IPC Holdings last night posted income of $108.8 million or $1.50 per share in the second quarter 2006, a 70 percent improvement on $64.1 million or $1.32 per share in the same period 2005.

For the quarter ended June 30, operating income was $104.3 million, or $1.44 per share.

President and Chief Executive Officer Jim Bryce said the thirteen-year-old reinsurer remained in a financially strong position, ?in the hardest market for US catastrophe risks since the early 1990s, where the amount of available capacity rather than price is the most important consideration?.

?Our excellent results for the second quarter underline our ability to satisfy the demands of our existing clients, in a very positive market environment of higher attachments, lower aggregates, and enhanced pricing,? he said adding that these market conditions are likely to be sustained throughout the next eighteen months to the end of 2007.

IPC Re shares closed at $26.90, up 51 cents or 1.93 percent on a volume of 445,065 shares on the Nasdaq.

l Net Income: $108.8 million, a 70 percent improvement from $64 million in the same quarter last year

Net income broken down per share: $1.50 per share compared with $1.32 per share a year ago

Operating income: $104.3 million, a 66 percent improvement from $63 million in the same quarter last year

Gross premiums written: $120.3 million, a 38 percent improvement from $87 million in the same quarter last year

Net premiums written: $113.4 million, a 46 percent improvement from $77.6 million in the same quarter last year

Net investment income: $31.1 million, up from $14.9 million a year ago

Combined ratio: 31 percent compared to 44.4 percent during the same period a year ago

Shareholders? equity increased to $1.7 billion at June 30, 2006 compared to $1.6 billion at December 31, 2005