AMENDED AND RESTATED AMENDMENT NO. 1 TO UNDERWRITING AGENCY AGREEMENT

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                                                                   Exhibit 10.15

                      AMENDED AND RESTATED AMENDMENT NO. 1
                                       TO
                          UNDERWRITING AGENCY AGREEMENT
                              DATED DECEMBER 1, 2001

WHEREAS, Allied World Assurance Company, Ltd (the "Company") and IPCRe
Underwriting Services Ltd. (the "Underwriting Agent") had entered into an
Underwriting Agency Agreement dated as of December 1, 2001, amended on February
21, 2003, March 28, 2003, and October 31, 2003;

WHEREAS, in Section 2.2.C the maximum limit of liability under reinsurance
treaties entered into by the Underwriting Agent on behalf of the Company is
$12.5 million per program;

WHEREAS, it is deemed desirable to increase the maximum limit of liability under
the reinsurance treaties for only two of the accounts of the Company; and

WHEREAS, it is deemed desirable to amend Section 13.1, Term and Termination, to
reflect a three-year rolling term;

NOW,