Exhibit 11.1

IPC HOLDINGS, LTD. AND SUBSIDIARIES

RECONCILIATION OF BASIC AND DILUTED NET (LOSS) 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 (Loss)Income(unaudited) |         |   | Sharesoutstanding andequivalents |            | Amount perShare |  
|Quarter ended September 30, 2008:                                                                |  |                             |         |   |                                  |            |                 |   |       |  
|Basic EPS (available to common shareholders)                                                     |  | $                           | (91,795 | ) |                                  | 47,623,192 |                 | $ | (1.93 | )
|Diluted EPS (No effect of options, stock-based compensation and preferred shares: anti-dilutive) |  | $                           | (91,795 | ) |                                  | 55,325,568 |                 | $ | (1.93 | )
|Quarter ended September 30, 2007:                                                                |  |                             |         |   |                                  |            |                 |   |       |  
|Basic EPS                                                                                        |  | $                           | 108,883 |   |                                  | 60,564,354 |                 | $ | 1.80  |  
|Diluted EPS                                                                                      |  | $                           | 113,212 |   |                                  | 69,552,695 |                 | $ | 1.63  |  
|Nine months ended September 30, 2008                                                             |  |                             |         |   |                                  |            |                 |   |       |  
|Basic EPS                                                                                        |  | $                           | 33,894  |   |                                  | 52,403,480 |                 | $ | 0.65  |  
|Diluted EPS (No effect of options, stock-based compensation and preferred shares: anti-dilutive) |  | $                           | 33,894  |   |                                  | 60,108,191 |                 | $ | 0.65  |  
|Nine months ended September 30, 2007                                                             |  |                             |         |   |                                  |            |                 |   |       |  
|Basic EPS                                                                                        |  | $                           | 205,498 |   |                                  | 62,485,316 |                 | $ | 3.29  |  
|Diluted EPS                                                                                      |  | $                           | 218,391 |   |                                  | 71,477,568 |                 | $ | 3.06  |