AMENDMENT NO. 3 TO UNDERWRITING AGENCY AGREEMENT

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                                                                   Exhibit 10.17

                                 AMENDMENT NO. 3

                                       TO

                          UNDERWRITING AGENCY AGREEMENT
                        DATED OCTOBER 31, 2003, 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, amended on February 21, 2003 and March 28, 2003;

WHEREAS, in Section 2.2 C of the Underwriting Agency Agreement, the Zonal Limit
is established at $225 million;

WHEREAS, it is deemed desirable to increase the Zonal Limit to $250 million.

WHEREAS, in Section 2.2 A of the Underwriting Agency Agreement, the annual
original premium written referred to therein shall not exceed $60 million; and

WHEREAS, it is