that it expects earnings to be significantly impacted by the storms that took place in Europe in late December, 1999.

The storms, which struck France and other parts of western Europe, are estimated to have caused insured losses of over $6 billion.

"Based upon this and initial information received from ceding companies, the estimate of the cost to IPC in the fourth quarter of 1999 is approximately $35 million, or about $1.36 per share, on a diluted basis,'' the company said.