Company profile: IPC Holdings

Bermuda-based IPC Holdings recorded a net loss of US$3.9mn in 2001, the company’s first negative result since it commenced operations in 1993. IPC, which primarily provides property catastrophe reinsurance through its wholly-owned subsidiary IPCRe, saw its gross premium income rise by 42% to $133mn in 2001. This was due to a combination of reinstatement premiums arising from the World Trade Center (WTC) attack, increased participation on programmes and additional business from existing clients as well as the writing of new business.