EXHIBIT 99.1

IPCRe Limited
American International Building
29 Richmond Road
Pembroke HM 08, Bermuda

                                 April 18, 2006

RE:  FACILITY AGREEMENT DATED AS OF DECEMBER 30, 2005 BY AND BETWEEN IPCRE
     LIMITED AND BAYERISCHE HYPO-UND VEREINSBANK AG, ACTING THROUGH ITS NEW YORK
     BRANCH.

Dear Sirs,

     Reference is made to that certain Facility Agreement dated as of December
30, 2005 by and between IPCRe Limited and HVB (the "IPCRe Credit Facility").
Capitalized terms used herein and not otherwise defined herein shall have the
meanings specified in the IPCRe Credit Facility.

     Effective as of April 13, 2006, the amount set forth under Section 2
opposite the caption "Amount" is hereby amended to read $100,000,000.00. All
other terms and conditions of the IPCRe Credit Facility are otherwise ratified
and confirmed.

     This Agreement shall be governed by and construed in accordance with the
laws of the State of New York. Please evidence your agreement to the foregoing
by executing this letter agreement in the appropriate space provided hereunder.

                                              BAYERISCHE HYPO-UND
                                              VERESINSBANK AG, NEW YORK
                                              BRANCH,


                                              By: /s/ Steve Lueker
                                                 ----------------------
                                              Name: Steve Lueker
                                              Title: Director

                                              By: /s/ Paul Dolan
                                                 ----------------------
                                              Name: Paul Dolan
                                              Title: Director

AGREED TO AND ACCEPTED BY:
IPCRE LIMITED

By:  /s/ John Weale
    ----------------
Name:  John Weale
Title: Senior Vice President &
        Chief Financial Officer