EX-10.6: ADDENDUM NO. 1 TO THE EXCESS OF LOSS RETROCESSION AGREEMENT

EXHIBIT 10.6

Addendum NO. 1

to the

EXCESS OF LOSS RETROCESSION AGREEMENT

BY AND BETWEEN

PLATINUM UNDERWRITERS BERMUDA, LTD.

(RETROCEDANT)

and

PLATINUM RE (UK) LIMITED

(RETROCESSIONAIRE)

DATED AS OF July 1^st 2006

IT IS HEREBY AGREED that with effect from 1^st July 2006 the TERRITORY, REINSTATEMENT and the PREMIUM PROVISION shall be amended to read as follows:

ARTICLE 4 - TERRITORY

Coverage applies within the territorial limits of North America, South America, Japan and the Carribbean. Coverage in Japan only applies for the peril of earthquake.

ARTICLE 7 - REINSTATEMENT

Each loss hereon reduces the amount of indemnity provided under this Agreement by the amount paid. Any amount so exhausted shall be automatically reinstated from the time of the occurrence of loss and for each amount so reinstated, the Retrocedant agrees to pay an additional premium calculated at pro rata of $5,200,000 as respects the fraction of indemnity exhausted and 100% of $5,200,000 regardless of the unexpired term of this Agreement. Nevertheless, the Retrocessionaire’s liability shall not exceed $70,000,000 with respect to all Loss Occurrences during the term of the Agreement.

ARTICLE 8 - PREMIUM

The premium for this Agreement shall be a flat premium of $4,800,000 payable in installments of $2,200,000 January 1^st 2006 and $2,600,000 July 1^st 2006.

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

		Platinum Re (UK) Limited
		By:		/s/ Michael J. Coldman
				Name:		Michael J. Coldman
				Title:		Chief Executive Officer and Managing Director
				Date:		July 21, 2006
		Platinum Underwriters Bermuda, Ltd.
		By:		/s/ Les Waters
				Name:		Les Waters
				Title:		Vice President
				Date:		July 21, 2006