Exhibit 11.1

IPC HOLDINGS, LTD. AND SUBSIDIARIES

RECONCILIATION OF BASIC AND DILUTED NET INCOME PER COMMON
SHARE

(Expressed in thousands of United States dollars, except for share amounts)

A reconciliation of basic and diluted earnings per share (EPS) is given in the following table:



|                                             |  |                        |          |                                  |            |                 |   |     
|-------------------------------------------- |  | ---------------------- | -------- | -------------------------------- | ---------- | --------------- | - | ----
|                                             |  | Net Income (unaudited) |          | Sharesoutstanding andequivalents |            | Amount perShare
|Quarter ended September 30, 2007:            |  |                        |          |                                  |            |                 |   |     
|                                             |  |                        |         
|Basic EPS (available to common shareholders) |  | $                      | 108,883  |                                  | 60,564,354 |                 | $ | 1.80
|                                             |  |                        |         
|Diluted EPS                                  |  | $                      | 113,212  |                                  | 69,552,695 |                 | $ | 1.63
|                                             |  |                        |         
|Quarter ended September 30, 2006:            |  |                        |          |                                  |            |                 |   |     
|                                             |  |                        |         
|Basic EPS                                    |  | $                      | 110,636  |                                  | 63,646,666 |                 | $ | 1.74
|                                             |  |                        |         
|Diluted EPS                                  |  | $                      | 114,965  |                                  | 71,855,963 |                 | $ | 1.60
|                                             |  |                        |         
|Nine months ended September 30, 2007         |  |                        |          |                                  |            |                 |   |     
|                                             |  |                        |         
|Basic EPS                                    |  | $                      | 205,498  |                                  | 62,485,316 |                 | $ | 3.29
|                                             |  |                        |         
|Diluted EPS                                  |  | $                      | 218,391  |                                  | 71,477,568 |                 | $ | 3.06
|                                             |  |                        |         
|Nine months ended September 30, 2006         |  |                        |          |                                  |            |                 |   |     
|                                             |  |                        |         
|Basic EPS                                    |  | $                      | 273,493  |                                  | 63,629,883 |                 | $ | 4.30
|                                             |  |                        |         
|Diluted EPS                                  |  |                        | $286,434 |                                  | 71,838,779 |                 | $ | 3.99