IPC Sees Charley Losses Between $35-$45 Million

Bermuda’s IPC Holdings, Ltd. said that, based upon a preliminary analysis of initial information available, it expects third quarter, 2004 earnings to be negatively impacted by Hurricane Charley in the range of $35 to $45 million.

The Company noted that it “had received only a small number of actual loss advices from clients since the event. Accordingly, the estimated range was based on industry loss estimates, output from both industry and proprietary models and a review of contracts potentially affected by the event. The ultimate impact of losses from the hurricane on the Company’s results of operations might therefore differ substantially from the estimate.”