Bermuda-based IPC Holdings, the property catastrophe reinsurer, has announced impressive first quarter profits of $67.5 million. The results for the quarter ended March 31 showed a rise of over $20 million in net income from the same period last year.

On a per share basis profits were $1.40 per share compared to $0.90 per share for the prior period.

Operating income, which is net income less net realised gains and losses was $63.8 million compared to $44.3 million for the first quarter of 2002.

Net premiums soared to $74.3 million while net investment income was $11.8 million down slightly from last year.

President and chief executive officer Jim Bryce commented: “Our record first quarter results reflects both our continuing growth in an ongoing healthy market, and a benign period in terms of catastrophic events.

“There is a continuing and intensifying focus on financial strength and ratings. We believe that we have benefited from our consistent A+ ratings from both A.M. Best and Standard & Poor's, with a stable outlook, in an industry environment of falling ratings. We also believe that our strong balance sheet and very modest balance of reinsurance recoverables, provides our brokers and clients with confidence that we will continue to meet all of our promises to pay, all of the time.”

Mr. Bryce referred to the company's approaching tenth anniversary of operations and said they have survived the largest and third largest insured loss events of all time and come through stronger with an excellent reputation. He predicted that their focus on property catastrophe reinsurance conducted with their prudent approach to risk management would provide continuing growth in shareholder value for the future.