Document:

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                                                                   Exhibit 10.12

                        UNDERWRITING MANAGEMENT AGREEMENT

     THIS UNDERWRITING MANAGEMENT AGREEMENT (this "AGREEMENT"), made as of [ ],
2002, between St. Paul Fire and Marine Insurance Company, a Minnesota insurance
company (referred to herein as the "COMPANY"), and Platinum Underwriters
Reinsurance, Inc., a Maryland insurance company (referred to herein as the
"MANAGER").

                                    ARTICLE I

                       UNDERWRITING AND PRODUCTION MANAGER

     Subject to the terms and conditions of this Agreement, the Company hereby
grants Manager full authority to act and the Manager accepts and agrees to act
as underwriting and production manager for the Company for the purpose of
conducting an assumed reinsurance business, subject to the limitations set forth
herein.

                                   ARTICLE II

                               SCOPE OF AUTHORITY

     Subject to the direction and control of the Company, the Manager is hereby
authorized to take and shall undertake all customary and reasonable actions
required on behalf of and in the name of the Company, including but not limited
to soliciting, negotiating, underwriting and executing, on behalf of the
Company, new and renewal assumed reinsurance contracts, subject to Article III,
Underwriting Limits (the "MANAGED CONTRACTS").

                                   ARTICLE III

                               UNDERWRITING LIMITS

     (a) Subject to the provisions of Article II hereof, Manager is authorized
on behalf of the Company to underwrite issuances and renewals of such
traditional reinsurance contracts as determined by the Manager; provided, that
all such issuances and renewals are covered under the one hundred percent (100%)
Quota Share Retrocession Agreement (traditional) between the Company and the
Manager; provided further, that such issuances and renewals shall be
underwritten only in cases where the Manager is unable to underwrite such
contracts itself because: (1) it has not received a necessary or desirable
regulatory license or approval notwithstanding its reasonable best efforts to
obtain it since the date of this agreement, or (2) it has not yet been approved
as a reinsurer by the cedent nothwithstanding its reasonable best efforts to
obtain such approval since the date of this agreement. Prior to the effective
date of any such contract, Manager shall provide to the individual designated
from time to time by the Company in writing a description of the contract to be
issued or renewed, and evidence indicating that the above-stated condition

                                        1
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has been met. Manager shall be authorized to underwrite such reinsurance
contracts for a period of one year from the date hereof.

     (b) Manager shall on behalf of the Company underwrite renewals of finite
reinsurance contracts specified on Schedules A and B attached hereto on such
terms as may be specifically agreed to by the Company. Manager shall have the
discretion to reinsure such contacts under a 100% Quota Share Retrocession
Agreement (non-traditional) between the Company and the Manager. With respect to
the finite reinsurance contracts specified on Schedule B attached hereto,
Manager shall propose a fair market premium to the Company for the one hundred
percent (100%) quota share reinsurance of such renewals and the Company may
elect, at its sole discretion, whether or not to accept such reinsurance.

                                   ARTICLE IV

                               REPORTS AND RECORDS

     (a) Manager shall provide to the Company no later than thirty days after
the end of each month, reports in the form as set forth in Exhibit C attached
hereto, or as otherwise agreed to by the parties, in hard copy and electronic
form.

     (b) Manager shall keep and maintain proper books and records wherein shall
be recorded all business transacted by it on behalf of the Company and shall
retain such books and records as may be required by applicable law or in
accordance with the record retention policies of the Company, whichever is
longer. All records of the Manager relating to the Managed Contracts of the
Company shall be open to inspection by the Company or its representatives during
regular business hours and Manager shall provide copies of all such books and
records as may be requested by the Company at the expense of Manager.

                                    ARTICLE V

                               COSTS AND EXPENSES

     Manager shall bear all charges and expenses incurred by it in underwriting
and administering the business with respect to the Managed Contracts reinsured
by it. With respect to services provided hereunder for contracts not reinsured
by Manager, the Company shall pay to Manager the "actual cost" to Manager (which
shall consist of Manager's direct and reasonable indirect costs), as the case
may be, as certified in good faith by Manager.

     For greater certainty, the parties agree that "actual cost" will include
any incremental and out-of-pocket costs incurred by Manager in connection with
the Services, 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.

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                                   ARTICLE VI

                                      TERM

     This Agreement shall take effect as of the date hereof and shall continue
for a period of three years. The Company will have the option to renew this
Agreement for another two years upon written notice to the Manager no later than
two months prior to the third anniversary hereof.

                                   ARTICLE VII

                                  AUDIT RIGHTS

     (a)      Upon reasonable prior notice, the Company shall have full access
to any books and records maintained by the Manager and its affiliates insofar as
reasonably necessary for the purposes of confirming amounts properly payable
hereunder or satisfying any duty imposed hereby or resulting herefrom.

     (b)      The Manager shall permit and co-operate with any inspection by the
regulator or appointee of the regulator of the Company in relation to the
provision of any of the services hereunder.

     (c)      As soon as reasonably practicable following any request (or, in
the case of access required by the regulator of the Company, whether with or
without notice being given by such regulator), access shall be provided to
auditors, other nominated inspectors of the Company or the regulator or the
appointee of the regulator to relevant facilities where records are maintained
and provision shall be made for such auditors, other inspectors or the regulator
or the appointee of the regulator to receive such assistance as they shall
reasonably request in relation thereto.

     (d)      In particular, the Manager shall make available to the Company all
information, data and materials:

              (i)     reasonably requested by the Company so as to enable it to
              evaluate the appropriateness of any charges and expenses payable
              hereunder; or

              (ii)    requested by the regulator of the Company or the appointee
              of such regulator in connection with any regulatory inspection.

     (e)      the Manager acknowledge that an audit may be required for
regulatory purposes and shall maintain all relevant records in such manner and
to such standard as may reasonably be requested by the Company for the purposes
of compliance with any regulatory requirements

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                                  ARTICLE VIII

                                  GOVERNING LAW

     This Agreement shall be governed by and construed and enforced in
accordance with the laws of the state of New York without regard to its conflict
of laws principles.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
signed in their names.

                                               ST. PAUL FIRE AND MARINE
                                                       INSURANCE COMPANY

                                               By:
                                                   -----------------------------

                                               Title:
                                                      --------------------------

                                               PLATINUM UNDERWRITERS
                                               REINSURANCE, INC.

                                               By:
                                                   -----------------------------

                                               Title:
                                                      --------------------------

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                                    EXHIBIT A

                          FINITE REINSURANCE CONTRACTS

                          Non-Deficit Balance Contracts

                                        A
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                                    EXHIBIT B

                          FINITE REINSURANCE CONTRACTS

                            Deficit Balance Contracts

                                        B
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                                    EXHIBIT C

                                REPORT OF MANAGER

                                        C<PAGE>

                                                                 Exhibit 10.13

DRAFT (GWJ/JCD): 15/10/02

                                 DATED --, 2002

                      ST. PAUL REINSURANCE COMPANY LIMITED

                                       AND

                            PLATINUM RE (UK) LIMITED

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

                           UK UNDERWRITING AGENCY AND
                        UNDERWRITING MANAGEMENT AGREEMENT
                    ----------------------------------------

                                SLAUGHTER AND MAY
                                 ONE BUNHILL ROW
                                     LONDON
                                    EC1Y 8YY

                                    (GWJ/JCD)

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                                    CONTENTS

                                                                          PAGE
                                                                          ----
1.       Interpretation                                                      2

2.       Condition                                                           4

3.       Appointment                                                         4

4.       Platinum Re UK's Underwriting Authority                             4

5.       Reports and Records                                                 5

6.       Agency Fee                                                          6

7.       Termination of Agency Arrangements                                  6

8.       Condition                                                           6

9.       Scope of Authority                                                  6

10.      Underwriting Agency                                                 6

11.      Reports and Records                                                 7

12.      Costs And Expenses                                                  7

13.      Term of the Underwriting Management Arrangements                    8

14.      Underwriting Services                                               8

15.      Audit Rights                                                        8

16.      Data Protection and Business Information                            9

17.      Undertakings                                                        9

18.      Arbitration                                                        10

19.      Miscellaneous                                                      10

20.      Notices                                                            12

21.      Governing Law                                                      12

22.      Counterparts                                                       12

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Schedule A                                                                  14

FINITE REINSURANCE CONTRACTS                                                14

Non-Deficit Balance Contracts                                               14

Schedule B                                                                  15

FINITE REINSURANCE CONTRACTS                                                15

Deficit Balance Contracts                                                   15

Schedule C                                                                  16

UNDERWRITING MANAGEMENT BUSINESS                                            16

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THIS AGREEMENT is made on --, 2002

BETWEEN:

(1)      ST. PAUL REINSURANCE COMPANY LIMITED (registered number 01460363) of
         The St. Paul House, 27 Camperdown Street, London E1 8DS ("ST. PAUL RE
         UK"); and

(2)      PLATINUM RE (UK) LIMITED (registered number 4413755) of The St. Paul
         House, 27 Camperdown Street, London E1 8DS ("PLATINUM RE UK"),

(each a "PARTY" and together the "PARTIES").

WHEREAS:

A.       The St. Paul Companies, Inc. ("THE 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 AGREEMENT") setting forth
         certain terms governing The 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
         The 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 Agreement, The St. Paul and Platinum Holdings
         agreed to procure that St. Paul Re UK, St. Paul Management Limited and
         Platinum Re UK would enter into an agreement (the "Business Transfer
         Agreement") under which St. Paul Re UK would transfer certain assets
         associated with its reinsurance activities to Platinum Re UK with the
         intention that Platinum Re UK shall carry on that business or part
         thereof transferred in succession to St. Paul Re UK as a going concern.

C.       Pursuant to the Formation Agreement, The St. Paul and Platinum Holdings
         agreed to procure (inter alia) that St. Paul Re UK and Platinum Re UK
         would enter into certain underwriting agency and underwriting
         management arrangements under which Platinum Re UK would act as
         underwriting agent of and/or perform certain underwriting functions on
         behalf of St. Paul Re UK.

D.       As part of the foregoing, the Parties have agreed to certain interim
         arrangements which, following completion of the Public Offering, will
         apply until the first anniversary of the completion of the Public
         Offering. Pursuant to three quota share retrocession agreements of even
         date between St. Paul Re UK and Platinum Underwriters Reinsurance Inc.,
         a company licensed to carry on insurance and reinsurance business in
         the United States of America, St. Paul Re UK has reinsured certain
         reinsurance business written or renewed by it on or after 1st January,
         2002 and prior to such authorisation to Platinum Underwriters
         Reinsurance Inc., as more particularly set out in

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                                       2

         those quota share retrocession agreements. The Parties have also agreed
         that until the first anniversary of the completion of the Public
         Offering, Platinum Re UK shall act as the agent of St. Paul Re UK in
         relation to the writing and renewal of reinsurance business on behalf
         of St. Paul Re UK (on the terms and conditions set out below).

E.       The Parties wish to provide, subject to and upon Platinum Re UK
         becoming authorised to write insurance business in the United Kingdom,
         for certain specific reinsurance business as specified in Schedule C
         which is currently written by St. Paul Re UK to continue to be so
         written by St. Paul Re UK under the management of Platinum Re UK and on
         the basis that the same is the subject of a 100% quota share
         reinsurance in favour of Platinum Re UK[ OR PLATINUM UNDERWRITERS
         REINSURANCE INC.].[WHY, IF PLATINUM UK IS AUTHORIZED WOULD WE REINSURE
         TO PLATINUM US?]

F.       The Parties have agreed that the performance of their respective
         obligations hereunder shall be conducted in a manner that is consistent
         with the regulatory requirements to which the Parties are respectively
         subject from time to time.

WHEREBY IT IS AGREED as follows:

                                PART A - GENERAL

1.       INTERPRETATION

1.1      In this agreement (including the recitals and the Schedules):

         "ACTION"                                  means any action, suit,
                                                   arbitration, inquiry,
                                                   proceeding or investigation
                                                   by or before any court, any
                                                   governmental or other
                                                   regulatory or administrative
                                                   agency or commission or any
                                                   arbitration tribunal;

         "AUTHORISATION"                           means the authorisation of
                                                   Platinum Re UK under Part IV
                                                   of the Financial Services and
                                                   Markets Act 2000 to carry on
                                                   reinsurance business in the
                                                   United Kingdom;

         "CLOSING                                  DATE" has the meaning
                                                   attributed to it in Recital
                                                   A;

         "FORMATION                                AGREEMENT" has the meaning
                                                   attributed to it in Recital
                                                   A;

         "IPT"                                     means insurance premium tax
                                                   charged in accordance with
                                                   Part III of the Finance Act
                                                   1994 on gross written
                                                   premium;

         "PLATINUM                                 HOLDINGS" has the meaning
                                                   attributed to it in Recital
                                                   A;

         "POLICY"                                  means a contract of
                                                   reinsurance which is in one
                                                   of the
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                                       3
                                                   forms determined from time
                                                   to time by St. Paul Re UK;

         "PUBLIC                                   OFFERING" has the meaning
                                                   attributed to it in Recital
                                                   A;

         "REINSURANCE"                             includes retrocession;

         "REINSURED                                CONTRACTS" has the meaning
                                                   attributed to it in clause 9;

         "THE                                      ST. PAUL" has the meaning
                                                   attributed to it in Recital
                                                   A; and

         "UNDERWRITING GUIDES"                     means the underwriting guides
                                                   in the form provided in
                                                   writing by St. Paul Re UK to
                                                   Platinum Re UK on or before
                                                   the date hereof, with such
                                                   changes as are notified in
                                                   writing by St. Paul Re UK to
                                                   Platinum Re UK from time to
                                                   time.

1.2   In this agreement, unless otherwise specified:

       (A)        references to clauses, sub-clauses, Parts and the Schedules
                  are to clauses, sub-clauses and Parts of, and the Schedules
                  to, this agreement;

       (B)        headings to clauses, Parts and the Schedules are for
                  convenience only and do not affect the interpretation of this
                  agreement;

       (C)        the Schedules 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;

       (D)        references to an "AFFILIATE" of any person shall be construed
                  so as to mean a person which, directly or indirectly,
                  controls, is under common control with, or is controlled by,
                  such person;

       (E)        references to a "COMPANY" shall be construed so as to include
                  any company, corporation or other body corporate, wherever and
                  however incorporated or established;

       (F)        references to a "PERSON" shall be construed so as to include
                  any individual, firm, company, trust, governmental, state or
                  agency of a state or any joint venture, association,
                  partnership or other entity, whether acting in an individual,
                  fiduciary or other capacity (whether or not having separate
                  legal personality);

       (G)        the expressions "BODY CORPORATE" and "SUBSIDIARY" shall have
                  the meanings given in the Companies Act 1985, the Companies
                  Consolidation (Consequential Provisions) Act 1985, the
                  Companies Act 1989 and Part V of the Criminal Justice Act
                  1993;
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                                       4

       (H)        a reference to a statute or statutory provision shall include
                  a reference:

                  (i)     to that statute or provision as from time to time
                          consolidated, modified, re-enacted or replaced by any
                          statute or statutory provision; and

                  (ii)    to any subordinate legislation made under the relevant
                          statute;

       (I)        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 deemed to include
                  terms which most nearly approximate in that jurisdiction to
                  the English legal term;

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

       (K)        references to the "REGULATOR" in relation to either Party
                  means the Financial Services Authority or any successor
                  thereto; and

       (L)        references to the singular shall, where the context so admits,
                  include a reference to the plural and vice versa.

                                 PART B - AGENCY

2.       CONDITION

         The provisions of this Part B of this agreement shall take effect upon
         completion of the Public Offering.

3.       APPOINTMENT

3.1      Paul Re UK hereby appoints Platinum Re UK as its disclosed agent to
         perform certain reinsurance underwriting, production management and
         associated functions on its behalf (and in accordance with its
         instructions from time to time, such instructions to be in writing
         wherever reasonably practicable) and Platinum Re UK hereby accepts such
         appointment, in each case on and subject to the conditions of this Part
         of this agreement.

3.2      Paul Re UK hereby confers on Platinum Re UK all powers and authorities
         necessary to enable Platinum Re UK properly to carry out its
         obligations under this Part of this agreement.

4.       PLATINUM RE UK'S UNDERWRITING AUTHORITY

4.1      Until the arrangements under this Part of this agreement are terminated
         or expire, Platinum Re UK shall have authority to accept on behalf of
         St. Paul Re UK any

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                                       5

         application for traditional reinsurance on the basis of information
         contained in a duly completed application for cover and which fulfils
         the relevant criteria within the Underwriting Guides. Such arrangement
         shall be only in the instances where, despite the use of reasonable
         best efforts, Platinum Re UK has either not obtained the Authorization
         or it has not yet been approved as a reinsured by the relevant cedant.
         It shall be a condition of Platinum Re UK's authority that any
         traditional reinsurance business so accepted on behalf of St. Paul Re
         UK is covered under the relevant one hundred per cent. (100%) Quota
         Share Retrocession Agreement between St. Paul Re UK and Platinum
         Underwriters Reinsurance Inc. dated as of the date hereof, or,
         following receipt of the Authorization, Platinum Re UK. Prior to the
         effective date of any such contract, Platinum Re UK shall provide to
         the individual designated from time to time by St. Paul Re UK in
         writing a description of the contract to be issued or renewed, and
         evidence indicating that the above-stated condition has been met.

4.2      Until the arrangements under this Part of this agreement are terminated
         or expire, Platinum Re UK shall have authority to accept on behalf of
         St. Paul Re UK any application for finite reinsurance on the basis of
         information contained in a duly completed application for cover and
         which fulfils the relevant criteria within the Underwriting Guides. It
         shall be a condition of Platinum Re UK's authority that any business so
         accepted on behalf of St. Paul Re UK is covered under the relevant one
         hundred per cent. (100%) Quota Share Retrocession Agreement between St.
         Paul Re UK and Platinum Underwriters Reinsurance Inc. dated as of the
         date hereof, or, following receipt of the Authorization, Platinum Re
         UK.

4.3      Platinum Re UK shall also have authority to offer renewals of cover and
         to make alterations and endorsements to the terms of cover provided
         that the renewal, alteration or endorsement is within the relevant
         criteria set out in the Underwriting Guides.

4.4      Save to the extent that Part C applies, Platinum Re UK shall have no
         underwriting authority on behalf of St. Paul Re UK save as expressly
         set out in this clause.

5.       REPORTS AND RECORDS

5.1      Platinum Re UK shall provide to St. Paul Re UK no later than thirty
         days after the end of each month, reports in such form as St. Paul Re
         UK may reasonably require, in hard copy and electronic form.

5.2      Platinum Re UK shall keep and maintain proper books and records wherein
         shall be recorded all business transacted by it on behalf of St. Paul
         Re UK and shall retain such books and records as may be required by
         applicable law or in accordance with the record retention policies of
         St. Paul Re UK, whichever is longer. All records of Platinum Re UK
         relating to the business of St. Paul Re UK shall be open to inspection
         by St. Paul Re UK or its representatives during regular business hours
         and Platinum Re UK shall provide copies of all such books and records
         as may be requested by St. Paul Re UK at the expense of Platinum Re UK.

<PAGE>

6.       AGENCY FEE

         As compensation for its services under this Part of this agreement,
         Platinum Re UK shall receive an agency fee equal to 5% of the gross net
         written premiums produced by Platinum Re UK for St. Paul Re UK. "Gross
         net written premiums" shall mean gross premiums less return premiums
         arising from reduction in rate, cancellation or otherwise less premiums
         paid for reinsurance which inures to the benefit of St. Paul Re UK.

7.       TERMINATION OF AGENCY ARRANGEMENTS

7.1      The provisions of this Part B of this agreement shall cease to have
         effect upon the later of receipt by Platinum Re UK of the Authorisation
         and the first anniversary of the completion of the Public Offering.

7.2      In the event that the Authorisation shall not have occurred by the
         first anniversary of the completion of the Public Offering, this
         agreement (and not, for the avoidance of doubt, merely the provisions
         of this Part of this agreement) shall terminate in its entirety (save
         for the provisions in Clause 14), neither Party shall have any
         liability to the other save to the extent that the same may have arisen
         prior to such termination and Platinum Re UK shall cease to have any
         authority to act on behalf of St. Paul Re UK.

                        PART C - UNDERWRITING MANAGEMENT

8.       CONDITION

         The provisions of this Part C of this agreement shall take effect upon
         the receipt by Platinum Re UK of the Authorisation.

9.       SCOPE OF AUTHORITY

         Subject to the direction and control of St. Paul Re UK, Platinum Re UK
         is hereby authorised to take and shall undertake all customary and
         reasonable actions required on behalf of and in the name of St. Paul Re
         UK, including but not limited to negotiating, underwriting and
         executing on behalf of St. Paul Re UK renewal reinsurance contracts
         ("REINSURED CONTRACTS") in respect of the contracts specified in
         Schedule C attached hereto, subject to Clause 10.

10.      UNDERWRITING AGENCY

         Platinum Re UK shall on behalf of and at the direction of St. Paul Re
         UK underwrite renewals of the finite reinsurance contracts referred to
         in Schedule C attached hereto on such terms as may be specifically
         agreed to by St. Paul Re UK. With respect to the finite contracts of
         the classes specified on Schedule A or newly written under sub-clause
         4.2 of this Agreement, such contracts will be reinsured under the 100%
         Quota Share

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                                       7

         Retrocession Agreement (Non-traditional-A) between St. Paul Re UK and
         Platinum Underwriters Reinsurance Inc. dated [ ] (or on such other
         terms (including, where applicable, with Platinum Re UK as the
         reinsurer) as the Parties may from time to time agree). With respect to
         finite reinsurance contracts specified on Schedule B attached hereto,
         Platinum Re UK or, as applicable, Platinum Underwriters Reinsurance
         Inc. shall propose the terms for such reinsurance (including a fair
         market premium) to St. Paul Re UK for the one hundred per cent. (100%)
         quota share reinsurance to Platinum Re UK or, as applicable, Platinum
         Underwriters Reinsurance Inc. of such renewals and St. Paul Re UK may
         elect, at its sole discretion, whether or not to accept such
         reinsurance.

11.      REPORTS AND RECORDS

11.1     Platinum Re UK shall provide to St. Paul Re UK no later than thirty
         days after the end of each month, reports in a form agreed between the
         Parties, in hard copy and electronic form.

11.2     Platinum Re UK shall keep and maintain proper books and records wherein
         shall be recorded all business transacted by it on behalf of St. Paul
         Re UK and shall retain such books and records as may be required by
         applicable law or in accordance with the record retention policies of
         St. Paul Re UK, whichever is longer. All records of Platinum Re UK
         relating to the Reinsured Contracts of St. Paul Re UK shall be open to
         inspection by St. Paul Re UK or its representatives during regular
         business hours and Platinum Re UK shall provide copies of all such
         books and records as may be requested by St. Paul Re UK at the expense
         of Platinum Re UK.

12.      COSTS AND EXPENSES

         Platinum Re UK shall bear all charges and expenses incurred by it in
         underwriting and administering the business with respect to the
         Reinsured Contracts reinsured by Platinum Re UK, Platinum Underwriters
         Reinsurance Inc. or any of their affiliates pursuant to this Part C of
         this agreement. With respect to the scheduled services (in this clause,
         "Underwriting Services") provided hereunder for contracts not reinsured
         by Platinum Re UK, Platinum Underwriters Reinsurance Inc. or any of
         their affiliates, St. Paul Re UK shall pay to Platinum Re UK the
         "actual cost" to Platinum Re UK of performing such Underwriting
         Services (which shall consist of Platinum Re UK's direct and reasonable
         indirect costs), as the case may be, as certified in good faith by
         Platinum Re UK. For greater certainty, the Parties agree that "actual
         cost" will include any incremental and out-of-pocket costs incurred by
         Platinum Re UK in connection with the Underwriting Services, including
         the conversion, acquisition and disposition cost of software and
         equipment acquired for the purposes of providing the Underwriting
         Services and the cost of establishing requisite systems and data feeds
         and hiring necessary personnel.

<PAGE>

8        13. TERM OF THE UNDERWRITING MANAGEMENT ARRANGEMENTS

         Subject to clause 8 above, the provisions of this Part C of this
         agreement shall continue until the third anniversary of the date
         hereof. St. Paul Re UK will have the option to renew the provisions of
         this Part C of this agreement for another two years upon written notice
         to Platinum Re UK no later than two months prior to the third
         anniversary of the date hereof.

                           PART D - FURTHER PROVISIONS

14.      UNDERWRITING SERVICES

         If St. Paul Re UK at any time so requests, Platinum Re UK shall renew
         on behalf of St. Paul Re UK any finite reinsurance contract to which
         St. Paul Re UK was a party prior to the date hereof provided that
         Platinum Re UK shall have no obligation to accept any retrocession of
         any such reinsurance contract and shall be entitled to receive
         reimbursement of costs and expenses on the same basis as in Clause 12.

15.      AUDIT RIGHTS

15.1     Uponreasonable prior notice, each Party shall have full access to any
         books and records maintained by the other Party and its affiliates
         insofar as reasonably necessary for the purposes of confirming amounts
         properly payable hereunder or satisfying any duty imposed hereby or
         resulting herefrom.

15.2     EachParty shall permit and co-operate with any inspection by the
         regulator or appointee of the regulator of the other Party in relation
         to the provision of any of the services hereunder.

15.3     As soon as reasonably practicable following any request (or, in the
         case of access required by the regulator of either Party, whether with
         or without notice being given by such regulator), access shall be
         provided to auditors, other nominated inspectors of that Party or the
         regulator or the appointee of the regulator to relevant facilities
         where records are maintained and provision shall be made for such
         auditors, other inspectors or the regulator or the appointee of the
         regulator to receive such assistance as they shall reasonably request
         in relation thereto.

15.4     In particular, each Party shall make available to the other Party all
         information, data and materials:

         (A)   reasonably requested by that other Party so as to enable it to
               evaluate the appropriateness of any charges and expenses payable
               hereunder; or

         (B)   requested by the regulator of that other Party or the appointee
               of such regulator in connection with any regulatory inspection.

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                                       9

15.5     Each Party acknowledges that an audit may be required for regulatory
         purposes and shall maintain all relevant records in such manner and to
         such standard as may reasonably be requested by the other Party for the
         purposes of compliance with any regulatory requirements.

16.      DATA PROTECTION AND BUSINESS INFORMATION

16.1     During the term of this agreement, the Parties shall ensure that they
         comply at all times with the provisions of the Data Protection Act 1998
         and all related legislation, regulations and guidelines.

16.2    (A)  Each Party shall ensure that to the extent that it holds
             information which relates to the other Party's business it shall
             provide the other Party with such access to that information as is
             reasonably required for the other Party to carry on its business.

        (B)  For the avoidance of doubt, neither Party shall be required under
             sub-clause (A) above to disclose any information which does
             not relate to the other Party's business.

17.      UNDERTAKINGS

17.1     Each of the Parties undertakes to the other Party to:

         (A) act in a prompt, business-like and diligent manner, in good faith
             and in such a way as does not bring the other Party's name into
             disrepute or damage the goodwill of the other Party's business;

         (B) comply with all applicable laws, bye-laws and the requirements of
             any governmental or regulatory authority relating to the
             performance of the Parties' respective obligations under this Part
             of this agreement;

         (C) comply with the terms and conditions of the Policies;

         (D) without prejudice to the generality of paragraphs (A) and (B)
             above, comply in all respects with the authorisations and
             registrations of the other Party under the Data Protection Act
             1998; and

         (E) deal with requests or enquiries from the other Party promptly and
             efficiently (including, without limitation, with regard to the
             provision of information by Platinum Re UK to enable St. Paul Re UK
             to comply with its regulatory obligations).

17.2     Without prejudice to the generality of sub-clauses 17.1(A) and (B)
         above Platinum Re UK undertakes to St. Paul Re UK to comply in all
         respects with St. Paul Re UK's authorisation to carry on an insurance
         business in the United Kingdom for the purposes

<PAGE>

                                       10

         of the Financial Services and Markets Act 2000 and without limitation
         to permit the Financial Services Authority to have access to its
         premises and to deal with the Financial Services Authority in an open
         and co-operative way.

17.3     Platinum Re UK shall comply with all instructions and requests from St.
         Paul Re UK given or made for the purposes of the agency established
         hereunder or for the purposes of enabling St. Paul Re UK to supervise
         the discharge of such agency.

18.      ARBITRATION

18.1     All disputes and differences arising under or in connection with this
         contract shall be referred to arbitration under the Arbitration Rules
         of the A.I.D.A. Reinsurance and Insurance Arbitration Society of the UK
         ("ARIAS (UK)").

18.2     The Arbitration Tribunal shall consist of three arbitrators, one to be
         appointed by the Claimant, one to be appointed by the Respondent and
         the third to be appointed by the two appointed arbitrators.

18.3     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.

18.4     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.

18.5     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.

18.6     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 order or directions.

18.7     The seat of arbitration shall be London.

19.      MISCELLANEOUS

19.1     Neither Party may assign its rights under this agreement without the
         prior written consent of the other. Subject to the foregoing, this
         agreement shall be binding upon, inure to the benefit of and be
         enforceable by the Parties and their respective successors and assigns.

<PAGE>

                                       11

19.2     This agreement may only be varied in writing signed by each of the
         Parties.

19.3     (A) No failure or delay on the part of either Party in exercising a
             right, power or remedy provided by this agreement or by law shall
             operate as a waiver of that right, power or remedy or a waiver of
             any other rights, powers or remedies.

         (B) No single or partial exercise of a right, power or remedy provided
             by this agreement or by law shall prevent further exercise of that
             right, power or remedy or the exercise of another right, power or
             remedy.

         (C) Except as otherwise provided herein, the rights, powers and
             remedies provided in this agreement shall be cumulative and not
             exclusive of any rights, powers or remedies provided by law.

19.4     If any provision of this agreement or any part of any such provision is
         held to be invalid, unlawful or unenforceable, such provision or part
         (as the case may be) shall be ineffective only to the extent of such
         invalidity, unlawfulness or unenforceability, without rendering
         invalid, unlawful or unenforceable or otherwise prejudicing or
         affecting the remainder of such provision or any other provision of
         this agreement.

19.5     The Parties hereto acknowledge that if any of the provisions of this
         agreement were not to be performed in accordance with their specific
         terms or were otherwise to be breached, irreparable damage would occur
         and damages would not be an adequate remedy. In the event of any such
         breach, the aggrieved Party shall be entitled, in addition to any other
         remedy at law or in equity, to specific performance of the terms hereof
         and immediate injunctive or other equitable relief, without the
         necessity of proving the inadequacy of money damages as a remedy or of
         posting any bond or other security.

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

19.7     Nothing in this agreement and no action taken by the Parties under this
         agreement shall constitute a partnership, association, joint venture or
         other co-operative entity between the Parties.

19.8     Nothing in this agreement shall oblige either Party to act in breach of
         the requirements of any law, rule or regulation applicable to it,
         including securities and insurance laws, written policy statements of
         securities commissions, insurance and other regulatory authorities, and
         the by-laws, rules, regulations and written policy statements of
         relevant securities and self-regulatory organisations.

<PAGE>

                                       12
20.      NOTICES

20.1     Any notice required or permitted to be given under this agreement shall
         be given in writing to the other Party at its address set out below:

         if to St. Paul Re UK, to:

         St. Paul Reinsurance Company Limited
         27, Camperdown Street,
         London, E1 8DS
         Fax number: 020 7488 6345
         marked for the attention of the Company Secretary

         if to Platinum Re UK, to:

         Platinum Re (UK) Limited
         52, Lime Street,
         London, EC3M 7NL
         Fax number: 020 7623 6610
         marked for the attention of the Company Secretary

         or to such other address or fax number, and marked for the attention of
         such other person, as may from time to time be notified by the relevant
         Party to the other Party.

20.2     Any such notice shall be sent by first class post or facsimile
         transmission (copied by post) or delivered by hand and shall be deemed
         to be served:

         (A) in the case of post, on the second business day after posting;

         (B) in the case of facsimile transmission, upon successful transmission
             (or, if the day of sending is not a business day in the place of
             receipt, at the opening of business on the first business day in
             the place of receipt thereafter); and

         (C) in the case of delivery by hand, upon delivery (or, if the day of
             delivery is not a business day in the place of receipt, at the
             opening of business on the first business day in the place of
             receipt thereafter).

21.      GOVERNING LAW

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

22.      COUNTERPARTS

22.1     This agreement may be executed in any number of counterparts, and by
         the Parties on separate counterparts, but shall not be effective until
         each Party has executed at least one counterpart.

<PAGE>

                                       13

22.2     Each counterpart shall constitute an original of this agreement, but
         the counterparts shall together constitute but one and the same
         instrument.

<PAGE>

                                       14

                                   SCHEDULE A

                          FINITE REINSURANCE CONTRACTS

                          NON-DEFICIT BALANCE CONTRACTS

                  Transatlantic Re Replicat            Policy No. 003223021FXP

                  Bahamas First Triplicat              Policy No. 003356021FXP

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                                       15

                                   SCHEDULE B

                          FINITE REINSURANCE CONTRACTS

                            DEFICIT BALANCE CONTRACTS

                  Transatlantic Re Risk XS Layer 1:    Policy No. 003102011FXP

                  Transatlantic Re Risk XS Layer 2:    Policy No. 003103011FXP

<PAGE>

                                       16

                                   SCHEDULE C

                        UNDERWRITING MANAGEMENT BUSINESS

Transatlantic Re Replicat                            :  Policy No. 003223021FXP
Bahamas First Triplicat                              :  Policy No. 003356021FXP
Transatlantic Re Risk XS Layer 1                     :  Policy No. 003102011FXP
Transatlantic Re Risk XS Layer 2                     :  Policy No. 003103011FXP
Any new finite business written under Clause 4.2
of this agreement.

<PAGE>

                                       17

IN WITNESS of which each of the Parties has executed this agreement on the day
and year first above written.

<PAGE>

                                       18

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

SIGNED by                               )
for and on behalf of PLATINUM RE (UK)   )
LIMITED                                 )

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