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

                                                                   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, THEREFORE IT IS AGREED that the Underwriting Agent Agreement be amended as
follows:

A. That with respect to Section 2.2.C and two of the accounts of the Company,
Norwich Union and Zenkyoren, the maximum limit of liability under reinsurance
treaties be increased from $12.5 million to $20 million.

B. That the Section 13.1 of the Underwriting Agency Agreement be deleted and
replaced with the following:

     13.1 The term of this Agreement shall commence on December 1, 2001 and
     shall continue in force until December 2, 2004 (the "Initial Term"). On
     December 1, 2002 the Initial Term of this Agreement shall be extended by
     the period of one year, and thereafter, on December 1st of each successive
     year, the term of the agreement shall be further extended by one year
     unless prior written notice to terminate shall have been delivered by one
     party to the other party at least 90 days prior to December 1st of any
     given year.

IN WITNESS WHEREOF, the parties hereto have duly executed this AMENDED AND
RESTATED AMENDMENT NO. 1 to the UNDERWRITING AGENCY AGREEMENT as of April 19,
2004.

For and on behalf of                    For and on behalf of
IPCRE UNDERWRITING SERVICES LTD.        ALLIED WORLD ASSURANCE COMPANY, LTD


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