Amendment No. 4 To Underwriting Agency Agreement

AMENDMENT NO. 4


TO


UNDERWRITING AGENCY AGREEMENT
DATED DECEMBER 1, 2001, AS AMENDED


This AMENDMENT NO. 4 TO UNDERWRITING AGENCY AGREEMENT (this "Amendment") is made and entered into as of October 26, 2005, by and between Allied World Assurance Company, Ltd (the "Company") and IPCRe Underwriting Services Limited (the "Underwriting Agent").


WITNESSETH:


WHEREAS, the Company and the Underwriting Agent have entered into an Underwriting Agency Agreement, dated as of December 1, 2001, as amended from time to time (the "Agreement"); and


WHEREAS, the Company and the Underwriting Agent desire to further amend the Agreement in accordance with the terms and conditions contained herein;


NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Underwriting Agent agree as follows:


1. It is hereby agreed that Section 2.2 A of the Agreement be deleted in its entirety and the following be inserted in lieu thereof:


"Except as otherwise specifically provided, the annual original
premium written for the Subject Business ceded to the Company pursuant
to reinsurance treaties entered into by the Underwriting Agent on
behalf of the Company shall not be limited in the aggregate; ...