Document:

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                                                                   EXHIBIT 10.29

                               DATED       , 2002

                  FORM OF ST. PAUL REINSURANCE COMPANY LIMITED

                                      -and-

                            PLATINUM RE (UK) LIMITED

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

                           BUSINESS TRANSFER AGREEMENT

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

                                Slaughter and May
                                 One Bunhill Row
                                 London EC1Y 8YY

                               Ref: GWJ/GHXC/ESYL

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                                    CONTENTS

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                                                                             PAGE
   <S>                                                                        <C>
   1.   INTERPRETATION                                                         5

   2.   TRANSFER                                                              11

   3.   AUTHORISATION                                                         14

   4.   CONDUCT OF BUSINESS BEFORE COMPLETION                                 14

   5.   CONSIDERATION                                                         14

   6.   VAT                                                                   15

   7.   COMPLETION                                                            17

   8.   APPORTIONMENT                                                         18

   9.   RISK AND INSURANCE                                                    18

   10.  EMPLOYEES                                                             19

   11.  DATA PROTECTION                                                       23

   12.  NON-COMPETITION                                                       23

   13.  ASSIGNMENT                                                            25

   14.  FURTHER ASSURANCE                                                     26

   15.  ENTIRE AGREEMENT                                                      26

   16.  REMEDIES AND WAIVERS                                                  26

   17.  NOTICES                                                               26

   18.  ANNOUNCEMENTS                                                         27

   19.  COSTS AND EXPENSES                                                    27

   20.  COUNTERPARTS                                                          28

   21.  INVALIDITY                                                            28

   22.  CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999                          28

   23.  CHOICE OF GOVERNING LAW                                               28
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   24.  ARBITRATION                                                           28

   25.  CONFLICT                                                              29
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                                    SCHEDULES

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                                                                             PAGE
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Schedule 1 (Completion arrangements)                                          30

Schedule 2 (Assumed Employees)                                                32

Schedule 3 (Business Intellectual Property)                                   35

Schedule 4 (Shared Intellectual Property)                                     37

Schedule 5 (Transaction Documents)                                            38

Schedule 6 (Property)                                                         39

AGREED FORM DOCUMENTS

Inventory
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                                        4

THIS AGREEMENT is made the       day of                , 2002

BETWEEN:

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

AND

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

WHEREAS:

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

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

(C)   The Transferor carries on the Business (as defined in this Agreement) and
      is the beneficial owner or is otherwise able to procure the transfer of
      the Business Assets.

(D)   The Transferor intends to enter into three 100% quota share retrocession
      agreements (the "UK QUOTA SHARE RETROCESSION AGREEMENTS") with Platinum
      Underwriters Reinsurance Inc. on the date hereof in respect of certain
      reinsurance business written (as specified in those quota share
      retrocession agreements) by the Transferor on or after 1st January, 2002
      (including reinsurance business written after the date hereof and prior to
      the earlier of 31st December, 2002 and the date on which authorisation of
      the Transferee to carry on reinsurance business in the United Kingdom is
      granted by the Financial Services Authority). The Transferor has [obtained
      the consent] of the retrocessionaires in respect of the retrocession
      covers relating to this business to include Platinum Underwriters
      Reinsurance Inc. as a reinsured under such covers.

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                                        5

NOW IT IS HEREBY AGREED as follows:-

1.    INTERPRETATION

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

      "ACT"                         means Financial Services and Markets Act
                                    2000;

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

      "ASSET TRANSFER AGREEMENT"    means the inter-company asset transfer
                                    agreement dated [-] June, 2002 between St.
                                    Paul Management Limited and the Transferor
                                    providing for the transfer of certain assets
                                    by St. Paul Management Limited to the
                                    Transferor;

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

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

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

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

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                                        6

      "BUSINESS ASSETS"             means:-

                                    (i)   all the assets relating to the
                                          Business (including all the rights and
                                          property relating to the assets) as
                                          specified in the Inventory in the
                                          Agreed Form annexed to this Agreement;

                                    (ii)  the Business Intellectual Property;
                                          and

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

                                    but excluding:-

                                    (i)   the Receivables;

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

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

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

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

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

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

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                                        7

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

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

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

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

      "COMPLETION DATE"             means the date of Completion;

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

      "EMPLOYER"                    means St. Paul Management Limited;

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

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

      "LEADENHALL BUSINESS          means the leasehold property situated at
      PROPERTY"                     Third Floor, 122 Leadenhall Street, London;

      "LEADENHALL TENANT"           means St Paul Management Limited (registered
                                    number 00972175)

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                                        8

      "LIME BUSINESS PROPERTY"      means the leasehold property situated at
                                    floors one and seven, 52 Lime Street,
                                    London, EC3M 7NL;

      "LIME BUSINESS PROPERTY       means the two leases of the Lime Business
      LEASES"                       Property between The Prudential Assurance
                                    Company Limited (1) and the Transferor (2)
                                    dated 13th July, 1994 and 5th April, 1995
                                    respectively;

      "PROPERTY CONSENT"            means the consent of any landlord or other
                                    third party required for the assignment of
                                    the Leadenhall Business Property to the
                                    Transferee;

      "PROPERTY TRANSFER"           means the assignment of the Leadenhall
                                    Business Property in accordance with the
                                    relevant provisions of this agreement;

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

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

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

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

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

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

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

                                    (i)   is reasonably acceptable to both
                                          parties to this agreement; or

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

      "TRANSFERRED BUSINESS         means:-
      CONFIDENTIAL INFORMATION"

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

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

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

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

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

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

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

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

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

1.2   In construing this Agreement, unless otherwise specified:-

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

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

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                                       11

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

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

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

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

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

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

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

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

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

      (L)   references to any English legal term for any action, remedy, method
            of judicial proceeding, legal document, legal status, court,
            official or any legal concept or thing shall in respect of any
            jurisdiction other than England be treated as including what most
            nearly approximates in that jurisdiction to the English legal term;
            and

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

2.    TRANSFER

2.1   The Transferor agrees to transfer or procure the transfer and the
      Transferee agrees to accept the transfer of the Business Assets with such
      title as the Transferor is required to deliver under the Formation and
      Separation Agreement as a going concern at and with effect from
      Completion, but so that the Business shall be carried on by the Transferee
      until the earlier of the Authorisation Date and 31st December, 2002 solely
      as agent of the Transferor and solely in accordance with the respective
      rights and obligations of the Transferor and the Transferee pursuant to,
      and subject as provided in, Part B of the UK Underwriting Agency and
      Underwriting Management Agreement (as defined in the Formation and
      Separation

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                                       12

      Agreement) and so that following Authorisation (and only following
      Authorisation), the Transferee will be entitled to assume and carry on the
      Business for its own account and benefit in succession to the Transferor.

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

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

      [PLEASE CONFIRM LATEST STATUS IN RELATION TO THE APPLICATION FOR
      MEMBERSHIP OF THE IUA].

2.4   Where consent of a third party is required for the transfer of any
      Business Intellectual Property to the Transferee, the Transferor shall use
      commercially reasonable endeavours to obtain such consent. For the
      avoidance of doubt the Transferor shall not be required to make any
      payment to any third party to procure such consent and the Transferor
      shall have no liability to the Transferee to the extent that such consent
      is not obtained by Completion.

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

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

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

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2.8   (A)   The Transferor authorises the Transferee to use the Lime Business
            Property on a non-exclusive basis from the Completion Date until the
            earlier of:

            (i)   the Property Completion Date of the Leadenhall Business
                  Property as referred in Schedule 6;

            (ii)  the delayed legal completion date of the Leadenhall Business
                  Property as determined in accordance with clause 5.1 in
                  Schedule 6; and

            (iii) the date on which either party has given written notice to the
                  other to treat the Leadenhall Business Property as withdrawn
                  from the sale and purchase set out in this agreement in
                  accordance with clause 5.2 in Schedule 6.

      (B)   In consideration of the Transferor agreeing to permit the Transferee
            to occupy the Lime Business Property, the Transferee (i) is to pay
            to the Transferor on the same dates as such sums are payable
            pursuant to the Lime Business Property Leases a licence fee
            equivalent to all rents, service charges and other outgoings paid by
            the Transferor in respect of the Lime Business Property, (ii) is to
            observe and perform the covenants and conditions on the part of the
            lessee in the Lime Business Property Leases, other than payment of
            rents, (iii) is not to infringe any statutory requirement relating
            to the Lime Business Property and (iv) is to indemnify the
            Transferor in respect of all costs, claims, liabilities and expenses
            incurred by the Transferor as a result of any act, neglect, default
            or omission on the part of the Transferee to perform or comply with
            such covenants and conditions or as a consequence of any breach of
            the terms of the Lime Business Property Leases arising from the
            Transferee's occupation of the Lime Business Property. The licence
            fee referred in (i) above is expressed exclusive of amounts in
            respect of VAT. If such fee is the consideration for a taxable
            supply for VAT purposes, the Transferee shall, in addition to such
            fee, pay, on receipt of a valid VAT invoice, an amount equal to any
            VAT which may from time to time be chargeable in respect of supplies
            made under this licence.

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

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

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                                       14

2.9   The Transferor will procure that the Leadenhall Tenant will sell and the
      Transferee will purchase the Leadenhall Business Property in accordance
      with the terms of SCHEDULE 6.

3.    AUTHORISATION

3.1   From the date hereof until 31st December, 2002, each of the Transferor and
      the Transferee will use commercially reasonable endeavours to obtain the
      Authorisation as soon as possible, provided that the Transferor shall not
      be required to take any action which would be prejudicial to its
      commercial interests including, without limitation, contributing to the
      Transferee any capital investment (other than the transfer of the Business
      in accordance with this Agreement) or incurring any costs or liability.

3.2   Each party undertakes to keep the other informed as to progress towards
      the obtaining of the Authorisation and in particular (but without
      limitation) to disclose in writing to the other party anything which will
      or may prevent the Authorisation being obtained by 31st December, 2002
      immediately where it comes to that party's notice.

4.    CONDUCT OF BUSINESS BEFORE COMPLETION

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

5.    CONSIDERATION

5.1   The consideration for the transfer of the Business Assets shall be the
      issue to the Transferor of - common shares in Platinum Holdings.

5.2   The consideration shall be allocated as follows:-

      (A)   all the assets relating to the Business               [      ];
            (including all the rights and property relating to
            the assets) as specified in the Inventory in the
            Agreed Form annexed to this Agreement

      (B)   the Business Goodwill                                 [      ];

      (C)   the Business Renewal Rights                           [      ]; and

      (D)   the Business Intellectual Property                    [      ].

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

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                                       15

6.    VAT

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

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

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

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

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

      (B)   If the Transferor and the Transferee disagree with the determination
            of H.M. Customs & Excise referred to in CLAUSE 6.5(A), or if
            SUB-CLAUSE (F) applies, they shall obtain a review by the
            Commissioners of H.M. Customs & Excise of that determination and
            SUB-CLAUSES 6.5(C) TO (F) (inclusive) shall apply. The Transferor
            and the Transferee

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                                       16

            shall be responsible jointly for obtaining such review and shall
            give each other all reasonable assistance and co-operation in that
            regard.

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

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

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

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

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

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

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                                       17

            delivered, the parties agree to apply SUB-CLAUSES (B) TO (E)
            (inclusive) in accordance with such opinion.

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

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

      where R means:

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

      (ii)  in all other cases 0.175,

      and provided that for this purpose R shall be determined in good faith by
      the Transferee and shall be adjusted as necessary following any agreement
      with H.M. Customs & Excise or otherwise with such consequential
      adjustments being made to IC as are then appropriate (using for the
      avoidance of doubt for the purpose of this recalculation the original
      allocations as stated at the date of this Agreement in CLAUSE 5.2),

      and so that the consideration and allocation pursuant to CLAUSE 5.1 AND
      5.2 shall be adjusted in accordance with the results of the above process,
      and so that the Transferor shall be liable to make such payment to the
      Transferee as is equal to the amount of any reduction in the consideration
      payable pursuant to CLAUSE 5.1 and the Transferee shall make such payments
      of additional consideration as are required under CLAUSE 6.5 (A) OR (E)
      and so that the two said amounts may be set off to the maximum extent
      possible leaving a net payment, and finally so that, if pursuant to any
      further application of this clause to determine IC (if R is adjusted as
      referred to above), IC changes (upwards or downwards), such adjusting
      payments shall be made as are necessary.

7.    COMPLETION

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

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

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                                       18

8.    APPORTIONMENT

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

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

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

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

8.5   All other prepayments and accruals relating to the Business Assets or the
      Assumed Employees (including, without limitation, in respect of holiday
      pay and bonus payments due to Assumed Employees) shall, to the extent that
      they relate to any period commencing prior to and ending after Completion,
      be apportioned on a fair and equitable basis between the Transferor and
      Transferee and an appropriate payment shall be made to reflect that
      apportionment.

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

9.    RISK AND INSURANCE

      Risk  in the Business Assets shall pass on Completion.

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                                       19

10.   EMPLOYEES

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

10.2  The Transferee and Transferor agree that if a Relevant Transfer shall not
      occur prior to the Authorisation, the Authorisation will constitute a
      Relevant Transfer which will take place in its entirety on the
      Authorisation Date and sub-clause 10.6 shall apply to the Part 1 Employees
      between the Completion Date and the Authorisation Date and the Part 1
      Employees shall thereafter transfer under the Regulations to the
      Transferee from the Employer on the Authorisation Date upon the terms and
      conditions referred to in sub-clause 10.7(B).

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

10.4  If for any reason, any Part 1 Employee is found not to have transferred to
      the Transferee pursuant to the Regulations, other than by virtue of
      Regulation 5(4A) of the Regulations, the Transferee in consultation with
      the Transferor will as soon as is reasonably practicable but no later than
      within 14 days of learning of the said finding make any such Part 1
      Employees an offer in writing to employ him under a new contract of
      employment to take effect as soon as possible thereafter upon the terms
      and conditions referred to in sub-clause 10.7(B). In the event that any
      Part 1 Employee declines such offer, the Transferor may at its discretion
      procure that the Employer terminate the employment of such Part 1
      Employee. So long as that termination is effected within three months
      after the date of the said finding, the Transferee will indemnify the
      Transferor and the Employer against any sums payable and each and every
      liability, claim, demand, expense or cost (including without limitation
      legal costs and expenses incurred by the Transferor on a solicitor and own
      client basis in settling, contesting or dealing with any such claim or
      demand) to, or on behalf of such person in respect of his employment on or
      after Completion arising out of such termination.

10.5  (A)   If for any reason any person who is not an Assumed Employee is found
            to have transferred to the Transferee pursuant to the Regulations,
            the Transferor in consultation with the Transferee will, upon
            receipt of the Transferee's written notification that it does not
            wish to employ that person, as soon as is reasonably practicable but
            no later than within 14 days of being so notified by the Transferee,
            procure that the Employer make to that person an offer in writing to
            employ him under a new contract of employment upon the terms and
            conditions referred to in sub-clause 10.7(B) or alternatively
            request that the Transferee terminate the employment of that person.
            However, the Transferee must serve the notice no later than 14 days
            after becoming aware of the finding.

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                                       20

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

10.6  In the event of sub-clause 10.2 applying or where any Part 2 Employee
      remains employed by the Employer pending acceptance by him of an offer of
      employment by the Transferee, then in respect of such Assumed Employees,
      between Completion and the Authorisation Date (or where relevant earlier
      acceptance of the relevant offer):

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

            (i)   make each of them available to the Transferee to provide
                  services to the Transferee and so far as is reasonably
                  practicable in the same manner as prior to Completion;

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

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

      (B)   The Transferee shall in respect of those Assumed Employees (except
            with the express prior written consent of the Transferor):

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

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                                       21

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

            (iii) without prejudice to sub-clause 10.7(C)(iii), fully reimburse
                  the Employer on a monthly basis in respect of all salary
                  payments and other emoluments in accordance with the their
                  contracts of employment including tax and national insurance
                  payments, holiday and sick pay.

10.7  In respect of salaries and other contractual emoluments and pension
      provision the Transferor and Transferee agree:

      (A)   with effect from the earlier of the Completion Date or the date on
            which any Assumed Employee becomes an employee of the Transferee
            then in relation to that Assumed Employee all salaries and other
            contractual emoluments, tax and national insurance payments, and
            accrued holiday pay shall be borne by the Transferee from that date
            and all necessary apportionments shall be made and from the
            Completion Date life insurance premiums and pension payments
            pursuant to sub-clause 10.7(C)(iii) shall be borne by the
            Transferee;

      (B)   with the exception of occupational pension arrangements and share
            scheme arrangements such salaries and other contractual emoluments
            shall be the same as or not substantially less favourable and giving
            rise to detriment, than any Assumed Employee's terms and conditions
            of employment before the Completion Date or the date on which any
            Assumed Employee becomes an employee of the Transferee whichever is
            the more favourable to the Assumed Employee; and

      (C)   (i)   upon Completion or immediately following Completion to the
                  extent the Transferor has not already done so, the Transferor
                  shall use [its best endeavours] to obtain the approval of the
                  relevant authorities and the consent of the trustees (the
                  "TRUSTEES") of the St. Paul Pension Plan (the "PLAN") and the
                  Employer to the adherence of the Transferee to the Plan for a
                  period not exceeding six months from the Completion Date (the
                  "PARTICIPATION PERIOD") in respect of those Assumed Employees
                  who are at the time of Completion contracted-out members of
                  the Plan (the "MEMBERS") and who shall either continue as or
                  become Members of the defined contribution section of the Plan
                  on the Completion Date until the Transferee ceases its
                  participation in the Plan;

            (ii)  upon Completion or immediately following Completion to the
                  extent the Transferor and Employer have not already procured
                  the execution of a Deed

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                                       22

                  of Adherence to the Plan by the Trustees and the Employer, the
                  Transferor shall use [its best endeavours] to procure such
                  execution and the Transferee will execute such Deed of
                  Adherence upon or immediately following Completion; and

            (iii) the Transferee shall during the Participation Period pay
                  contributions to the Trustees of the Plan at the rate of 11.9%
                  of the Member's Basic Earnings as defined in the trust deed
                  and rules of the Plan comprising a 10% pension contribution
                  and 1.9% life insurance contribution and shall also pay to the
                  Employer an amount to be agreed between the Employer and the
                  Transferee to reflect the administration expenses of the Plan,
                  such contributions and expenses to be paid monthly.

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

10.9  Subject to the Transferor's overriding indemnity in sub-clause 10.5(B),
      the Transferee shall indemnify the Transferor and the Employer against any
      breach of its employment obligations under this Agreement and each and
      every liability, claim, demand, expense or cost (including without
      limitation legal costs and expenses incurred by the Transferor on a
      solicitor and own client basis in settling, contesting or dealing with any
      such claim or demand) relating to or arising out of any claim by an
      Assumed Employee transferring under the Regulations that in consequence of
      the transfer of the Business to the Transferee:

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

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

      (C)   any claim by any trade union staff association staff body or
            employee representatives (together "REPRESENTATIVES") arising out of
            any act or omission by the Transferee including the Transferee's
            failure to comply with its legal obligations to such Representatives
            or to the Transferor including without limitation any failure by the
            Transferee to comply with its obligations under Regulation 10 of the
            Regulations.

10.10 Subject to the Transferee's overriding indemnity in sub-clause 10.4, the
      Transferor shall indemnify the Transferee against any claim in respect
      of:-

      (A)   any breach of contract or applicable law by the Transferor in
            respect of any of the Assumed Employees at any time prior to the
            Completion Date;

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                                       23

      (B)   the termination of the employment prior to the Completion Date of
            any person who was formerly assigned to the Business; and

      (C)   subject to clause sub-10.9(C) any failure by the Transferor to
            comply with its obligations under Regulation 10 of the Regulations.

10.11 The Transferor (and the Employer so procured by the Transferor) and
      Transferee shall each notify the others promptly in writing giving full
      details of any matters in respect of which either the Transferor or
      Employer or Transferee shall or may be entitled to claim an indemnity
      under this clause 10 from the other. If the indemnifying party shall so
      request in writing, the indemnified party shall consult with the
      indemnifying party at all material stages regarding the care and conduct
      of resisting, compounding or contesting each such matter including without
      limitation any demand, claim or proceedings so as to avoid or mitigate any
      loss and/or disrepute to the indemnifying party and the indemnified party
      shall [at its own expense] give upon request of the indemnifying party any
      co-operation, assistance or information as may be reasonably requested
      which is relevant to such matters.

11.   DATA PROTECTION

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

12.   NON-COMPETITION

12.1  For a period of two years following the Closing Date (the "RESTRICTED
      PERIOD") the Transferor may not (other than pursuant to the UK
      Underwriting Agency and Management Agreement of [even date] between the
      parties):-

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

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

      (C)   use or disclose to any person other than the Transferee or members
            of the Transferee's Group, any Transferred Business Confidential
            Information except in connection with the administration of (i) the
            Reinsurance Agreements or (ii) the

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                                       24

            Retained Business provided that the Transferor will disclose
            Transferred Business Confidential Information only in the ordinary
            course of business, consistent with past practice including in
            connection with resolving claims and the purchase of retrocessional
            coverage and provided, further, that the Transferor shall use
            reasonable efforts to avoid providing Transferred Business
            Confidential Information to a competitor of the Transferee under
            circumstances reasonably likely to materially impair the value of
            the Business Renewal Rights;

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

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

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

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

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

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

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                                       25

12.4  Transferred Business Confidential Information shall not include
      information relating to the Business which is or becomes generally known
      on a non-confidential basis provided that the source of such information
      was not bound by a confidentiality agreement or other obligation of
      confidentiality. If the Transferor is legally requested or required under
      an order or subpoena issued by a court, administrative agency or
      arbitration panel (through oral examination, interrogatories, requests for
      information or documents, civil investigation demand or other legal,
      administrative or arbitration processes) to disclose any Transferred
      Business Confidential Information, the Transferor shall provide the
      Transferee with prompt written notice of the request, requirement,
      subpoena or order to permit the Transferee (if it so elects) to seek
      appropriate protective steps preventing or limiting disclosure. If the
      Company seeks such steps to avoid or limit disclosure, the Transferor
      shall co-operate with the Transferee at the Transferee's expense. If, in
      the absence of such protective steps, the Transferor is compelled to
      disclose any Transferred Business Confidential Information, the Transferor
      may disclose such Transferred Business Confidential Information without
      liability hereunder.

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

12.6  Each party agrees that money damages would not be a sufficient remedy for
      any breach of sub-clauses 12.1 to 12.5 by the Transferor.

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

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

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

13.   ASSIGNMENT

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

<Page>

                                       26

14.   FURTHER ASSURANCE

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

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

15.   ENTIRE AGREEMENT

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

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

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

16.   REMEDIES AND WAIVERS

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

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

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

17.   NOTICES

      All notices hereunder shall be in writing and shall be deemed to have been
      duly given if delivered by hand (with receipt confirmed) or by certified
      mail, postage prepaid and return receipt requested, or by facsimile
      transmission, addressed as follows (or to such other

<Page>

                                       27

      address as a party to this agreement may designate by written notice to
      the other) and shall be deemed given on the date on which such notice is
      received:

        PARTY AND TITLE OF INDIVIDUAL         ADDRESS             FACSIMILE NO.

        Transferor                          [         ]           [          ]
        f.a.o. [            ]

        Transferee                          [         ]           [          ]
        f.a.o. [            ]

18.   ANNOUNCEMENTS

18.1  Neither party to this agreement shall make, or cause to be made, any press
      release or public announcement in respect of this agreement or the
      transactions contemplated hereby or otherwise communicate with any news
      media without the prior written consent of the other party and the parties
      shall co-operate as to the timing and contents of any such press release
      or public announcement. This clause does not apply in the circumstances
      described in CLAUSE 18.2.

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

      (A)   law; or

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

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

19.   COSTS AND EXPENSES

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

<Page>

                                       28

20.   COUNTERPARTS

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

20.2  Each counterpart shall constitute an original of this Agreement, but all
      the counterparts shall together constitute but one and the same
      instrument.

21.   INVALIDITY

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

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

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

22.   CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

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

23.   CHOICE OF GOVERNING LAW

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

24.   ARBITRATION

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

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

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

<Page>

                                       29

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

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

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

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

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

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

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

25.   CONFLICT

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

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

<Page>

                                       30

                                   SCHEDULE 1
                            (COMPLETION ARRANGEMENTS)

1.    MATTERS TO BE DEALT WITH BY THE TRANSFEROR

      At Completion, the Transferor shall:

      (A)   Transfer of Business Assets capable of delivery

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

      (B)   Other Matters

            Deliver to the Transferee:

            (i)   the [ANCILLARY AGREEMENTS] duly executed by the Transferor;

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

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

            (iv)  [a release or certificate of non-crystallisation duly executed
                  by the chargee of any charge subsisting over any of the
                  Business Assets] [IS THERE ANY SECURITY OVER ANY OF THE
                  BUSINESS ASSETS?].

      (C)   Vacant Possession of Lime Business Property

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

2.    MATTERS TO BE DEALT WITH BY THE TRANSFEREE

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

      (A)   shall deliver to the Transferor a copy of the minutes of a meeting
            of the directors of the Transferee authorising the execution by the
            Transferee of this

<Page>

                                       31

            Agreement and all other relevant documents to which the Transferee
            is a party referred to in this Agreement; and

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

<Page>

                                       32

                                   SCHEDULE 2
                               (ASSUMED EMPLOYEES)

                            Part 1 Assumed Employees

<Table>
<Caption>
  PLATINUM UK FUNCTIONS             SURNAME           FORENAME          KEY
                                                                     EMPLOYEES
<S>                                <C>                  <C>              <C>
INTERNATIONAL
UNDERWRITING/SOLUTIONS
Underwriter: Casualty                  Archer              Clive         KE

Former Underwriter/General            Ballard              Chris         KE
Manager

Underwriter                         Brudenell             Samuel

Trainee Actuary                          Chan                 TJ

Underwriter                              Dean           Jonathan

Underwriter                            Dekens            Stephan

Underwriter                            Dudley              Kerry

Actuary                                 Gates               Paul

Underwriter Property                  Fishman                Len         KE

Underwriter                            Haynes            Stephen         KE

Managing Director                     Mahoney                Tom         KE

Underwriter                           Manning             Andrew

Underwriter and Actuary            Pettengell              Craig

underwriter                           Pomeroy               Mark

Underwriter                            Robins             Stuart

Actuary                                  Ross              Fiona         KE
</Table>

<Page>

                                       33

<Table>
<S>                                 <C>                     <C>          <C>
Underwriting secretary                  Smith               Cath

Underwriter                         Stevenson               Gary

Secretary                            Streeter                Kim

Underwriting Actuary (part             Tinson               Jane
qualified)

Underwriter & Actuary                  Waters                Les
</Table>

<Page>

                                       34

                                     PART 2

<Table>
<Caption>
        SUPPORT SERVICES             SURNAME          FORENAME

<S>                                   <C>              <C>               <C>
Accounts Assist                          Dean          Christine

Finance Controller                      Boddy            Stephen         KE

Finance Director                       Butler                Guy         KE

Claims Manager                        Coldman            Michael         KE

Claims Handler                         Dawson            Matthew

PA/HR                                  Heddle              Marie

IT Technical                          Howells              David

IT Systems Development                  Lucas            Charlie         KE

Underwriting Admin                       Read            Jacquie

Actuary                                  Shah             Minesh         KE

IT Technical                            Singh              David

Accounts Assistant                    Weaving               Paul
</Table>

<Page>

                                       35

                                   SCHEDULE 3
                        (BUSINESS INTELLECTUAL PROPERTY)

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

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

                  AGGFFT02

                  AGGHM02

                  AggSim5PO2

                  AggSimLN02

                  CASXPO02

                  Exper02

                  GENXPO02

                  INTCAT02

                  INTILW02

                  IntMtr02

                  LOSSDI02

                  NAILW02

                  PROPXP02

                  ProRat02

                  PRORAT02

                  SCHEDP02

                  WCRETR02

                  WCXPO02

<Page>

                                       36

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

                  \Aggs_UK2002_AreaConsolid_290900.xls

                  \Aggs_UK2002_district_fudge.xls

                  \Aggs_UK2002_Sector_Filter_CMP.xls

                  \Aggs_UK2002_Sector_RMS.xls

                  \Aggs_UK2002_Sector_Thames.xls

                  \RMS Sectors.xls

                  \Thames Sectors.xls

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

                  \Limits_profile_3.xls

                  \Limits_profile_estimation.xls

                  \profile generator_cargo.xls

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

                  \Hull Model 2002 CMP.xls

                  \Limits profile Hull.xls

                  \ profile generator.xls

T: \ Pricing\PCModels_Dev\UKcat2001small_2002.xls

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

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

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

<Page>

                                       37

                                   SCHEDULE 4
                         (SHARED INTELLECTUAL PROPERTY)

ARS - Actuarial Reserving System.

SWAT - Financial Reporting System.

Fred - Financial Reporting Database.

Oil Rig database.

Underwriting Treaties Database.

Claims Lotus Notes databases.

<Page>

                                       38

                                   SCHEDULE 5
                             (TRANSACTION DOCUMENTS)

Formation and Separation Agreement

UK Underwriting Agency and Underwriting Management Agreement

Asset Transfer Agreement

<Page>

                                       39

                                   SCHEDULE 6
                                   (PROPERTY)

1.    MATTERS TO WHICH THE SALE IS SUBJECT

      The Leadenhall Business Property is sold subject to and (where
      appropriate) with the benefit of the following matters:

      (A)   all local land charges and all matters capable of registration as
            local land charges;

      (B)   all notices served and orders, demands, proposals or requirements
            made by any local or other competent authority;

      (C)   all exceptions and reservations of whatever nature, all rights of
            way, water, light, air or other rights, easements, quasi-easements,
            servitudes and wayleaves (whether constituted in the title deeds or
            otherwise); and

      (D)   the covenants, obligations and conditions on the part of the lessee
            contained in the lease by which the Leadenhall Tenant holds the
            Leadenhall Business Property.

2.    VACANT POSSESSION

      The Leadenhall Business Property is sold with vacant possession of the
      whole on the date which is 3 months after the Completion Date (the
      "PROPERTY COMPLETION DATE").

3.    TITLE

      The Transferee shall be deemed to be purchasing with full knowledge of the
      contents of all deeds and other documents of title complete and accurate
      copies of which have been supplied to the Transferee before the date of
      this agreement.

4.    PROPERTY CONSENTS

4.1   If a Property Consent remains to be obtained as at the Property Completion
      Date this paragraph shall continue to apply until the relevant Property
      Consent shall have been obtained or until this agreement shall cease to
      apply to the Leadenhall Business Property in accordance with the terms of
      this agreement.

4.2   The Transferor shall procure that the Leadenhall Tenant will use
      reasonable endeavours at its own expense to obtain the Property Consent.

<Page>

                                       40

4.3   The Transferee shall supply all references and other evidence and
      information reasonably required by any landlord in order to obtain the
      Property Consent and shall comply with any conditions referred to in the
      lease under which the Leadenhall Business Property is held or any other
      conditions reasonably imposed by any landlord as conditions of giving the
      Property Consent which shall include (but without limitation) the lodging
      of any security with the landlord.

4.4   The Transferor shall pay the professional and other fees of any landlord
      incurred in connection with the applications for the Property Consent.

4.5   If the Property Consent shall not have been obtained by the Property
      Completion Date the Transferor shall procure that the Leadenhall Tenant
      will in relation to the Leadenhall Business Property:

      (A)   at its own expense make and pursue an application to the Court for a
            declaration that the Property Consent is being withheld unreasonably
            (where the relevant landlord is not entitled to withhold consent in
            such a manner); and

      (B)   at its own expense apply to the relevant landlord for its consent to
            an underlease to the Transferee for a term equal to the residue of
            the term of the relevant lease (less three days) and otherwise on
            the same terms of such lease in which case the expression "Property
            Consent" shall be deemed to include the consent sought by such
            application.

5.    DELAYED LEGAL COMPLETION

5.1   If a Property Consent has not been obtained by the Property Completion
      Date in relation to the Leadenhall Business Property then the date for
      legal completion of the purchase of the Leadenhall Business Property shall
      be postponed to the ten Business Days after the earlier of:

      (A)   evidence is provided to the Transferee's Solicitors that the
            Property Consent has been obtained;

      (B)   the expiration of the period for the lodging of an appeal against a
            decision of a court of competent jurisdiction that the Property
            Consent is being unreasonably withheld without such appeal being
            lodged; and

      (C)   the Transferee (if it so elects) giving notice that it wishes to
            complete the Property Transfer notwithstanding the non-issue of the
            Property Consent.

5.2   If any Property Consent has not been obtained by the date which is 3
      months after the Property Completion Date in relation to the Leadenhall
      Business Property then either party may by written notice to the other and
      at any time thereafter unless and until

<Page>

                                       41

      such Property Consent is in fact obtained elect by written notice or
      notices to treat the Leadenhall Business Property so affected as withdrawn
      from the sale and purchase set out in this agreement so that the parties'
      obligations in respect of the Leadenhall Business Property shall end
      immediately after the relevant notice is served without limiting any
      accrued rights of action.

6.    APPORTIONMENTS

6.1   All rents, rates and other outgoings in respect of the Leadenhall Business
      Property for the period before the Property Completion Date shall be borne
      by the Leadenhall Tenant and for any period after the Property Completion
      Date shall, subject to PARAGRAPH 5 (Delayed legal completion), be borne by
      the Transferee.

6.2   All rents and other periodical payments receivable in respect of the
      Leadenhall Business Property for any period of time before the Property
      Completion Date shall belong to and be payable to the Leadenhall Tenant
      and for any period of time after that day shall, subject to PARAGRAPH 5
      (Delayed legal completion) belong to and be payable to the Transferee.

7.    THE PROPERTY TRANSFER

7.1   Subject to PARAGRAPH 7.3, on the Property Completion Date or, if later, on
      legal completion the Transferor will procure that the Leadenhall Tenant
      shall deliver a duly executed Property Transfer of the Leadenhall Business
      Property to the Transferee or as the Transferee may direct and the
      Transferor will procure that the Leadenhall Tenant assigns with full title
      guarantee.

7.2   The Transferor and the Leadenhall Tenant will not by reason of the
      covenants implied by statute or otherwise expressed in any Property
      Transfer of the Leadenhall Business Property be deemed to covenant
      expressly or impliedly that the obligations contained in any lease of the
      Leadenhall Business Property relating to its state and condition have been
      complied with and the Property Transfer will contain a declaration to that
      effect.

7.3   If the Leadenhall Tenant has applied to the relevant landlord for its
      consent to an underlease in accordance with PARAGRAPH 4.5(B) and the
      Leadenhall Tenant has obtained such consent (but has not obtained a
      consent for the transfer or assignment), on legal completion the
      Transferor will procure that the Leadenhall Tenant delivers a duly
      executed underlease of the Leadenhall Business Property to the Transferee
      or as the Transferee may direct and the Transferee will accept the
      underlease and will deliver a duly executed counterpart to the Leadenhall
      Tenant.

<Page>

                                       42

8.    STANDARD CONDITIONS

      Insofar as the same are applicable and are not inconsistent with the
      express terms of this agreement the Standard Conditions of Sale (3rd
      Edition) are incorporated in this agreement except that:

      (A)   (i)   "transfer" means the Property Transfer;

            (ii)  "working day" means Business Day;

      (B)   Conditions 1.1.1(a), 1.2, 1.3, 1.4, 2, 3.3.2(b), (c) and (e), 4.1.1,
            4.2.1, 4.3.2, 5.1.2, 5.2, 6.1, 6.3.1, 6.3.2, 6.3.6, 6.4, 6.5, 6.7,
            6.8, 7.1, 7.2, 7.3, 7.5, 7.6, 8.1.3, 8.2.4, 8.2.5, 8.3 and 9 shall
            not apply; and

      (C)   the words "at least five working days" shall be deleted from
            condition 8.2.6.

<Page>

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

Signed by                          )
for and on behalf of               )
PLATINUM RE (UK) LIMITED           )<Page>

                                                                   Exhibit 10.30

                 FORM OF 100% QUOTA SHARE RETROCESSION AGREEMENT
                                  (TRADITIONAL)

                                 BY AND BETWEEN

                       ST PAUL REINSURANCE COMPANY LIMITED

                                  (RETROCEDANT)

                                       and

                     PLATINUM UNDERWRITERS REINSURANCE INC.

                               (RETROCESSIONAIRE)

                            DATED AS OF________, 2002

THIS QUOTA SHARE RETROCESSION AGREEMENT (this "AGREEMENT"), effective as of
12:01 a.m. London time on the later of the Business Day (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)
following the Closing or July 1, 2002 (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 [ ], 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, 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; EXCLUSIONS

      Retrocedant hereby obligates itself to retrocede to Retrocessionaire and
      Retrocessionaire hereby obligates itself to accept, pursuant to the terms
      of this

                                        1
<Page>

      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 underwritten by or 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); or

      (ii) are new or renewal contracts entered into by Retrocedant pursuant to
           Clause 4.1 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,

      (each, a "REINSURANCE CONTRACT"), but excluding reinsurance contracts
      entered into otherwise than pursuant to Clause 4.1 of Part B of the Agency
      Agreement belonging to the classes specified in Exhibit B-1 hereto (the
      "EXCLUDED CONTRACTS"), (solely 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 of Part B of the Agency Agreement) shall be deemed
      to be an Excluded Contract for the purposes of this Agreement unless
      otherwise agreed to by the parties and provided that, for the avoidance of
      doubt, Retrocedant shall not retrocede, and Retrocessionaire shall not
      accept, any liability incurred by Retrocedant under reinsurance and
      retrocession contracts to the extent that they are entered into or renewed
      after the authorisation of Platinum Re UK Limited under Part IV of the
      Financial Services and Markets Act 2000 of the United Kingdom to carry on
      reinsurance business in the United Kingdom. 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

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      liabilities under any of the Reinsurance Contracts referred to in
      sub-paragraph (i) of Clause 1.

4.    PREMIUMS AND ADDITIONAL CONSIDERATION

4.1   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 amount (the "INITIAL SECTION A PREMIUM") equal to
           one hundred percent (100%) of the carrying value on the books of the
           Retrocedant as of June 30, 2002, of the aggregate of all loss and
           loss adjustment expense and ceding commission 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 31st December, 2001 as filed with the
           Financial Services Authority and as submitted to The St. Paul, and
           subject to the adjustments as set forth on Exhibit C hereto (the
           "LOSS RESERVE ADJUSTMENTS"), as applicable.

      (B)  As soon as reasonably practicable, but in no event later than [90]
           days following the Effective Date, Retrocedant shall prepare and
           deliver to Retrocessionaire an accounting, including the calculation
           of all Loss Reserve Adjustments as provided for herein (the "PROPOSED
           LOSS RESERVE ACCOUNTING") of all loss and loss adjustment expense
           reserves and ceding commission 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 31st December, 2001 as filed with
           the Financial Services Authority and as submitted to The St. Paul,
           adjusted to reflect the Loss Reserve Adjustments, as applicable (the
           "FINAL SECTION A PREMIUM"). In the event the Final Section A Premium
           is greater than the Initial Section A Premium, Retrocedant shall
           promptly pay to the account of Retrocessionaire 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. In the event the Initial Section A Premium is greater
           than the Final Section A Premium, Retrocessionaire shall promptly
           repay to the account of Retrocedant the difference (as an adjustment
           to the amount payable pursuant to Section 4.1(A) above) plus interest
           on such amount at the Applicable Rate from and including the
           Effective Date to and including the date of such payment.

      (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

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           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.

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
           amount (the "INITIAL SECTION B PREMIUM") equal to the carrying value
           on the books of Retrocedant as of June 30, 2002, of one hundred
           percent (100%) of the unearned premium 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 31st December, 2001 as filed with the
           Financial Services Authority and as submitted to The St. Paul, less
           the applicable Ceding Commission, as defined below, and 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 Ceding
           Commission. [NOTE: WOULD IT BE BETTER TO PUT THE LAST 3 1/2LINES IN A
           SEPARATE CLAUSE, SINCE IT DOES NOT RELATE TO THE CALCULATION AS AT
           30TH JUNE 2002?]

      (B)  As soon as reasonably practicable, but in no event later than [90]
           days following the Effective Date, 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 31st December, 2001 as filed with the Financial Services Authority
           and as submitted to The St. Paul, relating to the Reinsurance
           Contracts, net of the applicable Ceding Commission (the "FINAL
           SECTION B PREMIUM"). In the event the Final Section B Premium is
           greater than the Initial Section B Premium, 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 is greater than the Final Section
           B Premium, Retrocessionaire shall promptly repay to the account of
           Retrocedant the difference (as an adjustment to the amount payable
           pursuant to Section 4.2(A) above) plus interest on such amount at

                                        4
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           the Applicable Rate from and including the Effective Date to and
           including the date of such payment.

      (C)  Notwithstanding the foregoing, the parties agree that all gross
           estimated premiums written prior to the Effective Date and earned but
           not yet billed ("EBUB", and also referred to as "ESTIMATED PREMIUMS
           RECEIVABLE" or "EBNR") as of the Effective Time and relating to the
           Reinsurance Contracts, as determined on or before ______, 2002, in
           accordance 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 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 paid to and/or retained by Retrocedant
           prior to that date with respect to EBUB as of the Effective Time. 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 4.2(C), shall be for the account of Retrocessionaire and no
           such amounts shall be retained by or payable to Retrocedant.

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 thereto, Retrocessionaire shall be deemed to have accepted
           and agreed to the Proposed Accounting. Retrocessionaire shall not
           object to any method, principle, practice or policy employed in the
           preparation of the Proposed Accounting if such method, principle,
           practice or policy is consistent in all material respects with that
           employed in the preparation and presentation of Retrocedant's
           statutory annual financial statement as of 31st December, 2001, as
           filed with the Financial Services Authority and as submitted to The
           St. Paul. If Retrocessionaire so notifies Retrocedant of its material
           objections to the Proposed Accounting, the parties shall in good
           faith attempt to resolve, within 30 days (or such longer period as
           the parties may agree) following such notice (the "RESOLUTION
           PERIOD"), their differences with respect to such material objections
           and any resolution by them as to any disputed amounts shall be final,
           binding and conclusive.

                                        5
<Page>

      (B)  Any amount remaining in dispute at the conclusion of the Resolution
           Period ("UNRESOLVED CHANGES") shall be submitted to arbitration in
           accordance with Clause 15 of this Agreement.

      (C)  Once the Proposed Accounting has been finalised 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. In the event the sum of
           such amounts 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 aggregate of such amounts is lower than the amount paid by
           Retrocedant to Retrocessionaire on the Effective Date,
           Retrocessionaire shall promptly repay to the account of Retrocedant
           the difference (as an adjustment to the amount payable pursuant to
           Section 4.1(A) and/or 4.2(A) above, as applicable) plus interest on
           such amount at the Applicable Rate from the Effective Date to the
           date of such payment.

5.    CEDING COMMISSION

      With respect to the Reinsurance Contracts, Retrocessionaire shall pay the
      Retrocedant a ceding commission (the "CEDING COMMISSION") with respect to
      the Section B (Prospective) Coverage Period, and such Ceding Commission
      shall equal one hundred per cent. (100%) of the actual expenses incurred
      in writing each Reinsurance Contract, including actual ceding commissions
      and brokerage paid, 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.

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 from third
      party retrocessionaires ("THIRD PARTY RETROCESSIONAIRES") by or on behalf
      of Retrocedant prior to the Effective Time that are listed on Exhibit D
      hereto (as such Exhibit may be amended from time to time by agreement
      between the parties) or that are entered into after the date hereof and
      relate to the Reinsurance Contracts 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.

7.2   TRANSFER

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<Page>

      [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 a direct
      reinsured with respect to the Reinsurance Contracts.]

      [IF NOT OBTAINED AT SIGNING, FURTHER AMENDMENTS WOULD BE NECESSARY. WE CAN
      PROVIDE DRAFTING IF THIS WOULD BE HELPFUL.]

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
           E hereto, provided that each party shall be entitled to set off any
           obligation to account for any such recovery to the other party
           against any obligation arising under this Agreement owed by the other
           party to the party so obliged to account. 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, subject to any right of set-off
           which may have arisen under the foregoing provisions of this clause,
           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 Retrocedant'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 G hereto.

7.4   INITIAL CONSIDERATION

      On the Effective Date, 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 [directly to Third Party Retrocessionaires]
      under the Inuring Retrocessions all future premiums Retrocedant is
      obligated to pay pursuant to

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<Page>

      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] [in a manner consistent with Retrocedant's current practice], 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.

7.6   TERMINATION OR COMMUTATION OF INURING RETROCESSIONS

      To the extent that any Inuring Retrocessions provide coverage for both
      Reinsurance Contracts and business not covered under this Agreement,
      neither party shall take any action or fail to take any action that would
      reasonably result in the termination or commutation of 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

8.1   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 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.

8.2   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. 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.

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<Page>

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 Article 15 hereof.

10.   ADMINISTRATION OF REINSURANCE CONTRACTS

10.1  ADMINISTRATION

      (A)  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, and shall not amend, commute or terminate any of
           the Reinsurance Contracts without the prior written consent of
           Retrocessionaire, not to be unreasonably withheld.

      (B)  Notwithstanding the foregoing, to the extent permitted by law
           Retrocessionaire may, at its discretion and at its own expense,
           assume the administration, defence and settlement of any claim upon
           prior written notice to Retrocedant. Upon receipt of such notice,
           Retrocedant shall not compromise, discharge or settle such claim
           except with the prior written consent of Retrocessionaire.
           Retrocessionaire shall not take any action in the administration of
           such claim that would reasonably be expected to adversely affect
           Retrocedant, its business or its reputation, without the prior
           written consent of Retrocedant. Subject to the terms of Article 9
           hereof, Retrocessionaire shall indemnify Retrocedant for all Losses,
           including punitive, exemplary, compensatory or consequential damages
           arising from such assumption of the conduct of such settlement
           pursuant to Article 14 herein.

      (C)  Upon the grant to Platinum Re UK Limited of the necessary
           authorisation to enable Platinum Re UK Limited lawfully to carry on
           insurance business as principal in the United Kingdom of the classes
           covered by this agreement, Retrocedant agrees with Retrocessionaire
           that it will enter into undertakings in the terms of sub-clauses (A)
           and (B) above with Platinum Re UK Limited,

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<Page>

           subject only to Platinum Re UK Limited entering into undertakings in
           the same terms with Retrocedant.

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, in the form set forth as 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, premiums or other amounts due pursuant to the terms of
      this Agreement.

11.2  REMITTANCES

      Within five Business Days after delivery of each monthly report pursuant
      to Section 11.01, Retrocedant and Retrocessionaire shall settle all
      amounts then due under this Agreement for that month.

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11.3  LATE PAYMENTS

      Should any payment due to 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 I hereto.

11.5  CURRENCY

      Premiums, losses and other items payable under this agreement in
      currencies other than Pounds Sterling, United States Dollars and Euros
      shall be converted into United States Dollars at the rate of exchange used
      by Retrocedant for the purposes of its own books and shall be included in
      the United States Dollar accounts hereunder.

12.   MAINTENANCE OF LICENCES

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

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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 Article
      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 Article 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. 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 Article 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")

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

                                       13
<Page>

      (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 Article 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.

      (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 Article 14 shall survive termination of this Agreement.

                                       14
<Page>

15.   ARBITRATION

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

15.2  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.

15.3  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.

15.4  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.

15.5  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.

15.6  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.

15.7  The seat of arbitration shall be London.

15.8  Each party shall bear the expense of its own arbitrator, and shall jointly
      and equally bear with the other the expense of the third arbitrator and of
      the arbitration unless otherwise directed by the arbitrators.

15.9  Arbitration shall not be a condition precedent to any right of action
      hereunder.

15.10 This Article 15 shall survive termination of this Agreement.

16.   INSOLVENCY

16.1  On the occurrence of an Insolvency Event 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.

16.2  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

                                       15
<Page>

      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 defence or defences 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 defence undertaken by Retrocessionaire.

16.3  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.

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

      (A)  (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

      (B)  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.

                                       16
<Page>

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.   SECURITY

19.1  Retrocessionaire shall establish and maintain a trust fund for the benefit
      of Retrocedant as security for the obligations of Retrocessionaire under
      this Agreement. The trust fund shall be in a form reasonably satisfactory
      to Retrocedant and shall comply with such requirements (if any) as may be
      laid down by the Financial Services Authority.

19.2  At the Closing Date, Retrocessionaire shall deposit qualifying assets into
      the trust account equal to all payments and proceeds received by
      Retrocessionaire in respect of the Reinsurance Contracts, including but
      not limited to assets related to transferred reserves, premium payments,
      reinsurance recoverables and other payments. As of the end of each
      calendar quarter, Retrocessionaire shall calculate the balance of the
      trust fund and the aggregate loss, loss adjustment expense reserves,
      unearned premium reserves, ceding commission and other reserves related to
      the Reinsurance Contracts as reported in the statutory financial
      statements filed by Retrocessionaire with the Maryland Insurance
      Commission for such quarter and shall provide such calculation to
      Retrocedant within five days of the filing of such statutory financial
      statements with the Maryland Insurance Commission. If the balance of the
      trust fund is less than the aggregate of the related reserves,
      Retrocessionaire promptly shall deposit sufficient qualifying assets to
      cause the balance of the trust fund to equal at least one hundred percent
      (100%) of such aggregate reserves. If the balance of the trust fund is
      greater than the aggregate of the related reserves, Retrocessionaire may
      withdraw assets equal to the amount of such excess.

19.3  Upon receipt of the quarterly calculation from Retrocessionaire,
      Retrocedant shall have the right to reasonably object to such calculation
      and to offer a reasonable proposal for reserve amounts. If the parties in
      good faith are not able to resolve the disagreement within [two weeks] of
      Retrocedant's indication of disagreement, the parties shall mutually agree
      upon an independent actuarial firm to determine an appropriate level of
      aggregate reserves with respect to the Reinsurance Contracts, such level
      to be no more than the amount proposed by Retrocedant and no less than the
      amount reported by Retrocessionaire, and both parties agree to be bound by
      such determination.

19.4  Retrocessionaire shall retain the investment discretion with respect to
      the assets in the trust, provided, however, that all assets held in the
      trust shall qualify as admissible assets for United Kingdom regulatory
      purposes.

19.5  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

                                       17
<Page>

      terminated or waived or (ii) the reserves so reported by Retrocessionaire
      do not exceed $- million as of two successive calendar year ends.

19.6  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.

20.3  THIRD PARTY RIGHTS

      (A)  Article 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 sub-section 20.10, 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 Article 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 sub-section 20.10(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.

20.4  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.

20.5  EXECUTION IN COUNTERPARTS

                                       18
<Page>

      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.

20.6  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:
      [            ]
      Facsimile: [ NO.     ]
      Attention: [TITLE]

      If to Retrocessionaire:
      [            ]
      Facsimile: [ NO.     ]
      Attention: [TITLE]

20.7  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: [ ]. 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.

20.8  HEADINGS

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

20.9  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.

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

                                       19
<Page>

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

20.11 GOVERNING LAW

      This Agreement shall be governed by English law.

                                       20
<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
                                                 -------------------------------
                                                 Name:
                                                 Title:

                                             PLATINUM UNDERWRITERS
                                             REINSURANCE INC.

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

                                       21
<Page>

                                   EXHIBIT A-1

                            LIST OF INCLUDED CLASSES

                                       22
<Page>

<Table>
<Caption>
                LONDON CLASSES                           LONDON CLASSES
<S>         <C>                           <C>    <C>
                                                             NA NT 1999
L06              N. AM MED MAL            L89     [SHOULD THIS BE IN EXHIBIT B1?]

L08          N AM CASUALTY TREATY         L40           N AM MOTOR PRO RATA

L11                N. AM CAT              L41              N AM MOTOR XL

L17            N AM PROPERTY P-R          L43            N AM GL PRO RATA

L18         N AM PROPERTY PER RISK        L44               N AM GL XL

L74               MED MAL PR              L48               N AM PI XL

L91               N. AM CROP              L63            N AM PI PRO RATA

L21            INT'L MARINE P-R           B21           BRUSSELS MARINE PR

L23           INT'L PROPERTY P-R          B23       BRUSSELS INT'L PROPERTY P-R

L24         INT'L PROPERTY PER RISK       B24    BRUSSELS INT'L PROPERTY PER RISK

L25                INT'L CAT              B25           BRUSSELS INT'L CAT

L26             INT'L MOTOR XS            B26           BRUSSES INT'L MOTOR

<Caption>
                        LONDON CLASSES
<S>   <C>
                    BRUSSELS NON TRADITIONAL
B88             [SHOULD THIS BE IN EXHIBIT B1?]

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
</Table>

                                      A-1-1
<Page>

<Table>
<S>   <C>                                <C>  <C>                                       <C>       <C>
L27         INT'L CASUALTY EXCESS        B27         BRUSSELS INT'L LIAB XS             M62       MUNICH INTERNATIONAL ENGINEERING
                                                                                                            EXCESS TREATY

L32            INT'L MARINE XL           B32        BRUSSELS INT'L MARINE XS            LL1        L1 GTR SCALEBACK EUROPE CLASS 1

L33   U.K. PROPERTY PROPORTIONAL TREATY  B34         BRUSSELS INT'L LIAB PR             LL2        L2 GTR SCALEBACK EUROPE CLASS 2

L34          INT'L CASUALTY P-R          B55     BRUSSELS INT'L PERSONAL ACC P-R        LL3        L3 GTR SCALEBACK EUROPE CLASS 3

L79              SATELITE XS             B60  BRUSSELS INT MOTOR PHYSICAL DAMAGE PR     LL5        L5 GTR SCALEBACK EUROPE CLASS 5

L80       INT'L MOTOR LIABILITY PR       B61         BRUSSELS ENGINEERING PR            LF1        F1 GTR SCALEBACK EUROPE CLASS 1
                 INT'L NT 1999

L88    [SHOULD THIS BE IN EXHIBIT B1?]   B62         BRUSSELS ENGINEERING XL            LF2        F2 GTR SCALEBACK EUROPE CLASS 2

                                         B80         BRUSSELS MOTOR PRO RATA            LF3        F3 GTR SCALEBACK EUROPE CLASS 3

                                                                                        LF5        F5 GTR SCALEBACK EUROPE CLASS 5
</Table>

                                      A-1-2
<Page>

                                   EXHIBIT A-2

                            THE REINSURANCE CONTRACTS

                                      A-2-1
<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                    LL4
                                                                            L4 GTR SCALEBACK EUROPE CLASS 4
</Table>

                                      B-1-1
<Page>

<Table>
       <S>       <C>                                        <C>             <C>
                                                                            [SHOULD THIS BE IN EXHIBIT A1?]

                                                                            F4 GTR SCALEBACK EUROPE CLASS 4
       L19                    INT'L CREDIT                  LF4             [SHOULD THIS BE IN EXHIBIT A1?]

       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
</Table>

* NEED TO ADD AVIATION PRO RATA

                                      B-1-2
<Page>

                                   EXHIBIT B-2

                             THE EXCLUDED CONTRACTS

                                      B-2-1
<Page>

                                    EXHIBIT C

                           ADJUSTMENT OF LOSS RESERVES

Reserves to be transferred to Retrocessionaire shall include loss and loss
adjustment expense reserves, including incurred but not reported loss and loss
adjustment expense reserves, and ceding commission reserves as of the Effective
Time with respect to the Reinsurance Contracts net of retrocessional
recoverables under the Inuring Retrocessions. "Ceding commission reserves" shall
equal reserves for estimated contingent commissions, profit commissions and
sliding-scale commissions. (1)

----------
(1) To be confirmed by St. Paul.

                                       C-1
<Page>

                                    EXHIBIT D

                              INURING RETROCESSIONS

            [To be provided by St. Paul Reinsurance Company Limited]

                                       F-1
<Page>

                                    EXHIBIT E

                            ALLOCATION OF RECOVERIES

1.    Recoveries 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 resulting from
      triggering the 2002 Holborn cover will be allocated between 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 year's they will be afforded to St. Paul
      Companies. Similarly, the allocation to that part of the 2002 underwriting
      year pertaining to non-transferred business will also be realized by St.
      Paul Companies. The allocation pertaining to business written on 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 St Paul Companies and Platinum Re by underwriting year.

                                       G-1
<Page>

                                    EXHIBIT F

                      ALLOCATION OF RETROCESSIONAL PREMIUMS

1.    Ceded premium will be allocated to cedant and underwriting year in
      proportion to the earned subject premium. Ceding commission will be
      allocated in the same manner.

2.    Any and all loss recoveries and premium adjustments resulting from
      triggering the 2002 Holborn cover will be allocated between 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 year's they will be afforded to St. Paul
      Companies. Similarly, the allocation to that part of the 2002 underwriting
      year pertaining to non-transferred business will also be realized by St.
      Paul Companies. The allocation pertaining to business written on 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 St Paul Companies and Platinum Re by underwriting year.

3.    The $10 million of premium payable for 2002 under the Workers Compensation
      $50 million excess of $75 million Payback Retrocession Contract will be
      split $1 million for Platinum and $9 million for St. Paul. 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 exclusively. The Platinum 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.

                                       H-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.

                                       I-1
<Page>

                                    EXHIBIT H

                          FORM OF RETROCEDANT'S REPORT

                          [TBD]

                                       J-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 in
administering the Reinsurance Contracts), 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 administration 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 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 shall 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.

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