<PAGE>
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                              ---------------------


                                   FORM 10-Q/A


         [X]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                 FOR THE QUARTERLY PERIOD ENDED: MARCH 31, 2002

                                       OR

         [ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


        FOR THE TRANSITION PERIOD FROM .............. TO ................


                         COMMISSION FILE NUMBER:   0-27662
                                                 -----------


                               IPC HOLDINGS, LTD.
             (Exact name of registrant as specified in its charter)


            BERMUDA                                       NOT APPLICABLE
--------------------------------                --------------------------------
(State or other jurisdiction of                         (I.R.S. Employer
incorporation or organization)                        Identification No.)


   AMERICAN INTERNATIONAL BUILDING, 29 RICHMOND ROAD, PEMBROKE, HM 08, BERMUDA
   ---------------------------------------------------------------------------
                    (Address of principal executive offices)


                                 (441) 298-5100
                    ----------------------------------------
                         (Registrant's telephone number,
                              including area code)


     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.  Yes [X]   No [ ]

     The number of outstanding common shares par value U.S. $0.01 per share of
IPC Holdings, Ltd., as of August 12, 2002, was 48,172,776.

================================================================================

<PAGE>
ITEM 1. FINANCIAL STATEMENTS

                       IPC HOLDINGS, LTD. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS

 (Expressed in thousands of United States dollars, except for per share amounts)

<TABLE>
<CAPTION>
                                                                   As of             As of
                                                               March 31, 2002   December 31, 2001
                                                               --------------   -----------------
                                                                 (unaudited)        (audited)
<S>                                                             <C>              <C>
ASSETS:

Fixed maturity investments:
   Available for sale, at fair market value (amortized
     cost 2002: $1,015,586; 2001: $740,734)                     $ 1,019,125      $   758,224
Equity investments, available for sale at fair
   market value (cost 2002: $216,615; 2001: $163,828)               211,231          158,870
Cash and cash equivalents                                            27,639          315,207
Accrued investment income                                            20,250           18,841
Reinsurance premiums receivable (Related
   party 2002: $19,672; 2001: $3,644)                               110,427           42,356
Deferred premiums ceded                                               2,465            1,228
Loss reserves recoverable (Related party
   2002: $56; 2001: $68)                                                560              681
Deferred acquisition costs                                           13,444            2,833
Prepaid expenses and other assets                                     6,133            3,476
                                                                -----------      -----------
    TOTAL ASSETS                                                $ 1,411,274      $ 1,301,716
                                                                ===========      ===========

LIABILITIES:

Reserve for losses and loss adjustment expenses                 $   140,270      $   162,207
Unearned premiums                                                   123,274           24,440
Reinsurance premiums payable (Related party 2002: $323;
   2001: $197)                                                        3,230            1,732
Deferred commissions                                                    201              218
Accounts payable and accrued liabilities (Related
   party 2002: $3,788; 2001: $1,212)                                  9,486            7,325
                                                                -----------      -----------
                                                                    276,461          195,922
                                                                -----------      -----------

SHAREHOLDERS' INVESTMENT:

Share capital (Common shares outstanding, par
  value U.S. $0.01: 2002: 48,172,776;
  2001: 48,172,776 shares)                                              482              482
Additional paid-in capital                                          846,101          846,101
Retained earnings                                                   290,075          246,568
Accumulated other comprehensive (loss) income                        (1,845)          12,643
                                                                -----------      -----------
                                                                  1,134,813        1,105,794
                                                                -----------      -----------
TOTAL SHAREHOLDERS' INVESTMENT AND LIABILITIES                  $ 1,411,274      $ 1,301,716
                                                                ===========      ===========
</TABLE>






              The accompanying notes are an integral part of these
                        consolidated financial statements


                                       2
<PAGE>
                       IPC HOLDINGS, LTD. AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME

 (Expressed in thousands of United States dollars, except for per share amounts)
<TABLE>
<CAPTION>
                                                        Three months ended March 31,
                                                       ------------------------------
                                                           2002              2001
                                                       ------------      ------------
<S>                                                    <C>               <C>
REVENUES:

Gross premiums written                                 $    147,048      $     65,622
Premiums ceded                                               (3,040)             (917)
                                                       ------------      ------------
Net written premiums                                        144,008            64,705
Change in unearned premiums                                 (97,597)          (40,218)
                                                       ------------      ------------
Net premiums earned                                          46,411            24,487
Net investment income                                        11,882             8,061
Realized (loss) gain, net on investments                       (767)            3,864
Other income                                                  1,407                 0
                                                       ------------      ------------
                                                             58,933            36,412
                                                       ------------      ------------

EXPENSES:

Losses and loss adjustment expenses, net                      7,607             6,967
Acquisition costs, net                                        5,044             3,047
General and administrative expenses                           2,857             2,124
Exchange (gain) loss                                            (82)              369
                                                       ------------      ------------
                                                             15,426            12,507
                                                       ------------      ------------
NET INCOME                                             $     43,507      $     23,905
                                                       ============      ============


Basic net income per common share                      $       0.90      $       0.95
Diluted net income per common share                    $       0.90      $       0.91

Weighted average number of common shares - basic         48,172,776        25,060,623
Weighted average number of common shares - diluted       48,265,701        26,269,689
</TABLE>




              The accompanying notes are an integral part of these
                       consolidated financial statements


                                       3
<PAGE>
                       IPC HOLDINGS, LTD. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

                (Expressed in thousands of United States dollars)


<TABLE>
<CAPTION>
                                                                 Three Months ended
                                                                      March 31,
                                                               ----------------------
                                                                 2002           2001
                                                               --------      --------
<S>                                                            <C>           <C>
NET INCOME                                                     $ 43,507      $ 23,905
                                                               --------      --------
OTHER COMPREHENSIVE (LOSS) INCOME:
  Holding (losses) gains, net on investments during period      (15,255)        1,231
  Reclassification adjustment for losses (gains) included
    in net income                                                   767        (3,864)
                                                               --------      --------
                                                                (14,488)       (2,633)
                                                               --------      --------
COMPREHENSIVE INCOME                                           $ 29,019      $ 21,272
                                                               ========      ========
</TABLE>



              The accompanying notes are an integral part of these
                       consolidated financial statements


                                       4

<PAGE>
                       IPC HOLDINGS, LTD. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                (Expressed in thousands of United States dollars)
<TABLE>
<CAPTION>
                                                                 Three months ended March 31,
                                                                 ----------------------------
                                                                     2002            2001
                                                                 -----------     ------------
                                                                 (unaudited)     (unaudited)
<S>                                                               <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income                                                        $  43,507      $  23,905
Adjustments to reconcile net income to cash provided
    by operating activities:
    Amortization of investment premium, net                           1,703           (123)
    Realized losses (gains), net on investments                         767         (3,864)
    Changes in, net:
       Reinsurance premiums receivable                              (68,071)       (30,839)
       Deferred premiums ceded                                       (1,237)            62
       Loss reserves recoverable                                        121            225
       Accrued investment income                                     (1,409)         3,588
       Deferred acquisition costs                                   (10,611)        (4,238)
       Prepaid expenses and other assets                             (2,657)          (940)
       Reserve for losses and loss adjustment expenses              (21,937)           834
       Unearned premiums                                             98,834         40,156
       Reinsurance premiums payable                                   1,498            551
       Deferred commissions                                             (17)            (6)
       Accounts payable and accrued liabilities                       2,161            426
                                                                  ---------      ---------
                                                                     42,652         29,737
                                                                  ---------      ---------

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of fixed maturity investments                            (414,493)      (179,206)
Proceeds from sale of fixed maturity investments                    138,405        180,531
Proceeds from maturities of fixed maturity investments                    0         11,000
Purchases of equity investments                                     (54,359)       (38,562)
Proceeds from sale of equity investments                                227            430
                                                                  ---------      ---------
                                                                   (330,220)       (25,807)
                                                                  ---------      ---------
CASH FLOWS FROM FINANCING ACTIVITES:

Additional share capital                                                  0            377
Cash dividends paid to shareholders                                       0              0
                                                                  ---------      ---------
                                                                          0            377
                                                                  ---------      ---------
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS               (287,568)         4,307
CASH AND CASH EQUIVALENTS, beginning of period                      315,207          9,409
                                                                  ---------      ---------
CASH AND CASH EQUIVALENTS, end of period                          $  27,639      $  13,716
                                                                  =========      =========
</TABLE>




              The accompanying notes are an integral part of these
                       consolidated financial statements


                                       5
<PAGE>


                       IPC HOLDINGS, LTD. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

  Expressed in thousands of United States dollars, except for per share amounts)
                                  (unaudited)

--------------------------------------------------------------------------------

1.  GENERAL:

    The consolidated interim financial statements presented herein have been
    prepared on the basis of United States generally accepted accounting
    principles ("GAAP") and include the accounts of IPC Holdings, Ltd. (the
    "Company"), and its wholly owned subsidiaries, IPCRe Limited ("IPCRe") and
    IPCRe Underwriting Services Limited ("IPCUSL" and, together with the Company
    and IPCRe, "IPC") and IPCRe Europe Limited, which is a wholly-owned
    subsidiary of IPCRe. In the opinion of management, these financial
    statements reflect all adjustments (consisting of normal recurring accruals)
    necessary for a fair presentation of the results of operations for the three
    month periods ended March 31, 2002 and 2001, respectively, the balance sheet
    as of March 31, 2002 and the cash flows for the three month periods ended
    March 31, 2002 and 2001, respectively. These interim consolidated financial
    statements should be read in conjunction with the audited consolidated
    financial statements for the year ended December 31, 2001. The results of
    operations for any interim period are not necessarily indicative of results
    for the full year.

2.  DIVIDENDS:

    No dividends have been declared or paid in 2002 to date.

3.  NET INCOME PER SHARE:

    The Company has adopted Statement of Financial Accounting Standards No. 128,
    "Earnings per Share", which requires dual presentation of basic and diluted
    earnings per share. Diluted net income per common share is computed by
    dividing net income by the weighted average number of shares of common stock
    and common stock equivalents outstanding during the year. Stock options held
    by a shareholder of the Company were considered common stock equivalents and
    were included in the number of weighted average shares outstanding using the
    treasury stock method. Stock options granted to employees between February
    15, 1996, and January 2, 2002 were also considered common stock equivalents
    for the purpose of calculating diluted net income per common share.



                                       6
<PAGE>



ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

    The investment portfolio of IPCRe is exposed to market risk. Market risk is
    the risk of loss of fair value resulting from adverse fluctuations in
    interest rates, foreign currency exchange rates and equity prices.

    Measuring potential losses in fair values has become the focus of risk
    management efforts by many companies. Such measurements are performed
    through the application of various statistical techniques. One such
    technique is Value at Risk ("VaR"). VaR is a summary statistical measure
    that uses historical interest and foreign currency exchange rates and equity
    prices and estimates of the volatility and correlation of each of these
    rates and prices to calculate the maximum loss that could occur within a
    given statistical confidence level and time horizon.

    We believe that statistical models alone do not provide a reliable method of
    monitoring and controlling market risk. While VaR models are relatively
    sophisticated, the quantitative market risk information is limited by the
    assumptions and parameters established in creating the related models.
    Therefore, such models are tools and do not substitute for the experience or
    judgement of senior management.

    Our investment managers performed a VaR analysis to estimate the maximum
    potential loss of fair value for each segment of market risk for our
    investment portfolio, as of March 31, 2002 and December 31, 2001. The
    analysis calculated the VaR with respect to the net fair value of our
    financial instrument assets, which includes cash and cash equivalents,
    certain equity and high grade fixed maturity securities, as of March 31,
    2002 using historical simulation methodology. As of March 31, 2002 the VaR
    of IPCRe's investment portfolio was approximately $18.7 million, which
    represents a 95th percentile value change over a one-month time horizon.
    This result was obtained through historical simulation using approximately
    750 days (3 years) of historical interest rate, foreign exchange rate and
    equity market data.

    The following table presents the VaR of each component of market risk of
    IPCRe's investment portfolio as of March 31, 2002 and December 31, 2001,
    respectively, and the average for the three months ended March 31, 2002
    calculated using the beginning and ending points (expressed in thousands of
    U.S. dollars):

         MARKET RISK

<TABLE>
<CAPTION>
                                                                                           Average for three
                                                            March 31,      December 31,    months ended March
                                                              2002            2001             31, 2002
                                                          -----------    -----------         ------------
<S>                                                           <C>            <C>                  <C>
         Currency                                             $ 1,351        $ 1,101              $ 1,226
         Interest Rate                                         11,404          7,296                9,350
         Equity                                                18,625         13,222               15,923
         ------------------------------------------       -----------    -----------         ------------
         Sum of Risk                                           31,380         21,619               26,499
         Diversification Benefit                              (12,666)        (8,305)             (10,485)
         ------------------------------------------       ------------   ------------        -------------
         TOTAL NET RISK                                       $18,714        $13,314             $ 16,014
         ------------------------------------------       ------------   ------------        -------------

</TABLE>

    The primary reasons for the increase in VaR from December 31, 2001 to March
    31, 2002 are the additional investment in equities, which took place at the
    beginning of January, 2002, growth in our bond holdings and a slight
    increase in the duration of the fixed maturity portfolio.

    IPCRe's premiums receivable and liabilities for losses from reinsurance
    contracts it has written, are also exposed to the risk of changes in value
    resulting from adverse fluctuations in foreign currency exchange rates. To
    an extent, the impact on loss reserves of a movement in an exchange rate,
    will be partly offset by the impact on assets (receivables and
    cash/investments) denominated in the same currency, or vice versa. As of
    March 31, 2002 an estimated 30% ($33 million) of reinsurance premiums
    receivable, and an estimated $24 million of loss reserves, were denominated
    in non-U.S. currencies. In addition, we held U.S.$3.3 million of Australian
    dollar cash deposits which are to be used to settle hailstorm claims from
    1999. Accordingly, we do not believe that the impact of exchange rate
    movements in respect of receivables or loss reserves on our overall VaR as
    of March 31, 2002 to be material.


                                       7
<PAGE>
    TRANSACTIONS WITH NON-INDEPENDENT PARTIES

    The following is a summary of amounts in respect of significant related
    party transactions during the quarter ended March 31, 2002 (expressed in
    thousands of U.S. dollars):

    Administrative services fees              $1,214
    Investment management services fees          540
    Investment custodian services fees            96

    Underwriting services fee income          $1,407
    Premiums written                         $24,954
    Premiums ceded                               305

    In addition, IPCRe assumes premiums through brokers related to shareholders
    of the Company. Generally, such premiums represent less than 5% of total
    premiums assumed. Brokerage fees incurred on such premiums are generally 10%
    of the premium.

    For a discussion of certain of our contractual relationships with
    non-independent parties, please see "Certain Relationships and Related
    Transactions" in our definitive Proxy Statement on Schedule 14A, filed with
    the Securities and Exchange Commission on April 26, 2002 and incorporated by
    reference into our Form 10-K for the year ended December 31, 2001.

    All transactions with related parties are conducted at arm's length, with
    normal terms and conditions applicable. To our knowledge, neither the
    Company nor any of its subsidiaries have entered into any other significant
    transactions with non-independent parties.

    NOTE ON FORWARD-LOOKING STATEMENTS

    This report contains certain forward-looking statements within the meaning
    of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
    the Exchange Act. Forward-looking statements are statements other than
    historical information or statements of current condition, including
    expectations regarding losses resulting from the terrorist attacks and their
    impact on future periods. Some forward-looking statements may be identified
    by use of terms such as "believes", "anticipates", "intends", or "expects".
    These forward-looking statements include but are not limited to the effect
    of losses from the September 11 terrorist attacks and the payment thereof on
    our results of operations. In light of the risks and uncertainties inherent
    in all forward-looking statements, the inclusion of such statements in this
    report should not be considered as a representation by the Company or any
    other person that the objectives or plans of the Company will be achieved.
    Numerous factors could cause the Company's actual results to differ
    materially from those in the forward-looking statements, or those achieved
    in the past, including: greater than expected severity or frequency of
    catastrophic events, reductions in pricing, or a decrease in demand for
    property catastrophe reinsurance, further development of losses from the
    attack on the World Trade Center, or changes in exchange rates and greater
    than expected currency exposure.


                                       8

<PAGE>



                               IPC HOLDINGS, LTD.

                                   SIGNATURES



    PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE
    REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE
    UNDERSIGNED THEREUNTO DULY AUTHORIZED.



                                      IPC HOLDINGS, LTD.
                                      -----------------------
                                      (REGISTRANT)




DATE  AUGUST 13, 2002              /s/ James P. Bryce
      ---------------              ---------------------------------------------
                                   JAMES P. BRYCE
                                   PRESIDENT AND CHIEF EXECUTIVE OFFICER




DATE  AUGUST 13, 2002             /s/ John R. Weale
      ---------------             ----------------------------------------------
                                  JOHN R. WEALE
                                  SENIOR VICE PRESIDENT AND
                                  CHIEF FINANCIAL OFFICER






                                       9