Termination Addendum to Excess of Loss Retrocession Agreement between Platinum Underwriters Bermuda, Ltd. and Platinum Re (UK) Limited

Summary

Platinum Underwriters Bermuda, Ltd. and Platinum Re (UK) Limited have mutually agreed to terminate their Excess of Loss Retrocession Agreement, effective December 31, 2005. As part of the termination, Platinum Re (UK) Limited will return $550,000, representing 12.5% of the original premium, to Platinum Underwriters Bermuda, Ltd. immediately. The reinstatement premium terms remain unchanged and will be calculated on a pro rata basis. This addendum finalizes the early termination and the financial settlement between the parties.

EX-10.1 2 y23533exv10w1.htm EX-10.1: TERMINATION ADDENDUM EX-10.1

Exhibit 10.1

TERMINATION ADDENDUM
EXCESS OF LOSS RETROCESSION AGREEMENT
BY AND BETWEEN
PLATINUM UNDERWRITERS BERMUDA, LTD.
(RETROCEDANT)

and

PLATINUM RE (UK) LIMITED
(RETROCESSIONAIRE)

IT IS HEREBY MUTUALLY AGREED that effective December 31, 2005, this Agreement (“Agreement”), dated as of April 1, 2005, by and between Platinum Re UK Limited (the “Retrocessionaire”), and Platinum Underwriters Bermuda Ltd. (the “Retrocedant”), is Terminated.

The Retrocessionaire shall return 12.5% of the Original Premium, or $550,000 as consideration for the early termination of its exposure. The $550,000 is to be returned immediately. The Reinstatement Premium will remain unchanged, calculated at pro rata of $4,400,000 as respects the fraction of the indemnity exhausted.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed in duplicate by their respective officers duly authorized so to do, on the date set forth below.


		Platinum Re (UK) Limited

		By:		/s/ Les Waters

				Name: Les Waters
				Title: Underwriting Manager

		Platinum Underwriters Bermuda, Ltd.

		By:		/s/ Francois Bertrand

				Name: Francois Bertrand
				Title: Senior Vice President