Document:

<PAGE>

                                                                   EXHIBIT 10.26

                                                                  EXECUTION COPY

                            MASTER SERVICES AGREEMENT

            This Agreement, dated as of November 1, 2002, is entered into by and
between The St. Paul Companies, Inc., a Minnesota corporation ("St. Paul"), and
Platinum Underwriters Holdings, Ltd., a Bermuda company ("Platinum").

            WHEREAS, the parties have entered into a Formation and Separation
Agreement (the "Formation and Separation Agreement"), in which they have set
forth certain terms governing St. Paul's sponsorship of the organization of
Platinum and its subsidiaries, actions to be taken in respect of Platinum's
initial public offering (the "Public Offering"), of its common shares, par value
$0.01 per share, and the ongoing relationships between St. Paul and its
subsidiaries and Platinum and its subsidiaries following the consummation of the
Public Offering;

            WHEREAS, as contemplated by the Formation and Separation Agreement,
St. Paul intends to provide, or cause one or more of its Post-closing
Subsidiaries to provide, contingent upon the consummation of the Public
Offering, certain administrative, accounting, human resources, systems and other
support services (together, the "Services") to Platinum or certain of its
Post-closing Subsidiaries, for a specified transition period after the Closing
Date;

            NOW, THEREFORE, in furtherance of the transactions contemplated by
the Formation and Separation Agreement and in consideration of the promises 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 hereby agree as follows:

            1. SERVICES TO BE PROVIDED.

            (a) Services. St. Paul hereby agrees to provide, or cause its
Post-closing Subsidiaries to provide, to Platinum or its Post-closing
Subsidiaries, from and after the Closing Date each of the services (the
"Services") specified on Schedule A hereto (as such may be revised from time to
time pursuant to Section 1(f)).

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

            (c) Period of Services. St. Paul shall provide each Service until
June 30, 2003 or such shorter period as may be specified in the applicable
Service schedule attached hereto (each such period, the "Maximum Service Period"
for such Service), provided that, for each Service, St. Paul shall in good faith
consider requests by Platinum to extend the time period for provision of the
Service beyond the Maximum Service Period in light of the circumstances at the
time of such request. St. Paul and
<PAGE>

Platinum shall agree upon the terms that will govern the provision of the
particular Service to be so provided at the time that Platinum makes such
request.

            (d) Price of Services. With respect to the provision of each
Service, Platinum shall pay to St. Paul or the St. Paul Subsidiary designated by
St. Paul the "actual cost" to St. Paul or its Subsidiary (which shall consist of
St. Paul's or such Subsidiary's direct and reasonable indirect costs), as the
case may be, as certified in good faith by St. Paul. For greater certainty, the
parties agree that "actual cost" will include any incremental and out-of-pocket
costs incurred by St. Paul 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.

            (e) Transition Assistance.

                  (i) Exit Strategy. Platinum shall use commercially reasonable
                  efforts in order to terminate the need for the Services as
                  soon as reasonably practicable following the Closing Date (the
                  "Transition"), and in order to accomplish this Transition,
                  Platinum will need assistance from the employees, contractors
                  or managed vendors of St. Paul. St. Paul agrees to assign its
                  Transition coordinator (as set forth in paragraph (ii) below)
                  and to provide other reasonably necessary assistance to allow
                  Platinum and its Post-closing Subsidiaries to exit St. Paul's
                  systems in a timely and efficient manner.

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

                  (iii) Documentation. Subject to any confidentiality or other
                  obligations to third parties, St. Paul will provide to
                  Platinum all

                                      -2-
<PAGE>

                  service operating manuals and other written materials relating
                  to the Services, and any supplements or updates to such
                  manuals and materials, as reasonably requested by Platinum;
                  subject to Section 4, the materials provided pursuant to this
                  clause may be copied by Platinum at its own expense.

            (f) Revisions to Services. This Agreement and the Schedules hereto
are intended to describe all of the Services that Platinum and St. Paul have
determined to be necessary and advisable as of the date hereof, but the parties
anticipate that the complexity of the transactions contemplated by this
Agreement will result in incomplete Schedules. Platinum shall promptly notify
St. Paul in writing if it becomes aware of Services different from or in
addition to those listed on the Schedules hereto that are necessary and
advisable, and the parties will cooperate in good faith to promptly agree to
revisions of the Schedules as necessary and advisable to reflect the intention
of the parties as to the provision of Services and the payment therefor.

            (g) Cooperation. Upon the terms and subject to the conditions and
other agreements set forth herein, each party agrees to use 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.

            2. TERM AND TERMINATION.

            (a) This Agreement shall be construed as a separate and independent
agreement for each Service provided hereunder, provided that this Agreement
shall expire on June 30, 2003, subject to the provisions of Section 1(c). Any
specific Service may be subject to termination at the election of Platinum upon
30 days prior written notice at any time prior to the Maximum Service Period for
such Service, as indicated on the applicable Schedule. Any termination of this
Agreement with respect to any Service shall not terminate the Agreement with
respect to any other Service then being provided subject to this Agreement.
Notwithstanding anything in this Agreement to the contrary, any termination of
this Agreement with respect to any Service shall be final.

            (b) Unless earlier terminated, this Agreement will expire with
respect to each Service provided hereunder at the end of the Maximum Service
Period for such Service.

            (c) Platinum or St. Paul may terminate this Agreement for cause.

            3. BILLING; TAXES. No later than 30 days following the last day of
each calendar quarter, St. Paul shall provide Platinum with a report setting
forth an itemized list of the Services provided to Platinum during such last
calendar quarter, in a

                                      -3-
<PAGE>

form agreed to by the parties. Platinum shall promptly (and in no event later
than 30 days after receipt of such report, unless Platinum is contesting the
amount set forth in the report in good faith) pay to St. Paul by wire transfer
of immediately available funds all amounts payable as set forth in such report.
Each party will pay all taxes for which it is the primary obligor as a result of
the provisions of Services under this Agreement; provided, that Platinum shall
be solely responsible for, and shall reimburse St. Paul in respect of, any
sales, gross receipts or transfer tax payable with respect to the provision of
any Service under this Agreement, and any such reimbursement obligation shall be
in addition to Platinum's obligation to pay for such Service.

            4. RELATIONSHIPS AMONG THE PARTIES, RECIPIENTS AND PROVIDERS.
Nothing in this Agreement shall cause the relationship between St. Paul and
Platinum 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. REQUIREMENTS. Nothing in this Agreement requires Platinum or any
of its Post-closing Subsidiaries to purchase any particular quantity or level of
any Service provided under this Agreement.

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

            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.

                                      -4-
<PAGE>

            (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. St. Paul hereby agrees that it shall continue
to provide, or cause its 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 Platinum
and its 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. 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

                                      -5-
<PAGE>

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.

            11. INDEMNIFICATION.

            (a) Platinum shall indemnify and hold harmless, to the full extent
permitted by law, St. Paul, its Post-closing Subsidiaries and their respective
officers, directors and employees ("St. Paul Indemnitees") from and against any
and all Losses of any of the St. Paul Indemnitees arising out of or based upon
any actions taken or refrained from being taken by any such St. Paul Indemnitee
at the direction of Platinum pursuant to this Agreement, or any breach by
Platinum of any of its covenants under this Agreement.

            (b) St. Paul 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 Indemnitees") from and against any
and all Losses of any of the Platinum Indemnitees arising out of or based upon
the negligence or willful misconduct of any Person providing Services, or any
breach by St. Paul 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 St. Paul shall under no circumstances exceed
the aggregate fees paid to St. Paul by Platinum 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.

            12. ADDITIONAL SERVICES. To the extent that, at the request of
Platinum or as required under the terms of this Agreement, St. Paul or any of
its Affiliates provides services to, or performs activities for the benefit of,
Platinum or any of its Affiliates in addition to the Services, including without
limitation pursuant to Sections 1(f) and 6 hereof, Platinum shall promptly
reimburse St. Paul for the actual cost to St. Paul or such Affiliate, as the
case may be, of providing such services or performing such activities.

            13. ENTIRE AGREEMENT. This Agreement and the Formation and
Separation Agreement constitute the entire agreement, and supersede all prior
agreements

                                      -6-
<PAGE>

and understandings (oral and written), by and among the parties hereto with
respect to the subject matter hereof.

            14. 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 other than Platinum's Subsidiaries.

            15. NOTICES. All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be deemed to have been
duly given if delivered by hand (with receipt confirmed), or by 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:

                  If to St. Paul:

                  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:

                                      -7-
<PAGE>

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

            16. 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.

            17. 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.

            18. 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.

            19. 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.

            20. SPECIFIC PERFORMANCE AND OTHER EQUITABLE RIGHTS. Each of the
parties recognizes and acknowledges that neither St. Paul nor Platinum would
contemplate the provision of 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.

                                      -8-
<PAGE>

            21. RETENTION OF RECORDS. This Agreement will be retained as part of
the official records of Platinum and St. Paul for the term of the Agreement and
five years thereafter.

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

            23. DEFINITIONS; FORMATION AND SEPARATION AGREEMENT. Capitalized
terms used but not defined in this Agreement have the meanings specified in the
Formation and Separation Agreement.

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

                                      -9-
<PAGE>

            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.

                                     THE ST. PAUL COMPANIES, INC.

                                     By: /s/ Bruce A. Backberg
                                         --------------------------------
                                         Name: Bruce A. Backberg
                                         Title: Senior Vice President and
                                                Corporate Secretary

                                     PLATINUM UNDERWRITERS HOLDINGS, LTD.

                                     By: /s/ Jerome T. Fadden
                                         --------------------------------
                                         Name: Jerome T. Fadden
                                         Title: President and
                                                Chief Executive Officer
<PAGE>

SCHEDULE A

1.    Claim processing and payment for all business written on St. Paul paper
      and subject to the Quota Share Retrocession Agreements (as such term is
      defined in the Formation and Separation Agreement).

2.    Billing and collection services for balances due to/from from brokers and
      cedents for all business written on St. Paul paper and subject to the
      Quota Share Retrocession Agreements.

3.    Processing, billing and collection services for all retrocessional premium
      and loss inuring to the benefit of Platinum for all business written on
      St. Paul paper subject to the Quota Share Retrocession Agreements.

4.    Processing and accounting services, as may be required by Platinum, for
      payroll and benefits.

5.    Provision of historical underwriting data with respect to the experience
      of the St. Paul Re division of St. Paul in format to be prescribed by
      Platinum.

6.    Provision of ongoing underwriting data with respect to the business ceded
      to Platinum under the Quota Share Retrocession Agreements.

                                      -11-
<PAGE>

                       MASTER SERVICE AGREEMENT-SCHEDULE A

<TABLE>
<CAPTION>
   DESCRIPTION OF        DESCRIPTION OF     LEVEL OF     QUALITY OF     MAXIMUM          PRICE OF     CONTACT PERSON   ISSUES
  RESPONSIBILITIES       FACILITIES AND     SERVICE      SERVICE        SERVICE          SERVICES
                         ASSETS TO BE                                   PERIOD FROM
                         USED IN                                        CLOSING
                         PROVIDING
                         SERVICES
<S>                      <C>                <C>          <C>            <C>             <C>           <C>              <C>
                                                          FINANCE

1.   St. Paul Re will    St. Paul Re                                     Ongoing        Actual Cost   IS contact
     provide access      personnel to                                                                 Ni Qin-Feng
     to or the actual    provide
     reserving           information to
     triangles at a      Platinum in St.
     reserving class     Paul Re's data
     level.              elements and
                         formats

2.   Provide                                                             Ongoing        Actual        Claude
     accounting                                                          until          Cost based    Chevance
     guidance for Non                                                    Platinum       on an
     traditional                                                         ceases to      hourly
     accounts before                                                     write Non      rate.
     a commitment is                                                     traditional
     made by                                                             business on
     Platinum's                                                          St. Paul's
     underwriting to                                                     paper or 6
     write the                                                           months on
     business.                                                           Platinum's
                                                                         paper.

                                                      HUMAN RESOURCES

1.   Administrative      Payroll,                                        Ongoing        $146 per
     charges are         Benefits and HR                                                employee
     utilized within     Support                                                        per month
     The St. Paul
     Companies, Inc.
     to account for
     internally
     sourced services
     and represent
     the aggregate
     cost of HR
     services
     provided on a
     per employee
     basis.

2.   The St. Paul                                                        Ongoing      $30,000
     Companies, Inc.                                                                  one time
     is required to                                                                   payment
     purchase an
     additional
     license from
     PeopleSoft to
     administer
     payroll and
     benefits for
     Platinum.
</TABLE>

<PAGE>

                       MASTER SERVICE AGREEMENT-SCHEDULE A

<TABLE>
<CAPTION>
   DESCRIPTION OF        DESCRIPTION OF     LEVEL OF     QUALITY OF     MAXIMUM          PRICE OF     CONTACT PERSON   ISSUES
  RESPONSIBILITIES       FACILITIES AND     SERVICE      SERVICE        SERVICE          SERVICES
                         ASSETS TO BE                                   PERIOD FROM
                         USED IN                                        CLOSING
                         PROVIDING
                         SERVICES
<S>                      <C>                <C>          <C>            <C>             <C>           <C>              <C>

                                                      INFORMATION SYSTEMS

1.  Provide help                                                        4 months, or    Actual cost   Eddie Morales
    desk/hands-on                                                       until either                  (Operator)
    technical support                                                   party stops
    for "First Shift"                                                   occupying
    computer room                                                       the premises
    operations                                                          at 195
                                                                        Broadway,
                                                                        New York, NY
                                                                        (the
                                                                        "Premises"),
                                                                        which ever
                                                                        is earlier.

2.  Provide help                                                        December 31     Actual cost   Chung Wong
    desk/hands-on                                                       2002
    technical support
    for C Programming
</TABLE><PAGE>

                                                                  EXHIBIT 10.27

                                                                  EXECUTION COPY

                             DATED 1 NOVEMBER, 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>

THIS AGREEMENT is made on November 1, 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 28th October, 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, 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
         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):

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

<PAGE>

                                       2

         "BUSINESS TRANSFER         has the meaning attributed to it in
         AGREEMENT"                 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     has the meaning attributed to it in
         END DATE"                  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;

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

<PAGE>

                                        3

         (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

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

<PAGE>

                                        4

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.

         (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

<PAGE>

                                        5

                  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.

         (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.

<PAGE>

                                        6

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.

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

<PAGE>

                                       7

         (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

         (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,

<PAGE>

                                        8

                  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, 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

<PAGE>

                                        9

         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 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

<PAGE>

                                       10

         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.

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.

<PAGE>

                                       11

         (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.

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.

<PAGE>

                                       12

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

         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.

<PAGE>

                                       13

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.

<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).

         -        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 Limes Street, London, EC3M 7NL.

         -        Premium billing and collection services.

<PAGE>

                                       15

         -        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.

         -        General systems expertise from various individuals including
                  access to all information technology personnel.

<PAGE>

                                       16

SIGNED by                                   )
for and on behalf of ST. PAUL               )
REINSURANCE COMPANY                         )
LIMITED                                     )    /s/ G.R. Butler

SIGNED by                                   )
for and on behalf of PLATINUM               )
RE (UK) LIMITED                             )    /s/ T.J. Mahoney

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}]]