Document:

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                                                                   Exhibit 10.32

                     100% QUOTA SHARE RETROCESSION AGREEMENT
                             (NON-TRADITIONAL - B-1)

                                 BY AND BETWEEN

                      ST. PAUL REINSURANCE COMPANY Limited

                                  (RETROCEDANT)

                                       and

                     PLATINUM UNDERWRITERS REINSURANCE INC.

                               (RETROCESSIONAIRE)

                            DATED AS OF________, 2002

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THIS QUOTA SHARE RETROCESSION AGREEMENT (this "AGREEMENT"), effective as of
12:01 a.m. London time on the day following the Closing (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; such
time the "EFFECTIVE TIME" and such date the "EFFECTIVE DATE"), is made by and
between ST. PAUL REINSURANCE COMPANY LIMITED, a United Kingdom 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 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:

1.       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, net of Inuring
         Retrocessions (as defined in Section 7.1 herein), under all reinsurance
         and retrocession contracts (each, a "REINSURANCE CONTRACT") as set
         forth in Exhibit A-1 hereto (solely for the convenience of the parties
         Exhibit A-2 sets forth Loss Reserves (as defined in Exhibit B hereto),
         over all such Reinsurance Contracts, by Class of Business (as defined
         below) each as of June 30, 2002) and PROVIDED that (for the avoidance
         of doubt) Retrocedant shall not retrocede, and Retrocessionaire shall
         not accept, any liability incurred by Retrocedant under reinsurance and
         retrocession contracts to the extent that they are entered into or
         renewed after the authorisation of Platinum Re (UK) Limited under Part
         IV of the Financial Services and Markets Act 2000 of the United Kingdom
         to carry on reinsurance business in the United Kingdom. No retrocession
         shall attach with respect to any contracts of reinsurance of any kind
         or type whatsoever issued and/or assumed by Retrocedant, other than the
         Reinsurance Contracts.

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         Notwithstanding the foregoing, Retrocedant shall retain all liabilities
         for ceding commission and brokerage fees up to the carrying value of
         the related reserves on the books of the Retrocedant as of Sepember 30,
         2002 (the "Initial Ceding Commission Reserves"), and as finally
         determined pursuant to the provisions of Article IV herein, which
         reserves shall also be retained by Retrocedant. All liabilities for
         ceding commissions and brokerage fees in excess of such carrying value
         shall be assumed by Retrocessionaire, as provided for above.

         Notwithstanding the foregoing, Retrocedant will retain all liabilities
         arising under any Reinsurance Contract relating to or emanating from
         the losses caused by the European floods in August 2002 (he "FLOOD
         LIABILITIES").

         With respect to any named storm(s) (which are any tropical cyclones
         assigned a name by the National Hurricane Center) in existence as of
         the Effective Time which cause insured damage within 10 days of the
         Effective Date, except as provided for herein, Retrocedant shall
         retrocede one hundred percent (100%) quota share of losses arising from
         all such storms, net of the inuring benefit of Inuring Retrocessions as
         allocated pursuant to Exhibits D and F (but excluding the inuring
         benefit of the Holborn aggregate cover referenced as Item 13 in Exhibit
         D) to Retrocessionaire and Retrocessionaire shall accept one hundred
         percent (100%) quota share of such losses. However, Retrocedant shall
         retain $25,000,000 of losses, in the aggregate, net of the inuring
         benefit of Inuring Retrocessions as allocated pursuant to Exhibits D
         and F, in excess of the first $25,000,000, net of the inuring benefit
         of Inuring Retrocessions as allocated pursuant to Exhibits D and F,
         that Retrocessionaire assumes. Retrocedant shall use commercially
         reasonable efforts to arrange, on behalf of Retrocessionaire, third
         party retrocessional coverage for losses arising from such named storms
         in excess of $50,000,000 in the aggregate, net of the inuring benefit
         of Inuring Retrocessions as allocated pursuant to Exhibits D and F. The
         cost of such coverage shall not exceed $5 million with such cost shared
         equally by Retrocedant and Retrocessionaire. The amount of such
         coverage shall be $100,000,000 or such lesser amount as may be
         available on the specified terms. It is understood that the calculation
         of any losses or retentions by the Retrocedant or the Retrocessionaire,
         as the case may be, pursuant to this subparagraph shall include all
         losses or retentions, respectively, with respect to all subsidiaries of
         The St. Paul or Platinum Holdings, as the case may be, under any Quota
         Share Retrocession Agreement, as defined in the Formation and
         Separation Agreement, between a subsidiary of The St. Paul, as cedant,
         and any subsidiary of Platinum Holdings as retrocessionaire.

         The Flood Liabilities, the 2002 UK Bank Book Liabilities and the
         liabilities in respect of the named storms, as described above retained
         by Retrocedant as specified above (collectively, the "EXCLUDED LOSSES")
         shall not be subject to this Agreement.

         No retrocession shall attach with respect to any contracts of
         reinsurance of any kind or type whatsoever issued and/or assumed by
         Retrocedant, other than the Reinsurance Contracts.

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2.       TERM

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

3.       COVERAGE

3.1      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.

3.2      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.

3.3      COVERAGE LIMITS

         Coverage 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. The application of any such
         aggregate limits shall be made in chronological order in accordance
         with the dates of the respective losses. It is understood, however,
         that such application shall not result in Retrocedant's becoming liable
         for any adverse development under this Agreement except as otherwise
         explicitly set forth herein.

4.       PREMIUMS AND ADDITIONAL CONSIDERATION

4.1      SECTION A (RETROSPECTIVE) COVERAGE PERIOD -- PREMIUMS

         (A)   On the Effective Date, in respect of the Section A
               (Retrospective) Coverage Period, Retrocedant shall pay to the
               account of Retrocessionaire an aggregate amount representing the
               sum of all amounts related and specifically allocated to each
               individual Class of Business (the "INITIAL SECTION A PREMIUM")
               equal to one hundred percent (100%) of the carrying value on the
               books of the Retrocedant as of September 30, 2002, of the
               aggregate of all Loss Reserves relating to the Reinsurance
               Contracts, 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 31 December 2001 as filed with the
               Financial Services Authority (consistent with the methods,
               principles, practices and policies applied at June 30, 2002) and
               as submitted to

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               The St. Paul, provided, that in no event shall such amount be
               less than Retrocedant's good faith estimate, based upon due
               investigation by the Retrocedant, as of the date at which such
               the calculation is being made, of all Loss Reserves relating to
               the Reinsurance Contracts by applicable Class of Business that
               would be required (i)]in order for such reserves to be in full
               compliance with customary practices and procedures of Retrocedant
               for filings and financial statements as of September 30, 2002,
               and (ii) to cause such reserves to bear a reasonable relationship
               to the events, conditions, contingencies and risks which are the
               bases for such reserves, to the extent known by Retrocedant at
               the time of such calculation.

         (B)   On the 90th day following the Effective Date (or if such 90th day
               is not a Business Day, the first Business Day following such 90th
               day), Retrocedant shall prepare and deliver to Retrocessionaire
               an accounting (the "PROPOSED LOSS RESERVE ACCOUNTING") of all
               Loss Reserves relating to the Reinsurance Contracts, as of the
               Effective Date, determined in accordance with this Section 4.1
               and the Methodology for Calculation of the Final Section A
               Premium, as set forth on Exhibit B hereto (the "FINAL SECTION A
               PREMIUM") and the reserves for ceding commissions and brokerage
               fees relating to the Reinsurance Contracts on the books at the
               Retrocedant as of the Effective Date (the "Final Ceding
               Commission Reserves"), and taking into consideration all relevant
               data becoming available to Retrocedant subsequent to the
               Effective Date. In the event the Final Section A Premium for any
               individual Class of Business is greater than the Initial Section
               A Premium for such individual Class of Business or the Final
               Ceding Commission Reserves are less than the Initial Ceding
               Commission Reserves, 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
               Final Section A Premium for any individual Class of Business is
               less than the Initial Section A Premium for such individual Class
               of Business or the Final Ceding Commission Reserves are greater
               than the Initial Ceding Commission Reserves, Retrocessionaire
               shall promptly pay to the account of Retrocedant 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. "Class of Business" shall be defined as
               each individual class or line of business as delineated by the
               Retrocedant as of the date hereof as set forth on Exhibit A-1.

         (C)   In the event that a reinsurance contract is not included in one
               of the classes set forth in Exhibit A-1, but is deemed to be a
               Reinsurance Contract by the mutual agreement of the parties, the
               parties shall determine whether the Final Section A Premium
               reflected one hundred percent of the associated reserves with
               respect to such Reinsurance Contract as of the Effective Date. If
               the Final Section A Premium did not so reflect such associated
               reserves with respect to such Reinsurance Contract as of the
               Effective Date, Retrocedant shall promptly pay to the account of
               Retrocessionaire an amount equal to the amount that

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               should have been included in the Final Section A Premium, as
               determined pursuant to paragraph (b) of this Section 4.1, less
               any amounts paid by Retrocedant on or after the Effective Date
               pursuant to such Reinsurance Contract relating to such reserves,
               plus interest on such amount at the Applicable Rate calculated
               from and including the Effective Date to and including the date
               of such payment to Retrocessionaire.

         (D)   Notwithstanding the foregoing, the parties agree that all gross
               estimated premiums written prior to the Effective Date and earned
               but not yet billed, net of applicable ceding commission and
               retrocession premium (net of retrocession commissions) ("EBUB",
               and also referred to as "estimated premiums receivable" or "EBNR"
               or "earned but unbilled") as of the Effective Time and relating
               to the Reinsurance Contracts, as determined on or before _____,
               2002, as set forth in Exhibit C, in a manner consistent 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 Retrocedant or held on trust for and paid by
               Retrocessionaire to or to the order of 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 estimated 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 subsequently billed and paid to and/or retained
               by Retrocedant prior to that date with respect to EBUB as of the
               Effective Time, it being understood that Retrocedant shall bear
               all risk of non-payment and non-collectibility with respect to
               premiums written and unearned as of the Effective Date and
               subsequently billed. All amounts, if any, in respect of EBUB
               which are in excess of EBUB as of the Effective Time, calculated
               pursuant to the first sentence of this Section 4.1(D), shall be
               for the account of Retrocessionaire and no such amounts shall be
               retained by or payable to Retrocedant.

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

         (A)   On the Effective Date, in respect of the Section B (Prospective)
               Coverage Period, Retrocedant shall transfer to Retrocessionaire
               an aggregate amount representing the sum of all amounts related
               and specifically allocated to each individual Class of Business
               (the "INITIAL SECTION B PREMIUM") equal to the carrying value on
               the books of Retrocedant as of September 30, 2002, of one hundred
               percent (100%) of the unearned premium reserves, net of unearned
               ceding commission [and brokerage fees] and net of Inuring
               Retrocession premiums as provided for in Section 7.4 in each case
               relating to the Reinsurance Contracts, determined in accordance
               with statutory accounting principles on a basis consistent in all
               material respects with the methods,

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               principles, practices and policies employed in the preparation
               and presentation of Retrocedant's annual statutory financial
               statement as of 31 December 2001 as filed with the Financial
               Services Authority (consistent with the methods, principles,
               practices and policies applied at June 30, 2002) and as submitted
               to The St. Paul.

         (B)   On the 90th day following the Effective Date (or if such 90th day
               is not a Business Day, the first Business Day following such 90th
               day), 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, 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 31 December 2001 as filed with the Financial
               Services Authority (consistent with the methods, principles,
               practices and policies applied at June 30, 2002) and as submitted
               to The St. Paul, relating to the Reinsurance Contracts, net of
               the unearned ceding commission and net of Inuring Retrocession
               premiums as provided for in Section 7.4 and as allocated pursuant
               to Exhibit E (the "FINAL SECTION B PREMIUM"). In the event the
               Final Section B Premium for any individual Class of Business is
               greater than the Initial Section B Premium for such individual
               Class of Business, 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 for any individual Class of Business is greater
               than the Final Section B Premium for such individual Class of
               Business, 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)   Retrocedant shall transfer to Retrocessionaire 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 Retrocedant Ceding Commission and Inuring Retrocession
               premiums as provided for in Section 7.4 and as allocated pursuant
               to Exhibit F.

         (D)   Retrocedant shall retain all gross premiums written on or after
               the Effective Time attributable to losses arising from the
               Excluded Losses, including but not limited to adjusted premiums,
               portions of reinstatement premiums and other adjustments
               attributable to such losses.

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4.3      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 to the
               Proposed Accounting for one or more Classes of Business or the
               Final Ceding Commission Reserves, Retrocessionaire shall be
               deemed to have accepted and agreed to the Proposed Accounting and
               the Final Ceding Commission Reserves. 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 31
               December 2001, as filed with the Financial Services Authority and
               as submitted to The St. Paul, it being understood that
               Retrocessionaire reserves the right to object to the
               appropriateness of a particular application or manner of
               application of any such method, principle, practice or policy. If
               Retrocessionaire so notifies Retrocedant of any material
               objection(s) to the Proposed Accounting or the Final Ceding
               Commission Reserves, 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 related to
               any Class of Business so identified. Retrocedant and
               Retrocessionaire agree that only those Classes of Business (or
               the Final Ceding Commission Reserves, if applicable) to which
               such notification relates shall be subject to adjustment, and any
               resolution by them as to any disputed amounts, as evidenced by a
               writing signed by both parties, shall be final, binding and
               conclusive.

               In the event that Retrocessionaire believes that Loss Reserves
               for a Class of Business need to be increased beyond the amount
               implied by the algorithm set forth in Exhibit C, or the Final
               Ceding Commission Reserves need to be reduced, Retrocessionaire
               and Retrocedant will endeavor to agree on an appropriate
               adjustment. If the two parties cannot agree on an adjustment,
               Retrocedant may elect to (i) retain the liabilities and the
               associated Loss Reserves for the subject Class of Business and
               all unearned premium and Retrocessionaire shall transfer to
               Retrocedant all Initial Section A Premium and Initial Section B
               Premium paid by Retrocedant for the subject Class of Business,
               plus interest on the average amount at the Applicable Rate from
               the Effective Date to the date of such transfer, or (ii) extend
               the time period for adjusting the reserve to as much as 36 months
               or (iii) choose to arbitrate according to Section 4.3(B), it
               being understood that arbitration according to Section 4.3(b)
               shall be the sole remedy for disputes regarding the Final Ceding
               Commission Reserves. In the event that Retrocedant chooses to
               extend the time period for adjusting the reserves for a Class of
               Business, Retrocedant

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               retains the exposure to adverse loss development and
               Retrocessionaire will suffer no exposure to paid losses in excess
               of the Initial Section A Premium and Initial Section B Premium
               paid by Retrocedant. At the end of the extended period, any
               continued disagreement between Retrocedant and Retrocessionaire
               would be submitted to arbitration as set forth in Section 4.3(B)
               hereto.

                    (B)   Any amount remaining in dispute at the conclusion of
               the Resolution Period for which Retrocedant has not elected the
               remedies set forth in Section 4.3(A)(i) and (ii) above or as to
               which any extension period has elapsed without agreement between
               the parties ("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 A.I.D.A. Reinsurance
               and Insurance Arbitration Society of the UK ("ARIAS UK"). 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.
               Subject to the provisions of paragraph (f) of this Section 4.3,
               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.

                    (E)   Any arbitration proceedings shall take place in
               London, England unless the parties agree otherwise.

                    (F)   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 (the "ARBITRATED FINAL SECTION A PREMIUM" and/or
               "ARBITRATED FINAL SECTION B PREMIUM", as the case may be). In

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               the event the sum of the Arbitrated Final Section A Premium and
               the Arbitrated Final Section B Premium amounts (determined in
               accordance with the first sentence of this Section 4.3(f)) 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
               sum of such amounts (determined in accordance with the first
               sentence of this Section 4.3(f)) is lower than the amount paid by
               Retrocedant to Retrocessionaire on the Effective Date,
               Retrocessionaire shall promptly pay to the account of Retrocedant
               the difference plus interest on such amount at the Applicable
               Rate from the Effective Date to the date of such payment.

                    (G)   It is understood that the dispute resolution
               provisions set forth in this Section 4.3 represent the exclusive
               remedy for disputes arising between the parties with respect to
               the Proposed Accounting and that the dispute mechanisms set forth
               in Section 15 shall be the exclusive remedy for all disputes not
               relating to the Proposed Accounting.

5.       RETROCEDANT CEDING COMMISSION

         With respect to the Reinsurance Contracts, Retrocessionaire shall pay
         to Retrocedant a ceding commission (the "RETROCEDANT CEDING
         COMMISSION") with respect to the Section B (Prospective) Coverage
         Period, and such Retrocedant Ceding Commission shall equal 100 percent
         (100%) of the actual expenses incurred in writing each Reinsurance
         Contract, including actual ceding commissions and brokerage fees, 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. Retrocedant Ceding
         Commissions shall also include all underwriting fees and other costs
         and expenses paid by Retrocedant pursuant to the Underwriting
         Management Agreement between Retrocedant and Retrocessionaire, dated as
         of the date hereof, and all underwriting and other expenses incurred by
         Retrocedant on or after the Effective Date with respect to the
         liabilities transferred hereunder, as determined in accordance with
         Retrocedant's customary practices and procedures.

6.       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 respective Reinsurance
         Contracts.

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7.       INURING RETROCESSIONS

7.1      ALLOCATION TO RETROCESSIONAIRE

         Retrocedant agrees that the retrocession contracts purchased by the
         reinsurance division of The St. Paul ("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 agreed allocations in Exhibits D, E and F. It is further
         understood and agreed that facultative reinsurance not listed on
         Exhibit C but relating to the Reinsurance Contracts shall also inure to
         the benefit of Retrocessionaire to the extent of liabilities covered
         under this Agreement and shall be considered Inuring Retrocessions
         under this Agreement.

7.2      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 an additional reinsured with respect to the
         Reinsurance Contracts or, in the alternative, to make all payments,
         directly to 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 hereto, directly
         from Retrocessionaire, it being understood that Retrocessionaire shall
         bear all risk of non-payment or non-collectibility under the Inuring
         Retrocessions.

7.3      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 hold them on
               trust for, and pay them to or to the order of 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.

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                                       11

         (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.

7.4      INITIAL CONSIDERATION

         To the extent not already reflected in the calculation of Final Section
         B Premium, as part of the Section B (Prospective) Coverage Period
         premiums described in Section 4.2, 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.

7.5      ADDITIONAL CONSIDERATION

         Retrocessionaire agrees to pay 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
         hereto, and not otherwise paid by Retrocessionaire 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.

7.6      TERMINATION AND COMMUTATION OF INURING RETROCESSIONS

         (A)   With respect to any Inuring Retrocessions providing coverage
               solely with respect to the Reinsurance Contracts, Retrocedant
               agrees, on behalf of itself and its affiliates, that Retrocedant
               shall not take any action or fail to take any action that would
               reasonably result in the termination or commutation of or any
               material change in the coverage provided by any Inuring
               Retrocession, without the prior written consent of the
               Retrocessionaire, such consent not to be unreasonably withheld.

         (B)   With respect to any Inuring Retrocessions providing coverage for
               both Reinsurance Contracts and to business not being transferred,
               neither party shall take any action or fail to take any action
               that would reasonably result in the termination or commutation of
               or any material change in the coverage provided by any Inuring
               Retrocession, without the prior written consent of the
               Retrocessionaire, such consent not to be unreasonably withheld.

8.       LOSS AND LOSS EXPENSE; SALVAGE AND SUBROGATION; FOLLOW THE FORTUNES

         (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
               (including ceding commissions, as and to the

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                                       12

               extent determined in Article IV) 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 10.1 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.

9.       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 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
         Section 15 hereof.

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                                       13

10.      ADMINISTRATION OF REINSURANCE CONTRACTS

10.1     ADMINISTRATION

         (A)   The parties agree that, as of the Effective Time, Retrocedant
               shall have the sole authority to administer the Reinsurance
               Contracts 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 Contracts, 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 or make any ex gratia payments, and shall not amend,
               commute or terminate any of the Reinsurance Contracts, in each
               case without the prior written consent of Retrocessionaire.

         (B)   Notwithstanding the foregoing, to the extent permitted by law
               Retrocessionaire may, at its discretion and at its own expense,
               assume the administration, defence 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 Section 9 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
               Section 14 herein.

10.2     REPORTING AND REGULATORY MATTERS

         Each party shall provide the notices and filings required to be made by
         it to relevant 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.

10.3     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 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.

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                                       14

10.4     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 relevant insurance regulators, brokers and other service providers
         and reinsureds and all notices of claims, suits and actions for which
         it receives service of process.)

11.      REPORTS AND REMITTANCES

11.1     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, consisting of the categories of information set forth
         in Exhibit G hereto. The monthly statement of account shall also
         provide a breakdown of any amounts due to Retrocedant or
         Retrocessionaire, as the case may be, as reimbursement for paid claims,
         collected premiums or other amounts due pursuant to the terms of this
         Agreement, including amounts relating to Inuring Retrocessions.

11.2     REMITTANCES

         Within two Business Days after delivery of each monthly report pursuant
         to Section 11.1, Retrocedant and Retrocessionaire shall settle all
         amounts then due under this Agreement for that month. It is agreed that
         Retrocedant shall retain all premiums received arising from all
         business written for which the first day of the original cedant's
         account period occurs prior to the Effective Date until such time as
         such aggregate amount of such premiums received equals the net amount
         to be retained by Retrocedant pursuant to Section 4.01(D) and 4.02(B)
         herein, after which time, such premiums shall be remitted by
         Retrocedant to Retrocessionaire.

11.3     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").

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                                       15

11.4     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.

11.5     CURRENCY

         For purposes of this Agreement, where Retrocedant receives premiums or
         pays losses in currencies other than United States dollars, such
         premiums or losses shall be converted into United States dollars at the
         actual rates of exchange at which these premiums or losses are entered
         in Retrocedant's books.

12.      MAINTENANCE OF LICENSES

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

13.      ACCESS TO RECORDS

13.1     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
         SECTION 13 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.

13.2     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 SECTION 13 SHALL SURVIVE TERMINATION OF THIS

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                                       16

         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 REPRESENTATIVES TO, TREAT AND HOLD AS CONFIDENTIAL
         INFORMATION ANY INFORMATION IT RECEIVES OR OBTAINS PURSUANT TO THIS
         SECTION 13.

14.      INDEMNIFICATION

14.1     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 the extent arising from the gross negligence or wilful
         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 11.4 hereof.

14.2     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.

14.3     INDEMNIFICATION PROCEDURES

         (A)   If a party seeking indemnification pursuant to this Section 14
               (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 Section 14.1 or 14.2, such Indemnitee shall give such
               Indemnifying Party written notice thereof promptly after becoming
               aware of such Third Party Claim; PROVIDED that the

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                                       17

               failure of any Indemnitee to give notice as provided in this
               Section 14.3 shall not relieve the Indemnifying Party of its
               obligations under this Section 14, 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 14.3(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 Section 14 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 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 Section 14, such Indemnitee may defend or
               (subject to the remainder of this Section 14) 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

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                                       18

               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 Section 14 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
               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.

14.4     SURVIVAL

         This Section 14 shall survive termination of this Agreement.

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                                       19

15.      ARBITRATION

15.1     ALL DISPUTES AND DIFFERENCES ARISING UNDER OR IN CONNECTION WITH THIS
         AGREEMENT SHALL BE REFERRED TO ARBITRATION UNDER THE ARBITRATION RULES
         OF ARIAS UK.

15.2     THE ARBITRATION TRIBUNAL SHALL CONSIST OF THREE ARBITRATORS, ONE TO BE
         APPOINTED BY THE CLAIMANT PARTY, ONE TO BE APPOINTED BY THE RESPONDENT
         PARTY AND THE THIRD TO BE APPOINTED BY THE TWO APPOINTED ARBITRATORS.

15.3     THE THIRD MEMBER OF THE TRIBUNAL SHALL BE APPOINTED AS SOON AS
         PRACTICABLE (AND NO LATER THAN 28 DAYS) AFTER THE APPOINTMENT OF THE
         TWO PARTY-APPOINTED ARBITRATORS. THE TRIBUNAL SHALL BE CONSTITUTED UPON
         THE APPOINTMENT OF THE THIRD ARBITRATOR.

15.4     THE ARBITRATORS SHALL BE PERSONS (INCLUDING THOSE WHO HAVE RETIRED)
         WITH NOT LESS THAN TEN YEARS' EXPERIENCE OF INSURANCE OR REINSURANCE
         WITHIN THE INDUSTRY OR AS LAWYERS OR OTHER PROFESSIONAL ADVISERS
         SERVING THE INDUSTRY.

15.5     WHERE A PARTY FAILS TO APPOINT AN ARBITRATOR WITHIN 14 DAYS OF BEING
         CALLED UPON TO DO SO OR WHERE THE TWO PARTY-APPOINTED ARBITRATORS FAIL
         TO APPOINT A THIRD WITHIN 28 DAYS OF THEIR APPOINTMENT, THEN UPON
         APPLICATION ARIAS (UK) WILL APPOINT AN ARBITRATOR TO FILL THE VACANCY.
         AT ANY TIME PRIOR TO THE APPOINTMENT BY ARIAS (UK) THE PARTY OR
         ARBITRATORS IN DEFAULT MAY MAKE SUCH APPOINTMENT.

15.6     THE TRIBUNAL MAY IN ITS SOLE DISCRETION MAKE SUCH ORDERS AND DIRECTIONS
         AS IT CONSIDERS TO BE NECESSARY FOR THE FINAL DETERMINATION OF THE
         MATTERS IN DISPUTE. THE TRIBUNAL SHALL HAVE THE WIDEST DISCRETION
         PERMITTED UNDER THE LAW GOVERNING THE ARBITRAL PROCEDURE WHEN MAKING
         SUCH ORDERS OR DIRECTIONS.

15.7     THE SEAT OF ARBITRATION SHALL BE LONDON.

15.8     EACH PARTY SHALL BEAR THE EXPENSE OF ITS OWN ARBITRATOR AND SHALL SHARE
         EQUALLY WITH THE OTHER PARTY THE EXPENSE OF THE THIRD ARBITRATOR AND OF
         THE ARBITRATION.

15.9     THIS SECTION 15 SHALL SURVIVE TERMINATION OF THIS AGREEMENT.

16.      INSOLVENCY

16.1     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.

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                                       20

16.2     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 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.

16.3     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 (i) WHERE THE
         REINSURANCE CONTRACTS SPECIFICALLY PROVIDE ANOTHER PAYEE IN THE EVENT
         OF THE INSOLVENCY OF RETROCEDANT, AND (ii) 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.

16.4     FOR THE PURPOSES OF THIS SECTION 16, AN INSOLVENCY EVENT SHALL OCCUR
         IF:

         (A)   (i)  a winding up petition is presented in respect of
                    Retrocedant or a provisional liquidator is appointed over
                    it or if Retrocedant goes into administration,
                    administrative receivership or receivership or if
                    Retrocedant has a scheme of arrangement or voluntary
                    arrangement proposed in relation to all or any part of its
                    affairs; or

               (ii) Retrocedant goes into compulsory or voluntary liquidation;

               or, in each case, if Retrocedant becomes subject to any other
               similar insolvency process (whether under the laws of England and
               Wales or elsewhere); and

         (B)   Retrocedant is unable to pay its debts as and when they fall due
               within the meaning of section 123 of the Insolvency Act 1986 (or
               any statutory amendment or re-enactment of that section).

<Page>

                                       21

17.      OFFSET

         Retrocedant and Retrocessionaire shall have the right to offset any
         balance or amounts due from 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.

18.      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.

19.      CREDIT FOR REINSURANCE; SECURITY

19.1     CREDIT FOR REINSURANCE

         Retrocessionaire shall take all actions reasonably necessary, if any,
         to permit Retrocedant to obtain full financial statement credit in all
         applicable jurisdictions for all liabilities assumed by the
         Retrocessionaire pursuant to this Agreement, including but not limited
         to loss and loss 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 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 Section 19, 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.

19.2     EXPENSES

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

19.3     SECURITY

         (A)   Retrocessionaire shall establish and maintain a trust fund or
               other security arrangement for the benefit of Retrocedant as
               security for the obligations of Retrocessionaire under this
               Agreement. The trust fund or other security arrangement shall be
               in a form reasonably satisfactory to Retrocedant and shall comply
               with such requirements (if any) as may be laid down by the
               Financial Services Authority. It is understood that to the extent
               Retrocessionaire provides such other security arrangement
               reasonably satisfactory to Retrocedant,

<Page>

                                       22

               Retrocesssionaire shall not be required to provide a trust fund
               under this provision.

         (B)   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.

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

20.      MISCELLANEOUS PROVISIONS

20.1     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.

20.2     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.

20.3     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.

20.4     EXECUTION IN COUNTERPARTS

         This Agreement may be executed by the parties hereto in any number of
         counterparts and by each of the parties 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.

<Page>

                                       23

20.5     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 Reinsurance Company Limited
         27 Camperdown Street
         London
         E1 8DS

         Facsimile: +44 20 7488 6345
         Attention: Company Secretary

         If to Retrocessionaire:

         Platinum Underwriters Reinsurance, Inc.
         195 Broadway,
         New York, New York 10007
         Facsimile: 001 212 238 9202
         Attention: Chief Financial Officer

20.6     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:

         For credit to Platinum Underwriters Reinsurance, Inc.
         Citibank
         Newcastle, Delaware
         Account Number 38660864
         Bank ABA Number 031100209

         For credit to St. Paul Reinsurance Company Limited [          ]

         Payment may be made by cheque payable in immediately available funds in
         the event the party entitled to receive payment has failed to provide
         wire transfer instructions.

<Page>

                                       24

20.7     HEADINGS

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

20.8     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, shall 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.

20.9     THIRD PARTY RIGHTS

         (A)   Section 14 confers a benefit on the officers, directors and
               employees of Retrocedant and of Retrocessionaire (the "Third
               Parties") and, subject to the remaining provisions of this
               Section 20.9, is intended to be enforceable by the Third Parties
               by virtue of the Contracts (Rights of Third Parties) Act 1999.

         (B)   The parties to this Agreement do not intend that any term of this
               Agreement, apart from Section 14, 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.

         (C)   Notwithstanding the provisions of Section 20.9(A) above, this
               Agreement may be rescinded or varied in any way and at any time
               by the parties to this Agreement without the consent of any or
               all of the Third Parties.

20.10    AMENDMENTS; ENTIRE AGREEMENT

         This Agreement may be amended only by written agreement of the parties.
         This Agreement, together with the 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.

20.11    GOVERNING LAW

         This Agreement shall be governed by English law.

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

<Page>

                                       25

                                         ST. PAUL REINSURANCE COMPANY LIMITED

                                         By
                                           -------------------------------------

                                         Name:

                                         Title:

<Page>

                                       26

                                         PLATINUM UNDERWRITERS REINSURANCE,
                                         INC.

                                         By
                                           -------------------------------------

                                         Name:

                                         Title:

<Page>

                                   EXHIBIT A-1

                              Reinsurance Contracts

ST. PAUL REINSURANCE COMPANY LIMITED : NON-TRADITIONAL [B1] QUOTA SHARE TREATY

SCHEDULE A- REINSURANCE CONTRACTS.

<Table>
<Caption>
  Reserving Class    Genius Class    Policy Reference  Inception    Expiry            Cedant                       Title
        <S>        <C>                 <C>             <C>         <C>       <C>                       <C>
        88         88 Non Trad Intl    003102011FXP    18/05/01    31/03/04  Transatlantic Re Co *AC*  TRC 1st Property Risk Retro
        88         88 Non Trad Intl    003103011FXP    18/05/01    31/03/04  Transatlantic Re Co *AC*  TRC 2nd Property Risk Retro
</Table>

                                       C-1
<Page>

                                   EXHIBIT A-2

                       LOSS RESERVES BY CLASS OF BUSINESS

         None.

                                       C-2
<Page>

                                    EXHIBIT B

                                  LOSS RESERVES

Loss Reserves shall consist of loss and loss adjustment expense reserves,
including incurred but not reported loss and loss adjustment expense reserves as
of the Effective Time with respect to premium earned on the Reinsurance
Contracts net of retrocessional recoverables under the Inuring Retrocessions,
Loss Reserves shall not include any loss and loss adjustment expense reserves or
ceding commission reserves relating to Excluded Losses. Aggregate Loss Reserves
as of June 30, 2002 are set forth on Exhibit A-1.

             METHODOLOGY FOR CALCULATION OF FINAL SECTION A PREMIUM

It is understood that the Loss Reserve analysis will be performed by
Retrocessionaire's employees under the direction of Retrocedant and reviewed by
Retrocedant's employees.

Excluding catastrophes, the IBNR component of Loss Reserves will be booked, by
Class of Business, to the planned IBNR. Planned IBNR is determined using the
Bornhuetter-Ferguson methodology, using the planned loss ratio (adjusted for the
difference between actual and planned commission and brokerage) as the initial
expected loss ratio and the development pattern used for the class in the
September 30, 2002 analysis. In the case of a Class of Business where the
expected reported losses are less than 75% of the expected ultimate losses, as
per the loss development patterns in use as of September 30, 2002, the IBNR will
not be less than that amount needed to produce an ultimate loss ratio equal to
the ultimate plan loss ratio (adjusted for the difference between actual and
planned commission and brokerage).

In addition to the above, known large events and catastrophe variances from plan
as of the Effective Date will be added to the ultimate losses. Subsequent
adjustments to the reserves for known large events and catastrophe variances
from plan in the 90 days following the Effective Date could be upward or
downward.

          CALCULATION METHODOLOGY FOR EARNED BUT NOT YET BILLED PREMIUM

Earned But Not Yet Billed Premium shall equal estimated premiums receivable with
respect to the Reinsurance Contracts net of estimated ceding commissions and
Inuring Retrocession premiums. Earned But Not Yet Billed Premium as of June 30,
2002 is equal to $[     ].

                                       C-3
<Page>

                                    EXHIBIT C

                              Inuring Retrocessions

FER 17/10/02

Platinum Re _Inuring Reinsurance 17_10_02.xls

               PLATINUM RE UK / US / BERMUDA - SCHEDULE OF INURING
                           REINSURANCE : PROPORTIONAL

            AS AT 17/10/02

<Table>
<Caption>
 Reference                             Inception    Expiration
    No.     Name of Contract             Date          Date                 Cover                       Limit
-------------------------------------------------------------------------------------------------------------------------
     <S>    <C>                         <C>          <C>        <C>                          <C>
     1)     Worldwide Property          1/1/02       12/31/02   International Property Risk  USD 40,000,000
            Excluding Japan                                     Excess of Loss & Catastrophe Aggregate Cession Limit
                                                                Excess of Loss Business
                                                                (protects Europe)

     2)     UK/Eire Cat. XL Q.S. /      1/1/02       12/31/02   U.K. / Eire Cat. Excess      GBP 100,000,000
            1st & / 2nd Surplus                                 of Loss Treaty Business      Aggregate Cession Limit
                                                                (protects Europe)

     3)     UK/Europe Cat. XL           1/1/02       12/31/02   International Property       GBP 75,000,000
            Quota Share Treaty                                  Catastrophe Excess of Loss   Aggregate Cession Limit
                                                                Business (protects Europe)

     4)     Japan Cat. XL               1/1/02       12/31/02   Japan / Japanese Islands     USD 30,000,000
            Surplus Treaty                                      Property Cat. Excess of Loss Aggregate Cession Limit :
                                                                Business (protects New York  quake USD 20,000,000
                                                                & Europe)                    Aggregate Cession Limit :
                                                                                             windstorm

<Caption>
 Reference
    No.     Name of Contract               Projected Prem.       Participants       % Placed
-------------------------------------------------------------------------------------------------
     <S>    <C>                          <C>                    <C>                      <C>
     1)     Worldwide Property           USD 9m - USD 12m [100% Nisshin - 50%            55%
            Excluding Japan              treaty estimate]       Nichido -  5%

     2)     UK/Eire Cat. XL Q.S. /       GBP 5m [100% treaty    Nisshin - 14%            29%
            1st & / 2nd Surplus          estimate]              PX Re   - 10%
                                                                TOA Re   - 5%

     3)     UK/Europe Cat. XL Quota      GBP 3m - GBP 3.5m      Montpelier Re -         100%
            Share Treaty                                        100%

     4)     Japan Cat. XL Surplus        USD 1.2m               PX Re - 100%            100%
            Treaty
</Table>

                                       F-1
<Page>

<Table>
     <S>    <C>                         <C>          <C>        <C>                          <C>
     5)     Casualty Clash Quota        1/1/96       12/31/02   Casualty Clash, Casualty     20% Quota Share of
            Share                                               Contingency, Casualty Cat.   USD 7,500,000 any
                                                                and Workers Comp. Cat. (NY)  one occurrence etc.

     6)     Nisshin NM Open Cover       7/1/01       6/30/02    Business in the Pacific Rim  SGD 2,000,000
                                                                Region from our NY,
                                                                Singapore & HK offices

     7)     North America Property      4/1/02       12/1/02    North America Property       50% Quota Share
            Cat. Quota Share                                    Catastrophe business written
                                                                by NY & Chicago

<Caption>
     <S>    <C>                         <C>                     <C>                     <C>
     5)     Casualty Clash Quota        $  4,200,000            Auto-Owners             100%
            Share                                               Ins. Co.

     6)     Nisshin NM Open Cover       $    500,000            Nisshin F & M           100%

     7)     North America Property      estimated               Montpelier Re           100%
            Cat. Quota Share            $ 12,500,000
</Table>

                                       F-2
<Page>

FER 17/10/02

Platinum Re _Inuring Reinsurance 17_10_02.xls

               PLATINUM RE UK / US / BERMUDA - SCHEDULE OF INURING
                         REINSURANCE : NON-PROPORTIONAL

            AS AT 17/10/02

<Table>
<Caption>
 Reference                     Inception  Expiration                                                                   Projected
    No.     Name of Contract     Date        Date           Cover          Limit          Retention     Reinstatement   Premium
------------------------------------------------------------------------------------------------------------------------------------
    <S>     <C>                 <C>        <C>         <C>               <C>             <C>               <C>         <C>
    1a)     Marine XL (a)        5/1/01     4/30/02    Protects Europe   $  1,500,000    $  1,000,000      1 @ 100%    $  360,000
                                                       XL account        L    750,000    L    500,000                  L   20,000

    1b)     Marine XL (b)        1/1/02    12/31/02    Protects Europe   $  5,000,000    $  5,000,000      2 @ 100%    $1,125,000
                                                       XL account        L  2,500,000    L  2,500,000                  L   62,500

    1c)     Marine XL (c)        1/1/02    12/31/02    Protects Europe   $  5,000,000    $ 10,000,000      2 @ 100%    $  675,000
                                                       XL account        L  2,500,000    L  5,000,000                  L   37,500

    2a)     International       7/11/01     7/10/02    Protects Europe   $  7,500,000    $  7,500,000      1 @ 100%    $  843,750
            Property Cat. XL                           Risk/Prorata/Cat  L  5,000,000    L  5,000,000                  L  562,500
                                                       XL business

<Caption>
 Reference
    No.     Name of Contract        ROL     % Placed         Participants
--------------------------------------------------------------------------------------------
    <S>     <C>                    <C>         <C>     <C>
    1a)     Marine XL (a)          26.67%      100%    PX Re - 44.20%
                                                       Lloyd's Synd. 2121 (HYL) - 10%
                                                       Cornhill Ins. - 33.33%
                                                       XL Re - 12.47%

    1b)     Marine XL (b)          25.00%      100%    Lloyd's Synd. 1861 (BRM) - 20%
                                                       QBE Intnl. London - 30%
                                                       Cornhill - 25%
                                                       Odyssey London Branch - 25%

    1c)     Marine XL (c)          15.00%      100%    QBE Intnl. London - 50%
                                                       Cornhill - 25%
                                                       Odyssey London Branch - 25%

    2a)     International          22.50%      100%    PX Re - 40%
            Property Cat. XL                           GE Frankona Re (Germany) - 20%
                                                       Gerling Global (UK) - 1.91%
                                                       Safety National Casualty Corp. - 7.61%
                                                       Lloyd's Synd. 566 (STN) - 15.24%
                                                       Lloyd's Synd. 780 (BFC) - 3.81%
                                                       Lloyd's Synd. 2121 (HYL) - 3.81%
                                                       Lloyd's Synd. 2027 (COX) - 3.81%
                                                       Lloyd's Synd. 2010 (MMX) - 3.81%
</Table>

                                       F-3
<Page>

<Table>
    <S>     <C>                 <C>         <C>        <C>               <C>             <C>                <C>        <C>
    2b)     International       7/11/01     7/10/02    Protects Europe   $  7,500,000    $ 15,000,000       1 @ 100%   $ 1,162,500
            Property Cat. XL                           Risk/Prorata/Cat. L  5,000,000    L 10,000,000                  L   775,000
                                                       XL business

    2c)     International       7/11/01     7/10/02    Protects Europe   $  7,500,000    $ 22,500,000       1 @ 100%   $   900,000
            Property Cat. XL                           Risk/Prorata/Cat. L  5,000,000    L 15,000,000                  L   600,000
                                                       XL business

    3a)     Joint Risk XOL      2/13/02     2/12/03    1st layer XS 5M   $  2,500,000    $  2,500,000       1 @ 100%   $   875,000
            Cover - First                              aggregate
            Layer

<Caption>
    <S>     <C>                   <C>         <C>      <C>
    2b)     International         31.00%      100%     PX Re - 15.66%
            Property Cat. XL                           [18.91% w.e.f. 1/11/02]
                                                       GE Frankona Re (Germany) - 25%
                                                       XL Re (UK) - 15%
                                                       Gerling Global (UK) - 1.54%
                                                       Taisei F&M - 3.25% (replaced
                                                       @1/11/02)
                                                       Protective Ins. Co. - 3.25%
                                                       Safety National Corp. - 6.5%
                                                       Lloyd's Synd. 626 (IRK) - 19.23%
                                                       Lloyd's Synd. 566 (STN) - 7.69%
                                                       Lloyd's Synd. 958 (GSC) - 1.92%
                                                       Lloyd's Synd. 529 (SHE) - 0.96%

    2c)     International         24.00%      100%     PX Re - 12% [14.93% w.e.f. 1/11/02]
            Property Cat. XL                           GE Frankona Re (Germany) - 20%
                                                       XL Re (UK) - 15%
                                                       Gerling Global (UK) - 1.17%
                                                       Taisei F&M - 2.93% (replaced @
                                                       1/11/02)
                                                       Royal Bank of Canada Ins. Co. - 5.87%
                                                       Protective Ins. Co. - 2.93%
                                                       Safety National Corp. - 5.86%
                                                       Lloyd's Synd. 626 (IRK) - 17.5%
                                                       Lloyd's Synd. 566 (STN) - 6.75%
                                                       Lloyd's Synd. 2027 (COX) - 4.42%
                                                       Lloyd's Synd. 958 (GSC) - 1.76%
                                                       Lloyd's Synd. 529 (SHE) - 0.88%
                                                       Lloyd's Synd. 727 (SAM) - 2.93%

    3a)     Joint Risk XOL        35.00%      100%     Lloyd's Synd. 566 (STN) - 25%
            Cover - First                              Lloyd's Synd. 780 (BFC) - 15%
            Layer                                      Gerling Global (UK) - 2.373%
                                                       XL Re - 8.898%
                                                       Transatlantic Re - 15%
                                                       Lloyd's Synd. 626 (IRK) - 5.933%
                                                       Lloyd's Synd. 2010 (MMX) - 4.449%
                                                       Lloyd's Synd. 282 (LSM) - 4.449%
                                                       GE Frankona - 8.898%
                                                       PX Re - 10%
</Table>

                                       F-4
<Page>

<Table>
    <S>     <C>                 <C>         <C>        <C>               <C>             <C>                <C>        <C>
    3b)     Joint Risk XOL      2/13/02     2/12/03    Property Risk &   $  5,000,000    $  5,000,000       1 @ 100%   $ 2,000,000
            Cover - Second                             Prorata
            Layer                                      business
                                                       (all offices)

    4a)     International        3/9/02      2/8/03    International     $ 20,000,000    $ 50,000,000       1 @ 100%   $ 4,800,000
            Cat. XOL - First                           Risk/Prorata/Cat.
            Layer                                      XL (all offices)

    4b)     International        3/9/02      2/8/03    International     $ 30,000,000    $ 70,000,000       1 @ 100%   $ 4,500,000
            Cat. XOL - Second                          Risk/Prorata/Cat.
            Layer                                      XL (all offices)

    5)      Satellite XL        6/12/02     6/11/03    Protects all      $ 10,000,000    $     10,000             0    $   575,000
            [Geosynchronous/                           offices.  3
            Geostationary                              satellite
            In-Orbit                                   warranty.
            Reinsurance]                               Covers
                                                       naturally
                                                       occurring
                                                       phenomena in
                                                       space.

<Caption>
    <S>     <C>                   <C>         <C>      <C>
    3b)     Joint Risk XOL        40.00%      100%     Lloyd's Synd. 566 (STN) - 10%
            Cover - Second                             Lloyd's Synd. 780 (BFC) - 15%
            Layer                                      Gerling Global (UK) - 4%
                                                       XL Re - 15%
                                                       Transatlantic Re - 20%
                                                       Lloyd's Synd. 2010 (MMX) - 3.50%
                                                       Lloyd's Synd. 282 (LSM) - 7.50%
                                                       GE Frankona - 15%
                                                       PX Re - 10%

    4a)     International         24.00%      100%     Lloyd's Synd. 566 (STN) - 12.5%
            Cat. XOL - First                           Lloyd's Synd. 780 (BFC) - 10%
            Layer                                      Lloyd's Synd. 282 (LSM) - 8%
                                                       PX Re - 8%
                                                       Renaissance Re - 25%
                                                       Di Vinci Re - 12.5%
                                                       Transatlantic Re - 10%
                                                       GE Frankona Re - 10%
                                                       Royal Bank of Canada - 4%

    4b)     International         15.00%      100%     Lloyd's Synd. 566 (STN) - 5%
            Cat. XOL - Second                          Lloyd's Synd. 780 (BFC) - 12.5%
            Layer                                      Lloyd's Synd. 626 (IRK) - 4.004%
                                                       Lloyd's Synd. 2010 (MMX) - 1.202%
                                                       Lloyd's Synd. 282 (LSM) - 10.01%
                                                       Lloyd's Synd. 1096 (RAS) - 1.602%
                                                       Gerling Global (UK) - 0.801%
                                                       PX Re - 8.007%
                                                       Folksamerica - 16.014%
                                                       Renaissance Re - 8.007%
                                                       Di Vinci Re - 4.004%
                                                       Transatlantic Re - 7.5%
                                                       Auto-Owners - 16.015%
                                                       Royal Bank of Canada - 2.667%
                                                       Protective - 2.667%

    5)      Satellite XL           5.75%      100%     Renaissance Re - 100%
            [Geosynchronous/
            Geostationary
            In-Orbit
            Reinsurance]
</Table>

                                       F-5
<Page>

<Table>
    <S>     <C>                 <C>        <C>         <C>               <C>             <C>                  <C>      <C>
    6)      Latin America &      7/1/00      6/3/06    All loss          $ 25,000,000    $ 15,000,000                  margin -
            Caribbean ILW XOL                          recoveries on     Term Aggregate                                $   400,000
                                                       Latin America     Limit - USD
                                                       and Caribbean     75M
                                                       business
                                                       subject to USD
                                                       1 Billion ILW

    7)      Caribbean ILW XOL   11/1/01    10/31/02    Caribbean         $ 15,000,000    $    100,000           Nil    $ 3,450,000
                                                       Property
                                                       business
                                                       subject to an
                                                       Industry Loss
                                                       of USD 1.5
                                                       Billion

    8)      N.A. $10 Billion     7/1/01     6/30/02    North American    $  2,500,000    $     10,000       1 @ 100%   $   500,000
            ILW                                        Property
                                                       business
                                                       subject to
                                                       Industry Loss
                                                       of USD 10B

    9)      N.A. $10 Billion     8/1/01     7/31/02    North American    $  2,500,000    $  1,000,000       1 @ 100%   $   475,000
            ILW                                        Property
                                                       business
                                                       subject to
                                                       Industry Loss
                                                       of USD 10B

    10)     N.A. Property /      1/1/02    12/31/02    North American    $ 10,000,000    $    100,000       1 @ 100%   $   420,000
            WCA Cat $ 30B ILW                          Property and
                                                       Workers
                                                       Compensation
                                                       business
                                                       subject to ILW
                                                       of USD 30
                                                       Billion

    11)     N.A. Property Cat    1/5/02      1/5/03    North American    $  5,000,000    $     50,000       1 @ 100%   $   950,000
            $15B ILW                                   Property
                                                       business
                                                       subject to ILW
                                                       of USD 15
                                                       Billion

   12a)     Marine XOL - 1st     1/1/02    12/31/02    Marine business   $  5,000,000    $  5,000,000       1 @ 100%   $ 1,125,052
            layer [NY]                                 for New York
                                                       Office

<Caption>
    <S>     <C>                   <C>       <C>        <C>
    6)      Latin America &         N/A     56.50%     Fuji F & M - 5%
            Caribbean ILW XOL                          Nisshin F & M - 13.5%
                                                       Sumitomo - 10%
                                                       Taisei F & M - 8%
                                                       Toa Re - 20%

    7)      Caribbean ILW XOL     23.00%      100%     Continental Casualty - 100%

    8)      N.A. $10 Billion      20.00%      100%     Transatlantic Re - 100%
            ILW

    9)      N.A. $10 Billion      19.00%      100%     IPC Re Limited - 100%
            ILW

    10)     N.A. Property /        4.20%      100%     Tokio Millenium Re - 100%
            WCA Cat $ 30B ILW

    11)     N.A. Property Cat     19.00%      100%     Odyssey Re - 100%
            $15B ILW

   12a)     Marine XOL - 1st      22.50%      100%     Lloyd's Synd. 457 (WTK) - 7.5%
            layer [NY]                                 Cornhill - 21.5%
                                                       Folksamerica Re - 30%
                                                       Lloyd's Synd. 2 (WHS) - 20%
                                                       Nisshin F & M - 1%
                                                       XL Mid Ocean Re - 20%
</Table>

                                       F-6
<Page>

<Table>
   <S>      <C>                 <C>        <C>       <C>               <C>             <C>              <C>          <C>
   12b)     Marine XOL - 2nd     1/1/02    12/31/02  Marine business   $   5,000,000   $ 10,000,000     1 @ 100%     $    624,982
            layer [NY]                               for New York
                                                     Office

    13)     Single Period        1/1/02    12/31/02  Covers            $ 200,000,000   79.4%                         $  4,750,000
            Accident Year                            aggregate net                     Traditional
            Aggregate XOL                            losses incurred                   bus. 93.5%
            (Holborn)                                on an ultimate                    Non-traditional
                                                     accident year                     business
                                                     basis IRO all
                                                     business
                                                     written by All
                                                     offices
                                                     including
                                                     Discovery Re.

    14)     Workers'             1/1/02    12/31/02  Covers Workers'   $  50,000,000   $ 75,000,000                  $ 10,000,000
            Compensation Cat.    1/1/03    12/31/05  Compensation      $  50,000,000   $ 75,000,000     Annual Agg.
            XOL (Holborn)                            treaty business                                    of 50M

    15)     Puerto Rico ILW     7/26/02     7/25/03  Property          $  10,000,000   $     10,000         Nil      $  1,250,000
            XOL                                      business
                                                     subject to an
                                                     Industry Loss
                                                     of USD 1.5
                                                     Billion

<Caption>
   <S>      <C>                   <C>         <C>      <C>
   12b)     Marine XOL - 2nd      12.50%      100%     Lloyd's Synd. 457 (WTK) - 7.5%
            layer [NY]                                 Cornhill - 21.5%
                                                       Folksamerica Re - 30%
                                                       Lloyd's Synd. 2 (WHS) - 20%
                                                       Nisshin F & M - 1%
                                                       XL Mid Ocean Re - 20%

    13)     Single Period                     100%     Underwriters Reinsurance - 53.75%
            Accident Year                              London Life & General - 25%
            Aggregate XOL                              PMA Reins. - 10%
            (Holborn)                                  Hannover Re - 9%
                                                       E & S Reins. - 2.25%

    14)     Workers'                          100%     Swiss Re - 81.25%
            Compensation Cat.                          Hannover - 15%
            XOL (Holborn)                              E & S Reins. - 3.75%

    15)     Puerto Rico ILW       12.50%      100%     ACE Tempest Re - 50%
            XOL                                        Renaissance Re - 50%
</Table>

                                       F-7
<Page>

                                    EXHIBIT D

                            Allocation of Recoveries

1.       Recoveries allocable to this contract 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 allocable to this
         contract resulting from triggering the 2002 Holborn cover will be
         allocated between The St. Paul Companies and Retrocessionaire and its
         affiliates ("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 years they will be afforded to The St.
         Paul Companies. Similarly, the allocation to that part of the 2002
         underwriting year pertaining to non-transferred business will also be
         realised by The St. Paul Companies. The allocation pertaining to
         business written on The 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 The St. Paul
         Companies and Platinum Re by underwriting year.

                                       J-1
<Page>

                                    EXHIBIT E

                      Allocation of Retrocessional Premiums

1.       Ceded premium allocable to this contract will be allocated between the
         parties and to the underwriting year in proportion to the earned
         subject premium. Ceding commission will be allocated in the same
         manner.

2.       Reinstatement premium allocable to this contract due in respect of
         non-proportional Inuring Retrocessions will be allocated between the
         parties in proportion to the related allocated recoverable losses.

3.       Any and all loss recoveries and premium adjustments allocable to this
         contract resulting from triggering the 2002 Holborn cover will be
         allocated between The 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 years they will be afforded to The St.
         Paul Companies. Similarly, the allocation to that part of the 2002
         underwriting year pertaining to non-transferred business will also be
         realised by The St. Paul Companies. The allocation pertaining to
         business written on The 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 The St. Paul
         Companies and Platinum Re by underwriting year.

4.       The $10 million of premium payable for 2002 under the Workers
         Compensation Catastrophe Excess of Loss $50 million excess of $75
         million Retrocession Contract will be split $1 million for Platinum Re
         and $9 million for The St. Paul Companies. Such contract has a feature
         that states that for certain unfavourable experience on the Whole
         Account Stop Loss Cover the premium on this cover could reduce by as

                                       J-2
<Page>

         much as $9 million. In this event the reduction in ceded premium would
         benefit The St. Paul Companies exclusively. The Platinum Re 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.

                                       J-3
<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.

                                       J-1
<Page>

                                    EXHIBIT G

                          Form of Retrocedant's Report

Retrocedant will provide the following information separately for each coverage
period on a monthly basis:

a)   Transaction listing at assumed policy level showing all revenue items
including booked premiums, booked acquisition costs and paid losses entered in
Retrocedant's books during the relevant accounting period.

b)   Claims listing at assumed policy level showing loss description, date of
loss, paid amount and outstanding case reserve.

c)   Listing of Inuring Retrocession amounts allocated to Retrocessionaire
during the relevant accounting period including details of non-proportional
Inuring Retrocession premiums and recoverables.

Note 1 relating to a) and b): Revenue and reserve amounts will be shown in the
accounting currency used by Retrocedant for the purposes of its own books.

Note 2 relating to a) and b): Transaction and claims listings will include gross
amounts and proportional Inuring Retrocession amounts.

Note 3 relating to c): Retrocession amounts will be paid to Retrocessionaire
only following receipt by Retrocedant. These amounts together with any unpaid
amounts that are due to Retrocessionaire but not yet received by Retrocedant
will be included in the listing of Inuring Retrocession amounts.

                                       J-2
<Page>

CONTRACTS EFFECTIVE FROM IPO CLOSE TO 12/31/02

ALL RESERVING CLASSES

Month 1

<Table>
<Caption>
                                   ASSUMED RESULTS                 CEDED CONTRACT                    NET ACCOUNT
<S>                               <C>                            <C>                              <C>
US$ Equivalents

Premiums written
                                  ------------------             -------------------              -------------------
Change in UPR
                                  ------------------             -------------------              -------------------
Premiums earned
                                  ------------------             -------------------              -------------------

Losses paid
                                  ------------------             -------------------              -------------------
Change in loss reserves
                                  ------------------             -------------------              -------------------
Incurred losses
                                  ------------------             -------------------              -------------------
</Table>

<Page>

<Table>
<S>                               <C>                            <C>                              <C>
                                  ------------------             -------------------              -------------------

Original commissions
                                  ------------------             -------------------              -------------------
Brokerage
                                  ------------------             -------------------              -------------------
Other
                                  ------------------             -------------------              -------------------
Total charges
                                  ------------------             -------------------              -------------------

Underwriting result
                                  ==================             ===================              ===================

SP Commissions
                                  ------------------             -------------------              -------------------

UPR's
                                  ------------------             -------------------              -------------------
Case Reserves
                                  ------------------             -------------------              -------------------
</Table>

                                       J-4
<Page>

<Table>
<S>                               <C>                            <C>                              <C>
Funds Withheld
                                  ------------------             -------------------              -------------------
</Table>

                                       J-5
<Page>

CONTRACTS EFFECTIVE FROM IPO CLOSE TO 12/31/02

ASSUMED RESULTS BY REVENUE CLASS

Month 1

<Table>
<Caption>
                                      RESERVING                 RESERVING                RESERVING
                                       CLASS 1                   CLASS 2                  CLASS 3                TOTAL
<S>                               <C>                      <C>                     <C>                      <C>
US$ Equivalents

Premiums written
                                  ------------------       -------------------     ------------------       ------------------
Change in UPR
                                  ------------------       -------------------     ------------------       ------------------
Premiums earned
                                  ------------------       -------------------     ------------------       ------------------

Losses paid
                                  ------------------       -------------------     ------------------       ------------------
Change in loss reserves
                                  ------------------       -------------------     ------------------       ------------------
</Table>

                                       J-6
<Page>

<Table>
<S>                               <C>                      <C>                     <C>                      <C>
Incurred losses
                                  ------------------       -------------------     ------------------       ------------------

Original commissions
                                  ------------------       -------------------     ------------------       ------------------
Brokerage
                                  ------------------       -------------------     ------------------       ------------------
Other
                                  ------------------       -------------------     ------------------       ------------------
Total charges
                                  ------------------       -------------------     ------------------       ------------------

Underwriting result
                                  ==================       ===================     ==================       ==================

SP Commissions
                                  ------------------       -------------------     ------------------       ------------------

UPR's
                                  ------------------       -------------------     ------------------       ------------------
</Table>

                                       J-7
<Page>

<Table>
<S>                               <C>                      <C>                     <C>                      <C>
Case Reserves
                                  ------------------       -------------------     ------------------       ------------------
</Table>

                                       J-8
<Page>

CONTRACTS EFFECTIVE FROM IPO CLOSE TO 12/31/02
ASSUMED RESULTS BY CONTRACT

<Table>
<Caption>
                               CONTRACT/  CAT    SOA    PREMIUMS   CHG IN   PREMIUMS   LOSSES   CHGE IN  INCURRED
  CONTRACT/CLAIM NO    CEDANT  CLAIM DES  ID   PD/ DOL   WRITTEN    UPR      EARNED     PAID     CASE     LOSSES    COMMISSIONS
--------------------   ------  ---------  ---  -------  --------  -------  ---------  -------  -------- ---------  ------------
<S>                    <C>     <C>        <C>  <C>      <C>       <C>      <C>        <C>      <C>      <C>        <C>
US$ Equivalents
Reserving Class 1
   Contract 1
       Claim No 1
   Contract 2
   Contract 3
       Claim No 2
   Contract 4
   Contract 5
   Contract 6
Total Reserving
  Class 1

Reserving Class 2
   Contract 7
   Contract 8
   Contract 9
   Contract 10
   Contract 11
   Contract 12
Total Reserving
  Class 2

Reserving Class 3
   Contract 13
   Contract 14
   Contract 15
   Contract 16
   Contract 17
   Contract 18
   Contract 19
   Contract 20
Total Reserving
  Class 3

Total

<Caption>
                                           TOTAL   U/W                   FUNDS
  CONTRACT/CLAIM NO     BROKERAGE  OTHER    CHGS  RESULT     UPR   CASE   W/H
---------------------   ---------  ------  -----  ------   ------- ----  -----
<S>                     <C>        <C>     <C>    <C>      <C>     <C>   <C>
US$ Equivalents
Reserving Class 1
   Contract 1
       Claim No 1
   Contract 2
   Contract 3
       Claim No 2
   Contract 4
   Contract 5
   Contract 6
Total Reserving
  Class 1

Reserving Class 2
   Contract 7
   Contract 8
   Contract 9
   Contract 10
   Contract 11
   Contract 12
Total Reserving
  Class 2

Reserving Class 3
   Contract 13
   Contract 14
   Contract 15
   Contract 16
   Contract 17
   Contract 18
   Contract 19
   Contract 20
Total Reserving
  Class 3

Total
</Table>

                                       J-9
<Page>

CONTRACTS EFFECTIVE 1/1/02 TO IPO CLOSE

ALL RESERVING CLASSES

Month 1

<Table>
<Caption>
                                         ASSUMED RESULTS            CEDED CONTRACT             NET ACCOUNT
<S>                                     <C>                       <C>                       <C>
US$ Equivalents

Premiums written
                                        ------------------        -------------------       -------------------
Change in UPR
                                        ------------------        -------------------       -------------------
Premiums earned
                                        ------------------        -------------------       -------------------

Losses paid
                                        ------------------        -------------------       -------------------
Change in loss reserves
                                        ------------------        -------------------       -------------------
Incurred losses
                                        ------------------        -------------------       -------------------
</Table>

                                      J-10
<Page>

<Table>
<S>                                     <C>                       <C>                       <C>
                                        ------------------        -------------------       -------------------

Original commissions
                                        ------------------        -------------------       -------------------
Brokerage
                                        ------------------        -------------------       -------------------
Other
                                        ------------------        -------------------       -------------------
Total charges
                                        ------------------        -------------------       -------------------

Underwriting result
                                        ==================        ===================       ====================

SP Commissions
                                        ------------------        -------------------       -------------------

UPR's
                                        ------------------        -------------------       -------------------
Case Reserves
                                        ------------------        -------------------       -------------------
</Table>

                                      J-11
<Page>

<Table>
<S>                                     <C>                       <C>                       <C>
Funds Withheld
                                        ------------------        -------------------       -------------------
</Table>

                                      J-12
<Page>

CONTRACTS EFFECTIVE 1/1/02 TO IPO CLOSE

ASSUMED RESULTS BY REVENUE CLASS

Month 1

<Table>
<Caption>
                                      RESERVING                 RESERVING                RESERVING
                                       CLASS 1                   CLASS 2                  CLASS 3                TOTAL
<S>                               <C>                      <C>                     <C>                      <C>
US$ Equivalents

Premiums written
                                  ------------------       -------------------     ------------------       ------------------
Change in UPR
                                  ------------------       -------------------     ------------------       ------------------
Premiums earned
                                  ------------------       -------------------     ------------------       ------------------

Losses paid
                                  ------------------       -------------------     ------------------       ------------------
Change in loss reserves
                                  ------------------       -------------------     ------------------       ------------------
</Table>

                                      J-13
<Page>

<Table>
<S>                               <C>                      <C>                     <C>                      <C>
Incurred losses
                                  ------------------       -------------------     ------------------       ------------------

Original commissions
                                  ------------------       -------------------     ------------------       ------------------
Brokerage
                                  ------------------       -------------------     ------------------       ------------------
Other
                                  ------------------       -------------------     ------------------       ------------------
Total charges
                                  ------------------       -------------------     ------------------       ------------------

Underwriting result
                                  ==================       ===================     ==================       ==================

SP Commissions
                                  ------------------       -------------------     ------------------       ------------------

UPR's
                                  ------------------       -------------------     ------------------       ------------------
</Table>

                                      J-14
<Page>

<Table>
<S>                               <C>                      <C>                     <C>                      <C>
Case Reserves
                                  ------------------       -------------------     ------------------       ------------------
</Table>

                                      J-15
<Page>

CONTRACTS EFFECTIVE 1/1/02 TO IPO CLOSE
ASSUMED RESULTS BY CONTRACT

<Table>
<Caption>
                               CONTRACT/  CAT   SOA    PREMIUMS   CHG IN   PREMIUMS   LOSSES   CHGE IN  INCURRED
  CONTRACT/CLAIM NO    CEDANT  CLAIM DES  ID   PD/DOL   WRITTEN    UPR      EARNED     PAID     CASE     LOSSES    COMMISSIONS
--------------------   ------  ---------  ---  ------  --------  -------  ---------  -------  -------- ---------  ------------
<S>                    <C>     <C>        <C>  <C>     <C>       <C>      <C>        <C>      <C>      <C>        <C>
US$ Equivalents
Reserving Class 1
   Contract 1
       Claim No 1
   Contract 2
   Contract 3
       Claim No 2
   Contract 4
   Contract 5
   Contract 6
Total Reserving
  Class 1

Reserving Class 2
   Contract 7
   Contract 8
   Contract 9
   Contract 10
   Contract 11
   Contract 12
Total Reserving
  Class 2

Reserving Class 3
   Contract 13
   Contract 14
   Contract 15
   Contract 16
   Contract 17
   Contract 18
   Contract 19
   Contract 20
Total Reserving
  Class 3

Total

<Caption>
                                          TOTAL   U/W                   FUNDS
  CONTRACT/CLAIM NO   BROKERAGE    OTHER  CHGS   RESULT     UPR   CASE   W/H
--------------------- ---------   ------  -----  ------   ------- ----  -----
<S>                   <C>         <C>     <C>    <C>        <C>   <C>   <C>
US$ Equivalents
Reserving Class 1
   Contract 1
       Claim No 1
   Contract 2
   Contract 3
       Claim No 2
   Contract 4
   Contract 5
   Contract 6
Total Reserving
  Class 1

Reserving Class 2
   Contract 7
   Contract 8
   Contract 9
   Contract 10
   Contract 11
   Contract 12
Total Reserving
  Class 2

Reserving Class 3
   Contract 13
   Contract 14
   Contract 15
   Contract 16
   Contract 17
   Contract 18
   Contract 19
   Contract 20
Total Reserving
  Class 3

Total
</Table>

      OPEN CLAIM REPORT BY BROKER, OFFICE, DEPARTMENT, UW YEAR, PRIMARY UW

                                      J-16
<Page>

COMPANY: StPaulRe

BROKER: Aon Re. Le Blanc                                  PAGE:          2 of 30

OFFICE: Los Angeles                                       PROCESS DATE:    6-May

DEPT: International Treaty Marine

<Table>
<Caption>
                                UW    CONTRACT      PRIMARY       CEDANT       INSURED    CLAIM    OSR    ACR/DCR   PAID   INCURRED
             BROKER            YEAR    NUMBER     UNDERWRITER      NAME         NAME      STATUS  AMOUNT  AMOUNT   AMOUNT   AMOUNT
<S>                            <C>   <C>             <C>       <C>           <C>           <C>    <C>      <C>      <C>     <C>
Aon Re. Le Blanc               2000  00000123400     LRYAN     Kemper Group  Abacus Corp   Open   1,500    123      500     2,123

Aon Re. Le Blanc               2000  00000298100     LRYAN      Commercial   Aztec         Open     100     50       75       225
                                                                 America     Properties

Total UW Year: 2000                                                                                1600    173      575     2,348

Total Dept: International
  Treaty Marine                                                                                    1600    173      575     2,348

Total Office: Los Angeles                                                                          1600    173      575     2,348

Total Broker Aon Re. Le Blanc                                                                      1600    173      575     2,348
</Table>

                                      J-17
<Page>

BROKER: Global Risk LLC

OFFICE: New York

DEPT: International Treaty Marine

<Table>
<S>                           <C>   <C>          <C>    <C>           <C>           <C>   <C>  <C>  <C>  <C>
Global Risk LLC               2000  00000123400  KMARI  Kemper Group  Abacus Corp.  Open  120  30   25   175

Global Risk LLC               2000  00000298100  KMARI   Commercial   Aztec         Open   50  10   20    80
                                                          America     Properties

Total UW Year: 2000                                                                       170  40   45   255

Total Dept: International
  Treaty Marine                                                                           170  40   45   255

Total Office: New York                                                                    170  40   45   255

Total Broker Global Risk LLC                                                              170  40   45   255
</Table>

                                      J-18
<Page>

RPT 2: REPORT BY OFFICE DEPARTMENT, CONTRACT #, UNDERWRITING YEAR

          OPEN CLAIM REPORT BY OFFICE, DEPARTMENT, UW YEAR, PRIMARY UW

COMPANY: StPaulRe

OFFICE: Los Angeles

DEPT: International Treaty Marine                       PAGE:            2 of 30

UW YEAR: 2000                                           PROCESS DATE:      6-May

CAT NAME: 0021 Flood Hail Tornados                      PROCESS DATE:      6-May

Wind

<Table>
<Caption>
  UW    CONTRACT      PRIMARY          CEDANT             INSURED      CLAIM    OSR    ACR/DCR   PAID   INCURRED
 YEAR    NUMBER     UNDERWRITER         NAME               NAME        STATUS  AMOUNT   AMOUNT  AMOUNT   AMOUNT
 <S>   <C>             <C>       <C>                 <C>               <C>     <C>       <C>     <C>     <C>
 2000  00000123400     LRYAN     Kemper Group        Abacus Corp       Open    1,500     123     500     2,123

 2000  00000298100     LRYAN     Commercial America  Aztec Properties  Open      100      50      75       225
</Table>

                                      J-19
<Page>

<Table>
<S>    <C>             <C>       <C>                 <C>               <C>      <C>      <C>     <C>     <C>
Total Primary Underwriter: LRYAN                                                1600     173     575     2,348

 2000  00000123400     KMARI     Kemper Group        Abacus Corp.      Open      120      30      25       175

 2000  00000298100     KMARI     Commercial America  Aztec Properties  Open       50      10      20        80

Total Primary Underwriter: KMARI                                                 170      40      45       255

Total UW Year: 2000                                                             1770     213     620     2,603

Total Dept: International Treaty Marine                                         1770     213     620     2,603

Total Office: Los Angeles                                                       1770     213     620     2,603
</Table>

                                      J-20
<Page>

RPT 3: REPORT BY CLAIM, LOB, CURRENCY

                 OPEN CLAIM REPORT BY CLAIM NUMBER LOB CURRENCY

COMPANY: StPaulRe                                       PAGE:            2 of 30

OFFICE: Los Angeles                                     PROCESS DATE       6-May

DEPT: International Treaty Marine

<Table>
<Caption>
  CONTRACT      UW      PRIMARY         CLAIM       SHORT      DATE OF    DATE                   CAUSE OF    CLAIM      CEDANT
   NUMBER      YEAR   UNDERWRITER      NUMBER        LOB        LOSS    REPORTED    INJURY         LOSS      STATUS      NAME
<S>            <C>       <C>          <C>        <C>            <C>      <C>      <C>           <C>           <C>     <C>
00000123400    1998      LRYAN        000927826  Cas-FDLTY      4/9/96   4/9/96   Paraplegic    Derailment    Open    Kemper Group

00000123400    1998      LRYAN        000927826  Cas-Environm   4/9/96   4/9/96   Paraplegic    Derailment    Open    Kemper Group

00000123400    1998      LRYAN        000927826  Cas-Umb/Cor    4/9/96   4/9/96   Birth Defect  Derailment    Open    Kemper Group

<Caption>
  CONTRACT        INSURED               OSR     ACR/DCR    PAID    INCURRED
   NUMBER          NAME         CCY    AMOUNT    AMOUNT   AMOUNT    AMONT
<S>              <C>            <C>    <C>        <C>      <C>     <C>
00000123400      Abacus Corp    USD    1,500      123      500

00000123400                     USD      100       10       30

00000123400                     USD      200       15       10
</Table>

                                      J-21
<Page>

<Table>
<S>            <C>       <C>          <C>        <C>            <C>      <C>       <C>           <C>         <C>     <C>
00000123400    2000      LRYAN        000927123  Cas-Umb/Cor    3/3/99   3/3/99    Birth Defect  High Winds  Open    Kemper Group

00000123400    2001      LRYAN        000929820  Cas-Umb/Cor    5/1/00   5/1/00    Serious Burn  Misc.       Open    Kemper Group

Total Dept: International Treaty Marine

Total Office: Los Angeles

<Caption>
<S>                                        <C>            <C>    <C>        <C>      <C>
00000123400                                Abacus Corp    CAD      500       80       45

00000123400                                Abacus Corp    FRF      800       25       30

Total Dept: International Treaty Marine                          3,100      253      615

Total Office: Los Angeles                                        3,100      253      615
</Table>

                                      J-22
<Page>

RPT 4: CATASTROPHE COMPARISON REPORT (STAND ALONE)

             CATASTROPHE REPORT - INCURRED COMPARISON BY ACCT PERIOD

COMPANY: StPaulRe

OFFICE: Los Angeles                                      PAGE:           2 of 30

                                                         PROCESS DATE:     6-May

<Table>
<Caption>
     ISO         CAT          CATASTROPHE                 DATE          PROP PREV        PROP CURR          PROP
   CAT CODE     YEAR              NAME                    FROM        INCURRED AMT    INCURRED AMOUNT    TOT CHANGE
<S>              <C>     <C>                             <C>          <C>              <C>               <C>
0013             2000    0013 Freeze Hail Wind           1/22/2000    200              300               100

0021             2000    0021 Flood Hail Tornados Wind    5/8/2000    100              130                30

TOTAL OFFICE: Los Angeles                                             300              430

<Caption>
     ISO                       NON PROP PREV    NON PROP CURR      NON PROP
   CAT CODE                    INCURRED AMT     INCURRED AMT      TOT CHANGE
<S>                            <C>              <C>               <C>
0013                            20               90               70

0021                           140              160               20

TOTAL OFFICE: Los Angeles      160              250
</Table>

                                      J-23
<Page>

RPT 5: CATASTROPHE DETAIL REPORT

                  CAT REPORT DETAIL BY CONTRACT NUM, CLAIM NUM

COMPANY: StPaulRe

OFFICE: Los Angeles

DEPT: International Treaty Marine                         PAGE:          2 of 30

CAT NAME: 0021 Flood Hail Tornados Wind                   PROCESS DATE:    6-May

<Table>
<Caption>
  CONTRACT       UW        PRIMARY      CLAIM      DATE OF      DATE      CAUSE OF      CLAIM         CEDANT        INSURED
   NUMBER       YEAR     UNDERWRITER   NUMBER       LOSS      REPORTED      LOSS        STATUS         NAME          NAME
<S>             <C>        <C>        <C>          <C>        <C>        <C>            <C>        <C>            <C>
00000123400     1998       LRYAN      000927826    4/9/86     4/9/86     Derailment     Open       Kemper Group   Abacus Corp.

00000123400     2000       LRYAN      000927123    3/3/89     3/3/89     High Winds     Open       Kemper Group   Abacus Corp.

<Caption>
  CONTRACT        OSR      ACR/DCR       PAID      INCURRED     CONTRACT                  ATTACH
   NUMBER        AMOUNT     AMOUNT      AMOUNT      AMOUNT       LIMIT      RETENTION     POINT
<S>               <C>      <C>          <C>        <C>          <C>         <C>           <C>
00000123400       29,500   123          500        30,123       23          2

00000123400          500    80           45           625       23          3
</Table>

                                      J-24
<Page>

<Table>
<S>             <C>        <C>        <C>          <C>        <C>        <C>            <C>        <C>            <C>
00000123400     2001       LRYAN      000927826    5/1/00     5/1/00     Misc.          Open       Kemper Group   Abacus Corp.

Total Cat: 0021 Flood Hail Tornados Wind

Total Dept: International Treaty Marine

Total Office: Los Angeles

<Caption>
<S>                                                    <C>        <C>        <C>     <C>          <C>      <C>
00000123400                                               800      25         30        875       22       4

Total Cat: 0021 Flood Hail Tornados Wind               30,800     228        575     31,623

Total Dept: International Treaty Marine                30,800     228        575     31,623

Total Office: Los Angeles                              30,800     228        575     31,623
</Table>

                                      J-25
<Page>

RPT 6: CATASTROPHE SUMMARY REPORT

                          CATASTROPHE REPORT - SUMMARY

COMPANY: StPaulRe                                   PAGE:                1 of 15

OFFICE: Los Angeles                                 PROCESS DATE:      12/8/2001

<Table>
<Caption>
     ISO      CAT           CATASTROPHE              DATE          DATE           OSR         ACR/DCR       PAID      INCURRED
   CAT CODE   YEAR             NAME                  FROM           TO           AMOUNT       AMOUNT       AMOUNT      AMOUNT
<S>           <C>   <C>                            <C>           <C>              <C>          <C>          <C>         <C>
0013          2000  0013 Freeze Hail Wind          1/22/2000     1/22/2000        200          300          100         600

0021          2000  0021 Flood Hail Tornados Wind  5/8/2000      5/8/2000         100          130           30         260

TOTAL OFFICE: Los Angeles                                                         300          430                      860
</Table>

                                      J-26
<Page>

ST PAUL RE CONTRACT ACTIVITY EXECUTIVE SYSTEM GENERATED QUARTERLY

                                 SUMMARY BY DEPARTMENT, REPORTING CLASS, UW YEAR

USER NAME: FERNANDO MARAVI
RUN TIME:  18-MAY-2002 03:57 AM

<Table>
<Caption>
                                                                                                                 NON CAT RPT
                               UW                   WRITTEN        UNEARNED                      EARNED             LOSS
 RESERVING CLASS               YEAR OFFICE          PREMIUM        BEGIN          UNEARNED END   PREMIUM            CHNG
----------------------------------------------------------------------------------------------------------------------------
 <S>                           <C>                    <C>             <C>              <C>          <C>             <C>
 DEPARTMENT GROUP:
   NORTH AMERICAN CASUALTY
 FIRST DOLLAR WC               1984                            0              0              0              0        -13,163
                               Morristown
 TOTAL FOR 1984                                                0              0              0              0        -13,163
 FIRST DOLLAR WC               1985                            0              0              0              0         -1,151
                               Morristown
 TOTAL FOR 1985                                                0              0              0              0         -1,151
 FIRST DOLLAR WC               1986                            0              0              0              0        -15,029
                               Morristown
 TOTAL FOR 1986                                                0              0              0              0        -15,029
 FIRST DOLLAR WC               1996 New York               2,559              0              0          2,559       -262,308
 TOTAL FOR 1996                                            2,559              0              0          2,559       -262,308
 FIRST DOLLAR WC               1997 New York             116,031              0              0        116,031        115,278
 TOTAL FOR 1997                                          116,031              0              0        116,031        115,278
 FIRST DOLLAR WC               1998 New York             144,163              0              0        144,163         12,779
 TOTAL FOR 1998                                          144,163              0              0        144,163         12,779
 FIRST DOLLAR WC               1999 Chicago               -7,995              0              0         -7,995        -17,974
 FIRST DOLLAR WC               1999 New York            -346,522        357,485              0         10,963        280,573
 TOTAL FOR 1999                                         -354,517        357,485              0          2,968        262,600
 FIRST DOLLAR WC               2000 Chicago               28,807        160,559         37,313        152,053        110,642
 TOTAL FOR 2000                                           28,807        160,559         37,313        152,053        110,642
 FIRST DOLLAR WC               2001 Chicago              315,159        222,965        338,571        199,553         39,368
 FIRST DOLLAR WC               2001 New York          -1,561,316      2,445,990        132,779        751,895        311,976
 TOTAL FOR 2001                                       -1,246,258      2,668,955        471,350        951,447        351,344
 TOTAL FOR FIRST
   DOLLAR WC                                          -1,309,114      3,186,999        508,663      1,369,222        560,991

<Caption>
                       TRACKED CAT
                          RPT        TOTAL RPT LOSS                  COMMI
 RESERVING CLASS       LOSS CHNG          CHNG       R.L. RATIO      BROK
 ---------------------------------------------------------------------------
 <S>                           <C>     <C>              <C>          <C>
 DEPARTMENT GROUP:
   NORTH AMERICAN CASUALTY
 FIRST DOLLAR WC               0        -13,163              0%
 TOTAL FOR 1984                0        -13,163              0%
 FIRST DOLLAR WC               0         -1,151              0%
 TOTAL FOR 1985                0         -1,151              0%
 FIRST DOLLAR WC               0        -15,029              0%
 TOTAL FOR 1986                0        -15,029              0%
 FIRST DOLLAR WC               0       -262,308         -10252%
 TOTAL FOR 1996                0       -262,308         -10252%
 FIRST DOLLAR WC               0        115,278             99%
 TOTAL FOR 1997                0        115,278             99%
 FIRST DOLLAR WC               0         12,779              9%
 TOTAL FOR 1998                0         12,779              9%
 FIRST DOLLAR WC               0        -17,974           2259%
 FIRST DOLLAR WC               0        280,573           2559%
 TOTAL FOR 1999                0        262,600           8847%
 FIRST DOLLAR WC               0        110,642             73%
 TOTAL FOR 2000                0        110,642             73%
 FIRST DOLLAR WC               0         39,368             20%
 FIRST DOLLAR WC               0        311,976             41%
 TOTAL FOR 2001                0        351,344             37%
 TOTAL FOR FIRST
   DOLLAR WC                   0        560,991             41%
</Table>

                                      J-27
<Page>

ST PAUL RE CONTRACT ACTIVITY EXECUTIVE SYSTEM GENERATED QUARTERLY

                         BY DEPARTMENT, REPORTING CLASS, UW YEAR, OFFICE, CEDANT

USER NAME: FERNANDO MARAVI
RUN TIME:  18-MAY-2002 03:57 AM

<Table>
<Caption>
 UW                                           CONTRACT       USER TITLE / INSURED              WRITTEN                 UNEARNED
 YEAR     CEDANT                 OFFICE       NUMBER         NAME                    UWER      PREMIUM     UNEARNED    END
---------------------------------------------------------------------------------------------------------------------------------
 <S>                             <C>          <C>            <C>                     <C>        <C>               <C>         <C>
 DEPARTMENT GROUP: NORTH
   AMERICAN CASUALTY

 REPORTING CLASS: FIRST
   DOLLAR WC

   1984   Warwick Ins Co.        Morristown   M00000033U0    70% QUOTA SHARE         JHIGG           0            0           0
 TOTAL FOR MORRISTOWN                                                                                0            0           0

 TOTAL FOR 1984                                                                                      /            /           /

   1985   Warwick Ins Co.        Morristown   M00000033U0    70% QUOTA SHARE         JHIGG           0            0           0
 TOTAL FOR MORRISTOWN                                                                                0            0           0

 TOTAL FOR 1985                                                                                      /            /           /

   1986   Warwick Ins Co.        Morristown   M00000033U0    50% QUOTA SHARE         JHIGG           0            0           0
 TOTAL FOR MORRISTOWN                                                                                0            0           0

 TOTAL FOR 1986                                                                                      /            /           /

   1996   Florida Hospitality    New York     TC961532500    WORKERS' COMP. Q/S      MSMIL       3,603            0           0
   1996   Zurich Reinsurance C   New York     TC970319300    WORKERS' COMP.          JBEND      -1,044            0           0
 TOTAL FOR NEW YORK                                                                              2,559            0           0

 TOTAL FOR 1996                                                                                  2,559            0           0

   1997   Bridgefield Employer   New York     TC970573400    WORKERS' COMP.          MFELD      25,642            0           0
   1997   Great American Ins.    New York     00000295400    Deep South WC Quota     MSMIL           0            0           0
   1997   Safety National Cas.   New York     00001056400    Primary Workers' Comp.  ASARI      90,389            0           0

<Caption>
                                              NON CAT
 UW                                EARNED       RPT     TRACKED CAT    TOTAL RPT
 YEAR     CEDANT                  PREMIUM    LOSS CHNG   RPT LOSS           CHNG
--------------------------------------------------------------------------------
 <S>                                <C>       <C>                 <C>        <C>
 DEPARTMENT GROUP: NORTH
   AMERICAN CASUALTY

 REPORTING CLASS: FIRST
   DOLLAR WC

   1984   Warwick Ins Co.                0     -13,163            0           -1
                                                                       ---------
 TOTAL FOR MORRISTOWN                    0     -13,163            0           -1

 TOTAL FOR 1984                          /     -13,163            0           -1

   1985   Warwick Ins Co.                0      -1,151            0            -
                                                                       ---------
 TOTAL FOR MORRISTOWN                    0      -1,151            0            -

 TOTAL FOR 1985                          /      -1,151            0            -

   1986   Warwick Ins Co.                0     -15,029            0           -1
                                                                       ---------
 TOTAL FOR MORRISTOWN                    0     -15,029            0           -1

 TOTAL FOR 1986                          /     -15,029            0           -1

   1996   Florida Hospitality        3,603      30,549            0            3
                                                                       ---------
   1996   Zurich Reinsurance C      -1,044    -292,857            0          -29
                                                                       ---------
 TOTAL FOR NEW YORK                  2,559    -262,308            0          -26

 TOTAL FOR 1996                      2,559    -262,308            0          -26

   1997   Bridgefield Employer      25,642      86,406            0            8
                                                                       ---------
   1997   Great American Ins.            0     -15,759            0           -1
                                                                       ---------
   1997   Safety National Cas.      90,389      44,630            0            4
                                                                       ---------
</Table>

                                      J-28
<Page>

<Table>
 <S>                             <C>          <C>            <C>                     <C>       <C>                <C>         <C>
 TOTAL FOR NEW YORK                                                                            116,031            0           0

 TOTAL FOR 1997                                                                                116,031            0           0

   1998   Associated Industrie   New York     00000687600    WORKERS                 WDZUG           0            0           0
   1998   Florida Hospitality    New York     TC961532500    WORKERS' COMP. Q/S      MSMIL       1,781            0           0
   1998   Great American Ins.    New York     00000295400    Deep South WC Quota     MSMIL         401            0           0
   1998   Safety National Cas.   New York     00001056400    Primary Workers' Comp.  ASARI     205,974            0           0
   1998   Zurich Reinsurance C   New York     TC970319300    WORKERS' COMP.          JBEND     -63,992            0           0
 TOTAL FOR NEW YORK                                                                            144,163            0           0

 TOTAL FOR 1998                                                                                144,163            0           0

<Caption>
 <S>                               <C>         <C>                <C>         <C>
 TOTAL FOR NEW YORK                116,031     115,278            0           11

 TOTAL FOR 1997                    116,031     115,278            0           11

   1998   Associated Industrie           0     -80,296            0           -8
                                                                       ---------
   1998   Florida Hospitality        1,781      42,439            0            4
                                                                       ---------
   1998   Great American Ins.          401      -4,440            0            -
                                                                       ---------
   1998   Safety National Cas.     205,974      58,602            0            5
                                                                       ---------
   1998   Zurich Reinsurance C     -63,992      -2,897            0            -
                                                                       ---------
 TOTAL FOR NEW YORK                144,163      12,779            0            1

 TOTAL FOR 1998                    144,163      12,779            0            1
</Table>

                                      J-29
<Page>

ST PAUL RE CONTRACT ACTIVITY EXECUTIVE SYSTEM GENERATED QUARTERLY

                         BY DEPARTMENT, REPORTING CLASS, UW YEAR, OFFICE, CEDANT

USER NAME: FERNANDO MARAVI
RUN TIME:  18-MAY-2002 03:57 AM

<Table>
<Caption>
 UW                                           CONTRACT       USER TITLE / INSURED             WRITTEN                 UNEARNED
 YEAR     CEDANT                 OFFICE       NUMBER         NAME                    UWER     PREMIUM      UNEARNED   END
-------------------------------------------------------------------------------------------------------------------------------
 <S>                             <C>          <C>            <C>                     <C>    <C>           <C>           <C>
 DEPARTMENT GROUP: NORTH
   AMERICAN CASUALTY

 REPORTING CLASS: FIRST DOLLAR WC

   1999   National Interstate    Chicago      00002488700    Hawaii WC QS            THEIN      -7,995            0           0
 TOTAL FOR CHICAGO                                                                              -7,995            0           0
 (TREATY)

   1999   Associated Industrie   New York     00000687600    WC                      WDZUG           0            0           0
   1999   Safety National Cas.   New York     00001056400    Primary Workers' Comp.  ASARI    -244,350      357,485           0
   1999   Zurich Reinsurance C   New York     TC970319300    WORKERS' COMP.          JBEND    -102,172            0           0
 TOTAL FOR NEW YORK                                                                           -346,522      357,485           0

 TOTAL FOR 1999                                                                               -354,517      357,485           0

   2000   National Interstate    Chicago      00002488700    Hawaii WC QS            THEIN      28,807      160,559      37,313
 TOTAL FOR CHICAGO                                                                              28,807      160,559      37,313
 (TREATY)

 TOTAL FOR 2000                                                                                 28,807      160,559      37,313

   2001   National Interstate    Chicago      00002488700    Hawaii WC QS            THEIN     226,253      222,965     338,571
   2001   Safety National Cas.   Chicago      00003670600    Talon W/C Quota Share   KFRY       88,906            0           0
 TOTAL FOR CHICAGO                                                                             315,159      222,965     338,571
 (TREATY)

   2001   Associated Industrie   New York     00000687600    Workers' Comp.          WDZUG  -2,062,720    2,317,552           0

<Caption>
                                                NON CAT    TRACKED
 UW                                  EARNED       RPT        CAT       TOTAL RPT
 YEAR     CEDANT                     PREMIUM   LOSS CHNG   RPT LOSS         CHNG
--------------------------------------------------------------------------------
 <S>                                <C>         <C>               <C>        <C>
 DEPARTMENT GROUP: NORTH
   AMERICAN CASUALTY

 REPORTING CLASS: FIRST DOLLAR WC

   1999   National Interstate         -7,995     -17,974          0           -1
                                                                       ---------
 TOTAL FOR CHICAGO                    -7,995     -17,974          0           -1
 (TREATY)

   1999   Associated Industrie             0    -186,848          0          -18
                                                                       ---------
   1999   Safety National Cas.       113,135     362,415          0           36
                                                                       ---------
   1999   Zurich Reinsurance C      -102,172     105,007          0           10
                                                                       ---------
 TOTAL FOR NEW YORK                   10,963     280,573          0           28

 TOTAL FOR 1999                        2,968     262,600          0           26

   2000   National Interstate        152,053     110,642          0           11
                                                                       ---------
 TOTAL FOR CHICAGO                   152,053     110,642          0           11
 (TREATY)

 TOTAL FOR 2000                      152,053     110,642          0           11

   2001   National Interstate        110,647      14,162          0            1
                                                                       ---------
   2001   Safety National Cas.        88,906      25,206          0            2
                                                                       ---------
 TOTAL FOR CHICAGO                   199,553      39,368          0            3
 (TREATY)

   2001   Associated Industrie       254,943     122,646          0           12
                                                                       ---------
</Table>

                                      J-30
<Page>

<Table>
 <S>                             <C>          <C>            <C>                     <C>    <C>           <C>           <C>
   2001   Discover Reinsurance   New York     00003978700    Sec B Agg QS            JGEAR       8,338            0           0
   2001   Safety National Cas.   New York     00001056400    Primary Workers' Comp.  ASARI     493,065      128,327     132,779
  TOTAL FOR NEW YORK                                                                        -1,561,316    2,445,990     132,779

 TOTAL FOR 2001                                                                             -1,246,158    2,668,955     471,350

 TOTAL FOR FIRST DOLLAR WC                                                                  -1,309,114    3,186,999     508,663

<Caption>
 <S>                               <C>           <C>                <C>         <C>
   2001   Discover Reinsurance         8,338           0            0
   2001   Safety National Cas.       488,613     189,330            0           18
                                                                         ---------
 TOTAL FOR NEW YORK                  751,895     311,976            0           31

 TOTAL FOR 2001                      951,447     351,344            0           35

 TOTAL FOR FIRST DOLLAR WC         1,369,222     560,991            0           56
</Table>

                                      J-31
<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
itemised 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. Each party will pay all taxes for
which it is the primary obligor as a result of the provision of any service
under this Agreement; provided, that Retrocessionaire shall be solely
responsible for, and shall reimburse Retrocedant in respect of, any sales, gross
receipts, value added or transfer tax payable with respect to the provision of
any service under this Agreement, and any such reimbursement obligation shall be
in addition to Retrocessionaire's obligation to pay for such service.<PAGE>

                                                                   Exhibit 10.37

                     100% QUOTA SHARE RETROCESSION AGREEMENT
                                  (TRADITIONAL)

                                 BY AND BETWEEN

                      ST. PAUL REINSURANCE COMPANY LIMITED

                                  (RETROCEDANT)

                                       and

                            PLATINUM RE (UK) LIMITED

                               (RETROCESSIONAIRE)

                            DATED AS OF________, 2002

THIS QUOTA SHARE RETROCESSION Agreement (this "AGREEMENT"), effective as of
12:01 a.m. London time on the day following receipt by Retrocessionaire of
permission from the Financial Services Authority under Part IV of the Financial
Services and Markets Act 2000 to conduct reinsurance business in the United
Kingdom (such time the "EFFECTIVE TIME" and such date the "EFFECTIVE DATE") is
made by and between ST. PAUL REINSURANCE COMPANY LIMITED, a United Kingdom
domiciled insurance company ("RETROCEDANT"), and Platinum RE (UK) LIMITED, a
United Kingdom domiciled insurance company ("RETROCESSIONAIRE").

All capitalised terms used but not defined herein shall have the meanings
ascribed to such terms in the Formation and Separation Agreement dated --
between Platinum Underwriters Holdings, Ltd., the ultimate parent of
Retrocessionaire, and The St. Paul Companies, Inc., the ultimate parent of
Retrocedant.

WHEREAS, Retrocedant has agreed to retrocede to Retrocessionaire, and
Retrocessionaire has agreed to assume by indemnity reinsurance, 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.

 BUSINESS COVERED; EXCLUSIONS

         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 under all reinsurance
         and retrocession contracts (each, a "REINSURANCE CONTRACT") that are
         [new or] renewal contracts entered into by Retrocedant on or after the
         Effective Date pursuant to [Clause 4.1 or] Clause 4.3 of Part B of the
         UK Underwriting Agency and Underwriting Management Agreement (the
         "AGENCY AGREEMENT") between Retrocedant and Retrocessionaire of even
         date herewith. No retrocession shall attach with respect to any
         contracts of reinsurance of any kind or type whatsoever issued and/or
         assumed by Retrocedant, other than the Reinsurance Contracts.

                                       1
<PAGE>

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.

COVERAGE

         The 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.

PREMIUMS AND COMMISSION

         As premium for the reinsurance provided hereunder, Retrocedant shall
         retrocede to Retrocessionaire one hundred percent (100%) of the gross
         premium ceded to Retrocedant under the Reinsurance Contracts, less
         return premium, applicable [ceding and other] commissions, allowances
         and premiums for inuring reinsurance.

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 respective Reinsurance
         Contracts.

INURING RETROCESSIONS

         It is understood and agreed that when Retrocedant warrants that it is
         in the best interest of Retrocedant and Retrocessionaire, Retrocedant
         may purchase facultative reinsurance and any other treaty reinsurance.
         The premium for said inuring reinsurance that inures to the benefit of
         Retrocessionaire will be deducted from the premium hereunder.

LOSS AND LOSS EXPENSE; SALVAGE AND SUBROGATION; FOLLOW THE FORTUNES

         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 as incurred by Retrocedant under the
         Reinsurance Contracts on and after the Effective Date. Retrocessionaire
         shall have the right to all salvage and subrogation on the account of
         claims and settlements with respect to the Reinsurance Contracts.

         In the event of a claim under a Reinsurance Contract, 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 the Administration
         subsection 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

                                       2
<PAGE>

         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 proportion specified herein, "follow the fortunes" of
         Retrocedant in respect of risks Retrocessionaire has accepted under
         this Agreement.

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 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 the Arbitration Section hereof.

ADMINISTRATION OF REINSURANCE CONTRACTS

ADMINISTRATION

         The parties agree that, as of the Effective Time, Retrocedant shall
         have the sole authority to administer the Reinsurance Contracts 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 Contracts, 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, defence, setoff or counterclaim relating to the
         Reinsurance Contracts with respect to amounts in excess of $500,000 or
         make any ex gratia payments, and shall not amend, commute or terminate
         any of the Reinsurance Contracts, in each case without the prior
         written consent of Retrocessionaire.

         Notwithstanding the foregoing, to the extent permitted by law,
         Retrocessionaire may, at its discretion and at its own expense, assume
         the administration, defence 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 the Extra Contractual Obligations section
         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 the Indemnification section herein.

REPORTING AND REGULATORY MATTERS

         Each party shall provide the notices and filings required to be made by
         it to relevant 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.

                                       3
<PAGE>

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 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.

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 relevant insurance regulators, brokers and other service providers
         and reinsureds and all notices of claims, suits and actions for which
         it receives service of process.)

REPORTS AND REMITTANCES

REPORT FROM RETROCEDANT

         Within 30 days after the close of each month, Retrocedant will furnish
         Retrocessionaire with a report summarising the written premium ceded
         less return premium, allowances, commission, premiums for inuring
         reinsurance, losses paid, loss adjustment expense paid, monies
         recovered, and net balance due either party. In addition, Retrocedant
         will furnish Retrocessionaire a monthly statement showing the unearned
         premium, the total reserves for outstanding losses including loss
         adjustment expense, a breakdown for paid and outstanding catastrophe
         losses and loss adjustment expense, and such other information as may
         be required by Retrocessionaire for completion of its annual statements
         or other filings.

REMITTANCES

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

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").

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 A hereto.

CURRENCY

         For purposes of this Agreement, where Retrocedant receives premiums or
         pays losses in currencies other than United States dollars, such
         premiums or losses shall

                                       4
<PAGE>

         be converted into United States dollars at the actual rates of exchange
         at which these premiums or losses are entered in the Retrocedant's
         books.

MAINTENANCE OF LICENSES

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

ACCESS TO RECORDS

         From and after the Effective 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 Effective 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
         Section 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 Effective 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 Section 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
         representatives to, treat and hold as confidential information any
         information it receives or obtains pursuant to this Section.

INDEMNIFICATION

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 the extent arising from the gross negligence or wilful
         misconduct of Retrocedant except to the extent such actions are taken
         with the prior consent or direction of Retrocessionaire. Such
         indemnification obligations shall

                                       5
<PAGE>

         be limited to the aggregate of all fees paid to Retrocedant pursuant to
         the Cost Reimbursement subsection hereof.

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.

INDEMNIFICATION PROCEDURES

         (a)      If a party seeking indemnification pursuant to this Section
                  (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 the Indemnification by Retrocedant
                  and the Indemnification by Retrocessionaire subsections of
                  this Section, 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 shall
                  not relieve the Indemnifying Party of its obligations under
                  this Section, 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 subsection (a) of this Section (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 defence of a Third Party Claim, such Indemnifying Party
                  shall not be liable to such Indemnitee under this Section 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 defence
                  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 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

                                       6
<PAGE>

                  to assume responsibility for defending a Third Party Claim, or
                  fails to notify an Indemnitee of its election as provided in
                  this Section, such Indemnitee may defend or (subject to the
                  remainder of this Section) 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
                  defence, settlement or compromise, and shall otherwise
                  cooperate in a reasonable manner in the defence, settlement or
                  compromise of such Third Party Claim.

         (e)      Notwithstanding anything in this Section 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 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.

                                       7
<PAGE>

SURVIVAL

         This Indemnification Section shall survive termination of this
Agreement.

ARBITRATION

         All disputes and differences arising under or in connection with this
         Agreement shall be referred to arbitration under the Arbitration Rules
         of the A.I.D.A. Reinsurance and Insurance Arbitration Society of the UK
         ("ARIAS (UK)").

         The Arbitration Tribunal shall consist of three arbitrators, one to be
         appointed by the claimant party, one to be appointed by the respondent
         party and the third to be appointed by the two appointed arbitrators.

         The third member of the Tribunal shall be appointed as soon as
         practicable (and no later than 28 days) after the appointment of the
         two party-appointed arbitrators. The Tribunal shall be constituted upon
         the appointment of the third arbitrator.

         The Arbitrators shall be persons (including those who have retired)
         with not less than ten years' experience of insurance or reinsurance
         within the industry or as lawyers or other professional advisers
         serving the industry.

         Where a party fails to appoint an arbitrator within 14 days of being
         called upon to do so or where the two party-appointed arbitrators fail
         to appoint a third within 28 days of their appointment, then upon
         application ARIAS (UK) will appoint an arbitrator to fill the vacancy.
         At any time prior to appointment by ARIAS (UK) the party or arbitrators
         in default may make such appointment.

         The Tribunal may in its sole discretion make such orders and directions
         as it considers to be necessary for the final determination of the
         matters in dispute. The Tribunal shall have the widest discretion
         permitted under the law governing the arbitral procedure when making
         such orders or directions.

         The seat of arbitration shall be London.

         Each party shall bear the expense of its own arbitrator and shall share
         equally with the other party the expense of the third arbitrator and of
         the arbitration.

         This Arbitration section shall survive termination of this Agreement.

INSOLVENCY

         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.

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

                                       8
<PAGE>

         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
         defence undertaken by Retrocessionaire.

         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 (i) where the
         Reinsurance Contracts specifically provide another payee in the event
         of the insolvency of Retrocedant, and (ii) 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.

         For the purposes of this Section, "insolvency of Retrocedant" shall
occur if:

         (i)      a winding up petition is presented in respect of Retrocedant
                  or a provisional liquidator is appointed over it or if
                  Retrocedant goes into administration, administrative
                  receivership or receivership or if Retrocedant has a scheme of
                  arrangement or voluntary arrangement proposed in relation to
                  all or any part of its affairs; or

         (ii)     Retrocedant goes into compulsory or voluntary liquidation;

         or, in each case, if Retrocedant becomes subject to any other similar
         insolvency process (whether under the laws of England and Wales or
         elsewhere); and

         Retrocedant is unable to pay its debts as and when they fall due within
         the meaning of section 123 of the Insolvency Act 1986 (or any statutory
         amendment or re-enactment of that section).

OFFSET

         Retrocedant and Retrocessionaire shall have the right to offset any
         balance or amounts due from 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.

 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.

 SECURITY

         As a condition precedent to this Agreement becoming effective,
Retrocessionaire shall execute:

         (i)      the custody and investment accounting agreement with State
                  Street Bank and Trust Company ("CUSTODIAN") in the form agreed
                  by Retrocedant and Retrocessionaire and initialled for the
                  purposes of identification by or on behalf of them ("THE
                  AGREED FORM") (the "CUSTODY AGREEMENT");

         (ii)     the control agreement between Retrocedant, Retrocessionaire
                  and Custodian in the Agreed Form (the "CONTROL AGREEMENT");

                                       9
<PAGE>

         (iii)    the discretionary investment advisory agreement with Alliance
                  Capital Management L.P. ("INVESTMENT MANAGER") in the Agreed
                  Form (the "INVESTMENT ADVISORY AGREEMENT"); and

         (iv)     the security agreement, pursuant to which Retrocessionaire
                  grants a continuing first priority security interest in
                  collateral accounts established with Custodian pursuant to the
                  Custody Agreement, in the Agreed Form (the "SECURITY
                  AGREEMENT").

         Retrocessionaire undertakes to notify Retrocedant in writing
         immediately upon becoming aware of the occurrence of a Relevant Event
         under the Security Agreement. [Upon becoming aware of any such
         Relevant] Event, Retrocedant shall be entitled, upon notice in writing
         to Retrocessionaire, to terminate this Agreement with immediate effect.
         Upon termination, Retrocessionaire shall [within seven days] account to
         Retrocedant for all amounts owing to Retrocedant pursuant to this
         Agreement, and the provisions of the Offset Section shall apply. ]

MISCELLANEOUS PROVISIONS

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.

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.

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.

EXECUTION IN COUNTERPARTS

         This Agreement may be executed by the parties hereto in any number of
         counterparts and by each of the parties 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.

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:

                                       10
<PAGE>

         If to Retrocedant:

         St. Paul Reinsurance Company Limited
         27 Camperdown Street
         London
         E1 8DS
         Facsimile:  + 44 20 7488 6345
         Attention:  Company Secretary

         If to Retrocessionaire:

         Platinum Re (UK) Limited
         52, Lime Street,
         London, EC3M 7NL
         Facsimile:  020 7623 6610
         Attention:  Company Secretary

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:

         For credit to Platinum Re (UK) Limited
         [                       ]
         Account Number [                       ]

         For credit to St. Paul Reinsurance Company Limited [                  ]

         Payment may be made by cheque payable in immediately available funds in
         the event the party entitled to receive payment has failed to provide
         wire transfer instructions.

HEADINGS

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

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.

THIRD PARTY RIGHTS

         The Indemnification Section of this Agreement confers a benefit on the
         officers, directors and employees of Retrocedant and of
         Retrocessionaire (the "THIRD PARTIES") and, subject to the remaining
         provisions of this Section, is intended to be enforceable by the Third
         Parties by virtue of the Contracts (Rights of Third Parties) Act 1999.

         The parties to this Agreement do not intend that any term of this
         Agreement, apart from the Indemnification Section, should be
         enforceable, by virtue of the Contracts

                                       11
<PAGE>

         (Rights of Third Parties) Act 1999, by any person who is not a party to
         this Agreement.

         Notwithstanding the foregoing provisions of this Third Party Rights
         Section, this Agreement may be rescinded or varied in any way and at
         any time by the parties to this Agreement without the consent of any or
         all of the Third Parties.

AMENDMENTS; ENTIRE AGREEMENT

         This Agreement may be amended only by written agreement of the parties.
         This Agreement[, together with --,] 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.

GOVERNING LAW

         This Agreement shall be governed by English law.

                                       12
<PAGE>

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

                                          ST. PAUL REINSURANCE COMPANY LIMITED

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

                                          PLATINUM RE (UK) LIMITED

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

                                       13
<PAGE>

                                    EXHIBIT A

                      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
itemised 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. Each party will pay all taxes for
which it is the primary obligor as a result of the provision of any service
under this Agreement; provided, that Retrocessionaire shall be solely
responsible for, and shall reimburse Retrocedant in respect of, any sales, gross
receipts, value added or transfer tax payable with respect to the provision of
any service under this Agreement, and any such reimbursement obligation shall be
in addition to Retrocessionaire's obligation to pay for such service.

                                      J-1

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