Document:

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                      Platinum Underwriters Holdings, Ltd.
                             The Belvedere Building
                                69 Pitts Bay Road
                             Hamilton HM 08 Bermuda

                                                                    EXHIBIT 10.9

                                 March 22, 2004

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

Gentlemen:

                  Reference is made to the Registration Rights Agreement dated
as of November 1, 2002 (the "Agreement"), between The St. Paul Companies, Inc.
("St. Paul") and Platinum Underwriters Holdings, Ltd. (the "Company"). Defined
terms used but not defined herein shall have the meanings ascribed thereto in
the Agreement.

                  Section 2.1 of the Agreement provides in pertinent part that,
from and after the first anniversary of the Closing, St. Paul has the right, on
four occasions, to require the Company to file certain registration statements
and, from and after the fifth anniversary of the Closing, St. Paul has the
right, on two additional occasions, to require the Company to file certain
registration statements, all in accordance with the terms and conditions set
forth in said Section 2.1 and the Agreement. St. Paul and the Company hereby
agree that, in the event of and after the filing by the Company of the universal
shelf registration statement on Form S-3 ("the Registration Statement") with the
Securities and Exchange Commission which was approved for filing by the Board of
Directors of the Company at its meeting held on March 12, 2004, which
registration statement includes 12,000,000 Common Shares (the "St. Paul Shares")
that may be sold by St. Paul (or certain subsidiaries) as selling shareholders,
St. Paul will have the right, on three occasions, to require the Company to file
certain registration statements and, from and after the fifth anniversary of the
Closing, St. Paul will have the right, on two additional occasions, to require
the Company to file certain registration statements, all in accordance with the
terms and conditions set forth in said Section 2.1 and the Agreement.

                  Each of St. Paul and the Company agrees that except as set
forth herein, their respective rights, duties and obligations with regard to the
registration, offering and sale of the St. Paul Shares under the Registration
Statement shall be as if the Registration Statement had been filed pursuant to a
Demand Request under the Agreement.

                  If you are in agreement with the foregoing, please acknowledge
such agreement and acceptance by signing in the space provided below.

                                       PLATINUM UNDERWRITERS HOLDINGS, LTD.

                                       By: /s/ Justin Cressall
                                           -------------------------------------
                                           Name: Justin Cressall
                                           Title: Treasurer

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Agreed and Accepted as of the Date Set Forth Above:

THE ST. PAUL COMPANIES, INC.

By: /s/ Thomas A. Bradley
    ----------------------------------------
       Name: Thomas A. Bradley
       Title: Executive Vice President and
              Chief Financial Officer<PAGE>

                                                                   EXHIBIT 10.10

[PLATINUM LOGO]                                The Belvedere Building
                                               69 Pitts Bay Road, Pembroke HM 08
                                               P.O. Box HM 3012
                                               Hamilton HM MX, Bermuda

                                               Tel: (441) 295-7195
                                               Fax: (441) 296-0528

VIA FEDERAL EXPRESS

March 25, 2004

Bruce Saul, Esq.
The St. Paul Companies, Inc.
385 Washington Street
Saint Paul, MN 55102-1396

Re: Outstanding St. Paul Reimbursements

Dear Bruce:

On behalf of Platinum Underwriters Holdings, Ltd. (together with its operating
subsidiaries, "Platinum"), I am writing to memorialize our agreement with
respect to the settlement of Platinum's outstanding requests for reimbursement
from The St. Paul Companies, Inc. ("St. Paul") of certain expenses relating to
(i) employee terminations in Platinum's London office and (ii) certain IT
equipment and software used by, or transferred to, St. Paul Re, Inc. ("SPRe")
following the Closing.1

UK SEVERANCE REIMBURSEMENT

Pursuant to the Formation and Separation Agreement (the "Formation Agreement"),
dated October 28, 2002, between St. Paul and Platinum, and more explicitly the
side letter between the parties also dated October 28, 2002, St. Paul agreed to
reimburse Platinum for up to $4.5 million of expenses "relating to employee
terminations incurred in the London office of Platinum Re (UK) Limited." After
certain adjustments, Platinum has claimed an amount of $1,142,347.22 as
reimbursement of its expenses relating to UK employee severance (the "UK
Severance Reimbursement").

IT EQUIPMENT REIMBURSEMENT

As disclosed in the Platinum S-1, St. Paul contributed approximately $7 million
in tangible (and intangible) assets to Platinum, including 100% of the New York
office

----------------
(1) Capitalized terms not otherwise defined herein shall have the meaning
ascribed to them in the Formation Agreement.

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assets, which were valued at $5.3 million as reflected in certain New York State
tax filings. The bulk of the this value was concentrated in the New York office
IT equipment and software, a portion of which was (i) utilized by SPRe while at
195 Broadway and/or (ii) transferred to SPRe for use in its Morristown office in
August 2003 (the "IT Equipment"). Platinum has claimed additional amounts as
total compensation for the IT Equipment and any other assets transferred to SPRe
(the "IT Reimbursement").

                             SETTLEMENT AND RELEASE

Platinum and St. Paul wish to fully and finally resolve all differences,
controversies and potential disputes between them with respect to (i) the UK
Severance Reimbursement and (ii) the IT Reimbursement (collectively, the
"Reimbursement Claims"). Accordingly, in consideration for the matters set out
above, Platinum and St. Paul agree as follows:

         1.       Within thirty (30) days of this letter, St. Paul shall pay Two
                  Million Dollars ($2,000,000.00) to Platinum in full settlement
                  of the Reimbursement Claims.

         2.       Each of the parties hereto mutually release and discharge one
                  another, and each of their affiliates, subsidiaries, partners,
                  limited partners, predecessors and successors, and the
                  trustees, officers, directors and employees of all of the
                  foregoing, and each of them, separately and collectively, from
                  any and all claims, liens, demands, causes of action, damages,
                  judgments, obligations and liabilities of any kind whatsoever,
                  known or unknown, asserted or unasserted, direct or indirect,
                  in law or equity, that each has had in the past, or now has,
                  or may have in the future against each other or any of their
                  affiliates, subsidiaries, partners, limited partners,
                  predecessors and successors, and the trustees, shareholders,
                  officers, directors and employees of all of the foregoing,
                  arising directly or indirectly out of, or related in any way
                  to the Reimbursement Claims.

         3.       The terms set out in this letter are the entire agreement
                  between Platinum and St. Paul with regard to the Reimbursement
                  Claims. The agreement set out in this letter may not be
                  changed except by written agreement signed by both Platinum
                  and St. Paul.

         4.       Neither party has relied upon any statement, warranty or
                  representation made by the other or the other's employees,
                  agents or consultants, except as expressly set out in this
                  letter.

         5.       This agreement shall be binding upon and inure to the benefit
                  of the parties hereto and their respective successors and
                  assigns. This agreement shall be governed by and construed in
                  accordance with the laws of the State of New York, without
                  regard to its conflict of laws principles.

         6.       As a condition precedent to any action to enforce any right
                  hereunder, any dispute between the parties arising out of or
                  relating to this letter agreement and/or its formation shall
                  be submitted to arbitration in accordance with the arbitration
                  provisions of the Formation Agreement.

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         7.       Upon countersignature of this letter by St. Paul, the
                  settlement agreement with respect to the Reimbursement Claims
                  will be fully executed and binding upon both parties.

If you are in agreement with the above, please sign and return the attached copy
of this letter to signify your binding agreement to its terms. I greatly
appreciate your efforts in resolving this matter.

Very truly yours,

/s/ Michael E. Lombardozzi
-------------------------------
Michael E. Lombardozzi
General Counsel

ACCEPTED and AGREED :

The St. Paul Companies, Inc.

By:  /s/ Bruce Saul
    ------------------------------
    Name: Bruce Saul
    Title: Vice President<PAGE>

                                                                   EXHIBIT 10.11

                         NOVATION AND TRANSFER AGREEMENT

This Novation and Transfer Agreement ("Agreement"), effective as of January 1,
2003 (the "Effective Date"), is made by and among Platinum Underwriters
Reinsurance, Inc., a Maryland domiciled insurance company ("Platinum"), St. Paul
Fire and Marine Insurance Company, a Minnesota domiciled insurance company ("St.
Paul") and Germantown Mutual Insurance Company, a Wisconsin domiciled insurance
company (the "Company").

WHEREAS, St. Paul and the Company entered into the SECOND LAYER PROPERTY
CATASTROPHE EXCESS OF LOSS REINSURANCE AGREEMENT, effective from January 1, 2003
through December 31, 2003 and displaying the St. Paul reference number 42314-00
(the "Contract"). A copy of the Contract or the corresponding slip or binder is
attached hereto.

WHEREAS, Platinum has assumed a one hundred percent (100%) quota share of the
liabilities arising under the Contract, pursuant to a 100% Quota Share
Retrocession Agreement, dated as of November 1, 2002, between Platinum and St.
Paul.

WHEREAS, the parties hereto now desire to effect a novation of the Contract by
which Platinum shall be substituted as the reinsurer in place of St. Paul with
respect to the Contract.

WHEREAS, the Company agrees to consent to the substitution of Platinum under the
Contract in accordance with the terms and conditions of this Agreement.

NOW, THEREFORE, in consideration of the mutual promises and the terms and
conditions set forth herein and for other good and valuable consideration, the
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

         1.       Defined Terms. For all purposes of this Agreement, capitalized
terms not otherwise defined in this Agreement shall have the meanings given to
them in the Contract.

         2.       St. Paul's Undertaking and Release of the Company. In
consideration of the undertakings given by the Company in Section 5, St. Paul
hereby releases and discharges the Company from all obligations to observe,
discharge and be bound by the Contract.

         3.       Transfer. St. Paul hereby transfers to Platinum all of its
rights, title and interests in, to and under, the Contract and all of its
obligations and liabilities in connection therewith.

         4.       Acceptance by Platinum. In consideration of the undertakings
given by Company in Section 5, Platinum hereby undertakes to observe, perform,
discharge and be

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bound by the Contract as if it were an original signatory to the Contract
instead of the St. Paul, whether such obligations and liabilities accrue or
arise before, on or after the date hereof.

         5.       Company's Undertaking and Release of St. Paul. In
consideration of the undertakings given by Platinum in Section 4 and St. Paul in
Section 2, the Company hereby:

         (a) releases and discharges the St. Paul from all obligations to
         observe, perform, discharge and be bound by the Contract as if the St.
         Paul had never been a party to the Contract;

         (b) accepts Platinum's undertaking to observe, perform, and discharge
         and be bound by the Contract (such undertaking being set out in Section
         4); and

         (c) agrees to observe, perform, discharge and be bound by the Contract
         as if Platinum were a party to the Contract instead of the St. Paul,
         whether such obligations and liabilities accrue or arise before, on or
         after the date hereof.

         6.       Indemnification. Notwithstanding anything to the contrary in
this Agreement, Platinum shall indemnify and hold harmless and, at its own
expense, defend Company from and against any and all Losses suffered, incurred
or sustained by Company before, on or after the date hereof in connection with
matters arising or events occurring in relation to the Contract prior to the
date hereof for which the St. Paul would have been liable to Company under the
terms of the Contract.

         7.       Representations and Warranties. St. Paul hereby represents and
warrants to Platinum that it has fully discharged all its duties and obligations
under the Contract

         8.       Covenants. All covenants and undertakings made by the St. Paul
in the Contract shall be binding upon Platinum in all respects as if such
covenants and undertakings were made by Platinum with respect to itself.

         9.       Permissibility of Agreement. Each of St. Paul and Platinum
hereby represents, warrants and covenants to the Company that the execution of
this Agreement has been validly authorized, the obligations imposed on it by the
provisions of this Agreement constitute valid, legally binding and enforceable
obligations on it, shall not constitute a breach or event of default pursuant to
any agreement to which St. Paul or Platinum is a party and shall not constitute
a violation of law in any applicable jurisdiction.

         10.      Successors and Assigns. This Agreement shall be binding upon
and inure to the benefit of the parties hereto, and their permitted successors
and assigns.

         11.      Headings. The headings in this Agreement are for reference
purposes only and shall not affect the meaning or interpretation of this
Agreement.

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         12.      Execution of this Agreement. This Agreement may be executed in
one or more counterparts, each of which shall be deemed an original and all of
which shall constitute one and the same Agreement. This Agreement may be
executed and delivered by facsimile. Any such facsimile transmission executed by
facsimile by all parties shall constitute the final agreement of the parties and
conclusive proof of such agreement. Any party that shall deliver by facsimile an
executed signature page of this Agreement shall deliver originals of such
executed signature page to each other party within a reasonable time thereafter.

         13.      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.

         14.      Entire Agreement. This Agreement may be amended only by
written agreement of the parties. This 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.

         15.      Governing Law and Jurisdiction. This Agreement shall be
governed by and construed in accordance with the laws of the United States of
America and the State of New York, regardless of the laws that might otherwise
govern under applicable choice-of-law principles. The parties hereby irrevocably
submit to the exclusive jurisdiction of the state and federal courts located in
the County of New York for purposes of all legal proceedings arising out of or
relating to this Agreement or the transactions contemplated hereby. The parties
hereby irrevocably waive, to the fullest extent permitted by applicable law, any
objection which they may now or hereafter have to the laying of venue of any
such proceeding brought in such a court and any claim that any such proceeding
brought in such a court has been brought in an inconvenient forum.

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  /s/ W. Mark Wigmore
                                          --------------------------------------
                                          Name:  W. Mark Wigmore
                                          Title: Senior Vice President

                                       PLATINUM UNDERWRITERS REINSURANCE, INC.

                                       By  /s/ Sarah A. Schultz
                                          --------------------------------------
                                          Name:  Sarah A. Schultz
                                          Title: Vice President

                                        3

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Consented and agreed to by:

GERMANTOWN MUTUAL INSURANCE
COMPANY

By: /s/ Richard P. Smith
    ------------------------------
    Name: Richard P. Smith
    Title: President - Treasurer

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