AMENDMENT NO. 2 TO UNDERWRITING AGENCY AGREEMENT

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                                                                   Exhibit 10.16

                                 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
esta