Exhibit 99.1
IPCRe Limited
American International ▇▇▇▇▇▇▇▇
▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇ ▇▇ ▇▇, ▇▇▇▇▇▇▇
▇▇▇▇▇ 29, 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 March 31, 2006, the amount set forth under Section 2
opposite the caption "Amount" is hereby amended to read $160,000,000.00. 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/ ▇▇▇▇▇ ▇▇▇▇▇▇
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Name: SteveLueker
Title: Director
By: /s/ ▇▇▇▇ ▇▇▇▇▇
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Name: ▇▇▇▇ ▇▇▇▇▇
Title: Director
Agreed to and accepted by:
IPCRE LIMITED
By: /s/ ▇▇▇▇ ▇▇▇▇▇
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Name: ▇▇▇▇ ▇▇▇▇▇
Title: Senior Vice President &
Chief Financial Officer
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