IPC Holdings Increases Terror Loss Estimates to $95 Million

October 15, 2001

Bermuda-based IPC Holdings, Ltd., which is controlled by American International Group, increased its estimated impact of losses from the attacks of September 11 from $75 million to $95 million, “based on updated communications from some of its clients.”

The new estimates follow a review by the company with a number of its insureds that indicated that some, who had initially said they did no expect to have significant losses, had now been affected to a greater degree than anticipated, and others had increased their damage estimates.

IPC said it would continue to review its estimates from time to time as it receives more information.

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