EXHIBIT D

                       AMERICAN INTERNATIONAL GROUP, INC.
                       70 PINE STREET, NEW YORK, NY 10270
                            TELEPHONE: (212) 770-7000

October 25, 2005

Citigroup Global Markets Inc.
388 Greenwich Street
New York, New York, 10013

Morgan Stanley & Co. Incorporated
1585 Broadway
New York, New York 10036

Dear Sirs and Mesdames:

          The undersigned understands that the Managers propose to enter into an
Underwriting Agreement (the "UNDERWRITING AGREEMENT") with IPC Holdings, Ltd., a
Bermuda company (the "COMPANY") providing for the public offering (the "PUBLIC
OFFERING") by the several Underwriters (the "UNDERWRITERS"), of 12,000,000
shares (the "SHARES") of the Common Shares, $.01 par value per share, of the
Company (the "COMMON STOCK").

          To induce the Underwriters that may participate in the Public Offering
to continue their efforts in connection with the Public Offering, the
undersigned hereby agrees that, without the prior written consent of the
Managers on behalf of the Underwriters, neither it nor any of its subsidiaries
will, during the period commencing on the date hereof and ending 60 days after
the date of the final prospectus relating to the Public Offering (the
"PROSPECTUS"), (1) offer, pledge, sell, contract to sell, sell any option or
contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant to purchase, lend, or otherwise transfer or dispose of,
directly or indirectly, any shares of Common Stock or any securities convertible
into or exercisable or exchangeable for Common Stock or (2) enter into any swap
or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of Common Stock, whether any such transaction
described in clause (1) or (2) above is to be settled by delivery of Common
Stock or such other securities, in cash or otherwise. The foregoing sentence
shall not apply to sales to the extent necessary, in the judgment of the
undersigned, to prevent the undersigned from becoming a "United States 25%
Shareholder" (as defined in the Prospectus). In addition, the undersigned agrees
that, without the prior written consent of the Managers on behalf of the
Underwriters, it will not, during the period commencing on the date hereof and
ending 60 days after the date



of the Prospectus, make any demand for or exercise any right with respect to,
the registration of any shares of Common Stock or any security convertible into
or exercisable or exchangeable for Common Stock. The undersigned also agrees and
consents to the entry of stop transfer instructions with the Company's transfer
agent and registrar against the transfer of the undersigned's shares of Common
Stock except in compliance with the foregoing restrictions.

          The undersigned understands that the Company and the Underwriters are
relying upon this Lock-Up Agreement in proceeding toward consummation of the
Public Offering. The undersigned further understands that this Lock-Up Agreement
is irrevocable and shall be binding upon the undersigned's heirs, legal
representatives, successors and assigns.

          Whether or not the Public Offering actually occurs depends on a number
of factors, including market conditions. Any Public Offering will only be made
pursuant to an Underwriting Agreement, the terms of which are subject to
negotiation between the Company and the Underwriters.

                                        Very truly yours,

                                        AMERICAN INTERNATIONAL GROUP, INC.


                                        By: /s/ Brian T. Schreiber
                                            ------------------------------------
                                        Name: Brian T. Schreiber
                                        Title: Senior Vice President