Exhibit 11.1

IPC HOLDINGS, LTD. AND SUBSIDIARIES

CALCULATION OF NET INCOME PER COMMON SHARE

(Expressed in thousands of U.S. dollars, except per share amounts)



|                                                                                |  |                         |            |      |   |            |  |   |           
|------------------------------------------------------------------------------- |  | ----------------------- | ---------- | ---- | - | ---------- |  | - | ----------
|                                                                                |  | Year ended December 31,
|BASIC                                                                           |  | 2008                    |            | 2007 |   | 2006      
|Net income, available to common shareholders                                    |  | $                       | 75,508     |      | $ | 368,284    |  | $ | 377,409   
|                                                                                |  |                         |           
|Common shares outstanding at January 1                                          |  |                         | 57,549,654 |      |   | 63,664,217 |  |   | 63,612,198
|Common shares outstanding at December 31                                        |  |                         | 56,094,348 |      |   | 57,549,654 |  |   | 63,664,217
|Weighted average common shares outstanding                                      |  |                         | 52,124,034 |      |   | 61,705,821 |  |   | 63,636,935
|                                                                                |  |                         |           
|Net income available to common shareholders, per common share                   |  | $                       | 1.45       |      | $ | 5.97       |  | $ | 5.93      
|                                                                                |  |                         |           
|DILUTED                                                                         |  |                         |            |      |   |           
|Net income                                                                      |  | $                       | 90,447     |      | $ | 385,412    |  | $ | 394,585   
|                                                                                |  |                         |           
|Weighted average common shares outstanding                                      |  |                         | 52,124,034 |      |   | 61,705,821 |  |   | 63,636,935
|Dilutive effect of stock-based compensation and convertible preferred shares(1) |  |                         | 7,177,905  |      |   | 8,022,408  |  |   | 7,575,352 
|                                                                                |  |                         |            |      |   |            |  |   |           
|                                                                                |  |                         |           
|Total                                                                           |  |                         | 59,301,939 |      |   | 69,728,229 |  |   | 71,212,287
|                                                                                |  |                         |            |      |   |            |  |   |           
|                                                                                |  |                         |           
|Net income per common share                                                     |  | $                       | 1.45       |      | $ | 5.53       |  | $ | 5.54      



|(1) | Anti-dilution provisions apply to 2008. There is no effect of
stock-based compensation and preference shares because they are anti-dilutive.
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