Document:

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                                                                    EXHIBIT 10.5

                   FORM OF EMPLOYEE BENEFITS AND COMPENSATION
                                MATTERS AGREEMENT

                  AGREEMENT, dated as of [October ___], 2002 (the "Agreement"),
by and between The St. Paul Companies, Inc. ("St. Paul"), a Minnesota
corporation, and Platinum Underwriters Reinsurance, Inc. ("Platinum US").

                  WHEREAS, St. Paul intends, contingent upon the closing of an
initial public offering (the "PUBLIC OFFERING") of the Company's common shares,
par value $0.01 per share and the transactions contemplated in the Formation and
Separation Agreement between St. Paul and Company (the "Formation Agreement"),
to transfer to Company the majority of its St. Paul Re division's reinsurance
business; and

                  WHEREAS, St. Paul and Platinum US wish to provide for the
allocation of assets and liabilities and certain other matters with respect to
employee benefit plans, executive compensation plans and certain other employee
plans and arrangements in connection with the Public Offering.

                  NOW, THEREFORE, in consideration of the covenants and
agreements set forth herein, the parties hereto hereby agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

                  Unless otherwise defined in this Agreement, capitalized terms
shall have the meaning as defined in the Formation Agreement. As used in this
Agreement, the following terms shall have the following meanings:

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            1.1 "Affiliate" of any person or entity means any corporation,
partnership, proprietorship or business entity which, directly or indirectly,
owns or controls, is under common ownership or control with, or is owned or
controlled by, such person or entity.

            1.2 "Business Employee" means each employee of St. Paul Re, Inc. and
any other employee or independent contractor of St. Paul or its Affiliates who
is dedicated to the conduct of the Business, but excluding any employees or
independent contractors based in the United Kingdom.

            1.3 "Closing" shall be as defined in the Formation Agreement.

            1.4 "Closing Date" shall be as defined in the Formation Agreement.

            1.5 "Code" means the Internal Revenue Code of 1986, as amended.

            1.6 "Company" means Platinum Underwriters Holdings, Ltd.

            1.7 "ERISA" means the Employee Retirement Income Security Act of
1974, as amended.

            1.8 "Existing Retention Obligations" means those retention
obligations of St. Paul that have arisen from letter agreements between St. Paul
Companies, Inc. and Platinum US Transfer Employees listed on Schedule 1.8.

            1.9 "Prorated Retention Obligations" means those retention
obligations of St. Paul and Platinum US that have arisen from letter agreements
between [St. Paul Companies, Inc.][Platinum US] and Platinum US Transfer
Employees listed on Schedule 1.9 and that shall be prorated between St. Paul and
Platinum US in accordance with Section 6.7(b). [ENTITY NAME TO BE CONFIRMED.]

            1.10 "Public Offering Date" means the date of the closing of the
Public Offering.

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            1.11 "St. Paul Cash Balance Plan" means the portion of the St. Paul
Pension Plan that provides for benefit accrual based on the cash balance
formula.

            1.12 "St. Paul Employee" means each employee of St. Paul or any of
its Affiliates, including but not limited to the Business Employees.

            1.13 "St. Paul Enhanced Severance Program" means the St. Paul
Companies, Inc. Enhanced Severance Program.

            1.14 "St. Paul Executive Retirement Plan" means the portion of the
St. Paul SERP that provides benefits which would have been provided under the
St. Paul Pension Plan if not for limitations imposed by the Code.

            1.15 "St. Paul Executive Savings Plan" means the portion of the St.
Paul SERP that provides benefits which would have been provided under the St.
Paul 401(k) Plan and the St. Paul Stock Ownership Plan if not for limitations
imposed by the Code.

            1.16 "St. Paul 401(k) Plan" means the St. Paul Companies, Inc.
Savings Plus Plan.

            1.17 "St. Paul Global Stock Option Plan" means the St. Paul
Companies Inc. Global Stock Option Plan.

            1.18 "St. Paul Pension Plan" means the St. Paul Companies, Inc.
Employees' Retirement Plan.

            1.19 "St. Paul Restricted Shares" means restricted stock granted
under the St. Paul Stock Incentive Plan.

            1.20 "St. Paul Retiree Health Plan" means the St. Paul Companies,
Inc. Retiree Health Plan.

            1.21 "St. Paul SERP" means the St. Paul Companies, Inc. Benefit
Equalization Plan, as amended.

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            1.22 "St. Paul Stock Incentive Plan" means the St. Paul Companies,
Inc., Amended and Restated 1994 Stock Incentive Plan.

            1.23 "St. Paul Stock Ownership Plan" means the St. Paul Companies,
Inc. Stock Ownership Plan.

            1.24 "St. Paul Traditional Plan" means the means the portion of the
St. Paul Pension Plan that provides for benefit accrual based on the original
defined benefit formula provided under the St. Paul Pension Plan.

            1.25 "St. Paul Stock Options" means stock options granted under the
St. Paul Stock Incentive Plan and the St. Paul Global Stock Option Plan.

            1.26 "Transfer Date" shall be defined in Article II hereof.

            1.27 "Platinum US 401(k) Plan" shall have the meaning set forth in
Section 3.1 hereof.

            1.28 "Platinum US Transfer Employee" means each Business Employee
who becomes an employee of Platinum US in accordance with Article II hereof.

                                   ARTICLE II

                                   EMPLOYMENT

                  St. Paul and Platinum US shall use their reasonable best
efforts so that, effective on the day immediately following the Closing Date
(the "Transfer Date"), the Business Employees listed on Schedule 2 become
employees of Platinum US.

                                  ARTICLE III

                                RETIREMENT PLANS

            3.1   PLATINUM US 401(K) PLAN.

                  (a) IN GENERAL. As soon as practicable on or after the
Transfer Date, Platinum US shall establish a defined contribution plan that
includes a qualified cash or deferred

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arrangement within the meaning of Section 401(k) of the Code (the "Platinum US
401(k) Plan") for the benefit of the Platinum US Transfer Employees and shall
take, or cause to be taken, all necessary and appropriate action to allow each
eligible Platinum US Transfer Employee to participate in the Platinum US 401(k)
Plan.

            (b) SERVICE CREDIT. The employment of each Platinum US Transfer
Employee with St. Paul or any of its Affiliates shall be treated as employment
with Platinum US for purposes of eligibility and vesting under the Platinum US
401(k) Plan to the extent such employees were credited with such employment
under the St. Paul 401(k) Plan.

            (c) ROLLOVER. Provided that the parties are reasonably satisfied,
consistent with the regulations under Section 401(a)(31) of the Code, that the
other party's applicable plan meets the requirements for qualification under
Section 401(a) of the Code, Platinum US shall cause the Platinum US 401(k) Plan
to accept the rollover of "eligible rollover distributions" (as defined in
Section 401(a)(31) of the Code) (including outstanding Platinum US Transfer
Employee loans, but excluding distributions of St. Paul common stock) from the
St. Paul 401(k) Plan and the St. Paul Stock Ownership Plan with respect to
Platinum US Transfer Employees in accordance with Platinum US's rollover
procedures. St. Paul shall have no liability with respect to the St. Paul 401(k)
Plan or the St. Paul Stock Ownership Plan account balances of Platinum US
Transfer Employees that are rolled over to the Platinum US 401(k) Plan, other
than any liabilities that arise out of any act or omission of St. Paul or any of
its Affiliates prior to the rollover.

      3.2 ST. PAUL 401(K) PLAN.

            (a) IN GENERAL. St. Paul has previously established the St. Paul
401(k) Plan and the St. Paul Stock Ownership Plan for the benefit of the St.
Paul Employees.

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            (b) MATCHING CONTRIBUTIONS. St. Paul shall contribute to the St.
Paul 401(k) Plan, the St. Paul Executive Savings Plan and St. Paul Stock
Ownership Plan, for the account of each Platinum US Transfer Employee who is
a participant in the St. Paul 401(k) Plan, the St. Paul Executive Savings
Plan or the St. Paul Stock Ownership Plan immediately prior to the Transfer
Date, employer matching contributions under the St. Paul 401(k) Plan, the St.
Paul Executive Savings Plan and the St. Paul Stock Ownership Plan through the
Transfer Date. The account balances for matching contributions of all
Platinum US Transfer Employees under the St. Paul 401(k) Plan, the St. Paul
Executive Savings Plan and the St. Paul Stock Ownership Plan will fully vest
upon the Transfer Date.

            (c) PERFORMANCE SHARES. Performance Shares held for the account of
each Platinum US Transfer Employee who is a participant in the St. Paul Stock
Ownership Plan immediately prior to the Transfer Date will fully vest upon the
Transfer Date. Platinum US Transfer Employees will not be eligible to receive
Performance Share allocations under the St. Paul Stock Ownership Plan for 2002.

      3.3   ST. PAUL PENSION PLAN.

            (a) IN GENERAL. St. Paul has previously established the St. Paul
Pension Plan for the benefit of the St. Paul Employees.

            (b) PLATINUM US TRANSFER EMPLOYEES' ACCRUED BENEFITS. Each Platinum
US Transfer Employee who is a participant in the St. Paul Pension Plan as of the
Transfer Date and who is (i) within two years of satisfying the minimum
retirement eligibility requirements of the St. Paul Pension Plan (i.e. being 55
years of age and having 10 years of service or being 62 years of age with one
year of service credit) or (ii) is at least 50 years old and has a minimum of 20

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years of credited service under the St. Paul Pension Plan, shall receive
additional age and service credit under the St. Paul Pension Plan for service
provided to Platinum US and its Affiliates following the Transfer Date as if
such service had been with St. Paul in an amount equal to only the amount of
additional age and service credit each such Platinum US Transfer Employee needs
to meet the minimum retirement eligibility requirements under the St. Paul
Pension Plan. Provided that the parties are reasonably satisfied, consistent
with the regulations under Section 401(a)(31) of the Code, that the other
party's applicable plan meets the requirements for qualification under Section
401(a) of the Code, Platinum US shall cause the Platinum US 401(k) Plan to
accept the rollover of "eligible rollover distributions" (as defined in Section
401(a)(31) of the Code), including amounts credited for retiree medical under
the St. Paul Cash Balance Plan, from the St. Paul Pension Plan with respect to
Platinum US Transfer Employees in accordance with Platinum US's rollover
procedures.

      3.4 ST. PAUL RETIREE HEALTH PLAN. Each Platinum US Transfer Employee who
is (i) within two years of satisfying the minimum eligibility requirements for
retiree health or life insurance benefits in accordance of the terms of the St.
Paul Retiree Health Plan, or (ii) is at least 50 years old and has a minimum of
20 years of credited service under the St. Retiree Health Plan shall receive
additional age and service credit under the St. Paul Retiree Health Plan for
service provided to Platinum US and its Affiliates following the Transfer Date
as if such service had been with St. Paul in an amount equal to only the amount
of additional age and service credit each such Platinum US Transfer Employee
needs to meet the minimum eligibility requirements under the St. Paul Retiree
Health Plan. Upon retirement from Platinum US and its Affiliates, each such
Platinum US Transfer Employee who is eligible to receive retiree health and life
insurance benefits under the St. Paul Retiree Health Plan shall receive such
benefits, if any, in

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accordance with the terms of the St. Paul Retiree Health Plan as in effect for
St. Paul Employees as of the date of such employee's retirement from Platinum US
and its Affiliates. Nothing in this Section 3.4 shall limit the ability of St.
Paul to amend, suspends or terminate the St. Paul Retiree Health Plan.

                                   ARTICLE IV

                     SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS

      4.1 St. Paul SERP.

            (a) IN GENERAL. St. Paul has previously established the St. Paul
SERP for the benefit of certain employees of St. Paul.

            (b) ADDITIONAL AGE AND SERVICE CREDIT. Each Platinum US Transfer
Employee who is a participant in the St. Paul Executive Retirement Plan as of
the Transfer Date and who is (i) within two years of satisfying the minimum
retirement eligibility requirements of the St. Paul SERP or (ii) is at least 50
years old and has a minimum of 20 years of credited service under the St. Paul
SERP shall receive additional age and service credit under the St. Paul
Executive Retirement Plan for service provided to Platinum US and its Affiliates
following the Transfer Date as if such service had been with St. Paul in an
amount equal to only the amount of additional age and service credit each such
Platinum US Transfer Employee needs to meet the minimum retirement eligibility
requirements under the St. Paul Executive Retirement Plan.

            (c) PLATINUM US TRANSFER EMPLOYEES' VESTED BENEFITS. Each Platinum
US Transfer Employee who is a participant in the St. Paul SERP as of the
Transfer Date shall receive a payout of such employee's vested St. Paul SERP
benefit in accordance with the terms of the St. Paul SERP.

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                                   ARTICLE V

       ST. PAUL STOCK INCENTIVE PLAN AND ST. PAUL GLOBAL STOCK OPTION PLAN

      5.1 TRANSFER OF EMPLOYMENT. For purposes of the St. Paul Stock Incentive
Plan and the St. Paul Global Stock Option Plan, transfer of a Platinum US
Transfer Employee's employment from St. Paul to Platinum US shall constitute a
termination of employment without Cause (as such term is defined in the relevant
stock option plan) as of the Transfer Date.

      5.2 STOCK OPTIONS. All St. Paul Stock Options held by Platinum US Transfer
Employees that are vested as of the Transfer Date will be exercisable in
accordance with their terms and the relevant stock option plan. All St. Paul
Stock Options held by Platinum US Transfer Employees that are unvested as of the
Transfer Date will terminate as of such date; and each such Platinum US Transfer
Employee will be entitled to receive, for each unvested St. Paul Stock Option
that otherwise would have vested during the period from the Transfer Date
through the second anniversary of the Transfer Date, a cash payment on each date
such St. Paul Stock Option otherwise would have vested equal to (i) the number
of shares subject to such employee's St. Paul Stock Options that otherwise would
have vested on such vesting date, multiplied by (ii) the value per share of each
such option, determined based on the excess of the closing price of the St. Paul
common stock on the New York Stock Exchange on the Transfer Date, over the
exercise price of the option, provided such Platinum US Transfer Employee is
still employed by Platinum US or one of its Affiliates as of each such vesting
date. The foregoing cash payments shall be made by Platinum US, and St. Paul
shall reimburse Platinum US for the amounts of such payments within thirty (30)
days following written notice from Platinum US.

      5.3 RESTRICTED SHARES. The restrictions on all St. Paul Restricted Shares
held by Platinum US Transfer Employees that otherwise would have lapsed during
the period from the

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Transfer Date through the first anniversary of the Transfer Date, shall lapse
immediately prior to the Transfer Date. Effective as of the Transfer Date, all
St. Paul Restricted Shares held by Platinum US Transfer Employees shall
terminate as of such date and shall be of no further force and effect.

                                   ARTICLE VI

                                 OTHER BENEFITS

      6.1 CONTINUATION OF COVERAGE. Effective for the period from the Transfer
Date through December 31, 2002 (the "Continuation Coverage Period"), each
Platinum US Transfer Employee and each other employee of Platinum US hired after
the Transfer Date, together with dependents thereof, shall continue to be
covered by St. Paul's employee welfare and fringe benefit plans listed on
Schedule 6.1 (collectively, "Welfare Plans") on the same basis as if their
employment with Platinum US and its Affiliates was continued employment with St.
Paul (including for purposes of co-payments and deductibles). Effective January
1, 2003, each Platinum US Transfer Employee, together with dependents thereof,
shall cease to be covered by the Welfare Plans and shall be eligible to
participate in Platinum US's employee welfare and fringe benefit plans,
including but not limited to plans, programs, policies and arrangements which
provide medical and dental coverage, life and accident insurance and disability
coverage (collectively, " Platinum US Welfare Plans").

      6.2 COST ALLOCATION OF CONTINUATION COVERAGE. Platinum US shall be
responsible for the costs of providing continuation coverage to eligible
Platinum US Transfer Employees under the Welfare Plans during the Continuation
Coverage Period (including, but not limited to the costs of providing such
benefits and certain administrative costs) solely in accordance with the terms
of a letter agreement (the "Letter Agreement") to be entered into between St.
Paul and

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Platinum US as soon as practicable following the date on which the Formation
Agreement is entered into.

      6.3 CERTAIN HEALTH PLAN PROVISIONS. Any pre-existing condition and
actively at work requirements in any of the Platinum US Welfare Plans that are
medical, dental or health plans shall be waived with respect to eligible
Platinum US Transfer Employees, to the extent such conditions and requirements
were not applicable to each such employee immediately prior to January 1, 2003.

      6.4 VACATION. Any earned, but not taken, vacation time and other paid time
off with St. Paul of each Platinum US Transfer Employee shall become the
responsibility of Platinum US effective as of the Transfer Date, and St. Paul
shall cease to have any liability in respect thereof.

      6.5 2002 BONUSES. As soon as practicable following the date that the 2002
annual bonuses, if any, are paid by St. Paul to St. Paul Employees (or on or no
later than March 31, 2003 if no such bonuses are paid), St. Paul shall reimburse
Platinum US an amount equal to the annual bonus each of the Platinum US Transfer
Employees set forth on Annex A (attached hereto) would have been eligible to
receive based on actual St. Paul performance based on 100% of 2001 bonus targets
and prorated for the period from January 1, 2002 through the Transfer Date,
provided such Platinum US Transfer Employee is employed by Platinum US on the
date that 2002 annual bonuses are (or would have been) paid to St. Paul
Employees.

      6.6 ENHANCED SEVERANCE PROGRAM. Prior to the Transfer Date, Platinum US
shall adopt the St. Paul Enhanced Severance Program and shall keep such plan in
effect for the benefit of all Platinum US Transferred Employees for the period
from the Transfer Date until ninety (90) days following the Transfer Date. St.
Paul will remain liable for the expense of any Platinum US Transferred Employees
terminated by Platinum US during such 90-day period, in accordance

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with the terms of the St. Paul Enhanced Severance Program and based on each such
Platinum US Transferred Employee's accrued service and salary through the
Transfer Date. St. Paul shall keep in effect for the period from the Transfer
Date until 90 days following the Transfer Date the St. Paul Enhanced Severance
Program for all Business Employees who do not become Platinum US Transfer
Employees.

      6.7   RETENTION OBLIGATIONS.

            (a) St. Paul agrees to honor all Existing Retention Obligations and
to recognize under the Existing Retention Obligations all service provided to
Platinum US and its Affiliates following the Transfer Date.

            (b) St. Paul and Platinum US agree to honor the Prorated Retention
Obligations on a pro rata basis as follows: (i) St. Paul shall assume and be
liable for the portion of each Prorated Retention Obligation in an amount equal
to the product of (A) the amount of each such Prorated Retention Obligation and
(B) a fraction, the numerator of which is the number of days from the date such
Prorated Retention Obligation was entered into through the Transfer Date and the
denominator of which is the number of days from the date such Prorated Retention
Obligation was entered into through July 1, 2004, and (ii) Platinum US shall
assume and be liable for the portion of each Prorated Retention Obligation in an
amount equal to the product of (A) the amount of each such Prorated Retention
Obligation and (B) a fraction, the numerator of which is the number of days from
the Transfer Date through July 1, 2004 and the denominator of which is the
number of days from the date such Prorated Retention Obligation was entered into
through July 1, 2004. St. Paul will reimburse Platinum US for St. Paul's portion
of the Prorated Retention Obligation within 10 business days of its receipt of
notice from Platinum US that the Prorated Retention Obligation amounts have been
paid.

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      6.8 PAYROLL SERVICES. Effective for the period from the Transfer
Date through December 31, 2002, St. Paul shall provide Platinum US with payroll
processing, payroll deduction, tax withholding, and year end tax reporting for
the Platinum US Transfer Employees and Platinum US shall be responsible for all
costs of such services in accordance with the terms of the Letter Agreement and
the Master Services Agreement.

      6.9 WITHHOLDING. St. Paul and Platinum US shall individually and
collectively make commercially reasonable efforts to avoid unnecessary
duplicated federal, state or local payroll and other withholding taxes with
respect to the Platinum US Transfer Employees for 2002.

                                   ARTICLE VII

                                  MISCELLANEOUS

      7.1 CERTAIN ASPECTS. Nothing in this Agreement shall be treated as, or
deemed to affect any employee benefit plan of St. Paul's subsidiaries
incorporated outside of the United States.

      7.2 ENTIRE AGREEMENT. This Agreement shall constitute the entire agreement
between the parties with respect to the subject matter hereof and shall
supersede all previous negotiations, discussions, agreements and understandings
with respect to such subject matter.

      7.3   Employee Liabilities.

            (a) Except as otherwise provided herein, St. Paul shall retain all
liabilities with respect to any employee benefit plan, program, policy or
arrangement maintained by St. Paul for the benefit of the Business Employees
(including the Platinum US Transferred Employees), any other liabilities of any
nature whatsoever relating to the Business Employees (including the Platinum US
Transfer Employees) that relate to the periods prior to and including the
Transfer Date, and any other liabilities of any nature whatsoever relating to
the Business

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Employees who do not become Platinum US Transferred Employees that relate to any
period before or after the Transfer Date. Except as otherwise provided herein,
St. Paul shall be responsible for any payment of (whether of severance pay or
otherwise), acceleration of, forgiveness of indebtedness owing from, vesting of,
distribution of, or increase in or obligation to fund, any compensation or
benefits with respect to any Business Employee (including Platinum US Transfer
Employees) under any employee benefit plan, program, policy or arrangement
maintained by St. Paul or its Affiliates as a result of the execution of,
consummation of, and performance of the transactions contemplated in, the
Formation Agreement (including the Public Offering or the Closing) (either alone
or upon the occurrence of any additional or subsequent events).

            (b) Except as specifically provided in this Agreement, Platinum US
shall be responsible for any liabilities relating to the Platinum US Transfer
Employees which are incurred after the Transfer Date.

      7.4 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. ss.ss. 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

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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 hereunder
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.

      7.5 GOVERNING LAW. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York, without applying or giving
effect to provisions relating to conflict of laws.

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      7.6 NOTICES. All notices and other communications hereunder shall be in
writing, shall reference this Agreement and shall be hand delivered or mailed by
registered or certified mail (return receipt requested) or sent by any means of
electronic message transmission with delivery confirmed (by voice or otherwise)
to the parties at the following addresses (or at such other addresses for a
party as shall be specified by like notice) and will be deemed given on the date
on which such notice is received:

                  TO ST. PAUL:

                  The St. Paul Companies, Inc.
                  385 Washington Street
                  St. Paul, Minnesota  55102

                  Attention:  General Counsel

                  TO PLATINUM US:

                  The address of Platinum US's principal place of business

                  Attention:  Corporate Secretary

      7.7 AMENDMENTS. This Agreement may not be modified or amended except by an
agreement in writing signed by the parties.

      7.8 SUCCESSORS AND ASSIGNS. Neither party may assign its rights or
delegate any of its duties or obligations under this Agreement without the prior
written consent of the other party. This Agreement and all of the provisions
hereof shall be binding upon and inure to the benefit of the parties and their
respective successors and assigns.

      7.9 NO THIRD PARTY BENEFICIARIES. This Agreement is solely for the benefit
of the parties hereto and their respective subsidiaries and should not be deemed
to confer upon third parties any remedy, claim, liability, reimbursement, claim
of action or other right in excess of those existing without reference to this
Agreement.

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      7.10  TITLES AND HEADINGS. Titles and headings to sections herein are
inserted for the convenience of reference only and are not intended to be a part
of or to affect the meaning or interpretation of this Agreement.

      7.11  ENFORCEABILITY. Any provision of this Agreement which is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof. Any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render such
provision unenforceable in any other jurisdiction.

            Access to Information. Platinum US and St. Paul shall provide
each other with access to information reasonably necessary in order to carry out
the provisions of this Agreement (including premium reconciliation for billing
and collections). As of the Transfer Date, St. Paul shall transfer to Platinum
US originals or copies of all personnel files, records and reports in respect of
the Platinum US Transfer Employees, whether in hard copy, electronic format,
magnetic or other media. The parties agree that they shall be joint owners of
the information and records relating to the Platinum US Transfer Employees,
whether they have originals or copies of the various components thereof.

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      IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by
the duly authorized officers of the parties hereto as of the date first
hereinabove written.

THE ST. PAUL COMPANIES, INC.

By: ______________________
Title:

PLATINUM UNDERWRITERS REINSURANCE, INC.

By: ______________________
Title:

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                                  SCHEDULE 1.8

                         EXISTING RETENTION OBLIGATIONS

<Table>
<Caption>

---------------------------------------- -------------------------------------- --------------------------------------
           NAME OF EMPLOYEE                 PAYMENT ELIGIBLE TO RECEIVE IF         PAYMENT ELIGIBLE TO RECEIVE IF
                                                EMPLOYED BY ST. PAUL RE                EMPLOYED BY ST. PAUL RE
                                                     OR PLATINUM US                         OR PLATINUM US
                                                 THROUGH JUNE 1, 2002                   THROUGH JUNE 1, 2003

---------------------------------------- -------------------------------------- --------------------------------------
<S>                                                     <C>                                    <C>
Dennis Koruda                                           $50,000                                $50,000
---------------------------------------- -------------------------------------- --------------------------------------
Robert Porter                                           $50,000                                $50,000
---------------------------------------- -------------------------------------- --------------------------------------
John Bender                                             $50,000                                $50,000
---------------------------------------- -------------------------------------- --------------------------------------
Tim Hein                                                $50,000                                $50,000
---------------------------------------- -------------------------------------- --------------------------------------
James Roddy                                             $50,000                                $50,000
---------------------------------------- -------------------------------------- --------------------------------------
Ed Torres                                               $50,000                                $50,000
---------------------------------------- -------------------------------------- --------------------------------------
Chris Ballard                                           $50,000                                $50,000
---------------------------------------- -------------------------------------- --------------------------------------
Craig Pettengell                                        $50,000                                $50,000
---------------------------------------- -------------------------------------- --------------------------------------
Len Fishman                                             $50,000                                $50,000
---------------------------------------- -------------------------------------- --------------------------------------
Kevin Marine                                            $50,000                                $50,000
---------------------------------------- -------------------------------------- --------------------------------------
H. Elizabeth Mitchell                                   $50,000                                $50,000
---------------------------------------- -------------------------------------- --------------------------------------
Eleni Kourou                                            $50,000                                $50,000
---------------------------------------- -------------------------------------- --------------------------------------
Cathryn Curia                                           $50,000                                $50,000
---------------------------------------- -------------------------------------- --------------------------------------
Greg Richardson                                         $50,000                                $50,000
---------------------------------------- -------------------------------------- --------------------------------------
Manny Hur                                               $50,000                                $50,000
---------------------------------------- -------------------------------------- --------------------------------------
Tom Mahoney                                             $50,000                                $50,000
---------------------------------------- -------------------------------------- --------------------------------------
Clive Archer                                            $50,000                                $50,000
---------------------------------------- -------------------------------------- --------------------------------------
</Table>

                                       19
<Page>

                                  SCHEDULE 1.9

                         PRORATED RETENTION OBLIGATIONS

                                    [TO COME]

<Page>

                                   SCHEDULE 2

                               BUSINESS EMPLOYEES

      The list of Business Employees will be finalized prior to the Public
Offering Date.

<Page>

                                  SCHEDULE 6.1

                                  WELFARE PLANS

1.       The St. Paul Companies, Inc. Medical Plan

2.       The St. Paul Companies, Inc. Dental Plan

3.       The St. Paul Companies, Inc. Vision Plan

4.       The St. Paul Companies, Inc. Basic Life Insurance and AD&D Insurance

5.       The St. Paul Re Supplemental Life Insurance Plan (Unicare) (subject to
         approval of insurance carrier)

6.       The St. Paul Companies, Inc. Short-Term Disability Plan

7.       The St. Paul Companies, Inc. Long-Term Disability Plan

8.       The St. Paul Companies, Inc. Reserve Accounts

9.       The St. Paul Companies, Inc. Group Legal Plan

10.      The St. Paul Companies, Inc. Personal Financial Planning Program

                                       22
<Page>

                                                                         ANNEX A

                                  2002 BONUSES

         The list of 2002 bonus targets for Business Employees who are Platinum
US Transfer Employees will be finalized prior to the Public Offering Date.

                                       23<Page>

                                                                    Exhibit 10.6

                            MASTER SERVICES AGREEMENT

          This Agreement, dated as of __________, 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

<Page>

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 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.

                                       -2-
<Page>

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

                                       -3-
<Page>

of the Services provided to Platinum during such last calendar quarter, in a
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.

          (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

                                       -4-
<Page>

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 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,

                                       -5-
<Page>

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
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.

                                       -6-
<Page>

          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

                                       -7-
<Page>

          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

          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.

                                       -8-
<Page>

          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.

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

                             PLATINUM UNDERWRITERS HOLDINGS, LTD.

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

                                      -10-
<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-

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