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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)

|                                                            |  |                         |            |           |  |           |            |   |  |   |            | 
|----------------------------------------------------------- |  | ----------------------- | ---------- | --------- |  | --------- | ---------- | - |  | - | ---------- | 
|BASIC                                                       |  | Year ended December 31,
|                                                            |  |                        
|                                                            |  | 2002                    |            | 2001      |  | 2000     
|                                                            |  |                         |            |           |  |          
|                                                            |  | (audited)               |            | (audited) |  | (audited)
|                                                            |  |                        
|Net income (loss)                                           |  | $                       | 157,906    |           |  | $         | (3,933     | ) |  | $ | 44,225     | 
|                                                            |  |                        
|Common shares outstanding at January 1                      |  |                         | 48,172,776 |           |  |           | 25,039,713 |   |  |   | 25,033,932 | 
|Common shares outstanding at December 31                    |  |                         | 48,179,805 |           |  |           | 48,172,776 |   |  |   | 25,039,713 | 
|Weighted average common shares outstanding                  |  |                         | 48,173,362 |           |  |           | 26,266,019 |   |  |   | 25,034,414 | 
|                                                            |  |                        
|Net income (loss) per common share                          |  | $                       | 3.28       |           |  | $         | (0.15      | ) |  | $ | 1.77       | 
|                                                            |  |                        
|                                                            |  |                        
|DILUTED                                                     |  |                         |            |           |  |           |            |   |  |   |            | 
|Net income (loss)                                           |  | $                       | 157,906    |           |  | $         | (3,933     | ) |  | $ | 44,225     | 
|                                                            |  |                        
|Weighted average common shares outstanding                  |  |                         | 48,173,362 |           |  |           | 26,266,019 |   |  |   | 25,034,414 | 
|Dilutive effect of share options (zero where anti-dilutive) |  |                         | 93,082     |           |  |           |           |   |  |   | 463,257    | 
|                                                            |  |                        
|                                                            |  |                         |            |           |  |           |            |   |  |   |            | 
|Total                                                       |  |                         | 48,266,444 |           |  |           | 26,266,019 |   |  |   | 25,497,671 | 
|                                                            |  |                         |            |           |  |           |            |   |  |   |            | 
|                                                            |  |                        
|Net income (loss) per common share                          |  | $                       | 3.27       |           |  | $         | (0.15      | ) |  | $ | 1.73       |