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Exhibit 11.1

IPC HOLDINGS, LTD. AND SUBSIDIARIES
CALCULATION OF NET INCOME (LOSS) PER COMMON SHARE
(Expressed in thousands of United States dollars, except per share amounts)

|                                                            |  |                         |            |           |  |           |            |  |  |   |            |  
|----------------------------------------------------------- |  | ----------------------- | ---------- | --------- |  | --------- | ---------- |  |  | - | ---------- | -
|                                                            |  | Year ended December 31,
|                                                            |  |                        
|                                                            |  | 2003                    |            | 2002      |  | 2001     
|                                                            |  |                         |            |           |  |          
|                                                            |  | (audited)               |            | (audited) |  | (audited)
|BASIC                                                       |  |                         |            |           |  |           |            |  |  |   |            |  
|Net income (loss)                                           |  | $                       | 260,629    |           |  | $         | 157,906    |  |  | $ | (3,933     | )
|Common shares outstanding at January 1                      |  |                         | 48,179,805 |           |  |           | 48,172,776 |  |  |   | 25,039,713 |  
|Common shares outstanding at December 31                    |  |                         | 48,245,395 |           |  |           | 48,179,805 |  |  |   | 48,172,776 |  
|Weighted average common shares outstanding                  |  |                         | 48,205,554 |           |  |           | 48,173,362 |  |  |   | 26,266,019 |  
|Net income (loss) per common share                          |  | $                       | 5.41       |           |  | $         | 3.28       |  |  | $ | (0.15      | )
|DILUTED                                                     |  |                         |            |           |  |           |            |  |  |   |            |  
|Net income (loss)                                           |  | $                       | 260,629    |           |  | $         | 157,906    |  |  | $ | (3,933     | )
|Weighted average common shares outstanding                  |  |                         | 48,205,554 |           |  |           | 48,173,362 |  |  |   | 26,266,019 |  
|Dilutive effect of share options (zero where anti-dilutive) |  |                         | 97,025     |           |  |           | 93,082     |  |  |   |           |  
|                                                            |  |                         |            |           |  |           |            |  |  |   |            |  
|Total                                                       |  |                         | 48,302,579 |           |  |           | 48,266,444 |  |  |   | 26,266,019 |  
|                                                            |  |                         |            |           |  |           |            |  |  |   |            |  
|Net income (loss) per common share                          |  | $                       | 5.40       |           |  | $         | 3.27       |  |  | $ | (0.15      | )