EXHIBIT 10.63
[LETTER HEAD OF PLATINUM UNDERWRITERS REINSURANCE, INC.]
St. Xxxx Fire and Marine Insurance Company
Mountain Ridge Insurance Company
State Street Bank and Trust Company
December 12, 2002
Reference is hereby made to the Revised and Amended Trust Agreements
(the "Trust Agreements") dated as of November 1, 2002 and amended as of the date
hereof by and among each of St. Xxxx Fire and Marine Insurance Company ("Fire
and Marine") and Mountain Ridge Insurance Company ("Mountain Ridge", and
together with Fire and Marine, the "Beneficiaries"), Platinum Underwriters
Reinsurance, Inc. (the "Grantor") and State Street Bank and Trust Company (the
"Trustee"). Capitalized terms used herein and not otherwise defined have the
meanings ascribed to them in the Trust Agreements.
By signature, subject to the conditions set forth below, Fire and
Marine and Mountain Ridge each hereby consents to any acquisition of Qualifying
Assets for cash pursuant to Section 4(b) of each of the Trust Agreements to
which Fire and Marine and Mountain Ridge, respectively, are parties, provided
that any substitution to be made by way of direct exchange of Qualifying Assets
(i.e., instead of by way of a sale for cash, followed by a purchase of
replacement Qualifying Assets for cash) pursuant to Section 4(c) shall be
subject to the prior written approval by the Beneficiaries.
Term
This Letter Agreement shall take effect as of the date hereof and shall
continue for a period of one year. The Beneficiaries will have the option to
renew this Letter Agreement annually for a period of one year upon written
notice to the Grantor and the Trustee no later than one month prior to the
expiration of its term.
Counterparts
This Letter Agreement may be executed in any number of counterparts,
all of which taken together shall constitute one and the same instrument.
Governing Law
This Letter Agreement shall be governed by, and construed in accordance
with, the laws of the state of Maryland.
PLATINUM UNDERWRITERS
REINSURANCE, INC.
/s/ Xxxxxxx X. Xxxxx
---------------------------
Name: Xxxxxxx X. Xxxxx
Title: President
Accepted and Agreed to as of this twelfth day of December, 2002
ST. XXXX FIRE AND MARINE INSURANCE COMPANY
/s/ Xxxxxx X. Xxxxxxx
-----------------------------
Name: Xxxxxx X. Xxxxxxx
Title: Executive Vice President and
Chief Financial Officer
MOUNTAIN RIDGE INSURANCE COMPANY
/s/ Xxxxxx X. Xxxxxxx
-----------------------------
Name: Xxxxxx X. Xxxxxxx
Title: Executive Vice President and
Chief Financial Officer
STATE STREET BANK AND TRUST COMPANY
/s/ Xxxxx Xxxx
-----------------------------
Name: Xxxxx Xxxx
Title: Vice President
cc: Alliance Capital Management L.P.
