Contract

EXHIBIT 1 — JOINT FILING AGREEMENT

          The undersigned hereby agree that the Statement on Schedule 13G filed herewith with respect to the common shares of RAM Holdings Ltd. (and any amendments thereto) is being filed jointly with the Securities and Exchange Commission pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, on behalf of each such person.

Dated: February 14, 0000

XXXXXXXXX XXXXXX CAPITAL PARTNERS II, L.P.

By:    Greenwich Street Investments II, LLC,
          its general partner


By: /s/ Xxxxxxx X. Xxxxxxx                     
Name: Xxxxxxx X. Xxxxxxx
Title:  Managing Member

GREENWICH STREET INVESTMENTS II, LLC


By: /s/ Xxxxxxx X. Xxxxxxx                     
Name: Xxxxxxx X. Xxxxxxx
Title:  Managing Member

GSCP (NJ), L.P.

By:    GSCP (NJ), Inc.
          its general partner


By: /s/ Xxxxx X. Xxxxx                     
       Name: Xxxxx X. Xxxxx
       Title: Managing Director

GSCP (NJ), INC.


By: /s/ Xxxxx X. Xxxxx                     
       Name: Xxxxx X. Xxxxx
       Title: Managing Director

GSC GROUP, INC.


By: /s/ Xxxxx X. Xxxxx                     
       Name: Xxxxx X. Xxxxx
       Title: Managing Director and Secretary

GSC ACTIVE PARTNERS HOLDINGS, L.P.

By:    GSC Active Partners, Inc.
          its general partner


By: /s/ Xxxxx X. Xxxxx                     
       Name: Xxxxx X. Xxxxx
       Title: Secretary

GSC ACTIVE PARTNERS, INC.


By: /s/ Xxxxx X. Xxxxx                     
       Name: Xxxxx X. Xxxxx
       Title: Secretary

Xxxxx X. Xxxxx, Xxxxxx X. Xxxxxx III, Xxxxxx X. Xxxxxx,
Xxxxxxx X. Xxxxxx, Xxxxxx X. Xxxxxxxx, Xxxxxxx X.
Xxxxxxx, Xxxxxxxxx X. Vanden Beukel and Xxxxxx X.
Xxxxxx


By: /s/ Xxxxxxx X. Xxxxxxx                     
As Attorney in Fact*

By: /s/ Xxxxxx X. Xxxxxx                     
As Attorney in Fact*

*Attorneys-in-Fact under Power of Attorney dated January
4, 2002 (incorporated by reference to Exhibit 7(L) to the
Schedule 13D/A for Xxxxx Xxxxxxx Incorporated of
Greenwich Street Partners II, L.P. et al., filed with the
Securities and Exchange Commission on January 7, 2002).

Xxxxxx X. Xxxxxxxx, Xx.
Xxxxxx X. Xxxxxx

By: /s/ Xxxxxxx X. Xxxxxxx                     
As Attorney in Fact**

By: /s/ Xxxxxx X. Xxxxxx                     
As Attorney in Fact**

**Attorneys-in-Fact under Power of Attorney dated
February 14, 2007 filed as Exhibit 3 hereto.