ADMINISTRATIVE SERVICES AGREEMENT



                             (AMENDED AND RESTATED)



THIS AGREEMENT is made as of the 1st day of July, 2006 among IPCRE, LIMITED, a

company organized under the laws of Bermuda (the "Company"), IPC HOLDINGS, LTD.,

a company organized under the laws of Bermuda (the "Parent") which owns all the

issued and outstanding shares of the Company, and AMERICAN INTERNATIONAL

COMPANY, LIMITED, a company organized under the laws of Bermuda ("AICL").



                                   WITNESSETH



WHEREAS, the Company and the Parent (hereinafter collectively referred to as the

"Companies") desire that AICL, or one or more of its affiliates, furnish the

Companies with certain office space, equipment, administrative services and

personnel, and AICL is willing to provide such equipment, space, administrative

services and personnel, all subject to the terms and conditions hereinafter

provided.



NOW, THEREFORE, it is agreed as follows:



     1.   SERVICES TO BE PROVIDED



     1.1  AICL shall furnish or cause to be furnished (in the same manner and

          reasonably of the same quality as such services and facilities are

          furnished to its affiliates) services and facilities to the Companies

          (which, to the extent not specified below to be subject to separate

          billing by AICL will be provided in Bermuda) required by the Companies

          in the ordinary course of the business of the Companies which are

          described and classified as follows:



          (a)  office space in Bermuda not to exceed 7,508 usable square feet,

               which space may be owned by AICL or one of its affiliates or may

               be leased from others, and which shall include as a part thereof

               cleaning, elevator service, repair and engineering services,

               provided that the Companies shall have no right to use the said

               office space for any purpose other than as office space for their

               own respective business purposes and shall not licence, let or

               otherwise demise (or purport to) the said office space to any

               person, company or other entity ;



          (b)  the information technology services set out in Part A of Schedule

               1 hereto;



          (c)  payroll and pension administration services as described in

               Schedule 2 hereto (provided that pension plan portfolio

               management services will, to the extent required by either of the

               Companies, be separately contracted for by AICL and billed to the

               Companies);



          (d)  human resource services as described in Schedule 3 hereto;





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          (e)  making travel arrangements for overseas travel by employees of

               the Company for business purposes and making hotel bookings in

               each case, as required;



          (f)  a purchasing department , provided that, to the extent that any

               supplies are purchased by AICL on behalf of either of the

               Companies, the cost of such supplies shall be billed to the

               Companies;



          (g)  telephone services (provided that the cost of such services shall

               additionally be billed to the Companies);



          (h)  printing, reproduction and document binding services (provided

               that the cost of such services shall additionally be billed to

               the Companies); and



          (i)  a mail and communications department, including, but not limited

               to, messenger, mail handling and postage services (provided that

               the cost of such services shall additionally be billed to the

               Companies).



     Any other services or departments found to be necessary or desirable by

     either of the Companies should be provided by AICL only after separate

     negotiation and agreement by all parties hereto. The additional costs of

     any such other services or departments shall be allocated in an equitable

     manner to be agreed upon by the parties hereto.



     1.2  AICL hereby represents and warrants to the Companies that any software

          licensed or otherwise provided to the Companies hereunder by AICL

          shall not infringe upon the copyrights of any other person . With

          respect to any computer software provided to either of the Companies

          pursuant to Section 1.1 hereof ("AICL Computer Software"), each of the

          Companies acknowledges that it hereby accepts from AICL the

          non-exclusive, non-transferable, non-assignable right to use such AICL

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