Bermuda-based IPC Holdings Ltd., the parent company of reinsurance company IPCRe, announced mixed second quarter results on Tuesday.

Net income for the company, which includes gains and losses related to investments, was $3.5 million for the three months ending June 30, up from $2.9 million a year ago.

Per-share earnings for the period were 14 cents.

But net income for the first half was less impressive, with the company earning only $13.3 million, or 53 cents per share -- down from $18.1 million, or 70 cents per share, during the same period of last year.

Advances in the company's operating income for the quarter were more substantial, with IPC reporting $3 million in earnings, compared with an operating loss of $20.7 million last year.

"Our second quarter results reflect further increases in the market loss estimate for the storms of late December 1999,'' said IPC's newly-appointed president and CEO Jim Bryce.

"In addition to the impact previously advised for companies in France, we have seen an increase in the reported losses emanating from companies in Switzerland and Germany. Clearly the magnitude of the events were such that it has taken months to measure the full impact.'' He said he believed that the increases in losses from these events would "favourably affect'' the repricing of reinsurance renewals in the remainer of 2000 and in 2001. Gross written premiums in the quarter ended June 30, 2000 were $20.2 million, compared to $18.4 million during the same quarter of last year.