Document:

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                                                                    EXHIBIT 10.9

[AXIS LOGO]
                                                   AXIS SPECIALTY EUROPE LIMITED

                                                         CORRESPONDENCE ADDRESS:
                                                                 Alexandra House
                                                                 The Sweepstakes
                                                           Balsbridge, Dublin 4

                                                            TEL: + 353 1 6641618
                                                            FAX: + 353 1 6641862

Mr J Gressier
1 Cardigan Place
Aberdeen Terrace
Blackheath
SE3 0RE                                                         21 November 2002

Dear John

On behalf of AXIS Specialty Europe Limited (the "Company"), I am pleased to
confirm that your employment will be subject to the following terms and
conditions:

1.   POSITION

     Your position with the Company will be as set out in the attached Schedule.

     You are employed by AXIS Specialty Europe Limited (AXIS Europe). The
     Company is an Irish authorised and supervised insurance company. Whilst it
     is entitled to provide insurance services in jurisdictions outside of
     Ireland, employees of the Company should not attempt to do so without first
     consulting the Compliance Officer as limitations are imposed by regulation
     on certain activities being undertaken outside of Ireland.

2.   COMMENCEMENT DATE

     The date of your commencement of employment is as set out in the Schedule.

3.   LOCATION

     You will be based at the location set out in the Schedule but may be
     required to travel within Ireland, the United Kingdom and abroad in
     carrying out your responsibilities.

                          AXIS SPECIALTY EUROPE LIMITED
          REGISTERED OFFICE: FIFTH FLOOR, 25-28 ADELAIDE ROAD, DUBLIN 2

                        REGISTERED IN IRELAND NO. 353402
     DIRECTORS: J. CHARMAN (UK), A. COOK (CANADA), J. MURRAY (UK), A. RYAN,
                          R. STRACHAN (UK), T. HENNESSY

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                                      - 2 -

4.   OFFICE HOURS

     Your normal working hours are set out in the Schedule. You may be required
     to work additional hours as the duties of your position require. You will
     not receive additional compensation for working outside normal office
     hours.

     You confirm that, by accepting these terms and conditions of employment,
     you are waiving the 48-hour average weekly working limit provided for in
     the Working Time Regulations, 1998. You confirm that you understand that
     you may choose to withdraw this waiver and to have your working hours
     continuously monitored and restricted by giving one month's written notice
     to the Company.

5.   DUTIES

     You will carry out duties as assigned to you from time to time by the
     Company. Your area of work and/or specific responsibilities may be altered
     from time to time by the Company as the circumstances of the business
     dictate. During the period of your employment, you may also be required to
     work for an associated company of the Company or at another
     office/location, for such period or periods of time as the Company may
     reasonably require.

     You must devote the whole of your time, attention and ability during your
     hours of work for the Company to your duties. During your hours of work,
     you may not under any circumstances, whether directly or indirectly,
     undertake any other duties of whatever kind. You may not, without the prior
     written consent of the Company, engage, whether directly or indirectly, in
     any business or employment which is similar to or competitive with the
     business of the Company or which may impair your ability to act at all
     times in the best interests of the Company.

6.   SALARY

     Your salary is set out in the Schedule. Your salary will be reviewed
     annually by the Company which in its absolute discretion shall determine
     whether or not the salary shall be increased and if so the amount of the
     increase.

     Your salary will be paid to you monthly in arrears on the last day of each
     month by credit transfer directly to your bank account. The Company shall
     to the extent permitted by law be entitled to deduct from your salary all
     sums from time to time owed by you to the Company or any associated
     company, and in all events to deduct all such sums due upon termination of
     your employment, and by your execution of this agreement you consent to the
     deduction of such sums.

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                                      - 3 -

7.   BONUS

     You will be eligible to participate in such bonus scheme(s) as the Company
     may implement from time to time in its sole discretion. The nature and
     conditions of any scheme shall be entirely at the discretion of the
     Company. The Company is not under any obligation to implement any such
     bonus scheme. Where the Company chooses to implement such a bonus scheme,
     bonuses may or may not, at the Company's absolute discretion, be paid.

8.   EXPENSES

     All properly vouched and authorised expenses incurred by you on Company
     business will be reimbursed by the Company in accordance with the Company's
     expense policy.

9.   HOLIDAYS

     You will be entitled to holidays as set out in the Schedule (exclusive of
     all Irish public holidays). Your holidays are to be taken at such time or
     times that the Company considers to be most convenient having regard to the
     requirements of your position. The Company's holiday year runs from
     1st January to 31st December. Holidays from the previous year may not be
     carried over to the following year. Should you leave or start with the
     Company during the year your holiday entitlement shall be reduced pro rata.
     You are entitled to payment in lieu of any outstanding holiday entitlement
     in the year of leaving. In the event that you have exceeded your holiday
     entitlement in the year of leaving, a deduction will be made from your
     final salary payment. The Company may require you to take any unused
     holiday entitlement during your notice period.

10.  COMPANY BENEFIT SCHEMES/SICK PAY

     The Company benefits applicable to you are set out in the Schedule. Details
     of the benefit schemes will be available on request from the Human
     Resources Department. The Company will be entitled to amend the nature and
     operation of the schemes at its absolute discretion at any time.

     There is no automatic entitlement to sick pay and any payments made to you
     during an absence from work due to illness are entirely at the Company's
     discretion.

11.  SHARE OPTIONS / SHARE RIGHTS

     You will be eligible to participate in the Company's employee share schemes
     subject to the terms of such schemes as in effect from time to time. Your
     initial entitlements under such schemes are as set out in the Schedule. Any
     additional awards will be at the sole discretion of the Company.

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                                      - 4 -

     If on termination of your employment, whether lawfully or unlawfully or in
     breach of contract, you lose any rights or benefits under any profit
     sharing, share incentive, share option, restricted share, bonus or other
     employee incentive scheme (including any rights or benefits which you would
     not have lost had your employment not been terminated) you shall not be
     entitled, by way of compensation for loss of office or otherwise,
     howsoever, to and hereby waive any compensation for the loss of any rights
     or benefits under any such scheme.

12.  TERMINATION WITH NOTICE

     Your employment hereunder may be terminated at any time by one party giving
     the other notice in writing as set out in the Schedule.

     In the case of the Company terminating your employment, it reserves the
     right to pay you in lieu of notice the amount of your entitlement to salary
     in respect of such notice period.

     The Company may also by notice in writing require you to cease performing
     or exercising during some or all of the remainder of any notice period some
     or all of the powers, authorities and discretions delegated to you
     hereunder and/or to cease attending at the Company's offices and the
     offices of the Company's brokers, clients and potential clients (as
     appropriate) during such period and/or to complete specifically assigned
     projects during such period. Any such period shall be referred to as a
     "Garden Leave Period".

13.  TERMINATION WITHOUT NOTICE

     Your employment may be terminated without prior notice if at any time
     hereafter;

     (a)  you are guilty of any material breach or non-observance of the
          provisions contained in this letter;

     (b)  you are guilty of any grave misconduct, gross default or wilful
          neglect in the discharge of your duties hereunder or in connection
          with or affecting the business of the Company;

     (c)  you commit any serious act of dishonesty or repeated acts of
          dishonesty;

     (d)  you are adjudicated bankrupt or make any arrangement or
          composition with your creditors;

     (e)  you become of unsound mind;

     (f)  you are convicted of any indictable offence other than an offence
          which in the opinion of the Company does not affect your position with
          the Company; or

     (g)  you are disqualified or restricted from practising a profession
          which is essential to the performance of the duties of your position
          with the Company.

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                                      - 5 -

14.  RESIGNATION

     You will, upon termination of your employment, resign from all
     directorships and other offices that you hold in connection with your
     employment with the Company.

15.  RETIREMENT

     Your employment hereunder will automatically terminate, without notice, on
     the date on which you reach sixty (60) years of age unless otherwise
     mutually agreed.

16.  ILLNESS

     If you are at any time prevented by illness, injury, accident or any other
     circumstances beyond your control from discharging all your duties
     hereunder for a total of 180 or more days in any twelve-month period, the
     Company may, by notice in writing terminate your employment forthwith or on
     such date as may be specified in the notice.

17.  DISCIPLINARY/GRIEVANCE PROCEDURE

     You will conduct yourself with propriety at all times and with due regard
     for the Company and each of its associated companies and the clients and
     employees of each such company.

     Once you have completed one year's service with the Company, you may avail
     of the Company's Disciplinary and Grievance Procedure, a copy of which is
     available from the Human Resources Department upon request but which will
     not be deemed to form part of this contract.

18.  CONFIDENTIALITY

     (a)  You will not, except as authorised or required by your duties,
          reveal to any person, persons or company any confidential information
          including without limitation any trade secrets, secret or confidential
          operations, processes or dealing or any information concerning the
          organisation, business, finances, transactions or affairs of the
          Company, its subsidiary or associated companies or their existing or
          potential customers which may come to your knowledge during the period
          of your employment with the Company and you will keep with complete
          secrecy all such and other confidential information entrusted to you
          and will not use or attempt to use any such information in any manner
          which may injure or cause loss either directly or indirectly to the
          Company or any of its subsidiary or associated companies or their
          existing or potential customers or its or their business or businesses
          or may be likely so to do. This restriction will continue to apply
          after the termination of your employment without limit in point of
          time but will cease to apply to information or knowledge which may
          reasonably be said to have come into the public domain other than by
          reason of breach of the provisions of this letter.

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                                      - 6 -

     (b)  You will not during the term of your employment with the Company
          make otherwise than for the benefit of the Company any notes,
          memoranda or electronically stored information relating to any matter
          within the scope of the business of the Company, its subsidiary or
          associated companies or their existing or potential customers or
          concerning any of the dealings or affairs of any such company nor will
          you either during the term of your employment with the Company or
          afterwards use or permit to be used any such notes or memoranda or
          information otherwise than for the benefit of the Company, it being
          the intention of the parties hereto that all such notes, memoranda or
          information made or stored by you will be the property of the Company
          and left at its offices upon the termination of your employment with
          the Company.

19.  INTELLECTUAL PROPERTY

     You acknowledge that any intellectual property rights which arise out of
     your employment with the Company will vest absolutely in the Company (or
     its nominee) and you undertake to execute any necessary documents and do
     whatever else may be necessary to vest these rights in the Company, even
     after the termination of your employment.

20.  RESTRICTIVE COVENANTS

     (a)  Considering that you have obtained and are likely to obtain in the
          course of your employment knowledge of trade secrets, know-how,
          business information or other confidential information relating to the
          Company and its subsidiary and associated companies and also to their
          customers, you agree that in addition to the restrictions contained in
          Clauses 18 and 19 you will for the six month period beginning on the
          date of termination of your employment (the "Restricted Period") be
          bound by the following restrictions in order to safeguard such trade
          secrets, know-how, business information or other confidential
          information and the goodwill of the Company;

          (i)    you will not, either in contemplation of the termination of
                 your employment or during the Restricted Period, canvass or
                 solicit or endeavour to canvass or solicit away from the
                 Company or any subsidiary or associated company, the custom or
                 business of any person, firm or company which is or was at any
                 time during the twelve months prior to your termination date a
                 client or customer of the Company or of any subsidiary or
                 associated company with which you had business dealings during
                 the course of your employment in that twelve month period and
                 in relation to whose requirements you had knowledge of a
                 material kind;

          (ii)   you will not, during the Restricted Period, carry on, set
                 up, engage in or be directly or indirectly interested or
                 concerned in any business or activity carried on or about to be
                 carried on anywhere in the Prohibited Area (as

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                 defined below) by any person, firm or company in competition
                 with any business or activity in which you were actively
                 involved in the course of your employment with the Company in
                 the twelve months immediately prior to your termination date.
                 This is providing that nothing contained in this sub-Clause
                 20(a)(ii) will prohibit your carrying on of, or being engaged,
                 concerned or interested in, any business not in direct or
                 indirect competition with the business of the Company or any
                 subsidiary or associated company;

          (iii)  you will not either in contemplation of the termination of
                 your employment or during the Restricted Period entice, solicit
                 or endeavour to entice or solicit away any person who is
                 employed or engaged by the Company or any subsidiary or
                 associated company and with whom you had significant business
                 dealings or over whom you exercised control during the course
                 of your employment in the twelve month period prior to your
                 termination date and who by means of his or her employment or
                 engagement is or is likely to be in possession of Confidential
                 Information relating to the Company or any subsidiary or
                 associated company;

          (iv)   you will not either in contemplation of the termination of
                 your employment hereunder or during the Restricted Period,
                 interfere or seek to interfere with the supply to the Company
                 or any subsidiary or associated company of any goods or
                 services by any supplier who, during the twelve months
                 preceding your termination date, supplied goods or services to
                 the Company or such subsidiary or associated company, being a
                 supplier of goods or services with whom during the twelve month
                 period immediately prior to your termination date you had
                 dealings of a material kind in your capacity as an employee or
                 director of the Company, nor will you interfere or seek to
                 interfere with the continuance of such supply or the terms on
                 which such supply has during such period as stated above been
                 made;

          provided, however, that notwithstanding the foregoing provisions, the
          Restricted Period shall be reduced by the period, if any, of any
          Garden Leave Period imposed pursuant to Clause 12.

          For the purposes of this Clause 20, "Prohibited Area" shall mean any
          location in the world in which the Company, or any subsidiary or
          associated company, at the time of termination of your employment
          operates its business and with respect to which location you had
          material responsibility in the course of your employment with the
          Company during the twelve month period prior to the date of the
          termination of your employment.

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                                      - 8 -

     (b)  The restrictions set out in sub-Clauses 20(a)(i), (ii), (iii) and
          (iv) shall (without prejudice to their generality) apply to any action
          taken by you, whether as agent, representative, principal, employee or
          consultant or as a director or other officer of any company or by any
          company controlled by you or any associate of yours.

     (c)  You will, in the event of receiving an offer of employment either
          during the continuance of this Agreement or during the continuance in
          force of any of the restrictions set out in this Clause 20,
          immediately provide to the offeror a copy of this Clause 20 and will
          inform the Company of the identity of the offeror and the terms of the
          offer.

     (d)  You hereby acknowledge and agree that all of the restrictions
          contained herein are reasonable and necessary in all the circumstances
          for the protection of the Company's legitimate interests and waive any
          and all defences to the strict enforcement thereof by the Company. In
          the event that any of the covenants herein contained is held to be
          unreasonable by reason of the area, duration or type or scope of
          service covered by such covenant, then effect will be given to such
          covenant in such reduced form as may be decided by any court of
          competent jurisdiction.

21.  SEVERANCE

     In the event that any condition contained in this contract is held to be
     void in whole or in part for any reason, such unenforceability will not
     affect the enforceability of the remaining conditions contained in this
     letter and such void conditions will be deemed to be severable.

22.  CHANGES/COMPANY POLICIES

     The relationship of employer and employee is constantly changing to meet
     the challenges of the business world. Therefore, our requirements of you
     may change or may need to be more clearly defined and we accordingly
     reserve the right to change, amend or clarify the terms and conditions set
     out in this letter. We will give you as much notice as possible of any such
     changes.

     In addition to the terms and conditions of this letter, you will be subject
     to such employee policies, procedures and protocols as may be implemented
     by the Company from time to time and notified to you.

     Without prejudice to the generality of the foregoing the Company will from
     time to time issue protocols containing guidelines in respect of procedures
     to be observed by employees when performing their duties. It is important
     that you comply with these protocols because the Group contains regulated
     companies authorised to carry on the business of insurance and/or
     reinsurance.

     Any failure by you to comply with the terms of any such protocols will
     warrant disciplinary action, up to and including summary dismissal.

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23.  GOVERNING LAW

     This letter Agreement shall in all respects (including the formation
     thereof and performance thereunder) be governed by and construed in
     accordance with the laws of the Republic of Ireland.

Please sign the enclosed copy of this letter Agreement and return it to me.

If there are any questions you wish to ask regarding this letter Agreement,
please feel free to contact me.

Yours sincerely,

/s/ Geraldine Arnott
GERALDINE ARNOTT

I confirm that I have carefully read and understand the terms and conditions and
I agree to be bound by those terms and conditions.

Signed:       /s/ John Gressier
              -------------------------
              John Gressier

Dated:        20/12/02
              -------------------------

Attached:     Schedule (to be signed by the employee).
              Email and Internet Policy (to be signed by the employee).

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                                    SCHEDULE

CLAUSE 1      POSITION

              Chief Insurance Officer
              Axis Specialty Limited and its subsidiary companies

CLAUSE 2      COMMENCEMENT DATE

              1/4/2002

CLAUSE 3      LOCATION

              Global

CLAUSE 4      NORMAL OFFICE HOURS

              09:00 - 17:00

CLAUSE 6      SALARY

              L250,000

CLAUSE 9      HOLIDAYS

              25 days

CLAUSE 10     BENEFITS

              Life Assurance - You will be entitled to participate in the life
              assurance scheme in place in the Company (if any) subject to
              complying with the requirements of the insurers and subject to any
              exclusion they may determine as appropriate.

              Permanent Health Insurance - From 2003 you will be entitled to be
              covered by the PHI scheme provided by the Company subject to the
              terms and conditions of such scheme from time to time in force.
              The Company reserves the right to terminate or substitute another
              PHI scheme or amend the level of benefits provided at any time.

              If any scheme provider for any reason fails to provide the benefit
              to you, the Company shall not be liable to provide any benefits
              itself or compensation in lieu thereof and shall not be obliged to
              issue proceedings against the insurer regarding the provision of
              cover for you. Any actual or prospective loss of entitlement to
              permanent health insurance benefit shall not prevent the Company
              from exercising its right to terminate your employment in
              accordance with Clauses 12 and 13 hereof.

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              Private Medical Insurance - You will be entitled to be covered by
              the Private Medical Scheme provided by the Company, subject to
              complying with the requirements of the insurers and subject to any
              exclusion they may determine as appropriate.

              Pension - You will be eligible to join the company's approved
              Stakeholder pension scheme. The company's contribution will be 15%
              of basic salary. You will be able to make additional personal
              contributions to the scheme as permitted by the UK tax
              authorities. A contracting-out certificate is/is not in force in
              relation to the state earnings related pension scheme.

CLAUSE 11     SHARE OPTIONS / SHARE RIGHTS

              Share Options - Subject to approval by the Board of Axis Specialty
              Limited, you will be granted options over 7500 shares in Axis
              Specialty Limited subject to the terms and conditions of the Axis
              Specialty Limited Option Scheme, the rules of which are available
              from the Human Resources Department.

              Restricted Shares - Subject to approval by the Board of Axis
              Specialty Limited, you will be allocated 7500 shares of Axis
              Specialty Limited under the Axis Specialty Limited Restricted
              Stock Scheme, subject to the terms and conditions of such scheme,
              the Rules of which are available from the Human Resources
              Department.

CLAUSE 12     NOTICE PERIOD

              6 months

OTHERS        REPORTING TO:

              Chairman, Axis Specialty Europe

Signed by the employee   /s/ John Gressier
                         --------------------------
                         JOHN GRESSIER

Date                     20/12/02
                         --------------------------s<Page>

                                                                   EXHIBIT 10.10

[AXIS LOGO]

                                                   AXIS SPECIALTY EUROPE LIMITED

                                                         CORRESPONDENCE ADDRESS:
                                                                 Alexandra House
                                                                 The Sweepstakes
                                                           Ballsbridge, Dublin 4

                                                             TEL: +353 1 6641618
                                                             FAX: +353 1 6641862

Mr R Strachan
37 Ridgway Place
Wimbledon
London
SW19 4EW                                                        21 November 2002

Dear Richard

On behalf of AXIS Specialty Europe Limited (the "Company"), I am pleased to
confirm that your employment will be subject to the following terms and
conditions:

1.   POSITION

     Your position with the Company will be as set out in the attached Schedule.

     You are employed by AXIS Specialty Europe Limited (AXIS Europe). The
     Company is an Irish authorised and supervised insurance company. Whilst it
     is entitled to provide insurance services in jurisdictions outside of
     Ireland, employees of the Company should not attempt to do so without first
     consulting the Compliance Officer as limitations are imposed by regulation
     on certain activities being undertaken outside of Ireland.

2.   COMMENCEMENT DATE

     The date of your commencement of employment is as set out in the Schedule.

3.   LOCATION

     You will be based at the location set out in the Schedule but may be
     required to travel within Ireland, the United Kingdom and abroad in
     carrying out your responsibilities.

                          AXIS SPECIALTY EUROPE LIMITED
          REGISTERED OFFICE: FIFTH FLOOR, 25-28 ADELAIDE ROAD, DUBLIN 2

                        REGISTERED IN IRELAND NO. 963402
     DIRECTORS: J. CHARMAN (UK), A. COOK (CANADA), J. MURRAY (UK), A. RYAN,
                          R. STRACHAN (UK), T. HENNESY

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                                      - 2 -

4.   OFFICE HOURS

     Your normal working hours are set out in the Schedule. You may be required
     to work additional hours as the duties of your position require. You will
     not receive additional compensation for working outside normal office
     hours.

     You confirm that, by accepting these terms and conditions of employment,
     you are waiving the 48-hour average weekly working limit provided for in
     the Working Time Regulations, 1998. You confirm that you understand that
     you may choose to withdraw this waiver and to have your working hours
     continuously monitored and restricted by giving one month's written notice
     to the Company.

5.   DUTIES

     You will carry out duties as assigned to you from time to time by the
     Company. Your area of work and/or specific responsibilities may be altered
     from time to time by the Company as the circumstances of the business
     dictate. During the period of your employment, you may also be required to
     work for an associated company of the Company or at another
     office/location, for such period or periods of time as the Company may
     reasonably require.

     You must devote the whole of your time, attention and ability during your
     hours of work for the Company to your duties. During your hours of work,
     you may not under any circumstances, whether directly or indirectly,
     undertake any other duties of whatever kind. You may not, without the prior
     written consent of the Company, engage, whether directly or indirectly, in
     any business or employment which is similar to or competitive with the
     business of the Company or which may impair your ability to act at all
     times in the best interests of the Company.

6.   SALARY

     Your salary is set out in the Schedule. Your salary will be reviewed
     annually by the Company which in its absolute discretion shall determine
     whether or not the salary shall be increased and if so the amount of the
     increase.

     Your salary will be paid to you monthly in arrears on the last day of each
     month by credit transfer directly to your bank account. The Company shall
     to the extent permitted by law be entitled to deduct from your salary all
     sums from time to time owed by you to the Company or any associated
     company, and in all events to deduct all such sums due upon termination of
     your employment, and by your execution of this agreement you consent to the
     deduction of such sums.

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                                      - 3 -

7.   BONUS

     You will be eligible to participate in such bonus scheme(s) as the Company
     may implement from time to time in its sole discretion. The nature and
     conditions of any scheme shall be entirely at the discretion of the
     Company. The Company is not under any obligation to implement any such
     bonus scheme. Where the Company chooses to implement such a bonus scheme,
     bonuses may or may not, at the Company's absolute discretion, be paid.

8.   EXPENSES

     All properly vouched and authorised expenses incurred by you on Company
     business will be reimbursed by the Company in accordance with the Company's
     expense policy.

9.   HOLIDAYS

     You will be entitled to holidays as set out in the Schedule (exclusive of
     all Irish public holidays). Your holidays are to be taken at such time or
     times that the Company considers to be most convenient having regard to the
     requirements of your position. The Company's holiday year runs from 1st
     January to 31st December. Holidays from the previous year may not be
     carried over to the following year. Should you leave or start with the
     Company during the year your holiday entitlement shall be reduced pro rata.
     You are entitled to payment in lieu of any outstanding holiday entitlement
     in the year of leaving. In the event that you have exceeded your holiday
     entitlement in the year of leaving, a deduction will be made from your
     final salary payment. The Company may require you to take any unused
     holiday entitlement during your notice period.

10.  COMPANY BENEFIT SCHEMES/SICK PAY

     The Company benefits applicable to you are set out in the Schedule. Details
     of the benefit schemes will be available on request from the Human
     Resources Department. The Company will be entitled to amend the nature and
     operation of the schemes at its absolute discretion at any time.

     There is no automatic entitlement to sick pay and any payments made to you
     during an absence from work due to illness are entirely at the Company's
     discretion.

11.  SHARE OPTIONS / SHARE RIGHTS

     You will be eligible to participate in the Company's employee share schemes
     subject to the terms of such schemes as in effect from time to time. Your
     initial entitlements under such schemes are as set out in the Schedule. Any
     additional awards will be at the sole discretion of the Company.

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                                      - 4 -

     If on termination of your employment, whether lawfully or unlawfully or in
     breach of contract, you lose any rights or benefits under any profit
     sharing, share incentive, share option, restricted share, bonus or other
     employee incentive scheme (including any rights or benefits which you would
     not have lost had your employment not been terminated) you shall not be
     entitled, by way of compensation for loss of office or otherwise,
     howsoever, to and hereby waive any compensation for the loss of any rights
     or benefits under any such scheme.

12.  TERMINATION WITH NOTICE

     Your employment hereunder may be terminated at any time by one party giving
     the other notice in writing as set out in the Schedule.

     In the case of the Company terminating your employment, it reserves the
     right to pay you in lieu of notice the amount of your entitlement to salary
     in respect of such notice period.

     The Company may also by notice in writing require you to cease performing
     or exercising during some or all of the remainder of any notice period some
     or all of the powers, authorities and discretions delegated to you
     hereunder and/or to cease attending at the Company's offices and the
     offices of the Company's brokers, clients and potential clients (as
     appropriate) during such period and/or to complete specifically assigned
     projects during such period. Any such period shall be referred to as a
     "Garden Leave Period".

13.  TERMINATION WITHOUT NOTICE

     Your employment may be terminated without prior notice if at any time
     hereafter;

     (a)  you are guilty of any material breach or non-observance of the
          provisions contained in this letter;

     (b)  you are guilty of any grave misconduct, gross default or wilful
          neglect in the discharge of your duties hereunder or in connection
          with or affecting the business of the Company;

     (c)  you commit any serious act of dishonesty or repeated acts of
          dishonesty;

     (d)  you are adjudicated bankrupt or make any arrangement or composition
          with your creditors;

     (e)  you become of unsound mind;

     (f)  you are convicted of any indictable offence other than an offence
          which in the opinion of the Company does not affect your position with
          the Company; or

     (g)  you are disqualified or restricted from practising a profession which
          is essential to the performance of the duties of your position with
          the Company.

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                                      - 5 -

14.  RESIGNATION

     You will, upon termination of your employment, resign from all
     directorships and other offices that you hold in connection with your
     employment with the Company.

15.  RETIREMENT

     Your employment hereunder will automatically terminate, without notice, on
     the date on which you reach sixty (60) years of age unless otherwise
     mutually agreed.

16.  ILLNESS

     If you are at any time prevented by illness, injury, accident or any other
     circumstances beyond your control from discharging all your duties
     hereunder for a total of 180 or more days in any twelve-month period, the
     Company may, by notice in writing terminate your employment forthwith or on
     such date as may be specified in the notice.

17.  DISCIPLINARY/GRIEVANCE PROCEDURE

     You will conduct yourself with propriety at all times and with due regard
     for the Company and each of its associated companies and the clients and
     employees of each such company.

     Once you have completed one year's service with the Company, you may avail
     of the Company's Disciplinary and Grievance Procedure, a copy of which is
     available from the Human Resources Department upon request but which will
     not be deemed to form part of this contract.

18.  CONFIDENTIALITY

     (a)  You will not, except as authorised or required by your duties, reveal
          to any person, persons or company any confidential information
          including without limitation any trade secrets, secret or confidential
          operations, processes or dealing or any information concerning the
          organisation, business, finances, transactions or affairs of the
          Company, its subsidiary or associated companies or their existing or
          potential customers which may come to your knowledge during the period
          of your employment with the Company and you will keep with complete
          secrecy all such and other confidential information entrusted to you
          and will not use or attempt to use any such information in any manner
          which may injure or cause loss either directly or indirectly to the
          Company or any of its subsidiary or associated companies or their
          existing or potential customers or its or their business or businesses
          or may be likely so to do. This restriction will continue to apply
          after the termination of your employment without limit in point of
          time but will cease to apply to information or knowledge which may
          reasonably be said to have come into the public domain other than by
          reason of breach of the provisions of this letter.

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                                      - 6 -

     (b)  You will not during the term of your employment with the Company make
          otherwise than for the benefit of the Company any notes, memoranda or
          electronically stored information relating to any matter within the
          scope of the business of the Company, its subsidiary or associated
          companies or their existing or potential customers or concerning any
          of the dealings or affairs of any such company nor will you either
          during the term of your employment with the Company or afterwards use
          or permit to be used any such notes or memoranda or information
          otherwise than for the benefit of the Company, it being the intention
          of the parties hereto that all such notes, memoranda or information
          made or stored by you will be the property of the Company and left at
          its offices upon the termination of your employment with the Company.

19.  INTELLECTUAL PROPERTY

     You acknowledge that any intellectual property rights which arise out of
     your employment with the Company will vest absolutely in the Company (or
     its nominee) and you undertake to execute any necessary documents and do
     whatever else may be necessary to vest these rights in the Company, even
     after the termination of your employment.

20.  RESTRICTIVE COVENANTS

     (a)  Considering that you have obtained and are likely to obtain in the
          course of your employment knowledge of trade secrets, know-how,
          business information or other confidential information relating to the
          Company and its subsidiary and associated companies and also to their
          customers, you agree that in addition to the restrictions contained in
          Clauses 18 and 19 you will for the six month period beginning on the
          date of termination of your employment (the "Restricted Period") be
          bound by the following restrictions in order to safeguard such trade
          secrets, know-how, business information or other confidential
          information and the goodwill of the Company;

          (i)    you will not, either in contemplation of the termination of
                 your employment or during the Restricted Period, canvass or
                 solicit or endeavour to canvass or solicit away from the
                 Company or any subsidiary or associated company, the custom or
                 business of any person, firm or company which is or was at any
                 time during the twelve months prior to your termination date a
                 client or customer of the Company or of any subsidiary or
                 associated company with which you had business dealings during
                 the course of your employment in that twelve month period and
                 in relation to whose requirements you had knowledge of a
                 material kind;

          (ii)   you will not, during the Restricted Period, carry on, set up,
                 engage in or be directly or indirectly interested or concerned
                 in any business or activity carried on or about to be carried
                 on anywhere in the Prohibited Area (as

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                                      - 7 -

                 defined below) by any person, firm or company in competition
                 with any business or activity in which you were actively
                 involved in the course of your employment with the Company in
                 the twelve months immediately prior to your termination date.
                 This is providing that nothing contained in this
                 sub-Clause 20(a)(ii) will prohibit your carrying on of, or
                 being engaged, concerned or interested in, any business not in
                 direct or indirect competition with the business of the Company
                 or any subsidiary or associated company;

          (iii)  you will not either in contemplation of the termination of your
                 employment or during the Restricted Period entice, solicit or
                 endeavour to entice or solicit away any person who is employed
                 or engaged by the Company or any subsidiary or associated
                 company and with whom you had significant business dealings or
                 over whom you exercised control during the course of your
                 employment in the twelve month period prior to your termination
                 date and who by means of his or her employment or engagement is
                 or is likely to be in possession of Confidential Information
                 relating to the Company or any subsidiary or associated
                 company;

          (iv)   you will not either in contemplation of the termination of your
                 employment hereunder or during the Restricted Period, interfere
                 or seek to interfere with the supply to the Company or any
                 subsidiary or associated company of any goods or services by
                 any supplier who, during the twelve months preceding your
                 termination date, supplied goods or services to the Company or
                 such subsidiary or associated company, being a supplier of
                 goods or services with whom during the twelve month period
                 immediately prior to your termination date you had dealings of
                 a material kind in your capacity as an employee or director of
                 the Company, nor will you interfere or seek to interfere with
                 the continuance of such supply or the terms on which such
                 supply has during such period as stated above been made;

          provided, however, that notwithstanding the foregoing provisions, the
          Restricted Period shall be reduced by the period, if any, of any
          Garden Leave Period imposed pursuant to Clause 12.

          For the purposes of this Clause 20, "Prohibited Area" shall mean any
          location in the world in which the Company, or any subsidiary or
          associated company, at the time of termination of your employment
          operates its business and with respect to which location you had
          material responsibility in the course of your employment with the
          Company during the twelve month period prior to the date of the
          termination of your employment.

<Page>

                                      - 8 -

     (b)  The restrictions set out in sub-Clauses 20(a)(i),(ii),(iii) and (iv)
          shall (without prejudice to their generality) apply to any action
          taken by you, whether as agent, representative, principal, employee or
          consultant or as a director or other officer of any company or by any
          company controlled by you or any associate of yours.

     (c)  You will, in the event of receiving an offer of employment either
          during the continuance of this Agreement or during the continuance in
          force of any of the restrictions set out in this Clause 20,
          immediately provide to the offeror a copy of this Clause 20 and will
          inform the Company of the identity of the offeror and the terms of the
          offer.

     (d)  You hereby acknowledge and agree that all of the restrictions
          contained herein are reasonable and necessary in all the circumstances
          for the protection of the Company's legitimate interests and waive any
          and all defences to the strict enforcement thereof by the Company. In
          the event that any of the covenants herein contained is held to be
          unreasonable by reason of the area, duration or type or scope of
          service covered by such covenant, then effect will be given to such
          covenant in such reduced form as may be decided by any court of
          competent jurisdiction.

21.  SEVERANCE

     In the event that any condition contained in this contract is held to be
     void in whole or in part for any reason, such unenforceability will not
     affect the enforceability of the remaining conditions contained in this
     letter and such void conditions will be deemed to be severable.

22.  CHANGES/COMPANY POLICIES

     The relationship of employer and employee is constantly changing to meet
     the challenges of the business world. Therefore, our requirements of you
     may change or may need to be more clearly defined and we accordingly
     reserve the right to change, amend or clarify the terms and conditions set
     out in this letter. We will give you as much notice as possible of any such
     changes.

     In addition to the terms and conditions of this letter, you will be subject
     to such employee policies, procedures and protocols as may be implemented
     by the Company from time to time and notified to you.

     Without prejudice to the generality of the foregoing the Company will from
     time to time issue protocols containing guidelines in respect of procedures
     to be observed by employees when performing their duties. It is important
     that you comply with these protocols because the Group contains regulated
     companies authorised to carry on the business of insurance and/or
     reinsurance.

     Any failure by you to comply with the terms of any such protocols will
     warrant disciplinary action, up to and including summary dismissal.

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                                      - 9 -

23.  GOVERNING LAW

     This letter Agreement shall in all respects (including the formation
     thereof and performance thereunder) be governed by and construed in
     accordance with the laws of the Republic of Ireland.

Please sign the enclosed copy of this letter Agreement and return it to me.

If there are any questions you wish to ask regarding this letter Agreement,
please feel free to contact me.

Yours sincerely,

/s/ Geraldine Arnott

GERALDINE ARNOTT

I confirm that I have carefully read and understand the terms and conditions and
I agree to be bound by those terms and conditions.

Signed:         /s/ Richard Strachan
               ---------------------
               Richard Strachan

Dated:            18/12/2002
               ---------------------

Attached:      Schedule (to be signed by the employee).
               Email and Internet Policy (to be signed by the employee).

<Page>

                                    SCHEDULE

CLAUSE 1       POSITION

               Global Claims Officer

CLAUSE 2       COMMENCEMENT DATE

               1/4/2002

CLAUSE 3       LOCATION

               Dublin

CLAUSE 4       NORMAL OFFICE HOURS

               09:00 - 17:00

CLAUSE 6       SALARY

               L140,000

CLAUSE 9       HOLIDAYS

               25 days

CLAUSE 10      BENEFITS

               Life Assurance - You will be entitled to participate in the life
               assurance scheme in place in the Company (if any) subject to
               complying with the requirements of the insurers and subject to
               any exclusion they may determine as appropriate.

               Permanent Health Insurance - From 2003 you will be entitled to be
               covered by the PHI scheme provided by the Company subject to the
               terms and conditions of such scheme from time to time in force.
               The Company reserves the right to terminate or substitute another
               PHI scheme or amend the level of benefits provided at any time.

               If any scheme provider for any reason fails to provide the
               benefit to you, the Company shall not be liable to provide any
               benefits itself or compensation in lieu thereof and shall not be
               obliged to issue proceedings against the insurer regarding the
               provision of cover for you. Any actual or prospective loss of
               entitlement to permanent health insurance benefit shall not
               prevent the Company from exercising its right to terminate your
               employment in accordance with Clauses 12 and 13 hereof.

<Page>

               Private Medical Insurance - You will be entitled to be covered by
               the Private Medical Scheme provided by the Company, subject to
               complying with the requirements of the insurers and subject to
               any exclusion they may determine as appropriate.

               Pension - You will be eligible to join the company's approved
               Stakeholder pension scheme. The company's contribution will be
               15% of basic salary. You will be able to make additional personal
               contributions to the scheme as permitted by the UK tax
               authorities. A contracting-out certificate is/is not in force in
               relation to the state earnings related pension scheme.

CLAUSE 11      SHARE OPTIONS / SHARE RIGHTS

               Share Options - Subject to approval by the Board of Axis
               Specialty Limited, you will be granted options over 3000 shares
               in Axis Specialty Limited subject to the terms and conditions of
               the Axis Specialty Limited Option Scheme, the rules of which are
               available from the Human Resources Department.

               Restricted Shares - Subject to approval by the Board of Axis
               Specialty Limited, you will be allocated 5000 shares of Axis
               Specialty Limited under the Axis Specialty Limited Restricted
               Stock Scheme, subject to the terms and conditions of such scheme,
               the Rules of which are available from the Human Resources
               Department.

CLAUSE 12      NOTICE PERIOD

               6 months

OTHERS         REPORTING TO:

               Chairman, Axis Specialty, Europe/President &
               Chief Executive Officer

Signed by the employee       /s/ Richard Strachan
                           ------------------------
                           RICHARD STRACHAN

Date                           18/12/2002
                           ------------------------

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