and CEO Mr. John Dowling said the company and Bermuda continue to "selectively increase their share of the world catastrophe reinsurance market''.

Although precise numbers are difficult to find, it is estimated that Bermuda companies now have about one-quarter of the world's catastrophe reinsurance premiums, Mr. Dowling said in a recent letter to stockholders.

IPCRe also reported to stockholders that its second quarter operating profit jumped 132 percent.

For the quarter ended June 30, the company reported operating profit of $25.1 million compared to $10.8 million a year earlier.

Six month operating profit rose to $37 million from $13.9 million, an increase of 166 percent.

Premiums earned rose $7 million or 39 percent to $25.1 million while premiums written rose $3.7 million or 23 percent to $19.5 million.

Assets at the end of second quarter were $464.2 million, up 27 percent from the $366 million reported a year earlier while shareholder's equity rose $83.5 million or 27 percent to $393.3 million.

"The absence of a major reinsured loss since the Northridge earthquake in 1994 has generated new confidence in the market. The consequence of this renewed confidence is some regeneration of capacity,'' said Mr. Dowling.

Incurred claims, at $2 million for the quarter, were down $5.6 million.

Net investment income was $5.4 million, up 54 percent from $3.5 million. The majority of the company's assets are bonds, the company said.

A hailstorm in Dallas in May was the only notable incident and losses are expected to be modest.