Document:

<PAGE>
                                                                   Exhibit 10.16

                                 AMENDMENT NO. 2

                                       TO

                          UNDERWRITING AGENCY AGREEMENT
                       DATED DECEMBER 1, 2001, AS AMENDED

WHEREAS, Allied World Assurance Company, Ltd and IPCRe Underwriting Services
Ltd. had entered into an Underwriting Agency Agreement dated as of December 1,
2001 and amended on February 21, 2003;

WHEREAS, Section 2.2 C of the Underwriting Agency Agreement the Zonal Limit is
established at $200 million;

WHEREAS, it is deemed desirable to increase the Zonal Limit to $225 million.

NOW, THEREFORE IT IS AGREED that Section 2.2 C of the Underwriting Agency
Agreement be amended to increase the Zonal Limit to "$225 million per zone;"

IN WITNESS WHEREOF, the parties hereto have duly executed this AMENDMENT NO. 2
to the UNDERWRITING AGENCY AGREEMENT as of March 28, 2003.

For and on behalf of                    For and on behalf of
IPCRE UNDERWRITING SERVICES LTD.        ALLIED WORLD ASSURANCE COMPANY, LTD

-------------------------------------   ----------------------------------------<PAGE>
                                                                   Exhibit 10.17

                                 AMENDMENT NO. 3

                                       TO

                          UNDERWRITING AGENCY AGREEMENT
                       DATED OCTOBER 31, 2003, AS AMENDED

WHEREAS, Allied World Assurance Company, Ltd and IPCRe Underwriting Services
Ltd. had entered into an Underwriting Agency Agreement dated as of December 1,
2001, amended on February 21, 2003 and March 28, 2003;

WHEREAS, in Section 2.2 C of the Underwriting Agency Agreement, the Zonal Limit
is established at $225 million;

WHEREAS, it is deemed desirable to increase the Zonal Limit to $250 million.

WHEREAS, in Section 2.2 A of the Underwriting Agency Agreement, the annual
original premium written referred to therein shall not exceed $60 million; and

WHEREAS, it is deemed desirable to increase the annual original premium written
to $75 million.

NOW, THEREFORE IT IS AGREED that the Underwriting Agency Agreement be amended as
follows:

     A.   That Section 2.2 C of the Underwriting Agency Agreement be amended to
          increase the Zonal Limit to "$250 million per zone".

     B.   That Section 2.2 A be deleted and replaced with the following:

          "The annual original premium written (excluding reinstatement premium)
          for Subject Business ceded to the Company pursuant to reinsurance
          treaties entered into by the Underwriting Agent on behalf of the
          Company shall not exceed $75 million, in the aggregate, without the
          prior consent of an executive officer of the Company;"

IN WITNESS WHEREOF, the parties hereto have duly executed this AMENDMENT NO. 3
to the UNDERWRITING AGENCY AGREEMENT as of October 31, 2003.

For and on behalf of                    For and on behalf of
IPCRE UNDERWRITING SERVICES LTD.        ALLIED WORLD ASSURANCE COMPANY, LTD

-------------------------------------   ----------------------------------------<PAGE>
                                                                   Exhibit 10.18

                                 AMENDMENT NO. 4

                                       TO

                          UNDERWRITING AGENCY AGREEMENT
                       DATED DECEMBER 1, 2001, AS AMENDED

     This AMENDMENT NO. 4 TO UNDERWRITING AGENCY AGREEMENT (this "Amendment") is
made and entered into as of October 26, 2005, by and between Allied World
Assurance Company, Ltd (the "Company") and IPCRe Underwriting Services Limited
(the "Underwriting Agent").

                                   WITNESSETH:

     WHEREAS, the Company and the Underwriting Agent have entered into an
Underwriting Agency Agreement, dated as of December 1, 2001, as amended from
time to time (the "Agreement"); and

     WHEREAS, the Company and the Underwriting Agent desire to further amend the
Agreement in accordance with the terms and conditions contained herein;

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and the Underwriting
Agent agree as follows:

     1. It is hereby agreed that Section 2.2 A of the Agreement be deleted in
its entirety and the following be inserted in lieu thereof:

          "Except as otherwise specifically provided, the annual original
          premium written for the Subject Business ceded to the Company pursuant
          to reinsurance treaties entered into by the Underwriting Agent on
          behalf of the Company shall not be limited in the aggregate;"

     2. It is hereby agreed that Section 2.2 C of the Agreement be deleted in
its entirety and the following be inserted in lieu thereof:

          "The maximum limit of liability under reinsurance treaties entered
          into by the Underwriting Agent on behalf of the Company will be $20
          million per program, it being understood that where multiple programs
          are written for a single client group of companies, the limit shall be
          applied separately to each separate segment of risk, based on
          geographic zone or line of business, provided that applying such
          separate limits will not result in any significant correlation leading
          to additional accumulation of risks related to any such client group,
          and provided further that in no event shall

<PAGE>

          the aggregate risk limit associated with any individual geographic
          zone (which zones are described in Addendum A to this Agreement) in
          which Subject Business risks are located exceed $250 million per zone
          (the "General Zonal Limit"), and provided further that the aggregate
          risk limit associated with the Northern Europe zone in which Subject
          Business risks are located shall not exceed $350 million (together
          with the General Zonal Limit the "Zonal Limits") $70 million of such
          Northern Europe capacity to be used exclusively for mutual insurers;
          co-operatives; regional insurers; single-country insurers; and certain
          programs, as individually agreed, for local subsidiaries of
          pan-European insurers;"

     3. It is hereby agreed that the following be added to the end of Section 9
of the Agreement:

          "Because currency fluctuations can and do occur, the Underwriting
          Agent will use its reasonable best efforts to comply with all of the
          monetary limits contained herein; provided, however, that any
          violations of such limits due to currency fluctuations will be
          discussed and managed appropriately by both parties hereto."

     4. Capitalized terms used herein but not otherwise defined shall have the
meaning as set forth in the Agreement.

     5. Except to the extent amended hereby, the Agreement, as previously
amended, shall remain unmodified and in full force and effect in accordance with
its terms.

     6. This Amendment may be executed in any number of counterparts which
together shall constitute one and the same instrument.

     IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as
of the date first above written.

For and on behalf of                    For and on behalf of
IPCRE UNDERWRITING SERVICES LTD.        ALLIED WORLD ASSURANCE COMPANY, LTD

-------------------------------------   ----------------------------------------

                                       -2-<PAGE>
                [ALLIED WORLD ASSURANCE COMPANY LTD. LETTERHEAD]

                                                                   Exhibit 10.19
5 December 2005

BY HAND

Mr. Jim Bryce
President & CEO - IPC Re.
29 Richmond Road
Pembroke HM08.

Dear Jim,

Per our discussions and terms of the underwriting agreement, we wish to inform
you that it's our intent to proceed with the cancellation of the agreement,
which will take effect at year-end 2007.

It's an AWAC Strategy direction to reduce our volatility and catastrophe
exposure in this environment. And, while we very much appreciate our
partnership, your efforts and your guidance for the past three years, we
respectfully must wind down this arrangement.

Should circumstances change or market conditions substantially improve in the
future, we would hope that our history and relationship together might warrant
further discussions on the matter.

Sincerely,

/s/ Scott Carmilani

cc: William Davis
    Wes Dupont<PAGE>

                                                                   EXHIBIT 10.20

                          Transatlantic Holdings, Inc.
                                 80 Pine Street
                            New York, New York 10005

                        TIRS LICENSE AGREEMENT COVER PAGE

Allied World Assurance Company, Ltd. ("Licensee") has agreed to license the TIRS
computer software from Transatlantic Holdings, Inc. ("THI") on the terms and
conditions set forth in this License Agreement.

<TABLE>
<S>                              <C>
Customer Name                    Contact Information
Allied World Assurance           Name: Andrew Peel
Company, Ltd.                    Telephone: 441-505-5256 Fax No.
                                 Email Address:
                                 Mailing Address: 29 Richmond Road
                                                  Pembroke HM 08 Bermuda

Initial Term Start Date          Initial Term End Date
November 17, 2003                Subsequent to the Initial Term, this Agreement
                                 shall automatically renew for successive
                                 renewal terms of one (1) year each (Renewal
                                 Term) unless either party notifies the other of
                                 its desire not to renew prior to the expiration
                                 of the Initial Term or relevant Renewal Term.

TIRS Software Version            Maintenance and Upgrades
TIRS Version 7.000               THI will provide the upgrades and updates to
                                 the TIRS Software that are generally made
                                 available to licensees of the TIRS Software.

Required Environment             Training
Unix server running Informix     Five (5) consecutive days of onsite training is
IDS (database server) version    included with initial license agreement.
9.x or higher and Windows NT,    Additional training can be purchased from THI.
2000, or XP-based PC clients
running Informix Connect
version 9.x or higher.

Initial Term License Fees        Payment Due Date
Year 1: $1,000,000               December 15, 2003
Year 2: $1,100,000               October 17, 2004
Year 3: $1,200,000               October 17, 2005
Total: $3,300,000
</TABLE>

<PAGE>

                                                                        11/14/03

                 SOFTWARE LICENSE AGREEMENT TERMS AND CONDITIONS

     This Software License Agreement Terms and Conditions ("Agreement") is
entered into as of November 14, 2003 (the "EFFECTIVE DATE") by and between
Transatlantic Holdings, Inc. ("THI") and Allied World Assurance Company, Ltd.
("LICENSEE").

     1.   LICENSE GRANT

     1.1. Subject to the terms and conditions set forth herein, THI hereby
          grants to Licensee, a worldwide, nontransferable, nonexclusive,
          nonassignable, limited license and right to access, use, copy (as
          expressly permitted herein), and modify THI's The International
          Reinsurance Systems computer software product(s) (as identified on the
          Cover Page of this Agreement) together with all documentation and
          other materials accompanying such product(s) (together, the "TIRS
          SOFTWARE").

     1.2. Neither this Agreement nor the TIRS Software may be sold, leased,
          assigned, sublicensed or otherwise transferred by Licensee, in whole
          or in part, unless otherwise agreed in writing by THI.

     2.   SCOPE

     2.1. Licensee's use of the TIRS Software shall be limited to use to process
          only Licensee's own internal business. Licensee is authorized to make
          a reasonable number of copies of TIRS Software for the purposes of
          quality assurance, testing, backup and disaster recovery purposes.
          Licensee will keep records of each copy made, where such copy is
          located and the authorized user thereof. Such records will be
          available for inspection at any reasonable time by THI upon ten (10)
          days notice.

     2.2. Licensee has the right to develop interfaces to the TIRS Software in
          conjunction with its use of the TIRS Software. Such Licensee-developed
          software interfaces will remain the intellectual property of Licensee
          or its vendors.

     3.   DELIVERY; INSTALLATION; SOURCE CODE ESCROW

     3.1. The TIRS Software will be supplied as a run-time machine executable
          application on a date to be agreed between the parties. Source code
          for the TIRS Software is not licensed to Licensee, and will not be
          provided to Licensee unless otherwise agreed between the parties in
          writing.

     3.2. Licensee is responsible for providing the following operating
          environment upon which the TIRS Software will run: a Unix server
          running Informix IDS (database server) version 9.x. or higher and
          Windows NT, 2000, or XP-based PC clients running Informix Connect
          version 9.x or higher. Licensee shall furnish and make available its
          equipment and facilities as required for the installation, operation
          or

Page 2 of 15

<PAGE>

          maintenance of the TIRS Software, and take such action as may be
          necessary to ensure that the operating environment specified in this
          Section 3.2 is operable as of the agreed date of installation.
          Licensee is also responsible for obtaining all appropriate licenses,
          including all necessary licenses for the Informix software products,
          relating to the operating environment.

     3.3. THI will use commercially reasonable efforts to assist Licensee to
          install and configure the TIRS Software, and, if necessary, the
          Informix server software product.

     3.4. Within thirty (30) days after the Effective Date, THI shall enter into
          a source code escrow agreement (the "Source Code Escrow Agreement")
          with a reputable escrow agent (the "Source Code Escrow Agent") and
          make Licensee a beneficiary to the Source Code Escrow Agreement. In
          the event that the Source Code Escrow Agreement expires or is
          terminated, THI shall promptly notify Licensee thereof and THI agrees
          to immediately enter into a new escrow agreement on the same terms
          with another escrow agent, which shall be mutually agreed to by the
          parties. Upon making Licensee a beneficiary to the Source Code Escrow
          Agreement, THI will deposit with the Escrow Agent a documented copy of
          the source code form of the TIRS Software, a listing thereof,
          commentary, developer notes, libraries, tools, utilities and other
          related materials in a source code escrow account. If THI corrects any
          defects in the TIRS Software, or provides any new corrected releases,
          new versions, modifications or enhancements to the TIRS Software, THI
          shall simultaneously furnish the Escrow Agent with a corrected or
          revised copy of the source code form of the TIRS Software (the revised
          copies and the original copies, collectively, the "Escrowed
          Materials"). THI shall obtain the right in the Source Code Escrow
          Agreement for Licensee, as a beneficiary under the Source Code Escrow
          Agreement, to audit THI's escrow account with the Escrow Agent in
          order to confirm that THI has complied with its obligations to comply
          its obligations to deposit all of the materials and documents required
          pursuant to this Section.

     3.5. The Escrowed Materials will be released from escrow if THI becomes the
          subject of any voluntary or involuntary proceeding in bankruptcy,
          liquidation, dissolution, receivership, attachment or composition, or
          makes a general assignment for the benefit of creditors. Without any
          limitation of the rights granted to Licensee in Section 1 of this
          Agreement, THI hereby grants to Licensee, under any and all of THI's
          intellectual property rights (both now and in the future), a
          perpetual, irrevocable, non-exclusive right and license to access,
          use, display and modify the Escrowed Materials ("Source Code License
          Rights") solely for the purpose of supporting the TIRS Software;
          provided, that although the foregoing grant is effective as of the
          Effective Date, Licensee may exercise any such Source Code License
          Rights only upon the occurrence of the release of the Escrowed
          Materials to Licensee pursuant to this Section.

Page 3 of 15

<PAGE>

     3.6  All rights and licenses granted under or pursuant to this Agreement by
          THI are, and shall otherwise be deemed to be, for purposes of Section
          365(n) of the United States Bankruptcy Code (the "Code"), licenses to
          rights to "Intellectual Property" as defined under the Code. The
          parties agree that Licensee, as licensee of such rights under this
          Agreement shall retain and may fully exercise all of its rights and
          elections under the Code. The parties further agree that, in the event
          of the commencement of any bankruptcy proceeding by or against either
          party under the Code, either party shall be entitled to retain all of
          its rights under this Agreement.

     4.   TERM AND TERMINATION

     4.1. Term of License. Subject to earlier termination as described in
          Section 4.2, and unless otherwise agreed in writing by the parties,
          this Agreement shall commence on the Initial Term Start Date set forth
          on the Cover Page, and shall continue until the Initial Term End Date
          set forth on the Cover Page (such period being referred to as the
          "INITIAL TERM"). Thereafter, this Agreement shall automatically renew
          for successive renewal terms of one (1) year each ("RENEWAL TERMS"),
          unless either party notifies the other of its desire not to renew at
          least ninety (90) days prior to the expiration of the Initial Term or
          Renewal Term then in effect.

     4.2. Termination of License. This Agreement may be terminated prior to the
          expiration of the Initial Term or any subsequent Renewal Term as
          follows:

               a.   Either party may terminate this Agreement at any time upon
                    thirty (30) days prior written notice to the other party if
                    the other party has breached any of its material obligations
                    and has not cured such default prior to the expiration of
                    the thirty (30) day period. In addition, either party will
                    have the right to terminate this Agreement upon thirty (30)
                    days prior written notice if a Force Majeure Condition (as
                    defined in Section 12.4) has prevented performance by the
                    other party for more than one hundred twenty (120)
                    consecutive days.

               b.   Either party may terminate this Agreement at any time upon
                    thirty (30) days prior written notice to the other party if
                    a court or other governmental entity issues an order that
                    requires THI to materially alter the TIRS Software or
                    otherwise materially restricts or limits THI's ability to
                    deliver or license the TIRS Software as it exists as of the
                    Effective Date of this Agreement.

               c.   THI may terminate this Agreement at any time upon written
                    notice to Licensee if any assignment is made by Licensee for
                    the benefit of creditors, or if a receiver, trustee in
                    bankruptcy or similar officer shall be appointed to take
                    charge of any or all of Licensee's property, or if

Page 4 of 15

<PAGE>

                    Licensee files a voluntary petition under federal bankruptcy
                    laws or similar state or foreign statutes or such a petition
                    is filed against Licensee and is not dismissed within
                    forty-five (45) days, or if Licensee liquidates or otherwise
                    winds up its business for any reason.

               d.   THI may terminate this Agreement if a third party acquires
                    Licensee, if Licensee merges with a third party, or if any
                    entity that did not have a majority ownership interest in
                    Licensee as of the Effective Date subsequently acquires a
                    majority ownership interest in Licensee, by providing twelve
                    months written notice to Licensee of such termination,
                    following THI's actual knowledge of such change in control
                    of Licensee.

     4.3. The parties agree that unauthorized use, disclosure or transfer of the
          TIRS Software may substantially diminish the value of such materials
          and irreparably harm THI, and therefore further agree that THI shall
          be entitled to injunctive and/or other equitable relief, in addition
          to other remedies afforded by law, to prevent or restrain a breach of
          this Agreement.

     4.4. Upon any expiration or termination of this Agreement, Licensee shall
          immediately return to THI (or, at THI's option, destroy and certify in
          writing to THI that it has destroyed) the original and all copies of
          the TIRS Software, including compilations, translations, partial
          copies, archival copies, upgrades, updates, release notes and training
          materials relating to the TIRS Software, and all security devices, if
          any, and media on which original copies of the TIRS Software are
          contained. If Licensee fails to return or destroy any such materials,
          it shall continue to pay all License Fees on an annual basis until
          such return or destruction, notwithstanding the termination of the
          License.

     5.   LICENSE FEES

     5.1. Initial License Term. The Licensee shall pay THI the License Fee
          according to the schedule set forth on the Cover Page. Licensee's
          failure to make such payments according to this schedule shall be
          considered a material breach of its obligations under this Agreement.

     5.2. Renewal Terms. No later than ninety (90) days prior to the beginning
          of each Renewal Term, Licensee shall pay THI a renewal License Fee
          equal to THI's then-current license fees. The terms and conditions for
          each Renewal Term, except for pricing, shall be the same as those
          contained in this Agreement unless otherwise modified in writing by
          THI and provided to Licensee prior to the beginning of the pertinent
          Renewal Term. THI shall give Licensee reasonable notice of any changes
          in the License Fees for any Renewal Term from their levels in the
          prior term. Licensee shall be obligated to pay the entire renewal
          License Fee for any Renewal Term that has commenced, regardless of the
          level of Licensee's actual or expected

Page 5 of 15

<PAGE>

          use of the TIRS Software during such Renewal Term. THI reserves the
          right to modify these Terms and Conditions by providing notice to
          Licensee of the new Terms and Conditions within thirty (30) days of
          the start of a Renewal Term.

     5.3. Payments Net. All payments, fees and other charges payable by Licensee
          to THI under this Agreement are net of all freight charges, taxes
          (including sales, value-added or use taxes), tariffs and other
          governmental charges, all of which shall be paid by Licensee. Licensee
          acknowledges that it is responsible for such governmental charges and
          that if THI is required to pay any such charges based on the TIRS
          Software, services or other items provided to Licensee, then such
          charges, but not any penalties or interest, shall be billed to and
          paid by Licensee. Licensee shall obtain and provide to THI any
          certificate of exemption or similar document required to exempt any
          transaction under this Agreement from sales tax, use tax or other tax
          liability.

     5.4. Payment Terms. All payments shall be made in U.S. Dollars.

     5.5. Effect of Early Termination. In the event that this License Agreement
          is terminated pursuant to Section 4.2, THI shall refund to Licensee
          the applicable License Fee, as pro-rated over the Initial Term or any
          applicable subsequent Renewal Term.

     6.   PROPRIETARY INFORMATION

     6.1. THI shall have sole and exclusive ownership of all right, title and
          interest in and to the TIRS Software and all modifications, updates,
          upgrades and enhancements thereto (including ownership of all trade
          secrets, copyrights, trademarks, service marks, and patentable
          inventions pertaining thereto), subject only to the rights and
          privileges expressly granted to you herein by THI. This Agreement does
          not provide Licensee with title or ownership of the TIRS Software, but
          only a right of limited use as provided herein. Licensee shall keep
          the licensed TIRS Software free and clear of all claims, liens, and
          encumbrances.

     6.2. This Agreement shall not be construed as an encumbrance or limitation
          of any kind on THI's right to develop or modify the TIRS Software in
          any way. In addition, this Agreement shall not be construed as an
          encumbrance or limitation of any kind on THI's right to transfer
          ownership of the TIRS Software or to license or sublicense the TIRS
          Software to any party, provided that the rights granted to Licensee in
          this Agreement shall remain in effect for the Initial Term and any
          subsequent Renewal Term.

     6.3. Licensee understands and agrees that THI considers the TIRS Software,
          Third Party Software (as defined in Section 8.1), associated
          documentation, and all modifications, updates, upgrades and
          enhancements thereto (including ownership of all trade secrets,
          copyrights, trademarks, service marks, and patentable inventions

Page 6 of 15

<PAGE>

          pertaining thereto this Agreement, and the pricing and any negotiated
          terms of this Agreement (collectively "THI Confidential Information"),
          as between THI and Licensee, to be the proprietary and confidential
          information of THI. Licensee agrees to maintain the THI Confidential
          Information in confidence and, except for the right of Licensee to
          make copies of the TIRS Software for the purposes authorized in
          Section 2.1 above, Licensee agrees not to disclose, duplicate or
          otherwise reproduce, directly or indirectly, the THI Confidential
          Information in whole or in part. Licensee may disclose THI
          Confidential Information to consultants retained by Licensee to the
          extent reasonably necessary solely for such consultants to assist
          Licensee in the permitted use of the TIRS Software and provided
          Licensee obligates such consultant to protect the confidentiality of
          the THI Confidential Information as contained herein.

     6.4. Licensee agrees that neither it nor anyone acting on its behalf,
          including Licensee's officers, directors, employees, agents, or any
          person or party acting at the request of Licensee, shall disassemble,
          reverse engineer, or reverse compile the TIRS Software in whole or in
          part. Licensee agrees to take reasonable steps to ensure that no
          unauthorized persons shall have access to the THI Confidential
          Information and that all authorized persons having access to the THI
          Confidential Information shall refrain from any such disclosure,
          duplication or reproduction. Licensee agrees not to remove any
          copyright notice or other proprietary markings from the THI
          Confidential Information, and any copy thereof made by Licensee for
          backup purposes shall contain the same copyright notice and
          proprietary markings contained on the copy of the TIRS Software
          furnished by THI to Licensee hereunder.

     6.5. If the THI Confidential Information will be provided or made available
          to the U.S. Government, any use, duplication, or disclosure by the
          U.S. Government of the THI Confidential Information shall be subject
          to the restrictions applicable to proprietary commercial computer
          software set forth in subparagraph (c)(1)(ii) of the Rights in
          Technical Data and Computer Software clause at DFARS 252.227-7013 or
          subparagraphs (c)(1) and (2) of the Commercial Computer Software -
          Restricted Rights clause at 48 CFR 52.227-19, as applicable.

     6.6. During its performance of this Agreement, THI may be supplied with or
          have access to written, tangible, oral or visual "Licensee
          Confidential Information," as defined below. THI shall maintain the
          Licensee Confidential Information in confidence, in a manner no less
          restrictive than it would use to maintain its own confidential
          information (in no case using less than a reasonable duty of care),
          and use Licensee Confidential Information solely for the purpose of
          THI performing its obligations under this Agreement and shall obligate
          its employees and permitted subcontractors to make no other use of
          such Licensee Confidential Information. THI and its employees and
          permitted subcontractors shall not disclose such Licensee Confidential
          Information to any third party, without Licensee's express written
          consent. "Licensee Confidential Information" shall mean all
          information concerning

Page 7 of 15

<PAGE>

          Licensee concerning Licensee's business affairs, property, methods of
          operation, processing systems or other information, in tangible, oral
          or visual information received by THI while on the premises of
          Licensee, or otherwise, and which THI personnel are likely to
          recognize as information which Licensee considers to be confidential
          and which Licensee takes reasonable precautions to protect from
          unauthorized use or disclosure.

     6.7. Each party acknowledges that its failure to comply with the provisions
          of this Section 6 may result in irreparable harm to the other for
          which a remedy at law may be inadequate, and therefore, in the event
          of breach or threatened breach by the recipient of information
          protected by this Section, the other party shall be entitled to seek
          equitable relief in the form of specific performance and/or an
          injunction for any such actual or threatened breach, in addition to
          the exercise of any other remedies at law and in equity.

     6.8. The confidentiality obligations in this Section shall not apply to
          information disclosed hereunder which:

               a.   was previously known to recipient;

               b.   is or becomes generally available to the public through no
                    fault of the recipient;

               c.   is developed by or on behalf of the recipient independent of
                    any information furnished under this Agreement; or

               d.   is received by recipient from a third party as a matter of
                    right.

          Provided, however, if THI, with respect to Licensee Confidential
          Information, or Licensee, with respect to THI Confidential
          Information, is required to disclose such information by law or by any
          governmental agency having jurisdiction pursuant to an order to
          produce or in the course of a legal proceeding pursuant to a lawful
          request for discovery, then, THI or Licensee, as applicable, shall
          utilize reasonable efforts to promptly notify the other of the order
          or request in discovery and reasonably cooperate with Licensee or THI,
          as applicable, if the other elects (at its expense) to seek to limit
          or avoid such disclosure by any lawful means.

     6.9. Licensee agrees that the TIRS Software is the intellectual property of
          THI. Licensee agrees not to directly or indirectly, register, apply
          for registration or attempt to acquire any legal protection for any of
          the TIRS Software or any proprietary rights therein.

     6.10. Licensee agrees to utilize reasonable efforts to notify THI
          immediately and in writing of all circumstances surrounding the
          unauthorized possession or use of the

Page 8 of 15

<PAGE>

          TIRS Software and associated documentation by any person or entity of
          which Licensee may become aware. Licensee agrees to cooperate with THI
          in any litigation relating to or arising from such unauthorized
          possession or use.

     6.11. Notwithstanding any other provision of this Agreement, the
          obligations set forth in this Section 6 will survive the termination
          of this Agreement for any reason. However, the confidentiality
          obligations set forth in this Section 6 will terminate 10 years after
          the expiration or termination of this Agreement.

     7.   WARRANTIES

     7.1. THI warrants that for a period of ninety (90) days from the date of
          installation, the TIRS Software, when properly used, will operate
          substantially in accordance with the specifications contained in its
          documentation. THI's entire liability and Licensee's exclusive remedy
          under this warranty shall be that THI will use reasonable commercial
          efforts to correct, provide a workaround for, or replace malfunctions
          in the TIRS Software, at THI's cost and expense, provided that written
          notice itemizing the malfunctions is given to THI during the warranty
          period.

     7.2. The warranty set forth above shall not apply to the degree that the
          malfunction occurs because (a) the affected TIRS Software has not been
          used in accordance with the TIRS documentation; (b) the affected TIRS
          Software has been altered, modified or converted by License without
          the prior written approval of THI; (c) of the malfunctioning of
          Licensee's hardware or software THI shall not be required to respond
          to a warranty claim hereunder to the extent that Licensee has not
          timely paid amounts due and owing to THI under this Agreement. THI
          does not warrant that TIRS Software will operate uninterrupted or
          error free, that the functions contained in the TIRS Software will
          operate in combination with other software or hardware selected by
          Licensee, or that the TIRS Software will meet Licensee's requirements.

     7.3. THI does not warrant that TIRS Software will operate in the event of
          any Force Majeure Condition (as defined in Section 12.4). Licensee is
          solely responsible for establishing its own disaster recovery plan.

     7.4. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES SET FORTH ABOVE, THE
          TIRS SOFTWARE (INCLUDING ANY MODULES OR COMPONENTS LICENSED BY THI AND
          PROVIDED WITH THE TIRS SOFTWARE) IS BEING PROVIDED "AS IS" WITHOUT
          WARRANTY OF ANY KIND. THE PARTIES DISCLAIM ANY OTHER REPRESENTATION OR
          WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, ORAL OR WRITTEN, INCLUDING
          WITHOUT LIMITATION ANY IMPLIED WARRANTIES OF TITLE OR
          NON-INFRINGEMENT, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
          ACCURACY, INTEGRATION, VALIDITY,

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          EXCLUSIVITY, MERCHANTABILITY, NON-INTERFERENCE WITH ENJOYMENT, FITNESS
          FOR ANY PARTICULAR PURPOSE, AND ALL WARRANTIES IMPLIED FROM ANY COURSE
          OF DEALING OR USAGE OF TRADE.

     7.5. THE WARRANTIES SET FORTH IN THIS SECTION 7 ARE EXPRESSLY SUBJECT TO
          THE LIMITATIONS OF SECTION 11 (LIMITATION OF LIABILITY).

     8.   THIRD PARTY SOFTWARE

     8.1. The TIRS Software incorporates program elements and/or databases
          licensed from Actuate Corporation ("Actuate" and such software is
          referred to as "Third Party Software"), title to which is retained by
          Actuate.

     8.2. THIRD PARTY SOFTWARE, PROGRAM ELEMENTS AND DATA ARE PROVIDED "AS IS."
          THI DOES NOT WARRANT, GUARANTEE OR MAKE ANY REPRESENTATIONS REGARDING
          THE USE, OR RESULTS OF USE, OF THE THIRD PARTY SOFTWARE, INCLUDING
          PROGRAM ELEMENTS AND/OR DATABASES IN THE THIRD PARTY SOFTWARE, OR
          RELATED MATERIALS IN TERMS OF CORRECTNESS, ACCURACY, RELIABILITY,
          CURRENTNESS OR OTHERWISE. THI ASSUMES NO RISK AS TO PERFORMANCE AND
          RESULTS OF THE THIRD PARTY SOFTWARE.

     8.3. THI SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR
          INCIDENTAL DAMAGES (INCLUDING DAMAGES FOR LOSS OF BUSINESS PROFITS,
          BUSINESS INTERRUPTION, LOSS OF BUSINESS INFORMATION AND THE LIKE)
          ARISING OUT OF THE USE, MISUSE, OR INABILITY TO USE THE THIRD PARTY
          SOFTWARE, PROGRAM ELEMENTS OR DATA SUPPLIED BY ACTUATE EVEN IF THI HAS
          BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

     9.   SOFTWARE SUPPORT

     9.1. Support and Upgrades to the TIRS Software. Provided Licensee has paid
          the License Fees set forth in the Cover Page during the Initial Term
          and any subsequent Renewal Term, Licensee shall receive (i) reasonable
          telephone technical consultation during THI's normal business hours
          with THI's technical support staff on the use of the TIRS Software,
          and (ii) all upgrades and updates to the TIRS Software that are
          generally made available to licensees of the TIRS Software. Licensee
          agrees to install new versions and releases of the TIRS Software.
          Licensee further agrees and acknowledges that THI will maintain and
          support old versions of TIRS for a period of one (1) year from the
          date that Licensee is notified that a new version or release is
          available for installation.

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     9.2. Training. THI agrees to provide up to five (5) consecutive days of
          on-site training during the Initial Term. During the Initial Term and
          any Renewal Term of this Agreement, additional training can be
          purchased from THI at THI's then-prevailing rates for training. For
          purposes of example, as of the Effective Date, THI's rate for training
          is as follows: $1500.00 per training day (6 hours) plus the addition
          of all travel related expenses including airfare, meals, and lodging.

     9.3. Access to Premises. Licensee shall grant to THI such access to
          Licensee's equipment and facilities, and to the TIRS Software
          installed on Licensee's equipment, as may be necessary or appropriate
          for THI to perform its obligations under this Agreement.

     9.4. Licensee Requested Customizations. Licensee may request a custom
          modification or addition to the TIRS Software exhibiting functionality
          that is beyond the scope of the TIRS Software as of the date of such
          request ("Customization"). THI, in its sole discretion, may agree to
          implement such Customization on terms and conditions that are mutually
          acceptable to THI and Licensee, and unless otherwise agreed between
          THI and Licensee, THI shall own the Customization and may make it
          available to any other party as THI may determine in its sole
          discretion.

     9.5. Development of TIRS Software. THI agrees that Licensee may submit
          recommendations to the TIRS roadmap committee, which is the
          decision-making body that determines the future enhancements and
          releases of the TIRS Software.

     10.  THI INDEMNIFICATION

     10.1. THI shall indemnify, defend, and hold Licensee and its officers,
          directors harmless from any action against Licensee to the extent that
          it is based on an allegation that the TIRS software and Third Party
          Software licensed hereunder has infringed an intellectual property
          right or trade secret, and pay those damages or costs related to the
          settlement of such action or finally awarded against Licensee in such
          action, including but not limited to attorneys' fees, provided that
          licensee (i) promptly notifies THI of any such action, (ii) gives THI
          full authority, information and assistance to defend such claim and
          (iii) gives THI sole control of the defense of such claim and all
          negotiations for the compromise or settlement thereof.

     10.2. THI shall have no liability hereunder with respect to any claim based
          upon (a) TIRS Software of the Third Party Software that has been
          materially modified by anyone other than THI; (b) use of other than
          the then-current release of the TIRS Software or the Third Party
          Software, if infringement could have been avoided by use of the
          then-current release and such current release has been made available
          to Licensee; (c) use of the TIRS Software or the Third Party Software
          in conjunction with Licensee data where use with such data gave rise
          to the infringement claim; (d) use of any software in a manner
          inconsistent with its documentation, and/or (e) use of

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          any TIRS Software or Third Party Software which use materially
          breaches this Agreement. In addition, THI shall have no indemnity
          obligation for claims of infringement resulting from any combination,
          operation or use of the TIRS Software or the Third Party Software, or
          any components thereof, with any software or hardware not supplied by
          THI.

     10.3. If THI determines that the TIRS Software or the Third Party Software
          is or is likely to be the subject of a claim of infringement, THI
          shall have the right (a) to replace Licensee's copy of the TIRS
          Software or Third Party Software with non-infringing software; (b) to
          modify such software so as to cause such software to be free of
          infringement; (c) to procure, at no additional cost to Licensee, the
          right to continue to use such software; or (d) to terminate the
          license to use the TIRS Software or Third Party Software and
          associated documentation, and refund to Licensee the applicable
          Licensee Fee (pro-rated over the License Term).

     10.4. Maximum Intellectual Property Indemnification. The maximum indemnity
          of THI to the Licensee for any and all damages, liabilities, costs and
          expenses (including reasonable attorney's fees) covered by this
          Section 10, for all claims made under this Section 10 in the
          aggregate, shall be limited to the amount of licensee fees paid by
          Licensee to THI over the course of the twelve (12) months preceding
          the notification of THI by Licensee of a claim for indemnity under
          Section 10.1.

     10.5. THE PROVISIONS OF THIS SECTION 10 STATE THE EXCLUSIVE LIABILITY OF
          THI AND THE EXCLUSIVE REMEDY OF LICENSEE WITH RESPECT TO ANY CLAIM OF
          INTELLECTUAL PROPERTY OR TRADE SECRET INFRINGEMENT BY THE SOFTWARE OR
          ANY PART THEREOF, AND ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESS OR
          IMPLIED, INCLUDING THE IMPLIED WARRANTY OF NON-INFRINGEMENT, AND
          INDEMNITIES WITH RESPECT THERETO.

     11.  LIMITATION OF LIABILITY

     11.1. Licensee's sole remedies for THI's liability regarding the
          performance of training, consulting, software support, or other
          services, if any, provided in conjunction with the software shall be
          limited to the re-performance of any defective service provided by
          THI, or if re-performance is not available or practical, then a
          pro-rata refund of the payments allocable to the defective service.

     11.2. Except as expressly specified in this license agreement, neither THI
          nor any third party from whom THI receives marketing or licensing
          rights ("TECH PARTNER") shall be liable for any loss or damage that
          may arise in connection with Licensee's use of the software. Licensee
          acknowledges that data conversion, including data input to the TIRS
          Software product, is subject to human and machine errors, omissions,
          delays and losses, including inadvertent loss of data or damage to
          media that may

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          give rise to loss or damage. THI shall not be liable for any such
          errors, omissions, delays, or losses. Licensee is responsible for
          adopting reasonable measures to limit the impact of such problems,
          including backing up data, and adopting procedures to ensure the
          accuracy of input data; examining and confirming results prior to use,
          and adopting procedures to identify and correct errors and omissions,
          replace lost or damaged media, and reconstruct data. Licensee is also
          responsible for complying with all local, state, and federal laws
          pertaining to the use and disclosure of any data.

     11.3. IN NO EVENT SHALL THI OR ITS TECH PARTNERS BE LIABLE FOR ANY
          INDIRECT, SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES, EVEN IF THI
          HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND
          NOTWITHSTANDING ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY
          OF ANY KIND, EXCEPT WITH RESPECT TO THE DEFENSE OF INFRINGEMENT CLAIMS
          UNDER SECTION 10, ABOVE, IN NO EVENT SHALL LICENSEE BE ENTITLED TO ANY
          MONETARY DAMAGES AGAINST THI OR ITS TECH PARTNERS IN EXCESS OF THE
          LICENSE FEES PAID TO THI BY LICENSEE UNDER THIS AGREEMENT FOR THE YEAR
          IN WHICH THE CAUSE AROSE.

     12.  GENERAL

     12.1. No Waiver. The failure of either party to exercise any right granted
          herein, or to require the performance by the other party hereto of any
          provisions of this Agreement or the waiver by either party of any
          breach of this Agreement, will not prevent a subsequent exercise or
          enforcement of such provisions or be deemed a waiver of any subsequent
          breach of the same or any other provisions of this Agreement.

     12.2. Assignment. Licensee may not assign this Agreement or any license
          granted hereunder whether by operation of law, change of control, or
          in any other manner, without the prior written consent of THI.

     12.3. Benefit. Subject to provisions hereof restricting assignment, this
          Agreement shall be binding upon and shall inure to the benefit of the
          parties hereto and their respective successors and assigns.

     12.4. Force Majeure. If the performance of this Agreement or any obligation
          hereunder, except for the making of payments hereunder, is prevented,
          restricted or interfered with by reason of fire, flood, earthquake,
          explosion or other casualty or accident, strikes or labor disputes
          affecting third-party vendors, inability to procure or obtain delivery
          of parts, supplies or power, war or other violence, any law, order,
          proclamation, regulation, ordinance, demand or requirements of any
          governmental agency, electrical power surges or outages or any act or
          condition whatsoever beyond the reasonable control of the affected
          party ("FORCE MAJEURE CONDITION"),

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<PAGE>

          the party so affected shall be excused from delays in performing or
          from its failure to perform hereunder, provided that such party takes
          reasonable steps to avoid or remove such cause of nonperformance and
          will resume performance hereunder with dispatch whenever such causes
          are removed.

     12.5. Export. Licensee shall not export, re-export or transfer, whether
          directly or indirectly, the TIRS Software or any system containing the
          TIRS Software outside the United States of America without first
          complying with the applicable export laws of the United States of
          America and the import laws of the country in which the TIRS Software
          is to be used.

     12.6. Priority. Inconsistencies between the various documents that comprise
          this Agreement shall be resolved in the following order of precedence,
          lower numbered item prevailing: (1) Cover Page(s), (2) Terms and
          Conditions, and (3) Exhibits and Schedules (if any).

     12.7. Severability. If any provision of this Agreement is determined by a
          court of competent jurisdiction to be or becomes unenforceable or
          illegal, such provision shall be deemed eliminated and the remainder
          of this Agreement shall remain in effect in accordance with its terms
          as modified by such deletion.

     12.8. Modifications In Writing. Any modification or amendment of any
          provision of this Agreement must be in writing and bear the signature
          of the duly authorized representative of each party.

     12.9. Venue. This Agreement is made and will be governed by and construed
          in accordance with the laws of the State of New York, without giving
          effect to its conflicts-of-laws provisions.

     12.10. Prevailing Party. In the event a dispute arising under this
          Agreement results in litigation, the non-prevailing party shall pay
          the court costs and reasonable attorneys' fees of the prevailing
          party.

     12.11. Press Release. Licensee agrees that THI, upon the execution of this
          Agreement, may issue a press release, subject to Licensee's reasonable
          and prompt review, indicating that Licensee has chosen to use the TIRS
          Software.

     12.12. Integration. This Agreement sets forth the entire agreement and
          understandings between the parties hereto with respect to the subject
          matter hereof. This Agreement merges all previous discussions and
          negotiations between the parties and supersedes and replaces any other
          agreement that may have existed between THI and Licensee with respect
          to the subject matter hereof.

     12.13. Survival. The provisions of Sections 4.3, 4.4, 6, 7, 8, 11 and 12
          shall survive the termination of this Agreement.

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<PAGE>

The parties hereby acknowledge that they have read, understand, and accept this
Agreement and all Exhibits and Addenda hereto.

TRANSATLANTIC HOLDINGS, INC.             ALLIED WORLD ASSURANCE COMPANY, LTD.

BY: /s/ Gary Schwartz                    BY: /s/ Scott Carmilani
    -----------------------------------     ------------------------------------
NAME: Gary Schwartz                      NAME: Scott Carmilani
TITLE: Vice President & General Counsel  TITLE: Executive Vice-President
DATE: November 13, 2003                  DATE:  November 13, 2003

Page 15 of 15

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