Bermuda (re)insurers by reporting a fall in net income of 30 percent.

For the quarter ended September 30, 1999, the third of its calendar fiscal year, IPC yesterday reported net income of $7.8 million or $0.30 per share, for the quarter ended September 30, 1999, compared to $11.1 million, or $0.42 per share, for the third quarter of 1998.

President and chief executive officer John Dowling commented: "Our results have started to reflect the disciplined underwriting stance we have been taking in an increasingly softening market during the first nine months of 1999, in terms of both premium volume and level of losses.'' He continued: "As premium rates continued to get ever lower, we have had to decline business and retire lines. Since April 1 of this year, we have not renewed or written any new business on a multi-year basis without a commensurate increase in premium for the extended period. We retired lines with premium of approximately $6 million in the quarter, bringing the total for the year to over $12 million.'' Mr. Dowling said he believed that the company's disciplined approach would yield long-term benefits, in respect of losses and ultimately, he hoped, improved pricing.

"The nine-month results reflect a long list of catastrophic events with varying degrees of severity,'' Mr. Dowling said. "As one would expect, the largest of these events in the third quarter, from IPC's financial perspective, was Hurricane Floyd. We believe that market conditions are right for improvement in reinsurance pricing, and remain optimistic that given support by others in this market, rates will start to turn.'' Given the current level of earnings, and to maintain the company's conservative aggregate risk to capital ratio, the company has lowered this quarter's dividend to 16 cents.