Document:

<PAGE>

                                                                   EXHIBIT 10.28

                 SURPLUS LINES PROGRAM ADMINISTRATOR AGREEMENT

                                 by and between

                    NEWMARKET UNDERWRITERS INSURANCE COMPANY

                                 (the "Company")

                                       and

                            CHUBB CUSTOM MARKET INC.

                          (the "Program Administrator")

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
Section                                                    Page
-------                                                    ----
<S>                                                        <C>
1.  Appointment                                              2
2.  Authority                                                2
3.  Definitions                                              2
4.  Representations and Warranties                           2
5.  The Program Administrator's Services                     3
6.  Limitation of Program Administrator's Powers             4
7.  Company's Duties                                         5
8.  No Claims Authority                                      6
9.  Premiums                                                 6
10. Program Administrator's Expense                          7
11. Fees and Commissions                                     8
12. Maintenance of Files                                     8
13. Access to Files and Audits                               8
14. Term and Termination                                     9
15. Confidentiality                                          9
16. Indemnification                                         10
17. Governing Law                                           10
18. Independent Contractor                                  10
19. Notices                                                 11
20. Territory                                               11
21. Currency                                                11
22. Errors and Omissions; Fidelity Bond; Other Insurance    12
23. Advertising and Representation                          12
24. Licensing                                               12
25. Employee Non-solicitation                               13
26. Supplies                                                13
27. Company's Right to Cancel or Non-Renew                  13
28. Regulatory Notices                                      13
29. Arbitration                                             13
30. General Provisions                                      15

EXHIBIT A. Underwriting Guidelines                          17
</TABLE>

<PAGE>

                  SURPLUS LINES PROGRAM ADMINISTRATOR AGREEMENT

This Program Administrator Agreement ("Agreement") is effective June 11, 2002
between Newmarket Underwriters Insurance Company a New Hampshire corporation
with its statutory offices at 9 Capital Street, Concord, New Hampshire 03301
(the "Company"), and Chubb Custom Market, Inc. a New Jersey corporation with
offices at 15 Mountain View Road, Warren, New Jersey 07059 (the "Program
Administrator").

In consideration of the mutual promises and covenants herein contained and other
good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, and subject to all terms and conditions hereof, the Company and
the Program Administrator agree as follows:

SECTION 1 - APPOINTMENT

The Company appoints the Program Administrator to act as a program administrator
to perform Services on the Company's behalf with respect to the Business. The
Program Administrator accepts such appointment, and agrees to perform the
Services on the Company's behalf with respect to the Business, to comply with
the requisite underwriting guidelines contained in the Underwriting Guidelines,
and strive to achieve an underwriting profit with regards to same.

SECTION 2 - AUTHORITY

The Company hereby grants to the Program Administrator the authority to perform
on the Company's behalf any and all of the Services set forth in Section 5, as
well as any and all necessary or appropriate services related thereto (the
"Authority"). This Authority is governed by the Agreement, including the
Underwriting Guidelines, state laws and regulations, and instructions given by
the Company from time to time.

SECTION 3 - DEFINITIONS

The term "Business", wherever used in this Agreement, shall mean the lines of
insurance delineated in Exhibit A to this Agreement, together with any
amendments or supplements thereto as prepared and provided in writing by the
Company to the Program Administrator in accordance with the provisions of
Section 30 (d) hereof.

The term "Policy" or "Policies", wherever used in this Agreement, shall mean
insurance contracts and declaration pages, including any addenda or endorsements
attached thereto, issued by the Company under this Agreement.

The term "Underwriting Guidelines" wherever used in this Agreement, shall mean
the underwriting guidelines as delineated in Exhibit A to this Agreement,
together with any amendments or supplements thereto provided in writing by the
Company to the Program Administrator in accordance with the provisions of
Section 30 (d) hereof.

SECTION 4 - REPRESENTATIONS AND WARRANTIES

     (a)  The Program Administrator represents and warrants that it is a
          corporation duly organized, validly existing and in good standing
          under the laws of its jurisdiction of incorporation, with full
          corporate power and authority to

                                       2

<PAGE>

          conduct its business as it is now being conducted, to own or use the
          properties or assets that it purports to own or use, and to perform
          all of its obligations under this Agreement.

     (b)  The Program Administrator represents and warrants that it has taken
          all corporate action necessary, in order to execute, deliver and
          perform fully its obligation under this Agreement and to consummate
          the transactions contemplated herein.

SECTION 5 - THE PROGRAM ADMINISTRATOR'S SERVICES

The Program Administrator will perform and shall have the authority to perform
the following services ("Services") with respect to Business placed with the
Company under this Agreement:

     (a)  Solicit and receive applications for insurance, evaluate, negotiate,
          rate, underwrite and bind insurance on behalf of, and in the name of
          the Company, issue quotes, cover notes and binders consistent the
          Underwriting Guidelines, subject to the applicable surplus lines
          insurance laws and regulations, and instructions given by the Company
          from time to time;

     (b)  Develop and maintain proper files on Business placed under this
          Agreement, which will be the joint property of the Company and the
          Program Administrator, except as to the ownership of expirations as
          set forth in Section 14 (e) hereof;

     (c)  Provide proper and timely cancellation or non-renewal and increase in
          premium or reduction in coverage notice to policyholders, certificate
          holders and regulatory bodies as required by the Policy, any
          applicable statute or regulation, any applicable regulatory order, or
          the Company;

     (d)  Collect and account for premiums and endorse checks payable to the
          Company, if such checks are received by the Program Administrator in
          the regular course of its duties, to collect premium monies on the
          Company's behalf;

     (e)  To remit premiums received, net of the compensation due to the Program
          Administrator in accordance with the provisions of Section 9 hereof,
          and to return unearned premiums when appropriate;

     (f)  To cancel Policies for non-payment of premium;

     (g)  Secure and maintain any and all licenses for the Program Administrator
          as may be required by applicable law;

     (h)  Insure that all surplus lines taxes, fees, assessments, and charges on
          premiums are paid in full and on a timely basis;

     (i)  Cooperate fully with the Company to facilitate the investigation and
          adjustment of any claims when requested by the Company;

                                       3

<PAGE>

     (j)  Meet all service level objectives contained in the Underwriting
          Guidelines;

     (k)  Issue Policies, endorsements on those Policies, certificates of
          insurance under those Policies, or any addendum under those Policies,
          where Company is a quota share participant on any risk underwritten
          pursuant to the authority granted by this Agreement. Company will
          provide appropriate electronic or other documentation containing the
          following Signatory Authority: Mr. Robert M. Solitro, of Manchester,
          New Hampshire, being President and CEO of the Company, with
          Administrative Offices at 650 Elm Street, 6th Floor, Manchester, New
          Hampshire, 03101-2524;

     (l)  Request that the Company issue, for all Policies where Company is not
          a quota share participant on a risk, such Policies, endorsements on
          those Policies, certificates of insurance under those Policies or any
          addendum under those Policies. Company will issue the aforementioned
          Policy documents in accordance with the service standards specified in
          Section 7 (b) hereof;

     (m)  Cooperate fully with the Company in performing all aspects of this
          Agreement, and faithfully promote and safeguard the Company's best
          interests at all times; and

     (n)  Maintain adequate facilities, equipment, and staff with the skill,
          knowledge and ability to support and carry out the Program
          Administrator's obligations under this Agreement.

SECTION 6 - LIMITATION OF PROGRAM ADMINISTRATOR'S POWERS

In addition to any other limitations contained in this Agreement, any exhibit
hereto or any Underwriting Guidelines or written instruction which may be issued
from time to time by the Company to the Program Administrator, the Program
Administrator will have no power to do, nor will it represent itself as having
power to do, nor will it do, any of the following:

     (a)  Directly or indirectly solicit, sell, offer, bind, issue or deliver
          any insurance at any reduction or deviation from the rates, terms or
          conditions specified in writing therefore by the Company, or deviate,
          in any manner, from the written rates and forms promulgated by the
          Company;

     (b)  Purport to effect coverage subsequent to the effective date of the
          Policy without the prior written approval of the Company, except (i)
          for new business, during the 15-day period after the coverage
          effective date, and (ii) for renewal business, during the 30-day
          period after the coverage effective date, but in each case only if the
          insured has warranted in writing that there are no known losses;

     (c)  Cede to any facultative reinsurer any risk, or portion of a risk which
          is written on a surplus lines basis and is eligible for placement
          under this Agreement, until the Company's capacity is exhausted;

                                       4

<PAGE>

     (d)  Effect or authorize a flat cancellation more than 30 days after the
          effective date of the Policy without prior written approval of the
          Company, except where the premium has not been collected in full;

     (e)  Issue any binder or cover note other than in accordance with the
          Underwriting Guidelines without prior approval of the Company;

     (f)  Waive a forfeiture or issue a guaranty, unless specifically authorized
          to do so by the Company;

     (g)  Extend the time for the payment of premiums or other monies due to
          Company;

     (h)  Waive any premium payment;

     (i)  Withhold any monies or property of or owing to the Company;

     (j)  Offer or pay any rebate of premium to any party;

     (k)  Make, alter or discharge any of the terms and conditions of any
          Policy, contract or receipt of the Company without the prior approval
          of the Company;

     (l)  Reinstate Policies or certificates cancelled by the Company (other
          than for non-payment of premium) without the prior approval of the
          Company;

     (m)  Negotiate or place any reinsurance on behalf of the Company,
          irrespective of whether such reinsurance is elective or required by
          the Underwriting Guidelines;

     (n)  Make any agreements rendering or purporting to render the Company
          liable for the payment or repayment of expense, commissions,
          administrative fees or service fees, or any other sum without the
          prior approval of the Company;

     (o)  Make, accept or endorse notes or otherwise incur any liability on
          behalf of the Company, other than the insurance expressly described in
          Exhibit A hereto, for which the Program Administrator is authorized;

     (p)  Transact business in contravention of the rules and regulations of any
          insurance department or any governmental authority having jurisdiction
          over any of the matters pertaining to this Agreement;

     (q)  Transact business in contravention of any written instructions issued
          by the Company;

     (r)  Engage any attorney to represent the Company for any purpose
          whatsoever without the Company's prior written approval; and

     (s)  Assign or delegate its rights and duties hereunder or appoint any
          producer without prior approval of the Company, provided, that the
          Program Administrator may employ other entities to assist it in
          performance of its duties under this Agreement:

                                       5

<PAGE>

SECTION 7 - COMPANY'S DUTIES

The Company will have the following duties in connection with this Agreement:

     (a)  To cooperate fully with the Program Administrator in all aspects of
          this Agreement, including but not limited to the Program
          Administrator's performance of the Services with respect to the
          Business;

     (b)  To send to the Program Administrator all Policies and other documents
          requested within 30 days of the Program Administrator's receipt of the
          binder or request;

     (c)  To maintain adequate facilities and adequate staff (including but not
          limited to claims, accounting and the like) with the necessary skill,
          knowledge and ability to support and carry out the Company's
          obligations under the Business written by the Program Administrator
          pursuant to this Agreement;

     (d)  To maintain files as necessary and appropriate to perform its
          obligation's hereunder and the Business written by the Program
          Administrator pursuant to this Agreement;

     (e)  To maintain at all times in full force and effect all licenses,
          certificates of authority and approvals required for it to transact
          surplus lines insurance and otherwise to perform all of its
          obligations under this Agreement;

     (f)  To pay promptly all commissions due to the Program Administrator under
          this Agreement; and

     (g)  To fulfill in good faith all obligations under the Business written by
          the Program Administrator on the Company's behalf pursuant to this
          Agreement.

SECTION 8 - NO CLAIMS AUTHORITY

The Program Administrator has no authority to adjust or settle any claim or suit
under the Policies written or bound under this Agreement. The Program
Administrator, when notified of a claim or suit, will promptly report to the
Company all such claims or suits, and forward copies of all legal process or
other claim related communications promptly on receipt.

SECTION 9 - PREMIUMS

     (a)  The Program Administrator will prepare and submit to the Company a
          monthly statement of all premiums written and premium adjustments made
          (whether additional or return) with respect to all business and
          transactions effective in that month (the "Account Current") within
          the 21st day following the end of the month;

     (b)  The Program Administrator agrees to pay to the Company all premiums
          collected by the Program Administrator under this Agreement, net of
          commissions, not later than the 45th day following the end of the
          month in which the policy is written. If there is non-payment of
          premium for a Policy, the Program Administrator will cancel the
          Policy, such cancellation to be effective not later than 20 days after
          the Program Administrator

                                       6

<PAGE>

          becomes aware of the non-payment and will make reasonable attempts to
          collect any earned premium. The Program Administrator shall be liable
          for any uncollected premium where a cancellation cannot be
          accomplished retroactive to inception;

     (c)  All premiums received by the Program Administrator pursuant to this
          Agreement will be held by the Program Administrator in a fiduciary
          capacity in an interest bearing bank account in a bank reasonably
          acceptable to the Company. Interest earned there on shall accrue
          exclusively to the Program Administrator. The Program Administrator
          will not commingle any premium monies collected pursuant to this
          Agreement with operating funds or funds held by the Program
          Administrator in any other capacity;

     (d)  The Program Administrator will send to the Company all binders, cover
          notes and cancellations within 30 days of the date the binder, cover
          note or cancellation was effective;

     (e)  The Program Administrator agrees to provide the Company with the
          following information:

          1. Monthly Summary Report for New Business which will include the
          following elements and will be sorted by Line of Business and
          effective date and listed by account name:

               -    line of business

               -    effective date

               -    Account name

               -    Policy Limits

               -    Attachment Point

               -    Premium

               -    Broker Commission

               -    Producer/Broker Name & Location

               -    Policy Term

               -    Account Description Number

          2. A monthly Account Current report (Bordereau) of status of
          collections and on open items reflecting accounting.

     (f)  The Program Administrator is not responsible to remit premiums due for
          premium audits if the Program Administrator makes all reasonable
          efforts to collect the audit premium due but is unable to do so, and
          so informs the Company of that fact within 30 days of the date of the
          premium audit. In such event, the Program Administrator will not
          receive any commissions for any amounts subsequently collected by the
          Company; and

     (g)  The Program Administrator shall not make any charge or demand any
          payment from any insured or insured's representative for any Policy
          placed with the Company under this Agreement, except for: (1) the
          gross Policy premium specified in the Company's contract of insurance,
          (2) the applicable state tax(es), and (3) any Policy fee, service
          charge, or similar charge

                                       7

<PAGE>

          expressly authorized by the appropriate state insurance supervisory
          official(s) or the laws or regulations of the applicable state.

SECTION 10 - PROGRAM ADMINISTRATOR'S EXPENSES

The Program Administrator will be responsible for all expenses incurred by it in
the performance of its obligations under this Agreement including all expenses
of its offices, and including commissions to producing brokers or agents, and
other fees and expense of whatever kind.

SECTION 11 - FEES AND COMMISSIONS

     (a)  The Program Administrator's remuneration for the Services provided
          under this Agreement will be commissions as indicated below or as may
          individually negotiated:

<TABLE>
<CAPTION>
          LINE OF BUSINESS   COMMISSION
          ----------------   ----------
<S>                          <C>
          All Lines          7.5% plus broker  commissions paid,
                             the total not to exceed 20%
</TABLE>

          The Program Administrator shall deduct and retain commission on "net
          written premiums" collected hereunder. For the purpose of this
          Agreement, "net written premiums" means gross premiums written less
          cancellation and return premiums.

     (b)  For premiums collected directly by the Company, the Company shall
          prepare and submit to the Program Administrator within fifteen (15)
          days after the end of each month a detailed statement of all premiums
          collected and premium adjustments made (whether additional or return)
          with respect to the Business transacted pursuant to this Agreement,
          and stating the commission thereon at the rate specified in paragraph
          (a) of this Section. Payment of the stated commission shall accompany
          the statement.

SECTION 12 - MAINTENANCE OF FILES

The Program Administrator shall maintain files of the Business transacted by it
pursuant to this Agreement. Such files will be turned over to the Company
promptly on the termination of this Agreement. The Program Administrator may
retain copies of such files.

SECTION 13 - ACCESS TO FILES AND AUDITS

     (a)  Upon written notice being given to the Program Administrator, the
          Company shall have access at any reasonable time during the term of
          this Agreement and subsequent to its termination to all files of the
          Program Administrator which pertain to this Agreement. At the
          Company's expense, copies of the whole or part of any such files will
          be provided, subject to Section 15 of this Agreement. The Company may
          audit the performance of the Program Administrator under this
          Agreement and may perform a financial audit of the Program
          Administrator's records under this Agreement upon thirty (30) days
          prior written notice to the Program Administrator.

                                       8

<PAGE>

     (b)  Upon written notice being given to the Company, the Program
          Administrator shall have access at any reasonable time during the term
          of this Agreement and subsequent to its termination to all files of
          the Company which pertain in any way to this Agreement including the
          Program Administrator's commission under this Agreement. At the
          Program Administrator's expense, copies of the whole or part of any
          such files will be provided, subject to Section 15 of this Agreement.

SECTION 14 - TERM AND TERMINATION

     (a)  This Agreement shall remain in force from the effective date set forth
          in the first paragraph on page 2 hereof until terminated as set forth
          in this Section 14.

     (b)  This Agreement may be terminated at any time by either party giving
          written notice sent in accordance with Section 19 hereof specifying
          the effective date of termination, which shall not be less than sixty
          (60) days thereafter.

     (c)  Except where the parties agree that there is a good faith dispute,
          either party may terminate this Agreement at any time in the event
          that the other party fails to account for or pay monies due under this
          Agreement by giving written notice sent in accordance with Section 19
          hereof specifying the effective date of termination, which shall not
          be less than ten (10) days thereafter. Such termination will not
          become effective if the other party accounts for and pays all monies
          due prior to the effective date of the termination.

     (d)  At either party's option, this Agreement shall terminate automatically
          upon (i) the liquidation or dissolution of all or a substantial
          portion of either party's business, (ii) the insolvency or bankruptcy
          of either party, (iii) the commission of an act of bankruptcy by
          either party, (iv) the making of an assignment for the benefit of
          creditors by either party, (v) the institution of any proceeding by or
          against either party (A) seeking to adjudicate it a bankrupt or
          insolvent, or (B) seeking liquidation, winding up, reorganization,
          arrangement, adjustment, protection, relief, or composition of it or
          its debts under any law relating to bankruptcy, insolvency or
          reorganization or relief of debtors, which proceeding is not dismissed
          within 30 days, or (vi) the institution of any proceeding by or
          against either party seeking the entry of an order for relief or the
          appointment of a receiver, trustee, or other similar official for it
          or for any substantial part of its property.

     (e)  After the effective date of termination of this Agreement, the Program
          Administrator shall not (i) issue any quotes, cover notes, policies of
          insurance or certificates of insurance having an inception date
          subsequent to the effective date of such termination, or (ii) extend,
          renew or increase the Company's liability on any existing Policy or
          contract. Notwithstanding the termination of this Agreement, the
          Company and the Program Administrator shall remain subject to this
          Agreement as respect the Business bound prior to the effective date of
          the termination. Expirations on the Business written pursuant to this
          Agreement prior to its termination will be and remain the

                                       9

<PAGE>

          property of the Program Administrator, provided the Program
          Administrator has paid all moneys owed to the Company under this
          Agreement.

     (f)  The provisions of Section 12, 15, 16 and 17 hereof shall survive any
          termination of this Agreement.

SECTION 15 - CONFIDENTIALITY

Each party acknowledges that it may receive confidential or proprietary
information or trade secrets (collectively "Confidential Information") of the
other party. Each party agrees (i) to hold such Confidential Information in
confidence and to protect such Confidential Information with at least the same
degree of care as it normally exercises to protect its own confidential or
proprietary information or trade secrets of a similar nature, (ii) to use such
Confidential Information solely for the purpose of performing its obligations
under this Agreement, (iii) to reproduce such Confidential Information only to
the extent necessary for such purpose, (iv) to restrict disclosure of such
Confidential Information to its employees, officers, directors, shareholders,
consultants and agents with a need to know for the purposes of performing its
obligations under this Agreement and to inform such employees, officers,
directors, shareholders, consultants and agents of its confidentiality
obligations under this Agreement, and (v) not to disclose such Confidential
Information to any third party (including, without limitation, in any public
statement or announcement) without the prior written approval of the other
party. These restrictions on the use or disclosure of Confidential Information
shall not apply to any Confidential Information (i) after it has become
generally available to the public without breach of this Agreement, (ii) which
is disclosed by a party under legal process (with reasonable prior notice to the
other party) provided such disclosure is not protected by a confidentiality
agreement or order, or (iii) which a party agrees in writing is free of such
restrictions.

SECTION 16 - INDEMNIFICATION

     (a)  The Program Administrator agrees to indemnify and hold the Company and
          its officers, directors, and employees harmless from any damage and
          against any liability for loss, cost, expenses, fines, penalties,
          including punitive or exemplary damages, and all cost of defense: (i)
          resulting from any act, error, or omission, whether intentional or
          unintentional, by the Program Administrator and its officers,
          directors, employees, and its producers, related to or which arise out
          of the business covered by this Agreement, or (ii) resulting from any
          obligation, act, or transaction created or performed by the Program
          Administrator in violation of, in excess of, or in contravention of
          the power and authority of the Program Administrator set forth in this
          Agreement.

     (b)  The Company agrees to indemnify and hold the Program Administrator and
          its officers, directors, employees, and its producers harmless from
          any damage and against any liability for loss, cost, expenses, fines,
          penalties, including punitive or exemplary damages, and all cost of
          defense: (i) resulting from any act, error, or omission, whether
          intentional or unintentional, by the Company and its officers,
          directors, and employees, related to or which arise out of the
          business covered by this Agreement, or (ii) resulting from any
          obligation, act, or transaction created or performed by the Company in
          violation of, in excess of, or in contravention of the power and
          authority of the Company set forth in this Agreement.

                                       10

<PAGE>

SECTION 17 - GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of
the State of New York, without giving effect to the principles of conflict of
laws thereof.

SECTION 18 - INDEPENDENT CONTRACTOR

The Program Administrator's status will be that of an independent contractor in
all relations with the Company. Nothing in this Agreement will be construed as
creating the relation of employer and employee between the Program Administrator
and the Company, or between the Company and any of the Program Administrator's
directors, officers, employees or representatives. The Program Administrator
will not represent that it is, or that any of its employees are an employee of
the Company. The Program Administrator will be free to exercise independent
judgment as to the time, place and manner of developing business to be placed
under this Agreement and servicing policyholders.

SECTION 19 - NOTICES

All notices and other communications required or permitted to be given under
this Agreement shall be in writing and will be deemed to have been duly given on
the date delivered by hand, by overnight courier service, by messenger, or upon
delivery by registered or certified mail (return receipt requested) postage
prepaid, to either party hereunder at the following addresses, unless a party
has specified a different address in writing:

If to the Program Administrator:

Chubb Custom Market, Inc.
15 Mountain View Road,
Warren, New Jersey 07059
Attention: John Angerami

If to the Company:

Newmarket Underwriters Insurance Company
c/o 650 Elm Street, 6th Floor
Manchester, NH 03101-2524
Attn: Mr. Robert M. Solitro

With a copy to:

Allied World Assurance Company, Ltd.
The Bermuda Commercial Bank Building
43 Victoria Street
Hamilton HM 12, Bermuda
Attention: Jenny Barclay

SECTION 20 - TERRITORY

                                       11

<PAGE>

The authority of Program Administrator shall apply only to risks located in the
United States of America as delineated in Exhibit A to this Agreement. Such
territory is not assigned exclusively to the Program Administrator and the
Company reserves the right to administer any insurance procured by an insured or
as a result of another producer's or administrator's efforts.

SECTION 21 - CURRENCY

Unless otherwise agreed by the parties in writing, all transactions will be
reported and paid in U.S. dollars.

SECTION 22 - ERRORS AND OMISSIONS: FIDELITY BOND; OTHER INSURANCE

     (a)  The Program Administrator warrants that it now has and will maintain
          during the term of this Agreement insurance coverage for errors and
          omission liability in amounts not less than that indicated on Exhibit
          B to this Agreement, with an insurer (the "E&O Carrier") that is
          reasonably acceptable to the Company. The Program Administrator shall
          provide the Company with a certificate of insurance in its name
          containing the following provision: "The Company will receive 30 days'
          written notice of any change, cancellation or other termination of
          this policy."

     (b)  The Program Administrator will maintain a fidelity bond covering all
          operations and employees, servicing the business of this Agreement, in
          an amount indicated on Exhibit B to this Agreement, with an insurer,
          and on a form and with a deductible that is reasonably satisfactory to
          the Company. The Program Administrator will provide the Company with a
          certificate for the fidelity bond in its name containing the following
          provision: "The Company will receive 30 days' written notice of any
          change, cancellation or other termination of this policy."

     (c)  The Program Administrator will also maintain General Liability
          Insurance, Automobile Liability Insurance, and Worker's Compensation
          Insurance in amounts adequate and customary for the conduct of the
          Program Administrator's business and as required by law.

SECTION 23 - ADVERTISING AND REPRESENTATION

The Program Administrator and the Company shall not in any advertising, sales
literature or press release (i) use the name of the other party, or the other
party's parent, or any subsidiary, affiliates or member companies or associated
companies of the other party (collectively "Other Party), or (ii) use the Other
Parties logos, trademarks, tradenames or service marks, unless prior written
consent of the Other Party having ownership of said materials has been obtained.
Any such approval will not, in any event, be construed as charging or binding
the Other Party to bear any part of the cost or expense thereof. Use of the
Other Parties logos, trademarks, tradenames, or service marks in conjunction
with materials connected with any program or Policy shall not be construed to
mean that the party using such materials has acquired any ownership interest in
any of the Other Parties logos, trademarks, tradenames, or service marks.

                                       12

<PAGE>

SECTION 24 - LICENSING

The Program Administrator warrants that it understands the requirements of the
surplus lines insurance laws of the several states in its dealings with the
Company on a non-admitted basis; is responsible for the proper filing of surplus
lines affidavits and payment of surplus lines taxes and compliance with all
other insurance laws applicable to surplus lines, including those requiring
notice of cancellation, notice of non-renewal, increase in premium or decrease
in coverage; and now has and shall maintain during the term of this Agreement
the license or licenses necessary to place the surplus lines business described
in this Agreement. If the Program Administrator complies with such licensing
laws by using the license of a principal, director, officer, or other employee
of the Program Administrator, the Program Administrator will be responsible for
ensuring that the licensee complies with all requirements of this Agreement and
specifically with this Section.

SECTION 25 - EMPLOYEE NON-SOLICITATION

The Program Administrator and the Company covenant and agree that they will not,
based upon the transactions contemplated herein, for a period of three years
from and after the date this Agreement is executed, solicit for employment,
advise or encourage any employee of the other party to terminate employment with
the other party, or knowingly interfere or attempt to interfere with the
employment relationship between the other party and any of its employees who
perform services for it.

SECTION 26 - SUPPLIES

The ownership of all books, supplies, undelivered policies or other property
furnished by the Company to the Program Administrator will be vested in the
Company, and such items will be delivered to the Company or its authorized
representatives promptly upon the termination of this Agreement or at any time
upon the request of the Company. The Program Administrator agrees, without
expense to the Company, to surrender such items upon termination of this
Agreement or upon request. The Program Administrator has no authority to release
blank policy or certificate supplies to subproducers.

SECTION 27 - COMPANY'S RIGHT TO CANCEL OR NON-RENEW

In accordance with the laws of any applicable jurisdictions, the Company will
have the right, at any time, and from time to time, to cancel or non-renew any
Policies or contracts of insurance placed by the Program Administrator under
this Agreement. The Company will notify the Program Administrator when the
Company cancels or non-renews any such Policies or contracts of insurance.
Further, the Company reserves the right to withdraw the Program Administrator's
power to place any one or more particular programs, Policies, or particular
lines or classes of insurance at any time for any reason. The Company's right to
withdraw the Program Administrator's power or to decline particular risks or
classes of risk may be exercised by the Company at any time upon written notice
to the Program Administrator at the address and in the manner specified in
Section 19.

SECTION 28 - REGULATORY NOTICES

The Program Administrator will forward promptly to the Company all
correspondence pertaining to this Agreement received from any government
regulatory agency at the address and in the manner specified in Section 19.

                                       13

<PAGE>

SECTION 29 - ARBITRATION

     (a)  Resolution of Disputes, Choice of Law & Venue - As a condition
          precedent to any right arising hereunder, any dispute not resolved by
          mediation between the Company and the Program Administrator arising
          out of the provisions of this Agreement or concerning its
          interpretation or validity, whether arising before or after
          termination of this Agreement, shall be submitted to arbitration in
          the manner hereinafter set forth, and shall be governed by and
          construed in accordance with the laws of the State of New York,
          without giving effect to the principles of conflict of laws thereof.
          The arbitration shall be held in the State of New Jersey.

     (b)  Composition of Panel - Unless the parties agree upon a single
          arbitrator within fifteen (15) days after the receipt of a notice of
          intention to arbitrate, all disputes shall be submitted to an
          arbitration panel composed of two arbitrators and an umpire chosen in
          accordance with Paragraph C. hereof.

     (c)  Appointment of Arbitrators - The members of the arbitration panel
          shall be chosen from persons knowledgeable in the insurance business.
          Unless a single arbitrator is agreed upon, the party requesting
          arbitration (hereinafter referred to as the "claimant") shall appoint
          an arbitrator and give written notice thereof by certified mail, to
          the other party (hereinafter referred to as the "respondent") together
          with his notice of intention to arbitrate. Within thirty (30) days
          after receiving such notice, the respondent shall also appoint an
          arbitrator and notify the claimant thereof by certified mail. Before
          instituting a hearing, the two arbitrators so appointed shall choose
          an umpire. If, within twenty (20) days after the appointment of the
          arbitrator chosen by the respondent, the two arbitrators fail to agree
          upon the appointment of any umpire, each of them shall nominate three
          individuals to serve as umpire, of whom the other shall decline two
          and the umpire shall be chosen from the remaining two by drawing lots.
          The name of the individual first drawn shall be the umpire.

     (d)  Failure of Party to Appoint an Arbitrator - If the respondent fails to
          appoint an arbitrator within thirty (30) days after receiving a notice
          of intention to arbitrate, the claimant's arbitrator shall appoint an
          arbitrator on behalf of the respondent, such arbitrator shall then,
          together with the claimant's arbitrators, choose an umpire as provided
          in paragraph (c) of this Section.

     (e)  Submission of Dispute to Panel - Unless otherwise extended by the
          arbitration panel or agreed to by the parties, each party shall submit
          its case to the panel within thirty (30) days after the selection of
          the umpire.

     (f)  Procedure Governing Arbitration - All proceedings before the panel
          shall be informal and the panel shall not be bound by the formal rules
          of evidence. The panel shall have the power to fix all procedural
          rules relating to the arbitration proceeding. In reaching any
          decision, the panel shall give due consideration to the customs and
          usage's of the insurance business.

     (g)  Arbitration Award - The arbitration panel shall render its decision
          within thirty (30) days after termination of the proceeding, which
          decision shall be in

                                       14

<PAGE>

          writing, stating the reasons therefore. The decision of the majority
          of the panel shall be final and binding on the parties to the
          proceeding.

     (h)  Cost of Arbitration - Unless otherwise allocated by the panel, each
          party shall bear the expense of its own arbitrator and shall jointly
          and equally bear with the other parties the expense of the umpire and
          the arbitration.

SECTION 30 - GENERAL PROVISIONS

     (a)  WAIVER. No failure or delay in exercising any right, power and
          privilege under this Agreement will operate as a waiver thereof. No
          waiver on the part of any party of any right, power or privilege under
          this Agreement, nor any single or partial exercise of any such right,
          power or privilege, will preclude any other or further exercise
          thereof or the exercise of any other such right, power or privilege.
          No waiver or modification of this Agreement shall be effective unless
          it be in writing and signed by an officer of the Company.

     (b)  ENTIRE AGREEMENT. This Agreement, including all exhibits hereto which
          are made a part hereof by reference thereto, constitutes the entire
          agreement and understanding between the parties with respect to the
          subject matter hereof. Each party understands that all prior
          understandings or agreements, whether written or oral, by any party
          hereto or by any director, officer, employee, Program Administrator or
          representative of any party hereto, are hereby superseded.

     (c)  COUNTERPARTS. This Agreement may be executed in counterparts, each of
          which is deemed to be an original, and all such counterparts shall
          together constitute the same agreement.

     (d)  AMENDMENTS. This Agreement may be modified or amended only by written
          agreement signed by authorized representatives of both parties. Any
          and all changes to the Underwriting Guidelines shall be mutually
          agreed upon by the parties and shall be by written agreement signed by
          authorized representatives of both parties.

     (e)  SEVERABILITY. If any provision of this Agreement shall be rendered
          illegal or unenforceable by the laws, regulations or public policy of
          any jurisdiction, such provision shall be considered void in that
          jurisdiction, but this shall not affect the validity or enforceability
          of any other provision of this Agreement or the enforceability of such
          provision in any other jurisdiction.

     (f)  CAPTIONS. All headings in this Agreement are provided for convenience
          of reference and are not to be considered in the construction or
          interpretation of any provision of this Agreement.

     (g)  NO THIRD PARTY RIGHTS. Nothing in this Agreement, express or implied,
          is intended to confer upon any person other than the parties hereto
          any rights or remedies of any nature whatsoever under or by reason of
          this Agreement or any provision of this Agreement.

                                       15

<PAGE>

     (h)  INTERPRETATION. This Agreement shall be construed neither against nor
          in favor of either party, but rather in accordance with the fair
          meaning of its provisions.

     (i)  ASSIGNMENT. Neither party may assign its rights or responsibilities
          under this Agreement without the prior written consent of the other
          party, which consent shall not be unreasonably withheld.

     (j)  OFFSET. The Company and the Program Administrator may offset any
          balance or amount due from one party to the other under this
          Agreement; however, in the event of insolvency of any party hereto,
          offset shall only be allowed in accordance with applicable statutes
          and regulations. If the Company is comprised of more than one entity,
          all such entities will be considered the Company for purposes of
          offset.

     (k)  SUCCESSORS & ASSIGNS. This Agreement and all of its provisions and
          conditions are for the sole and exclusive benefit of the parties
          hereto, their successors and permitted assigns.

IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as of the
date indicated below.

NEWMARKET UNDERWRITERS INSURANCE        CHUBB CUSTOM MARKET INC.
COMPANY

BY: /s/ Maury T. Woodhull               BY: /s/ John L. Angerami
    ---------------------------------       ------------------------------------
    Signature                               Signature
Maury T. Woodhull                           John L. Angerami
-------------------------------------   ----------------------------------------
(Type or print name)                    (Type or print name)
Title: Vice President & Assistant       Title: President - Chubb Custom
       Secretary                               Insurance Company
Date:  June 14, 2002                    Date:  June 11, 2002

                                       16<PAGE>

                                                                   EXHIBIT 10.29

INSURANCE LETTERS OF CREDIT - MASTER AGREEMENT

To:   Citibank, N.A,                                         Form 3
      336 Strand
      London, WC2R 1HB

Dear Sirs,

                 INSURANCE LETTERS OF CREDIT - MASTER AGREEMENT
                   INSURANCE/REINSURANCE COMPANIES OR BROKERS

The Purpose of this letter is to record our agreement (the "Agreement") to the
following method of establishing letters of credit or similar or equivalent
instruments acceptable to you (each a "Credit" and collectively "the Credits")
on our behalf in favour of beneficiaries located in the United States of America
or elsewhere. In connection with this Agreement, we have also separately agreed
with you the contractual or security arrangements that will apply in respect of
our obligations under or pursuant to this Agreement.

1.    It is agreed between us in relation to each Credit that:-

      (a)   you will, upon receipt of an application form for the establishment
            of a letter of credit in such form as you may be willing to accept
            for this purpose and which may, without limitation, be received by
            you via any electronic system(s) or transmission arrangement(s)
            acceptable to you (referred to in this Agreement in relation to any
            Credit as an "application form" ) completed by us or on our behalf
            in accordance with the terms of our banking mandate(s) or other
            authorities lodged with you or arrangement(s) made with you from
            time to time and indicating therein the name of the beneficiary and
            the amount and term of the Credit required, establish on our behalf
            an irrevocable clean sight Credit (or such other form of Credit as
            may be required by the application form relating thereto) available,
            in whole or in part, by the beneficiary's sight draft on Citibank
            N.A. or otherwise as may be required by the terms of the Credit;
            provided, however, that the opening of any Credit hereunder shall,
            in every instance, be at your option and nothing herein shall be
            construed as obliging you to open any Credit;

      (b)   we undertake to reimburse you, on demand, the amount of any and all
            drawings under the Credit;

      (c)   we undertake to indemnify you, on demand, for and against all
            actions, proceedings, losses, damages, charges, costs, expenses,
            claims and demands which you may incur, pay or sustain by reason of
            or arising in any way whatsoever (apart from your own gross
            negligence or wilful misconduct) in connection with each Credit
            and/or this Agreement;

      (d)   we undertake to pay to you, on demand, such fees and/or commissions
            of such amount(s) and/or at such rate(s) as shall have been or as
            may be advised by you to us as payable in connection with each
            Credit;

      (e)   we hereby irrevocably authorise you to make any payments and comply
            with any demands which may be claimed from or made upon you in
            connection with each Credit without any reference to or further
            authority from us and we hereby agree that it shall not be incumbent
            upon you to enquire or to take notice whether or not any such
            payments or demands claimed from or made upon you in connection with
            each Credit are properly made or to enquire or to take notice
            whether or not any dispute exists between ourselves and the
            beneficiary thereof and we further agree that any payment which you
            shall make in accordance with the terms and conditions of each
            Credit shall be binding upon us and shall be accepted by us as
            conclusive evidence that you were liable to make such payment or
            comply with such demand; and

                                                                 [CITIBANK LOGO]
Revised February 2002

<PAGE>

      (f)   we represent and warrant to you and undertake that:-

            (i)   we have and will at all times have the necessary power to
                  enable us to enter into and perform the obligations expressed
                  to be assumed by us under this Agreement;

            (ii)  this Agreement constitutes our legal, valid, binding and
                  enforceable obligation effective in accordance with its terms;
                  and

            (iii) all necessary authorisations to enable or entitle us to enter
                  into this Agreement have been obtained and are in full force
                  and effect and will remain in such force and effect at all
                  times during the subsistence of this Agreement.

2.    Where an application form has been completed by or on behalf of any other
      applicant(s) with whom you have entered into an agreement similar or
      equivalent in effect to this Agreement, and a separate application form
      has been completed by us or on our behalf which corresponds, in your
      opinion with such other application form (or any other combination of
      circumstances exist which, in your opinion, are reasonably equivalent to
      the foregoing) then you shall be at liberty to open a single Credit on
      behalf of ourselves and such other applicant(s) jointly and in that event
      the following provisions shall apply:-

      (a)   our obligations pursuant to paragraph 1(b) above shall be in respect
            of our due proportion of each drawing under any such Credit;

      (b)   in establishing our due proportion of each drawing under any such
            Credit you are hereby irrevocably authorised to make apportionment's
            between ourselves and such other applicant(s) (i) on a pro rata
            basis by reference to the amounts set forth in the application forms
            originally completed by us and them in respect of such Credit (and
            after taking into account any subsequent increases or decreases in
            such Credit effected by you for our or their respective accounts)
            or, if you should so choose (ii) in reliance on the instructions and
            advice of and information provided by the relevant Insurance Broker
            (construed in accordance with paragraph 3 below); and

      (c)   for the purposes of paragraph 1(c) above, you may make any required
            apportionments in such manner as you, in your sole discretion,
            consider to be fair and reasonable.

3.    You may refer any query or problem arising in connection with this
      Agreement or any transaction hereby contemplated to the relevant Insurance
      Broker or respond to any question relating to the status of any Credit
      made by the relevant Insurance Broker (and, in such response, if you
      consider that it is material to make reference to the subject matter of
      any other agreement(s) now or hereafter entered into between us in
      connection with this Agreement, you may disclose such information relating
      thereto as you in your sole discretion consider to be appropriate). For
      the purpose of this Agreement, references to the relevant Insurance Broker
      shall be construed so as to mean the insurance broker or other
      intermediary (a) through whom you originally received the application form
      relating to the Credit in question (or the person(s) who purport to have
      succeeded to the business thereof) or (b) which, in your opinion, acts in
      connection with such Credit.

4.

      (a)   Any Credit established hereunder may, if requested by us on the
            application form relating thereto and subject to your consent, bear
            a clause to the effect that it will automatically be extended for
            successive periods of one year (or such other period as may be
            stated in the relevant application form) unless the beneficiary has
            received from the bank or institution issuing the Credit ("the
            Issuing Bank") by registered mail (or other appropriate receipted
            delivery) notification of intention not to renew such Credit at
            least 30 days (or such other period as may be stated in the relevant
            application form) ("the notice period") prior to the end of the
            original term or, as the

                                                                 [CITIBANK LOGO]
Revised February 2002

<PAGE>

            case may be, of a period of extension. The Issuing Bank shall be
            under no obligation to us to send the beneficiary such notification
            (and without such notification to the beneficiary the Credit will be
            automatically extended as provided above) unless you shall have
            received at your branch at 336 Strand, London, WC2R 1HB (or such
            other branch in England as may be advised to us by you for such
            purpose) by registered mail or other means acceptable to you
            notification from us (or from any one or more of the other parties
            (if any) for whose account(s) such Credit may also have been
            established as contemplated by paragraph 2 above) of our or its
            election not to renew such Credit at least 30 days prior to the
            commencement of the notice period relating to the original term or,
            as the case may be, a period of extension; provided however that you
            will, as soon as is reasonably possible, give us advice of the
            receipt by you of any such notice from any other such parties. We
            understand that receipt by you of any such notice may result in the
            whole of such Credit being cancelled (and not just the portion
            attributable to us in the case of a joint credit as referred to in
            paragraph 2 above) and, save as is provided above, you reserve the
            right, at your sole option and discretion, to give or procure the
            giving at any time to the beneficiary of notification of intention
            not to renew any Credit and that if you exercise such said right you
            will give us notice in writing thereof as soon as is reasonably
            possible.

      (b)   If, in either of the circumstances referred to in sub-paragraph (a)
            above, the Issuing Bank has given notification not to renew such
            Credit, then you may (but shall not be obliged to) without further
            authority from us (or from any of the other persons as aforesaid)
            arrange for the beneficiary to accept (1) a substitute Credit ("the
            Substitute Credit") from the Issuing Bank on terms identical to such
            Credit except that (i) the amount of the Substitute Credit will be
            equal to the then undrawn face value of such Credit less the portion
            thereof (determined by you ) to be attributable to the person (s)
            ("the excluded Person(s)") who gave a notice of non-renewal to you
            or, as the case may be, for whom you do not wish to arrange the
            issuance of the Substitute Credit and (ii) the original term of the
            Substitute Credit will, subject to renewal as mentioned in
            sub-paragraph (a) above, be up to one year in duration (or such
            longer duration as may be required by any regulatory or other
            authority having jurisdiction as to the acceptability of the
            Substitute Credit) OR (2) such other arrangement, compromise,
            release or waiver as, in your sole opinion, will result in the same
            effect being achieved as in (1) above. You will, as soon as
            reasonably possible, advise us (unless we are the or one of the
            Excluded Person(s)) of the matter(s) effected by you pursuant to the
            foregoing provisions.

5.    You may, at your sole option, arrange for the issuance of any Credit as
      being subject to either (i) the Uniform Customs and Practice for
      Documentary Credits (1993 Revision) ICC Publication No. 500 or (ii) the
      International Standby Practices 1998, (or any subsequent version of
      either); provided however that you may agree such modifications thereof as
      may be required by any regulatory or other authority having jurisdiction
      as to the acceptability of the Credit in question.

6.    Unless otherwise agreed between us in writing, the previous agreement(s)
      entered into between us governing Credits (other than those at any time
      governed by a "Master Agreement - London Market Letter of Credit Scheme")
      established by Citibank, N.A. on our behalf in favour of United States or
      other beneficiaries shall, excepting details of the beneficiary, amount
      and tenor, on acceptance by you of this letter duly executed by us, cease
      to apply to all such Credits established by Citibank, N.A. prior to the
      date of our signature of this Agreement and all such Credits shall, from
      the date of such acceptance be governed by this Agreement.

7.    If, at Applicant's request, a Credit expressly chooses a state or country
      law other than New York, U.S.A. or English law, or is silent with respect
      to the International Chamber of Commerce Publication No. 500 - Uniform
      Customs and Practice for Documentary Credits (the "UCP"), the
      International Chamber of Commerce Publication No. 590 - International
      Standby Practices (the "ISP") or a governing law, Citibank shall not be
      liable for any payment, cost, expense or loss resulting from any action or
      inaction taken by Citibank if such action or inaction is justified under
      UCP, ISP, New York law or English law or the law governing the Credit.

                                                                 [CITIBANK LOGO]
Revised February 2002

<PAGE>

8.    We understand that Citibank, N.A. may carry out any of its obligations
      under this Agreement through any offices or branches of Citibank, N.A.
      wheresoever situated and may wish to exercise any of its rights under this
      Agreement through offices or branches of Citibank, N.A. wheresoever
      situated.

9.    We further understand that Citibank, N.A. also reserves the right to issue
      any Credit through any third party correspondent of its choice and, in
      such circumstances, Citibank, N.A. will be required to guarantee
      reimbursement to such correspondent of any payments which such
      correspondent may make under the Credit in question and such guarantee
      (howsoever described) shall also be treated mutatis mutandis as a Credit
      for the purpose of this Agreement.

10.   The provisions of the foregoing paragraphs shall be equally applicable to
      any increase, extension, renewal, partial renewal, modification or
      amendment of or substitute instrument for any Credit to which they apply.
      If for any reason any amount paid under any Credit is repaid, in whole or
      in part, by the beneficiary thereof, you may, in your sole discretion,
      treat (or procure the treatment of) such repayment as a reinstatement of
      an amount (equal to such repayment) under such Credit. The value date
      applied by you to any such reinstatement shall not be earlier than the
      date of such repayment and you shall not be liable for any loss of any
      nature which we may suffer or incur and which may arise from any
      inadvertent or erroneous drawing.

11.   Any notice or demand required to be served on us by you hereunder may be
      served (a) on any of our officers personally and left at our registered
      office or at any one of our principal places of business or (b) by posting
      the same by letter addressed in any such manner as aforesaid to such
      registered office or any such principal place of business or (c) by telex
      or facsimile addressed in any such manner as aforesaid to any then
      published telex or facsimile number of ourselves. Any notice or demand:-

      (i)   sent by post in accordance with this paragraph to any address in the
            United Kingdom shall be deemed to have been served on us at 10am.
            (London time) on the business day next following the date of posting
            or, in the case of an address outside the United Kingdom, shall be
            deemed to have been served on us at 10am. (London time) on the third
            business day next following and exclusive of the date of posting; or

      (ii)  sent by telex or facsimile in accordance with this paragraph shall
            be deemed to have been served on us when despatched.

      In proving such service by post it shall be sufficient to show that the
      letter containing the notice or demand was properly addressed and posted
      and such proof of service shall be effective notwithstanding that the
      letter was in fact not delivered or was returned undelivered.

12.   You shall have a full and unfettered right to (a) assign the whole or any
      part of the benefit of or (b) (subject to Clause 13 below) novate your
      rights and obligations under this Agreement. The words "you" and "your"
      wherever used herein shall be deemed to include your assignees and
      novatees and other successors, whether immediate or derivative, who shall
      be entitled to enforce and proceed upon this Agreement in the same manner
      as if named herein. You shall be entitled to impart any information
      concerning us to any such assignee, novatee or other successor or any
      participant or proposed assignee, novatee, successor or participant.

13.

13.1  The person who is for the time being liable to perform your obligations
      under this Agreement (a "Transferring Bank") shall be entitled to novate
      at any time, upon service of a Novation Notice on us, any or all of its
      rights and obligations under, and the benefit of, this Agreement to any
      Permitted Transferee. With effect from the date on which a notice in the
      form attached as Schedule 1 (a "Novation Notice") is executed by the
      Transferring Bank and the Permitted Transferee (the "Novation Date"), the
      provisions of Clause 13.2 shall have effect (but not otherwise).

                                                                 [CITIBANK LOGO]
Revised February 2002

<PAGE>

      For the purposes of this Clause 13 a "Permitted Transferee" shall mean any
      holding company, subsidiary or affiliate of Citibank, N.A.

13.2  With effect from (and subject to the occurrence of) the Novation Date:

      (a)   the Permitted Transferee shall be bound by the terms of this
            Agreement (as novated) in every way as if the Permitted Transferee
            were and had been a party hereto in place of the Transferring Bank
            and the Permitted Transferee shall undertake and perform and
            discharge all your obligations and liabilities under this Agreement
            (as novated) whether the same fell or fall to be performed or arose
            or arise on, before or after the Novation Date;

      (b)   we shall release and discharge the Transferring Bank from further
            performance of its obligations arising in favour of us on and after
            the Novation Date under this Agreement and all claims and demands
            whatsoever in respect thereof against the Transferring Bank and we
            shall accept the liability of the Permitted Transferee in respect of
            such obligations in place of the liability of the Transferring Bank;

      (c)   the Transferring Bank shall release and discharge us from further
            performance of our obligations arising in favour of the Transferring
            Bank on and after the Novation Date under this Agreement and all
            claims and demands whatsoever in respect thereof by the Transferring
            Bank;

      (d)   we shall be bound by the terms of this Agreement (as novated) in
            every way, and we shall undertake and perform and discharge in
            favour of the Permitted Transferee each of our obligations whether
            the same fell or fall to be performed or arose or arise on, before
            or after the Novation Date and expressed to be owed to you.

13.3  Without prejudice to the automatic novation of the Transferring Bank's
      rights and obligations pursuant to Clause 13.2 we undertake to sign and
      return promptly each acknowledgement of the Novation Notice from time to
      time delivered to us promptly following receipt of the same from the
      Transferring Bank.

14    This Agreement shall be governed by English law and for your benefit we
      hereby irrevocably submit to the jurisdiction of the English Courts in
      respect of any dispute which may arise from or in connection with this
      agreement. The terms of this Agreement may not be waived, modified or
      amended unless such waiver, modification or amendment is in writing and
      signed by you nor may we assign any of our rights here under without your
      prior written consent.

15    A person who is not a party to this agreement has no rights under this
      contract (Rights of Third Parties) Act 1999 to enforce any terms of this
      Agreement

                                Yours faithfully

                              For and on behalf of

                      ALLIED WORLD ASSURANCE COMPANY, LTD.

                      *___________________________________
                         (Full name of Company / Firm)

              /s/ S.G. Cubbon                        /s/ M. Simmons
         ----------------------------------------------------------
                S.G. CUBBON       (Signature(s))       M. SIMMONS
         VICE PRESIDENT/TREASURER

                              Dated Sept. 10, 2002.

                                                      Accepted for and on behalf
                                                      of Citibank, N.A.
                                                      By: [ILLEGIBLE]
                                                      Dated: 19/9/02

                                                                 [CITIBANK LOGO]
Revised February 2002

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]