Document:

<PAGE>
                                      June 29, 2001

Mr. Robert P. Myron
Select Reinsurance Ltd.
Suite 794
48 Par La Ville Road
Hamilton HM 11
Bermuda

Dear Mr. Myron:

      The purpose of this communication (this "Confirmation") is to set forth
the terms and conditions of the Swap Transaction entered into between us on the
Trade Date specified below (the "Transaction").

      The definitions and provisions contained in the 2000 ISDA Definitions, as
published by the International Swaps and Derivatives Association, Inc., are
incorporated into the Confirmation. In the event of any inconsistency between
those definitions and provisions and this Confirmation, this Confirmation will
govern.

      This Confirmation constitutes a "Confirmation" as referred to in, and
supplements, forms part of, and is subject to, the ISDA Master Agreement dated
as of the date hereof, as amended and supplemented from time to time, between
PXRE Reinsurance Ltd. ("Party A") and Select Reinsurance Ltd. ("Party B"). All
provisions contained in the Agreement govern this Confirmation except as
expressly modified below.

      The terms of the particular Transaction to which this Confirmation relates
are as follows:

Notional Amount         As of each Calculation Date and the Termination Date,
                        the average daily balance during the preceding
                        Calculation Period of the Experience Account maintained
                        by Party B with respect that certain Reinsurance
                        Agreement, dated as of June 29, 2001, by and between
                        PXRE Reinsurance Ltd. and Select Reinsurance Ltd. (the
                        "Reference Obligation")

Trade Date              June 29, 2001

Effective Date          June 29, 2001

<PAGE>

Termination Date        The earlier of January 1, 2011 or the date on which
                        the Reference Obligation is terminated.

Calculation Date        The last day of each Calculation Period.

Calculation Period      The first Calculation Period shall begin on the
                        Effective Date and end on June 30, 2001. Each subsequent
                        Calculation Period shall be a calendar quarter.

The Floating Rate Payer pays on the Payment Date an amount determined in
accordance with the following:

Floating Rate Payer     Party A

Payment Date            The Termination Date

Floating Rate           USD LIBOR less 100 basis points.

Designated Maturity     3 Months

Floating Rate for
initial Calculation
Period                  104 basis points.

Rounding Factor         One hundred-thousandth of one percent.

Floating Rate Day
Count Fraction          Actual/360

Compounding             On each Calculation Date

Business Day            The following cities are specified for use in the
                        definition of "Business Day" as it applies to the
                        Floating Rate Payer:

                        New York City
                        Hamilton, Bermuda

Business Day
Convention              Modified Following

<PAGE>

The Fixed Rate Payer pays on each Payment Date an amount determined in
accordance with the following:

Fixed Rate Payer        Party B

Payment Date            Termination Date

Fixed Rate              7.25%

Fixed Rate Day
Count Fraction          Actual/360

Compounding             On each Calculation Date.

Business Day            The following cities are specified for use in the
                        definition of "Business Day" as it applies to the Fixed
                        Rate Payer:

                        New York City
                        Hamilton, Bermuda

Business Day
Convention              Modified Following

Calculation Agent       Party A

Additional Provisions   None

For all USD payments,
We will pay you at

For the Account of      Party B

Account Number          TBD

For all USD payments,
Please pay us at

For the Account of      Party A

Account Number          TBD

      Please confirm that the following correctly sets forth the terms of our
agreement by executing the copy of this Confirmation enclosed for that purpose
and returning it to us via fax to the attention of Leatrice Roman at (441)
296-6162.

<PAGE>

Please check this Confirmation carefully and immediately upon receipt, so that
errors or discrepancies can be promptly identified and rectified.

We are very pleased to have concluded this Transaction with you.

Regards,

PXRE REINSURANCE LTD.

By: /s/ Gerald L. Radke
   ------------------------
    Gerald L. Radke
    Chairman

Confirmed as of the date
First above written

By: /s/ Robert P. Myron
   ------------------------
    Robert P. Myron
    Vice President
    Select Reinsurance Ltd.<PAGE>

                                 [Letter Head]

             December 12, 2001

             Gerald Radke
             123 Grange Avenue
             Fair Haven, NJ 07704

                      Re:     Retention Bonus

             Dear Jerry:

                      As I discussed with you on December 10, 2001, PXRE
             Reinsurance Company (the "Company") has agreed to pay the following
             retention bonus (the "Rentention Bonus") to you:

                              Bonus Amount               Bonus Payment Date
                              --------------------------------------------------
                               $130,000                  January 31, 2002
                               $130,000                  January 31, 2003

                      As a condition to the payment of each portion of the Bonus
             Amount, you must be in the continuous employ of the Company or its
             affiliates between now and each Bonus Payment Date in order to
             receive the Bonus Amount payable on such date.

                      The Company and any affiliate reserves the right to
             terminate your employment with the Company or any affiliate at any
             time for any reason and no contract or right to continued
             employment shall be implied by this letter agreement.

                      This letter agreement: (a) shall be in binding upon and
             inure to the benefit of any successor of the Company; (b) shall be
             governed by the laws of the State of New York and any applicable
             laws of the United States; and (c) may not be amended except in
             writing.

<PAGE>

         To confirm your acceptance of the foregoing, please sign and return one
copy of this letter agreement to Linda Clauser.

                                            PXRE REINSURANCE COMPANY

                                   By /s/ Gerald L. Radke
                                      ------------------------------------------
                                          Gerald L. Radke
                                  Chairman, President, & Chief Executive Officer

AGREED: /s/ Gerald L. Radke
        ------------------------

Date:             12/12/01
        ------------------------

<PAGE>

                                 [Letter Head]

             December 12, 2001

             Gordon Forsyth, III
             108 Lewis Lane
             Fair Haven, NJ 07704

                      Re:     Retention Bonus

             Dear Gordon:

                      As I discussed with you on December 10, 2001, PXRE
             Reinsurance Company (the "Company") has agreed to pay the following
             retention bonus (the "Retention Bonus") to you:

                              Bonus Amount                 Bonus Payment Date
                              -----------------------------------------------
                              $92,500                      January 31, 2002
                              $92,500                      January 31, 2003

                      As a condition to the payment of each portion of the Bonus
             Amount, you must be in the continuous employ of the Company or its
             affiliates between now and each Bonus Payment Date in order to
             receive the Bonus Amount payable on such date.

                      The Company and any affiliate reserves the right to
             terminate your employment with the Company or any affiliate at any
             time for any reason and no contract or right to continued
             employment shall be implied by this letter agreement.

                      This letter agreement: (a) shall be in binding upon and
             inure to the benefit of any successor of the Company; (b) shall be
             governed by the laws of the State of New York and any applicable
             laws of the United States; and (c) may not be amended except in
             writing.

<PAGE>

         To confirm your acceptance of the foregoing, please sign and return one
copy of this letter agreement to Linda Clauser.

                                            PXRE REINSURANCE COMPANY

                                   By /s/ Gerald L. Radke
                                      ------------------------------------------
                                          Gerald L. Radke
                                  Chairman, President, & Chief Executive Officer

AGREED: /s/ Gordon Forsyth
        ------------------------

Date:             12/12/01
        ------------------------

<PAGE>

                                 [Letter Head]

             December 12, 2001

             James Dore
             65 Rock Road East
             Green Brook, NJ 08812

                      Re:     Retention Bonus

             Dear Jim:

                      As I discussed with you on December 10, 2001, PXRE
             Reinsurance Company (the "Company") has agreed to pay the following
             retention bonus (the "Rentention Bonus") to you:

                              Bonus Amount               Bonus Payment Date
                              ----------------------------------------------
                                $90,000                  January 31, 2002
                                $90,000                  January 31, 2003

                      As a condition to the payment of each portion of the Bonus
             Amount, you must be in the continuous employ of the Company or its
             affiliates between now and each Bonus Payment Date in order to
             receive the Bonus Amount payable on such date.

                      The Company and any affiliate reserves the right to
             terminate your employment with the Company or any affiliate at any
             time for any reason and no contract or right to continued
             employment shall be implied by this letter agreement.

                      This letter agreement: (a) shall be in binding upon and
             inure to the benefit of any successor of the Company; (b) shall be
             governed by the laws of the State of New York and any applicable
             laws of the United States; and (c) may not be amended except in
             writing.

<PAGE>

         To confirm your acceptance of the foregoing, please sign and return one
copy of this letter agreement to Linda Clauser.

                                            PXRE REINSURANCE COMPANY

                                   By /s/ Gerald L. Radke
                                      ------------------------------------------
                                          Gerald L. Radke
                                  Chairman, President, & Chief Executive Officer

AGREED: /s/ James Dore
        ------------------------

Date:             12/12/01
        ------------------------

<PAGE>

                                 [Letter Head]

             December 12, 2001

             Jeff Radke
             24 Hill Crescent
             Pembroke, Bermuda HM02

                      Re:     Retention Bonus

             Dear Jeff:

                      As I discussed with you on December 10, 2001, PXRE
             Reinsurance Company (the "Company") has agreed to pay the following
             retention bonus (the "Rentention Bonus") to you:

                              Bonus Amount                 Bonus Payment Date
                              -----------------------------------------------
                              $97,500                      January 31, 2002
                              $97,500                      January 31, 2003

                      As a condition to the payment of each portion of the Bonus
             Amount, you must be in the continuous employ of the Company or its
             affiliates between now and each Bonus Payment Date in order to
             receive the Bonus Amount payable on such date.

                      The Company and any affiliate reserves the right to
             terminate your employment with the Company or any affiliate at any
             time for any reason and no contract or right to continued
             employment shall be implied by this letter agreement.

                      This letter agreement: (a) shall be in binding upon and
             inure to the benefit of any successor of the Company; (b) shall be
             governed by the laws of the State of New York and any applicable
             laws of the United States; and (c) may not be amended except in
             writing.

<PAGE>

         To confirm your acceptance of the foregoing, please sign and return one
copy of this letter agreement to Linda Clauser.

                                            PXRE REINSURANCE COMPANY

                                   By /s/ Gerald L. Radke
                                      ------------------------------------------
                                          Gerald L. Radke
                                  Chairman, President, & Chief Executive Officer

AGREED: /s/ Jeff Radke
        ------------------------

Date:             12/24/01
        ------------------------

<PAGE>

                                 [Letter Head]

             December 12, 2001

             Michael Bleisnick
             49 Balcourt Drive
             Princeton, NJ 08540

                      Re:     Retention Bonus

             Dear Mike:

                      As I discussed with you on December 10, 2001, PXRE
             Reinsurance Company (the "Company") has agreed to pay the following
             retention bonus (the "Rentention Bonus") to you:

                              Bonus Amount               Bonus Payment Date
                              -----------------------------------------------
                                $85,000                  January 31, 2002
                                $85,000                  January 31, 2003

                      As a condition to the payment of each portion of the Bonus
             Amount, you must be in the continuous employ of the Company or its
             affiliates between now and each Bonus Payment Date in order to
             receive the Bonus Amount payable on such date.

                      The Company and any affiliate reserves the right to
             terminate your employment with the Company or any affiliate at any
             time for any reason and no contract or right to continued
             employment shall be implied by this letter agreement.

                      This letter agreement: (a) shall be in binding upon and
             inure to the benefit of any successor of the Company; (b) shall be
             governed by the laws of the State of New York and any applicable
             laws of the United States; and (c) may not be amended except in
             writing.

<PAGE>

         To confirm your acceptance of the foregoing, please sign and return one
copy of this letter agreement to Linda Clauser.

                                            PXRE REINSURANCE COMPANY

                                   By /s/ Gerald L. Radke
                                      ------------------------------------------
                                          Gerald L. Radke
                                  Chairman, President, & Chief Executive Officer

AGREED: /s/ Michael Bleisnick
        ------------------------

Date:             12/11/01
        ------------------------

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