insurer in the pocketbook.

IPC Holdings Limited reported a net loss of $22.7 million or $0.88 per share, for the quarter ended December 31, 1999, compared to income of $5.7 million, or $0.22 per share, for the fourth quarter of 1998.

For the year ended December 31, 1999 net income was $3.2 million, or $0.12 per share, compared to $67.7 million or $2.55 for the year ended December 31, 1998.

President and Chief Executive Officer John Dowling said: "The storms that occurred in Europe in late December were typical of the series of record- breaking events around the world, which characterised 1999 as a year of catastrophes.

"It was also a year which clearly demonstrated the inadequacy of catastrophe reinsurance pricing, and the need for higher rates.

"Unfortunately, the timing of the storms meant that they had little impact on the January 1 renewals, which showed some small signs of pricing improvements.

As the full impact of the storms becomes apparent during 2000, we are hopeful that it will be reflected in the pricing of renewals during the rest of the year.