IPC Holdings, Ltd.

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IPC Holdings, Ltd., a member of the Bermuda Stock Exchange, "through its wholly-owned subsidiary IPCRe Limited, provides property catastrophe reinsurance and, to a limited extent, marine, aviation, property-per-risk excess and other short-tail property reinsurance on a worldwide basis."

"The Company was incorporated in Bermuda on 23 May 1993. The Common Shares achieved a primary listing on the NASDAQ National Market on 13 March 1996. The BSX listing is a secondary listing and is effective from 10th September 2002. Today, IPC Holdings, Ltd. provides property catastrophe reinsurance and, to a limited extent, marine, aviation, property-per-risk excess and other short-tail reinsurance on a worldwide basis."[1]

"We increased our capital by $546 million with a public common share offering in December and a private sale of shares at the public offering price to American International Group, Inc. ('AIG'). AIG also exercised its option to acquire additional shares, an option which it had held since the formation of IPC in 1993. We believe that the additional capital and the continued support of AIG will enable us to take advantage of opportunities arising in a hardening market and will provide us with greater negotiating strength in leading more programmes in 2002." Financial Report 2001

"IPC was set up about 10 years ago in May 1993. We actually commenced doing business in June 1993. We were set up under the sponsorship of AIG, American International Group, which is the largest insurance carrier operating in the United States. We also had a founding shareholder, General Re, which is a well known reinsurer operating in the United States. When we were set up in 1993, there was really an acute shortage of capacity, which followed a whole series of losses, starting in 1987 with the European storms and ending in 1992 with the largest loss in insurance and reinsurance history, at that time Hurricane Andrew. We specialize in property catastrophe. We are basically the financial oxygen mask for all the insurance carriers that are selling insurance in the United States and around the globe. We absorb the catastrophe losses, both natural catastrophes and man-made losses, which would include the tragedy of 9/11 last year. As I said, we are in our 10th year of operation and we are rated A+ from AM Best and A+ from Standard & Poor's. We had no change in our credit ratings as a result of 9/11 and we had no negative credit watch, which puts us really in a very exclusive club of reinsurance carriers around the globe. Right now we are in our strongest financial position in the history of the company and we probably have one of the strongest balance sheets in the world on a risk-adjusted basis. So we are quite strong and we are in business and market conditions right now that are very attractive." James P. Bryce interview 2003.



IPC Holdings Ltd.
American International Building
29 Richmond Road
Pembroke HM 08
Telephone 441 298 5100
Fax 441 292 8085
Email ipcre@aig.com

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