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Exhibit 10.3


This DEED is made on the 4th day of August 2011




(1)                                   Montpelier Underwriting Services Limited of 7 th  Floor, 85 Gracechurch Street, London EC3 (“MUSL) and


(2)                                   Thomas G.S. Busher of Callislo, 2 South Road, St George’s, HS02, Bermuda (“the Executive”),


                together “the Parties.”




(A)                   The Parties have previously amended the Service Agreement by deed dated 30 th  January 2009.


(B)                     The Parties wish to further amend the service agreement between MUSL and the Executive dated 24 th  January, 2002 (“the Service Agreement”) as set out herein.


1.               AMENDMENTS


1.1          Section 4A, entitled “Duties and Responsibilities as MUAL Non-Executive Chairman

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