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                                                                   EXHIBIT 10.28

                 FORM OF 100% QUOTA SHARE RETROCESSION AGREEMENT
                              (NON-TRADITIONAL - E)

                                 BY AND BETWEEN

                   ST. PAUL FIRE AND MARINE INSURANCE COMPANY

                                  (RETROCEDANT)

                                       and

                     PLATINUM UNDERWRITERS REINSURANCE INC.

                               (RETROCESSIONAIRE)

                           DATED AS OF ________, 2002

     This QUOTA SHARE RETROCESSION AGREEMENT (this "AGREEMENT"), effective as of
12:01 a.m. New York time on the later of the Business Day (such term and all
other capitalized terms used but not defined herein shall have the meanings
ascribed to such terms in the Formation and Separation Agreement, as defined
below) following the Closing or July 1, 2002 (the "EFFECTIVE TIME", and such
date the "EFFECTIVE DATE"), is made by and between ST. PAUL FIRE AND MARINE
INSURANCE COMPANY, a Minnesota domiciled insurance company ("RETROCEDANT"), and
PLATINUM UNDERWRITERS REINSURANCE INC. (formerly known as USF&G Family Insurance
Company), a Maryland domiciled stock insurance company ("RETROCESSIONAIRE").

     WHEREAS, pursuant to a Formation and Separation Agreement dated as of [ ],
2002 (the "FORMATION AND SEPARATION AGREEMENT") between Platinum Underwriters
Holdings, Ltd. ("PLATINUM HOLDINGS"), the ultimate parent of Retrocessionaire
and The St. Paul Companies, Inc. ("THE ST. PAUL"), the ultimate parent of
Retrocedant, Platinum Holdings acquired one hundred percent (100%) of the issued
and outstanding Shares; and

     WHEREAS, pursuant to the Formation and Separation Agreement, The St. Paul
agreed to cause its insurance subsidiaries to cede specified liabilities under
certain reinsurance contracts of The St. Paul's insurance subsidiaries; and
Platinum Holdings agreed to cause its insurance subsidiaries to reinsure such
liabilities; and

     WHEREAS, Retrocedant has agreed to retrocede to Retrocessionaire, and
Retrocessionaire has agreed to assume by indemnity reinsurance, as of the
Effective

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Time, a one hundred percent (100%) quota share of the liabilities arising
pursuant to the Reinsurance Contracts (as defined hereunder), subject to the
terms set forth herein.

     NOW, THEREFORE, in consideration of the mutual covenants and promises and
upon the terms and conditions set forth herein, the parties hereto agree as
follows:

                                    ARTICLE I

                                BUSINESS COVERED

     Retrocedant hereby obligates itself to retrocede to Retrocessionaire and
Retrocessionaire hereby obligates itself to accept, pursuant to the terms of
this Agreement, a one hundred percent (100%) quota share of any and all
liabilities incurred by Retrocedant on or after January 1, 2002 but not yet paid
as of the Effective Time, under all reinsurance and retrocession contracts
listed in Exhibit A hereto (the "Reinsurance Contracts").

                                   ARTICLE II

                                      TERM

     This Agreement shall be continuous as to the Reinsurance Contracts. Except
as mutually agreed in writing by the Retrocedant and the Retrocessionaire, this
Agreement shall remain continuously in force until all Reinsurance Contracts are
terminated, expired, cancelled or commuted.

                                   ARTICLE III

                                    COVERAGE

     SECTION 3.01   SECTION A (RETROSPECTIVE) COVERAGE PERIOD. The Section A
(Retrospective) Coverage Period will be the period from and including
January 1, 2002 to but not including the Effective Time.

     SECTION 3.02   SECTION B (PROSPECTIVE) COVERAGE PERIOD. The Section B
(Prospective) Coverage Period will be the period from and including the
Effective Time through the commutation, expiration or final settlement of all
liabilities under any of the Reinsurance Contracts.

     SECTION 3.03   COVERAGE LIMITS. Coverage for the Annual Period under this
Agreement for a specific Reinsurance Contract shall be subject to the aggregate
limit specified in the Reinsurance Contract reduced by all payments made by
either Retrocedant or Retrocessionaire pursuant to such Reinsurance Contract.

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                                   ARTICLE IV

                      PREMIUMS AND ADDITIONAL CONSIDERATION

     SECTION 4.01   SECTION A (RETROSPECTIVE) COVERAGE PERIOD -- PREMIUM.

     (a)  On the Effective Date, in respect of the Section A (Retrospective)
Coverage Period, Retrocedant shall pay to the account of Retrocessionaire an
amount (the "INITIAL SECTION A PREMIUM") equal to one hundred percent (100%) of
the carrying value on the books of the Retrocedant as of June 30, 2002, of the
aggregate of all loss and loss adjustment expense and ceding commission reserves
relating to the Reinsurance Contracts, with respect to the Section A
(Retrospective) Coverage Period, determined in accordance with statutory
accounting principles on a basis consistent in all material respects with the
methods, principles, practices and policies employed in the preparation and
presentation of Retrocedant's annual statutory financial statement as of
December 31, 2001 as filed with the Minnesota Department of Commerce and as
submitted to The St. Paul, and subject to the adjustments as set forth on
Exhibit [B] hereto (the "LOSS RESERVE ADJUSTMENTS"), as applicable.

     (b)  As soon as reasonably practicable, but in no event later than 75 days
following the Effective Date, Retrocedant shall prepare and deliver to
Retrocessionaire an accounting, including the calculation of all Loss Reserve
Adjustments as provided for herein (the "PROPOSED LOSS RESERVE ACCOUNTING") of
all loss and loss adjustment expense reserves and ceding commission reserves
relating to the Reinsurance Contracts, with respect to the Section A
(Retrospective) Coverage Period, as of the Effective Date, determined in
accordance with statutory accounting principles on a basis consistent in all
material respects with the methods, principles, practices and policies employed
in the preparation and presentation of Retrocedant's annual statutory financial
statement as of December 31, 2001 as filed with the Minnesota Department of
Commerce and as submitted to The St. Paul, adjusted to reflect the Loss Reserve
Adjustments, as applicable (the "FINAL SECTION A PREMIUM"). In the event the
Final Section A Premium is greater than the Initial Section A Premium,
Retrocedant shall promptly pay to the account of Retrocessionaire the difference
plus interest on such amount at the Applicable Rate (as defined below) from and
including the Effective Date to and including the date of such payment. In the
event the Initial Section A Premium is greater than the Final Section A Premium,
Retrocessionaire shall promptly pay to the account of Retrocedant the difference
plus interest on such amount of the Applicable Rate from and including the
Effective Date to and including the date of such payment.

     SECTION 4.02   SECTION B (PROSPECTIVE) COVERAGE PERIOD -- PREMIUMS.

     (a)  On the Effective Date, in respect of the Section B (Prospective)
Coverage, Retrocedant shall transfer to Retrocessionaire an amount (the "INITIAL
SECTION B PREMIUM") equal to the carrying value on the books of Retrocedant as
of June 30, 2002 of one hundred percent (100%) of the unearned premium reserves
relating to the Reinsurance Contracts for the Section B (Prospective) Coverage
Period, determined in accordance with statutory accounting principles on a basis
consistent in all material

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respects with the methods, principles, practices and policies employed in the
preparation and presentation of Retrocedant's annual statutory financial
statement as of December 31, 2001 as filed with the Minnesota Department of
Commerce and as submitted to The St. Paul, less the applicable Ceding
Commission, as defined below, and with respect to all Reinsurance Contracts, one
hundred percent (100%) of all gross premiums written on or after the Effective
Time, net of premium returns, allowances and cancellations and less any
applicable Ceding Commission; provided, however, that any premiums payable that
result from a Loss Occurrence (as defined in the Reinsurance Contract),
including but not limited to Scheduled Premiums, Reinstatement Premiums, Loss
Share Premiums and Penalty Premiums (all as defined in the Reinsurance Contract)
will be ceded to the Reinsurer.

     (b)  As soon as reasonably practicable, but in no event later than 75 days
following the Effective Date, Retrocedant shall prepare and deliver to
Retrocessionaire an accounting (the "PROPOSED PREMIUM RESERVE ACCOUNTING",
together with the Proposed Loss Reserve Accounting, the "PROPOSED ACCOUNTING")
of all unearned premium reserves relating to the Reinsurance Contracts for the
Section B (Prospective) Coverage Period, as of the Effective Date, determined in
accordance with statutory accounting principles on a basis consistent in all
material respects with the methods, principles, practices and policies employed
in the preparation and presentation of Retrocedant's annual statutory financial
statement as of December 31, 2001 as filed with the Minnesota Department of
Commerce and as submitted to The St. Paul, relating to the Reinsurance
Contracts, net of the applicable Ceding Commission (the "FINAL SECTION B
PREMIUM"). In the event the Final Section B Premium is greater than the Initial
Section B Premium, Retrocedant shall promptly pay to the account of
Retrocessionaire the difference plus interest on such amount at the Applicable
Rate from and including the Effective Date to and including the date of such
payment. In the event the Initial Section B Premium is greater than the Final
Section B Premium, Retrocessionaire shall promptly pay to the account of
Retrocedant the difference plus interest on such amount at the Applicable Rate
from and including the Effective Date to and including the date of such payment.

     (c)  Notwithstanding the foregoing, the parties agree that all gross
estimated premiums written prior to the Effective Date and earned but not yet
billed ("EBUB", and also referred to as "estimated premiums receivable" or
"EBNR") as of the Effective Time and relating to the Reinsurance Contracts, as
determined on or before _____, 2002, in accordance with Retrocedant's customary
practices and procedures and as submitted to The St. Paul, shall be allocated to
Retrocedant. All payments received after the Effective Time by Retrocedant or
Retrocessionaire in respect of EBUB as of the Effective Time shall be retained
by or transferred to Retrocedant, and all rights to collect such amounts shall
be retained by or transferred to Retrocedant. Any changes made on or after the
Effective Time as to the amount of EBUB as of the Effective Time shall be for
the account of Retrocessionaire and shall not affect the amount retained by
Retrocedant. The parties agree that as of the first anniversary of the date
hereof, Retrocessionaire shall pay to Retrocedant the difference, if any,
between the amount of EBUB as of the Effective Time and the aggregate amount
paid to and/or retained by Retrocedant prior to that date with respect to EBUB
as of the Effective Time. All amounts, if any, in respect of EBUB which are in
excess of EBUB as of the Effective Time, calculated pursuant to

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the first sentence of this section 4.02(c), shall be for the account of
Retrocessionaire and no such amounts shall be retained by or payable to
Retrocedant.

     SECTION 4.03   DISPUTE RESOLUTION.

     (a)  After receipt of the Proposed Accounting, together with the work
papers used in preparation thereof, Retrocessionaire shall have 30 days (the
"REVIEW PERIOD") to review such Proposed Accounting. Unless Retrocessionaire
delivers written notice to Retrocedant on or prior to the 30th day of the Review
Period stating that it has material objections thereto, Retrocessionaire shall
be deemed to have accepted and agreed to the Proposed Accounting.
Retrocessionaire shall not object to any method, principle, practice or policy
employed in the preparation of the Proposed Accounting if such method,
principle, practice or policy is consistent in all material respects with that
employed in the preparation and presentation of Retrocedant's statutory annual
financial statement as of December 31, 2001 as filed with the Minnesota
Department of Commerce and as submitted to The St. Paul. If Retrocessionaire so
notifies Retrocedant of its material objections to the Proposed Accounting, the
parties shall in good faith attempt to resolve, within 30 days (or such longer
period as the parties may agree) following such notice (the "RESOLUTION
PERIOD"), their differences with respect to such material objections and any
resolution by them as to any disputed amounts shall be final, binding and
conclusive.

     (b)  Any amount remaining in dispute at the conclusion of the Resolution
Period ("UNRESOLVED CHANGES") shall be submitted to arbitration. One arbiter
(each arbiter, an "ARBITER") shall be chosen by Retrocedant, the other by
Retrocessionaire, and an umpire (the "UMPIRE") shall be chosen by the two
Arbiters before they enter upon arbitration. In the event that either party
should fail to choose an Arbiter within 30 days following a written request by
the other party to do so, the requesting party may choose two Arbiters, but only
after providing 10 days' written notice of its intention to do so and only if
such other party has failed to appoint an Arbiter within such 10 day period. The
two Arbiters shall in turn choose an Umpire who shall act as the umpire and
preside over the hearing. If the two Arbiters fail to agree upon the selection
of an Umpire within 30 days after notification of the appointment of the second
Arbiter, the selection of the Umpire shall be made by the American Arbitration
Association. All Arbiters and Umpires shall be active or retired disinterested
property/casualty actuaries of insurance or reinsurance companies or Lloyd's of
London Underwriters.

     (c)  Each party shall present its case to the Arbiters within 30 days
following the date of appointment of the Umpire, unless the parties mutually
agree to an extension of time. The decision of the Arbiters shall be final and
binding on both parties; but failing to agree, they shall call in the Umpire and
the decision of the majority shall be final and binding upon both parties.
Judgment upon the final decision of the Arbiters may be entered in any court of
competent jurisdiction.

     (d)  Each party shall bear the expense of its own Arbiter, and shall
jointly and equally bear with the other the expense of the Umpire and of the
arbitration unless otherwise directed by the Arbiters.

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     (e)  Any arbitration proceedings shall take place in New York, New York
unless the parties agree otherwise.

     (f)  Arbitration shall not be a condition precedent to any right of action
hereunder.

     (g)  Once the Proposed Accounting has been finalized in accordance with the
above process, the Final Section A Premium and the Final Section B Premium
amounts shall be as set forth in the Proposed Accounting, as determined by the
Arbiters, if applicable. In the event the sum of such amounts is greater than
the amount paid by Retrocedant to Retrocessionaire on the Effective Date,
Retrocedant shall promptly pay to the account of Retrocessionaire the difference
plus interest on such amount at the Applicable Rate from and including the
Effective Date to and including the date of such payment. In the event the
aggregate of such amounts is lower than the amount paid by Retrocedant to
Retrocessionaire on the Effective Date, Retrocessionaire shall promptly pay the
difference plus interest on such amount at the Applicable Rate from the
Effective Date to the date of such payment.

     SECTION 4.04   RETURN OF PREMIUM.

     (a)  Retrocessionaire shall calculate the Return Premium as of each
anniversary of the inception of the Reinsurance Contracts and upon the earlier
of the commutation of, final settlement under or termination of the Reinsurance
Contracts (each such date and including the Effective Date hereof, a
"CALCULATION DATE") and shall promptly notify Retrocedant of such determination.
As of each anniversary of the date hereof, if the difference between the current
calculation of aggregate Return Premiums accrued since the prior anniversary and
the prior calculation of aggregate Return Premiums as of the next preceding
anniversary is positive, Retrocessionaire shall promptly pay such difference to
Retrocedant. If the difference is negative, Retrocedant shall promptly pay such
difference to Retrocessionaire, provided however, that no payment will be
required if the cumulative aggregate Return Premium for such Reinsurance
Contract would be less than zero upon such payment.

     (b)  The Return Premium as of any Calculation Date shall be equal to:

          (i)   any profit commission that Retrocedant is obligated to pay under
                the Reinsurance Contract, as determined therein since the prior
                Calculation Date, plus

          (ii)  the product of:

                the Deficit Accrual Percentage, as listed in Section E of the
                Appendix of the Reinsurance Contract, and

                the greater of the difference between the Beginning Deficit and
                the Ending Deficit, and zero.

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          The Beginning Deficit as of any Calculation Date shall be the deficit
(as defined in the Reinsurance Contract) as of the prior Calculation Date. If
the inception anniversary date of the Reinsurance Contract does not coincide
with the Effective date, the Beginning Deficit as of the Calculation Date that
is the Effective Date shall be adjusted to include premiums earned, excluding
deficit penalty premium accruals, and cumulative losses incurred, including any
incurred but not reported loss reserves carried by Retrocedant, since the
immediately prior anniversary date. The Ending Deficit shall be the deficit as
of such Calculation Date.

                                    ARTICLE V

                                CEDING COMMISSION

     With respect to the Reinsurance Contracts, Retrocessionaire shall pay the
Retrocedant a ceding commission (the "CEDING COMMISSION") with respect to the
Section B (Prospective) Coverage Period, and such Ceding Commission shall equal
one hundred percent (100%) of the actual expenses incurred in writing each
Reinsurance Contract, including actual ceding commissions and brokerage paid, as
determined in accordance with Retrocedant's customary practices and procedures
and as submitted to The St. Paul, all as allocable pro rata to periods from and
after the Effective Time.

                                   ARTICLE VI

                               ORIGINAL CONDITIONS

     All retrocessions assumed under this Agreement shall be subject to the same
rates, terms, conditions, waivers and interpretations, and to the same
modifications and alterations, as the Reinsurance Contract.

                                   ARTICLE VII

                              INURING RETROCESSIONS

     SECTION 7.01   ALLOCATION TO RETROCESSIONAIRE. Retrocedant agrees that the
retrocession contracts purchased by St. Paul Re from third party
retrocessionaires ("THIRD PARTY Retrocessionaires") on behalf of Retrocedant
prior to the Effective Time that are listed on Exhibit C hereto shall inure to
the benefit of Retrocessionaire to the extent of liabilities covered under this
Agreement ("INURING RETROCESSIONS"), subject to the allocations in Exhibits D, E
and F.

     SECTION 7.02   TRANSFER. Retrocedant and Retrocessionaire shall use their
respective commercially reasonable efforts to obtain the consent of Third Party
Retrocessionaires under the Inuring Retrocessions to include Retrocessionaire as
a direct reinsured with respect to the Reinsurance Contracts or, in the
alternative, to make all payments directly to the Retrocessionaire, to the
extent allocable to the Reinsurance Contracts, in the manner set forth in
Exhibit D hereto, and to seek all payments, to the extent allocable to the
Reinsurance Contracts, in the manner set forth herein in Exhibit E

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hereto, directly from Retrocessionaire, it being understood that
Retrocessionaire shall bear all risk of non-payment or non-collectibility under
the Inuring Retrocessions.

     SECTION 7.03   INURING RETROCESSIONS CLAIMS.

     (a)  Each of the parties agrees to transfer to the other party all
recoveries or any portion thereof that such party receives on or after the
Effective Time pursuant to the Inuring Retrocessions which are allocated to the
other party in the manner set forth in Exhibit D hereto. Retrocedant shall use
its commercially reasonable efforts to collect any recoveries due to
Retrocessionaire under the Inuring Retrocessions that indemnify the Retrocedant
for losses or expenses payable or return of premium allocable to the
Retrocessionaire and shall transfer any such recoveries received to
Retrocessionaire. The parties agree that Retrocessionaire's obligations to make
payments pursuant to the Inuring Retrocessions or to reimburse Retrocedant
pursuant to this Agreement shall not be waived by non-receipt of any such
amounts. Retrocessionaire shall reimburse Retrocedant for one hundred percent
(100%) of any expenses reasonably incurred by Retrocedant in attempting to make
such collection, including all allocated expenses, as determined in accordance
with St. Paul Re's customary practices and procedures. Retrocessionaire shall
have the right to associate with Retrocedant, at Retrocessionaire's own expense,
in any actions brought by Retrocedant to make such collections.

     (b)  In the event claims of Retrocedant and Retrocessionaire aggregate in
excess of the applicable limit under an Inuring Retrocession, all limits
applicable to either Retrocedant or Retrocessionaire shall be allocated between
Retrocedant and Retrocessionaire in the manner set forth in Exhibit F hereto.

     SECTION 7.04   INITIAL CONSIDERATION. On the Effective Date,
Retrocessionaire shall reimburse Retrocedant for one hundred percent (100%) of
any and all unearned premiums paid by Retrocedant under such Inuring
Retrocessions net of any applicable unearned ceding commissions paid to
Retrocedant thereunder.

     SECTION 7.05   ADDITIONAL CONSIDERATION. Retrocessionaire agrees to pay
directly to Third Party Retrocessionaires under the Inuring Retrocessions all
future premiums Retrocedant is obligated to pay pursuant to the terms of the
Inuring Retrocessions to the extent that such premiums are allocable to
Retrocessionaire in the manner set forth in Exhibit E and to indemnify
Retrocedant for all such premiums paid directly by Retrocedant, net of any
ceding commissions and similar amounts paid by Third Party Retrocessionaires to
Retrocedant.

     SECTION 7.06 TERMINATION OR COMMUTATION OF INURING RETROCESSIONS.

     (a)  With respect to any Inuring Retrocessions providing coverage solely
with respect to the Reinsurance Agreements, Retrocedant agrees, on behalf of
itself and its affiliates, not to terminate or commute any such Inuring
Retrocession without the written consent of Retrocessionaire.

     (b)  With respect to any Inuring Retrocessions providing coverage for both
Reinsurance Agreements and to business not being transferred, neither party
shall take

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any action or fail to take any action that would reasonably result in the
termination or commutation of any Inuring Retrocession, without the prior
written consent of the other party, such consent not to be unreasonably
withheld.

                                  ARTICLE VIII

                 LOSS AND LOSS EXPENSE; SALVAGE AND SUBROGATION
                               FOLLOW THE FORTUNES

     SECTION 8.01   (a) Retrocessionaire shall be liable for one hundred percent
(100%) of all future loss, loss adjustment expenses, incurred but not reported
losses and other payment obligations that arise under the Reinsurance Contracts
on and after January 1, 2002 and are payable as of or after the Effective Time
and shall reimburse Retrocedant for any losses, loss adjustment expenses and
other payment obligations paid by Retrocedant following the Effective Time in
respect of the Reinsurance Contracts, net of any recoveries received by
Retrocedant with respect thereto, including recoveries under Inuring
Retrocessions. Retrocessionaire shall have the right to all salvage and
subrogation on the account of claims and settlements with respect to the
Reinsurance Contracts.

     (b)  In the event of a claim under a Reinsurance Contract, the Retrocedant
will assess the validity of the claim and make a determination as to payment,
consistent with the claims handling guidelines previously provided to
Retrocedant in writing by Retrocessionaire and Retrocessionaire may exercise its
rights under Section 10.01 in respect thereof. Retrocedant shall provide prompt
notice of any claim in excess of $500,000 to Retrocessionaire. All payments made
by Retrocedant, whether under strict contract terms or by way of compromise,
shall be binding on Retrocessionaire. In addition, if Retrocedant refuses to pay
a claim in full and a legal proceeding results, Retrocessionaire will be
unconditionally bound by any settlement agreed to by Retrocedant or the adverse
judgment of any court or arbitrator (which could include any judgment for bad
faith, punitive damages, excess policy limit losses or extra contractual
obligations) and Retrocedant may recover with respect to such settlements and
judgments under this Agreement. Though Retrocedant will settle such claims and
litigation in good faith, Retrocessionaire is bound to accept the settlements
paid by Retrocedant and such settlements may be for amounts that could be
greater than the amounts that would be agreed to by Retrocessionaire if
Retrocessionaire were to settle such claims or litigation directly. It is the
intent of this Agreement that Retrocessionaire shall in every case in which this
Agreement applies and in the proportions specified herein, "follow the fortunes"
of Retrocedant in respect of risks Retrocessionaire has accepted under this
Agreement.

                                   ARTICLE IX

                          EXTRA CONTRACTUAL OBLIGATIONS

          In the event Retrocedant or Retrocessionaire is held liable to pay any
punitive, exemplary, compensatory or consequential damages because of alleged or
actual bad faith or negligence related to the handling of any claim

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under any Reinsurance Contract or otherwise in respect of such Reinsurance
Contract, the parties shall be liable for such damages in proportion to their
responsibility for the conduct giving rise to the damages. Such determination
shall be made by Retrocedant and Retrocessionaire, acting jointly and in good
faith, and in the event the parties are unable to reach agreement as to such
determination, recourse shall be had to Article XV hereof.

                                    ARTICLE X

                     ADMINISTRATION OF REINSURANCE CONTRACTS

     SECTION 10.01  ADMINISTRATION

     (a)  The parties agree that, as of the Effective Time, Retrocedant shall
have the sole authority to administer the Reinsurance Contract in all respects,
which authority shall include, but not be limited to, authority to bill for and
collect premiums, adjust all claims and handle all disputes thereunder and to
effect any and all amendments, commutations and cancellations of the Reinsurance
Contract, subject, however, in the case of administration of claims, to all
claims handling guidelines provided in advance in writing by Retrocessionaire to
Retrocedant. Retrocedant shall not, on its own, settle any claim, waive any
right, defense, setoff or counterclaim relating to the Reinsurance Contracts
with respect to amounts in excess of $500,000, and shall not amend, commute or
terminate any of the Reinsurance Contracts without the prior written consent of
Retrocessionaire.

     (b)  Notwithstanding the foregoing, Retrocessionaire may, at its discretion
and at its own expense, assume the administration, defense and settlement of any
claim upon prior written notice to Retrocedant. Upon receipt of such notice,
Retrocedant shall not compromise, discharge or settle such claim except with the
prior written consent of Retrocessionaire. Retrocessionaire shall not take any
action in the administration of such claim that would reasonably be expected to
adversely affect Retrocedant, its business or its reputation, without the prior
written consent of Retrocedant. Subject to the terms of Article IX hereof,
Retrocessionaire shall indemnify Retrocedant for all Losses, including punitive,
exemplary, compensatory or consequential damages arising from such assumption of
the conduct of such settlement pursuant to Article XIV herein.

     SECTION 10.02  REPORTING AND REGULATORY MATTERS. Each party shall provide
the notices and filings required to be made by it to state regulatory
authorities as a result of this Agreement. Notwithstanding the foregoing, each
party shall provide to the other party any information in its possession
regarding the Reinsurance Contracts as reasonably required by the other party to
make such filings and in a form as agreed to by the parties.

     SECTION 10.03  DUTY TO COOPERATE. Upon the terms and subject to the
conditions and other agreements set forth herein, each party agrees to use its
commercially reasonable efforts to take, or cause to be taken, all actions, and
to do, or

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cause to be done, and to assist and cooperate with the other party in doing, all
things necessary or advisable to perform the transactions contemplated by this
Agreement.

     SECTION 10.04  COMMUNICATIONS RELATING TO THE REINSURANCE CONTRACTS.
Following the Effective Time, Retrocedant and Retrocessionaire shall each
promptly forward to the other copies of all material notices and other written
communications it receives relating to the Reinsurance Contracts (including,
without limitation, all inquiries and complaints from state insurance
regulators, brokers and other service providers and reinsureds and all notices
of claims, suits and actions for which it receives service of process.)

                                   ARTICLE XI

                             REPORTS AND REMITTANCES

     SECTION 11.01  REPORT FROM RETROCEDANT. Within thirty days following the
end of each month, Retrocedant shall provide Retrocessionaire with a summary
statement of account for the previous month showing all activity relating to
each of the Reinsurance Contracts, including related administration costs and
expenses incurred by Retrocedant in the form set forth as Exhibit G. The monthly
statement of account shall also provide a breakdown of any amounts due to the
Retrocedant or Retrocessionaire, as the case may be, as reimbursement for paid
claims, premiums or other amounts due pursuant to the terms of this Agreement.

     SECTION 11.02  REMITTANCES. Within two Business Days after delivery of each
monthly report pursuant to Section 11.01, Retrocedant and Retrocessionaire shall
settle all amounts then due under this Agreement for that month.

     SECTION 11.03  LATE PAYMENTS. Should any payment due any party to this
Agreement be received by such party after the due date for such payment under
this Agreement, interest shall accrue from the date on which such payment was
due until payment is received by the party entitled thereto, at an annual rate
equal to the London Interbank Offered Rate quoted for six month periods as
reported in The Wall Street Journal on the first Business Day of the month in
which such payment first becomes due plus one hundred basis points (the
"APPLICABLE RATE").

     SECTION 11.04  COST REIMBURSEMENT. Retrocessionaire shall reimburse for its
allocated share of all costs and expenses incurred by Retrocedant in
administering the Reinsurance Contracts as set forth in Exhibit H hereto.

                                   ARTICLE XII

                             MAINTENANCE OF LICENSES

     Each of Retrocedant and Retrocessionaire hereby covenants to maintain at
all times all licenses and authorizations required to undertake the actions
contemplated hereby.

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                                  ARTICLE XIII

                                ACCESS TO RECORDS

          From and after the Closing Date, Retrocedant shall afford to
Retrocessionaire and its respective authorized accountants, counsel and other
designated representatives (collectively, "REPRESENTATIVES") reasonable access
(including using commercially reasonable best efforts to give access to Persons
possessing information) during normal business hours to all data and information
that is specifically described in writing (collectively, "INFORMATION") within
the possession of Retrocedant relating to the liabilities transferred hereunder,
insofar as such information is reasonably required by Retrocessionaire.
Similarly, from and after the Closing Date, Retrocessionaire shall afford to
Retrocedant, any Post-closing Subsidiary of Retrocedant and their respective
Representatives reasonable access (including using commercially reasonable best
efforts to give access to Persons possessing information) during normal business
hours to Information within Retrocessionaire's possession relating to
Retrocedant, insofar as such information is reasonably required by Retrocedant.
Information may be requested under this Article XIII for, without limitation,
audit, accounting, claims, litigation (other than any claims or litigation
between the parties hereto) and tax purposes, as well as for purposes of
fulfilling disclosure and reporting obligations and for performing this
Agreement and the transactions contemplated hereby.

     From and after the Closing Date, Retrocessionaire and Retrocedant or their
designated representatives may inspect, at the place where such records are
located, any and all data and information that is specifically described in
writing within the possession of the other party hereto reasonably relating to
this Agreement, on reasonable prior notice and during normal business hours. The
rights of the parties under this Article XIII shall survive termination of this
Agreement and shall continue for as long as there may be liabilities under the
Reinsurance Contracts or reporting or retention requirements under applicable
law. In addition, each party shall have the right to take copies (including
electronic copies) of any information held by the other party that reasonably
relates to this Agreement or the Reinsurance Contracts. Each party shall, and
shall cause its designated representative to, treat and hold as confidential
information any information it receives or obtains pursuant to this
Article XIII.

                                   ARTICLE XIV

                                 INDEMNIFICATION

     SECTION 14.01  INDEMNIFICATION BY RETROCEDANT. Retrocedant agrees to
indemnify, defend and hold harmless Retrocessionaire, and its officers,
directors and employees with respect to any and all Losses arising from any
breach by Retrocedant of any representation, warranty or covenant herein.
Retrocedant further agrees to indemnify, defend and hold harmless
Retrocessionaire and its officers, directors and employees against any and all
Losses arising out of Retrocedant's administration of the Reinsurance Contracts,
including but not limited to extracontractual obligations, payments in excess of
policy limits and settlements made in respect of any such claims to

                                       12
<Page>

the extent arising from the gross negligence or willful misconduct of
Retrocedant except to the extent such actions are taken with the prior consent
or direction of Retrocessionaire. Such indemnification obligations shall be
limited to the aggregate of all fees paid to Retrocedant pursuant to Section
11.04 hereof.

     SECTION 14.02  INDEMNIFICATION BY RETROCESSIONAIRE. Retrocessionaire agrees
to indemnify, defend and hold harmless Retrocedant, and its officers, directors
and employees with respect to any and all Losses arising from any breach by
Retrocessionaire of any representation, warranty or covenant herein.
Retrocessionaire further agrees to indemnify, defend and hold harmless
Retrocedant and its officers, directors and employees against any and all Losses
arising out of Retrocessionaire's administration of the Reinsurance Contracts,
including but not limited to extracontractual obligations, payments in excess of
policy limits and settlements made in respect of any such claims.

     SECTION 14.03  INDEMNIFICATION PROCEDURES. (a) If a party seeking
indemnification pursuant to this Article XIV (each, an "INDEMNITEE") receives
notice or otherwise learns of the assertion by a Person (including, without
limitation, any governmental entity) who is not a party to this Agreement or an
Affiliate thereof, of any claim or of the commencement by any such Person of any
Action (a "THIRD PARTY CLAIM") with respect to which the party from whom
indemnification is sought (each, an "INDEMNIFYING PARTY") may be obligated to
provide indemnification pursuant to this Section 14.01 or 14.02, such Indemnitee
shall give such Indemnifying Party written notice thereof promptly after
becoming aware of such Third Party Claim; PROVIDED that the failure of any
Indemnitee to give notice as provided in this Section 14.03 shall not relieve
the Indemnifying Party of its obligations under this Article XIV, except to the
extent that such Indemnifying Party is prejudiced by such failure to give
notice. Such notice shall describe the Third Party Claim in as much detail as is
reasonably possible and, if ascertainable, shall indicate the amount (estimated
if necessary) of the Loss that has been or may be sustained by such Indemnitee.

     (b)  An Indemnifying Party may elect to defend or to seek to settle or
compromise, at such Indemnifying Party's own expense and by such Indemnifying
Party's own counsel, any Third Party Claim. Within [30] days of the receipt of
notice from an Indemnitee in accordance with Section 14.03(a) (or sooner, if the
nature of such Third Party Claim so requires), the Indemnifying Party shall
notify the Indemnitee of its election whether the Indemnifying Party will assume
responsibility for defending such Third Party Claim, which election shall
specify any reservations or exceptions. After notice from an Indemnifying Party
to an Indemnitee of its election to assume the defense of a Third Party Claim,
such Indemnifying Party shall not be liable to such Indemnitee under this
Article XIV for any legal or other expenses (except expenses approved in writing
in advance by the Indemnifying Party) subsequently incurred by such Indemnitee
in connection with the defense thereof; PROVIDED that, if the defendants in any
such claim include both the Indemnifying Party and one or more Indemnitees and
in any Indemnitee's reasonable judgment a conflict of interest between one or
more of such Indemnitees and such Indemnifying Party exists in respect of such
claim or if the Indemnifying Party shall have assumed responsibility for such
claim with reservations or

                                       13
<Page>

exceptions that would materially prejudice such Indemnitees, such Indemnitees
shall have the right to employ separate counsel to represent such Indemnitees
and in that event the reasonable fees and expenses of such separate counsel (but
not more than one separate counsel for all such Indemnitees reasonably
satisfactory to the Indemnifying Party) shall be paid by such Indemnifying
Party. If an Indemnifying Party elects not to assume responsibility for
defending a Third Party Claim, or fails to notify an Indemnitee of its election
as provided in this Article XIV, such Indemnitee may defend or (subject to the
remainder of this Article XIV) seek to compromise or settle such Third Party
Claim at the expense of the Indemnifying Party.

     (c)  Neither an Indemnifying Party nor an Indemnitee shall consent to entry
of any judgment or enter into any settlement of any Third Party Claim which does
not include as an unconditional term thereof the giving by the claimant or
plaintiff to such Indemnitee, in the case of a consent or settlement by an
Indemnifying Party, or the Indemnifying Party, in the case of a consent or
settlement by the Indemnitee, of a written release from all liability in respect
to such Third Party Claim.

     (d)  If an Indemnifying Party chooses to defend or to seek to compromise or
settle any Third Party Claim, the Indemnitee shall make available at reasonable
times to such Indemnifying Party any personnel or any books, records or other
documents within its control or which it otherwise has the ability to make
available that are necessary or appropriate for such defense, settlement or
compromise, and shall otherwise cooperate in a reasonable manner in the defense,
settlement or compromise of such Third Party Claim.

     (e)  Notwithstanding anything in this Article XIV to the contrary, neither
an Indemnifying Party nor an Indemnitee may settle or compromise any claim over
the objection of the other; PROVIDED that consent to settlement or compromise
shall not be unreasonably withheld or delayed. If an Indemnifying Party notifies
the Indemnitee in writing of such Indemnifying Party's desire to settle or
compromise a Third Party Claim on the basis set forth in such notice (provided
that such settlement or compromise includes as an unconditional term thereof the
giving by the claimant or plaintiff of a written release of the Indemnitee from
all liability in respect thereof) and the Indemnitee shall notify the
Indemnifying Party in writing that such Indemnitee declines to accept any such
settlement or compromise, such Indemnitee may continue to contest such Third
Party Claim, free of any participation by such Indemnifying Party, at such
Indemnitee's sole expense. In such event, the obligation of such Indemnifying
Party to such Indemnitee with respect to such Third Party Claim shall be equal
to (i) the costs and expenses of such Indemnitee prior to the date such
Indemnifying Party notifies such Indemnitee of the offer to settle or compromise
(to the extent such costs and expenses are otherwise indemnifiable hereunder)
PLUS (ii) the lesser of (A) the amount of any offer of settlement or compromise
which such Indemnitee declined to accept and (B) the actual out-of-pocket amount
such Indemnitee is obligated to pay subsequent to such date as a result of such
Indemnitee's continuing to pursue such Third Party Claim.

     (f)  In the event of payment by an Indemnifying Party to any Indemnitee in
connection with any Third Party Claim, such Indemnifying Party shall be
subrogated to and shall stand in the place of such Indemnitee as to any events
or circumstances in

                                       14
<Page>

respect of which such Indemnitee may have any right or claim relating to such
Third Party Claim against any claimant or plaintiff asserting such Third Party
Claim or against any other Person. Such Indemnitee shall cooperate with such
Indemnifying Party in a reasonable manner, and at the cost and expense of such
Indemnifying Party, in prosecuting any subrogated right or claim.

     (g)  Except with respect to claims relating to actual fraud, the
indemnification provisions set forth in this section are the sole and exclusive
remedy of the parties hereto for any and all claims for indemnification under
this Agreement.

     SECTION 14.04  SURVIVAL. This Article XIV shall survive termination of this
Agreement.

                                   ARTICLE XV

                                   ARBITRATION

     (a)  As a condition precedent to any right of Action under this Agreement,
any dispute or difference between the parties hereto relating to the formation,
interpretation, or performance of this Agreement, or any transaction under this
Agreement, whether arising before or after termination, shall be submitted for
decision to a panel of three arbitrators (the "PANEL") at the offices of
Judicial Arbitration and Mediation Services, Inc. in accordance with the
Streamlined Arbitration Rules and Procedures of Judicial Arbitration and
Mediation Services, Inc.

     (b)  The party demanding arbitration shall do so by written notice
complying with the terms of Section 20.06. The arbitration demand shall state
the issues to be resolved and shall name the arbitrator appointed by the
demanding party.

     (c)  Within 30 days of receipt of the demand for arbitration, the
responding party shall notify the demanding party of any additional issues to be
resolved in the arbitration and the name of the responding party's appointed
arbitrator. If the responding party refuses or neglects to appoint an arbitrator
within 30 days following receipt of the written arbitration demand, then the
demanding party may appoint the second arbitrator, but only after providing 10
days' written notice of its intention to do so, and only if such other party has
failed to appoint the second arbitrator within such 10 day period.

     (d)  The two arbitrators shall, before instituting the hearing, select an
impartial arbitrator who shall act as the umpire and preside over the hearing.
If the two arbitrators fail to agree on the selection of a third arbitrator
within 30 days after notification of the appointment of the second arbitrator,
the selection of the umpire shall be made by the American Arbitration
Association. Upon resignation or death of any member of the Panel, a replacement
will be appointed in the same fashion as the resigning or deceased member was
appointed. All arbitrators shall be active or former officers of
property/casualty insurance or reinsurance companies, or Lloyd's underwriters,
and shall be disinterested in the outcome of the arbitration.

                                       15
<Page>

     (e)  Within 30 days after notice of appointment of all arbitrators, the
Panel shall meet and determine timely periods for briefs, discovery procedures
and schedules for hearings. The Panel shall have the power to determine all
procedural rules for the holding of the arbitration, including but not limited
to the inspection of documents, examination of witnesses and any other matter
relating to the conduct of the arbitration. The Panel shall interpret this
Agreement as an honorable engagement and not as merely a legal obligation and
shall make its decision considering the custom and practice of the applicable
insurance and reinsurance business. The Panel shall be relieved of all judicial
formalities and may abstain from following the strict rules of law. The decision
of any two arbitrators shall be binding and final. The arbitrators shall render
their decision in writing within 60 days following the termination of the
hearing. Judgment upon the award may be entered in any court of competent
jurisdiction.

     (f)  Except as otherwise provided herein, all proceedings pursuant hereto
shall be governed by the laws of the State of Minnesota without giving effect to
any choice or conflict of laws provision or rule (whether of the State of
Minnesota or any other jurisdiction) that would cause the application of the
laws of any jurisdiction other than the State of Minnesota.

     (g)  The parties agree that any disputes subject to arbitration pursuant to
this Article XV that may also be subject to arbitration proceedings between
respective Affiliates of the parties shall be consolidated with and subject to
arbitration pursuant to this Article XV. The parties further agree that all
issues that are limited to a specific foreign jurisdiction under an agreement
between the respective affiliates of the parties shall be determined by this
Panel pursuant to the consolidation, in reference to the governing law of the
applicable agreement.

     (h)  Each party shall bear the expense of its own arbitrator and shall
share equally with the other party the expense of the umpire and of the
arbitration.

     (i)  Arbitration hereunder shall take place in New York, New York unless
the parties agree otherwise.

     (j)  This Article XV shall survive termination of this Agreement.

                                   ARTICLE XVI

                                   INSOLVENCY

     (a)  In the event of the insolvency of Retrocedant, this reinsurance shall
be payable directly to Retrocedant, or to its liquidator, receiver, conservator
or statutory successor on the basis of the liability of Retrocedant without
diminution because of the insolvency of Retrocedant or because the liquidator,
receiver, conservator or statutory successor of Retrocedant has failed to pay
all or a portion of any claim.

     (b)  It is agreed, however, that the liquidator, receiver, conservator or
statutory successor of Retrocedant shall give written notice to Retrocessionaire
of the pendency of a claim against Retrocedant indicating the Reinsurance
Contract, which claim would

                                       16
<Page>

involve a possible liability on the part of Retrocessionaire within a reasonable
time after such claim is filed in the conservation or liquidation proceeding or
in the receivership, and that during the pendency of such claim,
Retrocessionaire may investigate such claim and interpose, at its own expense,
in the proceeding where such claim is to be adjudicated any defense or defenses
that it may deem available to Retrocedant or its liquidator, receiver,
conservator or statutory successor. The expense thus incurred by
Retrocessionaire shall be chargeable, subject to the approval of the court,
against Retrocedant as part of the expense of conservation or liquidation to the
extent of a pro rata share of the benefit which may accrue to Retrocedant solely
as a result of the defense undertaken by Retrocessionaire.

     (c)  As to all reinsurance made, ceded, renewed or otherwise becoming
effective under this Agreement, the reinsurance shall be payable as set forth
above by Retrocessionaire to Retrocedant or to its liquidator, receiver,
conservator or statutory successor, except (1) where the Reinsurance Contracts
specifically provide another payee in the event of the insolvency of
Retrocedant, and (2) where Retrocessionaire, with the consent of the reinsured
or reinsureds under the Reinsurance Contracts, has assumed such Reinsurance
Contract obligations of Retrocedant as direct obligations of Retrocessionaire to
the payees under such Reinsurance Contracts and in substitution for the
obligations of the Retrocedant to such payees.

                                  ARTICLE XVII

                                     OFFSET

     Retrocedant and Retrocessionaire shall have the right to offset any balance
or amounts due form one party to the other under the terms of this Agreement.
The party asserting the right of offset may exercise such right at any time
whether the balances due are on account of premiums, losses or otherwise.

                                  ARTICLE XVIII

                              ERRORS AND OMISSIONS

     Any inadvertent delay, omission, error or failure shall not relieve either
party hereto from any liability which would attach hereunder if such delay,
omission, error or failure had not been made provided such delay, omission,
error or failure is rectified as soon as reasonably practicable upon discovery.

                                   ARTICLE XIX

                        CREDIT FOR REINSURANCE; SECURITY

     SECTION 19.01  CREDIT FOR REINSURANCE. Retrocessionaire shall take all
actions reasonably necessary, if any, to permit Retrocedant to obtain full
financial statement credit in all applicable U.S. jurisdictions for all
liabilities assumed by the Retrocessionaire pursuant to this Agreement,
including but not limited to loss and loss

                                       17
<Page>

adjustment expense reserves, unearned premium reserves, reserves for incurred
but not reported losses, allocated loss adjustment expenses and ceding
commissions, and to provide the security required for such purpose, in a form
reasonably acceptable to Retrocedant. Any reserves required by the foregoing in
no event shall be less than the amounts required under the law of the
jurisdiction having regulatory authority with respect to the establishment of
reserves relating to the relevant Reinsurance Contracts. For purposes of this
Article XIX, such "actions reasonably necessary" may include, without
limitation, the furnishing of a letter of credit or the establishment of a
custodial or trust account, as permitted under applicable law, to secure the
payment of the amounts due the Retrocedant under this Agreement.

     SECTION 19.02  EXPENSES. All expenses of establishing and maintaining any
letter of credit or other security arrangement shall be paid by
Retrocessionaire.

     SECTION 19.03  SECURITY

     (a)  Retrocessionaire shall establish and maintain a trust fund for the
benefit of Retrocedant as security for the obligations of Retrocessionaire under
this Agreement. The trust fund shall be in a form reasonably satisfactory to
Retrocedant and shall comply in all material respects with the requirements
under Maryland Insurance Law applicable to trust funds established for credit
for reinsurance purposes.

     (b)  At the Closing Date, Retrocessionaire shall deposit qualifying assets
into the trust account equal to all payments and proceeds received by
Retrocessionaire in respect of the Reinsurance Contracts, including but not
limited to assets related to transferred reserves, premium payments, reinsurance
recoverables and other payments. As of the end of each calendar quarter,
Retrocessionaire shall calculate the balance of the trust fund and the aggregate
loss, loss adjustment expense reserves, unearned premium reserves, ceding
commission and other reserves related to the Reinsurance Contracts as reported
in the statutory financial statements filed by Retrocessionaire with the
Maryland Insurance Commission for such quarter and shall provide such
calculation to Retrocedant within five days of the filing of such statutory
financial statements with the Maryland Insurance Commission. If the balance of
the trust fund is less than the aggregate of the related reserves,
Retrocessionaire promptly shall deposit sufficient qualifying assets to cause
the balance of the trust fund to equal at least one hundred percent of such
aggregate reserves. If the balance of the trust fund is greater than the
aggregate of the related reserves, Retrocessionaire may withdraw assets equal to
the amount of such excess.

     (c)  Upon receipt of the quarterly calculation from Retrocessionaire,
Retrocedant shall have the right to reasonably object to such calculation and to
offer a reasonable proposal for reserve amounts. If the parties in good faith
are not able to resolve the disagreement within [two weeks] of Retrocedant's
indication of disagreement, the parties shall mutually agree upon an independent
actuarial firm to determine an appropriate level of aggregate reserves with
respect to the Reinsurance Contracts, such level to be no more than the amount
proposed by Retrocedant and no less than the

                                       18
<Page>

amount reported by Retrocessionaire, and both parties agree to be bound by such
determination.

     (d)  Retrocessionaire shall retain the investment discretion with respect
to the assets in the trust, provided, however, that all assets held in the trust
shall qualify as admitted assets under Maryland Insurance Law.

     (e)  Retrocessionaire shall be permitted to liquidate the trust at the
earlier of (i) such time as Retrocessionaire's obligations under this Agreement
have been met or are terminated or waived or (ii) the reserves so reported by
Retrocessionaire do not exceed $100 million as of two successive calendar year
ends.

     (f)  Retrocedant shall bear the costs and expenses of the trustee relating
to the trust.

                                   ARTICLE XX

                            MISCELLANEOUS PROVISIONS

     SECTION 20.01  SEVERABILITY. If any term or provision of this Agreement
shall be held void, illegal, or unenforceable, the validity of the remaining
portions or provisions shall not be affected thereby.

     SECTION 20.02  SUCCESSORS AND ASSIGNS. This Agreement may not be assigned
by either party without the prior written consent of the other. The provisions
of this Agreement shall be binding upon and inure to the benefit of and be
enforceable by the parties hereto and their respective successors and assigns as
permitted herein.

     SECTION 20.03  NO THIRD PARTY BENEFICIARIES. Except as otherwise
specifically provided for in Article XIV of this Agreement, nothing in this
Agreement is intended or shall be construed to give any Person, other than the
parties hereto, their successors and permitted assigns, any legal or equitable
right, remedy or claim under or in respect of this Agreement or any provision
contained herein, and Retrocessionaire shall not be directly liable hereunder to
any reinsured under any Reinsurance Contract.

     SECTION 20.04  EQUITABLE RELIEF. Each party hereto acknowledges that if it
or its employees or agents violate the terms of this Agreement, the other party
will not have an adequate remedy at law. In the event of such a violation, the
other party shall have the right, in addition to any other rights that may be
available to it, to obtain in any court of competent jurisdiction injunctive
relief to restrain any such violation and to compel specific performance of the
provisions of this Agreement. The seeking or obtaining of such injunctive relief
shall not foreclose or limit in any way relief against either party hereto for
any monetary damage arising out of such violation.

     SECTION 20.05  EXECUTION IN COUNTERPARTS. This Agreement may be executed by
the parties hereto in any number of counterparts and by each of the parties

                                       19
<Page>

hereto in separate counterparts, each of which counterparts, when so executed
and delivered, shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument.

     SECTION 20.06  NOTICES. All notices, requests, claims, demands and other
communications hereunder shall be in writing and shall be deemed to have been
duly given if delivered by hand (with receipt confirmed), or by facsimile (with
transmission confirmed), or by certified mail, postage prepaid and return
receipt requested, addressed as follows (or to such other address as a party may
designate by written notice to the others) and shall be deemed given on the date
on which such notice is received:

     If to Retrocedant:

     St. Paul Fire and Marine Insurance Company
     385 Washington Street
     St. Paul, MN 55102
     Facsimile:  [ NO.  ]
     Attention:  [TITLE]

     If to Retrocessionaire:

     Platinum Underwriters Reinsurance Inc.
     Clarendon House, 2 Church Street
     Hamilton, Bermuda HM11
     Facsimile:  [ NO.    ]
     Attention:  Secretary

     SECTION 20.07  WIRE TRANSFER. All settlements in accordance with this
Agreement shall be made by wire transfer of immediately available funds on the
due date, or if such day is not a Business Day, on the next day which is a
Business Day, pursuant to the following wire transfer instructions: [ ]. Payment
may be made by check payable in immediately available funds in the event the
party entitled to receive payment has failed to provide wire transfer
instructions.

     SECTION 20.08  HEADINGS. Headings used herein are not a part of this
Agreement and shall not affect the terms hereof.

     SECTION 20.09  FURTHER ASSURANCES. Each of the parties shall from time to
time, on being reasonably requested to do so by the other party to this
Agreement, do such acts and/or execute such documents in a form reasonably
satisfactory to the party concerned as may be necessary to give full effect to
this Agreement and securing to that party the full benefit of the rights, powers
and remedies conferred upon it by this Agreement.

     SECTION 20.10  AMENDMENTS; ENTIRE AGREEMENT. This Agreement may be amended
only by written agreement of the parties. This Agreement, together with the

                                       20
<Page>

Formation and Separation Agreement, supersedes all prior discussions and written
and oral agreements and constitutes the sole and entire agreement between the
parties with respect to the subject matter hereof.

     SECTION 20.11  GOVERNING LAW. This Agreement shall be governed by the laws
of the State of Minnesota, without giving effect to principles of conflicts of
laws thereof.

                                       21
<Page>

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
by their duly authorized representatives as of the date first above written.

                                               ST. PAUL FIRE AND MARINE
                                               INSURANCE COMPANY

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

                                               PLATINUM UNDERWRITERS
                                               REINSURANCE INC.

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

                                       22
<Page>

                                    EXHIBIT A

                              REINSURANCE CONTRACTS

                                       A-1
<Page>

                                    EXHIBIT B

                           ADJUSTMENT OF LOSS RESERVES

Reserves to be transferred to Retrocessionaire shall include loss and loss
adjustment expense reserves, including incurred but not reported loss and loss
adjustment expense reserves, and ceding commission reserves as of the Effective
Time with respect to the Reinsurance Contracts net of retrocessional
recoverables under the Inuring Retrocessions. "Ceding commission reserves" shall
equal reserves for estimated contingent commissions, profit commissions and
sliding-scale commissions.

                                       B-1
<Page>

                                    EXHIBIT C

                              INURING RETROCESSIONS

                          [To be provided by Platinum]

                                       C-1
<Page>

                                    EXHIBIT D

                            ALLOCATION OF RECOVERIES

1.   Recoveries available under an Inuring Retrocession shall be allocated
between the parties in proportion to the losses otherwise recoverable.

2.   Any and all loss recoveries and premium adjustments resulting from
triggering the 2002 Holborn cover will be allocated between St. Paul Companies
and Platinum Re based on variance from plan and in accordance with the existing
methodology shown below.

Variance from plan at an underwriting year level will be the basis for the
allocation. The 2000, 2001 and 2002 underwriting year plan loss ratios
associated with the 2002 calendar year plan loss ratio will be compared to
indicated ultimate loss ratios for the same underwriting years. These indicated
ultimate loss ratios are the same ones used to determine if the Holborn cover
has been triggered. The 2002 underwriting year must be segmented into three
pieces. Namely, that business written on Fire and Marine paper and subject to
transfer, that written on Fire and Marine paper and not subject to transfer and
that written on Platinum Re paper. The distinction is warranted as the cession
to Platinum Re will be net of the Holborn cover. The variance in loss ratio by
underwriting year will be multiplied by the respective underwriting year's EP
component in the 2002 calendar year. This is the same EP by underwriting year
that was used to calculate the total 2002 Holborn Year's EP. This dollar
variance will be the basis for determining the distribution to be applied to the
total loss recovery and AP. It is in this manner that the total loss recovery
and AP attributable to the 2002 Holborn Year will be allocated to underwriting
year. To the extent that the recoveries and AP's have been allocated to the 2000
and 2001 underwriting year's they will be afforded to St. Paul Companies.
Similarly, the allocation to that part of the 2002 underwriting year pertaining
to non-transferred business will also be realized by St. Paul Companies. The
allocation pertaining to business written on St Paul paper and transferred will
be used in determining the net transferred business that will be ceded to
Platinum Re. The remaining allocation associated with 2002 underwriting year
business written on Platinum Re paper will inure to the benefit of Platinum Re
directly. The margin for the 2002 Holborn cover will be distributed based on
earned premium and allocated between St Paul Companies and Platinum Re by
underwriting year.

                                       D-1
<Page>

                                    EXHIBIT E

                      ALLOCATION OF RETROCESSIONAL PREMIUMS

1.   Ceded premium will be allocated to cedant and underwriting year in
proportion to the earned subject premium. Ceding commission will be allocated in
the same manner.

2.   Any and all loss recoveries and premium adjustments resulting from
triggering the 2002 Holborn cover will be allocated between St. Paul Companies
and Platinum Re based on variance from plan and in accordance with the existing
methodology shown below.

Variance from plan at an underwriting year level will be the basis for the
allocation. The 2000, 2001 and 2002 underwriting year plan loss ratios
associated with the 2002 calendar year plan loss ratio will be compared to
indicated ultimate loss ratios for the same underwriting years. These indicated
ultimate loss ratios are the same ones used to determine if the Holborn cover
has been triggered. The 2002 underwriting year must be segmented into three
pieces. Namely, that business written on Fire and Marine paper and subject to
transfer, that written on Fire and Marine paper and not subject to transfer and
that written on Platinum Re paper. The distinction is warranted as the cession
to Platinum Re will be net of the Holborn cover. The variance in loss ratio by
underwriting year will be multiplied by the respective underwriting year's EP
component in the 2002 calendar year. This is the same EP by underwriting year
that was used to calculate the total 2002 Holborn Year's EP. This dollar
variance will be the basis for determining the distribution to be applied to the
total loss recovery and AP. It is in this manner that the total loss recovery
and AP attributable to the 2002 Holborn Year will be allocated to underwriting
year. To the extent that the recoveries and AP's have been allocated to the 2000
and 2001 underwriting year's they will be afforded to St. Paul Companies.
Similarly, the allocation to that part of the 2002 underwriting year pertaining
to non-transferred business will also be realized by St. Paul Companies. The
allocation pertaining to business written on St Paul paper and transferred will
be used in determining the net transferred business that will be ceded to
Platinum Re. The remaining allocation associated with 2002 underwriting year
business written on Platinum Re paper will inure to the benefit of Platinum Re
directly. The margin for the 2002 Holborn cover will be distributed based on
earned premium and allocated between St Paul Companies and Platinum Re by
underwriting year.

3.   The $10 million of premium payable for 2002 under the Workers Compensation
$50 million excess of $75 million Payback Retrocession Contract will be split
$1 million for Platinum and $9 million for St. Paul. Such contract has a feature
that states that for certain unfavorable experience on the Whole Account Stop
Loss Cover the premium on this cover could reduce by as much as $9 million. In
this event the reduction in ceded premium would benefit the St. Paul
exclusively. The Platinum share would remain at $1 million.

     The contract has a feature that allows the Retrocessionaire to renew the
cover if it is in a loss position. In this event the subsequent years' premium
will be split in proportion to the losses incurred to the cover.

                                       E-1
<Page>

                                    EXHIBIT F

                              ALLOCATION OF LIMITS

     Available limits under an Inuring Retrocession shall be allocated between
the parties in proportion to the losses otherwise recoverable.

                                       F-1
<Page>

                                    EXHIBIT G

                          FORM OF RETROCEDANT'S REPORT

[TBD]

                                       G-1
<Page>

                                    EXHIBIT H

                      ALLOCATION OF ADMINISTRATIVE EXPENSES

Retrocessionaire shall pay to Retrocedant the "actual cost" to Retrocedant
(which shall consist of Retrocedant's direct and reasonable indirect costs), as
certified in good faith by Retrocedant. For greater certainty, the parties agree
that "actual cost" will include any incremental and out-of-pocket costs incurred
by Retrocedant in connection with the administrative services provided
hereunder, including the conversion, acquisition and disposition cost of
software and equipment acquired for the purposes of providing the services and
the cost of establishing requisite systems and data feeds and hiring necessary
personnel.

No later than 30 days following the last day of each calendar quarter,
Retrocedant shall provide Retrocessionaire with a report setting forth an
itemized list of the services provided to Retrocessionaire during such last
calendar quarter, in a form agreed to by the parties. Retrocessionaire shall
promptly (and in no event later than 30 days after receipt of such report,
unless Retrocessionaire is contesting the amount set forth in the report in good
faith) pay to Retrocedant by wire transfer of immediately available funds all
amounts payable as set forth in such report. Retrocessionaire shall be solely
responsible for, and shall reimburse and indemnify Retrocedant and hold it
harmless on an after-tax basis, for any taxes payable with respect to or by
reason of the provision of any service under this Agreement, other than net
income taxes imposed upon Retrocedant with respect to amounts payable under
Section 11.04 of this Agreement, and such reimbursement and indemnity obligation
shall be in addition to Retrocessionaire's obligation to pay for such service.

                                       H-1<Page>

                                                                   EXHIBIT 10.29

                                  DATED         , 2002

                      ST. PAUL REINSURANCE COMPANY LIMITED

                                     - and -

                            PLATINUM RE (UK) LIMITED

                  --------------------------------------------
                           BUSINESS TRANSFER AGREEMENT
                  --------------------------------------------

                                SLAUGHTER AND MAY
                                 One Bunhill Row
                                 London EC1Y 8YY

                                    CONTENTS

<Page>

                                        2

<Table>
<Caption>
                                                                            PAGE
<S>   <C>                                                                    <C>
1.    INTERPRETATION                                                          4

2.    TRANSFER                                                                9

3.    CONDITIONS                                                             10

4.    CONDUCT OF BUSINESS BEFORE COMPLETION                                  10

5.    CONSIDERATION                                                          10

6.    VAT                                                                    11

7.    COMPLETION                                                             13

8.    ACTION AFTER COMPLETION                                                13

9.    TRANSFER OF CONTRACTS                                                  16

10.   OBLIGATIONS OF THE TRANSFEREE AFTER COMPLETION                         17

11.   APPORTIONMENT                                                          17

12.   RISK AND INSURANCE                                                     18

13.   [EMPLOYEES                                                             18

14.   DATA PROTECTION                                                        20

15.   BUSINESS RECORDS AND BUSINESS INFORMATION                              20

16.   ASSIGNMENT                                                             21

17.   ENTIRE AGREEMENT                                                       21

18.   REMEDIES AND WAIVERS                                                   21

19.   NOTICES                                                                21

20.   ANNOUNCEMENTS                                                          22

21.   COSTS AND EXPENSES                                                     22

22.   COUNTERPARTS                                                           22

23.   INVALIDITY                                                             23
</Table>

<Page>

                                        3

<Table>
<S>   <C>                                                                    <C>
24.   CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999                           23

25.   CHOICE OF GOVERNING LAW                                                23

26.   JURISDICTION                                                           23

27.   ARBITRATION                                                            23
</Table>

<Page>

THIS AGREEMENT is made the         day of               , 2002

BETWEEN:

1.    ST. PAUL REINSURANCE COMPANY LIMITED a company incorporated in England
      (registered number 01460363) whose registered office is The St. Paul
      House, 27 Camperdown Street, London E1 8DS (the "TRANSFEROR")

AND

2.    PLATINUM RE (UK) LIMITED a company incorporated in England (registered
      number 4413755) whose registered office is at The St. Paul House, 27
      Camperdown Street, London E1 8DS (the "TRANSFEREE")

WHEREAS:

(A)   The St. Paul Companies, Inc. ("ST. PAUL") and Platinum Underwriters
      Holdings, Ltd. ("PLATINUM HOLDINGS") entered into a Formation and
      Separation Agreement dated - June, 2002 (as such agreement may be amended
      from time to time) (the "FORMATION AND SEPARATION AGREEMENT") setting
      forth certain terms governing St. Paul's sponsorship of the organisation
      of Platinum Holdings and its subsidiaries, actions to be taken in respect
      of Platinum Holdings' initial public offering (the "PUBLIC OFFERING") of
      its common shares and the ongoing relationships between St. Paul and its
      subsidiaries and Platinum Holdings and its subsidiaries after the
      effective date of the Public Offering (the "CLOSING DATE").

(B)   Pursuant to the Formation and Separation Agreement, the parties thereto
      have agreed to procure that the Transferor will transfer (or procure the
      transfer of) the Business Assets to the Transferee on the terms set out in
      this Agreement with the intention that the Transferee shall be entitled to
      carry on the Business in succession to the Transferor as a going concern.

(C)   The Transferor carries on the Business (as defined in this Agreement) and
      is the beneficial owner or is otherwise able to procure the transfer of
      the Business Assets.

NOW IT IS HEREBY AGREED as follows:-

1.    INTERPRETATION

1.1   In this Agreement and the schedules to it, the following words and
      expressions, save where the context otherwise requires, shall have the
      following meanings:-

      "ACT"                        means Financial Services and Markets Act
                                   2000;

      "AGREE FORM"                 in relation to any document means the
                                   document in a form agreed by the parties to
                                   this Agreement and initialled for the
                                   purposes of identification by or on behalf of
                                   them;

      "ASSUMED EMPLOYEES"          means those individuals listed in
                                   Schedule 3;

<Page>

      "ASSUMED OBLIGATIONS"        means all obligations and liabilities of the
                                   Transferor under the Contracts;

      "AUTHORISATION"              means the date on which the condition listed
                                   in Schedule 1 (Condition) is satisfied;

      "AUTHORISATION DATE"         means the date on which Authorisation takes
                                   place;

      "BUSINESS"                   means the reinsurance business of the
                                   Transferor insofar as it relates to the
                                   reinsurance contracts entered into or renewed
                                   by the Transferor on or after 1st January,
                                   2002 and so that the expression shall include
                                   the Business Goodwill but shall exclude (i)
                                   the assumption of responsibility for the
                                   liabilities arising in respect of all
                                   reinsurance business entered into or renewed
                                   by the Transferor prior to 1st January, 2002
                                   or the management, administration and run-off
                                   of such reinsurance business and (ii) the
                                   right to use the "St. Paul" brand and any
                                   other brand, trade mark, service mark, name,
                                   get-up, logo or device, and any Intellectual
                                   Property and goodwill relating to any of the
                                   foregoing, used from time to time as part of
                                   the insurance branding of the Transferor's
                                   Group;

      "BUSINESS ASSETS"            means:-

                                   (i)       all the assets relating to the
                                             Business (including all the rights
                                             and property relating to the assets
                                             and the benefit of the Contracts)
                                             as specified in the Inventory in
                                             the Agreed Form annexed to this
                                             Agreement; and

                                   (ii)      the Business Intellectual Property;

                                   (iii)     the Business Goodwill and the
                                             Business Renewal Rights; and

                                   but excluding:-

                                   (i)       the Receivables;

                                   (ii)      cash in hand or at the bank used in
                                             the Business;

                                   (iii)     amounts recoverable in respect of
                                             Taxation relating to the Business
                                             Assets attributable to periods
                                             ended on or before, or transactions
                                             occurring on or before, Completion;

<Page>

                                   (iv)      [for the avoidance of doubt, any
                                             other item shown in the balance
                                             sheet of the Transferor as a
                                             current asset in respect of the
                                             Business;]

      "BUSINESS DAY"               means a day (other than a Saturday or
                                   Sunday) on which banks are open for business
                                   (other than solely for trading and settlement
                                   in Euros) in London;

      "BUSINESS GOODWILL"          means all the goodwill and connection of the
                                   Transferor in its reinsurance business but,
                                   for the avoidance of doubt, such expression
                                   shall not include any of the Transferor's
                                   goodwill in the Retained Business or in the
                                   "St. Paul" brand or any other Intellectual
                                   Property used from time to time as part of
                                   the insurance branding of the Transferor's
                                   Group;

      "BUSINESS INFORMATION"       means all information and know-how (whether
                                   or not confidential and in whatever form
                                   held) which is proprietary to, or in the
                                   possession of, the Transferor;

      "BUSINESS INTELLECTUAL       means the intellectual property rights listed
      PROPERTY"                    in Schedule 4 and owned by the Transferor in
                                   connection with the Business and all other
                                   Intellectual Property owned and exclusively
                                   used by the Transferor in connection with the
                                   Business but, for the avoidance of doubt,
                                   excluding any Intellectual Property which is
                                   excluded from the definition of "Business"
                                   above;

                                   [NOTE: IS ANY IP THAT IS TO BE TRANSFERRED
                                   GOING TO REQUIRE A LICENCE BACK TO ST. PAUL,
                                   IN THE RUN-OFF PERIOD OR THE LONG TERM?];

                                   [ISSUE RELATING TO PRICING MODELS JOINTLY
                                   DEVELOPED BY US AND UK TO BE CLARIFIED]

      "BUSINESS RECORDS"           means all books and records owned by
                                   the Transferor exclusively containing or
                                   recording Business Information (including,
                                   without limitation, all documents and other
                                   material (including all forms of computer or
                                   machine readable material));

      "BUSINESS RENEWAL RIGHTS"    means all the direct and indirect rights of
                                   the Transferor to seek to renew reinsurance
                                   treaties, contracts and agreements
                                   underwritten by the Transferor and comprised
                                   within the Business and in force on the
                                   Closing Date;

      "COMPANIES ACTS"             means the Companies Act 1985, the Companies
                                   Consolidation (Consequential Provisions) Act
                                   1985 and the Companies Act 1989;

<Page>

      "COMPLETION"                 means completion of the transfer of the
                                   Business Assets under this Agreement;

      "CONTRACTS"                  means all the contracts listed in [the
                                   Inventory in the Agreed Form annexed to the
                                   Agreement];

      "DATA PROTECTION             means the Data Protection Act 1998 and all
      LEGISLATION"                 other applicable laws, statutes, regulations,
                                   edicts, bye-laws, mandatory codes of conduct
                                   and mandatory guidelines, existing from time
                                   to time in respect of the processing of
                                   personal data;

      "DISCLOSED DOCUMENTS"        means the documents referred to in the index
                                   in the Agreed Form, which documents the
                                   Transferee acknowledges have been made
                                   available to the Transferee and its advisers;

      "INTELLECTUAL PROPERTY"      means all rights in inventions, patents,
                                   designs, copyrights, trade marks, service
                                   marks, databases, trade secrets and know-how
                                   (whether or not any of those is registered
                                   and including applications for registrations
                                   of the foregoing), together with all rights
                                   or forms of protection of a similar nature or
                                   having equivalent or similar effect to any of
                                   those which may subsist anywhere in the
                                   world;

      "INWARDS REINSURANCES"       means all reinsurance agreements to which the
                                   Transferor is party as a reinsurer;

      "OUTWARDS REINSURANCES"      means all reinsurance agreements to which the
                                   Transferor is party as a reinsured;

      "RECEIVABLES"                means all payments due to the Transferor as
                                   at Completion for goods or services supplied
                                   by the Transferor in the course of carrying
                                   on the Business;

      "REGULATIONS"                means the Transfer of Undertakings
                                   (Protection of Employment) Regulations 1981;

      "RETAINED BUSINESS"          means the business carried on by the
                                   Transferor other than the Business;

      "SHARED INTELLECTUAL         means all Intellectual Property owned by the
      PROPERTY"                    Transferor at Completion and used (but not
                                   exclusively used) by the Transferor in
                                   connection with the Business in the twelve
                                   months prior to Completion, including any
                                   Intellectual Property in the assets listed in
                                   Schedule 5 but, for the avoidance of doubt,
                                   excluding any Intellectual Property which is
                                   excluded from the definition of "Business"
                                   above.

<Page>

      "TAX" or "TAXATION"          includes (without limitation) all taxes,
                                   levies, duties, imposts, charges and
                                   withholdings of any nature whatsoever,
                                   whether of the United Kingdom or elsewhere,
                                   together with all penalties, charges and
                                   interest relating to any of them or to any
                                   failure to file any return required for the
                                   purposes of any of them;

      "THIRD PARTY CONSENTS"       means all consents, approvals, authorisations
                                   or waivers required from third parties for
                                   the transfer or assignment of rights and
                                   obligations under any Contract to the
                                   Transferee;

      "TRANSFERRED BUSINESS        means all information relating to (i) the
      CONFIDENTIAL  INFORMATION"   Business Assets and (ii) the Inwards and
                                   Outwards Reinsurances [of a confidential
                                   nature or that is not known to any person
                                   other than the Transferor, the Transferee,
                                   any of their respective groups or any of the
                                   representatives of any of the foregoing];

      "TRANSACTION DOCUMENTS"      means the documents listed in Schedule 5;

      "TRANSFEREE'S GROUP"         means the Transferee, its subsidiaries and
                                   subsidiary undertakings, any holding company
                                   of the Transferee and all other subsidiaries
                                   and subsidiary undertakings of any such
                                   holding company from time to time;

      "TRANSFEROR'S GROUP"         means the Transferor, its subsidiaries
                                   and subsidiary undertakings, any holding
                                   company of the Transferor and all other
                                   subsidiaries and subsidiary undertakings of
                                   any such holding company;

      "VATA 1994"                  means the Value Added Tax Act 1994; and

      "WORKING HOURS"              means 9.00 a.m. to 5.00 p.m. on a Business
                                   Day.

1.2  In construing this Agreement, unless otherwise specified:-

      (A) references to clauses, paragraphs and schedules are to clauses and
          paragraphs of or schedules to this Agreement;

      (B) headings to clauses and schedules are for convenience only and do not
          affect the interpretation of this Agreement;

      (C) the schedules and any attachments form part of this Agreement and
          shall have the same force and effect as if expressly set out in the
          body of this Agreement, and any reference to this Agreement shall
          include the schedules and any attachments;

      (D) use of any gender includes the other gender;

<Page>

      (E) references to a "PERSON" shall be construed so as to include any
          individual, firm, company or other body corporate, government, state
          or agency of a state, local or municipal authority or government body
          or any joint venture, association or partnership (whether or not
          having separate legal personality);

      (F) any reference to a "DAY" (including within the phrase "BUSINESS DAY")
          shall mean a period of 24 hours running from midnight to midnight;

      (G) the expressions "HOLDING COMPANY", "SUBSIDIARY" and "SUBSIDIARY
          UNDERTAKING" shall have the meaning given in the Companies Acts;

      (H) references to writing shall include any modes of reproducing words in
          a legible and non-transitory form;

      (I) references to times of day are to London time;

      (J) a reference to any statute or statutory provision shall be construed
          as a reference to the same as it may have been, or may from time to
          time be, consolidated, amended, modified or re-enacted;

      (K) a reference to any agreement shall be construed as a reference to the
          same as it may have been, or may from time to time be, amended,
          modified, varied or novated;

      (L) references to the knowledge, belief or awareness of the Transferor (or
          similar phrases) shall be limited to the actual knowledge of [the
          executive directors of Transferor]; and

      (M) references to any English legal term for any action, remedy, method of
          judicial proceeding, legal document, legal status, court, official or
          any legal concept or thing shall in respect of any jurisdiction other
          than England be treated as including what most nearly approximates in
          that jurisdiction to the English legal term.

2.    TRANSFER

2.1   The Transferor agrees to transfer or procure the transfer and the
      Transferee agrees to accept the transfer of the Business Assets as a going
      concern at and with effect from Completion, with the intention that the
      Transferee shall carry on the Business in succession to the Transferor,
      the Business being so carried on by the Transferee in succession to the
      Transferor pending satisfaction of the condition listed in Schedule 1
      (Condition) by the Transferor acting in accordance with its rights and
      obligations pursuant to the UK Underwriting Agency and Underwriting
      Management Agreement.

2.2   CLAUSE 2.1 shall operate as an assignment of such of the Business
      Intellectual Property as is not the subject of a registration or an
      application for registration with effect from Completion. Any Business
      Intellectual Property which is registered or which is the subject of an
      application for registration shall be assigned to the Transferee.

<Page>

2.3   Where consent of a third party is required for the transfer of any
      Business Asset to the Transferee, the Transferor shall use commercially
      reasonable endeavours to obtain such consent. For the avoidance of doubt
      the Transferor shall not be required to make any payment to any third
      party to procure such consent and the Transferor shall have no liability
      to the Transferee to the extent that such consent is not obtained by the
      Closing Date.

2.4   The consideration for the transfers pursuant to sub-clauses 2.1 and 2.2
      will be as set out in CLAUSE 5 (Consideration).

2.5   For the avoidance of doubt, Part 1 Law of Property (Miscellaneous
      Provisions) Act 1994 shall not apply for the purposes of this clause.

      [ST. PAUL AND PLATINUM TO CONSIDER WHETHER THE 1ST AND 7TH FLOORS AT 52
      LIME STREET ARE TO BE ASSIGNED OR SUB-LEASED TO PLATINUM.]

2.6   The Transferor shall, with effect from Completion, grant to the Transferee
      a perpetual, non-exclusive, irrevocable, royalty-free, assignable licence
      (with the right to sublicense) to use the Shared Intellectual Property in
      connection with the Business as developed by the Transferee after
      Completion.

3.    CONDITIONS

3.1   Each of the Transferor and the Transferee will use commercially reasonable
      endeavours to fulfil or procure the fulfilment of the condition listed in
      SCHEDULE 1 (Condition) as soon as possible and in any event before [30th
      June, 2003].

3.2   The Transferee undertakes to keep the Transferor informed as to progress
      towards the satisfaction of the condition listed in SCHEDULE 1 (Condition)
      and in particular (but without limitation) to disclose in writing to the
      Transferor anything which will or may prevent such condition from being
      satisfied by [30th June, 2003] immediately where it comes to the notice of
      the Transferee.

4.    CONDUCT OF BUSINESS BEFORE COMPLETION

      The Transferor will procure that, between the date of this Agreement and
      Completion, the Business will be carried on in the ordinary and usual
      course.

5.    CONSIDERATION

5.1   The consideration for the transfer of the Business Assets shall be [the
      issue to the Transferor of - common shares in Platinum Holdings].

<Page>

5.2   The consideration shall be allocated as follows:-

      (A) all the assets relating to the Business (including   L[       ];
          all the rights and property relating to the assets
          and the benefit of the Contracts) as specified in
          the Inventory in the Agreed Form annexed to this
          Agreement

      (B) the Business Goodwill                                L[       ];

      (C) Business Renewal Rights                              L[       ]; and

      (D) the Business Intellectual Property                   L[       ].

5.3   The consideration for the transfer of the Business Assets shall be
      delivered in accordance with CLAUSE 7 (Completion) and may be adjusted
      under CLAUSE 6 (VAT) and other terms of this Agreement.

6.    VAT

      [NOTE: IT IS IMPORTANT THAT PLATINUM RE (UK) SHOULD BE REGISTERED FOR VAT
      PURPOSES.]

6.1   The Transferor and the Transferee shall use commercially reasonable
      endeavours to procure that the transfer of the Business Assets under this
      Agreement is treated by H.M. Customs & Excise as a transfer of a business
      as a going concern for the purposes of both section 49(1) VATA 1994 and
      article 5 Value Added Tax (Special Provisions) Order 1995, except that the
      Transferor shall not be required by virtue of this clause to make any
      appeal to any court against any determination of H.M. Customs & Excise
      that the transfer does not fall to be so treated (so that any such appeal
      shall be made solely in accordance with the provisions of CLAUSE 6.5).

6.2   The Transferee declares that it is [duly registered for VAT purposes under
      registration number [-] or that it will become liable to be so registered
      upon the transfer of the Business Assets] and that the Transferee shall
      upon and immediately after Completion use the Business Assets to carry on
      the same kind of business (whether or not as part of any existing business
      of the Transferee) as that carried on by the Transferor in relation to the
      Business Assets before Completion.

6.3   The Transferor shall be entitled to retain all the records of the Business
      which under paragraph 6 of Schedule 11 to the VATA 1994 are required to be
      preserved after Completion and shall request the Commissioners of H.M.
      Customs & Excise to so direct in accordance with section 49(1)(b) VATA
      1994. The Transferee shall render all reasonable assistance to the
      Transferor in connection with such a request.

6.4   The Transferor shall preserve all the records of the Business that it is
      entitled to retain pursuant to SUB-CLAUSE 6.3 for a period consistent with
      the longer of its document retention policy in effect at Completion or for
      a period of not less than six years from Completion (or for such longer
      period as may be required by law) and, upon being given reasonable notice
      by the Transferee or its agents, the Transferor shall make those

<Page>

      records available to the Transferee or its agents for inspection (during
      Working Hours) or copying (at the Transferee's expense).

6.5   (A) If, notwithstanding the provisions of CLAUSE 6.2, H.M. Customs &
          Excise shall determine that VAT is chargeable in respect of the supply
          of all or any part of the Business Assets under this Agreement, the
          Transferor shall notify the Transferee of that determination within
          seven days of its being so advised by H.M. Customs & Excise and the
          Transferee shall, unless it exercises its rights under CLAUSE 6.5(B),
          pay to the Transferor in cash by way of additional consideration a sum
          equal to the amount of VAT determined by H.M. Customs & Excise to be
          so chargeable including any interest and penalties thereon within 14
          days of the Transferor notifying the Transferee of that determination
          (against delivery by the Transferor of an appropriate VAT invoice).

      (B) If the Transferee disagrees with the determination of H.M. Customs &
          Excise referred to in CLAUSE 6.5(A), it may, within seven days of
          being notified by the Transferor of that determination, give notice to
          the Transferor that it requires the Transferor to obtain a review by
          the Commissioners of H.M. Customs & Excise of that determination and
          the Transferor shall forthwith request the Commissioners to undertake
          that review.

      (C) Upon the Transferor being advised by the Commissioners of H.M. Customs
          & Excise of their decision arising out of the review referred to in
          CLAUSE 6.5(B), the Transferor shall forthwith notify the Transferee as
          soon as possible of that decision and, if the Transferee disagrees
          with that decision, the Transferee may:-

          (i)  give notice to the Transferor that it requires the Transferor
               (subject to due compliance by the Transferee with CLAUSE 6.5(D))
               to make all such appeals against that decision as the Transferee
               shall reasonably request from time to time in such manner as the
               Transferee shall reasonably request from time to time; or

          (ii) itself make all such appeals against that decision as the
               Transferee shall consider appropriate with such assistance from
               the Transferor as the Transferee shall reasonably request from
               time to time

          and, in either such case, the Transferor shall, subject to due
          compliance by the Transferee with CLAUSE 6.5(D), promptly
          comply with any such request by the Transferee.

      (D) The Transferor shall not be obliged to take any action under CLAUSE
          6.5(C) unless the Transferee shall indemnify the Transferor against
          all reasonable costs, charges and expenses that the Transferor may
          properly incur in taking any such action and, in any case where an
          appeal cannot be made against the decision of the Commissioners
          without the Transferor accounting for the VAT referred to in CLAUSE
          6.5(A), unless the Transferee shall also pay to the Transferor in cash
          an amount equal to that amount (against delivery by the Transferor of
          an appropriate VAT invoice).

<Page>

      (E) Within 14 days of the decision of the Commissioners referred to in
          CLAUSE 6.5(C) or, if the Transferee shall have required any appeal or
          appeals to be made in accordance with that paragraph, within 14 days
          of the decision of the court or tribunal to which the final such
          appeal has been made:-

          (i)  the Transferee shall pay to the Transferor in cash a sum equal to
               the amount of VAT that has thereby been determined to be properly
               chargeable in respect of the supply of all or any part of the
               Business Assets under this Agreement (against delivery by the
               Transferor of an appropriate VAT invoice) after deducting from
               that sum any amount previously paid by the Transferee to the
               Transferor under CLAUSE 6.5(D); or

          (ii) if the amount previously paid by the Transferee to the Transferor
               under CLAUSE 6.5(D) exceeds the VAT that has been determined to
               be properly chargeable in respect of the supply referred to
               above, the Transferor shall pay to the Transferee in cash an
               amount equal to the excess (which payment shall be treated as a
               reduction in the consideration payable for the Business) and
               deliver to the Transferee an appropriate credit note for VAT
               purposes.

7.    COMPLETION

7.1   Completion shall take place simultaneously with the Closing (as defined in
      the Formation and Separation Agreement).

7.2   At Completion the Transferor and the Transferee shall do or procure the
      carrying out of those things listed in SCHEDULE 2 (Completion
      arrangements).

8.    ACTION AFTER COMPLETION

8.1   All notifications and correspondence relating to the Business Assets which
      are received by any member of the Transferor's Group on or after
      Completion shall as soon as reasonably practicable be passed to the
      Transferee.

8.2   For a period of two years following the Closing Date neither the
      Transferor nor any member of the Transferor's Group nor any of their
      respective directors, officers or agents may employ, offer to employ or
      solicit with a view to employment any of the Assumed Employees.

8.3   Subject to SUB-CLAUSES 8.4 TO 8.6 of this Agreement, for a period starting
      from Completion and ending on the date two years following the Closing
      Date (the "RESTRICTED PERIOD") the Transferor shall not (and shall procure
      that no member of the Transferor's Group shall):

      (A) offer, issue, sell, refer or promote, directly or indirectly, any
          contracts, treaties or agreements of reinsurance of the same type as
          those comprised in the Business provided that the Transferee or any
          member of the Transferee's Group continue to

<Page>

          provide, during the Restricted Period, reinsurance coverage of such
          types to third parties; or

      (B) disclose to any person (other than the Transferor or any member of the
          Transferor's Group or the Transferee or any member of the Transferee's
          Group) any Transferred Business Confidential Information that relates
          exclusively to the Business except in connection with (i) the
          administration of reinsurance contracts with inception dates prior to
          1st January, 2002 (the "RUN-OFF BUSINESS") or (ii) the Retained
          Business.

8.4   Notwithstanding SUB-CLAUSE 8.3 neither the Transferor nor any member of
      the Transferor's Group is prohibited from performing the following
      activities [(including without limitation, using and disclosing the
      Transferred Business Confidential Information in the ordinary course of
      such activities)]:

      (A) engaging in any line of business in which it is engaged immediately
          after Completion and for which Business Renewal Rights were not
          transferred hereunder including, without limitation, administration of
          the "Run-off Business" (but not including any renewals thereof),
          purchasing reinsurance for its own account, reinsurance business
          written through St. Paul's Discover Re operation and Lloyd's of London
          operation and property catastrophe facultative reinsurance business
          written by St. Paul's CATRisk Property division;

      (B) acquiring any person or any interest in any person engaged in any line
          of business except for an acquisition of an interest of 50% or more of
          any person that generated 50% or more of its gross revenues (excluding
          investment income and realised investment gains and losses) in its
          most recent audited financial statement by writing property or
          casualty reinsurance (a "PERMITTED ACQUIREE"), provided that any
          Permitted Acquiree may not use any marks, designs, logos, slogans,
          names, words or letters which include the words "St. Paul", "United
          States Fidelity and Guaranty" or "Fire and Marine" or those that are
          suggestive or, derivative thereof or any logo or mark identified with
          (or likely to be confused or associated with) "St. Paul", "United
          States Fidelity and Guaranty" or "Fire and Marine" (except as may be
          required by law) in connection with its reinsurance business, if any;

      (C) making investments in the ordinary course of business in any person
          that is engaged primarily in the reinsurance business (i.e. a person
          that in its most recent audited financial statement derived more than
          85% of its gross revenues (excluding investment income and realised
          investment gains and losses) from writing property or casualty
          reinsurance or, in the case of a new company, that expects to derive
          more than 85% of its annual gross revenues (excluding investment
          income and realised investment gains and losses) from writing such
          contracts), provided that the Transferor or such member of the
          Transferor's Group holds any such investment as a passive investment
          and does not exercise control over the management of such person, and
          provided further that for so long as the Transferor or such member of
          the Transferor's Group continues to own 10% or more of the ordinary
          shares of such person, any such passive investment of the Transferor
          or such member of the Transferor's Group may not exceed 10% of the
          voting securities of such person; or

<Page>

      (D) soliciting, offering, issuing, selling, purchasing or referring any
          contracts of reinsurance of any type to, from or with any member of
          the Transferor's Group or engaging in any reinsurance activities in
          connection with the Run-off Business (other than renewals thereof) or
          with finite business covered by a Quota Share Retrocession Agreement
          (as defined in the Formation and Separation Agreement).

8.5   SUB-CLAUSE 8.3 shall not apply to any member of the Transferor's Group
      after the time such member ceases to be a member of the Transferor's
      Group. For the avoidance of doubt, SUB-CLAUSE 8.3 also does not apply to
      any person which on or after Completion becomes a member of the
      Transferor's Group including any person that acquires all or substantially
      all of the shares or assets of the Transferor through merger,
      consolidation, tender offer, acquisition of assets or otherwise provided,
      however, that paragraphs (B) and (C) of sub-clause 8.3 shall apply to such
      person.

8.6   Transferred Business Confidential Information shall not include
      information relating to the Business which is or becomes generally known
      on a non-confidential basis provided that the source of such information
      was not bound by a confidentiality agreement or other obligations of
      confidentiality. After Completion if the Transferor or any member of the
      Transferor's Group or any of their respective directors, officers or
      agents is legally requested or otherwise required by (whether or not the
      requirement has the force of law) any securities exchange or regulatory or
      governmental body to which such person is subject or submits, wherever
      situated (including (amongst other bodies) the UK Financial Services
      Authority, the London Stock Exchange, The Panel on Takeovers and Mergers,
      the Securities and Exchange Commission of the United States or the New
      York Stock Exchange), to disclose any Transferred Business Confidential
      Information, the Transferor shall (or shall procure that the relevant
      member of the Transferor's Group shall) provide the Transferee with prompt
      written notice of such request or requirement. If the Transferee takes any
      steps to avoid or limit disclosure, the Transferor shall (or shall procure
      that the relevant member of the Transferor's Group shall) shall co-operate
      with the Transferee at the Transferee's expense. If, in the absence of
      such protective steps (or if such protective steps fail to avoid or limit
      disclosure of the relevant Transferred Business Confidential Information),
      the Transferor or such member of the Transferor's Group is compelled to
      disclose any Transferred Business Confidential Information, the Transferor
      or such member of the Transferor's Group may disclose any such Transferred
      Business Confidential Information without liability hereunder.

8.7   Commencing on the Completion Date, the Transferee shall not (and shall
      procure that no member of the Transferee's Group shall) use any marks,
      designs, logos, slogans, names, words or letters which include the words
      "St. Paul", "United States Fidelity and Guaranty", "Fire and Marine" or
      those that are suggestive or derivative thereof or therefrom or which are
      likely to be confused or associated with such words, except:

      (A) as may be required by law;

      (B) for the purposes of historical identification in materials not
          designed as advertising or solicitation;

      (C) as provided under the Transitional Trademark License Agreement (as
          defined in the Formation and Separation Agreement); and

<Page>

      (D) pursuant to the Underwriting Management Agreement (as defined in the
          Formation and Separation Agreement) and the UK Underwriting Management
          Agreement (as defined in the Formation and Separation Agreement).

8.8   Commencing on the Authorisation Date, the Transferee shall not (and shall
      procure that members of the Transferee's Group shall not) use any printed
      materials or other means of communication which state, suggest or imply
      any affiliation with the Transferor or any member of the Transferor's
      Group following Authorisation.

8.9   Each party agrees that neither it nor any member of its group shall make
      any statement that would reasonably be viewed as intended to be
      disparaging of the business, reputation or good name of the other.

8.10  Each party acknowledges that money damages would not be a sufficient
      remedy for any breach of sub-clauses 8.7 to 8.9 by the other or any member
      of its group or any of their respective directors, officers or agents.

8.11  The Transferor shall procure that each of [St. Paul's at Lloyd's], [St.
      Paul International Insurance Company Limited] and [Union America Insurance
      Company Limited] shall enter into separate deeds of covenant in terms
      substantially similar to those in SUB-CLAUSES 8.3 TO 8.6 with the
      Transferee.

[8.12 The obligations of the parties under SUB-CLAUSES 8.3 TO 8.8 shall
      absolutely determine if Authorisation has not occurred by [30th June,
      2003]. For the avoidance of doubt all rights and liabilities of the
      parties under this CLAUSE 8 which have accrued before such termination
      shall continue to exist.]

9.    TRANSFER OF CONTRACTS

9.1   Subject to CLAUSE 9.2, the Transferee shall become entitled to the
      benefits of the Transferor under the Contracts and this Agreement shall
      constitute an assignment of the benefit of all Contracts to the Transferee
      with effect from Completion.

9.2   This Agreement shall not constitute an assignment or attempted assignment
      of any Contract if the assignment or attempted assignment would constitute
      a breach of (or otherwise affect the rights assigned under) such Contract.

9.3   Where a Third Party Consent is required to the assignment of the benefit
      of any of the Contracts to the Transferee, the Transferor shall use
      commercially reasonable endeavours to obtain any such Third Party Consent
      prior to the Closing Date. Upon whichever is the later of Completion and
      any such Third Party Consent being obtained, this Agreement shall
      constitute an assignment of the benefit of the Contract to which that
      Third Party Consent relates. If the Transferor has not obtained such
      consent prior to the Closing Date, the Transferor, for a period of up to
      12 months subsequent to the Closing Date, shall reasonably co-operate with
      the Transferee in attempting to obtain such consent as promptly thereafter
      as practicable, provided that the Transferee shall promptly reimburse the
      Transferor for any reasonable legal and other expenses incurred in
      connection with such co-operation as such expenses are incurred.

<Page>

9.4   After Completion, and until any necessary Third Party Consent to the
      assignment of a Contract is obtained, the following provisions shall apply
      (except for any Contract relating to Intellectual Property or know how
      where a Third Party Consent is necessary):-

      (A) the Transferor shall be treated as holding the benefit of that
          Contract in trust for the Transferee and any benefit will be promptly
          paid over to the Transferee; and

      (B) if it is permissible under the Contract, the Transferee shall perform
          on behalf of the Transferor (but at the Transferee's expense), in
          accordance with the provisions of CLAUSE 10.2 (Obligations of the
          Transferee after Completion), the obligations of the Transferor under
          that Contract.

10.   OBLIGATIONS OF THE TRANSFEREE AFTER COMPLETION

10.1  Except as otherwise provided in this Agreement, the Transferee undertakes
      to the Transferor that, with effect from Completion, it will properly
      perform, assume, pay and discharge when due, and indemnify the Transferor
      and members of the Transferor's Group against all liabilities, losses,
      charges, costs, claims or demands in respect of, all Assumed Obligations.

10.2  The Transferee undertakes that from Completion it will perform the
      outstanding obligations and liabilities under the Contracts.

11.   APPORTIONMENT

11.1  Without limiting CLAUSE 9.4(A) (Transfer of Contracts), all moneys or
      other items belonging to the Transferee which are received by the
      Transferor or any member of the Transferor's Group on or after Completion
      in connection with the Business Assets shall be held in trust by the
      Transferor for the Transferee and shall be promptly paid over to the
      Transferee.

11.2  All moneys or other items belonging to the Transferor which are received
      by the Transferee or any member of the Transferee's Group on or after
      Completion shall be held in trust by the Transferee for the Transferor and
      shall be promptly paid over to the Transferor.

11.3  Where anything (including any service) has been provided to the Transferor
      in connection with the Business Assets prior to Completion, but any
      payment has been made by the Transferee in respect of the price or cost of
      it, the Transferor shall pay to the Transferee a sum equal to the amount
      of that payment (excluding any amount in respect VAT thereon and suitably
      apportioned where the payment relates to the provision of goods or a
      service over a period commencing prior to, and ending after, Completion)
      and shall hold such sum for the Transferee until it is promptly paid over.

11.4  Where anything (including any service) is to be provided to the Transferee
      in connection with the Business Assets after Completion, but any payment
      (by way of deposit, prepayment or otherwise) has been made by the
      Transferor in respect of the price or cost of it before Completion, the
      Transferee shall pay to the Transferor a sum equal to the amount of that
      payment (excluding any amount in respect of VAT thereon and

<Page>

      suitably apportioned where the payment relates to the provision of goods
      or a service over a period commencing prior to, and ending after,
      Completion) and shall hold such sum for the Transferor until it is
      promptly paid over.

11.5  Where anything (including any service) is to be provided by the Transferee
      under any of the Contracts after Completion, but any payment (whether by
      way of deposit, prepayment or otherwise) in respect of the price or cost
      of it has been received by the Transferor before Completion, the
      Transferor shall pay to the Transferee a sum equal to the amount of that
      payment (excluding any amount in respect of output VAT for which the
      Transferor is required to account and suitably apportioned where the
      payment relates to the provision of goods or a service over a period
      commencing prior to, and ending after, Completion) and shall hold such sum
      for the Transferee until it is promptly paid over.

11.6  Where anything (including any service) is provided by the Transferor under
      any of the Contracts before Completion, but any payment in respect of the
      price or cost of it has been received by the Transferee after Completion,
      the Transferee shall pay to the Transferor a sum equal to the amount of
      that payment (excluding any amount in respect of output VAT for which the
      Transferee is required to account and suitably apportioned where the
      payment relates to the provision of goods or a service over a period
      commencing prior to, and ending after, Completion) and shall hold such sum
      for the Transferor until it is promptly paid over.

11.7  All other prepayments and accruals relating to the Business Assets or the
      Assumed Employees (including, without limitation, in respect of holiday
      pay and bonus payments due to Assumed Employees) shall, to the extent that
      they relate to any period commencing prior to and ending after Completion,
      be apportioned on a fair and equitable basis between the Transferor and
      Transferee and an appropriate payment shall be made to reflect that
      apportionment.

12.   RISK AND INSURANCE

Risk in the Business Assets shall pass on Completion.

13.   [EMPLOYEES

13.1  The Regulations will apply to the transfer of the Business under this
      Agreement, so that the contracts of employment of the Assumed Employees
      (except in respect of terms relating to occupational pension arrangements)
      will have effect from the Closing Date as if originally made between the
      Transferee and the Assumed Employees.

13.2  (A) If for any reason the contract of employment of any person who is not
          an Assumed Employee is found or alleged to have effect after the date
          of this Agreement as if originally made with the Transferee, the
          Transferor, in consultation with the Transferee, will, within 14 days
          of being so requested by the Transferee, make to that person an offer
          in writing to employ him under a new contract of employment, to take
          effect upon the termination referred to in CLAUSE 13.2(B), identical
          in all respects to that person's contract of employment

<Page>

          immediately before the date of this Agreement. However, the Transferee
          must make the request no later than [14] days after becoming aware of
          the finding or allegation.

      (B) Once that offer has been made (or after the expiry of [14] days after
          it has been requested), the Transferee may terminate the employment of
          the person concerned and, so long as that termination is effected
          within [six] months after the Closing Date, the Transferor will
          indemnify the Transferee against any sums payable to, or on behalf of
          such person in respect of his employment on or after the Closing Date
          and against any claims or losses arising out of such termination.

13.3  (A) If the contract of employment of any Assumed Employee is found or
          alleged not to have effect after the date of this Agreement as if
          originally made with the Transferee, other than by virtue of
          Regulation 5(4A) of the Regulations, the Transferee, in consultation
          with the Transferor, will, within 14 days of being so requested by the
          Transferor, make to that Assumed Employee an offer in writing to
          employ him under a new contract of employment, to take effect upon the
          termination referred to in CLAUSE 13.3(B), on terms and conditions
          which (other than the identity of the employer and any terms and
          conditions relating to an occupational pension scheme) will not differ
          from the corresponding provisions of the Assumed Employee's contract
          of employment immediately before the date of this Agreement. However
          the Transferor must make the request no later than [14] days after the
          Transferor becomes aware of such finding or allegation.

      (B) Once that offer has been made (or after the expiry of [14] days after
          it has been requested), the Transferor shall terminate the employment
          of the Assumed Employee concerned and, so long as that termination is
          effected within [six] months after the Closing Date, the Transferee
          shall indemnify the Transferor against sums payable to or losses
          arising from, that Assumed Employee's employment from the Closing Date
          and any claims or losses arising out of such termination.

13.4  All wages, salaries, liabilities in respect of the Pay As You Earn System
      and National Insurance Contributions and other periodic outgoings in
      respect of the Assumed Employees which relate to a period:-

      (A) after the Closing Date shall be borne by the Transferee; and

      (B) before the Closing Date shall be borne by the Transferor.

13.5  The Transferor shall indemnify the Transferee against any claim in respect
      of:-

      (A) any breach of contract or applicable law by the Transferor in respect
          of any of the Assumed Employees at any time prior to the Closing Date;

      (B) the termination of the employment prior to the Closing Date of any
          person who was formerly assigned to the Business;

<Page>

      (C) subject to CLAUSE 13.6 any failure by the Transferor to comply with
          its obligations under Regulation 10 of the Regulations; and

      (D) any breach of CLAUSE 13.4(B).

13.6  The Transferee shall indemnify the Transferor against any claim in respect
      of:-

      (A) the employment of any Assumed Employee during the period after the
          Closing Date including, without limitation, any changes to terms and
          conditions of employment by the Transferee;

      (B) any termination of the employment of any Assumed Employee by the
          Transferee after the Closing Date;

      (C) any failure by the Transferee to comply with its obligations under
          Regulation 10(3) of the Regulations;

      (D) any breach of CLAUSE 13.4(A);

      (E) the change in the identity of the employer being significant and to
          the detriment of the Assumed Employee; and

      (F) any anticipatory breach of contract of employment or anticipatory
          substantial change in the working conditions of an Assumed Employee by
          the Transferee.]

13.7  [Pensions and other employee benefit provisions relevant to transfer - to
      be discussed.]

14.   DATA PROTECTION

      The Transferee shall at all times comply with all requirements of the Data
      Protection Legislation in respect of the Business including, without
      limitation, by giving any necessary notification to the Data Protection
      Commissioner under Section 18 of the Data Protection Act 1998 prior to
      Completion.

15.   BUSINESS RECORDS AND BUSINESS INFORMATION

15.1  The Transferor shall retain all the Business Records. On Completion, the
      Transferor shall deliver to the Transferee copies of all books, records,
      ledgers, files, reports, accounts, data, plans and operating records,
      whether in hard copy, electronic format, magnetic or other media, which
      are related to (i) the Business Assets and (ii) the Inwards and Outwards
      Reinsurances.

15.2  The Transferor acknowledges that the Transferee wishes to inspect and/or
      copy the Business Records to the extent that they relate to the Business
      (whether exclusively or non-exclusively) and, accordingly, the Transferor
      shall, upon being given reasonable notice by the Transferee or its agents
      and subject to all rights of third parties, make such Business Records
      available to the Transferee or its agents for inspection (during Working
      Hours) and to the extent reasonably necessary in connection with the
      operation of the Business, copying for a period of seven years from
      Completion.

<Page>

15.3  Notwithstanding sub-clause 15.2 the Transferor shall, upon being given
      reasonable notice by the Transferee or its agents and subject to all
      rights of third parties, make available to the Transferee copies of the
      underwriting files for [reinsurance] contracts underwritten by the
      Transferor which are of the same class as those compromised in the
      Business in the underwriting years of 1997, 1998, 1999, 2000 and 2001.

16.   ASSIGNMENT

      This Agreement shall not be assignable by any party hereto without the
      prior written consent of the other party.

17.   ENTIRE AGREEMENT

17.1  Together this Agreement and the Transaction Documents constitute the whole
      and only agreement between the parties relating to the transfer of the
      Business Assets.

17.2  This Agreement may only be varied in writing signed by each of the
      parties.

17.3  Except in the case of fraud, no party shall have any right of action
      against the other party to this Agreement arising out of or in connection
      with any draft, agreement, undertaking, representation, warranty, promise,
      assurance or arrangement of any nature whatsoever, whether or not in
      writing, relating to the subject matter of this Agreement and Transaction
      Documents made or given by any person at any time prior to the date of
      this Agreement except to the extent that it is repeated in this Agreement
      or any Transaction Document.

18.   REMEDIES AND WAIVERS

18.1  No failure by either party to this agreement to take any action or assert
      any right hereunder shall be deemed to be a waiver of such right in the
      event of the continuation or repetition of the circumstances giving rise
      to such right, unless expressly waived in writing.

18.2  The single or partial exercise of any right, power or remedy provided by
      law or under this Agreement shall not preclude any other or further
      exercise of it or the exercise of any other right, power or remedy.

18.3  The rights, powers and remedies provided in this Agreement are cumulative
      and not exclusive of any rights, powers and remedies provided by law.

19.   NOTICES

      All notices hereunder shall be in writing and shall be deemed to have been
      duly given if delivered by hand (with receipt confirmed) or by certified
      mail, postage prepaid and return receipt requested, or by facsimile
      transmission, addressed as follows (or to such other address as a party to
      this agreement may designate by written notice to the other) and shall be
      deemed given on the date on which such notice is received:

<Page>

<Table>
<Caption>
        Party and title of individual        Address                Facsimile no.
        -----------------------------        -------                -------------
      <S>                                 <C>                  <C>
      Transferor                          [          ]         [           ]
      f.a.o. [         ]

      Transferee                          [          ]         [           ]
      f.a.o. [         ]
</Table>

20.   ANNOUNCEMENTS

20.1  Neither party to this agreement shall make, or cause to be made, any press
      release or public announcement in respect of this agreement or the
      transactions contemplated hereby or otherwise communicate with any news
      media without the prior written consent of the other party and the parties
      shall co-operate as to the timing and contents of any such press release
      or public announcement. This clause does not apply in the circumstances
      described in CLAUSE 20.2.

20.2  A party may, after consultation with the others, make an announcement
      concerning the transfer of Business Assets or any ancillary matter if
      required by:-

      (A) law; or

      (B) any securities exchange or regulatory or governmental body to which
          any party is subject or submits, wherever situated, including (amongst
          other bodies) the UK Financial Services Authority, the London Stock
          Exchange, The Panel on Takeovers and Mergers, the Securities and
          Exchange Commission of the United States or the New York Stock
          Exchange whether or not the requirement has the force of law.

20.3  The restrictions contained in this CLAUSE 23 shall continue to apply after
      the termination of this Agreement without limit in time.

21.   COSTS AND EXPENSES

      Except as otherwise stated in this Agreement (or any agreement referred to
      in this Agreement), each of the Transferor and the Transferee shall pay
      its own costs and expenses in relation to the negotiations leading up to
      the transfer of the Business and to the preparation, execution and
      carrying into effect of this Agreement and all other documents referred to
      in it.

22.   COUNTERPARTS

22.1  This Agreement may be executed in any number of counterparts, and by the
      Transferor and the Transferee on separate counterparts, but shall not be
      effective until each party has executed at least one counterpart.

22.2  Each counterpart shall constitute an original of this Agreement, but all
      the counterparts shall together constitute but one and the same
      instrument.

<Page>

23.   INVALIDITY

      If at any time any provision of this Agreement is or becomes illegal,
      invalid or unenforceable in any respect under the law of any jurisdiction,
      that shall not affect or impair:-

      (A) the legality, validity or enforceability in that jurisdiction of any
          other provision of this Agreement; or

      (B) the legality, validity or enforceability under the law of any other
          jurisdiction of that or any other provision of this Agreement.

24.   CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999

      The parties to this Agreement do not intend that any term of this
      Agreement should be enforceable, by virtue of the Contracts (Rights of
      Third Parties) Act 1999, by any person who is not a party to this
      Agreement.

25.   CHOICE OF GOVERNING LAW

      This Agreement shall be governed by and construed in accordance with
      English law.

26.   JURISDICTION

      The courts of England are to have jurisdiction to settle any dispute
      arising out of or in connection with this Agreement. Any Proceedings
      arising out of or in connection with this Agreement may therefore be
      brought in the English courts. This jurisdiction agreement is irrevocable
      and is for the exclusive benefit of the Transferor.

27.   ARBITRATION

27.1  Subject to CLAUSE 27.10, all matters in difference between the parties
      arising under, out of or in connection with this Agreement, including
      formation and validity, and whether arising during or after the period of
      this Agreement, may be referred by either party to an arbitration tribunal
      in the manner hereinafter set out.

27.2  Unless the parties appoint a sole arbitrator within 14 days of one
      receiving a written request from the other for arbitration, the claimant
      (the party requesting arbitration) shall appoint its arbitrator and give
      written notice thereof to the respondent. Within 14 days of receiving such
      notice the respondent shall appoint its arbitrator and give written notice
      thereof to the claimant, failing which the claimant may apply to the
      appointor hereafter named to nominate an arbitrator on behalf of the
      respondent.

27.3  The appointor shall be the Chairman for the time being of the A.I.D.A.
      Reinsurance and Insurance Arbitration Society of the UK ("ARIAS (UK)") or,
      if he is unavailable or it is inappropriate for him to act for any reason,
      such person as may be nominated by the Committee of ARIAS (UK).

27.4  Before they enter upon a reference the two arbitrators shall appoint a
      third arbitrator. Should they fail to appoint such a third arbitrator
      within 30 days of the appointment of

<Page>

      the respondent's arbitrator then any of them or either of the parties
      concerned may apply to the appointor for the appointment of the third
      arbitrator. The three arbitrators shall decide by majority. If no majority
      can be reached the verdict of the third arbitrator shall prevail. He shall
      also act as chairman of the tribunal.

27.5  Unless the parties otherwise agree the arbitration tribunal shall consist
      of persons (including those who have retired) with not less than ten
      years' experience of insurance or reinsurance as persons engaged in the
      industry itself or as lawyers or other professional advisers.

27.6  The arbitration tribunal shall, so far as is permissible under the law and
      practice of the place of arbitration, have power to fix all procedural
      rules for the holding of the arbitration including discretionary power to
      make orders as to any matters which it may consider proper in the
      circumstances of the case with regard to pleadings, discovery, inspection
      of the documents, examination of witnesses and any other matter whatsoever
      relating to the conduct of the arbitration and may receive and act upon
      such evidence whether oral or written, strictly admissible or not as it
      shall in its discretion think fit.

27.7  All costs of the arbitration shall be determined by the arbitration
      tribunal who may, taking into account the law and practice of the place of
      arbitration, direct to and by whom and in what manner they shall be paid.

27.8  Unless the parties otherwise agree, the place of arbitration shall be
      London, England and, for the avoidance of doubt, the arbitration tribunal
      shall apply English law.

27.9  The award of the arbitration tribunal shall be in writing and binding upon
      the parties who consent to carry out the same.

27.10 If any matter in difference between the parties under this Agreement is
      related to a matter of difference in the United States of America, such
      matter will be subject to whatever arbitration procedure applied to the
      matter of difference in the United States of America, provided that the
      arbitrator or arbitrators shall apply English law in respect of those
      aspects of the matter which relate to the matter in difference between the
      parties under this Agreement.

IN WITNESS whereof the parties have entered into this Agreement the day and year
first before written.

Signed by                      )
for and on behalf of           )
ST. PAUL REINSURANCE           )
COMPANY LIMITED

<Page>

Signed by                      )
for and on behalf of           )
PLATINUM RE (UK) LIMITED       )

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