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                                                                    Exhibit 10.7

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. ("ST. PAUL") and Platinum Underwriters
       Holdings, Ltd. ("PLATINUM HOLDINGS") entered into a Formation and
       Separation Agreement dated *, 2002 (as such agreement may be amended from
       time to time) (the "FORMATION 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 Agreement, St. Paul and Platinum Holdings
       agreed to procure (inter alia) that St. Paul Re UK and Platinum Re UK
       would enter into an agreement (the "BUSINESS TRANSFER AGREEMENT") under
       which St. Paul Re UK would transfer certain of the assets associated with
       its reinsurance activities to Platinum Re UK.

C.     Pursuant to the Formation Agreement, St. Paul and Platinum Holdings
       further agreed to procure that St. Paul Re UK and Platinum Re UK would
       enter into an agreement (the "UK MASTER SERVICES AGREEMENT") relating to
       the provision by St. Paul Re UK to Platinum Re UK of certain
       administrative, accounting, human resources, systems and other support
       services for a specified transition period after the Closing Date.

D.     The Parties have agreed that the provision of services hereunder shall be
       conducted in a manner that is consistent with the regulatory requirements
       to which the Parties are respectively subject.

WHEREBY IT IS AGREED as follows:

1.     INTERPRETATION

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

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        "ARIAS (UK)"                         has the meaning attributed to it in
                                             sub-clause 10.3;

        "BUSINESS TRANSFER AGREEMENT"        has the meaning attributed to it in
                                             Recital B;

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

        "EVENTS OF FORCE MAJEURE"            has the meaning attributed to it in
                                             sub-clause 8.2;

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

        "LOSSES"                             means any and all losses,
                                             liabilities, claims, damages,
                                             obligations, payments, costs and
                                             expenses, matured or unmatured,
                                             absolute or contingent, accrued or
                                             unaccrued, liquidated or
                                             unliquidated, known or unknown
                                             (including, without limitation, the
                                             costs and expenses of any
                                             Proceedings, threatened
                                             Proceedings, demand, assessment,
                                             judgment, settlement and compromise
                                             relating thereto and legal fees and
                                             any and all expenses whatsoever
                                             reasonably incurred in
                                             investigating, preparing or
                                             defending against any such
                                             Proceedings or threatened
                                             Proceedings);

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

        "PROCEEDINGS"                        means any proceeding, suit, action,
                                             claim, arbitration, subpoena,
                                             discovery, request, inquiry or
                                             investigation by or before any
                                             court, any governmental or other
                                             regulatory or administrative agency
                                             or commission or any arbitral
                                             tribunal arising out of or in
                                             connection with this agreement;

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

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

        "TRANSITIONAL SERVICES"              has the meaning attributed to it in
                                             sub-clause 3.1; and

        "TRANSITIONAL SERVICES END DATE"     has the meaning attributed to it in
                                             sub-clause 3.4.

1.2    In this agreement, unless otherwise specified:

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

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       (B)   headings to clauses 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" shall be construed so as to mean a
             person that directly, or indirectly through one or more
             intermediaries, controls, is controlled by, or is under common
             control with, the person specified, where "CONTROL" means the
             possession, directly or indirectly, of the power to direct or cause
             the direction of the management policies of a person, whether
             through the ownership of voting securities, by contract, as trustee
             or executor, or otherwise;

       (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;

       (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

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

2.     CONDITION

       This agreement shall become effective on the Closing Date.

3.     TRANSITIONAL SERVICES

3.1    From and after the Closing Date, St. Paul Re UK shall provide to Platinum
       Re UK, or procure the provision to Platinum Re UK of, each of the
       services set out in the Schedule (as such may be amended from time to
       time with the prior agreement of the Parties) (collectively, the
       "TRANSITIONAL SERVICES").

3.2    St. Paul Re UK shall provide, or procure the provision of, each of the
       Transitional Services in such manner as Platinum Re UK may from time to
       time reasonably request for the purposes of this agreement, provided that
       in no case shall St. Paul Re UK be required to provide, or procure the
       provision of, any or all of the Transitional Services to a standard which
       is materially higher than that to which the equivalent service is
       generally provided by St. Paul Re UK (or an affiliate of St. Paul Re UK)
       in respect of other business of St. Paul Re UK.

3.3    St. Paul Re UK shall be responsible for obtaining and maintaining in full
       force and effect any and all licences and authorisations necessary for
       the lawful provision of any or all of the Transitional Services
       hereunder.

3.4    St. Paul Re UK shall provide, or procure the provision of, each of the
       Transitional Services up to and including 30th June, 2003 (the
       "TRANSITIONAL SERVICES END DATE"), provided that for each Transitional
       Service St. Paul Re UK shall consider in good faith any request by
       Platinum Re UK for the provision of a particular Transitional Service to
       be continued beyond the Transitional Services End Date in the light of
       the circumstances subsisting at the time such request is made. St. Paul
       Re UK and Platinum Re UK shall agree upon the terms which will govern the
       provision of the particular Transitional Service to be so provided at the
       time Platinum Re UK makes such request.

3.5    St. Paul Re UK shall ensure that it does not breach any obligation owed
       by it to the regulator and that it does not cause Platinum Re UK to be in
       breach of its obligations owed to the regulator through the provision of
       the Transitional Services hereunder.

3.6    (A)   In consideration for the provision to it of each Transitional
             Service, Platinum Re UK shall reimburse St. Paul Re UK or the
             affiliate of St. Paul Re UK that provides the relevant Transitional
             Services, as the case may be, in respect of the actual cost, as
             certified in good faith by St. Paul Re UK, of providing each
             Transitional Service to Platinum Re UK.

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       (B)   For the purposes of sub-clause 3.6(A) above, the actual cost shall
             consist of the direct and reasonable indirect costs of St. Paul Re
             UK or any affiliate of St. Paul Re UK providing Transitional
             Services hereunder and shall include any incremental and
             out-of-pocket costs incurred by St. Paul Re UK or any affiliate of
             St. Paul Re UK providing Transitional Services hereunder in
             connection with the Transitional Services, including the
             conversion, acquisition and disposition cost of software and
             equipment acquired for the purposes of providing the Transitional
             Services and the cost of establishing requisite systems and data
             feeds and hiring necessary personnel.

3.7    (A)   Subject to receiving assistance from St. Paul Re UK's
             employees, contractors and managed vendors, Platinum Re UK shall
             use commercially reasonable endeavours to eliminate its need for
             the Transitional Services as soon as reasonably practicable after
             the Closing Date.

       (B)   St. Paul Re UK shall assign its service co-ordinator (as described
             in sub-clause 3.8 below) and shall provide such other assistance as
             is reasonably necessary to allow Platinum Re UK to exit St. Paul Re
             UK's systems in a timely and efficient manner.

3.8    (A)   Each Party shall appoint a service co-ordinator with skills and
             experience reasonably acceptable to the other Party who will:

             (i)    provide continuous oversight and co-ordination of the
                    Transitional Services;

             (ii)   communicate concerning disputes with respect to the
                    Transitional Services;

             (iii)  be available to the Parties during normal business hours;
                    and

             (iv)   be responsible for providing, or for delegating the
                    provision of, assistance regarding the Transitional
                    Services.

       (B)   The service co-ordinators shall co-operate on a regular basis to
             plan the delivery of the Transitional Services, including the
             timetable for performance of the Transitional Services and the
             incurring of costs related thereto.

       (C)   Either Party may from time to time substitute the individual
             serving as its service co-ordinator with another individual
             qualified to serve in that position.

3.9    (A)   Subject to any relevant confidentiality or other obligations to
             or rights of third parties, St. Paul Re UK shall provide to
             Platinum Re UK all service operating manuals and other written
             materials relating to the Transitional Services, together with any
             supplements or updates thereto, as reasonably requested by Platinum
             Re UK.

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       (B)   Platinum Re UK may, subject to complying with the terms of this
             agreement and any rights of third parties, at its own expense copy
             any material provided to it pursuant to sub-clause 3.9(A) above.

3.10   Platinum Re UK shall promptly notify St. Paul Re UK in writing if it
       becomes aware of any services different from or in addition to the
       Transitional Services as set out in the Schedule which are necessary and
       advisable for fulfilling any of the purposes set out in this agreement,
       and the Parties hereby undertake to co-operate in good faith promptly to
       agree revisions to this agreement as necessary and advisable to reflect
       the intention of the Parties as to the provision of those services and
       the payment therefor or to satisfy any regulatory requirements applicable
       to either of them by virtue of the provision of the Transitional Services
       to Platinum Re UK hereunder.

3.11   Upon the terms and subject to the conditions set out in this agreement,
       each Party agrees to use commercially reasonable endeavours to take, or
       procure to be taken, all actions and to do, or procure to be done, and to
       assist and co-operate with the other Party in doing, all things which the
       Parties, acting reasonably, agree to be necessary or advisable to effect
       the transactions contemplated by this agreement.

3.12   Platinum Re UK shall fully comply with and shall procure that its
       officers, directors, employees, contractors, agents and other
       representatives fully comply with any security guidelines and other rules
       and regulations notified to it by St. Paul Re UK from time to time in
       respect of the enjoyment of the Transitional Services and shall not
       otherwise use or permit the use of the Transitional Services and/or
       access to the systems of St. Paul Re UK or any of its affiliates for any
       purpose other than in the ordinary course of the Business (as defined in
       the Business Transfer Agreement).

4.     AUDIT RIGHTS

4.1    Upon reasonable prior notice, each Party hereto shall have full access to
       any books and records maintained by the other 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.

4.2    Each Party shall permit and co-operate with any inspection by the
       regulator or appointee of the regulator in relation to the provision of
       any of the Transitional Services hereunder.

4.3    As soon as reasonably practicable following any request (or, in the case
       of access required by the regulator, whether with or without notice being
       given by the regulator), access shall be provided to auditors, other
       nominated inspectors of the requesting 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.

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

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

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

4.5    The Parties 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 either Party for the
       purposes of compliance with any regulatory requirements.

5.     BILLING AND TAXES

5.1    No later than thirty days following the last day of each calendar
       quarter, St. Paul Re UK shall provide to Platinum Re UK a report
       containing an itemised list of the Transitional Services provided to
       Platinum Re UK during such previous calendar quarter in such form as the
       Parties shall agree.

5.2    Platinum Re UK shall promptly, and in any event no later than 30 days
       after receipt of such report unless Platinum Re UK is contesting in good
       faith the amount set forth in the report, pay to St. Paul Re UK or the
       affiliate of St. Paul Re UK that provides the relevant Transitional
       Services, as the case may be, by wire transfer of immediately available
       funds all amounts payable in respect of the Transitional Services as set
       forth in such report.

5.3    Each Party shall pay all taxes for which it is the primary obligor as a
       result of the provision of Transitional Services under this agreement,
       provided that Platinum Re UK shall be solely responsible for, and shall
       reimburse St. Paul Re UK or the affiliate of St. Paul Re UK that provides
       the relevant Transitional Services, as the case may be, in respect of,
       any sales, gross receipts, value added or transfer tax payable with
       respect to the provision of any Transitional Service under this agreement
       (any such reimbursement obligation being, for the avoidance of doubt, in
       addition to Platinum Re UK's obligation to pay for such Transitional
       Service).

6.     INDEMNIFICATION AND LIMITATION ON LIABILITY

6.1    Platinum Re UK shall indemnify and hold harmless, to the fullest extent
       permitted by law, St. Paul Re UK or the relevant affiliate, its officers,
       directors and employees ("ST. PAUL INDEMNITEES") from and against any and
       all Losses incurred by any St. Paul Indemnitee arising out of or based
       upon:

       (A)   any actions taken or omitted by any such St. Paul Indemnitee at the
             direction of Platinum Re UK pursuant to this agreement; or

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       (B)   any breach by Platinum Re UK of any of the covenants it has given
             under this agreement.

6.2    (A)   Subject to sub-clause 6.2(B) below, St. Paul Re UK shall indemnify
             and hold harmless, to the fullest extent permitted by law, Platinum
             Re UK, its officers, directors and employees ("PLATINUM
             INDEMNITEES") from and against any and all Losses incurred by any
             Platinum Indemnitee arising out of or based upon:

             (i)    the negligence or wilful misconduct of any person providing
                    Transitional Services; or

             (ii)   any breach by St. Paul Re UK of any of the covenants it has
                    given under this agreement.

       (B)   Notwithstanding anything to the contrary in this agreement, the
             total aggregate liability of St. Paul Re UK in respect of
             indemnifiable Losses pursuant to sub-clause 6.2(A) above shall not
             in any event exceed the aggregate amount paid to St. Paul Re UK by
             Platinum Re UK pursuant to sub-clause 3.6 above.

6.3    Except with respect to claims relating to actual fraud, the remedies set
       forth in this clause 6 shall be the sole and exclusive remedies of the
       Parties in relation to any and all claims for indemnification under this
       agreement.

7.     DATA PROTECTION AND BUSINESS INFORMATION

7.1    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.

7.2    Without prejudice to the generality of sub-clause 7.1 above, each Party
       undertakes to the other to comply in all respects with the authorisations
       and registrations of the other Party under the Data Protection Act 1998.

7.3    (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 7.3(A) above to disclose any information which does not
             relate to the other Party's business.

8.     FORCE MAJEURE

8.1    Neither Party shall be liable to the other for any total or partial
       failure to comply with any of the terms or provisions of this agreement
       by reason of an Event of Force Majeure,

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       provided that the affected Party shall take all reasonable steps to
       mitigate any such failure.

8.2    For the purposes of this clause 8, "EVENTS OF FORCE MAJEURE" shall mean
       fires, floods, earthquakes, elements of nature or acts of God, acts of
       war, terrorism, riots, civil disorders, rebellions or revolutions,
       strikes, lock-outs or labour difficulties, power outages, equipment
       failures, computer viruses or malicious acts of third parties and laws,
       orders, proclamations, regulations, ordinances, demands or requirements
       of governmental authorities.

9.     TERM AND TERMINATION

9.1    This agreement shall be construed as a separate and independent agreement
       for each Transitional Service provided hereunder.

9.2    This agreement shall continue in full force and effect until all
       obligations hereunder have been fulfilled, unless terminated sooner in
       accordance with the provisions of sub-clause 9.3 below.

9.3    (A)   Platinum Re UK may terminate any or all of the Transitional
             Services upon thirty days' prior written notice at any time to
             St. Paul Re UK.

       (B)   Termination of this agreement with respect to any Transitional
             Service shall not operate to terminate this agreement with respect
             to any other Transitional Service then being provided hereunder.

       (C)   Notwithstanding anything in this agreement to the contrary, any
             termination of this agreement with respect to any Transitional
             Service shall be final.

10.    ARBITRATION

10.1   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.

10.2   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.

10.3   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

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

10.4   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.

10.5   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.

10.6   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.

10.7   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.

10.8   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.

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

11.    MISCELLANEOUS

11.1   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.

11.2   This agreement and the Formation Agreement constitute the whole and only
       agreement between the Parties in relation to the subject matter of this
       agreement and, save to the extent repeated in this agreement and/or the
       Formation Agreement, supersede any previous agreement between the Parties
       with respect thereto.

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

11.4   (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.

11.5   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.

11.6   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.

11.7   Nothing in this agreement shall require Platinum Re UK to purchase any
       particular quantity or level of any Transitional Service provided under
       this agreement.

11.8   Except in relation to sub-clauses 3.6, 5.2, 5.3 and 6.1, 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.

11.9   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, nor are the terms of this
       agreement intended to constitute the Parties a joint employer for any
       purpose.

11.10  Each of the Parties agrees that the provisions of this agreement as a
       whole are not intended to, and do not, constitute control of the other
       Party or provide it with the ability to control such other Party, and
       each Party expressly disclaims any right or power under this agreement to
       exercise any power whatsoever over the management or policies of the
       other.

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11.11  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.

12.    ADDITIONAL SERVICES

       To the extent that, at the request of Platinum Re UK or as required under
       the terms of this agreement, St. Paul Re UK provides services to, or
       performs activities for the benefit of, Platinum Re UK in addition to the
       Transitional Services, including without limitation pursuant to
       sub-clause 3.10 above, Platinum Re UK shall promptly reimburse St. Paul
       Re UK for the actual cost to St. Paul Re UK of providing such services or
       performing such activities and sub-clause 5.3 shall apply to the
       provision of such services.

13.    UNDERTAKINGS

       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; and

       (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
             agreement.

14.    NOTICES

14.1   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

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                                       13

       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.

14.2   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).

15.    GOVERNING LAW

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

16.    COUNTERPARTS

16.1   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.

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

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

                    200080/10230 CA021330120 GHXC 211002:1738

<Page>

                                       14

                                    SCHEDULE
                              TRANSITIONAL SERVICES

       -  IT support - in the form of read-only access to St. Paul Re UK's
          underwriting and financial systems (in particular, to trading records
          and contract performance statistics) (provided that Platinum Re UK
          shall comply with the reasonable requirements of St. Paul Re UK as to
          security). This will be needed for three years for actuarial reserving
          evaluations and pricing.

       -  Computer network services, including cabling, hubs and switches, to
          the extent that Platinum Re UK operates the Business at 52 Lime
          Street, London, EC3M 7NL.

       -  Data communication: inter-office data communications (subject to
          confirmation from BT that the transitional arrangements are permitted
          by current contract), to the extent that Platinum Re UK operates the
          Business at 52 Lime Street, London, EC3M 7NL.

       -  Internet connectivity, to the extent that Platinum Re UK operates the
          Business at 52 Lime Street, London, EC3M 7NL.

       -  E-mail.

       -  Video conferencing, to the extent that Platinum Re UK operates the
          Business at 52 Lime Street, London, EC3M 7NL.

       -  Environmentally controlled room to house Platinum Re UK's information
          technology, to the extent that Platinum Re UK operates the Business at
          52 Lime Street, London, EC3M 7NL.

       -  Telephone network (including voicemail) - to be used by Platinum Re UK
          until such time as it installs its own - to the extent that Platinum
          Re UK operates the Business at 52 Lime Street, London, EC3M 7NL.

       -  Compliance with insurance regulatory reporting and information
          requirements - to allow Platinum Re UK appropriate analysis of the
          business ceded to Platinum Re UK by St. Paul Re UK to enable Platinum
          Re UK to complete its returns.

       -  Payroll and benefit administration services.

       -  Access to and co-operation of claims personnel in settlement of claims
          concerning clients who are ongoing in Platinum Re UK where St. Paul Re
          UK is administering the run-off.

       -  Facilities management services to the extent that Platinum Re UK
          operates the Business at 52 Lime Street, London, EC3M 7NL.

                    200080/10230 CA021330120 GHXC 211002:1738

<Page>

                                       15

       -  Premium billing and collection services.

       -  Quarterly historical experience reports on the run-off business of St.
          Paul Re UK.

       -  Reporting and auditing trails with respect to the business written via
          the UK Underwriting Agency and Underwriting Management Agreement.

       -  [PLATINUM TO ADVISE WHICH (IF ANY) OF THE SERVICES ON THE SCHEDULE OF
          THE LATEST DRAFT OF THE US MASTER SERVICES AGREEMENT SHOULD BE ADDED
          HERE]

                    200080/10230 CA021330120 GHXC 211002:1738

<Page>

                                       16

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

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

                    200080/10230 CA021330120 GHXC 211002:1738

<Page>

                              DATED    *    , 2002

                      ST. PAUL REINSURANCE COMPANY LIMITED

                                       AND

                            PLATINUM RE (UK) LIMITED

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

                          UK MASTER SERVICES AGREEMENT

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

                                SLAUGHTER AND MAY
                                 ONE BUNHILL ROW
                                     LONDON
                                    EC1Y 8YY

                                   (GWJ/GHXC)

                                   CA021330120

<Page>

                                    CONTENTS

<Table>
<Caption>
                                                                             PAGE
<S>                                                                           <C>
1.     Interpretation                                                          1

2.     Condition                                                               4

3.     Transitional Services                                                   4

4.     Audit Rights                                                            6

5.     Billing and Taxes                                                       7

6.     Indemnification and Limitation on Liability                             7

7.     Data Protection and Business Information                                8

8.     Force Majeure                                                           8

9.     Term and Termination                                                    9

10.    Arbitration                                                             9

11.    Miscellaneous                                                          10

12.    Additional Services                                                    12

13.    Undertakings                                                           12

14.    Notices                                                                12

15.    Governing Law                                                          13

16.    Counterparts                                                           13

Schedule Transitional Services                                                14
</Table><Page>

                                                                    Exhibit 10.8

                     PLATINUM UNDERWRITERS REINSURANCE, INC.
                           RUN-OFF SERVICES AGREEMENT

          This Agreement, dated as of [      ], 2002 is entered into by and
between Platinum Underwriters Reinsurance, Inc., a Maryland insurance company
("PLATINUM"), and St. Paul Fire and Marine Insurance Company, a Minnesota
insurance company ("FIRE AND MARINE") and Mountain Ridge Insurance Company, a
Vermont insurance company ("Mountain Ridge", and together with Fire and Marine,
the "St. Paul Parties").

                                    RECITALS:

          WHEREAS, The St. Paul Companies, Inc., a Minnesota corporation and the
ultimate parent of the St. Paul Parties ("ST. PAUL"), and Platinum Underwriters
Holdings, Ltd., a Bermuda company and the ultimate parent of Platinum
("PARENT"), have entered into a Formation and Separation Agreement, dated as of
[      ], 2002 (the "FORMATION AND SEPARATION AGREEMENT"), pursuant to which
St. Paul and Parent have set forth terms governing St. Paul's sponsorship of the
organization of Parent and its subsidiaries, actions to be taken in respect of
Parent's initial public offering of its common shares (the "PUBLIC OFFERING"),
and the ongoing relationships between St. Paul and its subsidiaries and Parent
and its subsidiaries following the effective date of the Public Offering (the
"CLOSING DATE");

          WHEREAS, the St. Paul Parties have issued certain reinsurance
contracts, which contracts will not be renewed following the Closing Date (the
"RUN-OFF CONTRACTS") and have issued and may issue or renew certain reinsurance
contracts (the "REINSURANCE CONTRACTS") which will be one hundred percent (100%)
reinsured by Platinum pursuant to the Quota Share Retrocession Agreements (as
defined in the Formation and Separation Agreement);

          WHEREAS, pursuant to Section 3.01(c) of the Formation and Separation
Agreement, St. Paul and Parent have agreed that Parent's Post-closing
Subsidiaries shall, at the request of St. Paul and its Post-closing
Subsidiaries, provide to St. Paul and its Post-closing Subsidiaries, following
the Closing Date, certain services reasonably necessary to administer the
Run-off Contracts and the Reinsurance Contracts.

          NOW, THEREFORE, in furtherance of the transactions contemplated by the
Formation and Separation Agreement and in consideration of the premises and the
mutual covenants and agreements contained therein and herein and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

<Page>

1.   RUN-OFF SERVICES TO BE PROVIDED.

     (a)  DESCRIPTION OF RUN-OFF SERVICES. Platinum shall provide from time to
time after the Closing Date, at the reasonable request of the St. Paul Parties,
the services of senior personnel with appropriate expertise and experience that
are reasonably acceptable to the St. Paul Parties as may be reasonably necessary
to oversee the administration of the Run-off Contracts and the Reinsurance
Contracts by the St. Paul Parties, including such services as specified in
Exhibit A hereto (the "RUN-OFF SERVICES").

     (b)  STANDARD FOR RUN-OFF SERVICES. Platinum shall provide each of the
Run-off Services in such manner as the St. Paul Parties may reasonably request
from time to time for purposes of this Agreement; PROVIDED that Platinum shall
not be required to provide, or cause to be provided, the Run-off Services at a
standard materially higher than the standard generally provided by Platinum in
respect of other business of Platinum. Platinum shall maintain all licenses and
authorizations required for it to provide the Run- off Services pursuant to this
Agreement.

     (c)  PERIOD OF RUN-OFF SERVICES. (i) Platinum hereby agrees to provide
Run-off Services for up to a period of two years following the date hereof;
PROVIDED that Platinum shall in good faith consider requests by the St. Paul
Parties to reasonably extend the time period for Run-off Services in light of
the circumstances at the time of such request. Platinum and the St. Paul Parties
shall agree upon the terms that will govern the provision of Run-off Services to
be so provided at the time the St. Paul Parties makes such request; and

          (ii) Platinum or the St. Paul Parties may terminate this Agreement for
cause.

     (d)  PRICE OF RUN-OFF SERVICES. With respect to the provision of Run-off
Services, each of the St. Paul Parties, severally but not jointly, shall pay to
Platinum or the Platinum Subsidiary designated by Platinum the "actual cost" to
Platinum or its Subsidiary (which shall consist of Platinum's or such
Subsidiary's direct and reasonable indirect costs), as the case may be, as
certified in good faith by Platinum. For greater certainty, the parties agree
that "actual cost" will include any incremental and out-of- pocket costs
incurred by Platinum in connection with the Run-off Services, including the
conversion, acquisition and disposition cost of software and equipment acquired
for the purposes of providing the Run-off Services and the cost of establishing
requisite systems and data feeds and hiring necessary personnel.

     (e)  RUN-OFF SERVICES COORDINATORS. (i) Platinum and each of the St. Paul
Parties each agrees to assign a Run-off Services coordinator as set forth in
paragraph (ii)

                                       -2-
<Page>

below and to provide other reasonably necessary assistance to cooperate in
determining the extent of Run-off Services to be provided.

          (ii) Platinum and each of the St. Paul Parties shall each designate
one Run-off Services coordinator having skills and experience acceptable to the
other party who will provide continuous oversight and coordination of, and
communicate concerning disputes with respect to, the Run-off Services, who will
be available to Platinum and the St. Paul Parties during normal business hours
and who will be responsible for providing for or delegating the provision of
assistance regarding the Run-off Services. The Run-off Services coordinators
will cooperate on a regular basis to plan for the delivery of Run-off Services,
including the timetable for the provision of such services and the incurring of
related costs. Platinum and the St. Paul Parties may from time to time
substitute the persons serving as Run-off Services coordinators with other
persons qualified to serve in those positions.

     (f)  COOPERATION. 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. In particular, the St. Paul Parties shall permit (but shall not
require) Platinum to place one or more of its employees on-site at the St. Paul
Parties, and shall provide such employees with the facilities reasonably
necessary to administer the Run-off Contracts and the Reinsurance Contracts as
contemplated in Section 1(a) and Exhibit A. The St. Paul Parties shall have the
right to review the qualifications and experience of Platinum's employees prior
to providing them with access to the St. Paul Parties' facilities. Such
facilities shall include providing Platinum's employees with workspace
reasonably requested at the site where the St. Paul Parties are servicing their
reinsurance run-off operations and the Reinsurance Contracts to the extent such
workspace is available to be provided to Platinum, and access to the St. Paul
Parties' reinsurance and accounting systems to the extent necessary, PROVIDED,
HOWEVER, that the St. Paul Parties shall not be required to provide such access
to the extent such reinsurance and accounting systems relate to other than the
Run-off Contracts and the Reinsurance Contracts. All such access shall be during
the normal working hours of the St. Paul Parties and shall be required to be
provided only in such a manner as not to unreasonably interfere with the normal
operations of the St. Paul Parties. Platinum agrees that the employees who will
have access to the St. Paul Parties' facilities and information are limited to
using such facilities and information solely and exclusively for the purposes of
providing administration of the Run-off Contracts and the Reinsurance Contracts
as contemplated hereunder, and fulfilling its obligations under this Agreement.
Platinum also agrees that the employees shall not attempt to gain access to any
information relating to contracts other than the Run-off Contracts and the
Reinsurance Contracts. Any non- public information that is not related to the
Run-off Contracts and the Reinsurance Contracts shall be considered

                                       -3-
<Page>

confidential information and proprietary and Platinum and its employees agree
not to use such information for any purpose and not to disclose the information
to any third parties except as required by applicable law or governmental
authority.

     (g)  REGULATORY MATTERS. Platinum will cooperate, and will cause each of
its Post-closing Subsidiaries providing Run-off Services hereunder to cooperate,
with each of St. Paul and its Post-closing Subsidiaries and any regulatory
authorities to satisfy any regulatory requirements applicable to entities that
provide Run-off Services to St. Paul or its Post-closing Subsidiaries.

     (h)  LICENSES. St. Paul will grant to Platinum and/or its Post-closing
Subsidiaries licenses to use any service marks, trademarks and other
intellectual property rights necessary for Platinum and its Post-closing
Subsidiaries to provide the Run-off Services in accordance with the provisions
of this Agreement.

     (i)  RETENTION OF AGREEMENT. This Agreement will be retained as part of the
official records of Platinum and the St. Paul Parties for the term of the
Agreement and five years thereafter.

2.   BILLING; TAXES.

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

3.   CONFIDENTIAL INFORMATION.

          Platinum agrees to be bound to the provisions of Section 11.03 of the
Formation and Separation Agreement as if it were the Company thereunder.

                                       -4-
<Page>

4.   RELATIONSHIPS AMONG THE PARTIES, RECIPIENTS AND PROVIDERS.

          Nothing in this Agreement shall cause the relationship between
Platinum on the one hand and the St. Paul Parties on the other to be deemed to
constitute an agency, partnership or joint venture. The terms of this Agreement
are not intended to constitute any of the parties and their Affiliates a joint
employer for any purpose. Each of the parties agrees that the provisions of this
Agreement as a whole are not intended to, and do not, constitute control of the
other party (or any Affiliates thereof) or provide it with the ability to
control such other party (or any Affiliates thereof), and each party hereto
expressly disclaims any right or power under this Agreement to exercise any
power whatsoever over the management or policies of the other (or any Affiliates
thereof). Nothing in this Agreement shall oblige either party hereto 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 organizations.

5.   INDEMNIFICATION.

          (a)  Each of the St. Paul Parties, severally but not jointly, shall
indemnify and hold harmless, to the full extent permitted by law, Platinum, its
Post- closing Subsidiaries and their respective officers, directors and
employees ("PLATINUM INDEMNITIES") from and against any and all Losses of any of
the Platinum Indemnitees arising out of or based upon any actions taken or
refrained from being taken by any such Platinum Indemnitee at the direction of
such St. Paul Party pursuant to this Agreement, or any breach by such St. Paul
Party of any of its covenants under this Agreement.

          (b)  Platinum shall indemnify and hold harmless, to the full extent
permitted by law, the St. Paul Parties and their officers, directors and
employees (the "ST. PAUL PARTIES' INDEMNITEES") from and against any and all
Losses of any of the St. Paul Parties' Indemnitees arising out of or based upon
the negligence or willful misconduct of any person providing Run-off Services,
or any breach by Platinum of any of its covenants under this Agreement.
Notwithstanding anything to the contrary in this Agreement, the maximum amount
of indemnifiable losses which may be recovered from Platinum hereunder shall
under no circumstances exceed the aggregate fees paid to Platinum by St. Paul
pursuant to Section 1(d).

          (c)  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.

                                       -5-
<Page>

6.   FORCE MAJEURE/DELAY.

          No party will be responsible if it is prevented from complying, either
totally or in part, with any of the terms or provisions of this Agreement by
reason of an Event of Force Majeure (as defined below), and such party shall
have no liability to the other party in connection therewith; PROVIDED, that
such party shall have a duty reasonably to mitigate, or cause to be mitigated,
any such failure to comply. As used in the Agreement, an "EVENT OF FORCE
MAJEURE" means any of the following: fires, floods, earthquakes, elements of
nature or acts of God; acts of war, terrorism, riots, civil disorders,
rebellions or revolutions; strikes, lockouts or labor difficulties; power
outages, equipment failures, computer viruses or malicious acts of third
parties; and laws, orders, proclamations, regulations, ordinances, demands or
requirements of governmental authorities.

7.   GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ITS
CONFLICT OF LAWS PRINCIPLES.

8.   DISPUTE RESOLUTION.

     (a)  MANDATORY ARBITRATION. The parties hereto shall promptly submit any
dispute, claim, or controversy arising out of or relating to this Agreement
and/or the provision of Services hereunder, including effect, validity, breach,
interpretation, performance, or enforcement (collectively, a "DISPUTE") to
binding arbitration in New York, New York at the offices of Judicial Arbitration
and Mediation Services, Inc. ("JAMS") before an arbitrator (the "ARBITRATOR") in
accordance with JAMS' Comprehensive Arbitration Rules and Procedures and the
Federal Arbitration Act, 9 U.S.C. Sections 1 ET SEQ. The Arbitrator shall be a
former judge selected from JAMS' pool of neutrals. The parties agree that,
except as otherwise provided herein respecting temporary or preliminary
injunctive relief, binding arbitration shall be the sole means of resolving any
Dispute. Judgment on any award of the Arbitrators may be entered by any court of
competent jurisdiction.

     (b)  COSTS. The costs of the arbitration proceeding and any proceeding in
court to confirm or to vacate any arbitration award or to obtain temporary or
preliminary injunctive relief as provided in paragraph (c) below, as applicable
(including, without limitation, actual attorneys' fees and costs), shall be
borne by the unsuccessful party and shall be awarded as part of the Arbitrator's
decision, unless the Arbitrator shall otherwise allocate such costs in such
decision.

     (c)  INJUNCTIVE RELIEF. The parties hereto may seek or obtain temporary or
preliminary injunctive relief in a court for any breach or threatened breach of
any provision hereof pending the hearing before and determination of the
Arbitrator. The St. Paul Parties

                                       -6-
<Page>

hereby agree that they shall continue to provide, or cause their Affiliates to
provide, any and all Services pending the hearing before and determination of
the Arbitrator, it being agreed and understood that the failure to so provide
may cause irreparable harm to the St. Paul Parties and their Affiliates and that
the putative breaching party has assumed all of the commercial risks associated
with such breach or threatened breach of any provision hereof by such party.

     (d)  COURTS. The parties agree that the State and Federal courts in The
City of New York shall have jurisdiction for purposes of enforcement of their
agreement to submit Disputes to arbitration and of any award of the Arbitrator.

9.   ASSIGNMENT.

          Neither this Agreement nor the rights or obligations hereunder shall
be assignable by either party hereto, by operation of law or otherwise, without
the prior written consent of the other party hereto, and any purported
assignment shall be null and void. Subject to the foregoing, this Agreement
shall inure to the benefit of and be binding upon the parties hereto and their
respective successors and assigns.

10.  ENTIRE AGREEMENT.

          This Agreement and the Formation and Separation Agreement constitute
the entire agreement, and supersede all prior agreements and understandings
(oral and written), by and among the parties hereto with respect to the subject
matter hereof.

11.  NO THIRD PARTY RIGHTS.

          Nothing contained in this Agreement, express or implied, establishes
or creates, or is intended or will be construed to establish or create, any
right in or remedy of, or any duty or obligation to, any third party.

12.  NOTICES.

          All notices, requests, claims, demands, and other communications
hereunder will 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 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:

                                       -7-
<Page>

          If to the St. Paul Parties:

                   The St. Paul Companies, Inc.
                   385 Washington Street
                   St. Paul, Minnesota 55102
                   Attn.: General Counsel
                   Facsimile: (410) 205-6967

          With a copy to:

                   Donald R. Crawshaw
                   Sullivan & Cromwell
                   125 Broad Street
                   New York, New York  10004
                   Facsimile: (212) 558-3588

          If to Platinum:

                   Platinum Underwriters Holdings, Ltd.
                   Clarendon House
                   2 Church Street
                   Hamilton HM 11
                   Bermuda
                   Attn.: Secretary
                   Facsimile: (441) 292-4720

          With a copy to:

                   Linda E. Ransom
                   Dewey Ballantine LLP
                   1301 Avenue of the Americas
                   New York, New York 10019
                   Facsimile: (212) 259-6576

13.  COUNTERPARTS.

          This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which shall constitute one and the
same instrument.

                                       -8-
<Page>

14.  AMENDMENT; MODIFICATION.

          The parties may by written agreement, subject to any regulatory
approval as may be required, (a) extend the time for the performance of any of
the obligations or other acts of the parties hereto (b) waive any inaccuracies
in the documents delivered pursuant to this Agreement, and (c) waive compliance
with or modify, amend or supplement any of the agreements contained in this
Agreement or waive or modify performance of any of the obligations of any of the
parties hereto. This Agreement may not be amended or modified except by an
instrument in writing duly signed on behalf of the parties hereto.

15.  WAIVER.

          No failure by any party 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.  SEVERABILITY.

          To the extent any provision of this Agreement shall be invalid or
unenforceable, it shall be considered deleted herefrom and the remaining
provisions of this Agreement shall be unaffected and shall continue in full
force and effect.

17.  SPECIFIC PERFORMANCE AND OTHER EQUITABLE RIGHTS.

          Each of the parties recognizes and acknowledges that neither the St.
Paul Parties nor Platinum would contemplate the provision of Run-off Services
hereunder unless this Agreement was executed and that a breach by a party of any
covenants or other commitments contained in this Agreement will cause the other
party to sustain injury for which it would not have an adequate remedy at law
for money damages. Therefore, each of the parties agrees that in the event of
any such breach, the aggrieved party shall be entitled to the remedy of specific
performance of such covenants or commitments and preliminary and permanent
injunctive and other equitable relief in addition to any other remedy to which
it may be entitled, at law or in equity, and the parties further agree to waive
any requirement for the securing or posting of any bond in connection with the
obtaining of any such injunctive or other equitable relief.

                                       -9-
<Page>

18.  HEADINGS.

          Headings contained in this Agreement are for reference purposes only.
They shall not affect in any way the meaning or interpretation of this
Agreement.

19.  DEFINITIONS; FORMATION AND SEPARATION AGREEMENT.

          Capitalized terms used but not defined in this Agreement have the
meanings specified in the Formation and Separation Agreement.

20.  EFFECTIVENESS.

          This Agreement shall become effective contingent upon the consummation
of the Public Offering, without any further action by either of the parties
hereto.

          IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed and delivered by their duly authorized officers as of the date first
above written.

                                            ST. PAUL FIRE AND MARINE INSURANCE
                                            COMPANY

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

                                            MOUNTAIN RIDGE INSURANCE COMPANY

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

                                            PLATINUM UNDERWRITERS
                                            REINSURANCE, INC.

                                      -10-
<Page>

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

                                      -11-
<Page>

                                                      Run-off Services Agreement
                                                                       Exhibit A

          The St. Paul Parties may call upon the individuals listed below, or
individuals holding the positions listed below, as The St. Paul Parties may
reasonably request and as may be reasonably necessary to oversee the
administration of the Run-off Contracts by The St. Paul Parties, but such
individuals shall not be required to devote more than the amount of time
indicated below to such duties:

          INDIVIDUAL/POSITION                         HOURS/MONTH

          [ST. PAUL AND PLATINUM BUSINESS PEOPLE TO FILL IN]

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