Document:

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                                                                   Exhibit 10.14

                                     FORM OF
                            INDEMNIFICATION AGREEMENT

THIS AGREEMENT is made on the ___ day of _____________, 2006.

BETWEEN:

RAM Holdings Ltd., a limited liability company incorporated under the laws of
Bermuda with its registered office located at Clarendon House, 2 Church Street,
Hamilton 11, Bermuda (the "Company"); and

__________ of __________ ("Indemnitee").

WHEREAS Indemnitee is a director and/or officer of the Company;

WHEREAS highly skilled and competent persons are becoming reluctant to serve
public companies as directors or officers unless they are provided with adequate
protection through insurance and indemnification against inordinate risks of
claims and actions against them arising out of their service to and activities
on behalf of such companies;

WHEREAS uncertainties relating to indemnification increase the difficulty of
attracting and retaining such persons;

WHEREAS the Board has determined that an inability to attract and retain such
persons is detrimental to the best interests of the Company and that the Company
should act to assure such persons that there will be increased certainty of such
protection in the future;

WHEREAS, it is reasonable, prudent and necessary for the Company contractually
to obligate itself to indemnify Indemnitee to the fullest extent permitted by
Bermuda law so that Indemnitee will serve or continue to serve the Company free
from undue concern that Indemnitee will not be so indemnified; and

WHEREAS, Indemnitee is willing to serve, continue to serve and to take on
additional service for or on behalf of the Company on the condition that
Indemnitee be so indemnified.

NOW, THEREFORE, in consideration of the premises and the covenants contained
herein, the Company and Indemnitee do hereby covenant and agree as follows:

1.   INTERPRETATION

1.1  In this Agreement unless the context otherwise requires, the following
     words and expressions shall have the following meanings:

<TABLE>
<S>                        <C>
"Agreement"                means this Indemnification Agreement;
</TABLE>

<PAGE>

<TABLE>
<S>                        <C>
"Board"                    means the board of directors of the Company;

"Business Day"             means any day on which banks in Bermuda and New York
                           City are open for business;

"Companies Act"            means the Companies Act 1981;

"Corporate Status"         means the status of a person who is or was a
                           director, officer, employee, agent or fiduciary of
                           the Company or any other Group Company, or is or was
                           serving at the request of the Company as a director,
                           officer, employee, agent or fiduciary of any other
                           company, corporation, partnership, limited liability
                           company, joint venture, trust, employee benefit plan
                           or other entity or enterprise;

"Court"                    means the Supreme Court of Bermuda;

"Disinterested Director"   means a director of the Company who is not or was not
                           a party to a Proceeding in respect of which
                           indemnification is sought by Indemnitee;

"Group Companies"          means the Company, Holdings II and each subsidiary of
                           the Company (wherever incorporated or organized);

"Holdings II"              means RAM Holdings II Ltd., a limited liability
                           company incorporated under the laws of Bermuda and
                           its successors and assigns;

"Independent Counsel"      means a law firm or a member of a law firm that
                           neither is presently nor in the past five years has
                           been retained to represent: (i) the Company or
                           Indemnitee in any matter material to either such
                           party, or (ii) any other party to the Proceeding
                           giving rise to a claim for indemnification hereunder;
                           provided that notwithstanding the foregoing, the term
                           "Independent Counsel" shall not include any person
                           who, under the applicable standards of professional
                           conduct then prevailing, would have a conflict of
                           interest in representing either the Company or
                           Indemnitee in an action to determine Indemnitee's
                           right to indemnification under this Agreement;

"Parties"                  means the parties to this Agreement collectively, and
                           "Party" means any one of them; and
</TABLE>

                                       -2-

<PAGE>

<TABLE>
<S>                        <C>
"Proceeding"               means any action, suit, arbitration, alternate
                           dispute resolution mechanism, investigation,
                           administrative hearing or any other proceeding
                           whether civil, criminal, administrative or
                           investigative and whether formal or informal.
</TABLE>

1.2  In this Agreement unless the context otherwise requires:

     1.2.1 references to statutory provisions shall be construed as references
          to those provisions as amended or re-enacted or as their application
          is modified by other provisions from time to time and shall include
          references to any provisions of which they are re-enactments (whether
          with or without modification);

     1.2.2 references to clauses and schedules are references to clauses hereof
          and schedules hereto; references to sub-clauses or paragraphs are,
          unless otherwise stated, references to sub-clauses of the clause or
          paragraphs of the schedule in which the reference appears;

     1.2.3 references to the singular shall include the plural and vice versa
          and references to the masculine shall include the feminine and/or
          neuter and vice versa; and

     1.2.4 references to persons shall include companies, partnerships,
          associations and bodies of persons, whether incorporated or
          unincorporated.

2.   SERVICE

     Indemnitee agrees to continue to serve as a director/officer of the Company
     at the will of the Company so long as Indemnitee is duly elected and
     qualified to so serve in accordance with applicable provisions of the
     Company's Memorandum of Association and Bye-laws or until such earlier time
     as Indemnitiee tenders his or her resignation in writing. This Agreement
     does not create or otherwise establish any right on the part of Indemnitee
     to be and continue to be elected or appointed a director/officer of the
     Company or any other Group Company and does not create an employment
     contract between the Company and Indemnitee.

3.   INDEMNITY OF DIRECTORS AND OFFICERS

3.1  Subject to clause 10, the Company shall indemnify Indemnitee to the fullest
     extent permitted by applicable law if Indemnitee is a party or is
     threatened to be made a party to any threatened, pending or completed
     Proceeding, including a Proceeding brought by or in the right of the
     Company, by reason of the fact that Indemnitee is or was a director,
     officer, employee, agent or fiduciary of the Company or is or was serving
     at the request of the Company as a director, officer, employee, agent or
     fiduciary of any other company, corporation, partnership, limited liability
     company, joint venture, trust, employee benefit plan or other entity or
     enterprise or by reason of anything done or not done by Indemnitee in any
     such capacity against expenses (including reasonable attorneys' fees and

                                      -3-

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     disbursements), judgments, penalties, fines and amounts paid in settlement
     (collectively "Liabilities and Expenses") actually and reasonably incurred
     by Indemnitee in connection with any such Proceeding (including, but not
     limited to, the investigation, defense, settlement or appeal thereof).

3.2  Notwithstanding any other provision of this Agreement other than clause 10,
     Indemnitee shall be indemnified against all Liabilities and Expenses
     actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in
     defending any Proceedings referred to in sub-clause 3.1 in which judgment
     is given in his favour, in which he is acquitted or in respect of which
     relief is granted to him by the Court under section 281 of the Companies
     Act.

3.3  Subject to clause 10, for the avoidance of doubt, the Company shall
     indemnify Indemnitee for such portion of the Liabilities and Expenses that
     Indemnitee becomes legally obligated to pay in connection with any
     Proceeding referred to in sub-clause 3.1 in respect of which Indemnitee is
     entitled to indemnification hereunder, even if Indemnitee is not entitled
     to indemnification hereunder for the total amount thereof.

3.4  Without limiting the scope of the indemnity provided under any other
     provision of this Agreement, if Indemnitee has reason to believe that any
     claim will or might be made against him in respect of any negligence,
     default, breach of duty or breach of trust, he may apply to the Court for
     relief pursuant to section 281 of the Companies Act and, to the extent that
     the Court relieves him, either wholly or partly, from his liability in
     accordance with section 281 of the Companies Act, Indemnitee shall be
     indemnified against any liability incurred by him in defending any
     Proceedings in accordance with paragraph 98(2)(b) of the Companies Act.

4.   INDEMNIFICATION FOR EXPENSES OF A WITNESS

     Subject to clause 10, to the extent that Indemnitee is, by reason of
     Indemnitee's Corporate Status, a witness, or otherwise a participant, in
     any Proceeding, Indemnitee shall be indemnified by the Company against all
     expenses actually and reasonably incurred by Indemnitee or on Indemnitee's
     behalf in connection therewith.

5.   DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION

5.1  Indemnitee shall request indemnification pursuant to this Agreement by
     notice in writing to the secretary of the Company. The secretary shall,
     promptly upon receipt of Indemnitee's request for indemnification, advise
     in writing the Board or such other person or persons empowered to make the
     determination as provided in sub-clause 5.2 that Indemnitee has made such
     request for indemnification. Subject to clause 10, upon making such request
     for indemnification, Indemnitee shall be presumed to be entitled to
     indemnification hereunder and the Company shall have the burden of proof in
     the making of any determination contrary to such presumption.

5.2  Upon written request by Indemnitee for indemnification pursuant to
     sub-clause 5.1, a determination shall be made by the following person or
     persons:

                                      -4-

<PAGE>

     5.2.1 the Board, by a majority vote of the Disinterested Directors; or

     5.2.2 if such vote is not obtainable or, even if obtainable, if such
          Disinterested Directors so direct by majority vote, by Independent
          Counsel in a written opinion to the Board, a copy of which shall be
          delivered to Indemnitee; provided that such Independent Counsel shall
          be selected by the Indemnitee and approved by the Board; or

     5.2.3 upon failure of the Board to so select such Independent Counsel or
          failure of Indemnitee to so approve such Independent Counsel as set
          forth in sub-clause 5.2.2 above, then by a majority vote of the
          shareholders.

5.3  In any event where the determination of whether Indemnitee is entitled to
     indemnification is not made pursuant to sub-clause 5.2, then such
     determination shall be made by a single arbitrator pursuant to the rules of
     Judicial Arbitration and Mediation, Inc. ("JAMS"). Such determination of
     entitlement to indemnification shall be made not later than 60 days after
     receipt by the Company of a written request for indemnification, and such
     period shall not be extended without Indemnitee's consent, which may be
     withheld by Indemnitee at Indemnitee's sole discretion by reason of the
     initiation or pendency of any procedure provided for in sub-clause 5.2.
     Such request shall include documentation or information which is necessary
     for such determination and which is reasonably available to Indemnitee.
     Subject to clause 10, any expenses (including attorneys' fees) incurred by
     Indemnitee in connection with Indemnitee's request for indemnification
     hereunder shall be borne by the Company irrespective of the outcome of the
     determination of Indemnitee's entitlement to indemnification. If the person
     or persons making such determination shall determine that Indemnitee is
     entitled to indemnification as to part (but not all) of the application for
     indemnification, such persons may reasonably prorate such partial
     indemnification among such claims, issues or matters in respect of which
     indemnification is requested.

6.   ADVANCEMENT OF EXPENSES

     All expenses incurred by Indemnitee (including reasonable attorneys' fees,
     retainers and advances of disbursements required of Indemnitee) shall be
     paid by the Company in advance of the final disposition of any Proceeding
     at the request of Indemnitee as promptly as possible, and in any event
     within twenty days after the receipt by the Company of a statement or
     statements from Indemnitee requesting such advance or advances from time to
     time. Indemnitee's entitlement to such expenses shall include those
     incurred in connection with any Proceeding by Indemnitee seeking an
     adjudication or award in arbitration pursuant to this Agreement. Such
     statement or statements shall reasonably evidence the expenses incurred by
     Indemnitee in connection therewith and shall include or be accompanied by
     an undertaking by or on behalf of Indemnitee to repay such amount if it is
     ultimately determined that Indemnitee is not entitled to be indemnified
     against such expenses by the Company as provided by this Agreement or
     otherwise. Subject to clause 10, the Company shall have the burden of proof
     in any

                                      -5-

<PAGE>

     determination under this clause 6. No amounts advanced hereunder shall be
     deemed an extension of credit by the Company to Indemnitee.

7.   REMEDIES OF INDEMNITEE IN CASES OF DETERMINATION NOT TO INDEMNIFY OR TO
     ADVANCE EXPENSES

7.1  In the event that: (a) a determination is made that Indemnitee is not
     entitled to indemnification hereunder, (b) if applicable, payment has not
     been timely made following a determination of entitlement to
     indemnification pursuant to clause 5 or (c) expenses are not advanced
     pursuant to clause 6, Indemnitee shall be entitled to apply to the Court or
     any other court of competent jurisdiction for a determination of
     Indemnitee's entitlement to such indemnification or advance.

7.2  Alternatively to sub-clause 7.1, Indemnitee, at Indemnitee's option, may
     seek an award in arbitration to be conducted by a single arbitrator
     pursuant to the rules of JAMS, such award to be made within sixty days
     following the filing of the demand for arbitration and the Company shall
     not oppose Indemnitee's right to seek any such adjudication or award in
     arbitration or any other claim; provided, however, if JAMS shall have made
     a final determination with respect to Indemnitee's entitlement to
     indemnification pursuant to sub-clause 5.3, Indemnitee shall not be
     entitled to any right to appeal such determination through JAMS or any
     other arbitration or mediation service.

7.3  A judicial Proceeding or arbitration pursuant to this clause 7 shall be
     made de novo and Indemnitee shall not be prejudiced by reason of any
     determination, if applicable, otherwise made hereunder (if so made) that
     Indemnitee is not entitled to indemnification. Subject to clause 10, if a
     determination is required under applicable law and is made pursuant to the
     terms of clause 5 that Indemnitee is entitled to indemnification, the
     Company shall be bound by such determination and is precluded from
     asserting that such determination has not been made or that the procedure
     by which such determination was made is not valid, binding and enforceable.
     If the court or arbitrator shall determine that Indemnitee is entitled to
     any indemnification hereunder, the Company shall pay all expenses
     (including reasonable attorneys' fees and disbursements) actually incurred
     by Indemnitee in connection with such adjudication or award in arbitration
     (including, but not limited to, any appellate Proceedings).

8.   OTHER RIGHTS TO INDEMNIFICATION

     The indemnification and advancement of expenses (including attorneys' fees)
     provided by this Agreement shall not be deemed exclusive of and shall be in
     addition to any other right to which Indemnitee may now or in the future be
     entitled under any provision of the Company's bye-laws, any agreement, vote
     of shareholders, the Board or Disinterested Directors, provision of law or
     otherwise; provided, however, that: (a) this Agreement supersedes any other
     agreement (other than the Bye-laws of the Company) that has been entered
     into by the Company with Indemnitee which has as its principal purpose the
     indemnification of Indemnitee (for the avoidance of doubt it is intended by
     the parties

                                       -6-

<PAGE>

     that the Indemnitee shall enjoy by this Agreement the greater benefit
     afforded by either of this agreement or the bye-laws) and (b) where the
     Company may indemnify Indemnitee pursuant to either this Agreement or the
     bye-laws of the Company, the Company may indemnify Indemnitee under either
     this Agreement or the bye-laws but Indemnitee shall, in no case, be
     indemnified by the Company in respect of any expense, liability or cost of
     any type for which payment is or has been actually made to Indemnitee under
     any insurance policy, indemnity clause, bye-law or agreement, except in
     respect of any excess beyond such payment.

9.   ATTORNEYS' FEES AND OTHER EXPENSES TO ENFORCE AGREEMENT

     In the event that Indemnitee is subject to or intervenes in any Proceeding
     in which the validity or enforceability of this Agreement is at issue or
     seeks an adjudication or award in arbitration to enforce Indemnitee's
     rights under, or to recover damages for breach of, this Agreement,
     Indemnitee, if Indemnitee prevails in whole or in part in such action,
     shall be entitled to recover from the Company and shall be indemnified by
     the Company against any actual expenses for attorneys' fees and
     disbursements reasonably incurred by Indemnitee, provided that in bringing
     such action Indemnitee acted in good faith.

10.  LIMITATION OF INDEMNIFICATION

     Notwithstanding any other terms of this Agreement, nothing herein shall
     require the Company to indemnify Indemnitee against, or exempt Indemnitee
     from, any liability to the extent such liability results from Indemnitee's
     fraud or dishonesty in relation to the Company.

11.  LIABILITY INSURANCE

     To the extent the Company maintains an insurance policy or policies
     providing directors' and officers' liability insurance, Indemnitee shall be
     covered by such policy or policies, in accordance with its or their terms,
     to the maximum extent of the coverage available for any Company director or
     officer (including coverage after Indemnitee is no longer serving in a
     Corporate Status for acts and omissions occurring while Indemnitee was
     serving in a Corporate Status).

12.  DURATION OF AGREEMENT

     This Agreement shall apply with respect to Indemnitee's occupation of any
     of the position(s) described in sub-clause 3.1 of this Agreement prior to
     the date of this Agreement and with respect to all periods of such service
     after the date of this Agreement, even though Indemnitee may have ceased to
     occupy such positions(s).

                                      -7-

<PAGE>

13.  NOTICE OF PROCEEDINGS BY INDEMNITEE

13.1 Indemnitee agrees promptly to notify the Company in writing upon being
     served with any summons, citation, subpoena, complaint, indictment,
     information or other document relating to any Proceeding which may be
     subject to indemnification hereunder; provided, however, that the failure
     to so notify the Company will not relieve the Company from any liability it
     may have to Indemnitee except to the extent that such failure materially
     prejudices the Company's ability to defend such claim. With respect to any
     such Proceeding as to which Indemnitee notifies the Company of the
     commencement thereof:

     13.1.1 the Company will be entitled to participate therein at its own
          expense; and

     13.1.2 except as otherwise provided below, to the extent that it may wish
          (unless the Company fails to provide Indemnitee reasonable assurance
          of the Company's financial capacity to defend such proceeding and
          provide indemnification with respect to such proceeding), the Company
          will be entitled to assume the defense thereof with counsel reasonably
          satisfactory to Indemnitee. After notice from the Company to
          Indemnitee of its election so to assume the defense thereof and after
          such approval of counsel by Indemnitee, the Company will not be liable
          to Indemnitee under this Agreement for any legal or other expenses
          subsequently incurred by Indemnitee in connection with the defense
          thereof other than reasonable costs of investigation and Indemnitee's
          reasonable costs as a participant in the Company's defense of such
          claim or as otherwise provided below. Indemnitee shall have the right
          to employ Indemnitee's own counsel in such Proceeding, but the fees
          and expenses of such counsel incurred after notice from the Company of
          its assumption of the defense thereof and after approval of counsel by
          Indemnitee as set forth above shall be at the expense of Indemnitee
          and not subject to indemnification hereunder unless (a) the employment
          of counsel by Indemnitee has been authorized by the Company, (b) in
          the reasonable opinion of Indemnitee based on advice of counsel to
          Indemnitee there is an actual or potential conflict of interest
          between the Company and Indemnitee in the conduct of the defense of
          such Proceeding or (c) the Company shall not in fact have employed
          counsel to assume the defense of such action, in each of which cases,
          subject to clause 10, the fees and expenses of counsel shall be at the
          expense of the Company.

13.2 Neither the Company nor Indemnitee shall settle any claim which may be
     subject to indemnification hereunder without the prior written consent of
     the other (which shall not be unreasonably withheld).

14.  NOTICES

     Any notice required to be given hereunder shall be in writing in the
     English language and shall be served by sending the same by registered
     mail, facsimile or by delivering the

                                      -8-

<PAGE>

     same by hand to the address of the Party or Parties in question as set out
     below (or such other address as such Party or Parties shall notify the
     other Parties of in accordance with this clause). Any notice sent by
     registered mail as provided in this clause shall be deemed to have been
     served three Business Days after dispatch and any notice sent by facsimile
     as provided in this clause shall be deemed to have been served at the time
     of dispatch and in proving the service of the same it will be sufficient to
     prove in the case of a letter that such letter was properly stamped,
     addressed and placed in the mail for collection; and in the case of a
     facsimile that such facsimile was duly dispatched to a current facsimile
     number of the addressee.

     To the Company:

     RAM Holdings Ltd.
     RAM Re House
     46 Reid Street
     Hamilton HM 12
     Bermuda

     Attn: General Counsel and Secretary

     Fax: 441-296-6509

     Indemnitee:

     Name: __________________________

     Address: _______________________

     Fax: ___________________________

15.  MISCELLANEOUS

15.1 Notwithstanding the expiration or termination of this Agreement howsoever
     arising, such expiration or termination shall not operate to affect such of
     the provisions hereof as are expressed or intended to remain in full force
     and effect.

15.2 If any of the clauses, conditions, covenants or restrictions of this
     Agreement or any deed or document emanating from it shall be found by a
     court of competent jurisdiction or by a duly appointed arbitrator to be
     void but would be valid if some part thereof were deleted or modified, then
     such clause, condition, covenant or restriction shall apply with such
     deletion or modification as may be necessary to make it valid and effective
     so as to give effect as nearly as possible to the intent manifested by such
     clause, condition, covenant or restriction.

                                      -9-

<PAGE>

15.3 This Agreement shall be binding upon the Company and its successors and
     assigns (including any transferee of all or substantially all of its assets
     and any successor or resulting company by merger, amalgamation or operation
     of law) and shall inure to the benefit of Indemnitee and Indemnitee's
     spouse, assigns, heirs, estate, devises, executors, administrators or other
     legal representatives.

15.4 This Agreement (together with any documents referred to herein) constitutes
     the whole agreement between the Parties relating to its subject matter and
     supersedes any prior arrangement (other than the Bye-laws of the Company)
     that has been entered into by the Company in favor of the Indemnitee that
     has as its principal purpose the indemnification of the Indemnitee by the
     Company.

15.5 No provision in this Agreement may be amended unless such amendment is
     agreed to in writing, signed by Indemnitee and by a duly authorized officer
     of the Company. No waiver by either Party of any breach by the other Party
     of any condition or provision of this Agreement to be performed by such
     other Party shall be deemed a waiver of a similar or dissimilar condition
     or provision at the same or any prior or subsequent time. Any waiver must
     be in writing and signed by Indemnitee or a duly authorized officer of the
     Company, as the case may be.

15.6 The headings in this Agreement are inserted for convenience only and shall
     not affect the construction of this Agreement.

15.7 This Agreement may be executed in counterparts, each of which when executed
     and delivered shall constitute an original but all such counterparts
     together shall constitute one and the same instrument.

15.8 The terms and conditions of this Agreement and the rights of the Parties
     hereunder shall be governed by and construed in all respects in accordance
     with the laws of the Islands of Bermuda. The Parties to this Agreement
     hereby irrevocably agree that the courts of Bermuda shall have
     non-exclusive jurisdiction in respect of any dispute, suit, action,
     arbitration or Proceedings ("Agreement Proceedings"), which may arise out
     of or in connection with this Agreement and waive any objection to
     Agreement Proceedings in the courts of Bermuda on the grounds of venue or
     on the basis that the Agreement Proceedings have been brought in an
     inconvenient forum.

                                      -10-

<PAGE>

     IN WITNESS WHEREOF, the undersigned, intending to be bound hereby, have
duly executed this Agreement as of the date first written above.

In witness whereof the common       )
seal of the COMPANY was             )   ----------------------------------------
affixed hereto in the presence of   )   Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

SIGNED by                           )
INDEMNITEE                          )   ----------------------------------------
in the presence of:                 )   Name:
                                              ----------------------------------

Witness:
         ----------------------------
Name:
      -------------------------------

                                      -11-<PAGE>
                                                                   Exhibit 10.15

DATE: August 22, 2004

                                      LEASE

GRANTED BY:         Field Real Estate (Holdings) Limited

TO:                 RAM Reinsurance Company Ltd.

DEMISED PREMISES:   Third Floor & Penthouse, Ram Re House, Reid Street, Hamilton

TERM:               Three (3) years from January 1st 2005

BASIC RENT:         $21,420.00 (Twenty one thousand, four hundred and twenty
                    dollars) per month payable monthly in advance on first day
                    of each month

                    Plus monthly maintenance service charge

<PAGE>

                                                                               2

                             TABLE OF CONTENTS

1.   Definitions

2.   Interpretation

3.   Demise

4.   Basic Rent and Maintenance Expenses

5.   Tenant's Covenants

     5.1  Basic Rent

     5.2  Outgoing

     5.3  Taxes

     5.4  Decorate

     5.5  Fit Out

     5.6  Repairs

     5.7  Insurance

     5.8  Not to Alter

     5.9  Inspection

     5.10 Service Charge

     5.11 User

     5.12 Advertisements

     5.13 Dealings with the Premises

     5.14 Entry for Repair Replacement or Examination

     5.15 Compliance with Statutes

     5.16 Easements and Encroachments

     5.17 Indemnification

     5.18 Conform to Management Regulations

     5.19 Surrender of Premises

     5.20 Costs

     5.21 Disposal of Refuse

6.   Landlord's Covenants

     6.1  Quiet Enjoyment

     6.2  Insurance

     6.3  Reinstatement

<PAGE>

                                                                               3

     6.4  Suspension of Basic Rent and Early Termination

     6.5  Indemnity

     6.6  Maintenance and Other Obligations

     6.7  Assignment

     6.8  Security Cards

     6.9  Right of First Refusal

7.   Default by the Tenant

8.   Term and Option to Renew

9.   Notices Consents Etc

10.  No Warranty

11.  No Liability

12.  Services

13.  Security Deposit

14.  Holdover

15.  Waiver of Subrogation

16.  Broker

17.  Governing Law

18.  Mediation & Arbitration

SCHEDULES

First Schedule:    The Tenant's Easement Rights and Privileges

Second Schedule:   Exceptions and Reservations

Third Schedule:    The Landlord's Maintenance and Other Obligations in respect
                   of Ram Re House

Fourth Schedule:   Restrictions on the Tenant

<PAGE>

                                                                               4

THIS LEASE is dated the 1st day of January, 2005 and is made in duplicate
BETWEEN

(1)  FIELD REAL ESTATE (HOLDINGS) LIMITED a body corporate under an Act of the
     Legislature of the Islands of Bermuda ("the Landlord") and

(2)  RAM REINSURANCE COMPANY LTD. a Company incorporated under the laws of the
     Islands of Bermuda ("the Tenant").

1.   DEFINITIONS

1.1  "AFFILIATED COMPANY" shall mean a company which either wholly owns or
     controls the Tenant, is wholly owned or controlled by the Tenant, is under
     common ownership or control with the Tenant or is a body into which the
     Tenant or any of the foregoing parties is merged or consolidated.

1.2  "BASIC RENT" shall mean the yearly rent for the Demised Premises of Two
     hundred and fifty seven thousand and forty Bermuda Dollars (BD$257,040.00)
     being equivalent to fifty six Bermuda Dollars (BD$56.00) per square foot of
     office space.

1.3  "TERM" shall mean Three (3) years from the Lease Commencement Date being
     the 1st day of January 2005 (that is to say until the 31st day of December
     2007).

1.4  "BUSINESS DAY" shall mean any day from Monday to Friday (inclusive) that is
     not a public holiday on which banks in Hamilton, Bermuda, are authorised or
     required to be closed.

1.4  "THIRD FLOOR & PENTHOUSE, RAM RE HOUSE" shall mean that building comprising
     office and other premises of which the Demised Premises (more particularly
     defined in Clause 3 herein) forms part and which is situated at 46 Reid
     Street in the City of Hamilton in the said Islands

<PAGE>

                                                                               5

1.5  "DECORATE" shall mean to paint, wallpaper, carpet, or otherwise treat (as
     the case may be) all surfaces usually or requiring to be so treated having
     first prepared such surfaces as may be necessary and to wash down all
     washable surfaces and to restore paint and make good the brickwork and
     stonework where necessary. All decoration shall be carried out with good
     quality materials and where painting is involved two coats shall be
     applied.

1.6  "TERMINATION" shall mean the expiration or sooner termination of the Term.

1.7  "DILAPIDATION'S" shall mean the defects in and wants of repair and/or
     Decoration of the Demised Premises.

1.8  "INSURED RISKS" means fire, storm, tempest, lightning, explosion, riot,
     civil commotion, malicious damage, impact, flood, bursting or overflowing
     of water tanks, burst pipes, discharge from sprinklers, aircraft and other
     aerial devices or articles dropped from them (other than war risks),
     earthquake, landslide heave subsidence, and such other risks as the
     Landlord may from time to time require to be covered.

1.9  "INTEREST RATE" shall mean the prevailing The Bank of N.T. Butterfield &
     Son Ltd.'s Bermuda Dollar Base Rate plus four percent (4%).

1.10 "LEASE COMMENCEMENT DATE" shall mean 1st January 2005.

1.11 "MAINTENANCE SERVICE CHARGE" shall mean the yearly sum of Sixty six
     thousand five hundred and fifty five Bermuda Dollars (BD $66,555.00) being
     equivalent to fourteen Bermuda Dollars and fifty cents (BD $14.50) per
     square foot of office space which sum represents the proportion of the sums
     expended by the Landlord in respect of the matters set out in the Third
     Schedule hereto attributable to the Demised Premises.

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                                                                               6

1.12 "BASIC RENT COMMENCEMENT DATE" shall mean 1st January 2005

2.   INTERPRETATION

     In this Lease unless the context otherwise requires:

2.1  words importing any gender include every gender;

2.2  words importing the singular number only include the plural number and vice
     versa;

2.3  words importing persons include firms, companies and corporations and vice
     versa;

2.4  references to numbered clauses, paragraphs and schedules are references to
     the relevant clauses paragraphs in or schedules to this Lease;

2.5  reference in any schedule to numbered paragraphs is references to the
     numbered paragraphs of that schedule;

2.6  where two or more persons undertake any obligation jointly they shall be
     jointly and severally liable in respect of that obligation;

2.7  any obligation on any party not to do or omit to do anything shall include
     an obligation not to allow that thing to be done or omitted to be done by
     any subtenant of that party or by any employee servant agent invitee or
     licensee of that party or its subtenant;

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                                                                               7

2.8  the Landlord and the Tenant shall include their successors and assigns and
     the person or persons for the time being deriving title from or under the
     Landlord and the Tenant respectively;

2.9  where the Landlord or the Tenant covenant to do something they shall be
     deemed to fulfil that obligation if they procure that it is done;

2.10 the headings to the clauses, schedules and paragraphs shall not affect the
     interpretation;

2.11 clause 5.17 does not make the Tenant liable for costs of any person where
     the Tenant has exercised its reasonable duty of care;

2.12 In every case where the Landlord seeks legal advice, the costs of which may
     be payable by the Tenant, the decision to seek such advice should be
     reasonable and necessary, and the attorney's fees should be reasonable and
     revisable by the Bar Council;

2.13 Where the premises are unfit for use and occupation, not resulting from the
     act or omission of the Tenant, the Basic Rent shall cease and in the event
     of dispute over whether the premises are unfit for use and occupation, the
     issue shall be referred to arbitration (or mediation) and;

2.14 Any costs of the Landlord which may be payable by the Tenant under this
     Lease are to be reasonable and any provision of this Lease which attempts
     to obviate the Landlord's duty to mitigate its loss or avoid the
     jurisdiction of the Courts of Bermuda are void.

3.   DEMISE AND PREMISES

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                                                                               8

In consideration of the Basic Rent hereinafter reserved and the covenants and
conditions on the part of the Tenant hereinafter contained the Landlord HEREBY
DEMISES to the Tenant ALL those premises designated as Third and Penthouse, Ram
Re House comprising an area of 4,590 (Four Thousand Five Hundred and Ninety)
square feet TOGETHER WITH the easements, rights and privileges mentioned in the
First Schedule hereto but excepted and reserved as mentioned in the Second
Schedule hereto to hold the Demised Premises unto the Tenant for the Term
yielding and paying to the Landlord the Basic Rent.

4.   BASIC RENT

4.1  The Tenant shall pay to the Landlord a Basic Rent for the Demised Premises
     of Two hundred and fifty seven thousand and forty Bermuda Dollars (BD
     $257,040.00) per annum (hereinafter called "the Basic Rent") being fifty
     six Bermuda Dollars (BD $56.00) per square foot and the total area of the
     Demised Premises being 4,590 square feet and the Basic Rent shall be
     payable by equal monthly installments in the amount of Twenty one thousand
     four hundred and twenty Bermuda Dollars (BD $21,420.00). The first payment
     is due January 1st, 2005, and all subsequent installments are payable in
     advance on the first day of each calendar month by way of Standing Order to
     account No 20 006 060 140636 at The Bank of N.T. Butterfield & Son Limited.

4.2  The Tenant shall pay to the Landlord interest as provided in sub-clause
     5.1.2 hereof.

5.   TENANT'S COVENANTS

     The Tenant hereby covenants with the Landlord as follows:

5.1  BASIC RENT

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                                                                               9

5.1.1 To pay the Basic Rent at the times and in the manner herein before
     appointed for payment thereof as to which time shall be of the essence
     without any deduction setoff or counterclaim whatsoever.

5.1.2 Without prejudice to any other rights, remedy or power herein contained if
     any Basic Rent or other sums payable by the Tenant to the Landlord
     hereunder shall remain unpaid for five (5) Business Days following the due
     date (whether or not demanded except where a demand is required by this
     Lease) the Tenant shall pay to the Landlord on demand interest upon such
     sum at the Interest Rate calculated from the due date to the actual date of
     payment.

5.1.3 In the event the Tenant fails to make any Basic Rent payment due hereunder
     within five (5) Business Days after such payment is due the Landlord shall
     notify the Tenant of such and should such non-payment continue for a period
     of five (5) Business Days after the notice date the Tenant shall pay to the
     Landlord a late charge in an amount equal to Five Hundred Bermuda Dollars
     (BD$500) together with the late Basic Rent payment and interest where
     applicable.

5.2  OUTGOINGS

     To pay and indemnify the Landlord against all telecommunication charges and
     any other outgoing whatsoever payable in respect of or attributable to the
     Demised Premises but save and except for any taxes that may be imposed or
     charged upon the income of the Landlord. Without prejudice to the
     generality of the foregoing it is agreed that the Tenant's portion of the
     Corporation of Hamilton tax and taxes payable under the Land Valuation and
     Tax Act 1967 or any Act for the time being amending or replacing the same
     will be billed directly to the Tenant and is for the Tenant's own account.

5.3  TAXES

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                                                                              10

     To pay for and indemnify the Landlord against all taxes and charges which
     during the Term or any extension thereof are charged or imposed solely in
     respect of this Lease or in respect of the Demised Premises including Land
     Tax and the occupier's portion of the Corporation of Hamilton Tax and any
     other taxes payable under the Land Valuation and Tax Act 1967 or any Act
     for the time being amending or replacing the same.

5.4  DECORATE

5.4.1 During the last three (3) months of the Term (howsoever determined) to
     Decorate the Demised Premises as required and deemed necessary by the
     Landlord.

5.4.2 Before starting the Decoration the Tenant shall obtain the Landlord's
     consent to the colour scheme and the type of Decoration.

5.5  FIT OUT

     At the commencement of the Term to treat the walls and/or provide any
     partitioning supply and install light fittings and generally fit out the
     Demised Premises as previously approved by the Landlord, PROVIDED always
     that the Tenant acknowledges that the Landlord has designed the Demised
     Premises to allow for the use of 4 watts per square foot for lighting
     purposes and 20 watts per square foot for ancillary electrical purposes and
     if the Tenant whether knowingly or not exceeds these standards the Landlord
     shall in no way be held responsible or accountable to the Tenant for any
     malfunctioning of the air conditioning installation within the Demised
     Premises that arises as a result of the Tenant exceeding the aforementioned
     standards.

5.6  REPAIRS

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                                                                              11

     Except as may otherwise be required of the Landlord as provided in the
     Third Schedule or elsewhere in this Lease to keep the Demised Premises in
     good and substantial repair and condition during the Term or any extension
     thereof provided always that the Landlord shall repair and replace from
     time to time any of the Landlord's fixtures and fittings that may be or
     become damaged or beyond repair through fair wear and tear.

5.7  INSURANCE

5.7.1 The Tenant shall procure and throughout the Term maintain with responsible
     companies licensed in Bermuda to sell insurance a policy of commercial
     general liability and property damage insurance covering all costs expenses
     and/or liability arising out of any and all claims, accidents, injuries and
     damages caused to any person or to the property of any person arising from
     or related to the conduct and operation of the Tenant's business in the
     Demised Premises in a form and in amounts of a commercially reasonable
     standard for a business of its type. The certificates for such insurance
     shall contain the waiver of subrogation provided for in Clause 15 below.
     The Tenant shall maintain insurance to cover the loss of its fixtures,
     equipment and personal property and business interruption insurance.

5.7.2 The Tenant shall not do or fail to do anything which shall or may cause
     any insurance policy of the Landlord relating to Ram Re House and/or the
     Demised Premises to be void or voidable or increase the premiums payable
     under them. However the foregoing shall not prohibit the Tenant from
     occupying and using the Demised Premises as office premises in connection
     with the Tenant's business.

5.7.3 If the insurance money under any of the insurance policies effected by the
     Landlord is wholly or partly irrecoverable by reason of any act or neglect
     or default of the Tenant or any subtenant or any employee, servant, agent,
     licensee or

<PAGE>

                                                                              12

     invitee of any of them then the Tenant will pay to the Landlord the
     irrecoverable amount or the amount of such shortfall as the case may be
     together with interest at the Interest Rate on the relevant sum from the
     date on which that sum is due to the date of payment.

5.8  NOT TO ALTER THE DEMISED PREMISES

     5.8.1 Not to cut, maim, alter or injure or permit to be cut, maimed,
          altered or injured any of the walls timbers floors or any other part
          of the Demised Premises nor without the prior written consent of the
          Landlord (which consent shall not be unreasonably withheld or delayed)
          make any alteration, addition or improvement of any kind in or to the
          Demised Premises unless:

     5.8.1.1 the Tenant has submitted to the Landlord detailed plans and
          specifications showing the proposed works; and

     5.8.1.2 the Tenant has given to the Landlord such covenants relating to the
          carrying out of the works as the Landlord may require; and

     5.8.1.3 The works are carried out by  contractors  approved by the Landlord
          prior to the commencement of said alterations or improvements.

     If the Landlord does consent in writing to any alterations, additions or
     improvements the Tenant will make good to the satisfaction of the Landlord
     any damage occasioned thereby and will remove and make good at its own
     expense any alteration, addition or improvement not so authorized by the
     Landlord.

5.9  INSPECTION

5.9.1 To permit the Landlord with or without workmen or others at reasonable
     times and upon reasonable notice (or at any time in an emergency) to enter
     in and upon

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                                                                              13

     the Demised Premises to view the state of repair and condition thereof
     including Landlord owned furniture and upon the Landlord serving upon the
     Tenant a written notice specifying any defects or any want of repair then
     and there found and for which the Tenant is responsible the Tenant shall
     forthwith proceed to execute such repairs in a proper and workmanlike
     manner to the reasonable satisfaction of the Landlord. If the Tenant shall
     not within the period of thirty (30) days after receipt of such notice or
     sooner if required in case of an emergency proceed to repair and make good
     the same according to such notice and the covenants in that behalf herein
     before contained then the provisions of Clause 5.9.2 apply.

5.9.2 If the Tenant fails to comply with Sub-clause 5.9.1 of this Clause the
     Landlord may enter the Demised Premises (with or without workmen) and
     execute such repairs. All actual costs reasonably incurred by the Landlord
     in so doing shall be a debt due from the Tenant to the Landlord that the
     Tenant shall pay with the next monthly installment of Basic Rent with
     interest thereon at the Interest Rate from the date of completion of the
     works until the date of payment.

5.10 MAINTENANCE SERVICE CHARGE

5.10.1 To pay to the Landlord without deduction and by way of additional rent
     Maintenance Services Charges at the rate of $14.50 per square foot for the
     Term all such charges payable in equal monthly installments in advance in
     the amount of five thousand five hundred and forty six Bermuda Dollars and
     twenty five cents (BD $5,546.25). All installments to be paid on the days
     and by means provided hereunder for the payment of Basic Rent (as to which
     time shall be of the essence).

5.11 USER

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                                                                              14

5.11.1 Not at any time during the Term or any extension thereof to use or occupy
     or permit to be used or occupied the Demised Premises for any purpose other
     than as office space and in particular not to use or permit the use of the
     Demised Premises or any part thereof for residential purposes at any time
     nor to sleep or to permit anyone to sleep in the Demised Premises.

5.11.2 Not to do or permit or suffer to be done on the Demised Premises any
     thing which may be a nuisance to the Landlord or its other tenants or any
     neighboring owner or occupier and this shall be deemed to include the
     remainder of Ram Re House.

5.11.3 Not to use or permit to be used the Demised Premises or any part thereof
     for any noxious, offensive, noisy, or dangerous trade or business or use or
     permit to be used the same for any vexatious, illegal or immoral purpose or
     permit any illegal drug or drugs to be taken into the Demised Premises or
     any part thereof nor use or permit to be used the Demised Premises as a
     betting shop, club, place of public entertainment or amusement arcade nor
     for any purpose at any time prohibited by Government Municipal or other
     competent authority nor permit or suffer to be held upon the Demised
     Premises or any part thereof any sale by auction.

5.11.4 Not to exhibit or permit to be exhibited goods or chattels for sale or
     display or any other purpose or place packages or rubbish on the corridors,
     staircases and landings of (or providing ingress to or egress from) Ram Re
     House or on any of the pavements adjoining or adjacent to Ram Re House nor
     allow the same to be obstructed in any way whatsoever or used for packing
     or unpacking goods and not to write or permit writing or posting of bills
     or notices thereon save only that rubbish for collection may be placed on a
     portion of the pavement adjoining Ram Re House as agreed by the Landlord
     from time to time

5.11.5 Not to keep or permit or suffer to be kept on the Demised Premises any
     petroleum products or materials of a dangerous or explosive nature or the
     keeping of which may contravene any Statute or Local Regulation or By-Law
     or constitute a

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                                                                              15

     nuisance or danger to the owners or occupiers of any adjoining or
     neighboring property and not without the authority of the Landlord such
     authority not to be unreasonably withheld or delayed to use or permit to be
     used on the Demised Premises any machine other than normal office and
     point-of-sale machines.

5.11.6 Not to place any excessive weight or strain on the floors of the Demised
     Premises of over 140 lbs. per s.f. total load (70 lbs. per s.f. live load)
     and to repair or pay the cost of repairing any damage which may be caused
     by any breach of this covenant or any other damage caused by the Tenant or
     the servants or agents of the Tenant to any adjoining or neighboring
     premises including the remainder of Ram Re House.

5.12 ADVERTISEMENTS

     Not to affix or set upon the Demised Premises or any part thereof or permit
     to be set up or affixed thereon any bills, advertisements, signs,
     signboards, fascia advertisements, placards, announcements or sky-signs of
     any description without the prior written consent of the Landlord PROVIDED
     ALWAYS that the Tenant shall with the prior written approval of the
     Landlord have the right to exhibit their typical trading name and/or logo
     and an indication of the type of business of the Tenant (and its Affiliated
     Companies) in a form and size in accordance with the Advertisements
     Regulation Act 1911 or its successor reasonably approved by the Landlord on
     or at the entrance to the Demised Premises and on the notice boards in Ram
     Re House to be arranged by the Landlord.

5.13 DEALINGS WITH THE DEMISED PREMISES

5.13.1 Unless expressly permitted by the Landlord in writing pursuant to the
     provisions of sub-clause 5.13.2 and 5.13.3 the Tenant shall not assign,
     sublet, mortgage, charge, part with or share possession or occupation of
     all or any part of the

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                                                                              16

     Demised Premises nor hold the Demised Premises on trust for any other
     person.

5.13.2 The Landlord shall not unreasonably withhold consent to a mortgage or
     legal charge of the whole of the Demised Premises.

5.13.3 The Landlord shall not permit an assignment of the whole of the Demised
     Premises unless:

     5.13.3.1 the Tenant has obtained the prior written consent of the Landlord
          to such proposed assignment which consent shall not be unreasonably
          withheld;

     5.13.3.2 the prospective assignee has covenanted with the Landlord that
          from the date of the assignment of the Demised Premises to it for the
          remainder of the Term it will pay the Basic Rent and observe and
          perform all the Tenant's covenants and obligations in this Lease and;

     5.13.3.3 if the Landlord requires a guarantor or guarantors acceptable to
          the Landlord has guaranteed to the Landlord the due performance of the
          prospective assignee's obligations in such terms as the Landlord may
          reasonably require;

5.13.4 In the case of any permitted subletting (whether of whole or of part) the
     Tenant shall enforce against any subtenant the provisions of any sublease
     and shall not waive them.

5.13.5 In the case of any permitted subletting (whether of whole or part) the
     Tenant shall not without consent of the Landlord (which shall not be
     unreasonably withheld):

     5.13.5.1 vary the terms of any sublease; or

     5.13.5.2 accept a surrender of all or part of the sublet premises; or

     5.13.5.3 agree any review of the Basic Rent under any sublease.

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                                                                              17

5.13.6 The Tenant shall not require or permit any Basic Rent reserved by any
     sublease (whether of whole or part) to be commuted or to be paid more than
     one month in advance or to be reduced.

5.13.7 Any consent granted under this clause 5.13 should (unless it expressly
     states otherwise) only be valid if the dealing to which it relates is
     completed within two months after the date of the consent.

5.14 ENTRY FOR REPAIR REPLACEMENT OR EXAMINATION

     To permit the Landlord at all reasonable times of the day upon giving at
     least twenty-four (24) hours prior notice (which need not be in writing) or
     at any time in an emergency upon giving reasonable previous notice to enter
     in and upon the Demised Premises for the purpose of or in connection with:

5.14.1 Exercising the rights reserved by the Second Schedule to this Lease;

5.14.2 Inspecting or viewing the Demised Premises for any purpose in connection
     with the provisions of this Lease;

5.14.3 Making surveys or drawings of the Demised Premises;

5.14.4 During the last six (6) months of the Term erecting a notice board
     stating that the Demised Premises are to be let or for sale (which the
     Tenant shall not remove, interfere with or obscure) and at all reasonable
     times by appointment to show all intending tenants or purchasers over the
     Demised Premises;

5.14.5 The maintenance, repair, examination, development or alteration of any
     neighbouring premises or anything serving the same and running through the
     Demised Premises;

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                                                                              18

5.14.6 Complying with any requirements of any competent authority the Landlord
     acting in a reasonable manner, causing minimal disruption to the Tenant and
     making good any damage caused to the Demised Premises including restoration
     of the Demised Premises to the fit and finish existing prior to such repair
     with good quality materials and at all reasonable times by appointment to
     show all intending Tenants or purchasers over the Demised Premises.

5.15 COMPLIANCE WITH STATUTES

5.15.1 To comply at all times and in all respects during the Term or any
     extension thereof with all Acts, Regulations, By-Laws and Orders whether
     made by Government Municipal or other competent body or authority and to
     comply with conditions imposed thereby insofar as the same relate to or
     affect the Landlord's use of the Demised Premises and to do all such works
     as may be directed to be done in respect of the Tenant's use of the Demised
     Premises whether by the owner or the occupier thereof and at all times to
     indemnify and keep indemnified the Landlord against any breach
     non-performance or non-observance by the Tenant of any Act, Regulation,
     By-Law or Order and to repay to the Landlord any reasonable costs charges
     or expenses incurred by the Landlord in respect of any breach etc. by the
     Tenant of such Acts Regulations By-Laws and Orders.

5.15.2 Where the Tenant receives from an Authority any formal notice relating to
     the Demised Premises or Ram Re House (whether or not the notice is of a
     legal obligation) it shall immediately send a copy to the Landlord and if
     requested by the Landlord shall make or join in making such objections
     representations or appeals in respect of it as the Landlord may reasonably
     require (except those that are to the detriment of either party.)

5.15.3 As often as is necessary to obtain at the Tenant's expense (subject to
     the Landlord's prior written consent which shall not be unreasonably
     withheld) all licenses, permissions and consents in respect of the Tenant's
     use of the Demised

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                                                                              19

     Premises and to notify the Landlord promptly of any refusals in respect
     thereof and to pay satisfy and keep the Landlord fully indemnified against
     all actions, proceedings, disputes, damages, penalties, costs, charges,
     claims, and demands whatsoever which may be brought or alleged or become
     payable in respect of the carrying out or maintenance by the Tenant of any
     operations on or use of the Demised Premises except if the same is
     occasioned by the Landlord's negligence or misconduct.

5.16 EASEMENTS AND ENCROACHMENTS

     Not to obstruct permanently any window or light belonging to the Demised
     Premises and to give immediate notice to the Landlord if the Tenant becomes
     aware of any encroachment or easement affecting the Demised Premises that
     shall be made or attempted and at the Landlord's request and cost to adopt
     such means as may be reasonably required to prevent or defeat the same.

5.17 INDEMNIFICATION OF LANDLORD

     Pursuant to the provisions of sub-clause 2.11, to be responsible for and to
     indemnify the Landlord against the cost of all damage or expense occasioned
     to the Demised Premises or the Landlord or any other part of Ram Re House
     or any adjacent or neighboring premises and against all actions, costs,
     claims, demands and liability whatsoever in respect of injury or damage to
     person or property due to or arising from the act neglect or default of the
     Tenant or any servants, agents, licensees or invitees of the Tenant
     (including any breach of this Lease). Without prejudice to the generality
     of the foregoing this indemnity shall include legal fees and disbursements
     on a full indemnity solicitor-and-own-client basis together with the time
     and costs of in-house legal counsel and the fees and expenses of other
     professionals as may be reasonably required.

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5.18 CONFORM TO MANAGEMENT RELATIONS

     To comply with the restrictions contained or referred to in the Fourth
     Schedule hereto and also to comply with the reasonable regulations from
     time to time laid down by the Landlord as to the method of bringing or
     fixing telephone or electric light or power (including the uninterrupted
     power supply) and other pipes, wires or conduits into the Demised Premises
     and to carry out the work in connection therewith to the satisfaction of
     the Landlord and to make good to the reasonable satisfaction of the
     Landlord any damage that may be caused by such work to the fabric of Ram Re
     House.

5.19 SURRENDER OF PREMISES

5.19.1 On Termination the Tenant shall yield up the Demised Premises to the
     Landlord with vacant possession in a state of repair, condition and
     decoration that is consistent with the proper performance of the Tenant's
     covenants in this Lease.

5.19.2 No sooner than four (4) months prior to the expiration or sooner
     termination of this Lease the Landlord shall advise the Tenant which of the
     alterations additions and improvements made to the Demised Premises during
     the Term the Landlord desires to retain in the Demised Premises.

5.19.3 Immediately before Termination if and to the extent required by the
     Landlord pursuant to Clause 5.19.2 herein the Tenant shall remove or
     reinstate the alterations, additions or improvements made to the Demised
     Premises at any time during the Term and where this involves the
     disconnection of plant or conduits the Tenant shall ensure that the
     disconnection is carried out properly and safely and that the plant and
     conduits are suitably sealed off or capped and left in a safe condition so
     as not to interfere with the continued functioning of the plant or use of
     the conduits elsewhere in Ram Re House.

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                                                                              21

5.19.4 The Tenant shall make good any damage caused in complying with
     Sub-clauses 5.19.1 5.19.2 and 5.19.3 hereof and shall carry out all
     relevant works including the making good of damage to the reasonable
     satisfaction of the Landlord.

5.19.5 If upon Termination the Demised Premises are not left in the state
     required by this Sub-clause 5.19 the Landlord shall have the right to cure
     such breach of covenant.

5.19.6 If on Termination, the Tenant leaves any fixtures, fittings or other
     items in the Demised Premises the Landlord may treat them as having been
     abandoned and may remove destroy or dispose of them as the Landlord wishes.
     The Landlord shall have the right to offset the reasonable cost thereof
     from the Security Deposit. Should the Security Deposit be insufficient to
     cover the cost of such sums due the Tenant shall pay the balance due to the
     Landlord upon demand.

5.20 COSTS

The Tenant shall pay to the Landlord on demand on a full indemnity basis all
costs, expense, losses and liabilities incurred by the Landlord as a result of
or in connection with:

5.20.1 any breach by the Tenant of any of its covenants or obligations in this
     Lease and/or the enforcement or attempted enforcement of those covenants
     and obligations by the Landlord;

5.20.2 any application for consent under this Lease whether or not that consent
     is refused or the application is withdrawn including legal costs incurred
     in reviewing any proposed assignment or sublease of the Demised Premises;

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                                                                              22

5.20.3 the preparation and service of any notice pursuant to Sub-clause 5.9 of
     this Lease or any schedule or list of Dilapidations served during the Term
     or within three (3) months after the expiration or sooner Termination of
     the Term.

5.21 DISPOSAL OF REFUSE

     To deposit all refuse from the Demised Premises in the refuse area and at
     the times as directed by the Landlord and not to deposit or dispose of such
     refuse in any other manner.

6.   LANDLORD'S COVENANTS

The Landlord hereby covenants with the Tenant as follows:

6.1. QUIET ENJOYMENT

     That the Tenant paying the Basic Rent and other payments herein before
     reserved and performing and observing the covenants on its part and
     conditions herein before contained shall peacefully and quietly hold and
     enjoy the Demised Premises during the Term and any extension thereof
     without any interruption by the Landlord or any person lawfully claiming
     under or in trust for it.

6.2  INSURANCE

6.2.1 The Landlord shall effect and maintain the following insurances in respect
     of Ram Re House:

     6.2.1.1 insurance against damage or destruction by the Insured Risks in a
          sum equal to the Landlords' estimate from time to time of the full
          reinstatement cost of Ram Re House and other structures on Ram Re
          House including:

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                                                                              23

          6.2.1.1.1 the cost of demolition shoring up and site clearance;

          6.2.1.1.2 all architects' surveyors' and other professional fees and
               incidental expenses in connection with reinstatement;

     6.2.1.2 third party and public liability insurance;

     6.2.1.3 insurance against such other risks as the Landlord may deem
          necessary from time to time.

6.2.2 The Landlord may but shall not be obliged to insure against loss of Basic
     Rent.

6.2.3 The Landlord shall not be obliged to insure under sub-clause 6.2.1 if and
     to the extent that:

     6.2.3.1 insurance is not available in the Bermuda insurance market; or

     6.2.3.2 any excess exclusion or limitation imposed by the relevant Insurers
          applies; or

     6.2.3.3 the Insurance Policies have become void or voidable by reason of
          any act neglect or default of the Tenant.

6.3  REINSTATEMENT

6.3.1 In the event that Ram Re House shall be damaged or destroyed by the
     Insured Risks then the Landlord shall use all reasonable endeavours to
     reinstate and make good Ram Re House and the Demised Premises as soon as is
     practicable after such damage or destruction subject only to receiving from
     the Tenant any monies payable by virtue of Sub-Clause 5.7.3.

6.3.2 The Building need not be reinstated to the same state, appearance or
     layout as before but following any reinstatement the Demised Premises shall
     enjoy substantially the same rights, standards, quality and amenities as
     before.

6.4  SUSPENSION OF BASIC RENT AND EARLY TERMINATION

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                                                                              24

6.4.1 In the event of the Demised Premises (or any part thereof) at any time
     during the Term being damaged or destroyed by the Insured Risks or any of
     them so as to be unfit for occupation and use by the Tenant and if the
     Landlord's policy or policies of insurance shall not have been rendered
     void or voidable or payment of the policy monies refused in whole or in
     part by reason of any neglect, misconduct or default of the Tenant or if
     the Demised Premises become unfit for occupation and use because any of the
     services to be provided by the Landlord under Sub-clause 6.6 are not
     provided for any period in excess of thirty (30) consecutive days then the
     Basic Rent hereby reserved (or a fair proportion thereof according to the
     nature and extent of the damage sustained) shall be suspended until the
     Demised Premises shall again be rendered fit for occupation and use.

6.4.2 If the Demised Premises or any part thereof shall be unfit for use and
     occupation for in excess of ninety (90) consecutive days during the Term
     then either the Landlord or the Tenant shall have the right to terminate
     this Lease on not less than one month's written notice to the other served
     at any time after that date whereupon the Lease shall forthwith terminate
     but the Termination shall be without prejudice to any right of action of
     either party in respect of any previous breach of the terms of this Lease
     by the other or to any obligation of the Tenant under Sub-clause 5.7 (and
     any sums payable under this Sub-clause shall be paid on Termination if they
     have not already become payable) and all monies payable under the insurance
     policies or by the Tenant under Sub-clause 5.7 shall be paid to and belong
     to the Landlord absolutely.

6.5  INDEMNITY

     To be responsible for and to indemnify the Tenant against the cost of all
     damage occasioned to the Demised Premises or any other part of Ram Re House
     and against all actions costs claims demands and liability whatsoever in
     respect of injury or damage to personal property due to or arising from the
     act, neglect or default of the Landlord or any servants agents licensees or
     invitees of the Landlord.

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                                                                              25

6.6  MAINTENANCE AND OTHER OBLIGATIONS

     That subject to the payment of Basic Rent, Maintenance Service Charge and
     other payments herein before reserved on the dates and in the manner herein
     before provided and to the observance and performance of the covenants and
     stipulations herein contained and on the part of the Tenant to be observed
     and performed the Landlord will carry out and perform or arrange for the
     carrying out and performance of the several matters and things set forth in
     the Third Schedule hereto as it shall from time to time reasonably consider
     appropriate (as well as its other obligations provided for elsewhere in
     this Lease) and will defray the costs and expenses thereof PROVIDED ALWAYS
     and without prejudice to the generality of the foregoing it is hereby
     expressly agreed that:

6.6.1 The Landlord may appoint and remunerate a managing agent who by the terms
     of its contract shall be responsible to the Landlord for carrying out and
     performing the several matters and things set forth in the Third Schedule
     hereto and for arranging for the defraying of the costs and expenses
     thereof

6.6.2 The Landlord shall not be obliged to provide the maintenance and other
     obligations contained in the Third Schedule where:

     6.6.2.1 it is prevented from so doing by circumstances beyond its
          reasonable control including without limitation breakdown, damage, the
          need for inspection or repair, shortage of fuel, equipment or
          materials and inclement weather; or

     6.6.2.2 the service cannot reasonably be provided as a result of works of
          alteration, inspection or repair or any other works being carried out
          at Ram Re House; or

     6.6.2.3 the Basic Rent, Maintenance Service Charge or any element or part
          thereof is in arrears beyond any applicable grace period but in the
          circumstances set out in Sub-clauses 6.6.2.1 and 6.6.2.2 the

<PAGE>

                                                                              26

          Landlord shall restore the service as soon as reasonably practicable.

6.7  ASSIGNMENT

     The Landlord shall have the right to assign in whole or in part all its
     rights and obligations hereunder and in such event and upon completion of
     the assignment no further liability or obligation shall thereafter accrue
     against the Landlord hereunder for the part assigned, upon notice to the
     Tenant of such assignment.. Upon request by the Landlord the Tenant agrees
     to execute a certificate certifying such facts (if true) as the Landlord
     may reasonably require in connection with any such assignment by the
     Landlord for the part assigned.

6.8  SECURITY CARDS

     To facilitate the Tenant's ingress and egress into the Demised Premises and
     into Ram Re House during Restricted Hours the Landlord shall at its expense
     provide the Tenant and employees of the Tenant with security cards provided
     that the Tenant shall reimburse the Landlord for the reasonable cost of any
     replacement cards and shall return all cards upon Termination.

6.9  RIGHTS OF FIRST REFUSAL

6.9.1 The Landlord hereby agrees with the Tenant that if at any time during the
     term of this Lease that any space in Ram Re House becomes available for
     rent the Landlord will give to the Tenant the right of refusal in
     preference to the rights of all other Tenants of Ram Re House to occupy
     such space.

6.9.2 Such space shall be made available for the residue of the term of this
     Lease then subsisting but otherwise upon the same terms as this Lease (as
     far as applicable) save as to Basic Rent which shall be granted at an open
     market rent PROVIDED

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                                                                              27

     THAT if within thirty (30) days of the Landlord having given written notice
     to the Tenant that such space has become available as aforesaid the Tenant
     shall not have accepted such offer in writing and entered into a lease of
     the same then the Landlord shall be free to market the said space in any
     manner it chooses without making any further reference to the Tenant.

7.   DEFAULT BY THE TENANT

7.1  Without prejudice to any other rights of the Landlord the occurrence of any
     of the following events and the expiration of any grace periods hereafter
     described shall constitute an Event of Default under this Lease on the part
     of the Tenant:

7.1.1 the Tenant shall fail to pay any sums to be paid by the Tenant under this
     Lease and such failure shall continue for ten (10) days after the date such
     payment is due;

7.1.2 the Tenant shall assign its interest in this Lease or sublease the whole
     or any portion of the Demised Premises except as permitted in this Lease;

7.1.3 a breach shall be made in the performance of any of the other covenants or
     conditions that the Tenant is required to observe and to perform (other
     than those referred to in Sub-clauses 7.1.1 and 7.1.2 above) and such
     breach shall continue for thirty (30) days after written notice from the
     Landlord of such breach unless (with respect to any default which cannot be
     cured within thirty (30) days due to causes beyond the Tenant's reasonable
     control) the Tenant in good faith after receiving such written notice shall
     have commenced and thereafter shall continue diligently to perform all
     action necessary to cure such default;

7.1.4 the Tenant shall vacate or abandon the Demised Premises or any part
     thereof for a period of more than sixty (60) consecutive days;

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                                                                              28

7.1.5 the Tenant shall become insolvent or bankrupt or have a receiving order in
     bankruptcy made against it or enter into any composition with its
     creditors;

7.1.6 the Tenant or any assignee or subtenant of the Tenant being an
     incorporated company shall enter into liquidation whether voluntary or
     compulsory (except by way of reconstruction or amalgamation) or an
     encumbrance takes possession or exercises any power of sale or a receiver
     is appointed of the whole or any part of the undertaking property assets or
     revenues of such company or such company ceases or threatens to cease
     carrying on its business in the normal course;

7.2  Upon the occurrence of an Event of Default then or at any time thereafter
     while such Event of Default continues the Landlord at the Landlord's option
     may have any one or more of the following described remedies in addition to
     all other rights and remedies provided at law or in equity:

7.2.1 the Landlord with or without terminating this Lease may immediately or at
     any time thereafter re-enter the Demised Premises and correct or repair any
     condition that shall constitute a failure on the Tenant's part to keep,
     observe, perform, satisfy or abide by any term, condition, covenant,
     agreement, or obligation of this Lease and the Tenant shall fully reimburse
     and compensate the Landlord on demand for the reasonable costs including
     attorney's fees incurred by the Landlord in doing so;

7.2.2 the Landlord may terminate this Lease by giving the Tenant fourteen (14)
     days written notice of such termination and forthwith repossess the Demised
     Premises and remove all persons or property therefrom and be entitled to
     recover forthwith as damages a sum of money equal to the total of:

     7.2.2.1. The cost of recovering the Demised Premises (including without
          limitation attorneys' fees and cost of suit);

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                                                                              29

     7.2.2.2 the cost as reasonably estimated by the Landlord of any alterations
          of or repairs to the Demised Premises that are necessary or proper to
          prepare the same for reletting including brokers' commissions;

     7.2.2.3 the unpaid Basic Rent owed at the time of the termination plus
          interest thereon from the due date at the Interest Rate;

     7.2.2.4 the present value of the balance of the Basic Rent for a period of
          not more than six (6) calendar months remaining on the Term; and

     7.2.2.5 any other sum of money and damages owed by the Tenant to the
          Landlord;

7.2.3 without terminating this Lease and without being liable for any claim for
     trespass or damages enter upon and take possession of the Demised Premises
     and expel or remove the Tenant or anyone occupying the Demised Premises.
     The Landlord may relet all or any portion of the Demised Premises for the
     remainder of the Term upon such terms and conditions and at such rental
     rate as the Landlord sees fit in its sole discretion (which may include
     concessions and improvements to the Demised Premises). In such event the
     Tenant shall pay to the Landlord monthly the amount of Basic Rent less the
     Landlord's net rental income from the Demised Premises after deducting all
     of the Landlord's costs of obtaining possession including renovating
     repairing and altering the Demised Premises for a new tenant or tenants
     cost of reletting the Demised Premises advertising costs real estate
     commissions and attorneys' fees. Neither re-entry nor the taking of
     possession of the Demised Premises by the Landlord nor notice to pay or
     quit the Demised Premises given to the Tenant pursuant to the statutes of
     Bermuda as now or hereafter enacted shall be construed as an election of
     the Landlord to terminate this Lease unless a written notice of such
     intention is given to the Tenant or unless the termination thereof occurs
     by decree of a court of competent jurisdiction.

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                                                                              30

7.2.4 exercise by the Landlord of any one or more remedies hereunder granted or
     otherwise available shall not be deemed to be an acceptance of surrender of
     the Demised Premises by the Tenant whether by agreement or operation of law
     it being understood that such surrender can be effected only by the written
     consent by the Landlord. After an Event of Default the Tenant hereby waives
     all claims for damages by reason of such re-entry repossession alteration
     of locks or other security devices and all claims for damages by reason of
     any forcible entry and detainee proceedings or other legal process.

7.2.5 the Landlord may but shall not be obligated to at any time and without
     notice cure any Event of Default and whenever the Landlord so elects all
     reasonable costs and expenses paid by the Landlord in curing such Event of
     Default including attorneys' fees and expenses so incurred shall be paid by
     the Tenant to the Landlord upon demand.

8.   TERM AND OPTION TO RENEW

8.1  The term for which the premises are demised (hereinafter called "the Term")
     is Three (3) years from the 1st day of January 2005 (that is to say until
     the 31st day of December 2007).

8.2  The Landlord will on the written request of the Tenant made not later than
     six (6) calendar months before the expiration of the Term and if there
     shall not at the time of such request be any existing breach or
     non-observance of any of the obligations on the part of the Tenant herein
     contained grant to it a new lease of the Demised Premises for a further
     single period of two (2) years from the expiration of the Term (at an
     annual rent to be determined as provided in Clause 8.3 below) but otherwise
     containing the like agreements and conditions as are herein contained SAVE
     AND EXCEPT this Option to Renew.

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                                                                              31

8.3  If the Landlord grants a new lease of the Demised Premises to the Tenant
     pursuant to the provisions of Clause 8.2 then the Landlord will grant at
     the Tenant's expense a further lease of the Demised Premises ("New Lease")
     for a single term of two (2) years at a rent equal to the Basic Rent
     payable during the last year of the Term and at a Maintenance Service
     Charge equal to the Maintenance Service Charge payable during the last year
     of the Term plus the percentage increase in the Consumer Price Index for
     Bermuda (or any Index amending or replacing same) ("the Index") in respect
     of the preceding two (2) year period prior to the expiration of the Term
     ("the New Lease Basic Rent and Maintenance Service Charge") such rate of
     increase shall be calculated in accordance with the following formula

                                    A-B
                                    --- x 100
                                     B

     Where A = Index for month of January 2007

     B = Index for month of January 2005

     And the New Lease Basic Rent and Maintenance Service Charge shall be
     payable with effect from the commencement of the New Lease which shall
     contain the same covenants and conditions as reserved and contained in this
     Lease except for this present clause providing for renewal.

8.4  If it becomes impossible by reason of any change after today's date in the
     methods used to compile the Index or for any other reason whatever to
     calculate the New Basic Rent and the New Maintenance Service Charges for
     the purposes of Clause 8.3 above by reference to the Index or if any
     dispute or question whatever arise between the parties to the amount of the
     New Basic Rent or New Maintenance Service Charges or the construction or
     effect of this paragraph the determination of the New Basic Rent or New
     Maintenance Service Charge or both or other matter in dispute shall be
     referred to mediation or arbitration as provided in clause 18.

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                                                                              32

8.5  The New Lease shall only be granted by the Landlord if:

     8.5.1 notice has been served strictly in accordance with Clause 8.2

     8.5.2 the Tenant is not in breach of its covenants in this Lease

     8.5.3 the Tenant has paid to the Landlord the Landlord's costs in
          connection with the grant of the New Lease including any stamp duty
          thereon, and

     8.5.4 the Landlord's business does not include the need for the Demised
          Premises

8.6  Should the Tenant fail to provide the requisite notice the Landlord shall
     have the right to market the Demised Premises. _ Under such conditions the
     Tenant hereby consents to allow the Landlord upon at least one (1) day's
     prior notice and at a time acceptable to both parties to show the Demised
     Premises to prospective tenants.

9.   NOTICES CONSENTS ETC.

     Any notice under this Lease shall be in writing. Any notice to the Tenant
     shall be sufficiently served if sent to the Tenant at the Demised Premises
     by registered post or facsimile transmission and any notice sent to the
     Landlord shall be sufficiently served if delivered at or sent by post or
     facsimile transmission to the registered office of the Landlord or the
     Landlords agent. Any notice sent by post shall be deemed to be given three
     (3) Business Days after the date on which it was posted to the address to
     which it is sent or on the Business Day it was sent (or the next Business
     Day if not sent on a Business Day) if sent by facsimile and confirmation of
     the transmission has been received.

10.  NO WARRANTY

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                                                                              33

     Nothing in this Lease shall imply or warrant that the Demised Premises may
     lawfully be used for the use permitted by this Lease and the Tenant
     acknowledges and admits that no such representation or warranty has ever
     been made by or on behalf of the Landlord.

11.  NO LIABILITY

     The Landlord shall incur no liability to the Tenant or any subtenant or any
     predecessor in title of either of them by reason of any approval given to
     or inspection made of any drawings, plans, specifications or works prepared
     or carried out by or on behalf of any such party nor should any such
     approval or inspection in any way relieve the Tenant from its obligations
     under this Lease.

12.  SERVICES

     The Landlord may add to vary or discontinue any of the services provided by
     way of maintenance and other obligations in respect of Ram Re House
     contained in the Third Schedule the Maintenance Service Charge, where the
     Landlord considers it appropriate to do so having regard to the principles
     of good building management.

13.  SECURITY DEPOSIT

     Intentionally deleted due to the fact there is no record of a Security
     Deposit.

14.  HOLDOVER

     The Tenant shall vacate the Demised Premises upon Termination without
     notice. In the event the Tenant shall remain in occupation of the Demised
     Premises following Termination without exercising any option to renew the
     Term or entering into a New Lease of the Demised Premises ("the Holdover
     Period") then it shall do so as a tenant at will and it shall pay Basic
     Rent during the Holdover

<PAGE>

                                                                              34

     Period at 150% of the Basic Rent obligated to be paid for during the month
     immediately prior to the termination of the Lease. In the event the
     holdover continues for a period of sixty (60) days if the Landlord so
     elects it may serve the Tenant with a one (1) month notice to quit at any
     time thereafter and the Tenant agrees to vacate the Demised Premises on or
     before conclusion of the one (1) month period.

15.  WAIVER OF SUBROGATION

     Anything in this Lease to the contrary notwithstanding the Landlord and the
     Tenant each hereby waives any and all rights of recovery, claim, action or
     cause-of-action against the other its agents (including partners both
     general and limited), officers, directors, shareholders, customers,
     invitees or employees for any loss or damage that may occur to the Demised
     Premises or any improvements thereto or Ram Re House of which the Demised
     Premises are a part or any improvements thereon or any personal priority of
     such party therein by reason of fire or any other cause which is or is
     required to be insured against under the insurance policies referred to in
     this Lease regardless of the cause or origin including negligence of the
     other party hereto its agents, partners, officers, directors, shareholders,
     customers, invitees or employees and covenants that no insurer shall hold
     any right of subrogation against such other party. The Tenant shall advise
     insurers of the foregoing waiver and such waiver shall be a part of each
     policy maintained by the Tenant.

16.  BROKER

     Neither the Landlord nor the Tenant has used a real estate broker in
     connection with this Lease.

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                                                                              35

17.  GOVERNING LAW

     This Lease and the rights and obligations of the parties hereto to the
     extent that they are not specified herein shall be construed and enforced
     in accordance with the laws of Bermuda.

18.  MEDIATION & ARBITRATION

18.1 Any dispute or controversy arising out of or in connection with this Lease
     shall be referred to mediation and the parties hereto agree first to try in
     good faith to settle by mediation before resorting to arbitration.

18.2 The mediator shall be appointed by agreement between the parties or, in
     default of agreement, determined by the President for the time being of the
     Chamber of Commerce and the appointed mediator shall determine the
     procedure.

18.3 If any dispute or question arising out of or in connection with the
     agreement not resolved in the mediation process between the parties hereto,
     the matter in difference shall be submitted to three arbitrators one to be
     appointed by each party and one to be nominated by the President for the
     time being of the Chamber of Commerce appointed to such dispute within
     thirty (30) days of notification of the decision being taken to refer such
     matter in dispute to arbitration and such submission shall be considered a
     reference to arbitration within the meaning of The Arbitration Act, 1986 or
     any Act for the time being in force or amending or replacing the said Act
     and the decision of such arbitrators shall be final and binding on the
     parties hereto.

<PAGE>

                                                                              36

                               THE FIRST SCHEDULE

                 (THE TENANT'S EASEMENTS RIGHTS AND PRIVILEGES)

1.   The full and free right of passage and running of water and soil in and
     through the sewers, drains, and channels upon through or under any
     adjoining premises and the free and uninterrupted use of all electric and
     telephone cables and wires and other rights necessary for the enjoyment of
     the Demised Premises at all times. The Tenant warrants that its utility
     demands shall be those of a normal office user.

2.   The right for the Tenant and persons authorized by the Tenant at all times
     to the use in common with the Landlord and all others so authorized by the
     Landlord of the entrance, lobbies, hallways, stairways, passenger
     elevators, vehicular ramps, loading and unloading areas in Ram Re House for
     the purposes only of ingress and egress to and from the Demised Premises at
     all times.

3.   The right for the Tenant and persons authorized by the Tenant to the use in
     common with the Landlord and all other persons entitled thereto the
     communal toilets if any and the water supplies thereto and the corridors
     and stairs leading from the Demised Premises to the communal toilets if
     any.

4.   Subject to complying with the Tenant's covenants in that behalf contained
     in Sub-Clause 5.4 of this Lease the full and free right to Decorate the
     Demised Premises from time to time during the Term.

5.   The right for the Tenant and all persons duly authorised by the Tenant
     during the Restricted Hours to enter and exit the Building through the
     public Reid Street entrance specifically designated for the purpose or
     through any such other entrance as the Landlord may by notice to the Tenant
     and all other tenants and occupants of the Building otherwise direct.

<PAGE>

                                                                              37

6.   The right to air conditioning in the Demised Premises at all times during
     and outside the Restricted Hours provided that air conditioning shall be
     made available outside Normal Business Hours only where the Landlord has
     received prior request from the Tenant for the provision of such service.
     The Tenant shall pay upon presentation of the Landlord's invoice for the
     said overtime air conditioning at the Landlord's standard rate for such
     service.

7.   The right to electricity for the Tenant's use in the Demised Premises at
     all times during and outside Normal Business Hours for use by the Tenant
     including but not limited to use by its computers and lighting. Such usage
     by the Tenant shall not exceed the normal office usage in a first class
     building in Bermuda.

<PAGE>

                                                                              38

                               THE SECOND SCHEDULE

                          (EXCEPTIONS AND RESERVATIONS)

There is exempted and reserved out of this Lease unto the Landlord and all
others from time to time authorized by the Landlord:

1.   To carry out works to Ram Re House or any part thereof and to use them as
     required by the Landlord.

2.   All air conditioning units and duct and pipe work connected therewith and
     the full and free passage and right of running of water and soil electric
     telephone and other pipes conduits wire and cables in through upon or under
     the Demised Premises and the right to enter upon the same in order to make
     connections with inspect maintain restore remove or replace such air
     conditioning units and other services. The Landlord warrants that all
     utilities are sufficient to provide ample service to the normal office
     user.

3.   The right for the Landlord and its surveyors or agents with or without
     workmen and others at all reasonable times on notice (except in case of
     emergency) to enter the Demised Premises for the purpose of carrying out
     the obligations of the Landlord hereunder which said rights of entry will
     conform to the requirements set out in this Lease.

4.   The right to place erect and retain on any roofs of the Building such plant
     machinery apparatus aerials and equipment (and housing for the same) as the
     Landlord may from time to time require for serving the Building or any part
     thereof or any adjoining or neighbouring property.

5.   The rights and liberties of entry upon the Demised Premises mentioned in
     the covenants by the Tenant contained in this Lease.

<PAGE>

                                                                              39

6.   The easement rights and privileges equivalent to those set forth in the
     First Schedule hereof.

7.   The right to request and receive payment for actual usage for Uninterrupted
     Power Supply during the Term at $0.30 per Kw/hr.

<PAGE>

                                                                              40

                               THE THIRD SCHEDULE

  (THE LANDLORD'S MAINTENANCE AND OTHER OBLIGATIONS IN RESPECT OF RAM RE HOUSE)

The management, maintenance and repair of Ram Re House and all the facilities
thereof and the provision of all services in connection therewith necessary or
advisable to maintain Ram Re House as a first class building including (but
without prejudice to the generality of the foregoing):

1.   Maintaining in good and substantial repair and condition the main walls
     windows (except if damage is caused by the Tenant's negligence or
     misconduct) structure and roof of Ram Re House;

2.   The repairing, renewing, painting, glazing, maintaining, repainting of Ram
     Re House namely the main structure including the foundations and footings
     the external walls the external wood and metalwork the joists the roofs the
     canopies; the interior parts of Ram Re House (excluding the interior of the
     Demised Premises) the elevator system the air conditioning plant and
     equipment the communal toilets used in common by the Tenant and others the
     drains, the hot and cold water cisterns and pipes, the waste pipes, the
     main electricity cables, the ventilating apparatus and shafts, and the fire
     prevention apparatus and security systems serving the Demised Premises in
     common with the other parts of Ram Re House;

3.   The cleaning of the exterior side of the windows and the cleansing and
     lighting of the concourse passages staircase landings communal toilets and
     other parts of Ram Re House used in common by the Tenant with the Landlord
     and all other Tenants. However the Landlord shall not be responsible for
     the replacement of light bulbs in fixtures that are other than Ram Re House
     standard and part of the Demised Premises;

4.   The general cleaning of the Demised Premises and supply of normal toiletry
     supplies in the bathrooms;

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                                                                              41

5.   The insuring of Ram Re House against the Insured Risks and other risks set
     out in Sub-clause 6.2 hereof;

6.   The provision of hot and cold water in the bathrooms;

7.   The provision of the towel services, the water heaters and toilet
     requisites in the communal toilets;

8.   Any expenses deemed necessary by the Landlord or incurred in connection
     with the removal of refuse or other utilities common to other occupants of
     Ram Re House;

9.   The cost of the supply of electricity to the Demised Premises and for all
     the machinery, equipment and apparatus employed in servicing Ram Re House
     and the cost of supplying water and sewage services to Ram Re House;

10.  Paying all existing and future rates, taxes and assessments payable by law
     in respect of Ram Re House other than any Outgoing tax or other charges
     payable on the Demised Premises by the Tenant under the provisions of
     Sub-clauses 5.2, 5.3, 6.2 and 6.3 hereof; any tax or charges not directly
     related to the Demised Premises or any tax or charges that may be imposed
     or charged upon the income of the Landlord;

11.  The cost of employing staff or a Managing Agent for the performance of the
     duties and services before-mentioned and for the security of Ram Re House
     and all other incidental expenditures in relation to such employment;

12.  The provision of an uninterrupted power supply to the Demised Premises so
     as to provide a supply of "clean power" for use in connection with the
     Tenants computer systems at a constant level, and

13.  The provision of air conditioning to the Demised Premises

<PAGE>

                                                                              42

                               THE FOURTH SCHEDULE

                          (RESTRICTIONS ON THE TENANT)

1.   Not to throw or permit to be thrown anything whether of a liquid or solid
     nature from any part of the Demised Premises.

2.   Not to keep any animals on the Demised Premises other than seeing eye dogs
     if necessary.

3.   Not to hang articles of any description from the exterior of any part of
     the Demised Premises or any other part of Ram Re House.

4.   Not to keep any plants on the exterior windowsills or place thereon any
     ornaments or other things that might impair alter or mar the uniformity or
     appearance of Ram Re House without the prior consent of the Landlord such
     consent not to be unreasonably withheld or delayed.

5.   Not to encumber or interfere with the access to or egress from or place or
     leave rubbish upon any parts of Ram Re House used in common with other
     tenants other than such part thereof as is specifically reserved for such
     purpose.

6.   Not to affix a radio television aerial, t.v. or satellite dish to the
     exterior of the Demised Premises or to any other part of Ram Re House
     without the prior written permission of the Landlord.

7.   Not to make or allow any person to make any undue noise in or about the
     Demised Premises or any part of Ram Re House.

8.   Not to use water closets and other water apparatus for any purposed other
     than those for which they were constructed.

<PAGE>

                                                                              43

9.   Not to permit any water or liquid to soak through the floors of the Demised
     Premises and in the event of such happening to immediately rectify and make
     good all damage and injury to Ram Re House or the part or parts thereof so
     affected.

10.  To use all water on the Demised Premises sparingly and not have water
     running unnecessarily for any length of time.

11.  To observe all such other reasonable rules and regulations from time to
     time either in addition to or by way of substitution for these rules and
     regulations of any of them as the Landlord may deem needful for the safety
     care and cleanliness of Ram Re House or for securing the comfort or
     convenience of the tenants of Ram Re House generally.

12.  To make good any damage caused to Landlord supplied furniture other than
     normal wear and tear.

<PAGE>

                                                                              44

IN WITNESS WHEREOF the Landlord has caused its Common Seals to be affixed to
these presents and to a duplicate original hereof and the Tenant has signed
sealed and delivered to the same on the day and year first above written

The Common Seal of FIELD REAL           )
ESTATE (HOLDINGS) LIMITED               )
was hereto affixed in the presence of   )

SIGNED SEALED and DELIVERED             )

by Richard Lutenski                     )
   ---------------------------------
   Chief Financial Officer              )

RAM REINSURANCE COMPANY LTD.            )
In the presence of                      )

/s/ Sandi Marshall
------------------------------------
Witness

Sandi Marshall
Print Name

46 Reid Street, Hamilton
Address

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