IPC Holdings Notes Retirement of Chairman, Other Board Changes

December 16, 2005

Bermuda-based IPC Holdings Ltd. reported the retirement of the Chairman of the Board of Directors, Joseph Johnson, effective Dec. 31, 2005. Johnson will also be retiring from the Board of Directors of IPCRe Limited effective Dec. 31, 2005.

At a meeting of the Board of Directors held on Dec. 12, 2005, the directors unanimously elected Frank Mutch to serve as chairman of the Board and also unanimously elected S. George Cubbon as a director of the company. Both appointments are effective Jan. 1, 2006, and Mutch and Cubbon will serve in their capacities until the next Annual General Meeting of Shareholders to be held in 2006.

Mutch has served as a director of the company since 1996 and has been chairman of the Audit Committee of the Board of Directors since 2000. Cubbon is presently the president and chief executive officer of American International Company Ltd. in Bermuda and brings to the Board 25 years of insurance experience. He also served as vice president, Finance of IPC Holdings Ltd. and IPCRe Limited from those companies’ formation in 1993 until July 1996.

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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