IPC Holdings Ltd. reported that one of its subsidiaries, IPCRe Underwriting Services Limited, had received notice of the intent of Allied World Assurance Company Ltd. to cancel the underwriting agency agreement between the two companies effective Nov. 30, 2007. Under the terms of the agreement, IPCUSL provides underwriting services on property catastrophe treaty reinsurance written by AWAC.
IPC Holdings Ltd., through its wholly owned subsidiary IPCRe Limited, provides property catastrophe reinsurance and, to a limited extent, aviation, property-per-risk excess and other short-tail reinsurance on a worldwide basis.
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