0001104659-05-001180 Sample Contracts

AMENDED AND RESTATED OPTION AGREEMENT
Amended and Restated Option Agreement • January 12th, 2005 • Platinum Underwriters Holdings LTD • Fire, marine & casualty insurance • New York

This AMENDED AND RESTATED OPTION AGREEMENT (this “Agreement”), dated as of January 10, 2005, amends and restates the OPTION AGREEMENT, dated November 1, 2002 (the “Option Agreement”), between (i) PLATINUM UNDERWRITERS HOLDINGS, LTD., a company organized under the laws of the Islands of Bermuda (the “Company”), and (ii) THE ST. PAUL TRAVELERS COMPANIES, INC., a company incorporated under the laws of the State of Minnesota in the United States of America and formerly known as The St. Paul Companies, Inc. (“St. Paul Travelers”).

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AMENDED AND RESTATED OPTION AGREEMENT
Amended and Restated Option Agreement • January 12th, 2005 • Platinum Underwriters Holdings LTD • Fire, marine & casualty insurance • New York

This AMENDED AND RESTATED OPTION AGREEMENT (this “Agreement”), dated as of January 10, 2005, amends and restates the OPTION AGREEMENT, dated November 1, 2002 (the “Option Agreement”), between (i) PLATINUM UNDERWRITERS HOLDINGS, LTD., a company organized under the laws of the Islands of Bermuda (the “Company”), (ii) ST. PAUL REINSURANCE COMPANY LIMITED (the “Optionee”), a company organized under the laws of England and Wales and a wholly owned subsidiary of THE ST. PAUL TRAVELERS COMPANIES, INC., a company incorporated under the laws of the State of Minnesota in the United States of America and formerly known as The St. Paul Companies, Inc. (“St. Paul Travelers”), and (iii) ST. PAUL TRAVELERS.

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