TERMINATIONADDENDUM EXCESS OFLOSS RETROCESSION AGREEMENT BY ANDBETWEEN PLATINUMUNDERWRITERS BERMUDA, LTD. (RETROCEDANT) and PLATINUMUNDERWRITERS REINSURANCE, INC. (RETROCESSIONAIRE)

 

TERMINATION ADDENDUM

 

EXCESS OF LOSS RETROCESSION AGREEMENT

 

BY AND BETWEEN

 

PLATINUM UNDERWRITERS BERMUDA, LTD.

 

(RETROCEDANT)

 

and

 

PLATINUM UNDERWRITERS REINSURANCE, INC.

 

(RETROCESSIONAIRE)

 

IT IS HEREBY MUTUALLY AGREED that effective August 5, 2008, the Excess of Loss Retrocession Agreement dated as of January 1, 2008 (the “Agreement”), by and between Platinum Underwriters Bermuda, Ltd., a Bermuda insurance company (the “Retrocedant”), and Platinum Underwriters Reinsurance, Inc., a Maryland domiciled insurance company (the “Retrocessionaire”), is terminated pursuant to this Termination Addendum ( the “Addendum”).

 

The Retrocessionaire shall return $1,875,000 in premium which amount represents 50% of all premium paid under the Agreement, as consideration for the early termination of its exposure.

 

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

 

                                                Platinum Underwrit ers Bermuda, Ltd.

 

                                                By: /s/ Les Waters            

                                                Name: Les Waters

                                                Title: Senior Vice President

                                                Date: September 29 , 2008

 

 

                                                Platinum Underwrit ers Reinsurance, Ltd.