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.
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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.
CO: IPC Holdings, Ltd.; IPCRe Limited
ST: New York
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