Document:

<Page>
                                                                     Exhibit 4.1

NUMBER                                       SHARES

COMMON SHARES                                COMMON SHARES

THIS CERTIFICATE IS TRANSFERABLE IN          CUSIP G7127P 10 0
NEW YORK, NY AND RIDGEFIELD PARK, N.J.       SEE REVERSE FOR CERTAIN DEFINITIONS

                      PLATINUM UNDERWRITERS HOLDINGS, LTD.
                       ORGANIZED UNDER THE LAWS OF BERMUDA

                               This Certifies that

                           is the registered holder of

            FULLY PAID AND NON-ASSESSABLE SHARES OF THE PER VALUE OF
                          $0.01 EACH OF THE CAPITAL OF

                            COMMON SHARE CERTIFICATE

DATED
/s/ Jerome T. Fadden                                  /s/  Steven H. Newman
    President                                              Chairman

COUNTERSIGNED AND REGISTERED:
        MELLON INVESTOR SERVICES LLC
                               TRANSFER AGENT
                               AND REGISTRAR,

BY
                         AUTHORIZED SIGNATURE
<Page>

                      PLATINUM UNDERWRITERS HOLDINGS, LTD.

         The following abbreviations, when used in the inscription on the face
of this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

         TEN COM - as tenants in common
         TEN ENT - as tenants by the entireties
         JT TEN - as joint tenants with right of
                  survivorship and not as
                  tenants in common

         UNIF GIFT MIN ACT-.........Custodian.............
                             (Cust)            (Minor)
                           under Uniform Gifts to Minors
                           Act............
                                (State)

     Additional abbreviations may also be used though not in the above list.

         FOR VALUE RECEIVED, ___________ HEREBY SELL, ASSIGN AND TRANSFER UNTO

PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFYING NUMBER OF ASSIGNEE
--------------------------------------
|                                    |
|                                    |
--------------------------------------

________________________________________________________________________________
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________ SHARES
REPRESENTED BY THE WITHIN CERTIFICATE, AND DO HEREBY IRREVOCABLY CONSTITUTE AND
APPOINT _______________________________________________ ATTORNEY TO TRANSFER THE
SAID SHARES ON THE BOOKS OF THE WIHIN NAMED COMPANY WITH FULL POWER OF
SUBSTITUTION IN THE PREMISES
DATED  ______________________

                         _____________________________________________________
                NOTICE:  THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH
                         THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE
                         IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT
                         OR ANY CHANGE WHATEVER.

Signature(s) Guaranteed:

---------------------------------------------------
THE SIGNATURE(S) MUST BE SIGNED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS,
SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS
WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM). PURSUANT TO S.E.C. RULE 17A-15.<Page>

                                                                    EXHIBIT 10.7

                                  DATED   -   , 2002

                      ST. PAUL REINSURANCE COMPANY LIMITED

                                       AND

                            PLATINUM RE (UK) LIMITED

                    ----------------------------------------
                      FORM OF UK MASTER SERVICES AGREEMENT
                    ----------------------------------------

                                SLAUGHTER AND MAY
                                 ONE BUNHILL ROW
                                     LONDON
                                    EC1Y 8YY

                                   (GWJ/GHXC)

<Page>

                                    CONTENTS

<Table>
<Caption>
                                                                            PAGE
<S>   <C>                                                                    <C>
1.    Interpretation                                                          3

2.    Condition                                                               6

3.    Transitional Services                                                   6

4.    Audit Rights                                                            8

5.    Billing and Taxes                                                       9

6.    Indemnification and Limitation on Liability                             9

7.    Data Protection and Business Information                               10

8.    Force Majeure                                                          10

9.    Term and Termination                                                   10

10.   Arbitration                                                            11

11.   Miscellaneous                                                          12

12.   Additional Services                                                    13

13.   Notices                                                                13

14.   Governing Law and Jurisdiction                                         14

15.   Counterparts                                                           14

Schedule 1 Transitional Services

Schedule 2 Transitional Services End Dates
</Table>

<Page>

THIS AGREEMENT is made on -, 2002

BETWEEN:

(1)    ST. PAUL REINSURANCE COMPANY LIMITED (registered number 01460363) of The
       St. Paul House, 27 Camperdown Street, London E1 8DS ("ST. PAUL RE UK");
       and

(2)    PLATINUM RE (UK) LIMITED (registered number 4413755) of The St. Paul
       House, 27 Camperdown Street, London E1 8DS ("PLATINUM RE UK"),

(each a "PARTY" and together the "PARTIES").

WHEREAS:

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

B.     Pursuant to the Formation Agreement, Inc. and Platinum Holdings agreed to
       procure (inter alia) that St. Paul Re UK and Platinum Re UK would enter
       into an agreement (the "BUSINESS TRANSFER AGREEMENT") under which
       St. Paul Re UK would transfer certain of the assets associated with its
       reinsurance activities to Platinum Re UK.

C.     Pursuant to the Formation Agreement, Inc. and Platinum Holdings further
       agreed to procure that St. Paul Re UK and Platinum Re UK would enter into
       an agreement (the "UK MASTER SERVICES AGREEMENT") relating to the
       provision by St. Paul Re UK to Platinum Re UK of certain administrative,
       accounting, human resources, systems and other support services for a
       specified transition period after the Closing Date.

D.     The respective businesses of St. Paul Re UK and Platinum Re UK are
       regulated activities and the Parties have agreed that the provision of
       services hereunder shall be conducted in a manner that is consistent with
       the regulatory requirements to which the Parties are respectively
       subject.

WHEREBY IT IS AGREED as follows:

1.     INTERPRETATION

1.1    In this agreement (including the recitals and the Schedules):

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<Table>
       <S>                                <C>
       "ARIAS (UK)"                       has the meaning attributed to it in sub-clause 10.3;

       "BUSINESS TRANSFER AGREEMENT"      has the meaning attributed to it in Recital B;

       "CLOSING DATE"                     has the meaning attributed to it in Recital A;

       "EVENTS OF FORCE MAJEURE"          has the meaning attributed to it in sub-clause 8.2;

       "FORMATION AGREEMENT"              has the meaning attributed to it in Recital A;

       "INC."                             has the meaning attributed to it in Recital A;

       "LOSSES"                           means any and all losses, liabilities,
                                          claims, damages, obligations,
                                          payments, costs and expenses, matured
                                          or unmatured, absolute or contingent,
                                          accrued or unaccrued, liquidated or
                                          unliquidated, known or unknown
                                          (including, without limitation, the
                                          costs and expenses of any Proceedings,
                                          threatened Proceedings, demand,
                                          assessment, judgment, settlement and
                                          compromise relating thereto and legal
                                          fees and any and all expenses
                                          whatsoever reasonably incurred in
                                          investigating, preparing or defending
                                          against any such Proceedings or
                                          threatened Proceedings);

       "PLATINUM HOLDINGS"                has the meaning attributed to it in Recital A;

       "PROCEEDINGS"                      means any proceeding, suit, action,
                                          claim, arbitration, subpoena,
                                          discovery, request, inquiry or
                                          investigation by or before any court,
                                          any governmental or other regulatory
                                          or administrative agency or commission
                                          or any arbitral tribunal arising out
                                          of or in connection with this
                                          agreement;

       "PUBLIC OFFERING"                  has the meaning attributed to it in Recital A;

       "TRANSITIONAL SERVICES"            has the meaning attributed to it in sub-clause 3.1; and

       "TRANSITIONAL SERVICES END DATE"   has the meaning attributed to it in sub-clause 3.4.
</Table>

1.2    In this agreement, unless otherwise specified:

       (A)   references to clauses, sub-clauses and the Schedules are to clauses
             and sub-clauses of, and the Schedules to, this agreement;

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

<Page>

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

       (D)   references to an "AFFILIATE" shall be construed so as to mean a
             person that directly, or indirectly through one or more
             intermediaries, controls, is controlled by, or is under common
             control with, the person specified, where "CONTROL" means the
             possession, directly or indirectly, of the power to direct or cause
             the direction of the management policies of a person, whether
             through the ownership of voting securities, by contract, as trustee
             or executor, or otherwise;

       (E)   references to a "COMPANY" shall be construed so as to include any
             company, corporation or other body corporate, wherever and however
             incorporated or established;

       (F)   references to a "PERSON" shall be construed so as to include any
             individual, firm, company, trust, governmental, state or agency of
             a state or any joint venture, association, partnership or other
             entity, whether acting in an individual, fiduciary or other
             capacity (whether or not having separate legal personality);

       (G)   the expressions "BODY CORPORATE" and "SUBSIDIARY" shall have the
             meanings given in the Companies Act 1985, the Companies
             Consolidation (Consequential Provisions) Act 1985, the Companies
             Act 1989 and Part V of the Criminal Justice Act 1993;

       (H)   a reference to a statute or statutory provision shall include a
             reference:

             (i)   to that statute or provision as from time to time
                   consolidated, modified, re-enacted or replaced by any statute
                   or statutory provision; and

             (ii)  to any subordinate legislation made under the relevant
                   statute;

       (I)   references to any English legal term for any action, remedy, method
             of judicial proceeding, legal document, legal status, court,
             official or any legal concept or thing shall in respect of any
             jurisdiction other than England be deemed to include terms which
             most nearly approximate in that jurisdiction to the English legal
             term;

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

       (K)   references to the "REGULATOR" in relation to either Party means the
             Financial Services Authority or any successor thereto; and

       (L)   references to the singular shall, where the context so admits,
             include a reference to the plural and vice versa.

<Page>

2.     CONDITION

       This agreement shall become effective on the Closing Date.

3.     TRANSITIONAL SERVICES

3.1    St. Paul Re UK shall provide to Platinum Re UK from and after the Closing
       Date each of the services set out in Schedule 1 (as such may be amended
       from time to time) (collectively, the "TRANSITIONAL SERVICES").

3.2    St. Paul Re UK shall provide each of the Transitional Services in such
       manner as Platinum Re UK may from time to time reasonably request for the
       purposes of this agreement, provided that in no case shall St. Paul Re UK
       be required to provide any or all of the Transitional Services to a
       standard which is materially higher than that to which the equivalent
       service is generally provided by St. Paul Re UK in respect of its other
       business.

3.3    St. Paul Re UK shall be responsible for obtaining and maintaining in full
       force and effect any and all licences and authorisations necessary for
       the lawful provision by it of any or all of the Transitional Services
       hereunder.

3.4    St. Paul Re UK shall provide each of the Transitional Services up to and
       including 31st March, 2003 or such earlier date as is set out in Schedule
       2 in relation to such Transitional Service (each a "TRANSITIONAL SERVICES
       END DATE"), provided that for each Transitional Service St. Paul Re UK
       shall consider in good faith any request by Platinum Re UK for the
       provision of a particular Transitional Service to be continued beyond the
       applicable Transitional Services End Date in the light of the
       circumstances subsisting at the time such request is made. St. Paul Re UK
       and Platinum Re UK shall agree upon the terms which will govern the
       provision of the particular Transitional Service to be so provided at the
       time Platinum Re UK makes such request.

3.5    St. Paul Re UK shall ensure that it does not breach any obligation owed
       by it to the regulator and that it does not cause Platinum Re UK to be in
       breach of its obligations owed to the regulator through the provision of
       the Transitional Services hereunder.

3.6    (A)   In consideration for the provision to it of each Transitional
             Service, Platinum Re UK shall reimburse St. Paul Re UK in respect
             of the actual cost to St. Paul Re UK, as certified in good faith by
             St. Paul Re UK, of providing each Transitional Service to Platinum
             Re UK.

       (B)   For the purposes of sub-clause 3.6(A) above, the actual cost to
             St. Paul Re UK shall consist of its direct and reasonable indirect
             costs and shall include any incremental and out-of-pocket costs
             incurred by St. Paul Re UK in connection with the Transitional
             Services, including the conversion, acquisition and disposition
             cost of software and equipment acquired for the purposes of
             providing the Transitional Services and the cost of establishing
             requisite systems and data feeds and hiring necessary personnel.

<Page>

3.7    (A)   Subject to receiving assistance from St. Paul Re UK's employees,
             contractors and managed vendors, Platinum Re UK shall use
             commercially reasonable endeavours to eliminate its need for the
             Transitional Services as soon as reasonably practicable after the
             Closing Date.

       (B)   St. Paul Re UK shall assign its service co-ordinator (as described
             in sub-clause 3.8 below) and shall provide such other assistance
             as is reasonably necessary to allow Platinum Re UK to exit St. Paul
             Re UK's systems in a timely and efficient manner.

3.8    (A)   Each Party shall appoint a service co-ordinator with skills and
             experience reasonably acceptable to the other Party who will:

             (i)   provide continuous oversight and co-ordination of the
                   Transitional Services;

             (ii)  communicate concerning disputes with respect to the
                   Transitional Services;

             (iii) be available to the Parties during normal business hours; and

             (iv)  be responsible for providing, or for delegating the provision
                   of, assistance regarding the Transitional Services.

       (B)   The service co-ordinators shall co-operate on a regular basis to
             plan the delivery of the Transitional Services, including the
             timetable for performance of the Transitional Services and the
             incurring of costs related thereto.

       (C)   Either Party may from time to time substitute the individual
             serving as its service co-ordinator with another individual
             qualified to serve in that position.

3.9    (A)   Subject to any relevant confidentiality or other obligations to or
             rights of third parties, St. Paul Re UK shall provide to Platinum
             Re UK all service operating manuals and other written materials
             relating to the Transitional Services, together with any
             supplements or updates thereto, as reasonably requested by Platinum
             Re UK.

       (B)   Platinum Re UK may, subject to complying with the terms of this
             agreement and any rights of third parties, at its own expense copy
             any material provided to it pursuant to sub-clause 3.9(A) above.

3.10   Platinum Re UK shall promptly notify St. Paul Re UK in writing if it
       becomes aware of any services different from or in addition to the
       Transitional Services as set out in Schedule 1 which are necessary and
       advisable for fulfilling any of the purposes set out in this agreement,
       and the Parties hereby undertake to co-operate in good faith promptly to
       agree revisions to this agreement as necessary and advisable to reflect
       the intention of the Parties as to the provision of those services and
       the payment therefor.

<Page>

3.11   Upon the terms and subject to the conditions set out in this agreement,
       each Party agrees to use commercially reasonable endeavours to take, or
       procure to be taken, all actions and to do, or procure to be done, and to
       assist and co-operate with the other Party in doing, all things which the
       Parties, acting reasonably, agree to be necessary or advisable to effect
       the transactions contemplated by this agreement.

3.12   Platinum Re UK shall fully comply with and shall procure that its
       officers, directors, employees, contractors, agents and other
       representatives fully comply with any security guidelines and other rules
       and regulations notified to it by St. Paul Re UK from time to time in
       respect of the enjoyment of the Transitional Services and shall not
       otherwise use or permit the use of the Transitional Services and/or
       access to the systems of St. Paul Re UK or any of its affiliates for any
       purpose other than in the ordinary course of the Business (as defined in
       the Business Transfer Agreement).

4.     AUDIT RIGHTS

4.1    Upon reasonable prior notice, each Party hereto shall have full access to
       any books and records maintained by the other and its affiliates insofar
       as reasonably necessary for the purposes of confirming amounts properly
       payable hereunder or satisfying any duty imposed hereby or resulting
       herefrom.

4.2    Each Party shall permit and co-operate with any inspection by the
       regulator or appointee of the regulator in relation to the provision of
       any of the Transitional Services hereunder.

4.3    As soon as reasonably practicable following any request (or, in the case
       of access required by the regulator, whether with or without notice being
       given by the regulator), access shall be provided to auditors, other
       nominated inspectors of the requesting Party or the regulator or the
       appointee of the regulator to relevant facilities where records are
       maintained and provision shall be made for such auditors, other
       inspectors or the regulator or the appointee of the regulator to receive
       such assistance as they shall reasonably request in relation thereto.

4.4    In particular, each Party shall make available to the other all
       information, data and materials:

       (A)   reasonably requested by the other Party so as to enable it to
             evaluate the appropriateness of any charges and expenses payable
             hereunder; or

       (B)   requested by the regulator or the appointee of the regulator in
             connection with any regulatory inspection.

4.5    The Parties acknowledge that an audit may be required for regulatory
       purposes and shall maintain all relevant records in such manner and to
       such standard as may reasonably be requested by either Party for the
       purposes of compliance with any regulatory requirements.

<Page>

5.     BILLING AND TAXES

5.1    No later than thirty days following the last day of each calendar
       quarter, St. Paul Re UK shall provide to Platinum Re UK a report
       containing an itemised list of the Transitional Services provided to
       Platinum Re UK during such previous calendar quarter in such form as the
       Parties shall agree.

5.2    Platinum Re UK shall promptly, and in any event no later than 30 days
       after receipt of such report unless Platinum Re UK is contesting in good
       faith the amount set forth in the report, pay to St. Paul Re UK by wire
       transfer of immediately available funds all amounts payable in respect of
       the Transitional Services as set forth in such report.

5.3    Each Party shall pay all taxes for which it is the primary obligor as a
       result of the provision of Transitional Services under this agreement,
       provided that Platinum Re UK shall be solely responsible for, and shall
       reimburse St. Paul Re UK in respect of, any sales, gross receipts, value
       added or transfer tax payable with respect to the provision of any
       Transitional Service under this agreement (any such reimbursement
       obligation being, for the avoidance of doubt, in addition to Platinum Re
       UK's obligation to pay for such Transitional Service).

6.     INDEMNIFICATION AND LIMITATION ON LIABILITY

6.1    Platinum Re UK shall indemnify and hold harmless, to the fullest extent
       permitted by law, St. Paul Re UK, its officers, directors and employees
       ("ST. PAUL INDEMNITEES") from and against any and all Losses incurred by
       any St. Paul Indemnitee arising out of or based upon:

       (A)   any actions taken or omitted by any such St. Paul Indemnitee at the
             direction of Platinum Re UK pursuant to this agreement; or

       (B)   any breach by Platinum Re UK of any of the covenants it has given
             under this agreement.

6.2    (A)   Subject to sub-clause 6.2(B) below, St. Paul Re UK shall indemnify
             and hold harmless, to the fullest extent permitted by law, Platinum
             Re UK, its officers, directors and employees ("PLATINUM
             INDEMNITEES") from and against any and all Losses incurred by any
             Platinum Indemnitee arising out of or based upon:

             (i)   the negligence or wilful misconduct of any person providing
                   Transitional Services; or

             (ii)  any breach by St. Paul Re UK of any of the covenants it has
                   given under this agreement.

       (B)   Notwithstanding anything to the contrary in this agreement, the
             total aggregate liability of St. Paul Re UK in respect of
             indemnifiable Losses pursuant to sub-clause 6.2(A) above shall not
             in any event exceed the aggregate amount paid to St. Paul Re UK by
             Platinum Re UK pursuant to sub-clause 3.6 above.

<Page>

6.3    Except with respect to claims relating to actual fraud, the remedies set
       forth in this clause 6 shall be the sole and exclusive remedies of the
       Parties in relation to any and all claims for indemnification under this
       agreement.

7.     DATA PROTECTION AND BUSINESS INFORMATION

7.1    During the term of this agreement, the Parties shall ensure that they
       comply at all times with the provisions of the Data Protection Act 1998
       and all related legislation, regulations and guidelines.

7.2    (A)   Each Party shall ensure that to the extent that it holds
             information which relates to the other Party's business it shall
             provide the other Party with such access to that information as is
             reasonably required for the other Party to carry on its business.

       (B)   For the avoidance of doubt, neither Party shall be required under
             sub-clause 7.2(A) above to disclose any information which does not
             relate to the other Party's business.

8.     FORCE MAJEURE

8.1    Neither Party shall be liable to the other for any total or partial
       failure to comply with any of the terms or provisions of this agreement
       by reason of an Event of Force Majeure, provided that the affected Party
       shall take all reasonable steps to mitigate any such failure.

8.2    For the purposes of this clause 8, "EVENTS OF FORCE MAJEURE" shall mean
       fires, floods, earthquakes, elements of nature or acts of God, acts of
       war, terrorism, riots, civil disorders, rebellions or revolutions,
       strikes, lock-outs or labour difficulties, power outages, equipment
       failures, computer viruses or malicious acts of third parties and laws,
       orders, proclamations, regulations, ordinances, demands or requirements
       of governmental authorities.

9.     TERM AND TERMINATION

9.1    This agreement shall be construed as a separate and independent agreement
       for each Transitional Service provided hereunder.

9.2    This agreement shall continue in full force and effect until all
       obligations hereunder have been fulfilled, unless terminated sooner in
       accordance with the provisions of sub-clause 9.3 below.

9.3    (A)   Platinum Re UK may terminate any or all of the Transitional
             Services upon thirty days' prior written notice at any time to St.
             Paul Re UK.

       (B)   Termination of this agreement with respect to any Transitional
             Service shall not operate to terminate this agreement with respect
             to any other Transitional Service then being provided hereunder.

<Page>

       (C)   Notwithstanding anything in this agreement to the contrary, any
             termination of this agreement with respect to any Transitional
             Service shall be final.

10.    ARBITRATION

10.1   Subject to sub-clause 10.10, all matters in difference between the
       Parties arising under, out of or in connection with this agreement,
       including formation and validity, and whether arising during or after the
       period of this agreement, may be referred by either Party to an
       arbitration tribunal in the manner hereinafter set out.

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

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

10.4   Before they enter upon a reference the two arbitrators shall appoint a
       third arbitrator. Should they fail to appoint such a third arbitrator
       within 30 days of the appointment of the respondent's arbitrator then any
       of them or either of the Parties concerned may apply to the appointor for
       the appointment of the third arbitrator. The three arbitrators shall
       decide by majority. If no majority can be reached the verdict of the
       third arbitrator shall prevail. He shall also act as chairman of the
       tribunal.

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

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

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

<Page>

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

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

10.10  If any matter in difference between the Parties is related to a matter of
       difference in the United States of America, such matter will be subject
       to the arbitration procedure set out in Article XIV of the 100 per cent.
       Quota Share Retrocession Agreement [of even date] between St. Paul Fire
       and Marine Insurance Company and Platinum Underwriters Reinsurance, Inc.,
       provided that the panel of arbitrators shall apply English law in respect
       of those aspects of the matter which relate to the United Kingdom.

11.    MISCELLANEOUS

11.1   Neither Party may assign its rights under this agreement without the
       prior written consent of the other. Subject to the foregoing, this
       agreement shall be binding upon, inure to the benefit of and be
       enforceable by the Parties and their respective successors and assigns.

11.2   This agreement and the Formation Agreement constitute the whole and only
       agreement between the Parties in relation to the subject matter of this
       agreement and, save to the extent repeated in this agreement and/or the
       Formation Agreement, supersede any previous agreement between the Parties
       with respect thereto.

11.3   This agreement may only be varied in writing signed by each of the
       Parties.

11.4   (A)   No failure or delay on the part of either Party in exercising a
             right, power or remedy provided by this agreement or by law shall
             operate as a waiver of that right, power or remedy or a waiver of
             any other rights, powers or remedies.

       (B)   No single or partial exercise of a right, power or remedy provided
             by this agreement or by law shall prevent further exercise of that
             right, power or remedy or the exercise of another right, power or
             remedy.

       (C)   Except as otherwise provided herein, the rights, powers and
             remedies provided in this agreement shall be cumulative and not
             exclusive of any rights, powers or remedies provided by law.

11.5   If any provision of this agreement or any part of any such provision is
       held to be invalid, unlawful or unenforceable, such provision or part (as
       the case may be) shall be ineffective only to the extent of such
       invalidity, unlawfulness or unenforceability, without rendering invalid,
       unlawful or unenforceable or otherwise prejudicing or affecting the
       remainder of such provision or any other provision of this agreement.

11.6   The Parties hereto acknowledge that if any of the provisions of this
       agreement were not to be performed in accordance with their specific
       terms or were otherwise to be breached, irreparable damage would occur
       and damages would not be an adequate

<Page>

       remedy. In the event of any such breach, the aggrieved Party shall be
       entitled, in addition to any other remedy at law or in equity, to
       specific performance of the terms hereof and immediate injunctive or
       other equitable relief, without the necessity of proving the inadequacy
       of money damages as a remedy or of posting any bond or other security.

11.7   Nothing in this agreement shall require Platinum Re UK to purchase any
       particular quantity or level of any Transitional Service provided under
       this agreement.

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

11.9   St. Paul Re UK shall co-operate with Platinum Re UK and any regulatory
       authority to satisfy any regulatory requirements applicable to St. Paul
       Re UK by virtue of its provision of Transitional Services to Platinum Re
       UK hereunder.

11.10  Nothing in this agreement and no action taken by the Parties under this
       agreement shall constitute a partnership, association, joint venture or
       other co-operative entity between the Parties.

11.11  Nothing in this agreement shall oblige either Party to act in breach of
       the requirements of any law, rule or regulation applicable to it,
       including securities and insurance laws, written policy statements of
       securities commissions, insurance and other regulatory authorities, and
       the by-laws, rules, regulations and written policy statements of relevant
       securities and self-regulatory organisations.

12.    ADDITIONAL SERVICES

       To the extent that, at the request of Platinum Re UK or as required under
       the terms of this agreement, St. Paul Re UK provides services to, or
       performs activities for the benefit of, Platinum Re UK in addition to the
       Transitional Services, including without limitation pursuant to
       sub-clause 3.10 or sub-clause 11.9 above, Platinum Re UK shall promptly
       reimburse St. Paul Re UK for the actual cost to St. Paul Re UK of
       providing such services or performing such activities and sub-clause 5.3
       shall apply to the provision of such services.

13.    NOTICES

13.1   Any notice required or permitted to be given under this agreement shall
       be given in writing to the other Party at its address set out below:

       if to St. Paul Re UK, to:

       St. Paul Reinsurance Company Limited
       [ADDRESS]
       Fax number: -
       marked for the attention of the [Company Secretary]

<Page>

       if to Platinum Re UK, to:

       Platinum Re (UK) Limited
       [ADDRESS]
       Fax number: -
       marked for the attention of the [Company Secretary]

       Copy to:

       [ANYONE?]
       Fax number: -
       marked for the attention of -

       or to such other address or fax number, and marked for the attention of
       such other person, as may from time to time be notified by the relevant
       Party to the other Party.

13.2   Any such notice shall be sent by first class post or facsimile
       transmission (copied by post) or delivered by hand and shall be deemed to
       be served:

       (A)   in the case of post, on the second business day after posting;

       (B)   in the case of facsimile transmission, upon successful transmission
             (or, if the day of sending is not a business day in the place of
             receipt, at the opening of business on the first business day in
             the place of receipt thereafter); and

       (C)   in the case of delivery by hand, upon delivery (or, if the day of
             delivery is not a business day in the place of receipt, at the
             opening of business on the first business day in the place of
             receipt thereafter).

14.    GOVERNING LAW AND JURISDICTION

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

14.2   The courts in England are to have jurisdiction to settle any dispute
       arising out of or in connection with this agreement. Any Proceedings may
       therefore be brought in the English courts.

15.    COUNTERPARTS

15.1   This agreement may be executed in any number of counterparts, and by the
       Parties on separate counterparts, but shall not be effective until each
       Party has executed at least one counterpart.

15.2   Each counterpart shall constitute an original of this agreement, but the
       counterparts shall together constitute but one and the same instrument.

IN WITNESS of which each of the Parties has executed this agreement on the day
and year first above written.

<Page>

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

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

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