IPC Holdings, Ltd. Estimates Cost of World Trade Center Attacks

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IPC Holdings, Ltd. Estimates Cost of World Trade Center Attacks

    PEMBROKE, Bermuda, Sept. 14 /PRNewswire/ --
IPC Holdings, Ltd. (NASDAQ: IPCR) today estimated its loss from the September
11 terrorist attacks on the United States at $75 million.  The Company stated
that this preliminary estimate is based on a review of those property
catastrophe contracts in its portfolio which it believes are likely to be
impacted by claims arising from these events and will be revised as loss
information continues to develop.  IPC's underwriting guidelines limit the
amount of liability that can be accepted on any one programme and also impose
maximum limits that can be exposed in any one geographic zone.
    Chairman of the Board, Joseph Johnson, who is also the Senior AIG
Executive in Bermuda, stated:  "AIG has confidence in the underwriting skills
within IPC and that IPC's strong financial condition will enable it to fulfill
all of its obligations arising from this horrific tragedy brought about by
cowardly acts of terrorism."
    On behalf of its entire staff, the Company extends its sympathy to all
those who have been affected by this tragedy.

    This press release contains forward-looking statements, including
expectations regarding losses resulting from the terrorist attacks and their
impact on future periods.  These forward-looking statements are based on a
number of assumptions that are subject to risk and uncertainty, including the
total amount of losses from these incidents and the effects of those losses on
our results of operations.  In addition, the largest single factor in our
results has been and will continue to be the severity or frequency of
catastrophic events, which is inherently unpredictable.  Our actual results
may be materially different from those expressed or implied by such
forward-looking statements.

    IPC Holdings, Ltd., 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.

SOURCE IPC Holdings, Ltd.

http://www.prnewswire.com/comp/114144.html
CONTACT:
Jim Bryce, President and Chief Executive
Officer or John Weale, Vice President & Chief Financial Officer,
both of IPC, +1-441-298-5100