Document:

Exhibit 10.14

                                 XL CAPITAL LTD

                         Director Stock Option Agreement

                  AGREEMENT made and entered into as of _____________ __, ____
by and between XL Capital Ltd (the "Company"), a Cayman Islands corporation, and
______________, a non-employee director of the Company on the date hereof (the
"Option Holder").

                  WHEREAS, the interests of the Company will be advanced by
granting an incentive to nonemployee directors and by encouraging and enabling
them to acquire stock ownership in the Company and assuring a close identity of
their interests with those of the Company; and

                  WHEREAS, pursuant to the provisions of the 1991 Performance
Incentive Program (the "Program") of the Company, the Committee (as defined in
the Program) has authorized and directed the execution and delivery of this
Agreement in the name of and on behalf of the Company;

                  NOW, THEREFORE, in consideration of the premises and mutual
covenants contained herein, and for other good and valuable consideration, the
Company and the Option Holder agree as follows:

                  (a) GRANT. The Option Holder is hereby granted an option (the
"Option") to purchase 5,000 ordinary shares of the Company (the "Option
Shares"). The Option is granted as of ________ __, ____ (the "Date of Grant"),
and such grant is subject to the terms and conditions herein and the terms and
conditions of the applicable provisions of the Program, which terms and
conditions of the Program are incorporated by reference herein. Such Option
shall not be treated as an incentive stock option under Section 422 of the
Internal Revenue Code of 1986, as amended.

                  (b) STATUS OF OPTION SHARES. The Option Shares shall upon
issue rank equally in all respects with the other ordinary shares of the Company
("Shares").

                  (c) OPTION PRICE. The purchase price for the Option Shares
shall be, except as herein provided, US$_____ per Option Share, hereinafter
sometimes referred to as the "Option Price."

                  (d) TERM OF OPTION. The Option may be exercised only during
the period (the "Option Period") which shall commence on the Date of Grant and
shall continue
<PAGE>
                                     - 2 -

until the tenth anniversary of the Date of Grant. Thereafter, the Option Holder
shall cease to have any rights in respect thereof.

                  (e) NO RIGHTS OF SHAREHOLDER. The Option Holder shall not, by
virtue hereof, be entitled to any rights of a shareholder in the Company, either
at law or in equity.

                  (f) EXERCISABILITY. The Option may be exercised at any time or
from time to time during the Option Period in regard to all or any portion of
the Option Shares, as may be adjusted pursuant to paragraph (g) below.

                  (g) TRANSFERABILITY. The option herein granted may be assigned
or otherwise transferred only in the following circumstances: (i) by will or the
laws of descent and distribution; (ii) by valid beneficiary designation taking
effect at death made in accordance with procedures established by the Committee;
or (iii) by the Option Holder to members of his or her "immediate family," to a
trust established for the exclusive benefit of solely one or more member of the
Option Holder's "immediate family" and/or the Option Holder, or to a partnership
or other entity pursuant to which the only owners are one or more members of the
Option Holder's "immediate family" and/or the Option Holder. Any Option held by
the transferee will continue to be subject to the same terms and conditions that
were applicable to the Option immediately prior to the transfer, except that the
Option will be transferable by the transferee only by will or the laws of
descent and distribution. For purposes hereof, "immediate family" means the
Option Holder's children, stepchildren, grandchildren, parents, step-parents,
spouse, siblings (including half brothers and sisters), in-laws, and
relationships arising because of legal adoption.

                  (h) EXERCISE OF OPTION. In order to exercise the Option, the
Option Holder shall submit to the Company an instrument in writing signed by the
Option Holder, specifying the number of Option Shares in respect of which the
Option is being exercised, accompanied by payment, in such form as is acceptable
to the Committee, of the Option Price for the Option Shares for which the Option
is being exercised. Option Shares will then be issued accordingly by the Company
within fifteen business days, and a share certificate dispatched to the Option
Holder within thirty days. The Company shall not be required to issue a
fractional Share upon the exercise of the Option. If any fractional interest in
a Share would be deliverable upon the exercise of the Option in whole or in part
but for the provisions of this paragraph, the Company, in lieu of delivering any
such fractional share therefor, shall pay a cash adjustment therefor in an
amount equal to the Fair Market Value (as defined in the Program) of a Share
multiplied by the fraction of the fractional share which would otherwise has
been issued hereunder. Anything to the contrary herein notwithstanding, the
Company shall not be obliged to issue any Option Shares hereunder if the
issuance of such Option Shares would violate the provisions of any applicable
law.
<PAGE>
                                     - 3 -

                  (i) EXPENSES OF ISSUANCE OF OPTION SHARES. The issuance of
stock certificates upon the exercise of the Option in whole or in part shall be
without charge to the Option Holder. The Company shall pay, and indemnify the
Option Holder from and against, any issuance, stamp or documentary taxes (other
than transfer taxes) or charges imposed by any governmental body, agency or
official by reason of the exercise of the Option in whole or in part or the
resulting issuance of the Option Shares.

                  (j) REFERENCES. References herein to rights and obligations of
the Option Holder shall apply, where appropriate, to the Option Holder's legal
representative or estate without regard to whether specific reference to such
legal representative or estate is contained in a particular provision of this
Option.

                  (k) NOTICE. Any notice required or permitted to be given under
this Agreement shall be in writing and shall be deemed to have been given when
delivered personally or by courier, or sent by certified or registered mail,
postage prepaid, return receipt requested, duly addressed to the party concerned
at the address indicated below or to such changed address as such party may
subsequently by similar process give notice of:

                  If to the Company:

                  XL Capital Ltd
                  XL House
                  One Bermudiana Road
                  Hamilton HM 08 Bermuda.
                  Attn: Paul S. Giordano

                  If to the Optionee:

                  (l) GOVERNING LAW. This Option shall be governed by and
construed in accordance with the laws of the State of New York, without regard
to principles regarding conflict of laws thereof.
<PAGE>
                                     - 4 -

                  IN WITNESS WHEREOF, the Company has duly caused this Option to
be signed as of the date first above written.

                                 XL Capital Ltd.

                                 By:  ___________________________________
                                          Paul S. Giordano

                                 ___________________________________Exhibit 10.15

                                    AGREEMENT

This Agreement is made on 24 December 2003 between WINTERTHUR SWISS INSURANCE
COMPANY, a joint-stock company incorporated under the laws of Switzerland
("Winterthur"), and XL INSURANCE (BERMUDA) LTD, a company incorporated under the
laws of Bermuda ("XL").

         WHEREAS Winterthur and XL are parties to the Second Amended and
Restated Agreement for the Sale and Purchase of Winterthur International, dated
as of 15 February 2001 ("SPA"), and capitalized terms used herein shall have the
same meanings as in the SPA (unless otherwise indicated);

         WHEREAS: (i) there has not been delivered the Completion Financial
Information as required by paragraph 3.1 of Part 2 of Schedule 5 to the SPA;
(ii) Winterthur has delivered certain unaudited financial information for the
Operations as at 30 June 2001; and (iii) Winterthur and XL have been unable to
reach agreement as to the Completion Balance Sheet but have been able to reach
agreement as respects certain other matters as specifically set forth below
solely to settle the Purchase Price, the Initial Net Reserves Amount and the
Initial Net Premium Receivable (as defined in SCHEDULE B hereto).

         NOW, THEREFORE, Winterthur and XL hereby agree as follows:

1.   DETERMINATION OF PURCHASE PRICE AND INITIAL NET RESERVES AMOUNT

     1.1. (a) Winterthur and XL agree the following amounts for purposes of
          determining the amount of the Purchase Price and establishing the
          Initial Net Reserves Amount and the Initial Net Premium Receivable:

               (i)  the Pro-Forma Net Asset Value as of 30 June 2001 is US$
                    234,995,000;

               (ii) the Premium (notwithstanding Clause 3.1.5 of the SPA) is US$
                    51,483,700 (after giving effect to the exclusion of certain
                    accident and health business, the net amount is US
                    $31,983,700);

              (iii) the Purchase Price is US$ 330,157,700;

               (iv) the Initial Net Reserves Amount is US$ 1,509,816,000;

                (v) the Initial Net Premium Receivable is US$ 744,266,300; and

               (vi) solely for the purpose of determining the Initial Net
                    Reserves Amount as contemplated by SCHEDULE A hereto, the
                    Purchase Price and the Initial Net Premium Receivable, the
                    line items listed on such SCHEDULE A shall be deemed to be
                    the amounts set forth in such SCHEDULE A;

          provided, however, that nothing in this Agreement (other than the
          determination of the Initial Net Reserves Amount and the Initial Net
          Premium Receivable) shall affect the determination of the Seasoned Net
          Reserves Amount or the Seasoned Net Premiums Receivable Balance,
          including, without limitation, determination of the date and/or rate
          to be used for foreign exchange conversion of any amount in connection
          therewith.

               (b)  Winterthur and XL also agree that the Independent Actuary
                    need not be instructed under Clause 4.3.5 of the SPA.

<PAGE>

     1.2. Except as expressly provided herein, nothing in this Agreement shall
          affect or be used as evidence with respect to determination of the
          rights and/or obligations of XL or Winterthur as respects any
          Specified Claim or any other claim under or related to the SPA
          provided, however, that XL acknowledges that, upon timely receipt by
          the parties of the payments referred to in Section 2 of this
          Agreement. Winterthur shall have no continuing obligation under the
          SPA to deliver Completion Financial Information (but such
          acknowledgement is without prejudice to any Specified Claim or such
          other claim XL may have for breach of such provisions prior to such
          date). For the avoidance of doubt, this Section is without prejudice
          to the double claims provisions in Clauses 8.6 and 8.2.7 of the SPA.

     1.3. No agreement has been reached with respect to whether or not there has
          been or the extent to which there has been an adjustment to the Net
          Asset Value of the relevant Operations pursuant to Clause 3.6 of the
          SPA or any other adjustment to the Purchase Price to take account of
          any breach of the SPA by any Seller.

     1.4. XL hereby informs Winterthur that, except for the purposes expressly
          set forth in Section 1.1 above, XL has not agreed to the information
          on Schedule A.

2.   PAYMENTS

     2.1. Payment Agreement

          Winterthur and XL hereby agree that:

               (a)  all conditions to release of the Retention Amount and the
                    Income (these terms and other capitalized terms in this
                    Section 2.1, not otherwise defined, are used as defined in
                    the Payment Agreement dated 24 July 2001) are satisfied or
                    waived; and

               (b)  Winterthur and XL shall deliver to the Escrow Agent, as soon
                    as possible on or after the date of this Agreement, the
                    Transfer Notice in the form set out in Schedule E hereto to
                    effect to the timely realization and distribution of the
                    Fund to be received no later than noon, Bermuda time, 31
                    December 2003, as follows:

                    (i)   74.84232% of the Retention Amount to XL;

                    (ii)  25.15768% of the Retention Amount to Winterthur;

                    (iii) 87.42116% of the Income to XL; and

                    (iv)  12.57884% of the Income to Winterthur.

               (c)  Receipt of the payments referred to in Section 2.1(b) above
                    and Section 2.2 below by Winterthur or XL as appropriate
                    shall constitute full and final satisfaction of Winterthur
                    and XL's respective obligations and rights in respect of the
                    payment of the Purchase Price, without prejudice to Clause
                    3.5 of the SPA.
<PAGE>

2.2. Payment on Account

     Winterthur agrees to pay, so that such payment is received no later than
     noon, Bermuda time, 31 December 2003, the sum of US$40 million (the
     "Advanced Amount") to XL pending the seasoning of net reserves set out in
     the SPA, subject to the following provisions:

     (a)  In the event that the Seasoned Net Reserves Payment is payable by
          Winterthur to XL and the total of the Seasoned Net Reserves Payments
          (the "SNRP Total") is greater than the Advanced Amount, the Advanced
          Amount shall be deducted from the amount of the SNRP Total and the
          balance (for the purposes of this Section 2.2, the "Balance") shall be
          paid by Winterthur to XL in accordance with the provisions for payment
          set out in Clause 4.3.1 of the SPA. (For the avoidance of doubt, the
          Balance shall be paid with interest accruing on the Balance and not on
          the Seasoned Net Reserves Payment as a whole at the rate set out in
          Clause 4.3.1 of the SPA).

     (b)  In the event that the Seasoned Net Reserves Payment is payable by
          Winterthur to XL and the SNRP Total is less than the Advanced Amount,
          the Seasoned Net Reserves Payments shall not be paid by Winterthur to
          XL and instead XL shall pay the amount by which the SNRP Total is less
          than the Advanced Amount in US$ to Winterthur within five Business
          Days of the agreement or determination of the Seasoned Net Reserves
          Amount plus interest thereon (from and including the End Date to but
          excluding the date such payment is made) at a non-compounding rate per
          annum of 0.5 per cent above Base Rate.

     (c)  In the event that no Seasoned Net Reserves Payment is payable under
          the terms of the SPA, XL shall repay to Winterthur within five
          Business Days of the agreement or determination of the Seasoned Net
          Reserves Amount an amount in US$ equal to the Advanced Amount plus
          interest thereon (from and including the End Date to but excluding the
          date such payment is made) at a non-compounding rate per annum of 0.5
          per cent above Base Rate.

     (d)  In the event that the Seasoned Net Reserves Payment is payable by XL
          to Winterthur, the Seasoned Net Reserves Amount shall be increased by
          the Advanced Amount and the aggregate amount shall be paid by XL to
          Winterthur in accordance with the provisions for payment set out in
          Clause 4.3.3 of the SPA.

     2.3. Limited Recourse Receivables Financing Facility Agreement

          In relation to certain amounts owing to Winterthur:

          (a)  XL shall procure that Winterthur International (Re) repays CHF
               127,087,422.75 in cash to Winterthur so that such funds are
               received no later than noon, Bermuda time, 31 December 2003,
               which payment shall be deemed to be a payment under the Limited
               Recourse Receivables Financing Facility Agreement, together with
               interest from 1 July 2002 at a non-compounding rate per annum of
               0.5 per cent above the Base Rate; and

          (b)  XL Insurance shall procure that Winterthur International (Re)
               repays CHF 42,362,474.25 in cash, which payment shall be deemed
               to be a payment under the Limited Recourse Receivables Financing
               Facility Agreement, together with interest from 1 July 2002 at a
               non-compounding rate per annum of 0.5 per

<PAGE>

               cent above the Base Rate to Winterthur simultaneously with the
               entry by Winterthur and each of WHCL, Winterthur International
               (Re), XL Insurance Switzerland, XL Insurance America, Inc., XL
               Select Insurance Company and XL International (Bermuda) Ltd into
               reinsurance agreements and related claims handling agreements
               relating to certain Asbestos Liabilities (which agreements shall
               not amend or vary the terms of the SPA and the rights or
               obligations of any person under the SPA, including, without
               limitation, under Clauses 9.1.1 and 9.1.2 of the SPA, shall in no
               way be prejudiced by the entering into of or the giving effect to
               such agreements or by the absence or removal of cover under or
               termination of such agreements) all in a form to be agreed
               between the parties provided that in the event that such
               reinsurance agreements and related claims handling agreements
               have not been entered into prior to the making of the payment to
               be made under Clause 4.3 of the SPA, such amount shall be repaid
               in accordance with the provisions of the Limited Recourse
               Receivables Financing Facility Agreement. The parties agree to
               use reasonable endeavours to agree and enter into such
               reinsurance and related agreements prior to 29 February 2004.

     2.4. Commutation of the CAT Tower

          (a)  Winterthur agrees and XL agrees to procure that the commutation
               agreement (the "Commutation Agreement") in the form set out in
               SCHEDULE C to this Agreement shall be entered into as soon as
               possible but in any event prior to 31 December 2003;

          (b)  Winterthur agrees and XL (on behalf of Winterthur International
               (Re)) agree that the CHF 19,500,000 million referred to in the
               Commutation Agreement shall be repaid by Winterthur (together
               with interest of CHF 605,522) by way of set off against the
               amount to be repaid by or of behalf of Winterthur International
               (Re) pursuant to Section 2.3(a) above.

     2.5. The parties shall deliver their respective signed counterparts of the
          Transfer Notice to the Escrow Agent as of the opening of business,
          London time, on 29 December 2003.

     2.6. All payments pursuant to this Section 2 shall be made by wire transfer
          of immediately available funds.

3.   AMENDMENTS TO SPA

     Winterthur and XL agree to amend the SPA as follows subject to (i) timely
     receipt of payments in accordance with Section 2 except for Section 2.1(b);
     and (ii) timely delivery of the Transfer Notice in accordance with Section
     2.5:

     3.1. The time limit relating to Specified Claims in Clause 8.2.1(ii)
          (excluding sub-clauses (a) and (b)) of the SPA are extended from nine
          months to eleven months.

     3.2. The provisions relating to seasoning of premiums as set forth on
          SCHEDULE B hereto are incorporated into the SPA on the basis that
          reference therein to "the Agreement of which this Schedule forms part"
          shall be deemed to be a reference this Agreement; and
<PAGE>

     3.3. Solely for the purposes of determining the unearned premium reserve as
          respects the Seasoned Net Reserves Amount pursuant to Clause 4.2 of
          the SPA, the loss ratio is seventy-one percent (71%) and the
          definition of "Reserves" in the SPA is amended as set forth in
          SCHEDULE D hereto.

4.   MISCELLANEOUS

     4.1. Winterthur and XL shall and XL shall procure that Winterthur
          International (Re) shall enter into a letter in the form set out in
          Schedule F (the "SRA Amendment Letter") relating to each of the
          Sellers Retrocession Agreements as soon as possible but in any event
          prior to 31 December 2003, and the Sellers Retrocession Agreements as
          amended shall be the Sellers Retrocession Agreement for the purposes
          of the SPA. The amendments referred to in the SRA Amendment Letter
          shall become effective at the same time as the amendments to the SPA
          referred to in Section 3.

     4.2. The parties will use their best endeavours to work together in good
          faith with a view to agreeing:

          (a)  a reduction in the "Amount of Cover" as set out in the schedule
               to each Sellers Retrocession Agreement;

          (b)  an adjustment to the "Amount of Deductible" as set out in the
               schedule to each Sellers Retrocession Agreement;

          (c)  a satisfactory solution to the commutation of the Sellers
               Retrocession Agreements; and

          (d)  a satisfactory resolution as to whether there should be an
               extension in time for seasoning reinsurance receivables.

     4.3. Except as expressly provided herein, nothing herein shall affect
          Winterthur's or XL's rights or obligations under the SPA or any
          agreement entered into pursuant to the SPA or any Local Agreement,
          including, without limitation, in respect of any indemnities,
          Specified Claims, other claims under or in respect of the SPA and the
          Seasoned Net Reserves Amount, or under any other agreement to which
          Winterthur and XL are parties or under any Sellers Retrocession
          Agreement. For the avoidance of doubt and notwithstanding any
          provision to the contrary therein, nothing herein or any payment made
          pursuant hereto shall give rise to commutation or other termination or
          a release of parties to either Sellers Retrocession Agreement, which
          shall continue in effect.

     4.4. Clauses 18.4, 18.8,  18.11 (insofar only as payments  required by this
          Agreement  are made  after the date on which such  payments  are to be
          made pursuant to this Agreement),  18.12,  18.15,  18.16, 18.17, 18.18
          and 18.19 of the SPA  shall  apply to this  Agreement  as if fully set
          forth herein (except as respects  references  therein to other Clauses
          of the SPA).

<PAGE>

         IN WITNESS WHEREOF this Agreement has been duly executed.

SIGNED by /s/ JOHN R. DACEY             /s/ HANS KUNZLE
          -----------------             ---------------
on behalf of WINTERTHUR SWISS INSURANCE COMPANY:

SIGNED by /s/ CLIVE TOBIN
          ------------------
on behalf of XL INSURANCE (BERMUDA) LTD.:

<PAGE>

                                   SCHEDULE B
                       PREMIUM SEASONING - SPA AMENDMENTS

DEFINITIONS

"SEASONED NET PREMIUMS RECEIVABLE BALANCE" means the sum of:

(i)  the INITIAL NET PREMIUM RECEIVABLE, being US$ 744,266,300, calculated as
     follows:

     (a)  the premiums and insurance balances receivable (net of bad debt
          provisions) as shown in Schedule A to the Agreement of which this
          Schedule forms part ("SCHEDULE A") less reinsurance balances payable
          and funds held under reinsurance agreements as shown in Schedule A;
          less

     (b)  29% of the aggregate of the unearned premium as shown in Schedule A
          less the prepaid reinsurance premiums as shown in Schedule A; plus

     (c)  the deferred acquisition costs as shown in Schedule A;

     For the avoidance of doubt this is calculated as follows:

     US$'000's 1,350,587 - 501,039 - 6,762 - (29% *(824,286-264,556)) + 63,802 =
     744,266.

          (ii) plus any positive, or, as the case may be, less any negative
               adjustment calculated as follows:

     (a)  71% of the aggregate of:

          (i)  the unearned premium less the prepaid reinsurance premiums in
               each case to the extent solely relating to Relevant Operations,
               as determined in accordance with US GAAP and as identified as at
               the End Date calculated as at the Effective Time; less

          (ii) the unearned premiums as shown in Schedule A less the prepaid
               reinsurance premiums as shown in Schedule A;

          plus

     (b)  the aggregate of:

          (i)  the premiums and insurance balances receivable (net of bad debt
               provisions and, for the avoidance of doubt, net of any
               commissions) less reinsurance balances payable and funds held
               under reinsurance agreements (and for the avoidance of doubt,
               this amount is net of any commissions) in each case to the extent
               relating solely to the Relevant Operations, as determined in
               accordance with US GAAP identified as at the End Date; less

          (ii) the unearned premium less the prepaid reinsurance premiums in
               each case to the extent solely relating to Relevant Operations,
               as determined in accordance with US GAAP and as identified as at
               the End Date calculated as at the Effective Time; plus
<PAGE>

         (iii) the deferred  acquisition costs in each case to the extent solely
               relating to Relevant Operations, as determined in accordance with
               US GAAP and as identified as at the End Date calculated as at the
               Effective Time

                  less

     (c)  US$ 346,858,000 being the aggregate of

          (i)  the premiums and insurance balances receivable (net of bad debt
               provisions and, for the avoidance of doubt, net of any
               commissions) less reinsurance balances payable and funds held
               under reinsurance agreements (and for the avoidance of doubt,
               this amount is net of any commissions) as shown in Schedule A;
               less

          (ii) the unearned premium less the prepaid reinsurance premiums as
               shown in Schedule A; plus

          (iii) the deferred acquisition costs as shown in Schedule A.

          For the avoidance of doubt item (ii)(c) has been calculated using
          Schedule A as follows:

          USD `000s (1,350,587 - 501,039 - 6,762) less (824,286 - 264,556) plus
          (63,802) = 346,858

for the avoidance of doubt, each of (ii)(a) and (ii)(b) can be negative as well
as positive.

In calculating the Seasoned Net Premiums Receivable Balance, the classification,
characterization or provision of any amount shall be consistent with the
classification, characterization or provision used in calculating the Initial
Net Premium Receivable.

SUBSTANTIVE PROVISION

4.4  DETERMINATION OF THE SEASONED NET PREMIUMS RECEIVABLE BALANCE

        4.4.1   Subject to Clause 18.4 from and after Completion and until the
                End Date XL Insurance shall make available to Winterthur,
                Winterthur's Accountants and Winterthur's Actuary during normal
                business hours:

                (i)     all studies relating to premiums receivable, commissions
                        or reinsurance premium ceded prepared by or on behalf of
                        XL Insurance to the extent relating to Relevant
                        Operations; and

                (ii)    all auditor's letters to management to the extent
                        relating to net premiums subject to the Initial Net
                        Premiums Receivable Balance which have been completed by
                        or on behalf of XL Insurance during such period.

        4.4.2   Within 30 Business Days following the End Date XL Insurance
                shall deliver to Winterthur a written statement setting forth in
                reasonable detail its calculation of the Seasoned Net Premiums
                Receivable Balance (the "SEASONED NET PREMIUMS RECEIVABLE
                STATEMENT").

<PAGE>

        4.4.3   In order to enable Winterthur, Winterthur's Accountants and
                Winterthur's Actuary to review the Seasoned Net Premiums
                Receivable Statement, XL Insurance shall keep up-to-date and
                make available to Winterthur, Winterthur's Accountants and
                Winterthur's Actuary its books, records, contracts and
                agreements relating to the Relevant Operations during normal
                business hours and co-operate with them with regard to their
                review of the Seasoned Net Premiums Receivable Statement, XL
                Insurance agrees insofar as it is reasonable to do so to make
                available the services of the employees of the relevant
                Associated Companies of XL Insurance to assist Winterthur,
                Winterthur's Accountants and Winterthur's Actuary to undertake
                the matters contemplated by this Clause 4.4. XL Insurance shall
                procure that after the preparation of the Seasoned Net Premiums
                Receivable Statement, XL Insurance's Accountants and XL
                Insurance's Actuary shall give Winterthur, Winterthur's
                Accountants and Winterthur's Actuary access to XL Insurance's
                Accountants' and XL Insurance's Actuary's working papers and
                files (with the right to take copies at Winterthur's expense,
                subject to Winterthur entering into an acceptable
                confidentiality undertaking) and personnel which or who are (and
                only to the extent) relevant to the review of the Seasoned Net
                Premiums Receivable Statement by Winterthur, Winterthur's
                Accountants and Winterthur's Actuary subject to Winterthur
                providing or procuring the provision of a hold harmless
                undertaking to XL Insurance's Accountants and XL Insurance's
                Actuary.

        4.4.4   Within 30 Business Days of receipt by Winterthur of the Seasoned
                Net Premiums Receivable Statement Winterthur may give written
                notice to XL Insurance stating that it disagrees with the
                Seasoned Net Premiums Receivable Statement, together with
                reasons for the disagreement in reasonable detail and
                quantifying the amount of such disagreement (for the purpose of
                this Clause 4.4 the "WINTERTHUR DISAGREEMENT NOTICE"). In the
                absence of such notice within such period, the Seasoned Net
                Premiums Receivable Statement shall be final and binding on the
                parties for all purposes.

        4.4.5   If Winterthur gives a valid Winterthur Disagreement Notice
                within such 30 Business Days Winterthur and XL Insurance shall
                attempt in good faith to reach agreement in respect thereto. If
                they reach agreement then the agreed amount shall be finally and
                conclusively the Seasoned Net Premiums Receivable Balance for
                the purpose of this Agreement and if they are unable to do so
                within 10 Business Days of receipt by XL Insurance of the
                Winterthur Disagreement Notice then either Winterthur or XL
                Insurance may by notice in writing to the other require that the
                calculation of the Seasoned Net Premiums Receivable Balance be
                referred to the Independent Actuary (an "ACTUARY APPOINTMENT
                NOTICE"). Within 10 Business Days of receipt by a party of the
                Actuary Appointment Notice each of Winterthur and XL Insurance
                shall give written notice to the other and to the Independent
                Actuary of its proposed Seasoned Net Premiums Receivable
                Balance.

        4.4.6   The Independent Actuary shall be a member of the Casualty
                Actuarial Society ("CAS") or a Fellow of the Institute of
                Actuaries ("FIA") and shall be instructed to independently
                determine the Seasoned Net Premiums Receivable Balance in
                accordance with the principles and standards of practice of the
                CAS or the FIA as the case may be and the American Academy of
                Actuaries and to make its determination as soon as is reasonably
                practicable. The procedures of the Independent Actuary shall be
                determined by the Independent Actuary, but shall:

                (i)     give the parties a reasonable opportunity to make
                        written and oral representations to them;
<PAGE>

                (ii)    require that the parties supply each other with a copy
                        of any written representations at the same time as they
                        are made to the Independent Actuary; and

                (iii)   permit each party to be present while oral submissions
                        are being made by any other party.

        4.4.7   The determination of the Independent Actuary shall be made in
                writing and sent to the parties at such time as it shall
                determine. The Independent Actuary shall act as an expert and
                not as an arbitrator and his or her determination shall be final
                and binding on the parties as provided in Clause 4.4.8.

        4.4.8   If the Seasoned Net Premiums Receivable Balance as determined by
                the Independent Actuary is closer to the amount proposed by XL
                Insurance than the amount proposed by Winterthur (in each case
                pursuant to the last sentence of Clause 4.4.5) then for the
                purpose of this Agreement the Seasoned Net Premiums Receivable
                Balance shall be finally and conclusively deemed to be the
                amount so proposed by XL Insurance. If the Seasoned Net Premiums
                Receivable Balance as determined by the Independent Actuary is
                closer to the amount proposed by Winterthur than the amount
                proposed by XL Insurance (in each case pursuant to the last
                sentence of Clause 4.4.5) then for the purpose of this Agreement
                the Seasoned Net Premiums Receivable Balance shall be finally
                and conclusively deemed to be the amount so proposed by
                Winterthur

        4.4.9   The parties shall co-operate with the Independent Actuary and
                comply with its reasonable requests made in connection with the
                carrying out of its duties under this Agreement. In particular
                without limitation XL Insurance shall keep up-to-date and
                subject to reasonable notice make available to Winterthur,
                Winterthur's Accountants, Winterthur's Actuary and the
                Independent Actuary its books, records, contracts and agreements
                relating to the Relevant Operations during normal business hours
                during the period from the appointment of the Independent
                Actuary down to the making of the determination by the
                Independent Actuary.

        4.4.10  Subject to Clause 4.4.11 nothing in this Clause 4.4 shall
                entitle a party or the Independent Actuary access to any
                information or document which is protected by legal professional
                privilege or any other legal obligation of confidentiality or
                which has been prepared by the other party or its accountants,
                actuaries and other professional advisers with a view to
                assessing the merits of any claim or argument.

        4.4.11  A party shall not be entitled by reason of Clause 4.4.10 to
                refuse to supply such part or parts of documents as contain only
                the facts on which the relevant claim or argument is based.

        4.4.12  Each party shall and shall procure that its accountants,
                actuaries and other advisers shall and shall instruct the
                Independent Actuary to keep all information and documents
                provided to them pursuant to this Clause 4.4 confidential and
                shall not use the same for any purpose except for use in
                connection with the matters contemplated by this Clause 4.

<PAGE>

4.5.    SEASONED NET PREMIUMS RECEIVABLE PAYMENT

        4.5.1   If the Seasoned Net Premiums Receivable Balance as finally
                agreed or determined pursuant to Clause 4.4 is greater than 105
                per cent of the Initial Net Premiums Receivable Balance XL
                Insurance shall or shall procure that other Purchasers as
                appropriate pay to Winterthur or other Sellers as appropriate
                within five Business Days of such agreement or determination an
                amount in US Dollars equal to 100 per cent of the difference
                between:

                (i)     the Seasoned Net Premiums Receivable Balance; and

                (ii)    105 per cent of the Initial Net Premiums Receivable
                        Balance, plus interest thereon (from and including the
                        End Date, to but excluding the date such payment is
                        made) at a non-compounding rate per annum of 0.5 per
                        cent above the Base Rate.

        4.5.2   If the Seasoned Net Premiums Receivable Balance as finally
                agreed or determined pursuant to Clause 4.4 is less than 95 per
                cent of the Initial Net Premiums Receivable Balance Winterthur
                shall or shall procure that other Sellers as appropriate pay to
                XL Insurance or other Purchasers as appropriate within five
                Business Days of such agreement or determination an amount in US
                Dollars equal to 100 per cent of the difference between:

                (i)     95 per cent of the Initial Net Premiums Receivable
                        Balance; and

                (ii)    the Seasoned Net Premiums Receivable Balance, plus
                        interest thereon (from and including the End Date to but
                        excluding the date such payment is made) at a
                        non-compounding rate per annum of 0.5 per cent above the
                        Base Rate.

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