Document:

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                                                                    Exhibit 10.2

                             EMPLOYMENT AGREEMENT
                             --------------------

         THIS AGREEMENT, made and entered into as of October 1, 1998 (the
"Effective Date"), by and between Clare Moran (the "Executive") and LaSalle Re
Limited (the "Company");

                               WITNESSETH THAT:
                               ---------------

         WHEREAS, the parties desire to enter into this Agreement pertaining to
the continued employment of the Executive by the Company;

         NOW, THEREFORE, in consideration of the mutual covenants and agreements
set forth below, it is hereby covenanted and agreed by the Executive and the
Company as follows:

         1. Performance of Services. The Executive's continued employment with
            -----------------------
the Company shall be subject to the following:

(a)      Subject to the provisions of this Agreement, the Company hereby agrees
         to employ the Executive as a Vice President of the Company during the
         Agreement Term (as defined below), and the Executive hereby agrees to
         remain in the employ of the Company during the Agreement Term.

(b)      During the Agreement Term, while the Executive is employed by the
         Company, the Executive shall devote, subject to paragraph 1(f), his
         full time, energies and talents to performing his duties under this
         Agreement.

(c)      The Executive agrees that he shall perform his duties faithfully and
         efficiently subject to the directions of the Board of Directors (the
         "Board") and the Chief Executive Officer (the "CEO") of the Company.
         The Executive's duties may include providing services for the Company,
         LaSalle Re Holdings Limited (the "Holding Company"), and the
         Subsidiaries (as defined below), as determined by the CEO; provided
         that the Executive shall not, without his consent, be assigned tasks
         that would be inconsistent with his position at the Company. The
         Executive will have such authority and power as are inherent to the
         undertakings applicable to his position and necessary to carry out his
         responsibilities and the duties required of him hereunder.

(d)      While the Executive is employed by the Company, he shall be subject to
         the duties that reasonably apply to the Company's officers and
         employees (including, without limitation, the duty of loyalty to the
         Company).

(e)      The Company may change the Executive's title and duties in the event of
         reorganization, restructuring, or similar circumstances, except that
         the Executive shall have a senior executive position at all times
         during the Agreement Term while he is employed by the Company.

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(f)      Notwithstanding the foregoing provisions of this paragraph 1, during
         the Agreement Term, the Executive may devote reasonable time to
         activities other than those required under this Agreement, including
         the supervision of his personal investments, and activities involving
         professional, charitable, educational, religious and similar types of
         organizations, speaking engagements, membership of the boards of
         directors of other organizations, and similar type of activities, to
         the extent that such other activities do not inhibit or prohibit the
         performance of the Executive's duties under this Agreement, or conflict
         in any material way with the business of the Company, the Holding
         Company, or any Subsidiary; provided, however, that except as otherwise
         expressly provided in this Agreement, the Executive shall not serve on
         the board of any business, or hold any position with any business
         without the consent of the Board and the CEO of the Company.

(g)      The Executive will be required to maintain a residence in Bermuda while
         employed by the Company.

(h)      The Company will use its reasonable best efforts to maintain a Bermuda
         work permit for the Executive. The Executive shall cooperate with the
         Company and the appropriate authorities in maintaining such permit. The
         Executive's employment by the Company is conditioned upon the Company's
         ability to keep current all required work permits, and except as
         otherwise provided in this paragraph 1(h), the Company shall have no
         further obligation to the Executive if, after employing its reasonable
         best efforts, it is unable to maintain such permits. If despite the
         Company's best efforts to maintain the Bermuda work permit, the work
         permit is terminated or revoked by the Government of Bermuda through no
         fault of the Executive, then the Executive shall be deemed to have
         received written notice from the Company that his Date of Termination
         is the date on which the termination or revocation of his or her work
         permit is effective, and the Executive shall be entitled to the
         benefits provided for Termination by the Company under Section 3(g). In
         addition, the Company shall reimburse the Executive for reasonable
         costs actually incurred by the Executive and the members of his or her
         immediate family to relocate to the nation in which the Executive
         maintains citizenship; provided, however, that such reimbursement shall
         be made only if such relocation occurs within a reasonable time
         following such Date of Termination. The reasonableness of the cost and
         time of relocation shall be determined by the Board of Directors of the
         Company.

(i)      Subject to the provisions of this Agreement, the Executive shall not be
         required to perform services under this Agreement during any period
         that he is Disabled. The Executive shall be considered "Disabled"
         during any period in which he has a physical or mental disability which
         renders him incapable, after reasonable accommodation, of performing
         his duties under this Agreement. In the event of a dispute as to
         whether the Executive is Disabled, the Company may refer the same to a
         licensed practicing physician of the Company's choice, and the
         Executive agrees to submit to such tests and examination as such
         physician shall deem appropriate.

(j)      The "Agreement Term" shall be the period beginning on the Effective
         Date and ending on the first anniversary of the Effective Date;
         provided, however, that such Agreement Term shall automatically be
         renewed daily, such that at any time on or after the Effective

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         Date, the remaining term shall equal one year. However, such additional
         day-to-day renewals may be terminated by either party be delivering
         written notice of such termination to the other party, in accordance
         with the requirements of paragraph 18. The cessation of the automatic
         renewals shall be effective on the date such written notice is deemed
         to be given to the other party in accordance with paragraph 18, such
         that the Agreement term shall end on the one-year anniversary of the
         date such written notice is deemed given to the other party. For
         purposes of this Agreement, a Notice of Termination, as described in
         paragraph 3(i), shall be deemed to be a notice to terminate day-to-day
         renewals.

(k)      For purposes of this Agreement, the term "Subsidiary" shall mean any
         company (regardless of whether incorporated) during any period in which
         50% or more of the total combined voting power of all classes of stock
         (or other ownership interest) entitled to vote is owned, directly or
         indirectly, by the Company.

         2. Compensation. Subject to the provisions of this Agreement, during
            ------------
the Agreement Term, while he is employed by the Company, the Company shall
compensate the Executive for the Executive's services as follows:

(a)      Salary. The Executive shall receive, for each 12-consecutive month
         ------
         period beginning on the Effective Date and each anniversary thereof, in
         substantially equal monthly or more frequent installments, an annual
         base salary of $125,000 (the "Salary"). In no event shall the Salary of
         the Executive be reduced to an amount that is less than the amount
         specified in this paragraph (a), or to an amount that is less than the
         amount that he was previously receiving, except to the extent that
         reductions of the same percentage are being made at the same time to
         the salaries of all other Company officers in the corporate office at
         or above the vice-president level, and such Salary shall be restored to
         its prior level when, and to the same extent, as the restoration that
         applies to the other officers.

(b)      Bonus. The Executive shall be entitled to receive bonuses from the
         -----
         Company as determined in the discretion of the Board.

(c)      Disability. The Executive shall receive from the Company disability
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         income replacement coverage which will provide for replacement of
         income at a commercially reasonable rate during any period in which the
         Executive is Disabled if the disability arose during the Agreement Term
         and prior to the Executive's Date of Termination. During any period
         while the Executive is Disabled, and is otherwise entitled to receive
         Salary under this Agreement, any Salary payments to the Executive shall
         be reduced by the amount of any benefits paid for the same period of
         time under the Company's disability income replacement coverage.

(d)      Pension. The Company will provide the Executive with a defined
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         contribution savings plan, into which the Company will make a
         contribution for each fiscal year equal to 10% of the Salary paid to
         the Executive for such fiscal year. The plan will also provide that the
         Executive may make annual contributions equal to or less than the
         Company's contribution.

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(e)      Automobile. The Company will provide the Executive with an allowance
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         toward the cost of an automobile in Bermuda, the amount of which will
         be approved by the CEO. The Company will assume responsibility for the
         cost of insurance, maintenance and similar items. The Executive's
         personal use of the automobile will be permitted. The perquisite shall
         be governed by the rules and limitations set down from time to time by
         the Company.

(f)      Housing/Living Allowance. The Company shall provide the Executive with
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         a housing and living expense allowance at the annual rate of $36,000
         for the Agreement Term, with such allowance to be payable to the
         Executive in monthly instalments.

(g)      Professional Dues. The Company will reimburse the Executive for
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         reasonable professional dues to maintain her professional standing as a
         Chartered Accountant.

(h)      Other Benefits. Except as otherwise specifically provided to the
         --------------
         contrary in this Agreement, the Executive shall be provided with the
         welfare benefits and other fringe benefits to the same extent and on
         the same terms as those benefits are provided by the Company from time
         to time to the Company's other senior management employees. However,
         the Company shall not be required to provide a benefit or perquisite
         under this paragraph 2(h) if such benefit or perquisite would duplicate
         (or otherwise be the same type as) a benefit or perquisite specifically
         required to be provided under another provision of this Agreement.

(i)      Expenses. Upon approval by the CEO, the Company will reimburse the
         --------
         Executive for reasonable expenses for entertainment, traveling, meals,
         lodging and similar items in promoting the Company's business which the
         Executive documents on a form used by the Company to report business
         expenses.

(j)      Indemnification. The Company shall maintain officers liability
         ---------------
         insurance in commercially reasonable amounts (as reasonably determined
         by the Board), and the Executive shall be covered under such insurance
         to the same extent as other senior management employees of the Company.
         The Executive shall be eligible for indemnification by the Company
         under the Company's bye-laws as currently in effect. The Company agrees
         that it shall not take any action that would impair the Executive's
         rights to indemnification under the Company's bye-laws, as currently in
         effect.

(k)      Holiday/Vacation. The Executive shall be subject to the holiday and
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         vacation policy that applies to other senior executives of the Company.

(l)      Dollar Amounts. As used in this Agreement, "dollars" or numbers
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         preceded by the symbol "$" shall mean amounts in United States Dollars.

         3. Termination. The Executive's employment during the Agreement Term
            ------------
may be terminated by the Company or the Executive without any breach of this
Agreement only under the circumstances described in paragraphs 3(a) through
3(g):

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(a)      Death.  The Executive's employment will terminate upon his death.
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(b)      Permanently Disabled. The Company may terminate the Executive's
         --------------------
         employment if he is Permanently Disabled. "Permanently Disabled" means
         that the Executive is eligible for benefits under the Company's
         long-term disability plan.

(c)      Cause. The Company may terminate the Executive's employment at any time
         -----
         for Cause. "Cause" shall mean:

         (i)      the wilful and continued failure by the Executive to
                  substantially perform his duties with the Company (other than
                  any such failure resulting from the Executive's being
                  Disabled), within a reasonable period of time after a written
                  demand for substantial performance is delivered to the
                  Executive by the CEO, which demand specifically identifies the
                  manner in which the CEO believes that the Executive has not
                  substantially performed his duties;

         (ii)     the wilful engaging by the Executive in conduct which is
                  demonstrably and materially injurious to the Company or the
                  Holding Company, monetarily or otherwise; or

         (iii)    the engaging by the Executive in egregious misconduct
                  involving serious moral turpitude to the extent that, in the
                  reasonable judgment of the CEO, the Executive's credibility
                  and reputation no longer conform to the standard of the
                  Company's executives.

         For purposes of this Agreement, no act, or failure to act, on the
         Executive's part shall be deemed "wilful" unless done, or omitted to be
         done, by the Executive not in good faith and without reasonable belief
         that the Executive's action or omission was in the best interest of the
         Company or the Holding Company.

(d)      Constructive Discharge. If the Executive (i) provides written notice to
         ----------------------
         the Company of the occurrence of a material breach of this Agreement by
         the Company, which specifically identifies the manner in which the
         Executive believes that the breach has occurred; (ii) the Company fails
         to correct such breach within a reasonable time after such notice; and
         (iii) the Executive resigns within the 60-day period following the
         occurrence of such breach, then the Executive shall be considered to
         have been constructively discharged.

(e)      Resignation by Executive. The Executive may resign for any reason by
         ------------------------
         giving the Company ninety (90) days prior written notice, except the
         Executive will be treated as having resigned under this paragraph 3(e)
         only if he has not been constructively discharged under paragraph 3(d).

(f)      Mutual Agreement. This Agreement may be terminated at any time by the
         ----------------
         mutual agreement of the parties. Any termination of the Executive's
         employment by mutual agreement of the parties will be memorialized by
         an agreement which is reduced in

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         writing and signed by the Executive and the CEO or other duly appointed
         officer of the Company.

(g)      Termination by Company. The Company may terminate the Executive's
         ----------------------
         employment at any time for any reason by giving the Executive prior
         written notice, except the Executive's employment will not be treated
         as having been terminated under this paragraph 3(g) if the termination
         is for reasons of being Permanently Disabled or for Cause.

(h)      Date of Termination. "Date of Termination" means the last day the
         -------------------
         Executive is employed by the Company, provided that the Executive's
         employment is terminated in accordance with the foregoing provisions of
         this paragraph 3.

(i)      Notice of Termination. Any termination of the Executive's employment by
         ---------------------
         the Company or the Executive (other than a termination pursuant to
         paragraph 3(a) or paragraph 3(f)) must be communicated by a written
         Notice of Termination to the other party hereto. For purposes of this
         Agreement, a "Notice of Termination" means a dated notice which
         indicates the specific termination provision in this Agreement relied
         on and which sets forth in reasonable detail the facts and
         circumstances, if any, claimed to provide a basis for termination of
         the Executive's employment under the provision so indicated.

         4. Rights Upon Termination. This paragraph 4 describes the payments and
            -----------------------
benefits to be provided to the Executive after his Date of Termination:

(a)      Payment of Previously Earned Amounts. The Executive shall receive
         ------------------------------------
         payment of accrued but unpaid Salary, vacation pay and, if expressly
         provided for in paragraph 4(d), a pro rata portion of his bonus (if
         any), in each case for the period ending with the Executive's Date of
         Termination.

(b)      No Severance Payments. If the Executive's Date of Termination occurs
         ---------------------
         during or after the end of the Agreement Term, or because of (i) the
         Executive's death, (ii) his being Permanently Disabled (paragraph
         3(b)), (iii) his termination for Cause (paragraph 3(c)), or (iv) his
         resignation (paragraph 3(e)), then, except as otherwise expressly
         provided for in this Agreement, no payments shall be due to the
         Executive under this Agreement for periods after the Date of
         Termination.

(c)      Salary Continuation. If the Executive's Date of Termination occurs
         -------------------
         during the Agreement Term because of (i) his discharge by the Company
         for reasons other than Cause (described in paragraph 3(c)), or (ii) his
         constructive discharge (described in paragraph 3(d)), the Executive
         shall continue to receive Salary payments (at the rate in effect on the
         Date of Termination) in monthly or more frequent instalments through
         the earliest of: (i) the last day of the Agreement Term; (ii) the date
         of the Executive's death, or (iii) the date, if any, of the breach by
         the Executive of the non-competition requirements of paragraph 7, the
         confidentiality requirements of paragraph 8 or the non- disparagement
         requirements of paragraph 9.

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(d)      Pro rata Bonus. Except as otherwise provided in this paragraph 4(d),
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         the Executive shall not receive a bonus for the fiscal year in which
         the Executive's Date of Termination occurs. If the Executive's Date of
         Termination occurs during the Agreement Term as a result of (i) the
         Executive's death (ii) his being Permanently Disabled (paragraph 3(b)),
         (iii) his discharge by the Company for reasons other than Cause
         (described in paragraph 3(c)), or (iv) his constructive discharge
         (described in paragraph 3(d)), the Executive shall receive a pro rata
         portion of the bonus, if any, which would have been paid pursuant to
         paragraph 2(b) for the fiscal year in which the Executive's Date of
         Termination occurs. Such portion, if any, shall be calculated for the
         period ending on the Date of Termination and shall be paid to the
         Executive (or his estate) within a reasonable period of time after the
         Company calculates the bonus amount, if any, for all employees for the
         fiscal year.

(e)      Housing/Living Expenses, Medical Benefits. If the Executive is entitled
         -----------------------------------------
         to Salary Continuation payments pursuant to paragraph 4(c), the
         Executive shall receive a housing and living expense allowance
         (described in paragraph 2(g)) and may continue to participate in the
         medical and dental plans in which he participated on the day before his
         Date of Termination through the earlier of: (i) the last day for which
         the Executive receives Salary Continuation payments pursuant to
         paragraph 4(c); or (ii) three (3) months after the Executive's Date of
         Termination. Participation in the medical and dental plans is subject
         to the Executive's payment of the applicable employee portion of the
         monthly premium cost, if any. If the Company ceases offering the
         medical and dental plans in which the Executive participated on the day
         before his Date of Termination to Company employees during this time,
         the Executive may elect to participate in any other medical or dental
         plan offered by the Company to its employees, provided however, that
         the Executive shall be responsible for paying the applicable employee
         portion of the monthly premium cost.

(f)      Other Programs. No benefits shall be payable to the Executive under any
         --------------
         other severance pay arrangement or similar arrangement maintained by
         the Company or any Subsidiary. Except as otherwise expressly provided
         in this Agreement, no other payments or benefits shall be due to the
         Executive following the Date of Termination (except as otherwise
         specifically provided under the terms of an employee benefit plan or
         arrangement).

         5. Duties on Termination. Subject to the provisions of this Agreement,
            ---------------------
during the period beginning on the date of delivery of a Notice of Termination,
and ending on the Date of Termination, the Executive shall continue to perform
his duties as set forth in this Agreement, and shall also perform such services
for the Company and the Holding Company as are necessary and appropriate for a
smooth transition to the Executive's successor, if any. Notwithstanding the
foregoing provisions of this paragraph 5, the Company may suspend the Executive
from performing his duties under this Agreement following the delivery of a
Notice of Termination providing for the Executive's resignation, or delivery by
the Company of a Notice of Termination providing for the Executive's termination
of employment for any reason; provided, however, that during the period of
suspension (which shall end on the Date of Termination), the Executive shall
continue to be treated as employed by the Company for other purposes, and his
rights to compensation or benefits shall not be reduced by reason of the
suspension.

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         6. Set-Off. If the Executive's employment with the Company is
            -------
terminated for any reason and, under the terms of this Agreement, the Executive
is otherwise entitled to receive Salary and bonus payments, such payments will
be reduced by the amount of any salary and bonus payments the Executive receives
in connection with other employment.

         7. Non-competition. While the Executive is employed by the Company, and
            ---------------
during the Non-Competition Period (as defined below), the Executive agrees that
he will not directly or indirectly perform services in a financial-related
position in Bermuda for a direct competitor of the Company. A financial-related
position shall include, but is not limited to, a financial officer or
comptroller.

For purposes of this paragraph 7:

         "Non-Competition Period" shall be determined as follows:

         (A)      If the Executive's Date of Termination occurs under
                  circumstances other than those described in paragraph 3(d)
                  (relating to constructive discharge) or paragraph 3(g)
                  (relating to certain terminations by the Company), the Non-
                  Competition Period shall be the period beginning on the Date
                  of Termination, and ending on the twenty-four-month (24)
                  anniversary of the Date of Termination.

         (B)      If the Executive's Date of Termination occurs under
                  circumstances described in paragraph 3(d) (relating to
                  constructive discharge) or paragraph 3(g) (relating to certain
                  terminations by the Company), the Non-Competition Period shall
                  be the period beginning on the Date of Termination, and ending
                  on the earlier to occur of the last day of the Agreement Term
                  or the twenty-four-month (24) anniversary of the Date of
                  Termination. However, under this paragraph (B), the Company,
                  in its discretion, by notice provided to the Executive not
                  later than fifteen (15) days after the Date of Termination,
                  may extend the Non-Competition Period beyond the end of the
                  Agreement Term, to a date specified in such notice (but not
                  later than the twenty-four-month anniversary of the Date of
                  Termination), but only if the Company agrees to provide the
                  salary continuation payments described in paragraph 4(c)
                  during such Non-Competition Period.

Nothing in this paragraph 7, paragraph 8 or paragraph 9 shall be construed as
limiting the Executive's duty of loyalty to the Company while he is employed by
the Company or any other duty he may otherwise have to the Company while he is
employed by the Company.

         8. Confidential Information. Except as may be required by the lawful
            ------------------------
order of a court or agency of competent jurisdiction, or except to the extent
that the Executive has express authorization from the Company, the Executive
agrees to keep secret and confidential indefinitely all non-public information
(including, without limitation, information regarding litigation and pending
litigation) concerning the Company, the Holding Company, and the Subsidiaries
which was acquired by or disclosed to the Executive during the course of his
employment with the Company, or during the course of his consultation with the
Company following his termination of employment (regardless of whether
consultation is pursuant to paragraph 10), and not to disclose the same, either
directly or indirectly, to any other person,

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firm, or business entity, or to use it in any way. To the extent that the
Executive obtains information on behalf of the Company, the Holding Company, or
any of the Subsidiaries that may be subject to attorney-client privilege as to
the Company's attorneys, the Executive shall take reasonable steps to maintain
the confidentiality of such information and to preserve such privilege. Nothing
in the foregoing provisions of this paragraph 8 shall be construed so as to
prevent the Executive from using, in connection with his employment for himself
or an employer other than the Company, the Holding Company, or any of the
Subsidiaries, knowledge which was acquired by him during the course of his
employment with the Company, the Holding Company, and the Subsidiaries, and
which is generally known to persons of his experience in other companies in the
same industry.

         9. Non-Disparagement. The Executive agrees that, while he is employed
            -----------------
by the Company, and after his Date of Termination, he shall not make any false,
defamatory or disparaging statements about the Company, the Holding Company, the
Subsidiaries, or the officers or directors of the Company, the Holding Company,
or the Subsidiaries that are reasonably likely to cause material damage to the
Company, the Holding Company, the Subsidiaries, or their officers or directors.
While the Executive is employed by the Company, and after his Date of
Termination, the Company agrees, on behalf of itself, the Holding Company, and
the Subsidiaries, that neither the officers nor the directors of the Company,
the Holding Company, or the Subsidiaries shall make any false, defamatory or
disparaging statements about the Executive that are reasonably likely to cause
material damage to Executive.

         10. Defense of Claims. The Executive agrees that, for the period
             -----------------
beginning the Effective Date, and continuing for a reasonable period after the
Executive's termination of employment with the Company, the Executive will
cooperate with the Company, the Holding Company and the Subsidiaries in defense
of any claims that may be made against the Company, the Holding Company and the
Subsidiaries, and will cooperate with the Company, the Holding Company or the
Subsidiaries in the prosecution of any claims that may be made by the Company,
the Holding Company or the Subsidiaries, to the extent that such claims may
relate to services performed by the Executive for the Company. The Executive
agrees to promptly inform the Company if he becomes aware of any lawsuits
involving such claims that may be filed against the Company, the Holding Company
or the Subsidiaries. The Company agrees to reimburse the Executive for all of
the Executive's reasonable out-of-pocket expenses associated with such
cooperation, including travel expenses. For periods after the Executive's
employment with the Company terminates, the Company agrees to provide reasonable
compensation to the Executive for such cooperation. The determination of the
reasonableness of such compensation shall take into account information provided
to the Company by the Executive or otherwise known to the Company, which may
include, without limitation, (a) the Executive's rate of compensation at the
time he ceased employment with the Company, and whether he is then receiving
other compensation payments from the Company; (b) the Executive's rate of
compensation at the time of such cooperation; (c) the amount of time required of
the Executive for such cooperation; (d) difficulty of the issues as to which the
cooperation is required; (e) the amount of inconvenience to the Executive
resulting from such cooperation (including consideration of factors such as the
amount of travel required of the Executive, the effect on other commitments of
the Executive, and the amount of advance notice provided to the Executive); and
(f) whether such cooperation would be legally required in the absence of the
requirements of this paragraph 10. The Executive also agrees to promptly inform
the Company

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if he is asked to assist in any investigation of the Company, the Holding
Company or the Subsidiaries (or their actions) that may relate to services
performed by the Executive for the Company, regardless of whether a lawsuit has
then been filed against the Company, the Holding Company or the Subsidiaries
with respect to such investigation.

         11. Remedies. The Executive acknowledges that the Company or the
             --------
Holding Company would be irreparably injured by a violation of paragraph 7,
paragraph 8, or paragraph 9, and he agrees that the Company, in addition to any
other remedies available to it for such breach or threatened breach, shall be
entitled to a preliminary injunction, temporary restraining order, or other
equivalent relief, restraining the Executive from any actual or threatened
breach of either paragraph 7, paragraph 8 or paragraph 9. The Company
acknowledges that the Executive would be irreparably injured by a violation of
paragraph 9, and the Company agrees that the Executive, in addition to any other
remedies available to him for such breach or threatened breach, shall be
entitled to a preliminary injunction, temporary restraining order, or other
equivalent relief, restraining the Company from any actual or threatened breach
of paragraph 9. If a bond is required to be posted in order for the Company or
the Executive to secure an injunction or other equitable remedy, the parties
agree that said bond need not be more than a nominal sum.

         12. Nonalienation. The interests of the Executive under this Agreement
             -------------
are not subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment, or garnishment by creditors of the
Executive or the Executive's beneficiary.

         13. Amendment. This Agreement may be amended or canceled only by mutual
             ---------
agreement of the parties in writing without the consent of any other person. So
long as the Executive lives, no person, other than the parties hereto, shall
have any rights under or interest in this Agreement or the subject matter
hereof.

         14. Applicable Law. The provisions of this Agreement shall be construed
             --------------
in accordance with the laws of Bermuda, without regard to the conflict of law
provisions of any jurisdiction. All disputes shall be arbitrated or litigated
(whichever is applicable) in Bermuda.

         15. Severability. The invalidity or unenforceability of any provision
             ------------
of this Agreement will not affect the validity or enforceability of any other
provision of this Agreement, and this Agreement will be construed as if such
invalid or unenforceable provision were omitted (but only to the extent that
such provision cannot be appropriately reformed or modified).

         16. Waiver of Breach. No waiver by any party hereto of a breach of any
             ----------------
provision of this Agreement by any other party, or of compliance with any
condition or provision of this Agreement to be performed by such other party,
will operate or be construed as a waiver of any subsequent breach by such other
party or any similar or dissimilar provisions and conditions at the same or any
prior or subsequent time. The failure of any party hereto to take any action by
reason of such breach will not deprive such party of the right to take action at
any time while such breach continues.

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         17. Successors. This Agreement shall be binding upon, and inure to the
             ----------
benefit of, the Company and its successors and assigns and upon any person
acquiring, whether by merger, consolidation, purchase of assets or otherwise,
all or substantially all of the Company's assets and business.

         18. Notices. Notices and all other communications provided for in this
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Agreement shall be in writing and shall be delivered personally or sent by
registered or certified mail, return receipt requested, postage prepaid, or sent
by facsimile or prepaid overnight courier to the parties at the addresses set
forth below (or such other addresses as shall be specified by the parties by
like notice). Such notices, demands, claims and other communications shall be
deemed given:

(a)      in the case of delivery by overnight service with guaranteed next day
         delivery, the next day or the day designated for delivery;

(b)      in the case of certified, registered or similar mail delivery, five
         days after deposit in the local mail; or

(c)      in the case of facsimile, the date upon which the transmitting party
         received confirmation of receipt by facsimile, telephone or otherwise;

provided, however, that in no event shall any such communications be deemed to
be given later than the date they are actually received. Communications that are
to be delivered by the mail or by overnight service are to be delivered to the
addresses set forth below:

to the Company:

         LaSalle Re Limited
         25 Church Street
         Hamilton HMFX - Bermuda

or to the Executive:

         Clare Moran
         25 Church Street
         Hamilton, HMFX, Bermuda

All notices to the Company shall be directed to the attention of the chief
executive officer of the Company, with a copy to the Secretary of the Company.
Each party, by written notice furnished to the other party, may modify the
applicable delivery address, except that notice of change of address shall be
effective only upon receipt.

         19. Arbitration of All Disputes. Any controversy or claim arising out
             ---------------------------
of or relating to this Agreement (or the breach thereof) shall be settled by
final, binding and non-appealable arbitration in Bermuda by three arbitrators.
Except as otherwise expressly provided in this paragraph 19, the arbitration
shall be conducted in accordance with the Arbitration Act 1986 as then in
effect. One of the arbitrators shall be appointed by the Company, one shall be
appointed by the Executive, and the third shall be appointed by the first two
arbitrators. If the first two

                                      11
<PAGE>

arbitrators cannot agree on the third arbitrator within 30 days of the
appointment of the second arbitrator, then the third arbitrator shall be
appointed by the President of the Bermuda Bar Council.

         20. Survival of Agreement. Except as otherwise expressly provided in
             ---------------------
this Agreement, the rights and obligations of the parties to this Agreement
shall survive the termination of the Executive's employment with the Company.

         21. Entire Agreement. Except as otherwise noted herein, this Agreement,
             ----------------
including any Exhibit(s) attached hereto, constitutes the entire agreement
between the parties concerning the subject matter hereof and supersedes all
prior and contemporaneous agreements, if any, between the parties relating to
the subject matter hereof. The enforceability of this Agreement shall not cease
or otherwise be adversely affected by the termination of the Executive's
employment with the Company.

         22. Acknowledgment by Executive. The Executive represents to the
             ---------------------------
Company that he is knowledgeable and sophisticated as to business matters,
including the subject matter of this Agreement, that he has read this Agreement
and that he understands its terms. The Executive acknowledges that, prior to
assenting to the terms of this Agreement, he has been given a reasonable time to
review it, to consult with counsel of his choice, and to negotiate at arm's-
length with the Company as to the contents. The Executive and the Company agree
that the language used in this Agreement is the language chosen by the parties
to express their mutual intent, and that no rule of strict construction is to be
applied against any party hereto. The Executive represents and warrants that he
is not, and will not become a party to any agreement, contract, arrangement or
understanding, whether of employment or otherwise, that would in any way
restrict or prohibit him from undertaking or performing his duties in accordance
with this Agreement.

         23. Titles and Headings. Titles and headings in this Agreement are for
             -------------------
ease of reference and convenience only, and shall not be construed to affect the
meaning of any provision of this Agreement.

         IN WITNESS THEREOF, the Executive has hereunto set his hand, and the
Company has caused these presents to be executed in its name and on its behalf,
and its corporate seal to be hereunto affixed, all as of the day and year first
above written.

                                       /s/ Clare Moran
                                       -----------------------------

                                       Clare Moran

                                       LASALLE RE LIMITED

                                       By:/s/ Guy Hengesbaugh
                                          --------------------------
                                          Guy Hengesbaugh
                                          Chief Executive Officer

                                      12<PAGE>

                                                                    Exhibit 10.3

                       AMENDMENT OF EMPLOYMENT AGREEMENT
                       ---------------------------------

         THIS AGREEMENT, made and entered into as of June 1, 1999 (the
"Effective Date"), by and between Clare Moran (the "Executive") and LaSalle Re
Limited (the "Company");

                               WITNESSETH THAT:
                               ---------------

         WHEREAS, the parties have previously entered into an employment
agreement dated as of October 1, 1998, (the "Employment Agreement"); and

         WHEREAS, amendment of the Employment Agreement is now desirable to
reflect certain recommendations of the Compensation Committee;

         NOW, THEREFORE, it is hereby agreed by and between the Company and the
Executive that the following is substituted for paragraph 7 of the Employment
Agreement, effective June 1, 1999:

         "7. Non-competition. While the Executive is employed by LaSalle Re
             ---------------
Limited, and for a period of twelve months following the Executive's termination
of employment with LaSalle Re Limited, the Executive agrees that he or she will
not directly or indirectly perform services in a financial-related position in
Bermuda for a direct specialist reinsurance competitor of LaSalle Re Limited,
which competitor writes similar business to that of LaSalle Re Limited that is
of a predominantly property catastrophe nature. Nothing in this paragraph 7,
paragraph 8, or paragraph 9 shall be construed as limiting the Executive's duty
of loyalty to LaSalle Re Limited and the Holding Company while he or she is
employed by LaSalle Re Limited or any other duty he or she may otherwise have to
LaSalle Re Limited or the Holding Company while he or she is employed by LaSalle
Re Limited."

         IN WITNESS THEREOF, the Executive has hereunto set her hand, and the
Company has caused these presents to be executed in its name and on its behalf,
and its corporate seal to be hereunto affixed, all as of the day and year first
above written.

                                         /s/ Clare Moran
                                         ---------------------------
                                         Clare Moran

                                         LASALLE RE LIMITED

                                         By: /s/ Guy Hengesbaugh
                                             -----------------------
                                         Guy Hengesbaugh
                                         Chief Executive Officer

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