Co Ltd *AC*    NipponKoa WW Cat L1
   25        25    Intl.Prop.Cat.   003066021NXP    4/1/02    3/31/03  NipponKoa Ins Co Ltd *AC*    NipponKoa WW Cat L2
   25        25    Intl.Prop.Cat.   003067021NXP    4/1/02    3/31/03  AIU Ins Co *AC*              AIU Mid. East PersLines Top Cat
   25        25    Intl.Prop.Cat.   003069021NXP    4/1/02    3/31/03  NipponKoa Ins Co Ltd *AC*    NipponKoa w/f 4th layer
   25        25    Intl.Prop.Cat.   003070021NXP    4/1/02    3/31/03  Nissay Dowa Gen Ins C *AC*   Nissay Dowa Quake 2nd layer
   25        25    Intl.Prop.Cat.   003071021NXP    4/1/02    3/31/03  Nissay Dowa Gen Ins C *AC*   NissayDowa Quake 3rd layer
   25        25    Intl.Prop.Cat.   003076021NXP    4/1/02    3/31/03  Aioi Ins Co Ltd *AC*         AIOI 3rd cat XL
   25        25    Intl.Prop.Cat.   003088021NXP    4/1/02    3/31/03  Aioi Ins Co Ltd *AC*         Aioi Ins 1st Layer Wind XL
   25        25    Intl.Prop.Cat.   003117021NXP    7/1/02    6/30/03  Seg Universal America *XO*   Universal America 5th cat XL
   25        25    Intl.Prop.Cat.   003119021NXP    7/1/02    6/30/03  Defence Service Homes *AC*   Defence Services Cat 4 2 of 3
   25        25    Intl.Prop.Cat.   003120021NXP    7/1/02    6/30/03  Defence Service Homes *AC*   Defence Services Cat 3 2 of 3
   25        25    Intl.Prop.Cat.   003180021NXP    7/1/02    6/30/03  Clico Int Gen Ins Ltd *TO*   Clico Equity account 1st cat
   25        25    Intl.Prop.Cat.   003182021NXP    7/1/02    6/30/03  Clico Int Gen Ins Ltd *TO*   Clico Equity account 2nd cat
   25        25    Intl.Prop.Cat.   003183021NXP    7/1/02    6/30/03  Clico Int Gen Ins Ltd *TO*   Clico Equity account 4th cat
   25        25    Intl.Prop.Cat.   003188021NXP    7/1/02    6/30/03  Clico Int Gen Ins Ltd *TO*   Clico Equity account 3rd cat
   25        25    Intl.Prop.Cat.   003198021NXP    7/1/02    6/30/03  Catholic Church Inss *AC*    Catholic Church Cat 2
   25        25    Intl.Prop.Cat.   003199021NXP    7/1/02    6/30/03  Catholic Church Inss *AC*    Catholic Church Cat 4 (Top)
   25        25    Intl.Prop.Cat.   003217021NXP    4/1/02    3/31/03  MitsuiSumitomo Ins Co *AC*   MitsuiSumitomo Quake 2nd Cat
   25        25    Intl.Prop.Cat.   003234021NXP    1/1/02   12/31/02  Norsk Naturskadepool *XO*    Norway perils pool 2nd Cat
   25        25    Intl.Prop.Cat.   003239021NXP    1/1/02   12/31/02  Anadolu Sigorta *XO*         Anadolu 3rd layer cat
   25        25    Intl.Prop.Cat.   003240021NXP    1/1/02   12/31/02  NEM Ins Co Jamaica Lt *AC*   NEMJAM 5th Layer Cat
   25        25    Intl.Prop.Cat.   003243021NXP    1/1/02   12/31/02  Royal Sun Alliance US *AC*   RSA Caribbean 2nd Cat
   25        25    Intl.Prop.Cat.   003246021NXP    1/1/02   12/31/02  Churchill Ins Co Ltd *AC*    Churchill/AMP Pearl 3rd Cat XL
   25        25    Intl.Prop.Cat.   003247021NXP    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   RSA 1st layer ROW cat
   25        25    Intl.Prop.Cat.   003248021NXP    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   RSA 2nd layer ROW
   25        25    Intl.Prop.Cat.   003249021NXP    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   RSA 3rd layer ROW
   25        25    Intl.Prop.Cat.   003250021NXP    1/1/02   12/31/02  RoyalSunAllianceAustr *AC*   RSA Asia Pacific Cat XL 4th
</TABLE>

                                     A-2-13

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   25        25    Intl.Prop.Cat.   003254021NXP    1/1/02   12/31/02  Migdal Ins Co Ltd *AC*       Migdal 2nd layer Cat
   25        25    Intl.Prop.Cat.   003255021NXP    1/1/02   12/31/02  Migdal Ins Co Ltd *AC*       Migdal Mortgage Bank 2nd Cat
   25        25    Intl.Prop.Cat.   003265021NXP    1/1/02   12/31/02  Aryeh Ins Co of Israe *XO*   Aryeh/Ilit Cat 2nd XL
   25        25    Intl.Prop.Cat.   003266021NXP    1/1/02   12/31/02  Aryeh Ins Co of Israe *XO*   Aryeh/Ilit Cat 3rd XL
   25        25    Intl.Prop.Cat.   003267021NXP    1/1/02   12/31/02  Aryeh Ins Co of Israe *XO*   Aryeh surplus s/fall cat 1st
   25        25    Intl.Prop.Cat.   003268021NXP    1/1/02   12/31/02  Aryeh Ins Co of Israe *XO*   Aryeh surplus s/fall cat 2nd
   25        25    Intl.Prop.Cat.   003269021NXP    1/1/02   12/31/02  Aryeh Ins Co of Israe *XO*   Aryeh surplus s/fall cat 3rd
   25        25    Intl.Prop.Cat.   003270021NXP    1/1/02   12/31/02  Aryeh Ins Co of Israe *XO*   Aryeh surplus s/fall cat 4th
   25        25    Intl.Prop.Cat.   003271021NXP    1/1/02   12/31/02  Fubon Ins Co Ltd *XF*        Fubon Cat xl 1st
   25        25    Intl.Prop.Cat.   003272021NXP    1/1/02   12/31/02  Fubon Ins Co Ltd *XF*        Fubon cat 3rd Layer
   25        25    Intl.Prop.Cat.   003273021NXP    1/1/02   12/31/02  Fubon Ins Co Ltd *XF*        Fubon cat 2nd Layer
   25        25    Intl.Prop.Cat.   003274021NXP    1/1/02   12/31/02  Fubon Ins Co Ltd *XF*        Fubon cat 4th layer
   25        25    Intl.Prop.Cat.   003275021NXP    1/1/02   12/31/02  Sahar-Zion Ins Co Ltd *XO*   Sahar-Zion mortgage bank cat
   25        25    Intl.Prop.Cat.   003277021NXP    1/1/02   12/31/02  Sahar-Zion Ins Co Ltd *XO*   Sahar-Zion Net account cat xl
   25        25    Intl.Prop.Cat.   003281021NXP    1/1/02   12/31/02  Migdal Ins Co Ltd *AC*       Migdal Mortgage 3rd Cat
   25        25    Intl.Prop.Cat.   003282021NXP    1/1/02   12/31/02  Sterling Ins Co Ltd *AC*     Sterling Ins 4th Cat XL
   25        25    Intl.Prop.Cat.   003288021NXP    1/1/02   12/31/02  Israel Phoenix Ass Co *AC*   Is.Phoenix shortfall 2nd cat
   25        25    Intl.Prop.Cat.   003292021NXP    1/1/02   12/31/02  Ayalon Ins Co Ltd *AC*       Ayalon 1st cat XL
   25        25    Intl.Prop.Cat.   003293021NXP    1/1/02   12/31/02  Ayalon Ins Co Ltd *AC*       Ayalon 2nd cat XL
   25        25    Intl.Prop.Cat.   003294021NXP    1/1/02   12/31/02  Ayalon Ins Co Ltd *AC*       Ayalon 3rd cat XL
   25        25    Intl.Prop.Cat.   003295021NXP    1/1/02   12/31/02  Ayalon Ins Co Ltd *AC*       Ayalon 4th cat XL
   25        25    Intl.Prop.Cat.   003296021NXP    1/1/02   12/31/02  Ayalon Ins Co Ltd *AC*       Ayalon 5th cat XL
   25        25    Intl.Prop.Cat.   003306021NXP    1/1/02   12/31/02  Ecclesiastical Ins Of *AC*   Ecclesiastical 5th layer cat
   25        25    Intl.Prop.Cat.   003311021NXP    1/1/02   12/31/02  AB Int AS (Alm Brand) *AC*   Alm Brand 4th layer cat
   25        25    Intl.Prop.Cat.   003326021NXP    1/1/02   12/31/02  Corifrance (Co de Re *AC*    NEM Jamaica (CoriFrance) XL
   25        25    Intl.Prop.Cat.   003327021NXP    1/1/02   12/31/02  AXA Cessions *AC*            AXA Ireland 5th Cat XL
   25        25    Intl.Prop.Cat.   003328021NXP    1/1/02   12/31/02  AXA Cessions *AC*            AXA Ireland 6th Cat XL
   25        25    Intl.Prop.Cat.   003329021NXP    1/1/02   12/31/02  AXA Cessions *AC*            AXA Ireland 7th Cat XL
   25        25    Intl.Prop.Cat.   003330021NXP    1/1/02   12/31/02  Mingtai F&M Ins Co Lt *AC*   Mingtai 1st Layer Cat
   25        25    Intl.Prop.Cat.   003331021NXP    1/1/02   12/31/02  Mingtai F&M Ins Co Lt *AC*   Mingtai 2nd Layer Cat
   25        25    Intl.Prop.Cat.   003332021NXP    1/1/02   12/31/02  Mingtai F&M Ins Co Lt *AC*   Mingtai 3rd Layer Cat
   25        25    Intl.Prop.Cat.   003336021NXP    1/1/02   12/31/02  Groupama Ins Co Ltd *AC*     Groupama 3rd Cat XL
</TABLE>

                                     A-2-14

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   25        25    Intl.Prop.Cat.   003337021NXP    1/1/02   12/31/02  Groupama Ins Co Ltd *AC*     Groupama 4th Cat XL
   25        25    Intl.Prop.Cat.   003343021NXP    1/1/02   12/31/02  Allianz Royal Nederla *AC*   Allianz Royal Ned 2nd cat
   25        25    Intl.Prop.Cat.   003346021NXP    1/1/02   12/31/02  Gjensidige Norsk Skad *AC*   Gjensidige Top Layer Cat XL
   25        25    Intl.Prop.Cat.   003357021NXP    1/1/02   12/31/02  Assic Generali di Tri *AC*   Generali 6th layer cat
   25        25    Intl.Prop.Cat.   003361021NXP    1/1/02   12/31/02  IF Prop & Cas Ins Co *NR*    If... Denmark & Sweden Cat XL
   25        25    Intl.Prop.Cat.   003366021NXP    1/1/02   12/31/02  Transatlantic Re Co *AC*     Transatlantic Cat XL
   25        25    Intl.Prop.Cat.   003370021NXP    1/1/02   12/31/02  Milli Re TAS *AC*            Milli large fac risks xl
   25        25    Intl.Prop.Cat.   003371021NXP    1/1/02   12/31/02  Nordea *NR*                  Nordea Catastrophe Layer 3
   25        25    Intl.Prop.Cat.   003372021NXP    1/1/02   12/31/02  Nordea *NR*                  Nordea Catastrophe Layer 4
   25        25    Intl.Prop.Cat.   003396021NXP    2/1/02    3/31/03  Gen Ins Corp of India *AC*   GIC Israel pro rata cat XL 1
   25        25    Intl.Prop.Cat.   003397021NXP    2/1/02    3/31/03  Gen Ins Corp of India *AC*   GIC Israel pro rata cat XL 2
   25        25    Intl.Prop.Cat.   003407021NXP    4/1/02    3/31/03  Nisshin F&M Ins Co Lt *AC*   Nisshin EFEI 2nd cat XL
   25        25    Intl.Prop.Cat.   003408021NXP    3/1/02   12/31/02  Ecclesiastical Ins Of *AC*   Ecclesiastical Cat Agg
   25        25    Intl.Prop.Cat.   003415021NXP    4/1/02    3/31/03  Nisshin F&M Ins Co Lt *AC*   Nisshin 1st Layer Cat
   25        25    Intl.Prop.Cat.   003417021NXP    4/1/02    3/31/03  Fuji F&M Ins Co Ltd *AC*     Fuji Fire and Marine 2nd Cat
   25        25    Intl.Prop.Cat.   003418021NXP    4/1/02    3/31/03  Fuji F&M Ins Co Ltd *AC*     Fuji Fire and Marine 1st Cat
   25        25    Intl.Prop.Cat.   003422021NXP    4/1/02    3/31/03  Yasuda F&M Ins Co Ltd *AC*   Yasuda 4th Wind Cat
   25        25    Intl.Prop.Cat.   003423021NXP    4/1/02    3/31/03  Yasuda F&M Ins Co Ltd *AC*   Yasuda/Nissan/Sompo Quake
   25        25    Intl.Prop.Cat.   003435021NXP    4/1/02    3/31/03  CGNU plc *AC*                NU Ins Personal Lines 3rd Cat
   25        25    Intl.Prop.Cat.   003442021NXP    4/1/02    3/31/03  NipponKoa Ins Co Ltd *AC*    Nipponkoa 3rd layer Quake
   25        25    Intl.Prop.Cat.   003443021NXP    1/1/02   12/31/02  Generali Belgium SA *AC*     Generali Belg. Cat XSL on SPL
   25        25    Intl.Prop.Cat.   003445021NXP   3/18/02   12/31/02  Nordea *NR*                  Nordea Catastrophe RPP
   25        25    Intl.Prop.Cat.   003446021NXP    1/1/02   12/31/02  Meie Assicurazioni *AC*      Meieaurora Hail Stop Loss
   25        25    Intl.Prop.Cat.   003447021NXP    1/1/02   12/31/02  Navale Assicurazioni *TO*    NAVALE Hail Stop Loss
   25        25    Intl.Prop.Cat.   003448021NXP    4/1/02    3/31/03  Nichido F&M Ins Co Lt *AC*   Nichido 1st Layer EFEI
   25        25    Intl.Prop.Cat.   003449021NXP    5/1/02    4/30/03  Landschaftliche Brand *AC*   Landschaftliche Brand Storm XL
   25        25    Intl.Prop.Cat.   003450021NXP    1/1/02   12/31/02  The Lawrence Re *TO*         Lawrence Re Hail STL Layer 1
   25        25    Intl.Prop.Cat.   003451021NXP    1/1/02   12/31/02  The Lawrence Re *TO*         Lawrence Re Hail STL Layer 2
   25        25    Intl.Prop.Cat.   003452021NXP    1/1/02   12/31/02  AXA Assic SpA *AC*           AXA Assicurazioni Hail STL L1
   25        25    Intl.Prop.Cat.   003453021NXP    1/1/02   12/31/02  AXA Assic SpA *AC*           AXA Assicurazioni Hail STL L2
   25        25    Intl.Prop.Cat.   003455021NXP    1/1/02   12/31/02  RAS (Riunione Adriati *AC*   RAS Hail Stop Loss
   25        25    Intl.Prop.Cat.   003456021NXP    1/1/02   12/31/02  Assic Generali SpA (I *AC*   Generali Stop L.Hail 1st Layer
</TABLE>

                                     A-2-15

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   25        25    Intl.Prop.Cat.   003457021NXP    4/1/02    3/31/03  Nissay Dowa Gen Ins C *AC*   Nissay Dowa u/l 2nd event Wind
   25        25    Intl.Prop.Cat.   003460021NXP    1/1/02   12/31/02  Assic Generali SpA (I *AC*   Generali (FATA) Hail STL L1
   25        25    Intl.Prop.Cat.   003461021NXP    1/1/02   12/31/02  VecchiaMutuaGrandine *TO*    Vecchia Mutua Hail STL L1
   25        25    Intl.Prop.Cat.   003463021NXP    1/1/02   12/31/02  Winterthur Ass *TO*          Winterthur Hail STL
   25        25    Intl.Prop.Cat.   003464021NXP    1/1/02   12/31/02  VecchiaMutuaGrandine *TO*    Vecchia Mutua Hail STL L2
   25        25    Intl.Prop.Cat.   003465021NXP    1/1/02   12/31/02  Assimoco SpA *TO*            Assimoco Hail Stop Loss L1
   25        25    Intl.Prop.Cat.   003466021NXP    1/1/02   12/31/02  Assimoco SpA *TO*            Assimoco Hail Stop Loss L2
   25        25    Intl.Prop.Cat.   003470021NXP    7/1/02    6/30/03  Helvetia Ins *AC*            Helvetia cat umbrella
   25        25    Intl.Prop.Cat.   003475021NXP    7/1/02    6/30/03  Co Nacional Seg CXA *XO*     Nacional 4th cat XL
   25        25    Intl.Prop.Cat.   003476021NXP    7/1/02    6/30/03  ACE Ins Co Bermuda Lt *AC*   Ace Top XL Australia N/Zealand
   25        25    Intl.Prop.Cat.   003481021NXP    7/1/02    6/30/03  Lumley Gen Ins Ltd *XO*      Lumley Gen 1st Layer Cat
   25        25    Intl.Prop.Cat.   040037021BXP    1/1/02   12/31/02  Interkantonaler Rueck *AC*   FIRE XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   040041021BXP    1/1/02   12/31/02  Swiss Elemental Pool *XO*    N.F. STL 4TH LAYER
   25        25    Intl.Prop.Cat.   040070021BXP    1/1/02   12/31/02  PROVINZIAL FEUERVERS *AC*    STORM STL 2ND LAYER
   25        25    Intl.Prop.Cat.   040074021BXP    1/1/02   12/31/02  PROVINZIAL FEUERVERS *AC*    STORM STL 1LAYER
   25        25    Intl.Prop.Cat.   040145021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*        PROPERTY XSL 3 LAYER
   25        25    Intl.Prop.Cat.   040278021BXH    1/1/02   12/31/02  Groupama *AC*                HAIL STL 1
   25        25    Intl.Prop.Cat.   040279021BXH    1/1/02   12/31/02  Groupama *AC*                HAIL STL 2
   25        25    Intl.Prop.Cat.   040281021BXH    1/1/02   12/31/02  Groupama *AC*                HAIL STL 3
   25        25    Intl.Prop.Cat.   042964021BXP    1/1/02   12/31/02  LAP/DVV *AC*                 FIRE & ALLIED XSL 3L.
   25        25    Intl.Prop.Cat.   043246021BXP    1/1/02   12/31/02  Swiss Elemental Pool *XO*    N.F. STL 3RD LAYER
   25        25    Intl.Prop.Cat.   044683021BXP    1/1/02   12/31/02  INTERPOLIS NV *AC*           STORM BU COMMERCIAL XSL 2L.
   25        25    Intl.Prop.Cat.   044685021BXP    1/1/02   12/31/02  INTERPOLIS NV *AC*           STORM BU COMMERCIAL XSL 3L.
   25        25    Intl.Prop.Cat.   044686021BXP    1/1/02   12/31/02  INTERPOLIS NV *AC*           STORM BU COMMERCIAL XSL 4L.
   25        25    Intl.Prop.Cat.   044687021BXP    1/1/02   12/31/02  INTERPOLIS NV *AC*           STORM BU COMMERCIAL XSL 5L.
   25        25    Intl.Prop.Cat.   044693021BXP    1/1/02   12/31/02  INTERPOLIS NV *AC*           STORM BU AGRICULTURAL XSL 2L.
   25        25    Intl.Prop.Cat.   044694021BXP    1/1/02   12/31/02  INTERPOLIS NV *AC*           STORM BU AGRICULTURAL XSL 3L.
   25        25    Intl.Prop.Cat.   044695021BXP    1/1/02   12/31/02  INTERPOLIS NV *AC*           STORM BU AGRICULTURAL XSL 4L.
   25        25    Intl.Prop.Cat.   044696021BXP    1/1/02   12/31/02  INTERPOLIS NV *AC*           STORM BU AGRICULTURAL XSL 5L.
   25        25    Intl.Prop.Cat.   044698021BXP    1/1/02   12/31/02  INTERPOLIS NV *AC*           STORM BU PRIVATE XSL 2L.
   25        25    Intl.Prop.Cat.   044699021BXP    1/1/02   12/31/02  INTERPOLIS NV *AC*           STORM BU PRIVATE XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   044700021BXP    1/1/02   12/31/02  INTERPOLIS NV *AC*           STORM BU PRIVATE XSL 4TH LAYER
</TABLE>

                                     A-2-16

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   25        25    Intl.Prop.Cat.   044701021BXP    1/1/02   12/31/02  INTERPOLIS NV *AC*           STORM BU PRIVATE XSL 5L.
   25        25    Intl.Prop.Cat.   044706021BXH    1/1/02   12/31/02  INTERPOLIS NV *AC*           HAGELUNIE STL 2ND LAYER
   25        25    Intl.Prop.Cat.   044707021BXH    1/1/02   12/31/02  INTERPOLIS NV *AC*           HAGELUNIE STL 3RD LAYER
   25        25    Intl.Prop.Cat.   044709021BXP    1/1/02   12/31/02  Interkantonaler Rueck *AC*   EARTHQUAKE XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   044831021BXP    1/1/02   12/31/02  Deutscher Herold *AC*        STORM STOPLOSS
   25        25    Intl.Prop.Cat.   044894021BXP    1/1/02   12/31/02  Interkantonaler Rueck *AC*   FIRE XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   044895021BXP    1/1/02   12/31/02  Interkantonaler Rueck *AC*   FIRE XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   044913021BXP    1/1/02   12/31/02  MAAF Ass SA *AC*             STORM XSL
   25        25    Intl.Prop.Cat.   044937021BXP    1/1/02   12/31/02  Generali Ass Gen *AC*        N.F. STL 1ST LAYER
   25        25    Intl.Prop.Cat.   044938021BXP    1/1/02   12/31/02  Generali Ass Gen *AC*        N.F. STL 2ND LAYER
   25        25    Intl.Prop.Cat.   044939021BXP    1/1/02   12/31/02  Generali Ass Gen *AC*        N.F. STL 3RD LAYER
   25        25    Intl.Prop.Cat.   044940021BXP    1/1/02   12/31/02  Generali Ass Gen *AC*        N.F. STL 4TH LAYER
   25        25    Intl.Prop.Cat.   044941021BXP    1/1/02   12/31/02  Generali Ass Gen *AC*        N.F. STL 5TH LAYER
   25        25    Intl.Prop.Cat.   044942021BXP    1/1/02   12/31/02  Generali Ass Gen *AC*        N.F. STL 6TH LAYER
   25        25    Intl.Prop.Cat.   045387021BXP    1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*   MOTOR HULL 1ST LAYER
   25        25    Intl.Prop.Cat.   045388021BXP    1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*   MOTOR HULL 2ND LAYER
   25        25    Intl.Prop.Cat.   045396021BXP    1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*   FIRE XSL - CUMULATION PML
   25        25    Intl.Prop.Cat.   045407021BXP    1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*   STORM STOPLOSS 1ST LAYER
   25        25    Intl.Prop.Cat.   045408021BXP    1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*   STORM STOPLOSS 2ND LAYER
   25        25    Intl.Prop.Cat.   045409021BXP    1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*   WATERPIPE STL 1ST LAYER
   25        25    Intl.Prop.Cat.   046480021BXP    1/1/02   12/31/02  WURTTEMBERGISCHE UND *AC*    STORM / HAIL XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   046481021BXP    1/1/02   12/31/02  WURTTEMBERGISCHE UND *AC*    STORM / HAIL XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   046550021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*        MOTOR HULL AUSTRIA XSL 1L
   25        25    Intl.Prop.Cat.   046551021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*        MOTOR HULL AUSTRIA XSL 2L
   25        25    Intl.Prop.Cat.   046552021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*        MOTOR HULL AUSTRIA XSL 3L
   25        25    Intl.Prop.Cat.   046605021BXP    1/1/02   12/31/02  Vers Bayern Konzern-R *AC*   FIRE XSL ON RET. 2ND LAYER
   25        25    Intl.Prop.Cat.   046606021BXP    1/1/02   12/31/02  Vers Bayern Konzern-R *AC*   FIRE XSL ON RET. 3RD LAYER
   25        25    Intl.Prop.Cat.   046607021BXP    1/1/02   12/31/02  Vers Bayern Konzern-R *AC*   UMBRELLA COVER XSL 4TH LAYER
   25        25    Intl.Prop.Cat.   046608021BXP    1/1/02   12/31/02  Vers Bayern Konzern-R *AC*   UMBRELLA COVER XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   047985021BXP    1/1/02   12/31/02  Fortis AG *AC*               CAT XSL TOP LAYER
   25        25    Intl.Prop.Cat.   048064021BXP    1/1/02   12/31/02  Interkantonaler Rueck *AC*   ELEMENTAL STL IRV
   25        25    Intl.Prop.Cat.   048106021BXP    1/1/02   12/31/02  PROVINZIAL FEUERVERS *AC*    FIRE XSL 2ND LAYER
</TABLE>

                                     A-2-17

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   25        25    Intl.Prop.Cat.   048115021BXP    1/1/02   12/31/02  Generali Lloyd *AC*          MOTOR HULL XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   048116021BXP    1/1/02   12/31/02  Generali Lloyd *AC*          MOTOR HULL XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   048117021BXP    1/1/02   12/31/02  Generali Lloyd *AC*          MOTOR HULL XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   048143021BXP    1/1/02   12/31/02  Generali Lloyd *AC*          CUMUL XSL PER EVENT 1ST LAYER
   25        25    Intl.Prop.Cat.   048145021BXP    1/1/02   12/31/02  Generali Lloyd *AC*          CUMUL XSL PER EVENT 2ND LAYER
   25        25    Intl.Prop.Cat.   048149021BXP    1/1/02   12/31/02  Generali Lloyd *AC*          CUMUL XSL PER EVENT 3RD LAYER
   25        25    Intl.Prop.Cat.   048151021BXP    1/1/02   12/31/02  Generali Lloyd *AC*          CUMUL XSL PER EVENT 4TH LAYER
   25        25    Intl.Prop.Cat.   048183021BXP    1/1/02   12/31/02  Generali Ass Gen *AC*        N.F. STL 7TH LAYER
   25        25    Intl.Prop.Cat.   048187021BXP    1/1/02   12/31/02  Schweizerische Mobili *AC*   UMBRELLA STL
   25        25    Intl.Prop.Cat.   048193021BXP    1/1/02   12/31/02  Westfalische Provinzi *AC*   STORM XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   048194021BXP    1/1/02   12/31/02  Westfalische Provinzi *AC*   STORM XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   048195021BXP    1/1/02   12/31/02  Westfalische Provinzi *AC*   STORM XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   048196021BXP    1/1/02   12/31/02  Westfalische Provinzi *AC*   STORM STOPLOSS
   25        25    Intl.Prop.Cat.   048287021BXP    1/1/02   12/31/02  Unive Verzekeringen *AC*     PROPERTY CAT XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   048306021BXP    1/1/02   12/31/02  Fidelidade SA *AC*           PROPERTY CAT XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   048307021BXP    1/1/02   12/31/02  Fidelidade SA *AC*           PROPERTY CAT XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   048314021BXP    1/1/02   12/31/02  Fidelidade SA *AC*           PROPERTY CAT XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   048396021BXP    1/1/02   12/31/02  Swiss Elemental Pool *XO*    N.F. STL 1ST LAYER
   25        25    Intl.Prop.Cat.   048397021BXP    1/1/02   12/31/02  Swiss Elemental Pool *XO*    N.F. STL 2ND LAYER
   25        25    Intl.Prop.Cat.   048398021BXP    1/1/02   12/31/02  Swiss Elemental Pool *XO*    N.F. STL 5TH LAYER
   25        25    Intl.Prop.Cat.   048399021BXP    1/1/02   12/31/02  Swiss Elemental Pool *XO*    N.F. STL 6TH LAYER
   25        25    Intl.Prop.Cat.   048400021BXP    1/1/02   12/31/02  Swiss Elemental Pool *XO*    N.F. STL 7TH LAYER
   25        25    Intl.Prop.Cat.   048422021BXP    1/1/02   12/31/02  HDI aG *AC*                  MOTOR HULL XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   048423021BXP    1/1/02   12/31/02  HDI aG *AC*                  MOTOR HULL XSL 4TH LAYER
   25        25    Intl.Prop.Cat.   048460021BXP    1/1/02   12/31/02  Interkantonaler Rueck *AC*   ELEMENTAL RISK STL 2ND LAYER
   25        25    Intl.Prop.Cat.   048461021BXP    1/1/02   12/31/02  Interkantonaler Rueck *AC*   ELEMENTAL RISK STL 3RD LAYER
   25        25    Intl.Prop.Cat.   048462021BXP    1/1/02   12/31/02  Provinzial Nord Brand *AC*   CAT XSL ON RET 2ND LAYER
   25        25    Intl.Prop.Cat.   048463021BXP    1/1/02   12/31/02  Provinzial Nord Brand *AC*   CAT XSL ON RET 3RD LAYER
   25        25    Intl.Prop.Cat.   048464021BXP    1/1/02   12/31/02  Provinzial Nord Brand *AC*   CAT XSL ON RET 4TH LAYER
   25        25    Intl.Prop.Cat.   048465021BXP    1/1/02   12/31/02  Provinzial Nord Brand *AC*   CAT XSL ON RET 5TH LAYER
   25        25    Intl.Prop.Cat.   048466021BXP    1/1/02   12/31/02  Provinzial Nord Brand *AC*   SUBLAYER ON CAT XSL ON RET
   25        25    Intl.Prop.Cat.   048536021BXP    1/1/02   12/31/02  NV Secura SA Belgian *AC*    EUROPEAN CAT XSL 2ND LAYER
</TABLE>

                                     A-2-18

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   25        25    Intl.Prop.Cat.   049448021BXP    1/1/02   12/31/02  Interkantonaler Rueck *AC*   ELEMENTAL RISK STL 4TH LAYER
   25        25    Intl.Prop.Cat.   049897021BXP    1/1/02   12/31/02  Fortis AG *AC*               CAT XSL 5TH LAYER
   25        25    Intl.Prop.Cat.   049983021BXH    1/1/02   12/31/02  AXA Ass *AC*                 HAIL STOPLOSS TREATY
   25        25    Intl.Prop.Cat.   050028021BXP    1/1/02   12/31/02  Swiss Elemental Pool *XO*    N.F. STL 8TH LAYER
   25        25    Intl.Prop.Cat.   050029021BXP    1/1/02   12/31/02  Generali Ass Gen *AC*        N.F. STL 8TH LAYER
   25        25    Intl.Prop.Cat.   050048021BXP    1/1/02   12/31/02  AXA Royale Belge *AC*        PROPERTY XSL / EVENT 3RD L.
   25        25    Intl.Prop.Cat.   050070021BXP    1/1/02   12/31/02  AXA Colonia Konzern *AC*     PROPERTY XSL / EVENT 1ST LAYER
   25        25    Intl.Prop.Cat.   050071021BXP    1/1/02   12/31/02  AXA Colonia Konzern *AC*     PROPERTY XSL / EVENT 2ND LAYER
   25        25    Intl.Prop.Cat.   050072021BXP    1/1/02   12/31/02  AXA Colonia Konzern *AC*     PROPERTY XSL / EVENT 3RD LAYER
   25        25    Intl.Prop.Cat.   050073021BXP    1/1/02   12/31/02  AXA Colonia Konzern *AC*     PROPERTY XSL / EVENT 4TH LAYER
   25        25    Intl.Prop.Cat.   050083021BXP    1/1/02   12/31/02  SCHWEIZERISCHE NAT *AC*      FIRE AND ALLIED STL
   25        25    Intl.Prop.Cat.   050099021BXP    1/1/02   12/31/02  SCHWEIZERISCHE NAT *AC*      MOTOR HULL XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   050170021BXP    1/1/02   12/31/02  Caisse Centrale des M *AC*   STORM XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   050172021BXP    1/1/02   12/31/02  AXA Portugal *AC*            F&A XSL PER EVENT 2ND LAYER
   25        25    Intl.Prop.Cat.   050173021BXP    1/1/02   12/31/02  AXA Portugal *AC*            F&A XSL PER EVENT 3RD LAYER
   25        25    Intl.Prop.Cat.   050174021BXP    1/1/02   12/31/02  AXA Portugal *AC*            F&A XSL PER EVENT 4TH LAYER
   25        25    Intl.Prop.Cat.   050213021BXP    1/1/02   12/31/02  Westfalische Provinzi *AC*   N.F. XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   050215021BXP    1/1/02   12/31/02  SV Sparkassenversich *AC*    FIRE / CATASTROPHE XSL 3RD L.
   25        25    Intl.Prop.Cat.   050227021BXP    1/1/02   12/31/02  GOTHAER VERS VVaG *AC*       XSL ON RET. 3RD LAYER
   25        25    Intl.Prop.Cat.   050231021BXP    1/1/02   12/31/02  THURINGIA VERS AG *AC*       MOTOR HULL XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   050232021BXP    1/1/02   12/31/02  THURINGIA VERS AG *AC*       MOTOR HULL XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   050233021BXP    1/1/02   12/31/02  THURINGIA VERS AG *AC*       STORM STOPLOSS 1ST LAYER
   25        25    Intl.Prop.Cat.   050238021BXP    1/1/02   12/31/02  THURINGIA VERS AG *AC*       NATURAL EVENTS 1ST LAYER
   25        25    Intl.Prop.Cat.   050239021BXP    1/1/02   12/31/02  THURINGIA VERS AG *AC*       NATURAL EVENTS XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   050240021BXP    1/1/02   12/31/02  THURINGIA VERS AG *AC*       NATURAL EVENTS XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   050315021BXP    1/1/02   12/31/02  MACIF(MutAssdesCommer *XO*   MOTOR HULL XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   050316021BXP    1/1/02   12/31/02  MACIF(MutAssdesCommer *XO*   MOTOR HULL XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   050317021BXP    1/1/02   12/31/02  MACIF(MutAssdesCommer *XO*   MOTOR HULL XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   050318021BXP    1/1/02   12/31/02  MACIF(MutAssdesCommer *XO*   MOTOR HULL XSL 4TH LAYER
   25        25    Intl.Prop.Cat.   050319021BXP    1/1/02   12/31/02  ABEILLE ASS *AC*             CAT NAT / EVENT XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   050321021BXP    1/1/02   12/31/02  ACHMEA *AC*                  CATASTROPHE XSL 4TH LAYER
   25        25    Intl.Prop.Cat.   050729021BXP    1/1/02   12/31/02  Caisse Centrale des M *AC*   STORM XSL 4TH LAYER
</TABLE>

                                     A-2-19

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   25        25    Intl.Prop.Cat.   050757021BXP    1/1/02   12/31/02  AXA Royale Belge *AC*        PROPERTY XSL / EVENT 2ND L.
   25        25    Intl.Prop.Cat.   051321021BXP    1/1/02   12/31/02  Generali Ass Gen *AC*        MOTOR PHYSICAL DAMAGE XSL 5 L.
   25        25    Intl.Prop.Cat.   051839021BXP    1/1/02   12/31/02  Caisse Centrale des M *AC*   STORM XSL 5TH LAYER
   25        25    Intl.Prop.Cat.   052117021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*        PROPERTY XSL 2 LAYER
   25        25    Intl.Prop.Cat.   052121021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*        MOTOR HULL AUSTRIA XSL 4L
   25        25    Intl.Prop.Cat.   052218021BXH    1/1/02   12/31/02  Landschaftliche Brand *AC*   HAIL STOPLOSS 1ST LAYER
   25        25    Intl.Prop.Cat.   052219021BXH    1/1/02   12/31/02  Landschaftliche Brand *AC*   HAIL STOPLOSS 2ND LAYER
   25        25    Intl.Prop.Cat.   052220021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*        STORM 1ST XSL (EX INTERUNFALL)
   25        25    Intl.Prop.Cat.   052221021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*        STORM 2ND XSL (EX INTERUNFALL)
   25        25    Intl.Prop.Cat.   052222021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*        STORM 3RD XSL (EX INTERUNFALL)
   25        25    Intl.Prop.Cat.   052223021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*        STORM 4TH XSL (EX INTERUNFALL)
   25        25    Intl.Prop.Cat.   052271021BXP    1/1/02   12/31/02  Deutscher Herold *AC*        MOTOR HULL XSL ON RETENTION
   25        25    Intl.Prop.Cat.   052302021BXP    1/1/02   12/31/02  Alka Forsikring Aktie *AC*   CATASTROPHE XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   052305021BXP    1/1/02   12/31/02  Alka Forsikring Aktie *AC*   CATASTROPHE XSL 4TH LAYER
   25        25    Intl.Prop.Cat.   052308021BXP    1/1/02   12/31/02  AXA Colonia Konzern *AC*     FIRE OF FOREST XSL
   25        25    Intl.Prop.Cat.   052309021BXP    1/1/02   12/31/02  AXA Colonia Konzern *AC*     PROPERTY XSL / EVENT 5TH LAYER
   25        25    Intl.Prop.Cat.   052314021BXP    1/1/02   12/31/02  ACHMEA *AC*                  CATASTROPHE XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   052315021BXP    1/1/02   12/31/02  ACHMEA *AC*                  CATASTROPHE XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   052352021BXP    1/1/02   12/31/02  RHEINLAND VERS AG *AC*       STORM XSL ON RET. 3RD LAYER
   25        25    Intl.Prop.Cat.   052385021BXP    1/1/02   12/31/02  ASS GEN DE FRANCE IAR *AC*   NATURAL FORCES XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   052387021BXP    1/1/02   12/31/02  ASS GEN DE FRANCE IAR *AC*   NATURAL FORCES XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   052401021BXP    1/1/02   12/31/02  Alte Leipziger Ruck V *AC*   PROPERTY XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   052458021BXP    1/1/02   12/31/02  AXA Royale Belge *AC*        PROPERTY XSL / EVENT 1ST L.
   25        25    Intl.Prop.Cat.   052459021BXP    1/1/02   12/31/02  AXA Royale Belge *AC*        PROPERTY XSL / EVENT 4TH L.
   25        25    Intl.Prop.Cat.   052542021BXP    1/1/02   12/31/02  AXA Portugal *AC*            F&A XSL PER EVENT 1ST LAYER
   25        25    Intl.Prop.Cat.   052543021BXP    1/1/02   12/31/02  AXA Portugal *AC*            F&A XSL PER EVENT 5TH LAYER
   25        25    Intl.Prop.Cat.   052549021BXP    1/1/02   12/31/02  Caisse Centrale des M *AC*   STORM XSL 6TH LAYER
   25        25    Intl.Prop.Cat.   052550021BXP    1/1/02   12/31/02  Caisse Centrale des M *AC*   STORM XSL 7TH LAYER
   25        25    Intl.Prop.Cat.   052551021BXP    1/1/02   12/31/02  Caisse Centrale des M *AC*   STORM XSL 8TH LAYER
   25        25    Intl.Prop.Cat.   052562021BXP    1/1/02   12/31/02  AXA Ass *AC*                 PROPERTY XSL / EVENT 2ND LAYER
   25        25    Intl.Prop.Cat.   052563021BXP    1/1/02   12/31/02  AXA Ass *AC*                 PROPERTY XSL / EVENT 3RD LAYER
   25        25    Intl.Prop.Cat.   052564021BXP    1/1/02   12/31/02  AXA Ass *AC*                 PROPERTY XSL / EVENT 4TH LAYER
</TABLE>

                                     A-2-20

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   25        25    Intl.Prop.Cat.   052565021BXP    1/1/02   12/31/02  AXA Ass *AC*                 PROPERTY XSL / EVENT 5TH LAYER
   25        25    Intl.Prop.Cat.   052566021BXP    1/1/02   12/31/02  AXA Ass *AC*                 PROPERTY XSL / EVENT 6TH LAYER
   25        25    Intl.Prop.Cat.   052591021BXP    1/1/02   12/31/02  Axa Schade Verz *AC*         PROPERTY XSL PER EVENT 1L.
   25        25    Intl.Prop.Cat.   052592021BXP    1/1/02   12/31/02  Axa Schade Verz *AC*         PROPERTY XSL PER EVENT 2L.
   25        25    Intl.Prop.Cat.   052593021BXP    1/1/02   12/31/02  Axa Schade Verz *AC*         PROPERTY XSL PER EVENT 3L.
   25        25    Intl.Prop.Cat.   052616021BXP    1/1/02   12/31/02  Fortis AG *AC*               CAT XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   052648021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*        MOTOR HULL (N.F.) 1ST LAYER
   25        25    Intl.Prop.Cat.   052650021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*        MOTOR HULL (N.F.) 2ND LAYER
   25        25    Intl.Prop.Cat.   052651021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*        MOTOR HULL (N.F.) 3RD LAYER
   25        25    Intl.Prop.Cat.   052652021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*        MOTOR HULL XSL 4TH LAYER
   25        25    Intl.Prop.Cat.   052658021BXP    1/1/02   12/31/02  Provinzial Nord Brand *AC*   CAT XSL ON RET 6TH LAYER
   25        25    Intl.Prop.Cat.   052663021BXP    1/1/02   12/31/02  DEUTSCHE RUCK AG *AC*        CAT XSL ON RET 4L. PROV.BRANDK
   25        25    Intl.Prop.Cat.   052665021BXP    1/1/02   12/31/02  DEUTSCHE RUCK AG *AC*        CAT XSL ON RET 5L. PROV.BRANDK
   25        25    Intl.Prop.Cat.   052667021BXP    1/1/02   12/31/02  DEUTSCHE RUCK AG *AC*        CAT XSL ON RET 6L. PROV.BRANDK
   25        25    Intl.Prop.Cat.   052669021BXP    1/1/02   12/31/02  Provinzial Nord Brand *AC*   CAT XSL ON RET TOP LAYER
   25        25    Intl.Prop.Cat.   052672021BXP    1/1/02   12/31/02  Hamburger Feuerkasse *AC*    NATURAL FORCES STL 1ST LAYER
   25        25    Intl.Prop.Cat.   052675021BXP    1/1/02   12/31/02  Hamburger Feuerkasse *AC*    NATURAL FORCES STL 2ND LAYER
   25        25    Intl.Prop.Cat.   052676021BXP    1/1/02   12/31/02  Hamburger Feuerkasse *AC*    NATURAL FORCES STL 3RD LAYER
   25        25    Intl.Prop.Cat.   052677021BXP    1/1/02   12/31/02  Hamburger Feuerkasse *AC*    NATURAL FORCES STL 4TH LAYER
   25        25    Intl.Prop.Cat.   052698021BXP    1/1/02   12/31/02  AGF (Assubel) *AC*           PROPERTY XSL PER EVENT 1ST L.
   25        25    Intl.Prop.Cat.   052699021BXP    1/1/02   12/31/02  AGF (Assubel) *AC*           PROPERTY XSL PER EVENT 2ND L.
   25        25    Intl.Prop.Cat.   052700021BXP    1/1/02   12/31/02  AGF (Assubel) *AC*           PROPERTY XSL PER EVENT 3RD L.
   25        25    Intl.Prop.Cat.   052701021BXP    1/1/02   12/31/02  AGF (Assubel) *AC*           PROPERTY XSL PER EVENT 4TH L.
   25        25    Intl.Prop.Cat.   052703021BXP    1/1/02   12/31/02  AGF (Assubel) *AC*           PROPERTY XSL PER EVENT 5TH L.
   25        25    Intl.Prop.Cat.   052721021BXP    1/1/02   12/31/02  Kanton Zurich *XO*           EARTHQUAKE XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   052724021BXP    1/1/02   12/31/02  Kanton Zurich *XO*           EARTHQUAKE XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   052762021BXP    1/1/02   12/31/02  AGROTIKI HELLENIC GEN *AC*   FIRE CATASTROPHE XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   052795021BXP    1/1/02   12/31/02  SNS Reaal Group *AC*         PROPERTY CAT XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   052797021BXP    1/1/02   12/31/02  SNS Reaal Group *AC*         PROPERTY CAT XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   052798021BXP    1/1/02   12/31/02  SNS Reaal Group *AC*         PROPERTY CAT XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   052803021BXP    1/1/02   12/31/02  Grp Azur *AC*                CAT NAT STOPLOSS
   25        25    Intl.Prop.Cat.   052817021BXP    1/1/02   12/31/02  European Reliance Gen *AC*   PROPERTY XSL PER EVENT 1L.
</TABLE>

                                     A-2-21

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                           <C>
   25        25    Intl.Prop.Cat.   052818021BXP    1/1/02   12/31/02  European Reliance Gen *AC*    PROPERTY XSL PER EVENT 2L.
   25        25    Intl.Prop.Cat.   052819021BXP    1/1/02   12/31/02  European Reliance Gen *AC*    PROPERTY XSL PER EVENT 3L.
   25        25    Intl.Prop.Cat.   052820021BXP    1/1/02   12/31/02  European Reliance Gen *AC*    PROPERTY XSL PER EVENT 4L.
   25        25    Intl.Prop.Cat.   052821021BXP    1/1/02   12/31/02  European Reliance Gen *AC*    PROPERTY XSL PER EVENT 5L.
   25        25    Intl.Prop.Cat.   052822021BXP    1/1/02   12/31/02  Olympiaki-Victoria *AC*       FIRE CATASTROPHE XSL
   25        25    Intl.Prop.Cat.   052838021BXP    1/1/02   12/31/02  Feuersozietat Berlin *XO*     STORM AND HAIL STOPLOSS ON RET
   25        25    Intl.Prop.Cat.   052869021BXP    1/1/02   12/31/02  Donau Allgemeine Vers *AC*    STORM / HOUSEHOLDERS N.F. XSL
   25        25    Intl.Prop.Cat.   052870021BXP    1/1/02   12/31/02  Donau Allgemeine Vers *AC*    MOTOR HULL - N.F. XSL
   25        25    Intl.Prop.Cat.   052871021BXP    1/1/02   12/31/02  Donau Allgemeine Vers *AC*    UMBRELLA COVER XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   052872021BXP    1/1/02   12/31/02  Donau Allgemeine Vers *AC*    UMBRELLA COVER XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   052875021BXP    1/1/02   12/31/02  Wiener Stadtische Wec *AC*    STORM / HOUSEHOLDERS N.F. XSL
   25        25    Intl.Prop.Cat.   052876021BXP    1/1/02   12/31/02  Wiener Stadtische Wec *AC*    MOTOR HULL - N.F. XSL
   25        25    Intl.Prop.Cat.   052877021BXP    1/1/02   12/31/02  Wiener Stadtische Wec *AC*    UMBRELLA COVER XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   052878021BXP    1/1/02   12/31/02  Wiener Stadtische Wec *AC*    UMBRELLA COVER XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   052884021BXP    1/1/02   12/31/02  Generali Lloyd *AC*           CUMUL XSL PER EVENT 5TH LAYER
   25        25    Intl.Prop.Cat.   052894021BXP    1/1/02   12/31/02  DEUTSCHE RUCK AG *AC*         NATURAL FORCES STL 5TH LAYER
   25        25    Intl.Prop.Cat.   052912021BXP    1/1/02   12/31/02  Generali France Ass *AC*      NATURAL CATASTROPHE XSL
   25        25    Intl.Prop.Cat.   052915021BXP    1/1/02   12/31/02  Interkantonaler Rueck *AC*    ELEMENTAL RISK STL 1ST LAYER
   25        25    Intl.Prop.Cat.   052991021BXP    1/1/02   12/31/02  Winterthur Swiss Ins *AC*     GROUP CAT. INT. SEC. XSL 1L
   25        25    Intl.Prop.Cat.   052992021BXP    1/1/02   12/31/02  Winterthur Swiss Ins *AC*     GROUP CAT. INT. SEC. XSL 2L
   25        25    Intl.Prop.Cat.   052993021BXP    1/1/02   12/31/02  Winterthur Swiss Ins *AC*     GROUP CAT. INT. SEC. XSL 3L
   25        25    Intl.Prop.Cat.   052994021BXP    1/1/02   12/31/02  Winterthur Swiss Ins *AC*     GROUP CAT. INT. SEC. XSL 4L
   25        25    Intl.Prop.Cat.   052995021BXP    1/1/02   12/31/02  Winterthur Swiss Ins *AC*     GROUP CAT. INT. SEC. XSL 5L
   25        25    Intl.Prop.Cat.   052996021BXP    1/1/02   12/31/02  Winterthur Swiss Ins *AC*     GROUP CAT. INT. SEC. XSL 6L
   25        25    Intl.Prop.Cat.   052997021BXP    1/1/02   12/31/02  Winterthur Swiss Ins *AC*     GROUP CAT. AMERICAN SEC. 1L.
   25        25    Intl.Prop.Cat.   052998021BXP    1/1/02   12/31/02  Winterthur Swiss Ins *AC*     GROUP CAT. AMERICAN SEC. 2L.
   25        25    Intl.Prop.Cat.   052999021BXP    1/1/02   12/31/02  Winterthur Swiss Ins *AC*     GROUP CAT. AMERICAN SEC. 3L.
   25        25    Intl.Prop.Cat.   053000021BXP    1/1/02   12/31/02  VHV Autoversicherungs *AC*    MOTOR HULL XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   053001021BXP    1/1/02   12/31/02  VHV Autoversicherungs *AC*    MOTOR HULL XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   053002021BXP    1/1/02   12/31/02  VHV Autoversicherungs *AC*    MOTOR HULL XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   053054021BXP    1/1/02   12/31/02  Mut Ass des Institueu *AC*    STORM XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   053056021BXP    1/1/02   12/31/02  Mut Ass des Institueu *AC*    STORM XSL 3RD LAYER
</TABLE>

                                     A-2-22

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                           <C>
   25        25    Intl.Prop.Cat.   053073021BXP    1/1/02   12/31/02  Donau Allgemeine Vers *AC*    STORM ON ENGINEERING RISKS XSL
   25        25    Intl.Prop.Cat.   053074021BXP    1/1/02   12/31/02  Wiener Stadtische Wec *AC*    STORM ON ENGINEERING RISKS XSL
   25        25    Intl.Prop.Cat.   053130021BXP    1/1/02   12/31/02  Lippische Landesbrand *AC*    STORM / HAIL XSL
   25        25    Intl.Prop.Cat.   053139021BXP    1/1/02   12/31/02  GERLING KONZERN AV *AC*       ELEMENTAL RISKS STL(RETRO IRV)
   25        25    Intl.Prop.Cat.   053148021BXP    1/1/02   12/31/02  Schweizerische Mobili *AC*    FIRE AND ALLIED STOPLOSS
   25        25    Intl.Prop.Cat.   055242021BXP    1/1/02   12/31/02  WURTTEMBERGISCHE GEBA *AC*    NATURAL FORCES STL
   25        25    Intl.Prop.Cat.   055271021BXP    1/1/02   12/31/02  Fortis Corp Antwerp *XO*      CATASTROPHE XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   055272021BXP    1/1/02   12/31/02  Fortis Corp Antwerp *XO*      CATASTROPHE XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   055309021BXP    1/1/02   12/31/02  Landwirtschaftlicher *AC*     NATURAL FORCES TOP LAYER
   25        25    Intl.Prop.Cat.   055403021BXP    1/1/02   12/31/02  KBC (KredietBank Cera *AC*    FIRE XSL PER EVENT 2ND LAYER
   25        25    Intl.Prop.Cat.   055422021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*         MOTOR HULL AUSTRIA XSL 5L
   25        25    Intl.Prop.Cat.   055423021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*         PROPERTY XSL 4TH LAYER
   25        25    Intl.Prop.Cat.   055425021BXH    1/1/02   12/31/02  Deutsche Hagel Vers G *XF*    HAIL STL ON RETENTION
   25        25    Intl.Prop.Cat.   055427021BXP    1/1/02   12/31/02  Deutsche Hagel Vers G *XF*    STORM STL INCL SNOW AND ICE
   25        25    Intl.Prop.Cat.   055437021BXP    1/1/02   12/31/02  ASS GEN DE FRANCE IAR *AC*    NATURAL FORCES XSL 4TH LAYER
   25        25    Intl.Prop.Cat.   055480021BXP    1/1/02   12/31/02  Fortis AG *AC*                CAT XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   055488021BXP    1/1/02   12/31/02  AGF (Assubel) *AC*            PROPERTY XSL PER EVENT 6TH L.
   25        25    Intl.Prop.Cat.   055509021BXP    1/1/02   12/31/02  ACHMEA *AC*                   CATASTROPHE XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   055528021BXP    1/1/02   12/31/02  Unive Verzekeringen *AC*      MOTOR HULL XSL
   25        25    Intl.Prop.Cat.   055562021BXP    1/1/02   12/31/02  Fortis AG *AC*                CAT XSL 4L
   25        25    Intl.Prop.Cat.   055566021BXP    1/1/02   12/31/02  PROVINZIAL FEUERVERS *AC*     MOTOR HULL XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   055568021BXP    1/1/02   12/31/02  PROVINZIAL FEUERVERS *AC*     MOTOR HULL XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   055570021BXP    1/1/02   12/31/02  PROVINZIAL FEUERVERS *AC*     MOTOR HULL XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   055585021BXP    1/1/02   12/31/02  Linea Directa Aseg *AC*       MOTOR PROPERTY DAMAGE XSL 1L
   25        25    Intl.Prop.Cat.   055589021BXP    1/1/02   12/31/02  Linea Directa Aseg *AC*       MOTOR PROPERTY DAMAGE XSL 2L
   25        25    Intl.Prop.Cat.   055612021BXP    1/1/02   12/31/02  Fortis Corp Antwerp *XO*      CATASTROPHE XSL UNDERLYING LAY
   25        25    Intl.Prop.Cat.   055747021BXP    1/1/02   12/31/02  DEUTSCHE RUCK AG *AC*         STORM STOPLOSS 1ST LAYER
   25        25    Intl.Prop.Cat.   055750021BXP    1/1/02   12/31/02  DEUTSCHE RUCK AG *AC*         STORM STOPLOSS 2ND LAYER
   25        25    Intl.Prop.Cat.   055751021BXP    1/1/02   12/31/02  DEUTSCHE RUCK AG *AC*         STORM STOPLOSS 3RD LAYER
   25        25    Intl.Prop.Cat.   055789021BXP    1/1/02   12/31/02  Generali Ass Gen *AC*         MOTOR PHYSICAL DAMAGE XSL 3 L.
   25        25    Intl.Prop.Cat.   055790021BXP    1/1/02   12/31/02  Generali Ass Gen *AC*         MOTOR PHYSICAL DAMAGE XSL 4 L.
   25        25    Intl.Prop.Cat.   055794021BXP    1/1/02   12/31/02  Allianz Royal Nederla *AC*    PROPERTY CAT XSL 1ST LAYER
</TABLE>

                                     A-2-23

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                           <C>
   25        25    Intl.Prop.Cat.   055798021BXP    1/1/02   12/31/02  Allianz Royal Nederla *AC*    PROPERTY CAT XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   055800021BXP    1/1/02   12/31/02  Allianz Royal Nederla *AC*    PROPERTY CAT XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   055811021BXP    1/1/02   12/31/02  Mut Ass des Institueu *AC*    STORM XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   055822021BXP    1/1/02   12/31/02  ABEILLE ASS *AC*              NATURAL FORCES XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   055823021BXP    1/1/02   12/31/02  ABEILLE ASS *AC*              NATURAL FORCES XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   055825021BXP    1/1/02   12/31/02  CGU France *XO*               NATURAL FORCES XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   055826021BXP    1/1/02   12/31/02  CGU France *XO*               NATURAL FORCES XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   055827021BXP    1/1/02   12/31/02  CGU France *XO*               NATURAL FORCES XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   055828021BXP    1/1/02   12/31/02  CGU France *XO*               NATURAL FORCES XSL 4TH LAYER
   25        25    Intl.Prop.Cat.   055830021BXP    1/1/02   12/31/02  Ethniki Hellenic Gen *AC*     FIRE CATASTROPHE XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   055831021BXP    1/1/02   12/31/02  Ethniki Hellenic Gen *AC*     FIRE CATASTROPHE XSL 2ND LAYER
   25        25    Intl.Prop.Cat.   055832021BXP    1/1/02   12/31/02  Ethniki Hellenic Gen *AC*     FIRE CATASTROPHE XSL 3RD LAYER
   25        25    Intl.Prop.Cat.   055833021BXP    1/1/02   12/31/02  Ethniki Hellenic Gen *AC*     FIRE CATASTROPHE XSL 4TH LAYER
   25        25    Intl.Prop.Cat.   055920021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*         STORM 5TH XSL (EX INTERUNFALL)
   25        25    Intl.Prop.Cat.   055928021BXP    1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*    MOTOR HULL 3RD LAYER
   25        25    Intl.Prop.Cat.   055942021BXP    1/1/02   12/31/02  Wederkerige 1820 *TO*         PROPERTY CATASTROPHE XSL
   25        25    Intl.Prop.Cat.   055998021BXH    1/1/02   12/31/02  Agroseguro *XO*               HAIL CROP STOPLOSS
   25        25    Intl.Prop.Cat.   056041021BXP    1/1/02   12/31/02  GENERALI HOLDING *AC*         PROPERTY XSL 1ST LAYER
   25        25    Intl.Prop.Cat.   056052021BXP    1/1/02   12/31/02  Oeffnche Sachvers Br *AC*     STORM STL ON RETENTION
   25        25    Intl.Prop.Cat.   056074021BXH    1/1/02   12/31/02  AXA Ass *AC*                  HAIL STOPLOSS 2ND LAYER
   25        25    Intl.Prop.Cat.   801964021NXP    4/1/02    3/31/03  Zenkyoren Nat Mut Ins *AC*    Zenkyoren 1st Cat
   25        25    Intl.Prop.Cat.   804950021NXP   6/30/02    6/30/03  Suncorp Metway Ins Lt *AC*    Suncorp / Gio Cat XL 4th lyr
   25        25    Intl.Prop.Cat.   804989021NXP    7/1/02    6/30/03  R A C Ins Pty Ltd (Pe *AC*    RAC 2nd Cat
   25        25    Intl.Prop.Cat.   804990021NXP    7/1/02    6/30/03  R A C Ins Pty Ltd (Pe *AC*    RAC 3rd Cat
   25        25    Intl.Prop.Cat.   805576021NXP    1/1/02   12/31/02  Prudential Ass Co Ltd *AC*    PRUDENTIAL 1st cat
   25        25    Intl.Prop.Cat.   805913021NXP    4/1/02    3/31/03  Toa Re Co Ltd *AC*            Toa 1st primary Fire(Wind) Cat
   25        25    Intl.Prop.Cat.   806194021NXP    7/1/02    6/30/03  RACQ Ins Ltd *AC*             RACQ and RAA 1st Lyr Cat
   25        25    Intl.Prop.Cat.   806252021NXP    4/1/02    3/31/03  Coop De Seg Multiples *AC*    Cooperativa 1st Layer Cat XL
   25        25    Intl.Prop.Cat.   806337021NXP    1/1/02   12/31/02  Provinzial Feuervers *AC*     Provinzial 2nd storm cat x/l
   25        25    Intl.Prop.Cat.   806610021NXP    4/1/02    3/31/03  Nisshin F&M Ins Co Lt *AC*    Nisshin 2nd Cat
   25        25    Intl.Prop.Cat.   806611021NXP    4/1/02    3/31/03  Aioi Ins Co Ltd *AC*          AIOI 2nd Wind Cat
   25        25    Intl.Prop.Cat.   806613021NXP    4/1/02    3/31/03  Toa Re Co Ltd *AC*            Toa 1st retained EQ Cat X/L
</TABLE>

                                     A-2-24

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   25        25    Intl.Prop.Cat.   806663021NXP    4/1/02    3/31/03  MitsuiSumitomo Ins Co *AC*   Mitsui Sumitomo 2nd Cat
   25        25    Intl.Prop.Cat.   807034021NXP    1/1/02   12/31/02  Swiss Earthquake Fund *XO*   Swiss E/Q stop loss
   25        25    Intl.Prop.Cat.   807297021NXP    6/1/02    5/31/03  EQ Commission *AC*           EQ Comm. 2nd layer cat XL
   25        25    Intl.Prop.Cat.   820147021NXP    1/1/02   12/31/02  Coop Ins Soc Ltd *AC*        Co-op Top layer cat
   25        25    Intl.Prop.Cat.   820233021NXP    1/1/02   12/31/02  Swiss Elemental Pool *XO*    Swiss Elemental Agg 1st layer
   25        25    Intl.Prop.Cat.   820234021NXP    1/1/02   12/31/02  Swiss Elemental Pool *XO*    Swiss Elemental Agg x/l 2nd
   25        25    Intl.Prop.Cat.   820267021NXP    4/1/02    3/31/03  CGNU plc *AC*                NU Ins Corp.Partners 1st Cat
   25        25    Intl.Prop.Cat.   820349021NXP    1/1/02   12/31/02  Provinzial Feuervers *AC*    Provinzial storm cat 1st layer
   25        25    Intl.Prop.Cat.   820588021NXP    4/1/02    3/31/03  Zenkyoren Nat Mut Ins *AC*   Zenkyoren 2nd Cat
   25        25    Intl.Prop.Cat.   820619021NXP    4/1/02    3/31/03  NipponKoa Ins Co Ltd *AC*    NipponKoa 2nd Wind Cat X/L
   25        25    Intl.Prop.Cat.   820666021NXP    4/1/02    3/31/03  Nichido F&M Ins Co Lt *AC*   Nichido 3rd W/S Cat X/L
   25        25    Intl.Prop.Cat.   820683021NXP    7/1/02    6/30/03  R A C Ins Pty Ltd (Pe *AC*   RAC Risk & Cat
   25        25    Intl.Prop.Cat.   820728021NXP    7/1/02    6/30/03  Defence Service Homes *AC*   Defence Services Cat 4 1of3
   25        25    Intl.Prop.Cat.   820729021NXP    7/1/02    6/30/03  Defence Service Homes *AC*   Defence Services 3rd Cat 1of3
   25        25    Intl.Prop.Cat.   820765021NXP    7/1/02    6/30/03  Catholic Church Inss *AC*    Catholic Church Cat 3
   25        25    Intl.Prop.Cat.   821511021NXP    1/1/02   12/31/02  ING Re *AC*                  ING RE 1st layer cat
   25        25    Intl.Prop.Cat.   821646021NXP    1/1/02   12/31/02  Helvetia Ins *AC*            Helvetia 1st Cat
   25        25    Intl.Prop.Cat.   821647021NXP    1/1/02   12/31/02  Helvetia Ins *AC*            Helvetia 2nd cat
   25        25    Intl.Prop.Cat.   821916021NXP    4/1/02    3/31/03  Toa Re Co Ltd *AC*           Toa 2nd retained EQ Cat X/L
   25        25    Intl.Prop.Cat.   821950021NXP    4/1/02    3/31/03  Yasuda F&M Ins Co Ltd *AC*   Yasuda 2nd Wind Cat
   25        25    Intl.Prop.Cat.   822078021NXP    1/1/02   12/31/02  Bahamas First Gen Ins *TO*   Bahamas First 2nd layer Cat XL
   25        25    Intl.Prop.Cat.   822097021NXP    1/1/02   12/31/02  Groupama Ins Co Ltd *AC*     Groupama 2ND Cat
   25        25    Intl.Prop.Cat.   822130021NXP    1/1/02   12/31/02  Hiscox Ins Co *AC*           Hiscox 1st Cat
   25        25    Intl.Prop.Cat.   822164021NXP    1/1/02   12/31/02  Nat Farmers Union Mut *AC*   N F U 3rd Cat
   25        25    Intl.Prop.Cat.   822175021NXP    4/1/02    3/31/03  CGNU plc *AC*                NU Corp.Partners 2nd cat XL
   25        25    Intl.Prop.Cat.   822187021NXP    1/1/02   12/31/02  Sjova Almennar Tryggi *XO*   Icelandic Cat Fund x/l
   25        25    Intl.Prop.Cat.   822314021NXP    4/1/02    3/31/03  Toa Re Co Ltd *AC*           Toa Non Prop Surplus - Wind
   25        25    Intl.Prop.Cat.   822316021NXP    4/1/02    3/31/03  Tokio M&F Ins Co Ltd *AC*    Tokio 1st Layer Wind Cat X/L
   25        25    Intl.Prop.Cat.   822325021NXP    4/1/02    3/31/03  Nisshin F&M Ins Co Lt *AC*   Nisshin 3rd Layer Cat
   25        25    Intl.Prop.Cat.   822327021NXP    4/1/02    3/31/03  Yasuda F&M Ins Co Ltd *AC*   Yasuda/Nissan/Sompo Quake
   25        25    Intl.Prop.Cat.   822460021NXP    1/1/02   12/31/02  Bahamas First Gen Ins *TO*   Bahamas First 5th layer cat XL
   25        25    Intl.Prop.Cat.   822467021NXP    1/1/02   12/31/02  Norsk Naturskadepool *XO*    Norway perils pool 3rd Cat
</TABLE>

                                     A-2-25

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   25        25    Intl.Prop.Cat.   822476021NXP    1/1/02   12/31/02  United Ins Co Ltd (Ba *XO*   United 4th fire cat x/l
   25        25    Intl.Prop.Cat.   822608021NXP    1/1/02   12/31/02  RoyalSunAllianceAustr *AC*   RSA 3rd CAT XL
   25        25    Intl.Prop.Cat.   822659021NXP    1/1/02   12/31/02  Hiscox Ins Co *AC*           Hiscox 2nd Cat
   25        25    Intl.Prop.Cat.   822730021NXP    1/1/02   12/31/02  United Ins Co Ltd (Ba *XO*   United 3rd fire cat x/l
   25        25    Intl.Prop.Cat.   822846021NXP    1/1/02   12/31/02  AIG Co Ltd *AC*              AIU 3rd layer cat (AIUOA)
   25        25    Intl.Prop.Cat.   822860021NXP    1/1/02   12/31/02  PritchardMSF Synd0318 *AC*   M S Pritchard 1st Cat
   25        25    Intl.Prop.Cat.   822861021NXP    1/1/02   12/31/02  PritchardMSF Synd0318 *AC*   M S Pritchard 2nd cat
   25        25    Intl.Prop.Cat.   822938021NXP    4/1/02    3/31/03  Zenkyoren Nat Mut Ins *AC*   Zenkyoren 3rd Cat
   25        25    Intl.Prop.Cat.   822953021NXP    4/1/02    3/31/03  Farmers Mut Ins Ltd *XO*     Farmers Mut 2nd Cat
   25        25    Intl.Prop.Cat.   822981021NXP    4/1/02    3/31/03  Tokio M&F Ins Co Ltd *AC*    Tokio 2nd Layer W/S Cat
   25        25    Intl.Prop.Cat.   822995021NXP    4/1/02    3/31/03  Yasuda F&M Ins Co Ltd *AC*   Yasuda 3rd Wind Cat
   25        25    Intl.Prop.Cat.   823011021NXP    4/1/02    3/31/03  NipponKoa Ins Co Ltd *AC*    NipponKoa 3rd Wind Cat X/L
   25        25    Intl.Prop.Cat.   823040021NXP    4/1/02    3/31/03  Chubb Corporation *AC*       Chubb 1ST LAYER W/W Cat X/L
   25        25    Intl.Prop.Cat.   823055021NXP    1/1/02   12/31/02  Mut & Fedl Ins Co Ltd *AC*   Mut & Fedl 3rd fire & motor
   25        25    Intl.Prop.Cat.   823183021NXP    1/1/02   12/31/02  Santam Ltd *AC*              Santam 3rd Cat
   25        25    Intl.Prop.Cat.   823184021NXP    1/1/02   12/31/02  Santam Ltd *AC*              Santam 4th Cat
   25        25    Intl.Prop.Cat.   823185021NXP    1/1/02   12/31/02  Santam Ltd *AC*              Santam 5th Cat
   25        25    Intl.Prop.Cat.   823215021NXP    1/1/02   12/31/02  Provinzial Nord Brand *AC*   Prov Kiel 2nd layer cat x/l
   25        25    Intl.Prop.Cat.   823216021NXP    1/1/02   12/31/02  Provinzial Nord Brand *AC*   Prov Kiel 3rd layer cat
   25        25    Intl.Prop.Cat.   823228021NXP    1/1/02   12/31/02  Bituach Haklai Ltd *XO*      Bituach Haklai Cat
   25        25    Intl.Prop.Cat.   823271021NXP    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   RSA Homeowners 1st Cat
   25        25    Intl.Prop.Cat.   823282021NXP    1/1/02   12/31/02  Ecclesiastical Ins Of *AC*   Ecclesiastical 4th layer cat
   25        25    Intl.Prop.Cat.   823334021NXP    1/1/02   12/31/02  Swiss Elemental Pool *XO*    Swiss Elemental Agg x/l 5th
   25        25    Intl.Prop.Cat.   823341021NXP    1/1/02   12/31/02  ACHMEA *AC*                  Achmea 2nd motor pd cat
   25        25    Intl.Prop.Cat.   823356021NXP    1/1/02   12/31/02  Provinzial Nord Brand *AC*   Provinzial Kiel sub layer cat
   25        25    Intl.Prop.Cat.   823377021NXP    1/1/02   12/31/02  Commercial Union Sigo *XO*   C U Sigorta 4th Cat XL
   25        25    Intl.Prop.Cat.   823385021NXP    1/1/02   12/31/02  Aryeh Ins Co of Israe *XO*   Aryeh/Ilit Cat 1st Layer
   25        25    Intl.Prop.Cat.   823456021NXP    4/1/02    3/31/03  Zurich Ins Co UK *XO*        Zurich 1st Cat
   25        25    Intl.Prop.Cat.   823457021NXP    4/1/02    3/31/03  Zurich Ins Co UK *XO*        Zurich 2nd Cat
   25        25    Intl.Prop.Cat.   823586021NXP    1/1/02   12/31/02  Prudential Ass Co Ltd *AC*   PRUDENTIAL 2nd cat xl
   25        25    Intl.Prop.Cat.   823604021NXP    4/1/02    3/31/03  Coop De Seg Multiples *AC*   Cooperativa 3rd Layer Cat XL
   25        25    Intl.Prop.Cat.   823605021NXP    4/1/02    3/31/03  Coop De Seg Multiples *AC*   Cooperativa 4th Layer Cat XL
</TABLE>

                                     A-2-26

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   25        25    Intl.Prop.Cat.   823611021NXP    1/1/02   12/31/02  Assic Generali di Tri *AC*   Generali 3rd WW Cat
   25        25    Intl.Prop.Cat.   823612021NXP    1/1/02   12/31/02  Assic Generali di Tri *AC*   Generali 5th Cat
   25        25    Intl.Prop.Cat.   823613021NXP    1/1/02   12/31/02  Swiss Elemental Pool *XO*    Swiss Elemental Agg 3rd layer
   25        25    Intl.Prop.Cat.   823674021NXP    1/1/02   12/31/02  PritchardMSF Synd0318 *AC*   MS Pritchard 3rd Cat
   25        25    Intl.Prop.Cat.   823897021NXP    6/1/02    5/31/03  EQ Commission *AC*           EQ Comm.3rd cat XL
   25        25    Intl.Prop.Cat.   823911021NXP    7/1/02    6/30/03  Lumley Gen Ins Ltd *XO*      Lumley Gen 4th layer cat
   25        25    Intl.Prop.Cat.   823920021NXP    4/1/02    3/31/03  Medical Ins Soc Ltd *XO*     Medical Ins 1st Layer Cat X/L
   25        25    Intl.Prop.Cat.   823922021NXP    4/1/02    3/31/03  Medical Ins Soc Ltd *XO*     Medical Ins 2nd Layer Cat X/L
   25        25    Intl.Prop.Cat.   823929021NXP    4/1/02    3/31/03  Farmers Mut Ins Ltd *XO*     Farmers Mutual 1st Cat
   25        25    Intl.Prop.Cat.   823929021NXP    4/1/02    3/31/03  Farmers Mut Ins Ltd *XO*     Farmers Mutual 1st Cat
   25        25    Intl.Prop.Cat.   824002021NXP    1/1/02   12/31/02  Swiss Elemental Pool *XO*    Swiss Elemental agg 4th layer
   25        25    Intl.Prop.Cat.   824019021NXP    1/1/02   12/31/02  DIRECT INS *AC*              Direct Ins Homeowners Cats1to4
   25        25    Intl.Prop.Cat.   824057021NXP    1/1/02   12/31/02  Provinzial Nord Brand *AC*   Provinzial Kiel 4th layer cat
   25        25    Intl.Prop.Cat.   824081021NXP    1/1/02   12/31/02  Bahamas First Gen Ins *TO*   Bahamas First 3rd layer cat XL
   25        25    Intl.Prop.Cat.   824168021NXP    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   RSA Homeowners 2nd Cat
   25        25    Intl.Prop.Cat.   824170021NXP    1/1/02   12/31/02  Prudential Ass Co Ltd *AC*   PRUDENTIAL 3rd property cat xl
   25        25    Intl.Prop.Cat.   824205021NXP    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   RSA Homeowners 3rd Cat
   25        25    Intl.Prop.Cat.   824212021NXP    1/1/02   12/31/02  PritchardMSF Synd0318 *AC*   Pritchard Europe Cat
   25        25    Intl.Prop.Cat.   824212021NXP    1/1/02   12/31/02  PritchardMSF Synd0318 *AC*   Pritchard Europe Cat
   25        25    Intl.Prop.Cat.   824250021NXP    1/1/02   12/31/02  Helvetia Ins *AC*            Helvetia 3rd cat
   25        25    Intl.Prop.Cat.   824258021NXP    4/1/02    3/31/03  CGNU plc *AC*                NU Corp.Partners 3rd cat XL
   25        25    Intl.Prop.Cat.   824263021NXP    1/1/02   12/31/02  Wurttembergische Geba *AC*   Wurttembergische stop loss
   25        25    Intl.Prop.Cat.   824270021NXP    1/1/02   12/31/02  HDI aG *AC*                  H D I 1st motor pd cat
   25        25    Intl.Prop.Cat.   824271021NXP    1/1/02   12/31/02  HDI aG *AC*                  H D I 2nd motor pd cat
   25        25    Intl.Prop.Cat.   824272021NXP    1/1/02   12/31/02  HDI aG *AC*                  H D I 3rd motor pd cat
   25        25    Intl.Prop.Cat.   824338021NXP    7/1/02    6/30/03  Universal Ins Co (PR) *AC*   Universal 4th Cat XL
   25        25    Intl.Prop.Cat.   824357021NXP    7/1/02    6/30/03  Legal & Gen Ass Soc L *AC*   L & G 2nd Cat
   25        25    Intl.Prop.Cat.   824358021NXP    7/1/02    6/30/03  Legal & Gen Ass Soc L *AC*   L & G 3rd Cat
   25        25    Intl.Prop.Cat.   824378021NXP    1/1/02   12/31/02  Allianz Hungaria *AC*        Allianz Hungaria 1st Cat
   25        25    Intl.Prop.Cat.   824410021NXP    6/1/02    5/31/03  Pacific Indemnity Ins *XO*   Pacific Indemnity 3rd Cat
   25        25    Intl.Prop.Cat.   824422021NXP   6/30/02    6/30/03  Suncorp Metway Ins Lt *AC*   Suncorp / Gio Cat XL 2nd lyr
   26        26    Intl.Motor XOL   000835021NXC    1/1/02   12/31/02  Brick R M Synd 0587 *AC*     Chaucer Motor Layers 5 and 6
</TABLE>

                                     A-2-27

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                            <C>
   26        26    Intl.Motor XOL   000921021NXC    1/1/02   12/31/02  Amlin Synd 2001 *AC*           Summit Motor/Liability Layer 3
   26        26    Intl.Motor XOL   000921021NXC    1/1/02   12/31/02  Amlin Synd 2001 *AC*           Summit Motor/Liability Layer 3
   26        26    Intl.Motor XOL   000922021NXC    1/1/02   12/31/02  Amlin Synd 2001 *AC*           Summit Motor/Liability Layer 4
   26        26    Intl.Motor XOL   000922021NXC    1/1/02   12/31/02  Amlin Synd 2001 *AC*           Summit Motor/Liability Layer 4
   26        26    Intl.Motor XOL   000923021NXC    1/1/02   12/31/02  Amlin Synd 2001 *AC*           Summit Motor/Liability Layer 5
   26        26    Intl.Motor XOL   000923021NXC    1/1/02   12/31/02  Amlin Synd 2001 *AC*           Summit Motor/Liability Layer 5
   26        26    Intl.Motor XOL   000990021NXC    1/1/02   12/31/02  Johnstone GF Synd1231 *AC*     Liberty Motor Layers 4, 5 & 6
   26        26    Intl.Motor XOL   001358021NXC    1/1/02   12/31/02  Cornhill Ins PLC *AC*          Cornhill 4th Accident XL
   26        26    Intl.Motor XOL   001451021NXC    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*     Royal&Sun Alliance Unltd Motor
   26        26    Intl.Motor XOL   001503021NXC    1/1/02   12/31/02  Hannover Ruck AG *AC*          Hannover Int Motor XL Sect A&B
   26        26    Intl.Motor XOL   001556021NXC    1/1/02   12/31/02  Seg Mercurio SA *XO*           Mercurio Motor Layer 1
   26        26    Intl.Motor XOL   001569021NXC    1/1/02   12/31/02  Seg Mercurio SA *XO*           Mercurio Motor Layer 2
   26        26    Intl.Motor XOL   001570021NXC    1/1/02   12/31/02  Seg Mercurio SA *XO*           Mercurio Motor Layer 3
   26        26    Intl.Motor XOL   001818021NXC    1/1/02   12/31/02  Interpolis NV *AC*             Interpolis Motor XL
   26        26    Intl.Motor XOL   001880021NXC    1/1/02   12/31/02  Synd 2987 Wren Motor *NR*      Wren Motor XL Layer 1
   26        26    Intl.Motor XOL   001881021NXC    1/1/02   12/31/02  Synd 2987 Wren Motor *NR*      Wren Motor XL Layer 2
   26        26    Intl.Motor XOL   001882021NXC    1/1/02   12/31/02  Synd 2987 Wren Motor *NR*      Wren Motor XL Layer 3
   26        26    Intl.Motor XOL   001883021NXC    1/1/02   12/31/02  Synd 2987 Wren Motor *NR*      Wren Motor XL Layers 4 and 5
   26        26    Intl.Motor XOL   001903021NXC    1/1/02   12/31/02  Liverpool Victoria In *AC*     Liverpool Victoria 1st Motor
   26        26    Intl.Motor XOL   001904021NXC    1/1/02   12/31/02  Liverpool Victoria In *AC*     Liverpool Victoria 3rd Motor
   26        26    Intl.Motor XOL   001905021NXC    1/1/02   12/31/02  Cornhill Ins PLC *AC*          Cornhill Underlying Motor XL
   26        26    Intl.Motor XOL   001948021NXC    1/1/02   12/31/02  Quinn Direct Ins Ltd *TO*      Quinn Direct 1st Layer
   26        26    Intl.Motor XOL   001949021NXC    1/1/02   12/31/02  Quinn Direct Ins Ltd *TO*      Quinn Direct 3rd & 4th layers
   26        26    Intl.Motor XOL   002105021NXC    1/1/02   12/31/02  Janashakthi Gen *XO*           Janashakthi Motor & Liab XL 1
   26        26    Intl.Motor XOL   002106021NXC    1/1/02   12/31/02  Janashakthi Gen *XO*           Janashakthi Motor & Liab XL 2
   26        26    Intl.Motor XOL   002266021NXC    7/1/02    6/30/03  Clico Int Gen Ins Ltd *TO*     Clico Equity Liab xl layer 1
   26        26    Intl.Motor XOL   002267021NXC    7/1/02    6/30/03  Clico Int Gen Ins Ltd *TO*     Clico Equity Liab xl layer 2
   26        26    Intl.Motor XOL   002268021NXC    7/1/02    6/30/03  Clico Int Gen Ins Ltd *TO*     Clico Equity Liab xl layer 3
   26        26    Intl.Motor XOL   002269021NXC    7/1/02    6/30/03  Clico Int Gen Ins Ltd *TO*     Clico Equity Liab xl layer 4
   26        26    Intl.Motor XOL   002271021NXC    7/1/02    6/30/03  Clico Int Gen Ins Ltd *TO*     CLICO Liab XL Layer 1
   26        26    Intl.Motor XOL   002289021NXC    7/1/02    6/30/03  Clico Int Gen Ins Ltd *TO*     CLICO Liab XL Layer 4
   26        26    Intl.Motor XOL   002317021NXC    7/1/02    6/30/03  Clico Int Gen Ins Ltd *TO*     CLICO Liab XL Layer 2
</TABLE>

                                     A-2-28

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   26        26    Intl.Motor XOL   002383021NXC    1/1/02   12/31/02  Prudential Ass Co Ltd *AC*   Prudential Motor XL Layer 1
   26        26    Intl.Motor XOL   002384021NXC    1/1/02   12/31/02  Prudential Ass Co Ltd *AC*   Prudential Motor XL Layer 2
   26        26    Intl.Motor XOL   002385021NXC    1/1/02   12/31/02  Prudential Ass Co Ltd *AC*   Prudential Motor XL Layer 3
   26        26    Intl.Motor XOL   002386021NXC    1/1/02   12/31/02  Prudential Ass Co Ltd *AC*   Prudential Motor XL Layer 5
   26        26    Intl.Motor XOL   002405021NXC    1/1/02   12/31/02  Admiral Synd 2004 *NR*       Admiral Motor XL Layer 1
   26        26    Intl.Motor XOL   002407021NXC    1/1/02   12/31/02  Admiral Synd 2004 *NR*       Admiral Motor XL Layer 2
   26        26    Intl.Motor XOL   002408021NXC    1/1/02   12/31/02  Admiral Synd 2004 *NR*       Admiral Motor XL Layer 3
   26        26    Intl.Motor XOL   002409021NXC    1/1/02   12/31/02  Admiral Synd 2004 *NR*       Admiral Motor XL Layer 4
   26        26    Intl.Motor XOL   002425021NXC    1/1/02   12/31/02  DIRECT INS *AC*              Direct Ins Motor Programme
   26        26    Intl.Motor XOL   002449021NXC    1/1/02   12/31/02  AXA Cessions *AC*            Axa Ireland Motor Layer 2
   26        26    Intl.Motor XOL   002449021NXC    1/1/02   12/31/02  AXA Cessions *AC*            Axa Ireland Motor Layer 2
   26        26    Intl.Motor XOL   002450021NXC    1/1/02   12/31/02  AXA Cessions *AC*            Axa Ireland Motor Unlimited XL
   26        26    Intl.Motor XOL   002450021NXC    1/1/02   12/31/02  AXA Cessions *AC*            Axa Ireland Motor Unlimited XL
   26        26    Intl.Motor XOL   002459021NXC    1/1/02   12/31/02  British Caribbean Ins *XO*   British Caribbean Mtr/Liab x/l
   26        26    Intl.Motor XOL   002464021NXC    1/1/02   12/31/02  R+V Vers AG, Ruck-Re *AC*    R&V - Kravag Logistic MTPL XL
   26        26    Intl.Motor XOL   002618021NXC    7/1/02    6/30/03  Clico Int Gen Ins Ltd *TO*   CLICO Liab XL Layer 5
   26        26    Intl.Motor XOL   002702021NXC    1/1/02   12/31/02  Hannover Ruck AG *AC*        Hannover/Kiln re Europa Motor1
   26        26    Intl.Motor XOL   002703021NXC    1/1/02   12/31/02  Hannover Ruck AG *AC*        Hannover/Kiln re Europa Motor2
   26        26    Intl.Motor XOL   002704021NXC    1/1/02   12/31/02  Hannover Ruck AG *AC*        Hannover/Kiln re Europa Motor3
   26        26    Intl.Motor XOL   002705021NXC    1/1/02   12/31/02  Hannover Ruck AG *AC*        Hannover/Kiln re Europa Motor4
   26        26    Intl.Motor XOL   002706021NXC    1/1/02   12/31/02  Hannover Ruck AG *AC*        Hannover/Kiln re Europa Motor5
   26        26    Intl.Motor XOL   002712021NXC    1/1/02   12/31/02  AXA Cessions *AC*            Axa UK Motor 1st XL
   26        26    Intl.Motor XOL   002713021NXC    1/1/02   12/31/02  AXA Cessions *AC*            Axa UK Motor 2nd XL
   26        26    Intl.Motor XOL   002714021NXC    1/1/02   12/31/02  AXA Cessions *AC*            Axa UK Motor & Accident XL 2
   26        26    Intl.Motor XOL   002715021NXC    1/1/02   12/31/02  AXA Cessions *AC*            Axa Ireland Motor Layer 1
   26        26    Intl.Motor XOL   002715021NXC    1/1/02   12/31/02  AXA Cessions *AC*            Axa Ireland Motor Layer 1
   26        26    Intl.Motor XOL   002731021NXC    1/1/02   12/31/02  Nagico Ins Co *AC*           NAGICO Motor XL
   26        26    Intl.Motor XOL   002791021NXC    1/1/02   12/31/02  Trinidad & Tobago Ins *XO*   Trinidad & Tobago Motor XL 1
   26        26    Intl.Motor XOL   002798021NXC    1/1/02   12/31/02  Esure Ins Ltd *XO*           Esure Motor xl programme yr2/2
   26        26    Intl.Motor XOL   002822021NXC    1/1/02   12/31/02  Rendall W F Synd 0510 *AC*   Link 1st Motor Liability XL
   26        26    Intl.Motor XOL   002823021NXC    1/1/02   12/31/02  Rendall W F Synd 0510 *AC*   Link 2nd Motor Liability xl
   26        26    Intl.Motor XOL   002868021NXC    1/1/02   12/31/02  RSA Ireland *NR*             RSA Ireland Casualty XLs 1-6
</TABLE>

                                     A-2-29

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   26        26    Intl.Motor XOL   002873021NXC    1/1/02   12/31/02  Hibernian Ins Co Ltd *AC*    Hibernian General Accident XL
   26        26    Intl.Motor XOL   002878021NXC    1/1/02    1/31/03  Am Re Co *AC*                USAA Ltd Motor x/l Unl/oe5m
   26        26    Intl.Motor XOL   002881021NXC    1/1/02   12/31/02  Amlin Synd 2001 *AC*         Summit Motor Unlimited Layer
   26        26    Intl.Motor XOL   002881021NXC    1/1/02   12/31/02  Amlin Synd 2001 *AC*         Summit Motor Unlimited Layer
   26        26    Intl.Motor XOL   002882021NXC    1/1/02   12/31/02  Shipley DES Synd 2791 *AC*   ARB U/W Ltd Motor XL Layer 1
   26        26    Intl.Motor XOL   002940021NXC    1/1/02   12/31/02  CGNU plc *AC*                CGNU Overseas Motor XL Unltd
   26        26    Intl.Motor XOL   002941021NXC    1/1/02   12/31/02  CGNU plc *AC*                CGNU Overseas Motor XLoe5m/5m
   26        26    Intl.Motor XOL   002942021NXC    1/1/02   12/31/02  Cornhill Ins PLC *AC*        Cornhill 2nd Accident XL
   26        26    Intl.Motor XOL   003048021NXC    4/1/02    3/31/03  Legal & Gen Ass Soc L *AC*   Legal & Gen Motor Layer 1
   26        26    Intl.Motor XOL   003049021NXC    4/1/02    3/31/03  Legal & Gen Ass Soc L *AC*   Legal & Gen Motor Layer 5
   26        26    Intl.Motor XOL   003063021NXC    4/1/02    3/31/03  Toa Re Co Ltd *AC*           Toa Re Motor XL
   26        26    Intl.Motor XOL   003185021NXC    7/1/02    6/30/03  Clico Int Gen Ins Ltd *TO*   CLICO Liab XL Layer 3
   26        26    Intl.Motor XOL   003257021NXC    1/1/02   12/31/02  Nat Farmers Union Mut *AC*   NFU Motor/Liability Layer 1
   26        26    Intl.Motor XOL   003258021NXC    1/1/02   12/31/02  Nat Farmers Union Mut *AC*   NFU Motor/Liability Layer 2
   26        26    Intl.Motor XOL   003259021NXC    1/1/02   12/31/02  Nat Farmers Union Mut *AC*   NFU Motor/Liability Layer 3
   26        26    Intl.Motor XOL   003260021NXC    1/1/02   12/31/02  Avon Ins PLC *AC*            Avon Motor/Liability Layer 1
   26        26    Intl.Motor XOL   003261021NXC    1/1/02   12/31/02  Avon Ins PLC *AC*            Avon Motor/Liability Layer 2
   26        26    Intl.Motor XOL   003262021NXC    1/1/02   12/31/02  Avon Ins PLC *AC*            Avon Motor/Liability Layer 3
   26        26    Intl.Motor XOL   003263021NXC    1/1/02   12/31/02  Royal Sun Alliance US *AC*   RSA LAC Accident XL
   26        26    Intl.Motor XOL   003264021NXC    1/1/02   12/31/02  Prudential Ass Co Ltd *AC*   Prudential Motor XL Layer 4
   26        26    Intl.Motor XOL   003276021NXC    1/1/02   12/31/02  Rendall W F Synd 0510 *AC*   Link 3rd Motor Liability XL
   26        26    Intl.Motor XOL   003278021NXC    1/1/02   12/31/02  Liverpool Victoria In *AC*   Liverpool Victoria 2nd Motor
   26        26    Intl.Motor XOL   003280021NXC    1/1/02   12/31/02  Churchill Ins Co Ltd *AC*    Churchill Ins XL iro AA Panel
   26        26    Intl.Motor XOL   003283021NXC    1/1/02   12/31/02  Johnstone GF Synd1231 *AC*   Liberty Motor Layer 1
   26        26    Intl.Motor XOL   003284021NXC    1/1/02   12/31/02  Johnstone GF Synd1231 *AC*   Liberty Motor Layers 2 & 3
   26        26    Intl.Motor XOL   003287021NXC    1/1/02   12/31/02  Brick R M Synd 0587 *AC*     Chaucer Motor Layer 4
   26        26    Intl.Motor XOL   003302021NXC    1/1/02   12/31/02  AXA Cessions *AC*            Axa Ireland Motor Layer 3
   26        26    Intl.Motor XOL   003302021NXC    1/1/02   12/31/02  AXA Cessions *AC*            Axa Ireland Motor Layer 3
   26        26    Intl.Motor XOL   003308021NXC    1/1/02   12/31/02  Cornhill Ins PLC *AC*        Cornhill 3rd Accident XL
   26        26    Intl.Motor XOL   003313021NXC    1/1/02   12/31/02  Groupama Ins Co Ltd *AC*     Groupama Motor/Liab 1st XL
   26        26    Intl.Motor XOL   003314021NXC    1/1/02   12/31/02  Groupama Ins Co Ltd *AC*     Groupama Motor/Liab 2nd XL
   26        26    Intl.Motor XOL   003315021NXC    1/1/02   12/31/02  Groupama Ins Co Ltd *AC*     Groupama Motor/Liab 3rd XL
</TABLE>

                                     A-2-30

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   26        26    Intl.Motor XOL   003316021NXC    1/1/02   12/31/02  Groupama Ins Co Ltd *AC*     Groupama Motor/Liab 4th XL
   26        26    Intl.Motor XOL   003317021NXC    1/1/02   12/31/02  Groupama Ins Co Ltd *AC*     Groupama Motor/Liab 5th XL
   26        26    Intl.Motor XOL   003318021NXC    1/1/02   12/31/02  Groupama Ins Co Ltd *AC*     Groupama Motor/Liab Unltd XL
   26        26    Intl.Motor XOL   003344021NXC    1/1/02   12/31/02  R+V Vers AG, Ruck-Re *AC*    R&V Motor Programme
   26        26    Intl.Motor XOL   003362021NXC    2/1/02    1/31/03  Colonial Ins Co Ltd *AC*     Colonial Group Casualty Layer1
   26        26    Intl.Motor XOL   003362021NXC    2/1/02    1/31/03  Colonial Ins Co Ltd *AC*     Colonial Group Casualty Layer1
   26        26    Intl.Motor XOL   003362021NXC    2/1/02    1/31/03  Colonial Ins Co Ltd *AC*     Colonial Group Casualty Layer1
   26        26    Intl.Motor XOL   003363021NXC    2/1/02    1/31/03  Colonial Ins Co Ltd *AC*     Colonial Group Casualty Layer2
   26        26    Intl.Motor XOL   003363021NXC    2/1/02    1/31/03  Colonial Ins Co Ltd *AC*     Colonial Group Casualty Layer2
   26        26    Intl.Motor XOL   003363021NXC    2/1/02    1/31/03  Colonial Ins Co Ltd *AC*     Colonial Group Casualty Layer2
   26        26    Intl.Motor XOL   003364021NXC    2/1/02    1/31/03  Colonial Ins Co Ltd *AC*     Colonial Group Casualty Layer3
   26        26    Intl.Motor XOL   003364021NXC    2/1/02    1/31/03  Colonial Ins Co Ltd *AC*     Colonial Group Casualty Layer3
   26        26    Intl.Motor XOL   003364021NXC    2/1/02    1/31/03  Colonial Ins Co Ltd *AC*     Colonial Group Casualty Layer3
   26        26    Intl.Motor XOL   003365021NXC    2/1/02    1/31/03  Security & Gen Ins Co *NR*   Security & Gen Casualty Layer4
   26        26    Intl.Motor XOL   003365021NXC    2/1/02    1/31/03  Security & Gen Ins Co *NR*   Security & Gen Casualty Layer4
   26        26    Intl.Motor XOL   003373021NXC    1/1/02   12/31/02  AXA Cessions *AC*            Axa UK Motor & Accident XL 1
   26        26    Intl.Motor XOL   003374021NXC    1/1/02   12/31/02  R+V Vers AG, Ruck-Re *AC*    R&V -Kravag Allgemeine MTPL XL
   26        26    Intl.Motor XOL   003385021NXC    1/1/02   12/31/02  Trinidad & Tobago Ins *XO*   Trinidad & Tobago Motor XL 2&3
   26        26    Intl.Motor XOL   003399021NXC    1/1/02   12/31/02  Nagico Ins Co *AC*           NAGICO Motor XL - St Maarten
   26        26    Intl.Motor XOL   003403021NXC    1/1/02   12/31/02  Shipley DES Synd 2791 *AC*   ARB U/W Ltd Motor XL Layers2-5
   26        26    Intl.Motor XOL   003419021NXC    4/1/02    3/31/03  Legal & Gen Ass Soc L *AC*   Legal & Gen Motor Layer 4
   26        26    Intl.Motor XOL   003426021NXC    4/1/02    3/31/03  Newman D J Synd 1218 *AC*    1st - Lloyds U/Ws iro IUS (NI)
   26        26    Intl.Motor XOL   003427021NXC    4/1/02    3/31/03  Newman D J Synd 1218 *AC*    2nd - Lloyds U/Ws iro IUS (NI)
   26        26    Intl.Motor XOL   003428021NXC    4/1/02    3/31/03  Newman D J Synd 1218 *AC*    3rd - Lloyds U/Ws iro IUS (NI)
   26        26    Intl.Motor XOL   003429021NXC    4/1/02    3/31/03  Newman D J Synd 1218 *AC*    4th - Lloyds U/Ws iro IUS (NI)
   26        26    Intl.Motor XOL   003430021NXC    4/1/02    3/31/03  Newman D J Synd 1218 *AC*    5th - Lloyds U/Ws iro IUS (NI)
   26        26    Intl.Motor XOL   003431021NXC    4/1/02    3/31/03  Newman D J Synd 1218 *AC*    6th - Lloyds U/Ws iro IUS (NI)
   26        26    Intl.Motor XOL   003468021NXC    1/1/02   12/31/02  Hannover Ruck AG *AC*        Hannover Int Motor XL Sect C
   26        26    Intl.Motor XOL   003469021NXC    1/1/02   12/31/02  Quinn Direct Ins Ltd *TO*    Quinn Direct 2nd Layer
   26        26    Intl.Motor XOL   003482021NXC    6/1/02    5/31/03  AIU Ins Co *AC*              AIU Motor 1st layer
   26        26    Intl.Motor XOL   003483021NXC    6/1/02    5/31/03  AIU Ins Co *AC*              AIU Motor 2nd layer
   26        26    Intl.Motor XOL   003484021NXC    6/1/02    5/31/03  AIU Ins Co *AC*              AIU Motor 3rd & unlimited lyr
</TABLE>

                                     A-2-31

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   26        26    Intl.Motor XOL   040663021BXC    1/1/02   12/31/02  TVM VERZ (TRANSPORT) *AC*    AUTO XSL 1L.
   26        26    Intl.Motor XOL   040683021BXC    1/1/02   12/31/02  TVM VERZ (TRANSPORT) *AC*    AUTO XSL 2L.
   26        26    Intl.Motor XOL   044704021BXC    1/1/02   12/31/02  INTERPOLIS NV *AC*           MOTOR LIAB / HULL XSL. 2ND L.
   26        26    Intl.Motor XOL   045389021BXC    1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*   MOTOR LIAB. XSL 1ST LAYER
   26        26    Intl.Motor XOL   045390021BXC    1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*   MOTOR LIAB. XSL 2ND LAYER
   26        26    Intl.Motor XOL   045391021BXC    1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*   MOTOR LIAB. XSL 3RD LAYER
   26        26    Intl.Motor XOL   047165021BXC    1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*   MOTOR LIAB. XSL 4TH LAYER
   26        26    Intl.Motor XOL   050068021BXC    1/1/02   12/31/02  AXA Colonia Konzern *AC*     M.T.P.L. XSL
   26        26    Intl.Motor XOL   050463021BXC    1/1/02   12/31/02  Olympiaki-Victoria *AC*      MOTOR LIABILITY XSL 1ST LAYER
   26        26    Intl.Motor XOL   050465021BXC    1/1/02   12/31/02  Olympiaki-Victoria *AC*      MOTOR LIABILITY XSL 2ND LAYER
   26        26    Intl.Motor XOL   050466021BXC    1/1/02   12/31/02  Olympiaki-Victoria *AC*      MOTOR LIABILITY XSL 3RD LAYER
   26        26    Intl.Motor XOL   052446021BXC    1/1/02   12/31/02  MUSSAP *AC*                  MOTOR STOPLOSS ON RETENTION
   26        26    Intl.Motor XOL   055524021BXC    1/1/02   12/31/02  Unive Verzekeringen *AC*     M.T.P.L. 1ST LAYER
   26        26    Intl.Motor XOL   055526021BXC    1/1/02   12/31/02  Unive Verzekeringen *AC*     M.T.P.L. 2ND LAYER
   26        26    Intl.Motor XOL   055527021BXC    1/1/02   12/31/02  Unive Verzekeringen *AC*     M.T.P.L. 3RD LAYER
   26        26    Intl.Motor XOL   055767021BXC    1/1/02   12/31/02  AGROTIKI HELLENIC GEN *AC*   MOTOR LIABILITY XSL 1ST LAYER
   26        26    Intl.Motor XOL   055770021BXC    1/1/02   12/31/02  AGROTIKI HELLENIC GEN *AC*   MOTOR LIABILITY XSL 2ND LAYER
   26        26    Intl.Motor XOL   055771021BXC    1/1/02   12/31/02  AGROTIKI HELLENIC GEN *AC*   MOTOR LIABILITY XSL 3RD LAYER
   26        26    Intl.Motor XOL   055787021BXC    1/1/02   12/31/02  VHV Autoversicherungs *AC*   MOTOR LIABILITY XSL 1ST LAYER
   26        26    Intl.Motor XOL   055788021BXC    1/1/02   12/31/02  VHV Autoversicherungs *AC*   MOTOR LIABILITY XSL 2ND LAYER
   26        26    Intl.Motor XOL   055932021BXC    1/1/02   12/31/02  ABEILLE ASS *AC*             GENERAL AGRI / PROF LIAB XSL
   26        26    Intl.Motor XOL   055933021BXC    1/1/02   12/31/02  Commercial Union Ass *AC*    PROFESSIONAL LIABILITY XSL
   26        26    Intl.Motor XOL   055934021BXC    1/1/02   12/31/02  ABEILLE ASS *AC*             M.T.P.L. XSL
   26        26    Intl.Motor XOL   055935021BXC    1/1/02   12/31/02  Commercial Union Ass *AC*    M.T.P.L. XSL
   26        26    Intl.Motor XOL   055971021BXC    1/1/02   12/31/02  Generali Ass Gen *AC*        MOTOR LIABILITY XSL 1ST LAYER
   26        26    Intl.Motor XOL   055972021BXC    1/1/02   12/31/02  Generali Ass Gen *AC*        MOTOR LIABILITY XSL 2ND LAYER
   26        26    Intl.Motor XOL   055973021BXC    1/1/02   12/31/02  Generali Ass Gen *AC*        MOTOR LIABILITY XSL 3RD LAYER
   26        26    Intl.Motor XOL   823412021NXC    1/1/02   12/31/02  Amlin Synd 2001 *AC*         Summit Motor/Liability Layer 1
   26        26    Intl.Motor XOL   823412021NXC    1/1/02   12/31/02  Amlin Synd 2001 *AC*         Summit Motor/Liability Layer 1
   26        26    Intl.Motor XOL   823413021NXC    1/1/02   12/31/02  Amlin Synd 2001 *AC*         Summit Motor/Liability Layer 2
   26        26    Intl.Motor XOL   823413021NXC    1/1/02   12/31/02  Amlin Synd 2001 *AC*         Summit Motor/Liability Layer 2
   26        26    Intl.Motor XOL   823636021NXC    1/1/02   12/31/02  Brick R M Synd 0587 *AC*     Chaucer Motor Layer 1
</TABLE>

                                     A-2-32

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   26        26    Intl.Motor XOL   823638021NXC    1/1/02   12/31/02  Brick R M Synd 0587 *AC*     Chaucer Motor Layer 2
   26        26    Intl.Motor XOL   823639021NXC    1/1/02   12/31/02  Brick R M Synd 0587 *AC*     Chaucer Motor Layer 3
   26        26    Intl.Motor XOL   823659021NXC    4/1/02    3/31/03  Legal & Gen Ass Soc L *AC*   Legal & Gen Motor Layer 2
   26        26    Intl.Motor XOL   823660021NXC    4/1/02    3/31/03  Legal & Gen Ass Soc L *AC*   Legal & Gen Motor Layer 3
   26        26    Intl.Motor XOL   824138021NXC    1/1/02   12/31/02  HSBC (Corinthian) *AC*       Corinthian Motor XL Layers 1&2
   32        32    Marine XOL Tty   000222021NXM    1/1/02   12/31/02  Swedish Club Sveriges *AC*   Swedish Club 1st Cat XL
   32        32    Marine XOL Tty   000244021NXM    3/1/02    2/28/03  Swedish Club Sveriges *AC*   Swedish Club IV/Freight XL 1-3
   32        32    Marine XOL Tty   000476021NXM    1/1/02   12/31/02  Upton P D Synd 0002 *AC*     Upton Specie Layer
   32        32    Marine XOL Tty   000492021NXM   2/20/02    2/19/03  International Grp *AC*       Intl Grp Clash iro Layer1 3of3
   32        32    Marine XOL Tty   000493021NXM   2/20/02    2/19/03  International Grp *AC*       Intl Grp Clash iro Layer1 3of3
   32        32    Marine XOL Tty   000737021NXM    1/1/02   12/31/02  Pohjola Ins Co Ltd *AC*      POHJOLA HULL REPORTER
   32        32    Marine XOL Tty   001034021NXM    1/1/02   12/31/02  Rendall W F Synd 0510 *AC*   Kiln Top Cat XL
   32        32    Marine XOL Tty   001298021NXM    1/1/02   12/31/02  Swedish Club Sveriges *AC*   Swedish Club 1st Hull XL
   32        32    Marine XOL Tty   001299021NXM    1/1/02   12/31/02  Swedish Club Sveriges *AC*   Swedish Club 2nd Hull XL
   32        32    Marine XOL Tty   001773021NXM    8/1/02    7/31/03  Hicks A D Synd 2147 *AC*     SVB (Synd 2147) Liability XL 3
   32        32    Marine XOL Tty   001775021NXM    1/1/02   12/31/02  Gammell A J Synd 0102 *AC*   Gammell Cargo/Specie A/C
   32        32    Marine XOL Tty   001944021NXM    1/1/02   12/31/02  Humm T M Synd 1861 *AC*      BRM Synd 1861 Marine Cat 1
   32        32    Marine XOL Tty   002107021NXM   2/16/02    2/15/03  NEFO Fender Ins Co Lt *XO*   Fender Cargo XL Layer 1
   32        32    Marine XOL Tty   002108021NXM   2/16/02    2/15/03  NEFO Fender Ins Co Lt *XO*   NEFO Fender Umbrella XL
   32        32    Marine XOL Tty   002180021NXM    1/1/02   12/31/02  Watkins M C Synd 0457 *AC*   Watkins Top Whole a/c
   32        32    Marine XOL Tty   002276021NXM    8/1/02    7/31/03  Hicks A D Synd 2147 *AC*     SVB (Synd 2147) Liability XL 1
   32        32    Marine XOL Tty   002287021NXM    8/1/02    7/31/03  Hicks A D Synd 2147 *AC*     SVB (Synd 2147) Liability XL 2
   32        32    Marine XOL Tty   002402021NXM    1/1/02   12/31/02  Gerling Konzern AV *AC*      Gerling Top Energy Layer
   32        32    Marine XOL Tty   002411021NXM    1/1/02   12/31/02  Vesta Forsikring AS *AC*     Vesta 3rd fish farm xl
   32        32    Marine XOL Tty   002460021NXM    1/1/02   12/31/02  NEFO Fender Ins Co Lt *XO*   NEFO Fender Hull Reporter
   32        32    Marine XOL Tty   002461021NXM    1/1/02   12/31/02  NEFO Fender Ins Co Lt *XO*   NEFO Fender Hull Clash
   32        32    Marine XOL Tty   002466021NXM    1/1/02   12/31/02  Vesta Forsikring AS *AC*     Vesta Hull Reporter
   32        32    Marine XOL Tty   002816021NXM    1/1/02   12/31/02  Tryg-Baltica Int UK L *AC*   Tryg Baltica Limited General
   32        32    Marine XOL Tty   002856021NXM    1/1/02   12/31/02  Watkins M C Synd 0457 *AC*   Watkins M C 1st Ltd Gen
   32        32    Marine XOL Tty   002885021NXM    1/1/02   12/31/02  Marshall D J Synd0839 *AC*   Marshall D J Top Cat Layer
   32        32    Marine XOL Tty   002889021NXM    1/1/02   12/31/02  Watkins M C Synd 0457 *AC*   Watkins Synd 457 2nd Ltd Gen
   32        32    Marine XOL Tty   002890021NXM    1/1/02   12/31/02  Watkins M C Synd 0457 *AC*   Watkins Synd 457 1st Cat Layer
</TABLE>

                                     A-2-33

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   32        32    Marine XOL Tty   002893021NXM    1/1/02   12/31/02  Bergens Skibsassurans *AC*   Norwegian Hull Club top layer
   32        32    Marine XOL Tty   002907021NXM    1/1/02   12/31/02  Zurich Ins Co *AC*           Zurich Global Marine XL
   32        32    Marine XOL Tty   002909021NXM    1/1/02   12/31/02  Dandridge CE Synd0609 *AC*   Atrium Synd 609 Ltd Gen
   32        32    Marine XOL Tty   002925021NXM    1/1/02   12/31/02  Venton J H Synd 1183 *AC*    Talbot Synd 1183 2nd Cat Layer
   32        32    Marine XOL Tty   002937021NXM    1/1/02   12/31/02  Gjensidige Norsk Skad *AC*   Gjensidige 1st Umbrella XL
   32        32    Marine XOL Tty   002972021NXM    1/1/02   12/31/02  Venton J H Synd 1183 *AC*    Talbot Synd 1183 Ltd Gen
   32        32    Marine XOL Tty   002973021NXM    1/1/02   12/31/02  Venton J H Synd 1183 *AC*    Talbot Synd 1183 Ltd Gen
   32        32    Marine XOL Tty   002974021NXM    1/1/02   12/31/02  Venton J H Synd 1183 *AC*    Talbot Synd 1183 1st Cat Layer
   32        32    Marine XOL Tty   003034021NXM    1/1/02   12/31/02  Watkins M C Synd 0457 *AC*   Watkins cargo iro Northern Mar
   32        32    Marine XOL Tty   003155021NXM    7/1/02    6/30/03  Watkins M C Synd 0457 *AC*   Watkins Yacht&MarineTrade Lyr1
   32        32    Marine XOL Tty   003161021NXM    7/1/02    6/30/03  Watkins M C Synd 0457 *AC*   Watkins Yacht&MarineTrade Lyr2
   32        32    Marine XOL Tty   003162021NXM    7/1/02    6/30/03  Watkins M C Synd 0457 *AC*   Watkins Yacht&MarineTrade Lyr3
   32        32    Marine XOL Tty   003163021NXM    7/1/02    6/30/03  Watkins M C Synd 0457 *AC*   Watkins Yacht&MarineTrade Lyr4
   32        32    Marine XOL Tty   003193021NXM    8/1/02    7/31/03  Hicks A D Synd 2147 *AC*     SVB (Synd 2147) Liability XL 4
   32        32    Marine XOL Tty   003194021NXM    8/1/02    7/31/03  Hicks A D Synd 2147 *AC*     SVB (Synd 2147) Liability XL 5
   32        32    Marine XOL Tty   003215021NXM    1/1/02   12/31/02  Hannover Ruck AG *AC*        Hannover Energy Top Layer
   32        32    Marine XOL Tty   003256021NXM    1/1/02   12/31/02  Martin C J Synd 1225 *AC*    Aegis Synd 1225 Cargo a/c
   32        32    Marine XOL Tty   003279021NXM    1/1/02   12/31/02  Royal Sun Alliance In *AC*   RSA Asia Marine Account Layer3
   32        32    Marine XOL Tty   003285021NXM    1/1/02   12/31/02  Tryg-Baltica Int UK L *AC*   Tryg Baltica Limited General
   32        32    Marine XOL Tty   003290021NXM    1/1/02   12/31/02  Warta Ins & Re Co Ltd *NR*   Warta Hull & Cargo Top Layer
   32        32    Marine XOL Tty   003291021NXM    1/1/02   12/31/02  Hart T F Synd 0062 *AC*      Hart T F Whole Account Run-Off
   32        32    Marine XOL Tty   003307021NXM    1/1/02   12/31/02  Collyear JRN Synd1243 *AC*   Euclidian Specie A/C XL
   32        32    Marine XOL Tty   003312021NXM    1/1/02   12/31/02  Watkins M C Synd 0457 *AC*   Watkins Energy Two Risk Layer
   32        32    Marine XOL Tty   003319021NXM    1/1/02   12/31/02  Wadman S N Synd 0382 *AC*    Walker A J Synd 382 1st Cat XL
   32        32    Marine XOL Tty   003320021NXM    1/1/02   12/31/02  Dandridge CE Synd0609 *AC*   Atrium Energy A/C XL
   32        32    Marine XOL Tty   003321021NXM    1/1/02   12/31/02  Hope D E Synd 1009 *AC*      Hope D E Specie Run off
   32        32    Marine XOL Tty   003322021NXM    1/1/02   12/31/02  Wright P P A Synd2241 *AC*   DEX 1st Hull Layer
   32        32    Marine XOL Tty   003323021NXM    1/1/02   12/31/02  Wright P P A Synd2241 *AC*   DEX 2nd Hull Layer
   32        32    Marine XOL Tty   003324021NXM    1/1/02   12/31/02  Wright P P A Synd2241 *AC*   DEX 3rd Hull Layer
   32        32    Marine XOL Tty   003325021NXM    1/1/02   12/31/02  Wright P P A Synd2241 *AC*   DEX 4th Hull Layer
   32        32    Marine XOL Tty   003335021NXM    1/1/02   12/31/02  Hannover Ruck AG *AC*        Hannover Ruck Energy A/c
   32        32    Marine XOL Tty   003342021NXM    1/1/02   12/31/02  Dandridge CE Synd0609 *AC*   Atrium Liabilty A/c
</TABLE>

                                     A-2-34

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   32        32    Marine XOL Tty   003345021NXM    1/1/02   12/31/02  Wurttembergische UK B *AC*   Wurttembergische Ltd Gen
   32        32    Marine XOL Tty   003347021NXM    1/1/02   12/31/02  Wellington Synd 2020 *AC*    Wellington Top Ltd Gen
   32        32    Marine XOL Tty   003348021NXM    1/1/02   12/31/02  Wellington Synd 2020 *AC*    Wellington 1st Cat (Top) Layer
   32        32    Marine XOL Tty   003349021NXM    1/1/02   12/31/02  Astra SA Ins & Re Cie *XO*   Astra Layer 1 Cargo only
   32        32    Marine XOL Tty   003350021NXM    1/1/02   12/31/02  Astra SA Ins & Re Cie *XO*   Astra Layer 1 Hull & Cargo
   32        32    Marine XOL Tty   003351021NXM    1/1/02   12/31/02  Astra SA Ins & Re Cie *XO*   Astra Layer 2 Hull & Cargo
   32        32    Marine XOL Tty   003352021NXM    1/1/02   12/31/02  Astra SA Ins & Re Cie *XO*   Astra Layer 3 Hull & Cargo
   32        32    Marine XOL Tty   003353021NXM    1/1/02   12/31/02  Astra SA Ins & Re Cie *XO*   Astra Layer 4 Hull & Cargo
   32        32    Marine XOL Tty   003354021NXM    1/1/02   12/31/02  Astra SA Ins & Re Cie *XO*   Astra Layer 5 Hull & Cargo
   32        32    Marine XOL Tty   003355021NXM    1/1/02   12/31/02  AGF-MAT (London Branc *AC*   AGF Clash Layer 2
   32        32    Marine XOL Tty   003358021NXM    1/1/02   12/31/02  Zurich Ins Co *AC*           Zurich Cargo XL 1st Layer
   32        32    Marine XOL Tty   003359021NXM    1/1/02   12/31/02  Zurich Ins Co *AC*           Zurich Cargo XL 2nd Layer
   32        32    Marine XOL Tty   003360021NXM    1/1/02   12/31/02  Zurich Ins Co *AC*           Zurich Cargo XL 3rd Layer
   32        32    Marine XOL Tty   003368021NXM    1/1/02   12/31/02  Bluewater Ins AS *AC*        Bluewater 1st Clash Layer
   32        32    Marine XOL Tty   003369021NXM    1/1/02   12/31/02  Bluewater Ins AS *AC*        Bluewater 2nd Clash Layer
   32        32    Marine XOL Tty   003375021NXM    1/1/02   12/31/02  Gammell A J Synd 0102 *AC*   Goshawk Cargo XL
   32        32    Marine XOL Tty   003376021NXM    1/1/02   12/31/02  IF Prop & Cas Ins Co *NR*    IF Gard Energy A/c $25m/50m
   32        32    Marine XOL Tty   003377021NXM    1/1/02   12/31/02  IF Prop & Cas Ins Co *NR*    IF Gard Energy A/c $25m/75m
   32        32    Marine XOL Tty   003378021NXM    1/1/02   12/31/02  Ingosstrakh Ins Co Lt *NR*   Ingosstrakh P&I 1st Layer
   32        32    Marine XOL Tty   003379021NXM    1/1/02   12/31/02  Ingosstrakh Ins Co Lt *NR*   Ingosstrakh P&I 2nd Layer
   32        32    Marine XOL Tty   003380021NXM    1/1/02   12/31/02  Ingosstrakh Ins Co Lt *NR*   Ingosstrakh P&I 3rd Layer
   32        32    Marine XOL Tty   003381021NXM    1/1/02   12/31/02  Ingosstrakh Ins Co Lt *NR*   Ingosstrakh P&I 4th Layer
   32        32    Marine XOL Tty   003382021NXM    1/1/02   12/31/02  Amlin Synd 2001 *AC*         Holt 1st Cargo/Specie Layer
   32        32    Marine XOL Tty   003383021NXM    1/1/02   12/31/02  Amlin Synd 2001 *AC*         Holt 2nd Cargo/Specie Layer
   32        32    Marine XOL Tty   003384021NXM    1/1/02   12/31/02  Amlin Synd 2001 *AC*         Holt 3rd Cargo/Specie Layer
   32        32    Marine XOL Tty   003386021NXM    1/1/02   12/31/02  Hannover Ruck AG *AC*        Hannover Ruck Mar/Energy Cat 2
   32        32    Marine XOL Tty   003387021NXM    1/1/02   12/31/02  Hannover Ruck AG *AC*        Hannover Ruck Mar/Energy Cat 1
   32        32    Marine XOL Tty   003388021NXM    3/1/02    2/28/03  Beazley A F Synd 0623 *AC*   Beazley Japanese Hull Layer 1
   32        32    Marine XOL Tty   003389021NXM    3/1/02    2/28/03  Beazley A F Synd 0623 *AC*   Beazley Japanese Hull Layer 2
   32        32    Marine XOL Tty   003390021NXM    3/1/02    2/28/03  Beazley A F Synd 0623 *AC*   Beazley Japanese Hull Layer 3
   32        32    Marine XOL Tty   003391021NXM    3/1/02    2/28/03  Beazley A F Synd 0623 *AC*   Beazley Japanese Hull Layer 4
   32        32    Marine XOL Tty   003392021NXM    3/1/02    2/28/03  Beazley A F Synd 0623 *AC*   Beazley Japanese Hull Layer 5
</TABLE>

                                     A-2-35

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   32        32    Marine XOL Tty   003393021NXM    1/1/02   12/31/02  Upton P D Synd 0002 *AC*     Upton Limited General
   32        32    Marine XOL Tty   003394021NXM    2/1/02    1/31/03  Houston Cas Co *AC*          Houston Casualty Ltd Gen Lyr 1
   32        32    Marine XOL Tty   003395021NXM    2/1/02    1/31/03  Houston Cas Co *AC*          Houston Casualty Ltd Gen Lyr 2
   32        32    Marine XOL Tty   003400021NXM   2/20/02    2/19/03  Continental Cas Co *AC*      MOAC iro Int Grp "Take Out"
   32        32    Marine XOL Tty   003402021NXM   2/16/02    2/15/03  NEFO Fender Ins Co Lt *XO*   Fender Cargo XL Layer 2
   32        32    Marine XOL Tty   003406021NXM   2/20/02    2/19/03  UK Mut Steam Ship Ass *XO*   UK Mut SteamShip P&I Overspill
   32        32    Marine XOL Tty   003413021NXM    1/1/02   12/31/02  AGF-MAT (London Branc *AC*   AGF Cargo/Specie Layer
   32        32    Marine XOL Tty   003414021NXM    1/1/02   12/31/02  AGF-MAT (London Branc *AC*   AGF Clash Layer 1
   32        32    Marine XOL Tty   003420021NXM    1/1/02   12/31/02  Great Lakes Re UK plc *XF*   Transmarine 1st LOH XL
   32        32    Marine XOL Tty   003421021NXM    1/1/02   12/31/02  Great Lakes Re UK plc *XF*   Transmarine 2nd LOH XL
   32        32    Marine XOL Tty   003424021NXM    3/1/02    2/28/03  Motors Ins Corp *AC*         Motors Ins Corp Cargo XL 1
   32        32    Marine XOL Tty   003425021NXM    3/1/02    2/28/03  Motors Ins Corp *AC*         Motors Ins Corp Cargo XL 2
   32        32    Marine XOL Tty   003434021NXM    1/1/02   12/31/02  Hart T F Synd 0062 *AC*      TF Hart Whole A/C Top Ltd Gen
   32        32    Marine XOL Tty   003438021NXM    4/1/02    3/31/03  Chown R C Synd 2323 *AC*     Nissan Synd 2323 Cat 2riskwarr
   32        32    Marine XOL Tty   003439021NXM   3/21/02    3/20/03  Synd 2987 Wren Motor *NR*    Brit Synd Energy XL 1
   32        32    Marine XOL Tty   003440021NXM   3/21/02    3/20/03  Synd 2987 Wren Motor *NR*    Brit Synd Energy XL 2
   32        32    Marine XOL Tty   003441021NXM    4/1/02    3/31/03  Daehan F&M Ins Co Ltd *AC*   Daehan Cargo XLs 1 - 3
   32        32    Marine XOL Tty   003473021NXM    7/1/02    6/30/03  Suncorp Metway Ins Lt *AC*   Suncorp Metway/GIO Whole AC L2
   32        32    Marine XOL Tty   003474021NXM    7/1/02    6/30/03  Suncorp Metway Ins Lt *AC*   Suncorp Metway/GIO Whole AC L3
   32        32    Marine XOL Tty   003480021NXM    7/1/02    6/30/03  Samsung F&M Ins Co Lt *AC*   Samsung Hull A/C XL
   32        32    Marine XOL Tty   003485021NXM   7/11/02    7/10/03  Rendall W F Synd 0510 *AC*   Kiln Synd 510 Marine Top Cat
   32        32    Marine XOL Tty   003490021NXM    8/1/02    6/30/03  ERC Frankona Ruck *AC*       ERC Global 4th Marine Ltd Gen
   32        32    Marine XOL Tty   003491021NXM    8/1/02    6/30/03  ERC Frankona Ruck *AC*       ERC Global 5th Marine Ltd Gen
   32        32    Marine XOL Tty   003492021NXM    8/1/02    6/30/03  ERC Frankona Ruck *AC*       ERC Global 6th Marine Ltd Gen
   32        32    Marine XOL Tty   040669021BXM    1/1/02   12/31/02  TVM VERZ (TRANSPORT) *AC*    MARINE XSL 1L.
   32        32    Marine XOL Tty   040680021BXM    1/1/02   12/31/02  TVM VERZ (TRANSPORT) *AC*    MARINE XSL 2L.
   32        32    Marine XOL Tty   050164021BXM    1/1/02   12/31/02  Axa Schade Verz *AC*         MARINE HULL & CARGO 1ST LAYER
   32        32    Marine XOL Tty   050166021BXM    1/1/02   12/31/02  Axa Schade Verz *AC*         MARINE HULL & CARGO 2ND LAYER
   32        32    Marine XOL Tty   050168021BXM    1/1/02   12/31/02  Axa Schade Verz *AC*         MARINE HULL & CARGO 3RD LAYER
   32        32    Marine XOL Tty   050235021BXM    1/1/02   12/31/02  THURINGIA VERS AG *AC*       MARINE XSL 1ST LAYER
   32        32    Marine XOL Tty   050236021BXM    1/1/02   12/31/02  THURINGIA VERS AG *AC*       MARINE XSL 2ND LAYER
   32        32    Marine XOL Tty   050237021BXM    1/1/02   12/31/02  THURINGIA VERS AG *AC*       MARINE XSL 3RD LAYER
</TABLE>

                                     A-2-36

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE A-2 - INCLUDED REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving  Genius                      Policy
  Class    Class                     Reference    Inception   Expiry            Cedant                       Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
   32        32    Marine XOL Tty   052970021BXM    1/1/02   12/31/02  European Reliance Gen *AC*   MARINE HULL XSL 1ST LAYER
   32        32    Marine XOL Tty   052971021BXM    1/1/02   12/31/02  European Reliance Gen *AC*   MARINE HULL XSL 2ND LAYER
   32        32    Marine XOL Tty   052972021BXM    1/1/02   12/31/02  European Reliance Gen *AC*   MARINE HULL XSL 3RD LAYER
   32        32    Marine XOL Tty   052973021BXM    1/1/02   12/31/02  European Reliance Gen *AC*   MARINE HULL XSL 4TH LAYER
   32        32    Marine XOL Tty   055618021BXM    1/1/02   12/31/02  AGF-MAT *AC*                 MARINE XSL 1ST LAYER
   32        32    Marine XOL Tty   055619021BXM    1/1/02   12/31/02  AGF-MAT *AC*                 MARINE XSL 2ND LAYER
   32        32    Marine XOL Tty   055620021BXM    1/1/02   12/31/02  AGF-MAT *AC*                 MARINE XSL 3RD LAYER
   32        32    Marine XOL Tty   055621021BXM    1/1/02   12/31/02  AGF-MAT *AC*                 MARINE XSL 4TH LAYER
   32        32    Marine XOL Tty   055622021BXM    1/1/02   12/31/02  AGF-MAT *AC*                 MARINE XSL 5TH LAYER
   32        32    Marine XOL Tty   821023021NXM    1/1/02   12/31/02  Vesta Forsikring AS *AC*     Vesta 2nd fish farm CAT x/l
   32        32    Marine XOL Tty   824026021NXM    1/1/02   12/31/02  Bergens Skibsassurans *AC*   Bergen Hull XL (4 of 4)
   32        32    Marine XOL Tty   824167021NXM    1/1/02   12/31/02  Upton P D Synd 0002 *AC*     Upton 5th Specie XL
   41        41    US Motor (ExE/C  002365021AXC    1/1/02   12/31/02  Republic Western Ins *AC*    Rep Western/TIS Risk Pub Auto
   41        41    US Motor (ExE/C  002366021AXC    1/1/02   12/31/02  Republic Western Ins *AC*    Rep Western/TIS Risk Pub Auto
   41        41    US Motor (ExE/C  003252021AXC    1/1/02   12/31/02  Lincoln Gen Ins Co *AC*      Lincoln General/TIS 1st Auto
   41        41    US Motor (ExE/C  003253021AXC    1/1/02   12/31/02  Lincoln Gen Ins Co *AC*      Lincoln General/TIS 2nd Auto
   41        42    US Motor ExCess  002919021AXC    1/1/02   12/31/02  Occidental F&C N Am *AC*     Occidental/Wilshire Risk
   41        42    US Motor ExCess  003050021AXC    1/1/02   12/31/02  Occidental F&C N Am *AC*     Occidental xs Cession Treaty
   55        55    Intl.P.A.Pro Ra  040222021BRC    1/1/02   12/31/02  GLOBAL CO DE SEG SA *TO*     ACCIDENT SPL
   55        55    Intl.P.A.Pro Ra  053066021BRC    1/1/02   12/31/02  BPB Assic SpA *AC*           ACCIDENT QUOTA SHARE TREATY
   55        55    Intl.P.A.Pro Ra  053069021BRC    1/1/02   12/31/02  BPB Assic SpA *AC*           SICKNESS QUOTA SHARE TREATY
   60        60    Int Mtr PD PrRa  053063021BRP    1/1/02   12/31/02  BPB Assic SpA *AC*           MOTOR HULL QUOTA SHARE TREATY
   23        61    Intl Eng Pr Tty  053070021BRE    1/1/02   12/31/02  BPB Assic SpA *AC*           EAR / CAR QUOTA SHARE TREATY
   23        61    Intl Eng Pr Tty  055918021BRE    1/1/02   12/31/02  GLOBAL CO DE SEG SA *TO*     ENGINEERING QS & FSP TREATY
   79        79    Satellite XOL T  002048021NXS   1/23/02    1/22/03  Childs R S Synd 0033 *AC*    Hiscox Satellite XL
   79        79    Satellite XOL T  003010021NXS    1/1/02   12/31/02  Hannover Ruck AG *AC*        HannoverDirect/FacSatellite XL
   80        80    Int Mtr Liab PR  053068021BRC    1/1/02   12/31/02  BPB Assic SpA *AC*           M.T.P.L. QUOTA SHARE TREATY
   91        91    N.A.Crop XL      000544021AXP    4/1/02    3/31/03  Coop Hail Ins Co Ltd *AC*    Co Operatve Hail 1st Crop
   91        91    N.A.Crop XL      000545021AXP    4/1/02    3/31/03  Coop Hail Ins Co Ltd *AC*    Cooperative 2nd & 4th Crop
   91        91    N.A.Crop XL      003077021AXP    4/1/02    3/31/03  Agric Finan Servs Cor *AC*   AFSC 2nd Multi Peril 2nd Yr
   91        91    N.A.Crop XL      003245021AXP    4/1/02    3/31/03  Coop Hail Ins Co Ltd *AC*    Co Operative Hail 3rd Crop
</TABLE>

                                     A-2-37

<PAGE>

                                   EXHIBIT A-3

                       Loss Reserves by Class of Business

Loss Reserves by Class @ June 30, 2002

LONDON

<TABLE>
<CAPTION>
                                                                                                             DEPOSIT      PROFIT
OFFICE   CLASS                    DESCRIPTION                   OUTSTANDING LOSS     ULAE        IBNR      LIABILITIES  COMMISSIONS
<S>      <C>         <C>                                        <C>               <C>        <C>          <C>           <C>
BRU      21          Brussels Marine p/r                                              429        23,098
BRU      23          Brussels Int'l Property P/R                    19,018          2,177       242,534
BRU      24          Brussels Int'l Property Per Risk                8,771          2,261       257,359
BRU      25          Brussels Int'l Cat                                            11,797     1,298,902
BRU      26          Brussels Int'l Motor                                          13,032       336,680
BRU      27          Brussels Int'l Liab XS                          4,773          6,956       177,767
BRU      32          Brussels Int'l Marine XS                                       1,279        70,679
BRU      34          Brussels Int'l Liab PR                                         3,039        78,719
BRU      55          Brussels Int'l Personal Acc P-R                                4,663       120,643
BRU      60          Brussels Int'l Motor Physical Damage PR                        4,043       104,703
BRU      61          Brussels Engineering PR                                          334         8,308
BRU      80          Brussels Motor PR                                             30,472       789,211
DEU      23          Munich Int'l Property P/R                                        612        69,966
DEU      24          Munich Int'l Property Per Risk                 15,241          3,700       420,720
DEU      25          Munich Int'l Cat                                              18,476     2,008,176
DEU      26          Munich Int'l Motor                                            16,773       434,418
DEU      27          Munich Int'l Liab XS                                          16,393       424,580
DEU      32          Munich Int'l Marine XS                                             9           494
DEU      34          Munich Int'l Liab PR                                           2,428        62,894
STP      11          N.Am Cat                                                       3,053       318,910
STP      18          N Am Property Per Risk                                           523        58,200
STP      23          Int'l Property P/R                            178,185          4,658       429,271
STP      24          Int'l Property Per Risk                       531,405         10,412       881,733
STP      25          Int'l Cat                                                     21,335     1,879,203
STP      26          Int'l Motor XS                                 51,125        343,475     8,561,303
STP      32          Int'l Marine XS                               354,473         27,144     1,271,128
STP      41          N Am Motor XL                                                 20,381       679,500
STP      79          Satellite XS                                                   3,958       211,183
STP      91          N Am Crop                                                        265        29,824
------------------------------------------------------------------------------------------------------------------------------------
      Total London                                               1,162,992        574,076    21,250,106             -            -
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     A-3-1

<PAGE>

NEW YORK
& VERMONT

<TABLE>
<CAPTION>
                                                                                                             DEPOSIT      PROFIT
OFFICE    CLASS              DESCRIPTION                      OUTSTANDING LOSS       ULAE        IBNR      LIABILITIES  COMMISSIONS
<S>       <C>      <C>                                        <C>               <C>         <C>            <C>          <C>
NY                 Assumed Retro                                       -            4,062      312,473
NY                 Crop Hail                                           -              268       20,572
NY                 Degree Day                                          -                -            -
NY                 First Dollar Auto Liability                         -            6,018      300,878
NY                 First Dollar Auto Phys Dam                          -                -            -
NY                 First Dollar G/L                                   31            4,951      247,554
NY                 Healthcare P/R                                291,217           24,065    1,191,317
NY                 Intl Cas Motor                                855,123           30,102    1,077,534
NY                 Intl Casualty Tty                              19,232           26,773    1,313,091
NY                 Intl Ppty Tty Outward Retro                         -                -            -
NY                 Intl Ppty Tty P/R                              45,047            9,784      730,021
NY                 Intl Ppty Tty X/S Cat                               -           38,288    2,924,931
NY                 Intl Ppty Tty X/S Risk                              -            2,175      167,274
NY                 NA Cas Tty P/R                                      -           39,140    1,957,000
NY                 NA Cas Tty P/R LPIC                                 -           11,963      598,146
NY                 NA Cas Tty X/S                                  1,474          104,522    5,225,339
NY                 NA Cas Tty X/S Clash                                -           57,428    2,210,957
NY                 NA Ppty Tty P/R                               333,710           20,984    1,447,339
NY                 NA Ppty Tty X/S Cat                           163,444           34,536    2,398,949
NY                 NA Ppty Tty X/S Risk                          750,846           71,005    5,086,525
NY                 OM Facultative                                      -            3,483      193,491
NY                 OM Treaty P/R                                 103,690            3,175      124,523
NY                 OM Treaty X/S                                 162,202           96,707    5,291,506

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

               Total  New York & Vermont                       2,726,015          589,429   32,819,420          -            -
------------------------------------------------------------------------------------------------------------------------------------

               Total                                           3,889,007        1,163,505   54,069,526          -            -
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     A-3-2

<PAGE>

                                   EXHIBIT B-1

                            List of Excluded Classes

The following business is to be excluded from transfer.

<TABLE>
<CAPTION>
                      London Classes                                            London Classes
                      --------------                                            --------------
<S>       <C>                                         <C>       <C>
L12                     N. Am Prof                    B57              Brussels Non-Marine Fac Excess
L13                     Intl Prof                     B58               Brussels Marine Fac Pro Rata
L14                NA Property Binders                B59                Brussels Marine Fac Excess
L98               U.S. Run-Off Business               B67                  Brussels Sattelite PR
L20                   LMX/Retro Prop                  B77       Brussels Aviation Liability Pro Rata Treaty
L22                   LMX/Retro Cas                   B78          Brussels Aviation Hull Pro Rata Treaty
L30                    N Am Cas E&S                   B90               Brussels Fin Lines Pro Rata
L31                  N Am Binders Cas                 M97              Munich Int'l Run-Off Business
L15                      Aviation
L19                    Int'l Credit
L35                Financial Long Tail
L67                     Sattelite
R21                   Marine Runoff
R22                Casualty Retro Runof
L97                Int Property Runoff
L98                 NA Casualty Runoff
B36       Brussels Financial Lines Short Tail PR
B37       Brussels Financial Lines Short Tail XL
B56          Brussels Non-Marine Fac Pro Rata
B88              Brussels Non Traditional
L88                   Int'l NT 1999
L89                     NA NT 1999
</TABLE>

                                     B-1-1

<PAGE>

                                   EXHIBIT B-2

                             The Excluded Contracts

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE B-2 - EXCLUDED CONTRACTS

<TABLE>
<CAPTION>
Reserving  GENIUS                      Policy
  Class    Class                     Reference    Inception   Expiry          Cedant                           Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
    26       26    Intl.Motor XOL   000818021NXC    1/1/02   12/31/02  Neal J D Synd 0980 *AC*      Ensign Mtr Malta Spec -Yr 2 of 2
    26       26    Intl.Motor XOL   823647021NXC    1/1/02   12/31/02  Neal J D Synd 0980 *AC*      Ensign mtr Layer 1 - Yr 2 of 2
    26       26    Intl.Motor XOL   823649021NXC    1/1/02   12/31/02  Neal J D Synd 0980 *AC*      Ensign mtr layers 2-5 Yr 2 of 2
    27       27    Intl.Liabs.XOL   000287021NXC    1/1/02   12/31/02  Assic Generali di Tri *AC*   Generali GTP Multinational 1&2
    27       27    Intl.Liabs.XOL   000287021NXC    1/1/02   12/31/02  Assic Generali di Tri *AC*   Generali GTP Multinational 1&2
    27       27    Intl.Liabs.XOL   000288021NXC    1/1/02   12/31/02  Assic Generali di Tri *AC*   Generali GTP Layers 1 & 2
    27       27    Intl.Liabs.XOL   000582021NXC    1/1/02   12/31/02  Trenwick per SpecRisk *XO*   Trenwick EL/PL Layer 1
    27       27    Intl.Liabs.XOL   000583021NXC    1/1/02   12/31/02  Trenwick per SpecRisk *XO*   Trenwick EL/PL Layers 3 & 4
    27       27    Intl.Liabs.XOL   000583021NXC    1/1/02   12/31/02  Trenwick per SpecRisk *XO*   Trenwick EL/PL Layers 3 & 4
    27       27    Intl.Liabs.XOL   000788021NXC    1/1/02   12/31/02  Wallace R J Synd 0683 *AC*   R J Wallace GTP Layer 1
    27       27    Intl.Liabs.XOL   000898021NXC    7/1/02    6/30/03  AIG Europe UK Ltd *AC*       AIG Offshore EL Layer 1
    27       27    Intl.Liabs.XOL   000898021NXC    7/1/02    6/30/03  AIG Europe UK Ltd *AC*       AIG Offshore EL Layer 1
    27       27    Intl.Liabs.XOL   000989021NXC    1/1/02   12/31/02  Cornhill Ins PLC *AC*        Cornhill EL/PL/PA Clash XL
    27       27    Intl.Liabs.XOL   001332021NXC    1/1/02   12/31/02  Mann D P Synd 0435 *AC*      Faraday Synd 435 GTP Layer 1
    27       27    Intl.Liabs.XOL   001332021NXC    1/1/02   12/31/02  Mann D P Synd 0435 *AC*      Faraday Synd 435 GTP Layer 1
    27       27    Intl.Liabs.XOL   001404021NXC    4/1/02    3/31/03  Zurich Ins Co UK *XO*        Zurich Municipal EL Layer 1
    27       27    Intl.Liabs.XOL   001448021NXC    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   Royal & Sun Alliance GTP XL 2
    27       27    Intl.Liabs.XOL   001449021NXC    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   Royal & Sun Alliance GTP XL 3
    27       27    Intl.Liabs.XOL   001450021NXC    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   Royal & Sun Alliance GTP XL 4
    27       27    Intl.Liabs.XOL   001518021NXC    1/1/02   12/31/02  ACE U/W Agys Synd2488 *AC*   ACE Banks Synd 2488 XL
    27       27    Intl.Liabs.XOL   001525021NXC    1/1/02   12/31/02  ACE U/W Agys Synd2488 *AC*   ACE Banks Synd 2488 XL
    27       27    Intl.Liabs.XOL   001907021NXC    1/1/02   12/31/02  Cornhill Ins PLC *AC*        Cornhill EL Cessions Facility
    27       27    Intl.Liabs.XOL   002159021NXC    4/1/02    3/31/03  Toa Re Co Ltd *AC*           Toa 1st general accident XL
    27       27    Intl.Liabs.XOL   002159021NXC    4/1/02    3/31/03  Toa Re Co Ltd *AC*           Toa 1st general accident XL
    27       27    Intl.Liabs.XOL   002160021NXC    4/1/02    3/31/03  Toa Re Co Ltd *AC*           Toa 2nd general accident XL
    27       27    Intl.Liabs.XOL   002201021NXC    1/1/02   12/31/02  Royal Sun Alliance Gr *AC*   Royal & Sun Alliance GTP XL 5
    27       27    Intl.Liabs.XOL   002474021NXC    1/1/02   12/31/02  Wellington Synd 2020 *AC*    Wellington Synd 2020 PL/EL XL
</TABLE>

                                     B-2-1

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE B-2 - EXCLUDED CONTRACTS

<TABLE>
<CAPTION>
Reserving  GENIUS                      Policy
  Class    Class                     Reference     Inception   Expiry           Cedant                        Title
<S>        <C>      <C>             <C>            <C>        <C>       <C>                          <C>
    27       27     Intl.Liabs.XOL  002534021NXC     1/1/02   12/31/02  Converium Ltd *AC*           Converium GTP/PI XL Layer
    27       27     Intl.Liabs.XOL  002534021NXC     1/1/02   12/31/02  Converium Ltd *AC*           Converium GTP/PI XL Layer
    27       27     Intl.Liabs.XOL  002700021NXC     1/1/02   12/31/02  Wallace R J Synd 0683 *AC*   RJ Wallace Synds 683,386 Clash
    27       27     Intl.Liabs.XOL  002879021NXC     1/1/02   12/31/02  RoyalSunAllianceAustr *AC*   RSA Asia GTP x/l sublayer
    27       27     Intl.Liabs.XOL  002879021NXC     1/1/02   12/31/02  RoyalSunAllianceAustr *AC*   RSA Asia GTP x/l sublayer
    27       27     Intl.Liabs.XOL  002887021NXC     1/1/02   12/31/02  Armes D J Synd 0820 *AC*     Drysdale Synd 820 Banks a/c
    27       27     Intl.Liabs.XOL  002888021NXC     1/1/02   12/31/02  Armes D J Synd 0820 *AC*     Drysdale synd 820 Banks a/c
    27       27     Intl.Liabs.XOL  002888021NXC     1/1/02   12/31/02  Armes D J Synd 0820 *AC*     Drysdale synd 820 Banks a/c
    27       27     Intl.Liabs.XOL  002901021NXC     1/1/02   12/31/02  Hibernian Ins Co Ltd *AC*    Hibernian EL Facility
    27       27     Intl.Liabs.XOL  002901021NXC     1/1/02   12/31/02  Hibernian Ins Co Ltd *AC*    Hibernian EL Facility
    27       27     Intl.Liabs.XOL  002999021NXC     1/1/02   12/31/02  SCOR *AC*                    SCOR GL Risk XL
    27       27     Intl.Liabs.XOL  003095021NXC     1/1/02   12/31/02  Amlin Synd 2001 *AC*         Drysdale PI/FI Clash Layer
    27       27     Intl.Liabs.XOL  003121021NXC     7/1/02    6/30/03  Defence Service Homes *AC*   DSH 1st Liability Layer
    27       27     Intl.Liabs.XOL  003121021NXC     7/1/02    6/30/03  Defence Service Homes *AC*   DSH 1st Liability Layer
    27       27     Intl.Liabs.XOL  003122021NXC     7/1/02    6/30/03  Defence Service Homes *AC*   DSH 2nd Liability Layer
    27       27     Intl.Liabs.XOL  003123021NXC     7/1/02    6/30/03  Defence Service Homes *AC*   DSH 3rd Liability Layer
    27       27     Intl.Liabs.XOL  003124021NXC     7/1/02    6/30/03  Defence Service Homes *AC*   DSH 4th Liability Layer
    27       27     Intl.Liabs.XOL  003152021NXC     7/1/02    6/30/03  Alliance & Leicester *XO*    All & Leics Household Liab x/l
    27       27     Intl.Liabs.XOL  003251021NXC     1/1/02   12/31/02  Argus Ins Co Ltd *AC*        Argus Accident XL
    27       27     Intl.Liabs.XOL  003251021NXC     1/1/02   12/31/02  Argus Ins Co Ltd *AC*        Argus Accident XL
    27       27     Intl.Liabs.XOL  003303021NXC     1/1/02   12/31/02  AXA Cessions *AC*            AXA Ireland Liability Layer 1
    27       27     Intl.Liabs.XOL  003303021NXC     1/1/02   12/31/02  AXA Cessions *AC*            AXA Ireland Liability Layer 1
    27       27     Intl.Liabs.XOL  003304021NXC     1/1/02   12/31/02  AXA Cessions *AC*            Axa Ireland Liability Layer 2
    27       27     Intl.Liabs.XOL  003304021NXC     1/1/02   12/31/02  AXA Cessions *AC*            Axa Ireland Liability Layer 2
    27       27     Intl.Liabs.XOL  003305021NXC     1/1/02   12/31/02  AXA Cessions *AC*            Axa Ireland Liability Layer 3
    27       27     Intl.Liabs.XOL  003305021NXC     1/1/02   12/31/02  AXA Cessions *AC*            Axa Ireland Liability Layer 3
    27       27     Intl.Liabs.XOL  003409021NXC     1/1/02   12/31/02  Wheeler M H Synd 1007 *AC*   Wheeler Synd 1007 Banks 2nd XL
    27       27     Intl.Liabs.XOL  003409021NXC     1/1/02   12/31/02  Wheeler M H Synd 1007 *AC*   Wheeler Synd 1007 Banks 2nd XL
    27       27     Intl.Liabs.XOL  003412021NXC     1/1/02   12/31/02  Great Lakes Re UK plc *XF*   Great Lakes Landlords Liab XL
    27       27     Intl.Liabs.XOL  003412021NXC     1/1/02   12/31/02  Great Lakes Re UK plc *XF*   Great Lakes Landlords Liab XL
    27       27     Intl.Liabs.XOL  003444021NXC     4/1/02    3/31/03  Kyoei Mut F&M Ins Co *AC*    Kyoei Mutual GA Layers 1 to 4
</TABLE>

                                     B-2-2

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE B-2 - EXCLUDED CONTRACTS

<TABLE>
<CAPTION>
Reserving  GENIUS                        Policy
  Class    Class                       Reference     Inception   Expiry             Cedant                      Title
<S>        <C>      <C>               <C>            <C>        <C>       <C>                           <C>
    27       27     Intl.Liabs.XOL    003471021NXC     1/1/02   12/31/02  Trenwick per SpecRisk *XO*    Trenwick EL/PL Layer 2
    27       27     Intl.Liabs.XOL    003471021NXC     1/1/02   12/31/02  Trenwick per SpecRisk *XO*    Trenwick EL/PL Layer 2
    27       27     Intl.Liabs.XOL    003488021NXC     7/1/02   12/31/03  Stuchbery RA Synd 1096 *AC*   Chaucer FI Layer 1
    27       27     Intl.Liabs.XOL    003489021NXC     7/1/02   12/31/03  Stuchbery RA Synd 1096 *AC*   Chaucer FI Layer 2
    27       27     Intl.Liabs.XOL    044702021BXC     1/1/02   12/31/02  INTERPOLIS NV  *AC*           TRAVEL XSL 2ND LAYER
    27       27     Intl.Liabs.XOL    045398021BXC     1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*    P.A. XSL 1ST LAYER
    27       27     Intl.Liabs.XOL    045400021BXC     1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*    P.A. XSL 2ND LAYER
    27       27     Intl.Liabs.XOL    045402021BXC     1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*    P.A. XSL - CUMULATION
    27       27     Intl.Liabs.XOL    045404021BXC     1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*    G.T.P.L. XSL 1ST LAYER
    27       27     Intl.Liabs.XOL    047572021BXC     1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*    2ND RISK PROTECTION GTPL XSL
    27       27     Intl.Liabs.XOL    048207021BXC     1/1/02   12/31/02  GEMA (Grp Entreprises *TO*    FIRE LIABILITY 1ST LAYER
    27       27     Intl.Liabs.XOL    048212021BXC     1/1/02   12/31/02  GEMA (Grp Entreprises *TO*    FIRE LIABILITY 2ND LAYER
    27       27     Intl.Liabs.XOL    048215021BXC     1/1/02   12/31/02  GEMA (Grp Entreprises *TO*    FIRE LIABILITY 3RD LAYER
    27       27     Intl.Liabs.XOL    048217021BXC     1/1/02   12/31/02  GEMA (Grp Entreprises *TO*    FIRE LIABILITY 4TH LAYER
    27       27     Intl.Liabs.XOL    048218021BXC     1/1/02   12/31/02  GEMA (Grp Entreprises *TO*    FIRE LIABILITY 5TH LAYER
    27       27     Intl.Liabs.XOL    048219021BXC     1/1/02   12/31/02  GEMA (Grp Entreprises *TO*    FIRE LIABILITY 6TH LAYER
    27       27     Intl.Liabs.XOL    048438021BXC     1/1/02   12/31/02  HDI aG *AC*                   G.T.P.L. XSL 3RD LAYER
    27       27     Intl.Liabs.XOL    048442021BXC     1/1/02   12/31/02  HDI aG *AC*                   G.T.P.L. XSL 4TH LAYER
    27       27     Intl.Liabs.XOL    050044021BXC     1/1/02   12/31/02  AXA Royale Belge *AC*         G.T.P.L. XSL
    27       27     Intl.Liabs.XOL    050063021BXC     1/1/02   12/31/02  AXA Colonia Konzern *AC*      G.T.P.L. XSL 2ND LAYER
    27       27     Intl.Liabs.XOL    050257021BXC     1/1/02   12/31/02  AXA Aurora Iberica *AC*       G.T.P.L. XSL 1ST LAYER
    27       27     Intl.Liabs.XOL    052451021BXC     1/1/02   12/31/02  AXA Assic SpA *AC*            G.T.P.L. XSL 2ND LAYER
    27       27     Intl.Liabs.XOL    052452021BXC     1/1/02   12/31/02  AXA Assic SpA *AC*            G.T.P.L. XSL 3RD LAYER
    27       27     Intl.Liabs.XOL    052453021BXC     1/1/02   12/31/02  AXA Assic SpA *AC*            G.T.P.L. XSL 4TH LAYER
    27       27     Intl.Liabs.XOL    052828021BXC     1/1/02   12/31/02  Aegon NV *AC*                 SICKNESS STOPLOSS 1ST LAYER
    27       27     Intl.Liabs.XOL    052829021BXC     1/1/02   12/31/02  Aegon NV *AC*                 SICKNESS STOPLOSS 2ND LAYER
    27       27     Intl.Liabs.XOL    052895021BXC     1/1/02   12/31/02  HDI aG *AC*                   G.T.P.L. XSL 5TH LAYER
    27       27     Intl.Liabs.XOL    055519021BXC     1/1/02   12/31/02  Unive Verzekeringen *AC*      PERSONAL ACCIDENT XSL
    27       27     Intl.Liabs.XOL    055523021BXC     1/1/02   12/31/02  Unive Verzekeringen *AC*      G.T.P.L. XSL
    27       27     Intl.Liabs.XOL    055638021BXC     1/1/02   12/31/02  AXA Aurora Iberica *AC*       G.T.P.L. XSL 2ND LAYER
    27       27     Intl.Liabs.XOL    055897021BXC     1/1/02   12/31/02  AXA Colonia Konzern *AC*      G.T.P.L. XSL 1ST LAYER
</TABLE>

                                     B-2-3

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE B-2 - EXCLUDED CONTRACTS

<TABLE>
<CAPTION>
Reserving  GENIUS                      Policy
  Class    Class                     Reference    Inception   Expiry             Cedant                        Title
<S>        <C>     <C>              <C>           <C>        <C>       <C>                          <C>
    27       27    Intl.Liabs.XOL   055899021BXC    1/1/02   12/31/02  AXA Colonia Konzern *AC*     G.T.P.L. XSL CLASH COVER
    27       27    Intl.Liabs.XOL   056006021BXC    1/1/02   12/31/02  Deutscher Herold *AC*        PERSONAL ACCIDENT XSL
    27       27    Intl.Liabs.XOL   056007021BXC    1/1/02   12/31/02  Deutscher Herold *AC*        P.A. XSL MEHRLEISTUNGS
    27       27    Intl.Liabs.XOL   056020021BXC    1/1/02   12/31/02  AXA Colonia Konzern *AC*     G.T.P.L. CODED XSL PER RISK
    27       27    Intl.Liabs.XOL   056075021BXC    1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*   KOMPAKT POLICIES XSL TTY
    27       27    Intl.Liabs.XOL   056076021BXC    1/1/02   12/31/02  BAYERISCHE BEAMTENVER *AC*   KOMPAKT POLICIES ONLY ON GTPL
    27       27    Intl.Liabs.XOL   823418021NXC    1/1/02   12/31/02  Mann D P Synd 0435 *AC*      Faraday Synd 435 GTP layer 2
    27       27    Intl.Liabs.XOL   823418021NXC    1/1/02   12/31/02  Mann D P Synd 0435 *AC*      Faraday Synd 435 GTP layer 2
    27       27    Intl.Liabs.XOL   823439021NXC    1/1/02   12/31/02  Wheeler M H Synd 1007 *AC*   Wheeler Synd 1007 Banks 1st XL
    27       27    Intl.Liabs.XOL   823441021NXC    1/1/02   12/31/02  Wheeler M H Synd 1007 *AC*   Wheeler Synd 1007 Banks 3rd XL
    27       27    Intl.Liabs.XOL   823628021NXC    1/1/02   12/31/02  CarringtonGH Synd 1241 *AC*  Burnhope Synd 1241 Banks Layer 2
    27       27    Intl.Liabs.XOL   823629021NXC    1/1/02   12/31/02  CarringtonGH Synd 1241 *AC*  Burnhope Synd 1241 Banks Layer 3
    27       27    Intl.Liabs.XOL   823988021NXC    4/1/02    3/31/03  Nat Hse Bldg Council *XO*    Nat Hse Bldg Warranty
    27       27    Intl.Liabs.XOL   823988021NXC    4/1/02    3/31/03  Nat Hse Bldg Council *XO*    Nat Hse Bldg Warranty
    27       27    Intl.Liabs.XOL   824011021NXC    7/1/02    6/30/03  Solicitors Indem Mut *XO*    SIMIA 1st layer PI
    27       27    Intl.Liabs.XOL   824012021NXC    7/1/02    6/30/03  Solicitors Indem Mut *XO*    SIMIA 2nd layer PI
    27       27    Intl.Liabs.XOL   824013021NXC    7/1/02    6/30/03  Solicitors Indem Mut *XO*    SIMIA 3rd layer PI
    27       27    Intl.Liabs.XOL   824014021NXC    7/1/02    6/30/03  Solicitors Indem Mut *XO*    SIMIA 4th layer PI
    27       27    Intl.Liabs.XOL   824015021NXC    7/1/02    6/30/03  Solicitors Indem Mut *XO*    SIMIA 5th layer PI
    27       27    Intl.Liabs.XOL   824082021NXC    1/1/02   12/31/02  Wallace R J Synd 0683 *AC*   R J Wallace EL 1st layer
    27       27    Intl.Liabs.XOL   824119021NXC    4/1/02    3/31/03  Zurich Ins Co UK *XO*        Zurich Ins Liab 1st layer
    27       27    Intl.Liabs.XOL   824120021NXC    4/1/02    3/31/03  Zurich Ins Co UK *XO*        Zurich Ins Liab 2nd layer
    31       31    US Liab.Binders  195000021ABL    1/1/02   12/31/02  VARIOUS                      WESTCO FEES
    34       34    Intl.Liabs ProR  000401021NRC    1/1/02   12/31/02  Wheeler M H Synd 1010 *AC*   Spreckley 1010 Banks 1st Surp
    34       34    Intl.Liabs ProR  001526021NRC    1/1/02   12/31/02  ACE U/W Agys Synd 2488 *AC*  ACE Banks Surplus Synd 2488
    34       34    Intl.Liabs ProR  050300021BRC    1/1/02   12/31/02  Hannover Ruck AG *AC*        G.T.P.L. QUOTA SHARE
    34       34    Intl.Liabs ProR  053071021BRC    1/1/02   12/31/02  BPB Assic SpA *AC*           G.T.P.L. QUOTA SHARE TREATY
    34       34    Intl.Liabs ProR  920479021NRC    1/1/02   12/31/02  Markel Synd 3000 *NR*        Warrington Banks fac/oblig
    36       36    Fin.Line S.T.PR  048153021BRJ    1/1/02   12/31/02  COFACE *AC*                  COMMERCIAL CREDIT RISKS QS
     8       44    US N-Mtr (ExE/C  825079021AXC    9/1/02    8/31/03  Mut Ins Co *XO*              Mutual 2nd casualty 3 of 3yr
     8       44    US N-Mtr (ExE/C  825080021AXC    9/1/02    8/31/03  Mut Ins Co *XO*              Mutual 3rd casualtY 3 of 3yr
</TABLE>

                                     B-2-4

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE B-2 - EXCLUDED CONTRACTS

<TABLE>
<CAPTION>
Reserving  GENIUS                        Policy
  Class    Class                       Reference     Inception   Expiry             Cedant                        Title
<S>        <C>      <C>               <C>            <C>         <C>      <C>                        <C>
    56       56     N-M Prop Fac      040100021BRF     1/1/02    1/1/03   HICHAL HACITY-SAHAR        PF-SAHAR-HICHAL HACITY-SAHAR
    56       56     N-M Prop Fac      040419021BRF     1/1/02    1/1/03   B & C PRODUCTS             PF-NOWM-B & C PRODUCTS
    56       56     N-M Prop Fac      040456021BRF     1/1/02    1/1/03   VIESSMANN                  PF-GERLING-VIESSMANN
    56       56     N-M Prop Fac      040491021BRF     1/1/02    1/1/03   FISIPE                     PF-S&P-FISIPE PORTUGAL
    56       56     N-M Prop Fac      040599021BRF     1/1/02    1/1/03   MAN HAUPTVERTRAG           PF-GERLING-MAN
    56       56     N-M Prop Fac      040629021BRF     1/1/02    1/1/03   MESSE BERLIN               PF-AON DE-MESSE BERLIN
    56       56     N-M Prop Fac      040679021BRF     1/1/02    1/1/03   HOSPITALS & COLLEGES       PF-COYLE-HOSPITALS & COLLEGES
    56       56     N-M Prop Fac      040682021BRF     1/1/02    1/1/03   DIERICHS                   PF-GERLING-DIERICHS
    56       56     N-M Prop Fac      040697021BRF     1/1/02    1/1/03   STOESS DGF                 PF-GERLING-STOESS DGF
    56       56     N-M Prop Fac      040718021BRF     1/1/02    1/1/03   HOSPITALS GVV              PF-GOTHAER-HOSPITALS GVV
    56       56     N-M Prop Fac      040718021BRF     1/1/02    1/1/03   HOSPITALS GVV              PF-GOTHAER-HOSPITALS GVV
                                                                                                     PF-NOWM-MAGNETIC PROD/ESKA
    56       56     N-M Prop Fac      041560021BRF     1/1/02    1/1/03   MAGNETIC PRODUCTS / ESKA   BEH
    56       56     N-M Prop Fac      042942021BRF     1/1/02    1/1/03   TNO/TECHNISCH NATUURK      PF-AON NL-TNO/TECHNISCH NATUUR
    56       56     N-M Prop Fac      043560021BRF     1/1/02    1/1/03   WILMS GRUPPE               PF-WURTTEM-WILMS GRUPPE
    56       56     N-M Prop Fac      043755021BRF     1/1/02    1/1/03   AGU                        PF-PWS NL-AGU
    56       56     N-M Prop Fac      044613021BRF     1/1/02    1/1/03   AUBI/SIEGENIA FRANK        PF-WURTTEM-AUBI/SIEGENIA FRANK
    56       56     N-M Prop Fac      044613021BRF     1/1/02    1/1/03   AUBI/SIEGENIA FRANK        PF-WURTTEM-AUBI/SIEGENIA FRANK
    56       56     N-M Prop Fac      044832021BRF     1/1/02    1/1/03   GIBOR SPORT                PF-SAHAR-GIBOR SPORT
    56       56     N-M Prop Fac      044832021BRF     1/1/02    1/1/03   GIBOR SPORT                PF-SAHAR-GIBOR SPORT
                                                                                                     PF-WURTTEM-FLUGHAFEN
    56       56     N-M Prop Fac      045229021BRF     1/1/02    1/1/03   FLUGHAFEN NURNBERG         NURNBERG
    56       56     N-M Prop Fac      046536021BRF     1/1/02    1/1/03   BSR BERLINER STADTREINIGU  PF-AON DE-BSR BERLINER STADTRE
    56       56     N-M Prop Fac      046554021BRF     1/1/02    1/1/03   BERLIN VARIOUS RISKS       PF-AON DE-BERLIN VARIOUS RISKS
    56       56     N-M Prop Fac      046700021BRF     1/1/02    1/1/03   FLUGHAFEN TEGEL            PF-AON DE-FLUGHAFEN TEGEL
    56       56     N-M Prop Fac      046705021BRF     1/1/02    1/1/03   FLUGHAFEN TEMPELHOF        PF-AON DE-FLUGHAFEN TEMPELHOF
    56       56     N-M Prop Fac      048333021BRF     1/1/02    1/1/03   OKV/VRS MUNICIPAL BLDGS    PF-AON DE-OKV VRS MUNICIPAL BL
    56       56     N-M Prop Fac      048333021BRF     1/1/02    1/1/03   OKV/VRS MUNICIPAL BLDGS    PF-AON DE-OKV VRS MUNICIPAL BL
    56       56     N-M Prop Fac      048401021BRF     1/1/02    1/1/03   RAV-BARICH GROUP           PF-PWS UK-RAV-BARICH/MUL-T-LOC
    56       56     N-M Prop Fac      048401021BRF     1/1/02    1/1/03   RAV-BARICH GROUP           PF-PWS UK-RAV-BARICH/MUL-T-LOC
    56       56     N-M Prop Fac      048734021BRF     1/1/02    1/1/03   VERGEER KAAS               PF-ING-VERGEER KAAS
    56       56     N-M Prop Fac      050256021BRF     1/1/02    1/1/03   ARIE BLOK B.V.             PF-NOWM-ARIE BLOK BV
</TABLE>

                                     B-2-5

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE B-2 - EXCLUDED CONTRACTS

<TABLE>
<CAPTION>
Reserving  GENIUS                        Policy
  Class    Class                       Reference     Inception   Expiry             Cedant                        Title
<S>        <C>      <C>               <C>            <C>        <C>       <C>                        <C>
    56       56     N-M Prop Fac      050458021BRF     1/1/02    1/1/03   SHAAREI ZEDEK MEDICAL      PF-SAHAR-SHAAREI ZEDEK HOSPITA
    56       56     N-M Prop Fac      050458021BRF     1/1/02    1/1/03   SHAAREI ZEDEK MEDICAL      PF-SAHAR-SHAAREI ZEDEK HOSPITA
    56       56     N-M Prop Fac      050554021BRF     1/1/02    1/1/03   RADIALL                    PF-CHUBB FR-RADIALL
    56       56     N-M Prop Fac      050746021BRF    1/31/02   1/31/03   FLEXCON GLENROTHES         PF-SAIL UK-FLEXCON GLENROTHES
    56       56     N-M Prop Fac      050746021BRF    1/31/02   1/31/03   FLEXCON GLENROTHES         PF-SAIL UK-FLEXCON GLENROTHES
    56       56     N-M Prop Fac      051567021BRF     1/1/02    1/1/03   BRUNNER GMBH               PF-CHUBB DE-BRUNNER
    56       56     N-M Prop Fac      052427021BRF     1/1/02    1/1/03   WESTLAND KAAS GROEP        PF-AON NL-WESTLAND KAAS GROEP
    56       56     N-M Prop Fac      052879021BRF     1/1/02    1/1/03   GREAT SOUTHERN HOTELS      PF-SAIL UK-GREAT SOUTHERN HOTE
    56       56     N-M Prop Fac      052951021BRF     1/1/02    1/1/03   THERMALQUELLE LOIPERSDORF  PF-GRAZER-THERMALQUELLE
    56       56     N-M Prop Fac      052951021BRF     1/1/02    1/1/03   THERMALQUELLE LOIPERSDORF  PF-GRAZER-THERMALQUELLE
    56       56     N-M Prop Fac      053006021BRF     1/1/02    1/1/03   AN POST / GPO ARCADE       PF-COYLE-AN POST/GPO ARCADE
    56       56     N-M Prop Fac      053049021BRF     1/1/02    1/1/03   CENTRALCER                 PF-PWS NL-CENTRALCER
    56       56     N-M Prop Fac      053157021BRF     1/1/02    1/1/03   IRISH TIMES TRUST          PF-COYLE-IRISH TIMES TRUST
    56       56     N-M Prop Fac      053354021BRF     1/1/02    1/1/03   LOVINK-TERBORG BEHEER      PF-PWS NL-LOVINK-TERBORG BEHEE
    56       56     N-M Prop Fac      053356021BRF     1/1/02    1/1/03   SEZ AG                     PF-GRAZER-SEZ AG
    56       56     N-M Prop Fac      053506021BRF     1/1/02    1/1/03   SEROUSSI/NORADA/IKOS/SERC  PF-SAIL-SEROUSSI/NORADA/IKOS
    56       56     N-M Prop Fac      053506021BRF     1/1/02    1/1/03   SEROUSSI/NORADA/IKOS/SERC  PF-SAIL-SEROUSSI/NORADA/IKOS
    56       56     N-M Prop Fac      055265021BRF     1/1/02    1/1/03   EURO STAR HOLLAND          PF-AON NL-EURO STAR HOLLAND
    56       56     N-M Prop Fac      055265021BRF     1/1/02    1/1/03   EURO STAR HOLLAND          PF-AON NL-EURO STAR HOLLAND
    56       56     N-M Prop Fac      055613021BRF     1/1/02    1/1/03   SCHILS B.V.                PF-PWS NL-SCHILS
    56       56     N-M Prop Fac      055615021BRF     1/1/02    1/1/03   DUBLIN REGIONAL TOURIST B  PF-COYLE-DUBLIN REGION TOURIST
    56       56     N-M Prop Fac      055628021BRF     1/1/02    1/1/03   PEETERS PRODUKTEN BEHEER   PF-PWS NL-PEETERS PRODUKTEN
    56       56     N-M Prop Fac      055707021BRF     1/1/02    1/1/03   TUSCH DRUCK AG             PF-EA GENERALI-TUSCH DRUCK AG
    56       56     N-M Prop Fac      055735021BRF     1/1/02    1/1/03   RAI AMSTERDAM BV           PF-PWS NL-RAI AMSTERDAM BV
                                                                                                     PF-NOWM-VAN DRIMMELEN
    56       56     N-M Prop Fac      055780021BRF     1/1/02    1/1/03   VAN DRIMMELEN HOUTGROEP    HOUTGROE
    56       56     N-M Prop Fac      055880021BRF     1/1/02    1/1/03   BUNNIK DE BOER NIJKERK BV  PF-NOWM-BUNNIK DE BOER NIJKERK
    56       56     N-M Prop Fac      055881021BRF     3/22/02   1/1/03   FLEXPAK TRANSPARANT VERPA  PF-NOWM-FLEXPAK TRANSPARANT
    56       56     N-M Prop Fac      055882021BRF     1/1/02    1/1/03   K.M.W.E. MANAGEMENT BV     PF-NOWM-KMWE MANAGEMENT BV
    56       56     N-M Prop Fac      055883021BRF     1/1/02    1/1/03   K.M.W.E. MANAGEMENT BV     PF-NOWM-KMWE MANAGEMENT BV
    56       56     N-M Prop Fac      055884021BRF     1/1/02    1/1/03   KRIJGER MEELFABRIEK RENES  PF-NOWM-KRIJGER MEELFABRIEK
</TABLE>

                                     B-2-6

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE B-2 - EXCLUDED CONTRACTS

<TABLE>
<CAPTION>
Reserving  GENIUS                        Policy
  Class    Class                       Reference     Inception   Expiry             Cedant                        Title
<S>        <C>      <C>               <C>            <C>         <C>      <C>                        <C>
    56       56     N-M Prop Fac      055885021BRF     1/1/02    1/1/03   SMEVA                      PF-NOWM-SMEVA BV
                                                                                                     PF-NOWM-STRONKHORST VAN DER
    56       56     N-M Prop Fac      055886021BRF     1/1/02    1/1/03   STRONKHORST VAN DER ESCH   ES
    56       56     N-M Prop Fac      055888021BRF     1/1/02    1/1/03   BODEGRAVEN GEBRR.          PF-ING-BODEGRAVEN GEBR.
    56       56     N-M Prop Fac      055900021BRF     1/1/02    1/1/03   LEEUWARDER ONDERLINGE BLO  PF-GREIG BE-LEEUWARDER BLOCK
    56       56     N-M Prop Fac      055915021BRF     1/1/02    1/1/03   ROLDUC et al               PF-GUY CARP NL-ROLDUC
    56       56     N-M Prop Fac      055938021BRF     1/1/02    1/1/03   EUROPEAN PARLIAMENT        PF-AON BE-EUROPEAN PARLIAMENT
    56       56     N-M Prop Fac      055993021BRF     1/1/02    1/1/03   TAULI PARC CONSORCI HOSPI  PF-INTERBROK-TAULI PARC CONS
    56       56     N-M Prop Fac      056009021BRF     1/1/02    1/1/03   ONDER DE BOGEN (CAROLUS B  PF-GUY CARP NL-ONDER DE BOGEN
    56       56     N-M Prop Fac      056010021BRF     1/1/02    1/1/03   HYATT DEAD SEA HOTEL       PF-SAHAR-HYATT DEAD SEA HOTEL
    56       56     N-M Prop Fac      056010021BRF     1/1/02    1/1/03   HYATT DEAD SEA HOTEL       PF-SAHAR-HYATT DEAD SEA HOTEL
    56       56     N-M Prop Fac      056011021BRF     1/1/02    1/1/03   BIOLOGISCHE HEILMITTEL HE  PF-GERLING-BIOLOG. HEILMITTEL
    56       56     N-M Prop Fac      056011021BRF     1/1/02    1/1/03   BIOLOGISCHE HEILMITTEL HE  PF-GERLING-BIOLOG. HEILMITTEL
    56       56     N-M Prop Fac      056017021BRF     1/1/02    1/1/03   PHILIPS-UNIV. MARBURG      PF-CHUBB DE-PHILIPS-UNI.MARBUR
    57       57     N-M Pty X/L Fac   040208021BXF     1/1/02    1/1/03   BASF WW                    PF-AON DE-BASF
    57       57     N-M Pty X/L Fac   040208021BXF     1/1/02    1/1/03   BASF WW                    PF-AON DE-BASF
    57       57     N-M Pty X/L Fac   040217021BXF     1/1/02    1/1/03   BASF WW                    PF-AON DE-BASF
    57       57     N-M Pty X/L Fac   041558021BXF     1/1/02    3/1/03   IMPALA PLATINUM            PF-ALEX FO-IMPALA PLATINUM
    57       57     N-M Pty X/L Fac   044957021BXF     1/1/02    1/1/03   BOURGEOIS                  PF-FAC-BOURGEOIS
    57       57     N-M Pty X/L Fac   045856021BXF     1/1/02    1/1/03   KRUIDVAT BEHEER            PF-AON NL-KRUIDVAT(Groenwoudt)
    57       57     N-M Pty X/L Fac   048050021BXF     1/1/02    1/1/03   KIJKGRIJP DEKAMARKT        PF-AON NL-KIJKGRIJP DEKAMARKT
    57       57     N-M Pty X/L Fac   048244021BXF     1/1/02    1/1/03   VOLKSWAGEN AG              PF-CNA-VOLKSWAGEN AG
                                                                                                     PF-GUY CARP ST-SWEDISH
    57       57     N-M Pty X/L Fac   050274021BXF     1/1/02    1/1/03   SWEDISH CHURCHES           CHURCHE
    57       57     N-M Pty X/L Fac   050280021BXF     1/1/02    1/1/03   DELHAIZE                   PF-AON BE-DELHAIZE
    57       57     N-M Pty X/L Fac   050281021BXF     2/1/02    1/1/03   SABANCI GROUP              PF-MARSH UKF-SABANCI GROUP
    57       57     N-M Pty X/L Fac   050285021BXF     1/1/02    1/1/03   BOEHRINGER INGELHEIM       PF-FM DE-BOEHRINGER ING
    57       57     N-M Pty X/L Fac   050303021BXF     1/1/02    1/1/03   VOLKSWAGEN AG              PF-CNA-VOLKSWAGEN AG
    57       57     N-M Pty X/L Fac   050304021BXF     1/1/02    1/1/03   VOLKSWAGEN AG              PF-CNA-VOLKSWAGEN AG
    57       57     N-M Pty X/L Fac   051123021BXF     1/1/02    1/1/03   CHUBB DE VARIOUS RISKS     PF-CHUBB DE-CHUBB DE VARIOUS
    57       57     N-M Pty X/L Fac   051768021BXF     1/1/02    1/1/03   FRANKFURT FLUGHAFEN        PF-FM DE-FRANKFURT FLUGHAFEN
    57       57     N-M Pty X/L Fac   051815021BXF     1/1/02    1/1/03   CEHAVE                     PF-PWS NL-CEHAVE
</TABLE>

                                      B-2-7

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE B-2 - EXCLUDED CONTRACTS

<TABLE>
<CAPTION>
Reserving  GENIUS                        Policy
  Class    Class                       Reference     Inception    Expiry        Cedant                         Title
<S>        <C>      <C>               <C>            <C>        <C>        <C>                        <C>
    57       57     N-M Pty X/L Fac   052544021BXF     2/1/02     1/1/03   REED INTERNATIONAL         PF-COYLE-REED INTERNATIONAL
    57       57     N-M Pty X/L Fac   052713021BXF     1/1/02     1/1/03   VOLKSWAGEN AG              PF-CNA-VOLKSWAGEN AG
    57       57     N-M Pty X/L Fac   052769021BXF     1/1/02     1/1/03   UCO                        PF-AON BE-UCO
    57       57     N-M Pty X/L Fac   052775021BXF     1/1/02     1/1/03   VAW ALUMINIUM AG           PF-GUY CARP CH-VAW ALUMINIUM
    57       57     N-M Pty X/L Fac   052785021BXF     1/1/02     1/1/03   TNT POST GROEP             PF-PWS NL-TNT POST GROUP
                                                                                                      PF-GUY CARP ST-SWEDISH
    57       57     N-M Pty X/L Fac   052844021BXF     1/1/02     1/1/03   SWEDISH CHURCHES           CHURCHE
    57       57     N-M Pty X/L Fac   052864021BXF     1/1/02     1/1/03   KORSNS GROUP               PF-GUY CARP ST-KORSNAS
    57       57     N-M Pty X/L Fac   052899021BXF     1/1/02     1/1/03   BAYERN UNIKLINIKEN/MAXIMI  PF-CNA-BAYERN UNIKLINIKEN/MAX
    57       57     N-M Pty X/L Fac   052953021BXF     1/1/02     1/1/03   SONAE GROUP                PF-MARSH UKF-SONAE
                                                                                                      PF-COYLE-AGHADOE HEIGHTS
    57       57     N-M Pty X/L Fac   052960021BXF     1/1/02     1/1/03   AGHADOE HEIGHTS HOTEL      HOTEL
    57       57     N-M Pty X/L Fac   053013021BXF     1/1/02     1/1/03   HENKEL                     PF-PWS NL-HENKEL GERMANY
    57       57     N-M Pty X/L Fac   053023021BXF    1/31/02   12/31/02   IRISH DISTILLERS GROU      PF-COYLE-IRISH DISTILLERS/PERN
    57       57     N-M Pty X/L Fac   053072021BXF     1/1/02     1/1/03   HOSPITAL COVER             PF-CHUBB DE-HOSPITAL COVER
    57       57     N-M Pty X/L Fac   053127021BXF     1/1/02     1/1/03   EADS EUROPEAN AERONAUTIC   PF-CNA-EADS
    57       57     N-M Pty X/L Fac   053154021BXF     1/1/02     1/1/03   PORTUCEL                   PF-PWS UK-PORTUCEL/SOPORCEL
    57       57     N-M Pty X/L Fac   053420021BXF     1/1/02     1/1/03   EADS EUROPEAN AERONAUTIC   PF-FM DE-EADS
    57       57     N-M Pty X/L Fac   053454021BXF     1/1/02     1/1/03   FISHER ENGINEERING         PF-COYLE-FISHER ENGINEERING
    57       57     N-M Pty X/L Fac   053553021BXF     1/1/02     1/1/03   BROUWER GROEP              PF-PWS NL-BROUWER GROEP
    57       57     N-M Pty X/L Fac   054224021BXF     1/1/02     1/1/03   ONTEX EUROPE               PF-AON BE-ONTEX EUROPE
    57       57     N-M Pty X/L Fac   054637021BXF     1/1/02     1/1/03   FRANTSCHACH AG             PF-ALLIANZ AU-FRANTSCHACH ZELL
    57       57     N-M Pty X/L Fac   055565021BXF     1/1/02     1/1/03   INEOS B.V.                 PF-GUY CARP NL-INEOS
    57       57     N-M Pty X/L Fac   055575021BXF     1/1/02     1/1/03   VESTA VARIOUS RISKS        PF-GUY CARP ST-VESTA VRS RISKS
    57       57     N-M Pty X/L Fac   055633021BXF     1/1/02     1/1/03   DUC SA                     PF-FAC-DUC
    57       57     N-M Pty X/L Fac   055647021BXF     1/1/02     1/1/03   WKW WALTER KLEIN WUPPERTA  PF-CHUBB DE-WKW WALTER KLEIN
    57       57     N-M Pty X/L Fac   055665021BXF     1/1/02     1/1/03   TECH SEMICONDUCTORS        PF-ALEX FO-TECH/CSM CHARTERED
    57       57     N-M Pty X/L Fac   055666021BXF     1/1/02     1/1/03   TECH SEMICONDUCTORS        PF-ALEX FO-TECH/CSM CHARTERED
    57       57     N-M Pty X/L Fac   055701021BXF     1/1/02     1/1/03   ORDER OF ST. JOHN OF GOD(  PF-COYLE-ORDER OF ST JOHN OF G
    57       57     N-M Pty X/L Fac   055706021BXF     1/1/02     1/1/03   ASM LITHOGRAPHY            PF-PWS NL-ASM LITHOGRAPHY/ASML
    57       57     N-M Pty X/L Fac   055721021BXF     1/1/02     1/1/03   THE WEIR GROUP             PF-COYLE-WEIR GROUP(THE)
    57       57     N-M Pty X/L Fac   055725021BXF     1/1/02     1/1/03   VEN GROOTHANDELCENTRUM NV  PF-PWS NL-VEN GROOTHANDELCEN
</TABLE>

                                      B-2-8

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE B-2 - EXCLUDED CONTRACTS

<TABLE>
<CAPTION>
Reserving  GENIUS                        Policy
  Class    Class                       Reference     Inception    Expiry          Cedant                         Title
<S>        <C>      <C>               <C>            <C>        <C>        <C>                        <C>
                                                                                                      PF-AON BE-EUROPEAN
    57       57     N-M Pty X/L Fac   055726021BXF     1/1/02     1/1/03   EUROPEAN WATERPROOFING (e  WATERPROOFI
    57       57     N-M Pty X/L Fac   055727021BXF     1/1/02     1/1/03   ANACONDA OPERATIONS PTY    PF-HEATH-ANACONDA OPERATIONS
    57       57     N-M Pty X/L Fac   055729021BXF     1/1/02     1/1/03   SOCIETE GENERALE/VALMY TO  PF-GRAS-SOCIETE GENERALE/VALMY
    57       57     N-M Pty X/L Fac   055732021BXF     1/1/02    12/1/02   ELISRA ELECTRONIC SYSTEMS  PF-AON UK-ELISRA/TADIRAN ELECT
    57       57     N-M Pty X/L Fac   055738021BXF     1/1/02     1/1/03   RAI AMSTERDAM BV           PF-PWS NL-RAI AMSTERDAM BV
    57       57     N-M Pty X/L Fac   055740021BXF     1/1/02     1/1/03   IRISH LIFE & PERMANENT PL  PF-COYLE-IRISH LIFE&PERMANENT
    57       57     N-M Pty X/L Fac   055742021BXF     1/1/02     1/1/03   AER RIANTA                 NF-SAIL UK-AER RIANTA
    57       57     N-M Pty X/L Fac   055752021BXF     1/1/02     1/1/03   GUYLIAN CHOCOLATE          PF-CHUBB BE-GUYLIAN CHOCOLATE
    57       57     N-M Pty X/L Fac   055753021BXF     1/1/02     1/1/03   GUYLIAN CHOCOLATE          PF-CHUBB BE-GUYLIAN CHOCOLATE
    57       57     N-M Pty X/L Fac   055772021BXF    1/23/02     1/1/03   SANOFI SYNTHELABO          PF-GUY CARP FR-SANOFI SYNTHELA
    57       57     N-M Pty X/L Fac   055786021BXF     1/1/02     1/1/03   DECEUNINCK PLASTICS INDUS  PF-AON BE-DECEUNINCK PLASTICS
    57       57     N-M Pty X/L Fac   055821021BXF     1/1/02     1/1/03   CFS/CONVENIENCE FOOD SYST  PF-PWS NL-CFS (Ex DIXIE UNION)
    57       57     N-M Pty X/L Fac   055824021BXF     1/1/02     1/1/03   BARILLA G&R F LLI SPA      PF-MARSH IT-BARILLA
    57       57     N-M Pty X/L Fac   055829021BXF     1/1/02     1/1/03   BAT/BRITISH AMERICAN TOBA  PF-WILLIS-BAT BRITISH AMERICAN
    57       57     N-M Pty X/L Fac   055838021BXF     1/1/02     1/1/03   SANDVIK                    PF-HSBC-SANDVIK
    57       57     N-M Pty X/L Fac   055846021BXF     1/1/02     1/1/03   SANDVIK                    PF-HSBC-SANDVIK
    57       57     N-M Pty X/L Fac   055895021BXF     1/1/02     1/1/03   MEULEMANS                  PF-AON BE-MEULEMANS
    57       57     N-M Pty X/L Fac   055896021BXF     1/1/02     1/1/03   MEULEMANS                  PF-AON BE-MEULEMANS
    57       57     N-M Pty X/L Fac   055917021BXF     1/1/02     1/1/03   FIAT                       PF-AON IT-FIAT / CNH
    57       57     N-M Pty X/L Fac   055944021BXF     1/9/02   12/31/02   KINGSPAN GROUP PLC         PF-COYLE-KINGSPAN GROUP
    57       57     N-M Pty X/L Fac   055951021BXF     1/1/02     1/1/03   METSALIITTO GROUP          PF-GUY CARP ST-METSALIITTO
    57       57     N-M Pty X/L Fac   055953021BXF     1/1/02     1/1/03   NEVADA NIMIFI              PF-CHUBB BE-NEVADA NIMIFI
    57       57     N-M Pty X/L Fac   055958021BXF     1/1/02     1/1/03   SPECTRO ANALYTICAL INSTRU  PF-CHUBB DE-SPECTRO
    57       57     N-M Pty X/L Fac   055991021BXF     1/1/02     1/1/03   AVI-TWENTE                 PF-PWS NL-AVI-TWENTE / TWENCE
    57       57     N-M Pty X/L Fac   055994021BXF     2/1/02   12/31/02   BASF EUROPE                PF-COOPER-BASF EUROPE
    57       57     N-M Pty X/L Fac   056003021BXF     1/1/02     1/1/03   FFT FLEXIBLE FERTIGUNGSTE  PF-CHUBB DE-FFT FLEXIBLE FERTI
    57       57     N-M Pty X/L Fac   056004021BXF     2/1/02     4/1/03   CABLE & WIRELESS           PF-GUY CARP UK-CABLE & WIRELES
    57       57     N-M Pty X/L Fac   056012021BXF     1/1/02     1/1/03   CAMPINA AG                 PF-CHUBB DE-CAMPINA
    57       57     N-M Pty X/L Fac   056014021BXF     1/1/02     1/1/03   KIEL&LUEBECK UNIKLINIKEN   PF-CHUBB DE-KIEL&LUEBECK UNIKL
    57       57     N-M Pty X/L Fac   056016021BXF     1/1/02     1/1/03   PORTUCEL                   PF-PWS UK-PORTUCEL/SOPORCEL
</TABLE>

                                     B-2-9

<PAGE>

ST. PAUL REINSURANCE COMPANY LIMITED : TRADITIONAL QUOTA SHARE TREATY

SCHEDULE B-2 - EXCLUDED CONTRACTS

<TABLE>
<CAPTION>
Reserving  GENIUS                       Policy
  Class    Class                      Reference     Inception    Expiry         Cedant                        Title
<S>        <C>      <C>              <C>            <C>        <C>        <C>                        <C>
    57       57     N-M Pty X/L Fac  056018021BXF     1/1/02     1/1/03   BELGOMILK                  PF-KBC-BELGOMILK
    57       57     N-M Pty X/L Fac  056019021BXF     2/1/02     1/1/03   EUROTUNNEL                 PF-AON FR-EUROTUNNEL
    57       57     N-M Pty X/L Fac  056021021BXF     2/1/02     2/1/03   B INT'L TRADING/OASIS/EBC  PF-COYLE-B'INTERNAT./OASIS
    57       57     N-M Pty X/L Fac  056023021BXF     1/1/02     1/1/03   W(TM)LTJE CEWE COLOR       PF-CHUBB DE-CHUBB VRS/W(TM)LTJE
    57       57     N-M Pty X/L Fac  056025021BXF     1/1/02     1/1/03   BLOCK VRS HOLLAND RISKS    PF-GUY CARP NL-BLOCK HOLLAND
    57       57     N-M Pty X/L Fac  056028021BXF     1/1/02     1/1/03   JCB                        PF-HSBC-JCB/JC BAMFORD
                                                                                                     PF-CHUBB DE-
    57       57     N-M Pty X/L Fac  056053021BXF     1/1/02     1/1/03   BEHANDLUNGSZENTRUM VOGTAR  BEHANDLUNGSZENTRUM
    58       58     Marine Prop Fac  047073021BRK     3/1/02    2/28/03   PAN OCEAN SHIPPING         MF-PRENTIS-PAN OCEAN SHIPPING
    58       58     Marine Prop Fac  047073021BRK     3/1/02    2/28/03   PAN OCEAN SHIPPING         MF-PRENTIS-PAN OCEAN SHIPPING
    58       58     Marine Prop Fac  048799021BRK    4/20/02    4/19/03   GOULANDRIS FLEET           MF-PWS 99/ -GOULANDRIS FLEET
    68       68     GTR C1NY US Cat  001111021GTR     1/1/02   12/31/02   St Paul Re Mgt Corp        GTR Class 1 US Cat XOL
    69       69     GTR C1NY CrbCat  001112021GTR     1/1/02   12/31/02   St Paul Re Mgt Corp        GTR Class 1 Caribbean Cat XOL
    70       70     GTR C2NY EurCat  001113021GTR     1/1/02   12/31/02   St Paul Re Mgt Corp        GTR Class 2 European Prop Cat
    71       71     GTR C3NY Oth Pt  001114021GTR     1/1/02   12/31/02   St Paul Re Mgt Corp        GTR Class 3 Other Prop XOL
    72       72     GTR C4(NY) Ret   001115021GTR     1/1/02   12/31/02   St Paul Re Mgt Corp        GTR Class 4 Retro
    73       73     GTR C5NY Mar     001116021GTR     1/1/02   12/31/02   St Paul Re Mgt Corp        GTR Class 5 Marine/Aviation
</TABLE>

                                     B-2-10

<PAGE>

                                    EXHIBIT C

                                  Loss Reserves

Loss Reserves shall consist of loss and loss adjustment expense reserves,
including incurred but not reported loss and loss adjustment expense reserves as
of the Effective Time with respect to premium earned on the Reinsurance
Contracts net of retrocessional recoverables under the Inuring Retrocessions.
Loss Reserves shall not include any loss and loss adjustment expense reserves or
ceding commission reserves relating to Excluded Losses. Aggregate Loss Reserves
as of June 30, 2002 are set forth on Exhibit A-3.

             Methodology for Calculation of Final Section A Premium

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

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

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

          Calculation Methodology for Earned But Not Yet Billed Premium

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

                                      C-1

<PAGE>

                                    EXHIBIT D

                              Inuring Retrocessions

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

       AS AT 17/10/02

<TABLE>
<CAPTION>
Reference   Name of    Inception    Expiration
   No.      Contract     Date          Date              Cover                 Limit       Projected Prem.   Participants   % Placed
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>         <C>          <C>         <C>                       <C>              <C>              <C>             <C>
    1)     Worldwide    1/1/02       12/31/02   International Property    USD 40,000,000    USD 9m - USD    Nisshin - 50%      55%
           Property                             Risk Excess of Loss &     Aggregate         12m [100%       Nichido -  5%
           Excluding                            Catastrophe Excess of     Cession Limit     treaty
           Japan                                Loss Business (protects                     estimate]
                                                Europe)

    2)     UK/Eire      1/1/02       12/31/02   U.K. / Eire Cat. Excess   GBP 100,000,000   GBP 5m [100%    Nisshin - 14%      29%
           Cat. XL                              of Loss Treaty Business   Aggregate         treaty          PX Re  -  10%
           Q.S. /1st                            (protects Europe)         Cession Limit     estimate]       TOA Re  -  5%
           & / 2nd
           Surplus

    3)     UK/Europe    1/1/02       12/31/02   International Property    GBP 75,000,000    GBP 3m - GBP    Montpelier        100%
           Cat. XL                              Catastrophe Excess of     Aggregate         3.5m            Re - 100%
           Quota Share                          Loss Business             Cession Limit
           Treaty                               (protects Europe)

    4)     Japan Cat.   1/1/02       12/31/02   Japan / Japanese          USD 30,000,000    USD 1.2m        PX Re - 100%      100%
           XL Surplus                           Islands Property Cat.     Aggregate
           Treaty                               Excess of Loss Business   Cession Limit :
                                                (protects New York &      quake USD
                                                Europe)                   20,000,000
                                                                          Aggregate
                                                                          Cession Limit :
                                                                          windstorm
</TABLE>

                                       D-1

<PAGE>

<TABLE>
<S>    <C>         <C>           <C>        <C>                       <C>               <C>             <C>               <C>
5)     Casualty    1/1/96        12/31/02   Casualty Clash, Casualty  20% Quota Share   $ 4,200,000     Auto-Owners       100%
       Clash                                Contingency, Casualty     of USD 7,500,000                  Ins. Co.
       Quota                                Cat. and Workers Comp.    any one
       Share                                Cat.(NY)                  occurrence etc.

6)     Nisshin NM  7/1/01        6/30/02    Business in the Pacific   SGD 2,000,000     $   500,000     Nisshin F & M     100%
       Open Cover                           Rim Region from our NY,
                                            Singapore & HK offices

7)     North       4/1/02        12/1/02    North America Property    50% Quota Share   estimated       Montpelier Re     100%
       America                              Catastrophe business                        $12,500,000
       Property                             written by NY & Chicago
       Cat. Quota
       Share
</TABLE>

                                       D-2

<PAGE>

        PLATINUM RE UK / US / BERMUDA - SCHEDULE OF INURING REINSURANCE :
                         NON-PROPORTIONAL AS AT 17/10/02

<TABLE>
<CAPTION>

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

    1b)    Marine XL (b)   1/1/02     12/31/02   Protects Europe   $5,000,000   $ 5,000,000
                                                 XL account        L2,500,000   L 2,500,000

    1c)    Marine XL (c)   1/1/02     12/31/02   Protects Europe   $5,000,000   $10,000,000
                                                 XL account        L2,500,000   L 5,000,000

    2a)    International  7/11/01      7/10/02   Protects Europe   $7,500,000   $ 7,500,000
           Property Cat.                         Risk/Prorata/     L5,000,000   L 5,000,000
           XL                                    Cat. XL business
</TABLE>

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

    1b)    Marine XL (b)      2 @ 100%     $1,125,000  25.00%     100%    Lloyd's Synd. 1861 (BRM) - 20%
                                           L   62,500                     QBE Intnl. London - 30%
                                                                          Cornhill - 25%
                                                                          Odyssey London Branch - 25%

    1c)    Marine XL (c)      2 @ 100%     $  675,000  15.00%     100%    QBE Intnl. London - 50%
                                           L   37,500                     Cornhill - 25%
                                                                          Odyssey London Branch - 25%

    2a)    International      1 @ 100%     $  843,750  22.50%     100%    PX Re - 40%
           Property Cat.                   L  562,500                     GE Frankona Re (Germany) - 20%
           XL                                                             Gerling Global (UK) - 1.91%
                                                                          Safety National Casualty Corp. - 7.61%
                                                                          Lloyd's Synd. 566 (STN) - 15.24%
                                                                          Lloyd's Synd. 780 (BFC) - 3.81%
                                                                          Lloyd's Synd. 2121 (HYL) - 3.81%
                                                                          Lloyd's Synd. 2027 (COX) - 3.81%
                                                                          Lloyd's Synd. 2010 (MMX) - 3.81%
</TABLE>

                                      D-3

<PAGE>

<TABLE>
<S>    <C>            <C>          <C>       <C>                <C>         <C>
2b)    International  7/11/01      7/10/02   Protects Europe    $7,500,000  $15,000,000
       Property Cat.                         Risk/Prorata/Cat.  L5,000,000  L10,000,000
       XL                                    XL business

2c)    International  7/11/01      7/10/02   Protects Europe    $7,500,000  $22,500,000
       Property Cat.                         Risk/Prorata/Cat.  L5,000,000  L15,000,000
       XL                                    XL business

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

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

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

3a)    Joint Risk           1 @ 100%     $  875,000  35.00%     100%        Lloyd's Synd. 566 (STN) - 25%
       XOL Cover -                                                          Lloyd's Synd. 780 (BFC) - 15%
       First Layer                                                          Gerling Global (UK) - 2.373%
                                                                            XL Re - 8.898%
                                                                            Transatlantic Re - 15%
                                                                            Lloyd's Synd. 626 (IRK) - 5.933%
                                                                            Lloyd's Synd. 2010 (MMX) - 4.449%
                                                                            Lloyd's Synd. 282 (LSM) - 4.449%
                                                                            GE Frankona - 8.898%
                                                                            PX Re - 10%
</TABLE>

                                      D-4

<PAGE>

<TABLE>
<S>    <C>                <C>          <C>        <C>                 <C>          <C>
3b)    Joint Risk         2/13/02      2/12/03    Property Risk &     $ 5,000,000  $ 5,000,000
       XOL Cover -                                Prorata
       Second Layer                               business
                                                  (all offices)

4a)    International       3/9/02       2/8/03    International       $20,000,000  $50,000,000
       Cat. XOL -                                 Risk/Prorata/Cat.
       First Layer                                XL (all offices)

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

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

<TABLE>
<S>    <C>                      <C>         <C>          <C>        <C>     <C>
3b)    Joint Risk               1 @ 100%    $ 2,000,000  40.00%     100%    Lloyd's Synd. 566 (STN) - 10%
       XOL Cover -                                                          Lloyd's Synd. 780 (BFC) - 15%
       Second Layer                                                         Gerling Global (UK) - 4%
                                                                            XL Re - 15%
                                                                            Transatlantic Re - 20%
                                                                            Lloyd's Synd. 2010 (MMX) - 3.50%
                                                                            Lloyd's Synd. 282 (LSM) - 7.50%
                                                                            GE Frankona - 15%
                                                                            PX Re - 10%

4a)    International            1 @ 100%    $ 4,800,000  24.00%     100%    Lloyd's Synd. 566 (STN) - 12.5%
       Cat. XOL -                                                           Lloyd's Synd. 780 (BFC) - 10%
       First Layer                                                          Lloyd's Synd. 282 (LSM) - 8%
                                                                            PX Re - 8%
                                                                            Renaissance Re - 25%
                                                                            Di Vinci Re - 12.5%
                                                                            Transatlantic Re - 10%
                                                                            GE Frankona Re - 10%
                                                                            Royal Bank of Canada - 4%

4b)    International            1 @ 100%    $ 4,500,000  15.00%     100%    Lloyd's Synd. 566 (STN) - 5%
       Cat. XOL -                                                           Lloyd's Synd. 780 (BFC) - 12.5%
       Second Layer                                                         Lloyd's Synd. 626 (IRK) - 4.004%
                                                                            Lloyd's Synd. 2010 (MMX) - 1.202%
                                                                            Lloyd's Synd. 282 (LSM) - 10.01%
                                                                            Lloyd's Synd. 1096 (RAS) - 1.602%
                                                                            Gerling Global (UK) - 0.801%
                                                                            PX Re - 8.007%
                                                                            Folksamerica - 16.014%
                                                                            Renaissance Re - 8.007%
                                                                            Di Vinci Re - 4.004%
                                                                            Transatlantic Re - 7.5%
                                                                            Auto-Owners - 16.015%
                                                                            Royal Bank of Canada - 2.667%
                                                                            Protective - 2.667%

5)     Satellite XL                   0     $   575,000   5.75%     100%    Renaissance Re - 100%
       [Geosynchronous
       /Geostationary
       In-Orbit
       Reinsurance]
</TABLE>

                                       D-5

<PAGE>

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

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

8)     N.A. $10            7/1/01      6/30/02    North American      $  2,500,000   $     10,000
       Billion ILW                                Property
                                                  business
                                                  subject to
                                                  Industry Loss
                                                  of USD 10B

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

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

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

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

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

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

7)     Caribbean ILW          Nil      $ 3,450,000            23.00%     100%    Continental Casualty - 100%
       XOL

 8)    N.A. $10            1 @ 100%    $   500,000            20.00%     100%    Transatlantic Re - 100%
       Billion ILW

 9)    N.A. $10            1 @ 100%    $   475,000            19.00%     100%    IPC Re Limited - 100%
       Billion ILW

10)    N.A. Property /     1 @ 100%    $   420,000             4.20%     100%   Tokio Millenium Re - 100%
       WCA Cat $ 30B
       ILW

11)    N.A. Property       1 @ 100%    $   950,000            19.00%     100%    Odyssey Re - 100%
       Cat $15B ILW

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

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

                                      D-6

<PAGE>

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

14)    Workers'            1/1/02      12/31/02   Covers Workers'     $ 50,000,000     $ 75,000,000
       Compensation        1/1/03      12/31/05   Compensation        $ 50,000,000     $ 75,000,000
       Cat. XOL                                   treaty business
       (Holborn)

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

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

14)    Workers'                             $10,000,000             100%    Swiss Re - 81.25%
       Compensation         Annual Agg. Of                                  Hannover - 15%
       Cat. XOL             50M                                             E & S Reins. - 3.75%
       (Holborn)

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

                                      D-7

<PAGE>

                                    EXHIBIT E

                            Allocation of Recoveries

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

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

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

                                      E-1

<PAGE>

                                    EXHIBIT F

                      Allocation of Retrocessional Premiums

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

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

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

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

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

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

                                      F-1

<PAGE>

                                    EXHIBIT G

                              Allocation of Limits

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

                                      G-1

<PAGE>

                                    EXHIBIT H

                          Form of Retrocedant's Report

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

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

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

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

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

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

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

                                      H-1

<PAGE>

                                    EXHIBIT I

                      Allocation of Administrative Expenses

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

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

                                      I-1<PAGE>

                                                                  EXHIBIT 10.53

                                                                  EXECUTION COPY

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

                                 BY AND BETWEEN

                      ST. PAUL REINSURANCE COMPANY LIMITED

                                  (RETROCEDANT)

                                       and

                     PLATINUM UNDERWRITERS REINSURANCE INC.

                               (RETROCESSIONAIRE)

                          DATED AS OF 1 NOVEMBER, 2002

<PAGE>

                                                                  EXECUTION COPY

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

WHEREAS, pursuant to a Formation and Separation Agreement dated as of October
28, 2002 (the "FORMATION AND SEPARATION AGREEMENT") between Platinum
Underwriters Holdings, Ltd. ("PLATINUM HOLDINGS"), the ultimate parent of
Retrocessionaire, and The St. Paul Companies, Inc. ("THE ST. PAUL"), the
ultimate parent of Retrocedant, Platinum Holdings acquired one hundred percent
(100%) of the issued and outstanding Shares; and

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

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

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

1.       BUSINESS COVERED

         Retrocedant hereby obligates itself to retrocede to Retrocessionaire
         and Retrocessionaire hereby obligates itself to accept, pursuant to the
         terms of this Agreement, a one hundred percent (100%) quota share of
         any and all liabilities incurred by Retrocedant on or after January 1,
         2002 but not yet paid as of the Effective Time, under all reinsurance
         and retrocession contracts that:

         (i) are listed in Exhibit A-1 hereto; or

         (ii) are new or renewal non-traditional reinsurance or retrocession
         contracts of the kind listed in Exhibit A-1 hereto entered into by
         Retrocedant pursuant to Clause 4.2 or 4.3 of Part B or (to the extent
         provided therein) Clause 10 of Part C of the UK Underwriting Agency and
         Underwriting Management Agreement (the "Agency Agreement") between
         Retrocedant and Platinum Re (UK) Limited of even date herewith and that
         Retrocedant has consented to being retroceded to Retrocessionaire,

<PAGE>

                                       2

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

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

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

         With respect to any named storm(s) (which are Tropical
         Prediction Center designated named storms) in existence as of
         the Effective Time which cause insured damage within 10 days
         of the Effective Date, except as provided for herein,
         Retrocedant shall retrocede one hundred percent (100%) quota
         share of losses arising from all such storms, net of the
         inuring benefit of Inuring Retrocessions as allocated pursuant
         to Exhibits D and F (but excluding the inuring benefit of the
         Holborn aggregate cover referenced as Item 13 in Exhibit D) to
         Retrocessionaire and Retrocessionaire shall accept one hundred
         percent (100%) quota share of such losses. However,
         Retrocedant shall retain $25,000,000 of losses, in the
         aggregate, net of the inuring benefit of Inuring Retrocessions
         as allocated pursuant to Exhibits D and F, in excess of the
         first $25,000,000, net of the inuring benefit of Inuring
         Retrocessions as allocated pursuant to Exhibits D and F, that
         Retrocessionaire assumes. Retrocedant shall use commercially
         reasonable efforts to arrange, on behalf of Retrocessionaire,
         third party retrocessional coverage for losses arising from
         such named storms in excess of $50,000,000 in the aggregate,
         net of the inuring benefit of Inuring Retrocessions as
         allocated pursuant to Exhibits D and F. The cost of such
         coverage shall not exceed $5 million with such cost shared
         equally by Retrocedant and Retrocessionaire. The amount of
         such coverage shall be $100,000,000 or such lesser amount as
         may be available on the specified terms. It is understood that
         the calculation of any losses or retentions by the Retrocedant
         or the Retrocessionaire, as the case may be, pursuant to this
         subparagraph shall include all losses or retentions,
         respectively, with respect to all subsidiaries of The St. Paul
         or Platinum Holdings, as the case may be, under any Quota
         Share Retrocession Agreement, as defined in the Formation and
         Separation Agreement, between any subsidiary of The St. Paul,
         as cedant, and a subsidiary of Platinum Holdings as
         retrocessionaire.

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

<PAGE>

                                        3

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

2.       TERM

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

3.       COVERAGE

3.1      SECTION A (RETROSPECTIVE) COVERAGE PERIOD

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

3.2      SECTION B (PROSPECTIVE) COVERAGE PERIOD

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

4.       PREMIUMS AND ADDITIONAL CONSIDERATION

4.1      SECTION A (RETROSPECTIVE) COVERAGE PERIOD - PREMIUM

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

<PAGE>

                                       4

                  statements as of September 30, 2002, and (ii) to cause such
                  reserves to bear a reasonable relationship to the events,
                  conditions, contingencies and risks which are the bases for
                  such reserves, to the extent known by Retrocedant at the time
                  of such calculation.

         (B)      On the 90th day following the Effective Date (or if such 90th
                  day is not a Business Day, the first Business Day following
                  such 90th day), Retrocedant shall prepare and deliver to
                  Retrocessionaire an accounting (the "Proposed Loss Reserve
                  Accounting") of all Loss Reserves relating to the Reinsurance
                  Contracts, as of the Effective Date, determined in accordance
                  with this Section 4.1 and the Methodology for Calculation of
                  the Final Section A Premium, as set forth on Exhibit B hereto
                  (the "Final Section A Premium") and the reserves for ceding
                  commissions and brokerage fees relating to the Reinsurance
                  Contracts on the books of the Retrocedant as of the Effective
                  Date (the "Final Ceding Commission Reserves"), and taking into
                  consideration all relevant data becoming available to
                  Retrocedant subsequent to the Effective Date. In the event the
                  Final Section A Premium for any individual Class of Business
                  is greater than the Initial Section A Premium for such
                  individual Class of Business or the Final Ceding Commission
                  Reserves are less than the Initial Ceding Commission Reserves,
                  Retrocedant shall promptly pay to the account of
                  Retrocessionaire the difference plus interest on such amount
                  at the Applicable Rate from and including the Effective Date
                  to and including the date of such payment. In the event the
                  Final Section A Premium for any individual Class of Business
                  is less than the Initial Section A Premium for such individual
                  Class of Business or the Final Ceding Commission Reserves are
                  greater than the Initial Ceding Commission Reserves,
                  Retrocessionaire shall promptly pay to the account of
                  Retrocedant the difference plus interest on such amount at the
                  Applicable Rate (as defined below) from and including the
                  Effective Date to and including the date of such payment.
                  "Class of Business" shall be defined as each individual class
                  or line of business as delineated by the Retrocedant as of the
                  date hereof as set forth on Exhibit A-1.

         (C)      In the event that a reinsurance contract is not included in
                  one of the classes set forth in Exhibit A-1, but is deemed to
                  be a Reinsurance Contract by the mutual agreement of the
                  parties, the parties shall determine whether the Final Section
                  A Premium reflected one hundred percent of the associated
                  reserves with respect to such Reinsurance Contract as of the
                  Effective Date. If the Final Section A Premium did not so
                  reflect such associated reserves with respect to such
                  Reinsurance Contract as of the Effective Date, Retrocedant
                  shall promptly pay to the account of Retrocessionaire an
                  amount equal to the amount that should have been included in
                  the Final Section A Premium, as determined pursuant to
                  paragraph (b) of this Section 4.1, less any amounts paid by
                  Retrocedant on or after the Effective Date pursuant to such
                  Reinsurance Contract relating to such reserves, plus interest
                  on such amount at the Applicable Rate calculated from and
                  including the Effective Date to and including the date of such
                  payment to Retrocessionaire.

<PAGE>

                                       5

         (D)      Notwithstanding the foregoing, the parties agree that all
                  gross estimated premiums written prior to the Effective Date
                  and earned but not yet billed, net of applicable ceding
                  commission and retrocession premium (net of retrocession
                  commissions) ("EBUB", and also referred to as "estimated
                  premiums receivable" or "EBNR" or "earned but unbilled") as of
                  the Effective Time and relating to the Reinsurance Contracts,
                  as determined on or before 30 September, 2002, as set forth in
                  Exhibit C, in a manner consistent with Retrocedant's customary
                  practices and procedures and as submitted to The St. Paul,
                  shall be allocated to Retrocedant. All payments received after
                  the Effective Time by Retrocedant or Retrocessionaire in
                  respect of EBUB as of the Effective Time shall be retained by
                  Retrocedant or held on trust for and paid by Retrocessionaire
                  to or to the order of Retrocedant, and all rights to collect
                  such amounts shall be retained by or transferred to
                  Retrocedant. Any changes made on or after the Effective Time
                  as to the estimated amount of EBUB as of the Effective Time
                  shall be for the account of Retrocessionaire and shall not
                  affect the amount retained by Retrocedant. The parties agree
                  that as of the first anniversary of the date hereof,
                  Retrocessionaire shall pay to Retrocedant the difference, if
                  any, between the amount of EBUB as of the Effective Time and
                  the aggregate amount subsequently billed and paid to and/or
                  retained by Retrocedant prior to that date with respect to
                  EBUB as of the Effective Time, it being understood that
                  Retrocedant shall bear all risk of non-payment and
                  non-collectibility with respect to premiums written and
                  unearned as of the Effective Date and subsequently billed. All
                  amounts, if any, in respect of EBUB which are in excess of
                  EBUB as of the Effective Time, calculated pursuant to the
                  first sentence of this Section 4.1(D), shall be for the
                  account of Retrocessionaire and no such amounts shall be
                  retained by or payable to Retrocedant.

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

         (A)      On the Effective Date, in respect of the Section B
                  (Prospective) Coverage Period, Retrocedant shall transfer to
                  Retrocessionaire an aggregate amount representing the sum of
                  all amounts related and specifically allocated to each
                  individual Class of Business (the "Initial Section B Premium")
                  equal to the carrying value on the books of Retrocedant as of
                  September 30, 2002, of one hundred percent (100%) of the
                  unearned premium reserves, net of unearned ceding commission
                  and brokerage fees and net of Inuring Retrocession premiums as
                  provided for in Section 7.4 and as allocated pursuant to
                  Exhibit E, in each case, relating to the Reinsurance
                  Contracts, determined in accordance with statutory accounting
                  principles on a basis consistent in all material respects with
                  the methods, principles, practices and policies employed in
                  the preparation and presentation of Retrocedant's annual
                  statutory financial statement as of 31 December 2001 as filed
                  with the Financial Services Authority (consistent with the
                  methods, principles, practices and policies applied at June
                  30, 2002) and as submitted to The St. Paul.

<PAGE>

                                       6

         (B)      On the 90th day following the Effective Date (or if such 90th
                  day is not a Business Day, the first Business Day following
                  such 90th day), Retrocedant shall prepare and deliver to
                  Retrocessionaire an accounting (the "Proposed Premium Reserve
                  Accounting", together with the Proposed Loss Reserve
                  Accounting, the "Proposed Accounting") of all unearned premium
                  reserves relating to the Reinsurance Contracts, as of the
                  Effective Date, determined in accordance with statutory
                  accounting principles on a basis consistent in all material
                  respects with the methods, principles, practices and policies
                  employed in the preparation and presentation of Retrocedant's
                  annual statutory financial statement as of 31 December 2001 as
                  filed with the Financial Services Authority (consistent with
                  the methods, principles, practices and policies applied at
                  June 30, 2002) and as submitted to The St. Paul, relating to
                  the Reinsurance Contracts, net of the unearned ceding
                  commission and net of Inuring Retrocession premiums as
                  provided for in Section 7.4 and as allocated pursuant to
                  Exhibit E (the "Final Section B Premium"). In the event the
                  Final Section B Premium for any individual Class of Business
                  is greater than the Initial Section B Premium for such
                  individual Class of Business, Retrocedant shall promptly pay
                  to the account of Retrocessionaire the difference plus
                  interest on such amount at the Applicable Rate from and
                  including the Effective Date to and including the date of such
                  payment. In the event the Initial Section B Premium for any
                  individual Class of Business is greater than the Final Section
                  B Premium for such individual Class of Business,
                  Retrocessionaire shall promptly pay to the account of
                  Retrocedant the difference plus interest on such amount at the
                  Applicable Rate from and including the Effective Date to and
                  including the date of such payment.

         (C)      Retrocedant shall transfer to Retrocessionaire with respect to
                  all Reinsurance Contracts, one hundred percent (100%) of all
                  gross premiums written on or after the Effective Time, net of
                  premium returns, allowances and cancellations and less any
                  applicable Retrocedant Ceding Commission and Inuring
                  Retrocession premiums provided for in Section 7.4 and as
                  allocated pursuant to Exhibit E.

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

4.3      DISPUTE RESOLUTION.

         (A)      After receipt of the Proposed Accounting, together with the
                  work papers used in preparation thereof, Retrocessionaire
                  shall have 30 days (the "Review Period") to review such
                  Proposed Accounting. Unless Retrocessionaire delivers written
                  notice to Retrocedant on or prior to the 30th day of the
                  Review Period stating that it has material objections to the
                  Proposed Accounting for one or more Classes of Business or the
                  Final Ceding Commission Reserves, Retrocessionaire shall be
                  deemed to have accepted

<PAGE>

                                       7

                  and agreed to the Proposed Accounting and the Final Ceding
                  Commission Reserves. If Retrocessionaire so notifies
                  Retrocedant of any material objection(s) to the Proposed
                  Accounting or the Final Ceding Commission Reserves, the
                  parties shall in good faith attempt to resolve, within 30 days
                  (or such longer period as the parties may agree) following
                  such notice (the "Resolution Period"), their differences with
                  respect to such material objections related to any Class of
                  Business so identified. Retrocedant and Retrocessionaire agree
                  that only those Classes of Business (or the Final Ceding
                  Commission Reserves, if applicable) to which such notification
                  relates shall be subject to adjustment, and any resolution by
                  them as to any disputed amounts, as evidenced by a writing
                  signed by both parties, shall be final, binding and
                  conclusive.

                  In the event that Retrocessionaire believes that Loss Reserves
                  for a Class of Business need to be increased beyond the amount
                  implied by the algorithm set forth in Exhibit C, or the Final
                  Ceding Commission Reserves need to be reduced,
                  Retrocessionaire and Retrocedant will endeavor to agree on an
                  appropriate adjustment. If the two parties cannot agree on an
                  adjustment, Retrocedant may elect to (i) retain the
                  liabilities and the associated Loss Reserves for the subject
                  Class of Business and all unearned premium and
                  Retrocessionaire shall transfer to Retrocedant all Initial
                  Section A Premium and Initial Section B Premium paid by
                  Retrocedant for the subject Class of Business, plus interest
                  on the average daily amount at the Applicable Rate from the
                  Effective Date to the date of such transfer, or (ii) extend
                  the time period for adjusting the reserve to as much as 36
                  months or (iii) choose to arbitrate according to Section
                  4.3(B), it being understood that arbitration according to
                  Section 4.3(B) shall be the sole remedy for disputes regarding
                  the Final Ceding Commission Reserves. In the event that
                  Retrocedant chooses to extend the time period for adjusting
                  the reserves for a Class of Business, Retrocedant retains the
                  exposure to adverse loss development and Retrocessionaire will
                  suffer no exposure to paid losses in excess of the Initial
                  Section A Premium and Initial Section B Premium paid by
                  Retrocedant. At the end of the extended period, any continued
                  disagreement between Retrocedant and Retrocessionaire would be
                  submitted to arbitration as set forth in Section 4.3(B)
                  hereto.

         (B)      Any amount remaining in dispute at the conclusion of the
                  Resolution Period for which Retrocedant has not elected the
                  remedies set forth in Section 4.3(A)(i) and (ii) above or as
                  to which any extension period has elapsed without agreement
                  between the parties ("Unresolved Changes") shall be submitted
                  to arbitration. One arbiter (each arbiter, an "Arbiter") shall
                  be chosen by Retrocedant, the other by Retrocessionaire, and
                  an umpire (the "Umpire") shall be chosen by the two Arbiters
                  before they enter upon arbitration. In the event that either
                  party should fail to choose an Arbiter within 30 days
                  following a written request by the other party to do so, the
                  requesting party may choose two Arbiters, but only after
                  providing 10 days' written notice of its intention to do so
                  and only if such other party has failed to

<PAGE>

                                       8

                  appoint an Arbiter within such 10 day period. The two Arbiters
                  shall in turn choose an Umpire who shall act as the Umpire and
                  preside over the hearing. If the two Arbiters fail to agree
                  upon the selection of an Umpire within 30 days after
                  notification of the appointment of the second Arbiter, the
                  selection of the Umpire shall be made by the A.I.D.A.
                  Reinsurance and Insurance Arbitration Society of the UK
                  ("ARIAS UK"). All Arbiters and Umpires shall be active or
                  retired disinterested property/casualty actuaries of insurance
                  or reinsurance companies or Lloyd's of London Underwriters.

         (C)      Each party shall present its case to the Arbiters within 30
                  days following the date of appointment of the Umpire, unless
                  the parties mutually agree to an extension of time. Subject to
                  the provisions of paragraph (f) of this Section 4.3, the
                  decision of the Arbiters shall be final and binding on both
                  parties; but failing to agree, they shall call in the Umpire
                  and the decision of the majority shall be final and binding
                  upon both parties. Judgment upon the final decision of the
                  Arbiters may be entered in any court of competent
                  jurisdiction.

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

         (E)      Any arbitration proceedings shall take place in London,
                  England unless the parties agree otherwise.

         (F)      Once the Proposed Accounting has been finalized in accordance
                  with the above process, the Final Section A Premium and the
                  Final Section B Premium amounts shall be as set forth in the
                  Proposed Accounting, as determined by the Arbiters, if
                  applicable (the "Arbitrated Final Section A Premium" and/or
                  "Arbitrated Final Section B Premium", as the case may be). In
                  the event the sum of the Arbitrated Final Section A Premium
                  and the Arbitrated Final Section B Premium amounts (determined
                  in accordance with the first sentence of this Section 4.3(F))
                  is greater than the amount paid by Retrocedant to
                  Retrocessionaire on the Effective Date, Retrocedant shall
                  promptly pay to the account of Retrocessionaire the difference
                  plus interest on such amount at the Applicable Rate from and
                  including the Effective Date to and including the date of such
                  payment. In the event the sum of such amounts (determined in
                  accordance with the first sentence of this Section 4.3(f)) is
                  lower than the amount paid by Retrocedant to Retrocessionaire
                  on the Effective Date, Retrocessionaire shall promptly pay to
                  the account of Retrocedant the difference plus interest on
                  such amount at the Applicable Rate from the Effective Date to
                  the date of such payment.

         (G)      It is understood that the dispute resolution provisions set
                  forth in this Section 4.3 represent the exclusive remedy for
                  disputes arising between the parties with respect to the
                  Proposed Accounting and that the dispute mechanisms set forth
                  in Article XV shall be the exclusive remedy for all disputes
                  not relating to the Proposed Accounting.

<PAGE>

                                       9

5.       RETROCEDANT CEDING COMMISSION

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

6.       ORIGINAL CONDITIONS

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

7.       INURING RETROCESSIONS

7.1      ALLOCATION TO RETROCESSIONAIRE

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

7.2      TRANSFER

         Retrocedant and Retrocessionaire shall use their respective
         commercially reasonable efforts to obtain the consent of Third Party
         Retrocessionaires under the Inuring Retrocessions to include
         Retrocessionaire as an additional reinsured with respect to the
         Reinsurance Contracts or, in the alternative, to make all payments
         directly to Retrocessionaire, to the extent allocable to the
         Reinsurance Contracts, in the manner set forth in Exhibit D hereto, and
         to seek all payments, to the extent allocable to the Reinsurance
         Contracts, in the manner set forth herein in Exhibit E hereto, directly

<PAGE>

                                       10

         from Retrocessionaire, it being understood that Retrocessionaire shall
         bear all risk of non-payment or non-collectibility under the Inuring
         Retrocessions.

7.3      INURING RETROCESSIONS CLAIMS

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

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

7.4      INITIAL CONSIDERATION

         To the extent not already reflected in the calculation of Final Section
         B Premium, as part of the Section B (Prospective) Coverage Period
         premiums described in Section 4.2, Retrocessionaire shall reimburse
         Retrocedant for one hundred percent (100%) of any and all unearned
         premiums paid by Retrocedant under such Inuring Retrocessions net of
         any applicable unearned ceding commissions paid to Retrocedant
         thereunder.

7.5      ADDITIONAL CONSIDERATION

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

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                                       11

7.6      TERMINATION OR COMMUTATION OF INURING RETROCESSIONS

         (A)      With respect to any Inuring Retrocessions providing coverage
                  solely with respect to the Reinsurance Contracts, Retrocedant
                  agrees, on behalf of itself and its affiliates, that
                  Retrocedant shall not take any action or fail to take any
                  action that would reasonably result in the termination or
                  commutation of or any material change in the coverage provided
                  by any Inuring Retrocession, without the prior written consent
                  of the Retrocessionaire, such consent not to be unreasonably
                  withheld.

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

8.       LOSS AND LOSS EXPENSE; SALVAGE AND SUBROGATION; FOLLOW THE FORTUNES

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

         (A)      In the event of a claim under a Reinsurance Contract, the
                  Retrocedant will assess the validity of the claim and make a
                  determination as to payment, consistent with the claims
                  handling guidelines previously provided to Retrocedant in
                  writing by Retrocessionaire and Retrocessionaire may exercise
                  its rights under Section 10.1 in respect thereof. Retrocedant
                  shall provide prompt notice of any claim in excess of $500,000
                  to Retrocessionaire. All payments made by Retrocedant, whether
                  under strict contract terms or by way of compromise, shall be
                  binding on Retrocessionaire. In addition, if Retrocedant
                  refuses to pay a claim in full and a legal proceeding results,
                  Retrocessionaire will be unconditionally bound by any
                  settlement agreed to by Retrocedant or the adverse judgment of
                  any court or arbitrator (which could include any judgment for
                  bad faith, punitive damages, excess policy limit losses or
                  extra contractual obligations) and Retrocedant may recover
                  with respect to such settlements and judgments under this
                  Agreement.

<PAGE>

                                       12

                  Though Retrocedant will settle such claims and litigation in
                  good faith, Retrocessionaire is bound to accept the
                  settlements paid by Retrocedant and such settlements may be
                  for amounts that could be greater than the amounts that would
                  be agreed to by Retrocessionaire if Retrocessionaire were to
                  settle such claims or litigation directly. It is the intent of
                  this Agreement that Retrocessionaire shall in every case in
                  which this Agreement applies and in the proportions specified
                  herein, "follow the fortunes" of Retrocedant in respect of
                  risks Retrocessionaire has accepted under this Agreement.

9.       EXTRA CONTRACTUAL OBLIGATIONS

         In the event Retrocedant or Retrocessionaire is held liable to pay any
         punitive, exemplary, compensatory or consequential damages because of
         alleged or actual bad faith or negligence related to the handling of
         any claim under any Reinsurance Contract or otherwise in respect of
         such Reinsurance Contract, the parties shall be liable for such damages
         in proportion to their responsibility for the conduct giving rise to
         the damages. Such determination shall be made by Retrocedant and
         Retrocessionaire, acting jointly and in good faith, and in the event
         the parties are unable to reach agreement as to such determination,
         recourse shall be had to Section 15 hereof.

10.      ADMINISTRATION OF REINSURANCE CONTRACTS

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

         (A)      Notwithstanding the foregoing, to the extent permitted by law
                  Retrocessionaire may, at its discretion and at its own
                  expense, assume the administration, defense and settlement of
                  any claim upon prior written notice to Retrocedant. Upon
                  receipt of such notice, Retrocedant shall not compromise,
                  discharge or settle such claim except with the prior written
                  consent of Retrocessionaire. Retrocessionaire shall not take
                  any action in the administration of such claim that would
                  reasonably be expected to adversely affect Retrocedant, its
                  business or its reputation, without the prior written consent
                  of Retrocedant. Subject to the terms of Section 9 hereof,
                  Retrocessionaire shall indemnify Retrocedant for all Losses,
                  including

<PAGE>

                                       13

                  punitive, exemplary, compensatory or consequential damages
                  arising from such assumption of the conduct of such settlement
                  pursuant to Section 14 herein.

10.2     REPORTING AND REGULATORY MATTERS

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

10.3     DUTY TO COOPERATE

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

10.4     COMMUNICATIONS RELATING TO THE REINSURANCE CONTRACTS

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

11.      REPORTS AND REMITTANCES

11.1     REPORT FROM RETROCEDANT

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

11.2     REMITTANCES

         Within ten Business Days after delivery of each monthly report pursuant
         to Section 11.1, Retrocedant and Retrocessionaire shall settle all
         amounts then due under this

<PAGE>

                                       14

         Agreement for that month. It is agreed that Retrocedant shall retain
         all premiums received arising from all business written for which the
         first day of the original cedant's account period occurs prior to the
         Effective Date until such time as such aggregate amount of such
         premiums received equals the net amount to be retained by Retrocedant
         pursuant to Sections 4.1(D) and 4.2(B) herein, after which time, such
         premiums shall be remitted by Retrocedant to Retrocessionaire.

11.3     LATE PAYMENTS

         Should any payment due any party to this Agreement be received by such
         party after the due date for such payment under this Agreement,
         interest shall accrue from the date on which such payment was due until
         payment is received by the party entitled thereto, at an annual rate
         equal to the London Interbank Offered Rate quoted for six month periods
         as reported in The Wall Street Journal on the first Business Day of the
         month in which such payment first becomes due plus one hundred basis
         points (the "APPLICABLE RATE").

11.4     COST REIMBURSEMENT

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

11.5     CURRENCY

         For purposes of this Agreement, where Retrocedant receives premiums or
         pays losses in currencies other than United States dollars GBP or
         Euros, Such premiums or losses shall (subject to the consent of
         Retrocedant, not to be unreasonably withheld or delayed) be converted
         into United States dollars at the actual rates of exchange at which
         these premiums or losses are entered in Retrocedant's books.

12.      MAINTENANCE OF LICENSES

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

13.      ACCESS TO RECORDS

13.1     From and after the Closing Date, Retrocedant shall afford to
         Retrocessionaire and its respective authorised accountants, counsel and
         other designated representatives (collectively, "Representatives")
         reasonable access (including using commercially reasonable best efforts
         to give access to Persons possessing information) during normal
         business hours to all data and information that is specifically
         described in writing (collectively, "Information") within the
         possession of Retrocedant relating to the liabilities transferred
         hereunder, insofar as such information is reasonably required by
         Retrocessionaire. Similarly, from and after the Closing Date,
         Retrocessionaire shall afford to Retrocedant, any Post-closing
         Subsidiary of Retrocedant and their

<PAGE>

                                       15

         respective Representatives reasonable access (including using
         commercially reasonable best efforts to give access to Persons
         possessing information) during normal business hours to Information
         within Retrocessionaire's possession relating to Retrocedant, insofar
         as such information is reasonably required by Retrocedant. Information
         may be requested under this Section 13 for, without limitation, audit,
         accounting, claims, litigation (other than any claims or litigation
         between the parties hereto) and tax purposes, as well as for purposes
         of fulfilling disclosure and reporting obligations and for performing
         this Agreement and the transactions contemplated hereby.

13.2     From and after the Closing Date, Retrocessionaire and Retrocedant or
         their designated representatives may inspect, at the place where such
         records are located, any and all data and information that is
         specifically described in writing within the possession of the other
         party hereto reasonably relating to this Agreement, on reasonable prior
         notice and during normal business hours. The rights of the parties
         under this Section 13 shall survive termination of this Agreement and
         shall continue for as long as there may be liabilities under the
         Reinsurance Contracts or reporting or retention requirements under
         applicable law. In addition, each party shall have the right to take
         copies (including electronic copies) of any information held by the
         other party that reasonably relates to this Agreement or the
         Reinsurance Contracts. Each party shall, and shall cause its designated
         representatives to, treat and hold as confidential information any
         information it receives or obtains pursuant to this Section 13.

14.      INDEMNIFICATION

14.1     INDEMNIFICATION BY RETROCEDANT

         Retrocedant agrees to indemnify, defend and hold harmless
         Retrocessionaire, and its officers, directors and employees with
         respect to any and all Losses arising from any breach by Retrocedant of
         any representation, warranty or covenant herein. Retrocedant further
         agrees to indemnify, defend and hold harmless Retrocessionaire and its
         officers, directors and employees against any and all Losses arising
         out of Retrocedant's administration of the Reinsurance Contracts,
         including but not limited to extracontractual obligations, payments in
         excess of policy limits and settlements made in respect of any such
         claims to the extent arising from the gross negligence or wilful
         misconduct of Retrocedant except to the extent such actions are taken
         with the prior consent or direction of Retrocessionaire. Such
         indemnification obligations shall be limited to the aggregate of all
         fees paid to Retrocedant pursuant to Section 11.4 hereof.

14.2     INDEMNIFICATION BY RETROCESSIONAIRE

         Retrocessionaire agrees to indemnify, defend and hold harmless
         Retrocedant, and its officers, directors and employees with respect to
         any and all Losses arising from any breach by Retrocessionaire of any
         representation, warranty or covenant herein.

<PAGE>

                                       16

         Retrocessionaire further agrees to indemnify, defend and hold harmless
         Retrocedant and its officers, directors and employees against any and
         all Losses arising out of Retrocessionaire's administration of the
         Reinsurance Contracts, including but not limited to extracontractual
         obligations, payments in excess of policy limits and settlements made
         in respect of any such claims.

14.3     INDEMNIFICATION PROCEDURES

         (A)      If a party seeking indemnification pursuant to this Section 14
                  (each, an "INDEMNITEE") receives notice or otherwise learns of
                  the assertion by a Person (including, without limitation, any
                  governmental entity) who is not a party to this Agreement or
                  an Affiliate thereof, of any claim or of the commencement by
                  any such Person of any Action (a "THIRD PARTY CLAIM") with
                  respect to which the party from whom indemnification is sought
                  (each, an "INDEMNIFYING PARTY") may be obligated to provide
                  indemnification pursuant to this Section 14.1 or 14.2, such
                  Indemnitee shall give such Indemnifying Party written notice
                  thereof promptly after becoming aware of such Third Party
                  Claim; provided that the failure of any Indemnitee to give
                  notice as provided in this Section 14.3 shall not relieve the
                  Indemnifying Party of its obligations under this Section 14,
                  except to the extent that such Indemnifying Party is
                  prejudiced by such failure to give notice. Such notice shall
                  describe the Third Party Claim in as much detail as is
                  reasonably possible and, if ascertainable, shall indicate the
                  amount (estimated if necessary) of the Loss that has been or
                  may be sustained by such Indemnitee.

         (B)      An Indemnifying Party may elect to defend or to seek to settle
                  or compromise, at such Indemnifying Party's own expense and by
                  such Indemnifying Party's own counsel, any Third Party Claim.
                  Within 30 days of the receipt of notice from an Indemnitee in
                  accordance with Section 14.3(A) (or sooner, if the nature of
                  such Third Party Claim so requires), the Indemnifying Party
                  shall notify the Indemnitee of its election whether the
                  Indemnifying Party will assume responsibility for defending
                  such Third Party Claim, which election shall specify any
                  reservations or exceptions. After notice from an Indemnifying
                  Party to an Indemnitee of its election to assume the defense
                  of a Third Party Claim, such Indemnifying Party shall not be
                  liable to such Indemnitee under this Section 14 for any legal
                  or other expenses (except expenses approved in writing in
                  advance by the Indemnifying Party) subsequently incurred by
                  such Indemnitee in connection with the defense thereof;
                  provided that, if the defendants in any such claim include
                  both the Indemnifying Party and one or more Indemnitees and in
                  any Indemnitee's reasonable judgment a conflict of interest
                  between one or more of such Indemnitees and such Indemnifying
                  Party exists in respect of such claim or if the Indemnifying
                  Party shall have assumed responsibility for such claim with
                  reservations or exceptions that would materially prejudice
                  such Indemnitees, such Indemnitees shall have the right to
                  employ separate counsel to represent such Indemnitees and in
                  that event the reasonable fees and expenses of such separate
                  counsel (but not more than one separate counsel

<PAGE>

                                       17

                  for all such Indemnitees reasonably satisfactory to the
                  Indemnifying Party) shall be paid by such Indemnifying Party.
                  If an Indemnifying Party elects not to assume responsibility
                  for defending a Third Party Claim, or fails to notify an
                  Indemnitee of its election as provided in this Section 14,
                  such Indemnitee may defend or (subject to the remainder of
                  this Section 14) seek to compromise or settle such Third Party
                  Claim at the expense of the Indemnifying Party.

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

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

         (E)      Notwithstanding anything in this Section 14 to the contrary,
                  neither an Indemnifying Party nor an Indemnitee may settle or
                  compromise any claim over the objection of the other; provided
                  that consent to settlement or compromise shall not be
                  unreasonably withheld or delayed. If an Indemnifying Party
                  notifies the Indemnitee in writing of such Indemnifying
                  Party's desire to settle or compromise a Third Party Claim on
                  the basis set forth in such notice (provided that such
                  settlement or compromise includes as an unconditional term
                  thereof the giving by the claimant or plaintiff of a written
                  release of the Indemnitee from all liability in respect
                  thereof) and the Indemnitee shall notify the Indemnifying
                  Party in writing that such Indemnitee declines to accept any
                  such settlement or compromise, such Indemnitee may continue to
                  contest such Third Party Claim, free of any participation by
                  such Indemnifying Party, at such Indemnitee's sole expense. In
                  such event, the obligation of such Indemnifying Party to such
                  Indemnitee with respect to such Third Party Claim shall be
                  equal to (i) the costs and expenses of such Indemnitee prior
                  to the date such Indemnifying Party notifies such Indemnitee
                  of the offer to settle or compromise (to the extent such costs
                  and expenses are otherwise indemnifiable hereunder) plus (ii)
                  the lesser of (A) the amount of any offer of settlement or
                  compromise which such Indemnitee declined to accept and (B)
                  the actual out-of-pocket amount such Indemnitee is obligated
                  to pay subsequent to such date as a result of such
                  Indemnitee's continuing to pursue such Third Party Claim.

<PAGE>

                                       18

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

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

14.4     SURVIVAL

         This Section 14 shall survive termination of this Agreement.

15.      ARBITRATION

         (A)      All disputes and differences arising under or in connection
                  with this Agreement shall be referred to arbitration under the
                  Arbitration Rules of ARIAS (UK).

         (B)      The Arbitration Tribunal shall consist of three arbitrators,
                  one to be appointed by the claimant party, one to be appointed
                  by the respondent party and the third to be appointed by the
                  two appointed arbitrators.

         (C)      The third member of the Tribunal shall be appointed as soon as
                  practicable (and no later than 28 days) after the appointment
                  of the two party-appointed arbitrators. The Tribunal shall be
                  constituted upon the appointment of the third arbitrator.

         (D)      The Arbitrators shall be persons (including those who have
                  retired) with not less than ten years' experience of insurance
                  or reinsurance within the industry or as lawyers or other
                  professional advisers serving the industry.

         (E)      Where a party fails to appoint an arbitrator within 14 days of
                  being called upon to do so or where the two party-appointed
                  arbitrators fail to appoint a third within 28 days of their
                  appointment, then upon application ARIAS (UK) will appoint an
                  arbitrator to fill the vacancy. At any time prior to the
                  appointment by ARIAS (UK) the party or arbitrators in default
                  may make such appointment.

         (F)      The Tribunal may in its sole discretion make such orders and
                  directions as it considers to be necessary for the final
                  determination of the matters in dispute.

<PAGE>

                                       19

                  The Tribunal shall have the widest discretion permitted under
                  the law governing the arbitral procedure when making such
                  orders or directions.

         (G)      The seat of arbitration shall be London.

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

         (I)      This Section 15 shall survive termination of this Agreement.

16.      INSOLVENCY

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

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

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

         (D)      For the purposes of this Section 16, an Insolvency Event shall
                  occur if:

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                                       20

                  (i)      a winding up petition is presented in respect of
                           Retrocedant or a provisional liquidator is appointed
                           over it or if Retrocedant goes into administration,
                           administrative receivership or receivership or if
                           Retrocedant has a scheme of arrangement or voluntary
                           arrangement proposed in relation to all or any part
                           of its affairs; or

                  (ii)     Retrocedant goes into compulsory or voluntary
                           liquidation;

                           or, in each case, if Retrocedant becomes subject to
                           any other similar insolvency process (whether under
                           the laws of England and Wales or elsewhere); and

                  (iii)    Retrocedant is unable to pay its debts as and when
                           they fall due within the meaning of section 123 of
                           the Insolvency Act 1986 (or any statutory amendment
                           or re-enactment of that section).

17.      OFFSET

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

18.      ERRORS AND OMISSIONS

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

19.      CREDIT FOR REINSURANCE; SECURITY

19.1     CREDIT FOR REINSURANCE

         Retrocessionaire shall take all actions reasonably necessary, if any,
         to permit Retrocedant to obtain full financial statement credit in all
         applicable jurisdictions for all liabilities assumed by the
         Retrocessionaire pursuant to this Agreement, including but not limited
         to loss and loss adjustment expense reserves, unearned premium
         reserves, reserves for incurred but not reported losses, allocated loss
         adjustment expenses and ceding commissions, and to provide the security
         required for such purpose, in a form reasonably acceptable to
         Retrocedant. Any reserves required by the foregoing in no event shall
         be less than the amounts required under the law of the jurisdiction
         having regulatory authority with respect to the establishment of
         reserves relating to the relevant Reinsurance Contracts. For purposes
         of this Section 19, such "actions reasonably necessary" may include,
         without limitation, the furnishing of a letter of credit or the
         establishment of a custodial or trust account, as permitted under

<PAGE>

                                       21

         applicable law, to secure the payment of the amounts due the
         Retrocedant under this Agreement.

19.2     EXPENSES

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

19.3     SECURITY

         (A)      Retrocessionaire shall establish and maintain a trust fund or
                  other security arrangement for the benefit of Retrocedant as
                  security for the obligations of Retrocessionaire under this
                  Agreement. The trust fund or other security arrangement shall
                  be in a form reasonably satisfactory to Retrocedant and shall
                  comply with such requirements (if any) as may be laid down by
                  the Financial Services Authority. It is understood that to the
                  extent Retrocessionaire provides such other security
                  arrangement reasonably satisfactory to Retrocedant,
                  Retrocessionaire shall not be required to provide a trust fund
                  under this provision. It is further understood that to the
                  extent payments are made either to Retrocedant or to an
                  affiliate of Retrocedant pursuant to such other security
                  arrangement in respect of obligations of Retrocessionaire
                  hereunder, Retrocessionaire shall be relieved of such
                  obligations to the extent of such payment.

         (B)      Retrocessionaire shall be permitted to liquidate the trust or
                  terminate the other security arrangement at the earlier of (i)
                  such time as Retrocessionaire's obligations under this
                  Agreement have been met or are terminated or waived or (ii)
                  the reserves so reported by Retrocessionaire do not exceed
                  $100 million as of two successive calendar year ends.

         (C)      Retrocedant shall bear the costs and expenses of the trustee
                  relating to the trust.

20.      MISCELLANEOUS PROVISIONS

20.1     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.

20.2     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.

<PAGE>

                                       22

20.3     EQUITABLE RELIEF

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

20.4     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.

20.5     NOTICES

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

         If to Retrocedant:

         St. Paul Reinsurance Company Limited
         27 Camperdown Street
         London
         E1 8DS
         Facsimile: + 44 20 7488 6345
         Attention: Company Secretary

         If to Retrocessionaire:

         Platinum Underwriters Reinsurance, Inc.
         195 Broadway
         New York, New York 10007
         Facsimile: 001 212 238 9202
         Attention: Chief Financial Officer

20.6     WIRE TRANSFER

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

<PAGE>

                                       23

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

-        GBP Account
         Citibank
         London
         Account Number 10440698
         SWIFT CITIGB2L

-        EUR Account
         Citibank
         London
         Account Number 10440701
         SWIFT CITIGB2L

         For credit to St. Paul Reinsurance Company Limited

-        USD Account
         Citibank
         London
         Account Number 988529
         Sort Code 18-50-08

-        GBP Account
         Citibank
         London
         Account Number 8560420
         Sort Code 18-50-08

-        EUR Account
         Citibank
         London
         Account Number 8655197
         Sort Code 18-50-08

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

20.7     HEADINGS

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

20.8     FURTHER ASSURANCES

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

20.9     THIRD PARTY RIGHTS

         (A)      Section 14 confers a benefit on the officers, directors and
                  employees of Retrocedant and of Retrocessionaire (the "Third
                  Parties") and, subject to the remaining provisions of this
                  Section, is intended to be enforceable by the Third Parties by
                  virtue of the Contracts (Rights of Third Parties) Act 1999.

         (B)      The parties to this Agreement do not intend that any term of
                  this Agreement, apart from Section 14, should be enforceable,
                  by virtue of the Contracts (Rights of Third Parties) Act 1999,
                  by any person who is not a party to this Agreement.

         (C)      Notwithstanding the provisions of Section 20.9(A), this
                  Agreement may be rescinded or varied in any way and at any
                  time by the parties to this Agreement without the consent of
                  any or all of the Third Parties.

20.10    AMENDMENTS; ENTIRE AGREEMENT

         This Agreement may be amended only by written agreement of the parties.
         This Agreement, together with the Formation and Separation Agreement,
         supersedes all prior discussions and written and oral agreements and
         constitutes the sole and entire agreement between the parties with
         respect to the subject matter hereof.

<PAGE>

                                       24

20.11    GOVERNING LAW

         This Agreement shall be governed by English law.

<PAGE>

                                       25

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

                                ST. PAUL REINSURANCE COMPANY
                                LIMITED

                                By /s/ T. Mahoney
                                   -------------------------------------------
                                   Name:  T. MAHONEY
                                   Title: M D

                                PLATINUM UNDERWRITERS
                                REINSURANCE INC.

                                By /s/ Michael D. Price
                                   --------------------------------------------
                                   Name:  Michael D. Price
                                   Title: President and Chief
                                          UnderWriting Officer

<PAGE>

                                   EXHIBIT A-1

                              Reinsurance Contracts

ST. PAUL REINSURANCE COMPANY LIMITED : NON-TRADITIONAL A QUOTA SHARE TREATY

SCHEDULE A- REINSURANCE CONTRACTS.

<TABLE>
<CAPTION>
Reserving Class     Genius Class     Policy Reference  Inception   Expiry             Cedant                      Title
<S>              <C>                 <C>               <C>        <C>       <C>                         <C>
     93          93 Non Trad Dep Ac    003223021FXP     4/1/02     3/31/03  Transatlantic Re Co *AC*    TRC Property Reeplicat XL
     88          88 Non Trad Intl      003356021FXP     1/1/02    12/31/02  Bahamas First Gen Ins *TO*   Bahamas First Property
</TABLE>

<PAGE>

                                   EXHIBIT A-2

                       Loss Reserves by Class of Business

                  None.

<PAGE>

                                    EXHIBIT B

                                  Loss Reserves

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

             Methodology for Calculation of Final Section A Premium

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

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

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

          Calculation Methodology for Earned But Not Yet Billed Premium

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

                                       C-1

<PAGE>

                                    EXHIBIT C

                              Inuring Retrocessions

   PLATINUM RE UK/US/BERMUDA - SCHEDULE OF INURING REINSURANCE : PROPORTIONAL
                                 AS AT 17/10/02

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

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

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

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

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

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

                                       F-1

<PAGE>

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

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

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

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

<TABLE>
<S>    <C>                        <C>           <C>             <C>
4)     Japan Cat. XL Surplus      USD 1.2m      PX Re - 100%    100%
       Treaty

       Casualty Clash Quota
5)     Share                      $ 4,200,000   Auto-Owners     100%
                                                Ins. Co.

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

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

                                       F-2

<PAGE>

        PLATINUM RE UK / US / BERMUDA - SCHEDULE OF INURING REINSURANCE :
                         NON-PROPORTIONAL AS AT 17/10/02

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

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

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

  2a)      International        7/11/01     7/10/02     Protects Europe       $  7,500,000     $  7,500,000
           Property Cat. XL                             Risk/Prorata/Cat.     L  5,000,000     L  5,000,000
                                                        XL business
</TABLE>

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

  1b)      Marine XL (b)         2 @ 100%           $ 1,125,000   25.00%    100%    Lloyd's Synd. 1861 (BRM) - 20%
                                                    L    62,500                     QBE Intnl. London - 30%
                                                                                    Cornhill - 25%
                                                                                    Odyssey London Branch - 25%

  1c)      Marine XL (c)         2 @ 100%           $   675,000   15.00%    100%    QBE Intnl. London - 50%
                                                    L    37,500                     Cornhill - 25%
                                                                                    Odyssey London Branch - 25%

  2a)      International         1 @ 100%           $   843,750   22.50%    100%    PX Re - 40%
           Property Cat. XL                         L   562,500                     GE Frankona Re (Germany) - 20%
                                                                                    Gerling Global (UK) - 1.91%
                                                                                    Safety National Casualty Corp. - 7.61%
                                                                                    Lloyd's Synd. 566 (STN) - 15.24%
                                                                                    Lloyd's Synd. 780 (BFC) - 3.81%
                                                                                    Lloyd's Synd. 2121 (HYL) - 3.81%
                                                                                    Lloyd's Synd. 2027 (COX) - 3.81%
                                                                                    Lloyd's Synd. 2010 (MMX) - 3.81%
</TABLE>

                                       F-3

<PAGE>

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

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

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

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

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

3a)      Joint Risk XOL        1 @ 100%      $   875,000    35.00%    100%   Lloyd's Synd. 566 (STN) - 25%
         Cover - First Layer                                                 Lloyd's Synd. 780 (BFC) - 15%
                                                                             Gerling Global (UK) - 2.373%
                                                                             XL Re - 8.898%
                                                                             Transatlantic Re - 15%
                                                                             Lloyd's Synd. 626 (IRK) - 5.933%
                                                                             Lloyd's Synd. 2010 (MMX) - 4.449%
                                                                             Lloyd's Synd. 282 (LSM) - 4.449%
                                                                             GE Frankona - 8.898%
                                                                             PX Re - 10%
</TABLE>

                                       F-4

<PAGE>

<TABLE>
<S>      <C>                 <C>        <C>         <C>                    <C>              <C>
3b)      Joint Risk XOL      2/13/02    2/12/03     Property Risk &        $  5,000,000     $  5,000,000
         Cover - Second                             Prorata business
         Layer                                      (all offices)

4a)      International Cat.   3/9/02     2/8/03     International          $ 20,000,000     $ 50,000,000
         XOL - First Layer                          Risk/Prorata/Cat.
                                                    XL (all offices)

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

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

<TABLE>
<S>      <C>                 <C>           <C>           <C>      <C>      <C>
3b)      Joint Risk XOL      1 @ 100%      $ 2,000,000   40.00%   100%     Lloyd's Synd. 566 (STN) - 10%
         Cover - Second                                                    Lloyd's Synd. 780 (BFC) - 15%
         Layer                                                             Gerling Global (UK) - 4%
                                                                           XL Re - 15%
                                                                           Transatlantic Re - 20%
                                                                           Lloyd's Synd. 2010 (MMX) - 3.50%
                                                                           Lloyd's Synd. 282 (LSM) - 7.50%
                                                                           GE Frankona - 15%
                                                                           PX Re - 10%

4a)      International Cat.  1 @ 100%      $ 4,800,000   24.00%   100%     Lloyd's Synd. 566 (STN) - 12.5%
         XOL - First Layer                                                 Lloyd's Synd. 780 (BFC) - 10%
                                                                           Lloyd's Synd. 282 (LSM) - 8%
                                                                           PX Re - 8%
                                                                           Renaissance Re - 25%
                                                                           Di Vinci Re - 12.5%
                                                                           Transatlantic Re - 10%
                                                                           GE Frankona Re - 10%
                                                                           Royal Bank of Canada - 4%

4b)      International Cat.  1 @ 100%      $ 4,500,000   15.00%   100%     Lloyd's Synd. 566 (STN) - 5%
         XOL - Second                                                      Lloyd's Synd. 780 (BFC) - 12.5%
         Layer                                                             Lloyd's Synd. 626 (IRK) - 4.004%
                                                                           Lloyd's Synd. 2010 (MMX) - 1.202%
                                                                           Lloyd's Synd. 282 (LSM) - 10.01%
                                                                           Lloyd's Synd. 1096 (RAS) - 1.602%
                                                                           Gerling Global (UK) - 0.801%
                                                                           PX Re - 8.007%
                                                                           Folksamerica - 16.014%
                                                                           Renaissance Re - 8.007%
                                                                           Di Vinci Re - 4.004%
                                                                           Transatlantic Re - 7.5%
                                                                           Auto-Owners - 16.015%
                                                                           Royal Bank of Canada - 2.667%
                                                                           Protective - 2.667%

5)       Satellite XL              0       $   575,000    5.75%   100%     Renaissance Re - 100%
         [Geosynchronous /
         Geostationary
         In-Orbit
         Reinsurance]
</TABLE>

                                       F-5

<PAGE>

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

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

8)       N.A. $10 Billion ILW   7/1/01     6/30/02    North American         $  2,500,000       $     10,000
                                                      Property business
                                                      subject to Industry
                                                      Loss of USD 10B

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

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

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

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

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

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

7)       Caribbean ILW XOL        Nil                $ 3,450,000     23.00%     100%   Continental Casualty - 100%

8)       N.A. $10 Billion ILW   1 @ 100%             $   500,000     20.00%     100%   Transatlantic Re - 100%

9)       N.A. $10 Billion ILW   1 @ 100%             $   475,000     19.00%     100%   IPC Re Limited - 100%

10)      N.A. Property /        1 @ 100%             $   420,000      4.20%     100%   Tokio Millenium Re - 100%
         WCA Cat $ 30B
         ILW

11)      N.A. Property Cat      1 @ 100%             $   950,000     19.00%     100%   Odyssey Re - 100%
         $15B ILW

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

12b)     Marine XOL - 2nd       1 @ 100%             $   624,982     12.50%     100%   Lloyd's Synd. 457 (WTK) - 7.5%
         layer [NY]                                                                    Cornhill - 21.5%
                                                                                       Folksamerica Re - 30%
</TABLE>

                                       F-6

<PAGE>

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

14)      Workers'             1/1/02     12/31/02    Covers Workers'       $ 50,000,000               $ 75,000,000
         Compensation Cat.    1/1/03     12/31/05    Compensation          $ 50,000,000               $ 75,000,000
         XOL (Holborn)                               treaty business

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

<TABLE>
<S>      <C>                  <C>                    <C>           <C>       <C>      <C>
                                                                                      Lloyd's Synd. 2 (WHS) - 20%
                                                                                      Nisshin F & M - 1%
                                                                                      XL Mid Ocean Re - 20%

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

14)      Workers'                                    $10,000,000             100%     Swiss Re - 81.25%
         Compensation Cat.    Annual Agg. Of 50M                                      Hannover - 15%
         XOL (Holborn)                                                                E & S Reins. - 3.75%

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

                                       F-7

<PAGE>

                                    EXHIBIT D

                            Allocation of Recoveries

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

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

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

<PAGE>

                                    EXHIBIT E

                      Allocation of Retrocessional Premiums

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

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

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

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

4.       The $10 million of premium payable for 2002 under the Workers
         Compensation Catastrophe Excess of Loss $50 million excess of $75
         million Retrocession Contract will be split $1 million for Platinum Re
         and $9 million for The St. Paul Companies. Such contract has a feature
         that states that for certain unfavourable experience on

<PAGE>

         the Whole Account Stop Loss Cover the premium on this cover could
         reduce by as much as $9 million. In this event the reduction in ceded
         premium would benefit The St. Paul Companies exclusively. The Platinum
         Re share would remain at $1 million.

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

                                      E-2

<PAGE>

                                    EXHIBIT F

                              Allocation of Limits

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

<PAGE>

                                    EXHIBIT G

                          Form of Retrocedant's Report

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

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

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

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

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

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

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

                                      G-1

<PAGE>

                                    EXHIBIT H

                      Allocation of Administrative Expenses

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

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

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