EXHIBIT 99.1
IPCRe Limited
American International Xxxxxxxx
00 Xxxxxxxx Xxxx
Xxxxxxxx XX 00, Xxxxxxx
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/ Xxxxx Xxxxxx
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Name: Xxxxx Xxxxxx
Title: Director
By: /s/ Xxxx Xxxxx
----------------------
Name: Xxxx Xxxxx
Title: Director
AGREED TO AND ACCEPTED BY:
IPCRE LIMITED
By: /s/ Xxxx Xxxxx
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Name: Xxxx Xxxxx
Title: Senior Vice President &
Chief Financial Officer
