IPC Holdings, Ltd. net income for the quarter ended June 30, 2005 declined more than 13 percent to $64.1 million compared with $74.1 million for the second quarter of 2004.

For the six months ended June 30, 2005, net income was $108 million, or $2.23 per share, compared to $147.8 million, or $3.06 per share, in the corresponding period in 2004.

Net operating income was $63 million, or $1.30 per share, compared to $72.1 million, or $1.49 per share for the second quarter of 2004.

For the six months ended June 30, 2005, net operating income was $110.2 million, or $2.28 per share, compared to $140.1 million, or $2.90 per share, in the corresponding period of 2004.

President and chief executive officer Jim Bryce said: ?We are heartened by the continued discipline of underwriters in our market, where conditions continue to be healthy, with the property catastrophe segment of the reinsurance industry holding up the best of all segments.

?Clearly the active start to the hurricane season, with five named storms and two major hurricanes by mid-July, should help maintain the resolve of underwriters. This was reflected in July 1 renewals, where pricing generally held firm, and loss- impacted contracts saw rate increases of between 15 percent and 25 percent. Demand remains high, spurred on by exposure modeling, rating agency requirements, issues surrounding finite reinsurance and an active hurricane season.

?There is still pressure on financial strength ratings as a result of legacy issues, predominantly US casualty business, which is clearly not a problem that impacts IPCRe.

?The demand for quality security continues, with fewer and fewer highly rated companies to meet that demand.?

In the quarter ended June 30, 2005, IPC incurred net losses and loss adjustment expenses of $24.4 million, compared to $4.9 million for the second quarter of 2004.

Losses included $15.3 million of development from the hurricanes which made landfall in Florida in the third quarter of last year, primarily as a result of three cedents significantly revising their loss estimates in the quarter, $6 million for the Suncor energy loss from January, 2005, as well as reserves established for pro rata treaty business, Mr. Bryce said.

On July 26, 2005, the Board of Directors declared a quarterly dividend of $0.24 per share, payable on September 22, 2005, to shareholders of record on September 6, 2005.