Bermuda-based IPC Holdings, Ltd. announced that its fourth quarter, 2004 results will be adversely impacted by catastrophe losses, arising primarily from revised estimates with respect to the third quarter Florida hurricanes and Pacific typhoons.
“Based upon our analysis which has been revised using updated information provided by ceding companies, IPC expects the aggregate net impact on fourth quarter 2004 earnings from these events to be approximately $60 million, after taking into account reinstatement premium and reinsurance recoveries,” the bulletin said.
The company also noted that the “revised estimate of these losses will be partly offset by favourable development from prior year events, and on a preliminary basis, IPC expects fourth quarter net claims incurred to be approximately $50 million. This amount is subject to revision as a result of additional information becoming available to us.”
The company plans to release earnings for the fourth quarter and year ended Dec. 31, 2004 after the close of trading on February 22nd, 2005, and will be holding a conference call to discuss the results at 8:30 a.m. Eastern Time on February 23rd, 2005. The call will be webcast on the Internet and can be accessed via the Company’s website, http://www.ipcre.bm/ .
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