Document:

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                                                                  Exhibit 10.40

                                ST. PAUL RE, INC.
                                  195 Broadway
                            New York, New York 10007

                                                                 July 3, 2002

William Robbie
21 Chiltern Street
Farmington, CT 06032

Dear Bill:

     I am writing this letter (the "Letter Agreement") on behalf of St. Paul
Re, Inc. ("SPR" or the "Company"), currently a division of The St. Paul
Companies, Inc. ("SPC"), to confirm the terms and conditions of your
employment with SPR or Platinum Underwriters Holding, Ltd., a Bermuda
corporation and Platinum Underwriters Reinsurance, Inc., a Maryland
corporation ("Platinum"), which is expected to acquire certain assets of SPR
in connection with an initial public offering of Platinum Underwriters
Holdings, Ltd. ("Holdings").

     1.    TERM OF EMPLOYMENT.

     Your employment will commence no later than August 5, 2002 (the
"Effective Date") and, subject to termination as provided in Section 7, shall
end on the third anniversary of the Effective Date; provided that on the
third anniversary of the Effective Date and each anniversary thereafter, the
term of your employment shall automatically be extended by an additional
year unless the Company or you give the other party written notice, at least
30 days prior to the applicable anniversary of the Effective Date, that you
or it does not want the term to be so extended. Such employment period, as
extended, shall hereinafter be referred to as the "Term."

     Upon consummation of the IPO, the Company shall promptly assign all of
its rights and obligations hereunder to Platinum and shall, upon such
assignment, cease to be a party to this Letter Agreement (except as otherwise
provided herein) and Platinum will be the sole obligor hereunder. Following
assignment of this Letter Agreement to Platinum, all references herein to the
"Company" shall be deemed to mean Platinum and all references to the "Board"
shall be deemed to mean the Board of Directors of Platinum.

     2.    TITLE AND DUTIES.

     During the Term, you will serve as Executive Vice President and Chief
Financial Officer of the Company and will have such duties and
responsibilities and power and authority as those normally associated with
such position in public companies of a similar

<PAGE>

stature, plus any additional duties, responsibilities and/or power and
authority assigned to you by the Chief Executive Officer of the Company.

     3.    BASE SALARY.

     During the Term, the Company will pay you a minimum base salary (the
"Base Salary") at an annual rate of $350,000 (the "Base Salary") payable in
accordance with the Company's payroll practices as in effect from time to
time.

     4.    BONUS.

           (a)  ANNUAL. During the Term, you will be entitled to receive an
                annual bonus (the "Annual Bonus") pursuant to the Company's
                annual incentive plan, with a target bonus opportunity of fifty
                percent (50%) of Base Salary (the "Target Bonus") and a maximum
                bonus opportunity of one hundred percent (100%); provided
                however that you will be entitled to receive a minimum Annual
                Bonus for the calendar year 2002 in an amount equal to a
                pro rata portion of your Target Bonus adjusted for the
                period beginning with the Effective Date and ending at
                December 31, 2002.

           (b)  SIGN-ON BONUS. On the Effective Date, the Company shall pay you
                a one-time cash sign-on bonus of $200,000.

     5.    HOUSING ALLOWANCE.

     To the extent that you establish a residence in Bermuda following the
consummation of the IPO, you will be entitled to reimbursement of reasonable
housing and living expenses (not exceeding $15,000 per month) following
consummation of the IPO. To the extent that you establish a temporary housing
in the New York City area, you will be entitled to reimbursement of
reasonable housing expenses (not exceeding $2,000 per month).

     6.    STOCK OPTION GRANT.

     Upon consummation of the IPO, you will be entitled to receive a stock
option grant to purchase 150,000 shares of Holdings common stock (the "IPO
Grant") at a price not greater than the initial offering price under the IPO
and having a term of ten years. Subject to the specific terms of this Letter
Agreement, the terms and conditions of your IPO Grant will provide for
vesting in equal annual installments on each of the first four anniversaries
of the date of the IPO Grant, provided you are then employed by SPR.

                                      -2-
<PAGE>

      7.   TERMINATION OF EMPLOYMENT.

           (a)  Resignation for Good Reason or Termination Without Cause. If
                you terminate your employment for Good Reason or you are
                terminated by the Company without Cause, you will receive,
                immediately upon the effectiveness of any such termination,
                a lump sum cash payment equal to the sum of (i) $525,000, and
                (ii) any earned but unpaid Base Salary or other amounts
                (including reimbursable expenses and any vested amounts or
                benefits under the Company's otherwise applicable employee
                benefit plans or programs) accrued owing through the date of
                termination, provided that you execute a release substantially
                in the form attached hereto as Exhibit A concurrently with
                such payment.

           (b)  TERMINATION OTHER THAN FOR GOOD REASON OR FOR CAUSE. If you
                terminate your employment other than for Good Reason or if
                your employment is terminated by the Company for Cause, you
                will receive no further payments, compensation or benefits
                under this Letter Agreement, except you will be eligible to
                receive, upon the effectiveness of such termination, amounts
                (including reimbursable expenses and any vested amounts or
                benefits under the Company's otherwise applicable employee
                benefit plans or programs) accrued or owing prior to the
                effectiveness of your termination.

           For purposes of this Letter Agreement, "Cause" means (i) your
           willful and continued failure to substantially perform your duties
           hereunder; (ii) your conviction of, or plea of guilty or
           NOLO CONTENDERE to, a felony or other crime involving moral
           turpitude; or (iii) your engagement in any malfeasance or fraud
           or dishonesty of a substantial nature in connection with your
           position with the Company or other willful act that materially
           damages the reputation of the Company.

           For purposes of this Letter Agreement, "Good Reason" means (i) the
           Company reduces your Base Salary or your Target Bonus without your
           express written consent; (ii) the Company reduces the scope of your
           duties, responsibilities or authority without your express written
           consent; (iii) the Company requires you to report to anyone other
           the Chief Executive Officer; (iv) the Company requires you to be
           principally based more than 35 miles from the Company's offices in
           New York or Bermuda; (v) the Company breaches any other material
           provision of this Letter Agreement; (vi) the resignation by you for
           any reason during the 30-day period commencing twenty four months
           from the Effective Date if an IPO has not occurred; (vii) SPR fails
           to assign this Letter Agreement to Platinum prior to or promptly
           upon the IPO; provided, however, that if you voluntarily consent to
           any reduction or change described above in lieu

                                      -3-
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           of exercising your right to resign for Good Reason and deliver such
           consent to the Company in writing, then such reduction, transfer or
           change shall not constitute "Good Reason" hereunder, but you shall
           have the right to resign for Good Reason under this Agreement as a
           result of any subsequent reduction described above.

     8.    COVENANTS.

     In exchange for the remuneration outlined above, in addition to
providing service to the Company as set forth in this Letter Agreement, you
agree to the following covenants:

           (a)  CONFIDENTIALITY. During the period of your employment and for a
                period of three years following any termination of your
                employment, you will keep confidential any trade secrets and
                confidential or proprietary information of SPC, SPR and Platinum
                which are now known to you or which hereafter may become known
                to you as a result of your employment or association with SPC,
                SPR and Platinum and will not at any time directly or indirectly
                disclose any such information to any person, firm or
                corporation, or use the same in any way other than in connection
                with the business of SPC, SPR and Platinum during, and at all
                times after, the termination of your employment. For purposes of
                this Letter Agreement, "trade secrets and confidential or
                proprietary information" means information unique to SPC, SPR
                and Platinum which has a significant business purpose and is not
                known or generally available from sources outside SPC, SPR and
                Platinum or typical of industry practice, but shall not include
                any of the foregoing (i) that becomes a matter of public record
                or is published in a newspaper, magazine or other periodical
                available to the general public, other than as a result of any
                act or omission of you or (ii) that is required to be disclosed
                by any law, regulation or order of any court or regulatory
                commission, department or agency, provided that you give prompt
                notice of such requirement to SPC, SPR and Platinum, as
                appropriate, to enable SPC, SPR and Platinum, as appropriate,
                to seek an appropriate protective order or confidential
                treatment.

           (b)  NON-SOLICITATION. You further covenant that during the term of
                your employment and during the fifteen month period following
                termination of your employment for any reason, you will not,
                directly or indirectly, hire, or cause to be hired by an
                employer with whom you may ultimately become associated, any
                senior executive of SPC, SPR or Platinum at the time of
                termination of your employment with the Company (defined for
                such purposes to

                                      -4-
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                include executives that report directly to you or that report
                directly to such executives that report directly to you).

     9.    REPRESENTATIONS. By signing this Letter Agreement where indicated
           below, you represent that you are not subject to any employment
           agreement or non-competition agreement that could subject St. Paul
           Re, Inc. to any future liability or obligation to any third party as
           a result of the execution of this Letter Agreement and your
           appointment to the positions with St. Paul Re, Inc described above.

     10.   MISCELLANEOUS PROVISIONS.

           (a)  This Letter Agreement may not be amended or terminated without
                the prior written consent of you and the Company.

           (b)  This Letter Agreement may be executed in any number of
                counterparts which together will constitute but one agreement.

           (c)  This Letter Agreement will be binding on and inure to the
                benefit of our respective successors and, in your case, your
                heirs and other legal representatives. Other than as provided
                herein, the rights and obligations described in this Letter
                Agreement may not be assigned by either party without the prior
                written consent of the other party.

           (d)  All disputes arising under or related to this Letter Agreement
                will be settled by arbitration under the Commercial Arbitration
                Rules of the American Arbitration Association then in effect as
                the sole and exclusive remedy of either party. Such arbitration
                shall be held in New York City. Any judgment on the award
                rendered by such arbitration may be entered in any court having
                jurisdiction over such matters. Each party's costs and expenses
                of such arbitration, including reasonable attorney fees and
                expenses, shall be borne by such party, unless you are the
                prevailing party in the award entered in such arbitration, in
                which case, all such costs and expenses shall be borne by the
                Company.

           (e)  All notices under this Letter Agreement will be in writing and
                will be deemed effective when delivered in person, or five
                (5) days after deposit thereof in the mails, postage prepaid,
                for delivery as registered or certified mail, addressed to the
                respective party at the address set forth below or to such other
                address as may hereafter be designated by like notice. Unless
                otherwise notified as set forth above, notice will be sent to
                each party as follows:

                                      -5-

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                You, to:
                -------

                The address maintained in the Company's records

                SPC or SPR, to:
                --------------

                The address of SPC's principal place of business
                Attention: General Counsel

                Platinum, to:
                ------------

                The address of Platinum's principal place of business
                Attention: Chief Executive Officer

     In lieu of personal notice or notice by deposit in the mail, a party may
give notice by confirmed telegram, telex or fax, which will be effective
upon receipt.

            (f)  This Letter Agreement will be governed by and construed and
                 enforced in accordance with the laws of the State of New York
                 without reference to rules relating to conflict of laws.

            (g)  This Letter Agreement supercedes any inconsistent provisions of
                 any plan or arrangement that would otherwise be applicable to
                 you to the extent such provisions would limit any rights
                 granted to you hereunder or expand any restrictions imposed on
                 you hereby.

                                      -6-
<PAGE>

     This Letter Agreement is intended to be a binding obligation upon the
Company and yourself. If this Letter Agreement correctly reflects your
understanding, please sign and return one copy to me for the Company's
records.

                                       ST. PAUL RE, INC.

                                       By:  /s/ JEROME T. FADDEN
                                           ------------------------------
                                       Name: Jerome T. Fadden
                                       Title: Chief Executive Officer

The above Letter Agreement correctly reflects our understanding, and I hereby
confirm my agreement to the same.

/s/ WILLIAM ROBBIE
-------------------------
William Robbie

Dated as of July 12, 2002

                                      -7-<Page>

                                                                  Exhibit 10.41

                              ST. PAUL RE, INC.
                                195 Broadway
                          New York, New York 10007

                                                                   July 5, 2002

Michael E. Lombardozzi
40 Verplank Avenue
Stamford, CT 06902

Dear Michael:

     I am writing this letter (the "Letter Agreement") on behalf of St. Paul
Re, Inc. ("SPR" or the "Company"), currently a division of The St. Paul
Companies, Inc. ("SPC"), to confirm the terms and conditions of your
employment with SPR or Platinum Underwriters Holding, Ltd., a Bermuda
corporation and Platinum Underwriters Reinsurance, Inc., a Maryland
corporation ("Platinum"), which is expected to acquire certain assets of SPR
in connection with an initial public offering (the "IPO") of Platinum
Underwriters Holdings, Ltd. ("Holdings").

1.   TERM OF EMPLOYMENT.

     Your employment will commence no later than August 12, 2002 (the
"Effective Date") and, subject to termination as provided in Section 7, shall
end on the third anniversary of the Effective Date; provided that on the
third anniversary of the Effective Date and each anniversary thereafter, the
term of your employment shall automatically be extended by an additional year
unless the Company or you give the other party written notice, at least 30
days prior to the applicable anniversary of the Effective Date, that you or
it does not want the term to be so extended. Such employment period, as
extended, shall hereinafter be referred to as the "Term."

     Upon consummation of the IPO, the Company shall promptly assign all of
its rights and obligations hereunder to Platinum and shall, upon such
assignment, cease to be a party to this Letter Agreement (except as otherwise
provided herein) and Platinum will be the sole obligor hereunder. Following
assignment of this Letter Agreement to Platinum, all references herein to the
"Company" shall be deemed to mean Platinum and all references to the "Board"
shall be deemed to mean the Board of Directors of Platinum.

2.   TITLE AND DUTIES.

     During the Term, you will serve as Executive Vice President and General
Counsel of the Company and will have such duties and responsibilities and
power and authority as those normally associated with such position in public
companies of a similar stature, plus any additional duties, responsibilities
and/or power and authority assigned to you by, the Chief Executive Officer of
the Company.

<Page>

3.   Base Salary.

     During the Term, the Company will pay you a minimum base salary (the
"Base Salary") at an annual rate of $350,000 (the "Base Salary") payable in
accordance with the Company's payroll practices as in effect from time to
time.

4.   BONUS.

     (a) ANNUAL. During the Term, you will be entitled to receive an annual
         bonus (the "Annual Bonus") pursuant to the Company's annual incentive
         plan, with a target bonus opportunity of seventy-five percent (75%) of
         Base Salary (the "Target Bonus"); provided however that (i) you will be
         entitled to receive a minimum Annual Bonus for the calendar year 2002
         in an amount equal to a pro rata portion of fifty percent (50%) of your
         Base Salary adjusted for the period beginning with the Effective Date
         ending at December 31, 2002, (ii) you will be entitled to receive a
         minimum Annual Bonus for the calendar year 2003 in an amount equal to
         fifty percent (50%) of your Base Salary and (ii) you will be entitled
         to receive a minimum Annual Bonus for the calendar year 2004 in an
         amount equal to fifty percent (50%) of your Base Salary.

     (b) SIGN-ON BONUS. On the Effective Date, the Company shall pay you a
         one-time cash sign-on bonus of $275,000.

5.   STOCK OPTION GRANT.

     Upon consummation of the IPO, you will be entitled to receive a stock
option grant to purchase 150,000 shares of Holdings common stock (the "IPO
Grant") at a price not greater than the initial offering price under the IPO
and having a term of ten years. Subject to the specific terms of this Letter
Agreement, the terms and conditions of your IPO Grant will provide for vesting
in equal annual installments on each of the first four anniversaries of the
date of the IPO Grant, provided you are then employed by SPR.

6.   TERMINATION OF EMPLOYMENT.

     (a) Resignation for Good Reason or Termination Without Cause. If you
         terminate your employment for Good Reason or you are terminated by the
         Company without Cause, you will receive, immediately upon the
         effectiveness of any such termination, a lump sum cash payment equal to
         the sum of (i) one year's Base Salary and Target Bonus, and (ii) any
         earned but unpaid Base Salary or other amounts (including reimbursable
         expenses and any vested amounts or benefits under the Company's
         otherwise applicable employee benefit plans or programs) accrued or
         owing through the date of termination, provided that you execute a
         release

                                     -2-

<Page>

         substantially in the form attached hereto as Exhibit A concurrently
         with such payment.

     (b) TERMINATION OTHER THAN FOR GOOD REASON OR FOR CAUSE. If you terminate
         your employment other than for Good Reason or if your employment is
         terminated by the Company for Cause, you will receive no further
         payments, compensation or benefits under this Letter Agreement, except
         you will be eligible to receive, upon the effectiveness of such
         termination, amounts (including reimbursable expenses and any vested
         amounts or benefits under the Company's otherwise applicable employee
         benefit plans or programs) accrued or owing prior to the effectiveness
         of your termination.

         For purposes of this Letter Agreement, "Cause" means (i) your willful
         and continued failure to substantially perform your duties hereunder;
         (ii) your conviction of, or plea of guilty or NOLO CONTENDERE to, a
         felony or other crime involving moral turpitude; or (iii) your
         engagement in any malfeasance or fraud or dishonesty of a substantial
         nature in connection with your position with the Company or other
         willful act that materially damages the reputation of the Company;
         provided, however, no such act, omission or event shall be treated as
         "Cause" under this Agreement unless you have been provided a detailed,
         written statement of the basis for the Company's belief that such act,
         omission or event constitutes "Cause" and have had at least a thirty
         (30) day period to take corrective action. For purposes of this
         Section, no act or failure to act will be considered "willful" unless
         it is done, or omitted to be done, in bad faith and without reasonable
         belief that the action was in the best interest of the Company.

         For purposes of this Letter Agreement, "Good Reason" means (i) the
         Company reduces your Base Salary or your Target Bonus without your
         express written consent; (ii) the Company reduces the scope of your
         duties, responsibilities or authority without your express written
         consent; (iii) the Company requires you to report to anyone other the
         Chief Executive Officer; (iv) the Company requires you to be
         principally based more than 35 miles from the Company's offices in New
         York or Bermuda; (v) the Company breaches any other material provision
         of this Letter Agreement; (vi) the resignation by you for any reason
         during the 30-day period commencing eighteen months from the Effective
         Date if an IPO has not occurred; (vii) SPR fails to assign this Letter
         Agreement to Platinum prior to or promptly upon the IPO or (viii) the
         Company elects not to extend the term of this Agreement; provided,
         however, that if you voluntarily consent to any reduction or change
         described above in lieu of exercising your right to resign for Good
         Reason and deliver such consent to the Company in writing, then such
         reduction, transfer or change shall not constitute "Good Reason"
         hereunder, but you shall have the right to

                                     -3-

<Page>

         resign for Good Reason under this Agreement as a result of any
         subsequent reduction described above.

7.   COVENANTS.

     In exchange for the remuneration outlined above, in addition to
providing service to the Company as set forth in this Letter Agreement, you
agree to the following covenants:

     (a) CONFIDENTIALITY. During the period of your employment and for a period
         of three years following any termination of your employment, you will
         keep confidential any trade secrets and confidential or proprietary
         information of SPC, SPR and Platinum which are now known to you or
         which hereafter may become known to you as a result of your employment
         or association with SPC, SPR and Platinum and will not at any time
         directly or indirectly disclose any such information to any person,
         firm or corporation, or use the same in any way other than in
         connection with the business of SPC, SPR and Platinum during, and at
         all times after, the termination of your employment. For purposes of
         this Letter Agreement, "trade secrets and confidential or proprietary
         information" means information unique to SPC, SPR and Platinum which
         has a significant business purpose and is not known or generally
         available from sources outside SPC, SPR and Platinum or typical of
         industry practice, but shall not include any of the foregoing (i) that
         becomes a matter of public record or is published in a newspaper,
         magazine or other periodical available to the general public, other
         than as a result of any act or omission of you or (ii) that is required
         to be disclosed by any law, regulation or order of any court or
         regulatory commission, department or agency, provided that you give
         prompt notice of such requirement to SPC, SPR and Platinum, as
         appropriate, to enable SPC, SPR and Platinum, as appropriate, to seek
         an appropriate protective order or confidential treatment.

     (b) NON-SOLICITATION. You further covenant that during the term of your
         employment and during the fifteen month period following termination of
         your employment for any reason, you will not, directly or indirectly,
         hire, or cause to be hired by an employer with whom you may ultimately
         become associated, any senior executive of SPC, SPR or Platinum at the
         time of termination of your employment with the Company (defined for
         such purposes to include executives that report directly to you or that
         report directly to such executives that report directly to you).

8.   REPRESENTATIONS. By signing this Letter Agreement where indicated below,
     you represent that you are not subject to any employment agreement or non-
     competition agreement that could subject the Company to any future
     liability or

                                     -4-

<Page>

     obligation to any third party as a result of the execution of this Letter
     Agreement and your appointment to the positions with the Company described
     above.

9.   MISCELLANEOUS PROVISIONS.

     (a) This Letter Agreement may not be amended or terminated without the
         prior written consent of you and the Company.

     (b) This Letter Agreement may be executed in any number of counterparts
         which together will constitute but one agreement.

     (c) This Letter Agreement will be binding on and inure to the benefit of
         our respective successors and, in your case, your heirs and other legal
         representatives. Other than as provided herein, the rights and
         obligations described in this Letter Agreement may not be assigned by
         either party without the prior written consent of the other party.

     (d) All disputes arising under or related to this Letter Agreement will be
         settled by arbitration under the Commercial Arbitration Rules of the
         American Arbitration Association then in effect as the sole and
         exclusive remedy of either party. Such arbitration shall be held in New
         York City. Any judgment on the award rendered by such arbitration may
         be entered in any court having jurisdiction over such matters. Each
         party's costs and expenses of such arbitration, including reasonable
         attorney fees and expenses, shall be borne by such party, unless you
         are the prevailing party in the award entered in such arbitration, in
         which case, all such costs and expenses shall be borne by the Company.

     (e) All notices under this Letter Agreement will be in writing and will be
         deemed effective when delivered in person, or five (5) days after
         deposit thereof in the mails, postage prepaid, for delivery as
         registered or certified mail, addressed to the respective party at the
         address set forth below or to such other address as may hereafter be
         designated by like notice. Unless otherwise notified as set forth
         above, notice will be sent to each party as follows:

         YOU, TO:

         The address maintained in the Company's records

         SPC OR SPR. TO:

         The address of SPC's principal place of business
         Attention: General Counsel

         PLATINUM, TO:

                                     -5-

<Page>

         The address of Platinum's principal place of business
         Attention: Chief Executive Officer

     In lieu of personal notice or notice by deposit in the mail, a party may
give notice by confirmed telegram, telex or fax, which will be effective upon
receipt.

     (f) This Letter Agreement will be governed by and construed and enforced in
         accordance with the laws of the State of New York without reference to
         rules relating to conflict of laws.

     (g) This Letter Agreement supercedes any inconsistent provisions of any
         plan or arrangement that would otherwise be applicable to you to the
         extent such provisions would limit any rights granted to you hereunder
         or expand any restrictions imposed on you hereby.

     This Letter Agreement is intended to be a binding obligation upon the
Company and yourself. If this Letter Agreement correctly reflects your
understanding, please sign and return one copy to me for the Company's
records.

                                            ST. PAUL RE, INC.

                                            By: /s/ Jerome T. Fadden
                                                --------------------
                                            Name: Jerome T. Fadden
                                            Title: Chief Executive Officer

The above Letter Agreement correctly reflects our understanding, and I hereby
confirm my agreement to the same.

/s/ Michael E. Lombardozzi
--------------------------
Michael E. Lombardozzi

Dated as of July 9, 2002
            ------

                                     -6-

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