AIG Bermuda executive Joseph Johnson is to retire as chairman of IPC Holdings Ltd., a Bermuda property-catastrophe reinsurer, at the end of the month.

The retirement ends more than a decade of Mr. Johnson?s involvement with IPC, a company that AIG led formation of in 1993.

It is understood that Mr. Johnson?s retirement from IPC is subsequent to his retirement as chairman of the AIG companies in Bermuda. Mr. Johnson, 68, a year ago stepped down as president and chief executive of American International Co. in Bermuda but remained as chairman.

He was honoured with the Bermuda Insurance Institute?s Lifetime Achievement award earlier this year, having served out his entire career with AIG in Bermuda. Mr. Johnson was also chairman of the Bank of Bermuda, retiring from that post in May.

?Joe?s wisdom, counsel, and experience will be missed, but not forgotten. He has left a solid foundation on which we can grow,? said Jim Bryce, IPC chief executive.

Replacing Mr. Johnson as IPC chairman is Frank Mutch, who currently serves as the company?s deputy chairman and has sat on IPC?s board since 1996. For the last five years he has served as chairman of the company?s audit committee.

And George Cubbon, who replaced Mr. Johnson last year as head of the American International Co. in Bermuda, has been named to join the IPC board.