Blue Capital Reinsurance (BCRHF) 8-K Departure of Directors or Certain Officers

Exhibit 10.2

December 23, 2015

Adam Szakmary

Waterloo House

100 Pitts Bay Road

Pembroke, Bermuda HM08

Re: Assignment of Director Remuneration paid by Blue Capital Reinsurance Holdings Ltd.

Dear Adam:

This letter agreement relates to your service as a director on the Board of Directors of Blue Capital Reinsurance Holdings Ltd. (“BCRH”). As previously agreed, for so long as you serve as a director of BCRH and are an employee of an Endurance Specialty Holdings Ltd. (the “Company”), with this letter, you hereby instruct BCRH to assign to the Company your rights to any remuneration, including but not limited to cash, equity, equity-based awards and expense reimbursements, paid, payable or granted to you in your capacity as a director of BCRH. For the avoidance of doubt, this letter agreement shall not apply to (a) reimbursement by BCRH of out-of-pocket expenses incurred by you personally in connection with the performance of your duties as a director of BCRH or (b) any compensation payable to you by BCRH other than in your capacity as a director of BCRH.

Intending to be legally bound hereby, the parties have executed this letter agreement on the dates set forth below.

ENDURANCE SPECIALTY HOLDINGS LTD.,
	by
		/s/ John V. Del Col
		Name: John V. Del Col
		Title: Secretary
BLUE CAPITAL REINSURANCE HOLDINGS LTD.,
	by
		/s/ Greg Garside
		Name: Greg Garside
		Title: Chief Financial Officer
		/s/ Adam Szakmary
		Adam Szakmary