##### 



Exhibit 10.1

Amendments to Underwriting Agency Agreement between Allied World Assurance
Company Ltd and IPCUSL





---



##### 



AMENDMENT NO. 1

TO

UNDERWRITING AGENCY AGREEMENT
DATED DECEMBER 1, 2001

WHEREAS,Allied World Assurance Company, Ltd and IPCRe Underwriting Services
Ltd. had entered into an Underwriting Agency Agreement dated as of December 1,
2001;

NOW, THEREFORE,it is agreed, that the Section 13.1 of the Underwriting Agency
Agreement be deleted and replaced with the following:



| |  |  | 13.1 The term of this Agreement shall commence on December 1, 2001
and shall continue in force until December 2, 2004 (the Initial
Term). On December 1, 2002 the Initial Term of this Agreement
shall be extended by the period of one year, and thereafter, on
December 1st of each successive year, the term of the agreement
shall be further extended by one year unless prior written notice
to terminate shall have been delivered by one party to the other
party at least 90 days prior to December 1st of any given year.
| |  |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment No. 1
to the UNDERWRITING AGENCY AGREEMENTas of February 21, 2003.

|                                 |  |                                    
|-------------------------------- |  | -----------------------------------
|For and on behalf of             |  | For and on behalf of               
|IPCRe Underwriting Services Ltd. |  | Allied World Assurance Company, Ltd
|                                 |  |                                    
|/s/ James P. Bryce               |  | /s/ L.M. Murphy                    
|                                 |  |                                    
|James P. Bryce                   |  | L. Michael Murphy                  
|President and CEO                |  | Vice President and Secretary       





---



##### 



AMENDMENT NO. 2

TO

UNDERWRITING AGENCY AGREEMENT
DATED DECEMBER 1, 2001, AS AMENDED

WHEREAS,Allied World Assurance Company, Ltd and IPCRe Underwriting Services
Ltd. had entered into an Underwriting Agency Agreement dated as of December 1,
2001 and amended on February 21, 2003;

WHEREAS,Section 2.2 C of the Underwriting Agency Agreement the Zonal Limit is
established at $200 million;

WHEREAS,it is deemed desirable to increase the Zonal Limit to $225 million.

NOW, THEREFORE IT IS AGREEDthat Section 2.2 C of the Underwriting Agency
Agreement be amended to increase the Zonal Limit to $225 million per zone;

IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment No. 2
to the UNDERWRITING AGENCY AGREEMENTas of March 28, 2003.

|                                 |  |                                    
|-------------------------------- |  | -----------------------------------
|For and on behalf of             |  | For and on behalf of               
|IPCRe Underwriting Services Ltd. |  | Allied World Assurance Company, Ltd
|                                 |  |                                    
|/s/ James P. Bryce               |  | /s/ L.M. Murphy                    
|                                 |  |                                    
|James P. Bryce                   |  | L. Michael Murphy                  
|President and CEO                |  | Vice President and Secretary