Bermuda-based IPC Holdings, Ltd. reported profits for the third quarter ended September 30, 1997 of $25.5 million, or 96 cents per share, an increase of about 33 percent over the same period last year.

Net income for the first nine months of the current financial year was $78.6 million, or $2.97 per share, an increase of about 13 percent over the same period last year.

Premiums written for the third quarter decreased by three percent to $21.7 million compared to the same period 1996.

The company wrote total premiums for the first three quarters to $11.3 million, an eight percent increase over the same period 1996. IPC earned premiums of $28.6 million for the third quarter, down by $300,000 from third quarter 1996. For the first nine months IPC earned premiums of $84.3 million, down $200,000 over the same period last year. Net investment income fell by 4.4 percent to $7.1 million in the third quarter compared to third quarter 1996.

Investment income for the nine months was $22.7 million, about seven percent higher than the same period last year. IPC had losses of $2.9 million in the third quarter, bringing the total for the nine months to $8 million, or 9.5 percent of earned premiums, compared to losses of $22.3 million, or 26.4 percent of earned premiums in the nine months of 1996. "There was very little calm activity in the three months ended September 30, 1997, in comparison to the same period last year when IPC incurred losses as a result of Hurricane Fran,'' the company stated.

IPC President and Chief Executive Officer John Dowling attributed the lower written premiums to the competitive market. However the company was able to declare a second special dividend this year of $1 per share due to the low amount of claims in the third quarter. The company had a book value per share of $20.15 at September 30.