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

                                    FORM 10-Q

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

FOR THE QUARTERLY PERIOD ENDED:   MARCH 31, 1997

                                       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) 295-2121
              ----------------------------------------------------
              (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 shares of IPC Holdings, Ltd. common stock, par value
U.S. $0.01 per share, as of May 9, 1997 was 25,006,937.

                                 TOTAL PAGES 12
                        EXHIBIT INDEX LOCATED ON PAGE 10





<PAGE>


                                              PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS
<TABLE>
<CAPTION>

                                            IPC HOLDINGS, LTD. AND SUBSIDIARY
                                               CONSOLIDATED BALANCE SHEETS

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

                                                                As of                      As of
                                                           March 31, 1997           December 31, 1996
                                                           --------------           -----------------
                                                             (unaudited)                (audited)
<S>                                                        <C>                      <C>
ASSETS:

Fixed maturity investments:
  Available for sale, at fair market value (Amortized
  cost 1997: $272,911; 1996:  $254,890)                         $263,836                   $250,992
  Held to maturity, at amortized cost (Fair market value
  1997:  $222,729; 1996:  $229,464)                              226,622                    229,057
Cash and cash equivalents                                         33,530                     23,797
Reinsurance balances receivable (Related party 1997:
    $9,807; 1996: $3,097)                                         58,463                     25,687
Accrued investment income                                         13,488                     15,015
Deferred acquisition costs                                         6,371                      2,354
Prepaid expenses and other assets                                  2,956                      1,179
                                                                --------                   --------
                TOTAL ASSETS                                    $605,266                   $548,081
                                                                ========                   ========

LIABILITIES:

Reserve for losses and loss adjustment expenses                  $27,482                    $28,483
Unearned premiums                                                 64,906                     21,898
Accounts payable and accrued liabilities (Related party
    1997: $1,451; 1996: $825)                                      2,346                      1,565
                                                               ---------                   --------
                TOTAL LIABILITIES                                 94,734                     51,946
                                                               ---------                   --------

SHAREHOLDERS' EQUITY:

   
Share capital (25,000,000 shares, par value U.S. $0.01,
outstanding)                                                         250                        250
Additional paid in capital                                       299,267                    299,267
Unrealized gain (loss) on investments                             (9,075)                    (3,898)
Retained earnings                                                220,090                    200,516
    
                                                                --------                   --------
                TOTAL SHAREHOLDERS' EQUITY                       510,532                    496,135
                                                                --------                   --------

                TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY      $605,266                   $548,081
                                                                ========                   ========
</TABLE>

            See accompanying Notes to Consolidated Financial Statements

                                                                 2
<PAGE>

<TABLE>
<CAPTION>

                                         IPC HOLDINGS, LTD. AND SUBSIDIARY
                                         CONSOLIDATED STATEMENTS OF INCOME

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

                                                                         Quarter Ended March 31,
                                                                         -----------------------
    
                                                                      1997                         1996
                                                                      ----                         ----
                                                                 (unaudited)                  (unaudited)
<S>                                                              <C>                          <C>

REVENUES:

   
Premiums written (Related party  1997: $7,069;  1996: $5,925)         $71,415                     $61,808
Change in unearned premiums                                           (43,008)                   (33,975)
                                                                -------------                ------------
Premiums earned                                                        28,407                      27,833
Net investment income                                                   7,602                       6,726
Realized capital gains (losses), net                                     (322)                      3,503
                                                                -------------                ------------
                TOTAL REVENUES                                         35,687                      38,062
                                                                -------------                ------------

EXPENSES:


    
   
Losses and loss adjustment expenses                                     2,464                       6,634
Acquisition costs (Related party  1997: $733; 1996: $558)               2,879                       2,657
General and administrative expenses (Related party 1997:
$710; 1996: $1,540)                                                     2,056                      2,202
Exchange (gain) loss, net                                                 776                       (475)
                                                                 ------------               ------------
                TOTAL EXPENSES                                          8,175                     11,018
                                                                 ------------               ------------
                NET INCOME                                            $27,512                    $27,044
                                                                 ============               ============


    
   
Net income per common share                                           $1.04                      $1.03
    

Weighted average number of shares                                 26,346,576                   26,140,361

   
Dividends declared per share                                         $0.3175                      $--     
    
</TABLE>

                    See accompanying Notes to Consolidated Financial Statements



                                                                  3
<PAGE>

<TABLE>
<CAPTION>

                                            IPC HOLDINGS, LTD. AND SUBSIDIARY
                                          CONSOLIDATED STATEMENTS OF CASH FLOWS

                                    (Expressed in thousands of United States dollars)

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

                                                                  Quarter Ended March 31,
                                                                  -----------------------
                                                                 1997                   1996
                                                                 ----                   ----
                                                             (unaudited)               (unaudited)
<S>                                                           <C>                       <C>
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income                                                       $27,512                $27,044
Adjustments to reconcile net income to cash provided
    by operating activities:
    Amortization of investment premium, net                          479                    944
    Realized capital (gains) losses, net                             322                 (3,503)
    Changes in, net:
       Reinsurance balances receivable                           (32,776)               (24,610)
       Accrued investment income                                   1,527                 (1,770)
       Deferred acquisition costs                                 (4,017)                (3,553)
       Prepaid expenses and other assets                          (1,777)                (1,090)
       Reserve for losses and loss adjustment expenses            (1,001)                   396
       Unearned premiums                                          43,008                 33,975
       Accounts payable and accrued liabilities                      781                   (610)
                                                               ---------              ---------
                                                                  34,058                 27,223
                                                               ---------              ---------

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of fixed maturity investments:
    Available for sale                                           (72,987)              (242,246)
    Held to maturity                                             (17,814)               (16,059)
Proceeds from sales of fixed maturity investments
    Available for sale                                            54,064                217,686
    Held to maturity                                                   0                      0
Proceeds from maturities of fixed maturity investments
    Available for sale                                               600                      0
    Held to maturity                                              19,750                  4,000
                                                               ---------              ---------
                                                                 (16,387)               (36,619)
                                                               ---------              ---------

CASH FLOWS FROM FINANCING ACTIVITIES:

Cash dividends paid to shareholders                               (7,938)                     0
                                                               ---------              ---------
Net increase (decrease) in cash and cash equivalents               9,733                 (9,396)
Cash and cash equivalents at beginning of period                  23,797                 18,109
                                                               ---------              ---------
Cash and cash equivalents at end of period                       $33,530                 $8,713
                                                               =========              =========
</TABLE>

                    See accompanying Notes to Consolidated Financial Statements



                                                                  4
<PAGE>




                        IPC HOLDINGS, LTD. AND SUBSIDIARY
                   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   subsidiary,   International   Property
    Catastrophe  Reinsurance  Company,  Ltd.  ("IPC Re" and,  together  with the
    Company,  "IPC"). 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, 1997 and 1996,  the balance sheet at March 31, 1997
    and the cash flows for the three  month  periods  ended  March 31,  1997 and
    1996.  These interim  consolidated  financial  statements  should be read in
    conjunction with the audited consolidated  financial statements for the year
    ended  December 31, 1996.  The results of operations  for any interim period
    are not necessarily indicative of results for the full year.

2.  DIVIDENDS:

    On February 28, 1997,  the  Directors  approved the payment of a dividend of
    $0.3175 per share on March 27, 1997, to  shareholders of record on March 11,
    1997.

   
    On April 25, 1997, the Directors declared an extraordinary dividend of $1.00
    per share,  in addition to a  quarterly  dividend of $0.3175 per share.  The
    total dividend of $1.3175 will be payable on June 26, 1997, to  shareholders
    of record on June 10, 1997.
    

3.  NET INCOME PER SHARE:

   
    Net income per share is  computed  by  dividing  net income by the  weighted
    average  number  of shares of common  stock  and  common  stock  equivalents
    outstanding  during the period.  Stock options held by a shareholder  of the
    Company were  considered  common stock  equivalents and were included in the
    weighted average shares  outstanding using the treasury stock method.  Stock
    options granted to employees on February 15, 1996, July 25, 1996 and January
    2, 1997 were also  considered  common stock  equivalents  for the purpose of
    computing net income per share.

    In February 1997, the Financial  Accounting Standards Board issued Statement
    of Financial  Accounting  Standard No. 128,  "Earnings per Share" (SFAS 128)
    which is effective for financial  statements issued for periods ending after
    December 15, 1997. SFAS 128 replaces the  presentation of primary EPS with a
    presentation  of basic  EPS and  requires  dual  presentation  of basic  and
    diluted  EPS  on the  face  of  the  income  statement.  SFAS  128  requires
    restatement of all prior-period EPS data presented.

    The Company will comply with the requirements of SFAS 128 beginning with its
    annual  financial  statements for the year ending December 31, 1997. For the
    quarter ended March 31, 1997 and 1996, under SFAS 128 the Company would have
    reported earnings per share as follows:
    
                                                   Quarter Ended March 31,
                                                   -----------------------
                                                  1997                   1996
                                                  ----                   ----
    Basic EPS                                    $1.10                  $1.08
    Diluted EPS                                  $1.05                  $1.03




                                       5
<PAGE>




ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND 
         RESULTS OF OPERATIONS


    RESULTS OF OPERATIONS, QUARTERS ENDED MARCH 31, 1997 AND 1996

   
    In the quarters  ended March 31, 1997 and 1996,  IPC wrote premiums of $71.4
    million and $61.8 million,  respectively, an increase of 15.5%. IPC Re wrote
    business  for new clients and had better  signings  from  existing  clients,
    although the increase was partly offset by rate reductions, typically of 10%
    to 15% but as high as 20%, in some cases. New business included $4.1 million
    of written  premiums  from the  California  Earthquake  Authority.  Premiums
    earned in the three months ended March 31, 1997 were $28.4 million, compared
    to $27.8 million in the same period in 1996,  an increase of 2.1%.  Premiums
    earned  did not grow  proportionately  to  written  premiums,  because  some
    programs were written which had policy periods greater than twelve months.

    Investment  income was $7.6  million in the quarter  ended  March 31,  1997,
    compared to $6.7 million for the quarter  ended March 31, 1996,  an increase
    of 13.0%.  This  increase was due to the improved  yield of 5.9% compared to
    5.7% in the three  months  ended March 31,  1996,  as well as the  increased
    average investment base, which was 8.4% larger.

    There was a net realized  loss from the sale of  investments  in the quarter
    ended  March 31,  1997 of $0.3  million,  compared to a net gain in the same
    period of 1996 of $3.5 million. Net realized gains and losses fluctuate from
    period  to  period,   depending  on  the  individual   securities  sold,  as
    recommended by IPC's investment advisor.

    In the three months ended March 31, 1997, incurred losses were $2.5 million,
    compared to $6.6 million in the  corresponding  period last year.  There was
    very little claim  activity in the three  months ended March 31, 1997,  with
    the  majority of the incurred  losses  related to reserves  established  for
    current year property,  marine and aviation  business,  offset by reductions
    from prior year claims. Accordingly,  IPC's loss and loss expense ratio (the
    ratio of losses and loss adjustment  expenses to premiums  earned) was 8.7%,
    compared to 23.8% in the corresponding period of 1996.

    Acquisition  costs  incurred,  which consist  primarily of  commissions  and
    brokerage fees paid to intermediaries  for the production of business,  were
    $2.9 million for the quarter ended March 31, 1997,  compared to $2.7 million
    in the same period of 1996.  Certain contracts have been written with profit
    commission clauses,  which return a portion of the net underwriting  profits
    generated  from those  contracts as a commission to the  insureds.  This has
    resulted in an increase in the level of acquisition  cost as a percentage of
    premiums earned.  General and administrative  expenses were $ 2.1 million in
    the quarter  ended March 31,  1997,  in  comparison  to $ 2.2 million in the
    corresponding  period in 1996. In 1996, general and administrative  expenses
    included $0.4 million in respect of the Company's  initial public  offering.
    IPC's  expense  ratio  (the ratio of  acquisition  costs  plus  general  and
    administrative expenses, to premiums earned) was 17.4% for the quarter ended
    March 31, 1997 compared to 17.5% for the corresponding period in 1996.
    

    The following  table  summarizes  the loss and loss expense  ratio,  expense
    ratio and combined ratio (sum of loss and loss expense  ratio,  plus expense
    ratio) for the three months ended March 31, 1997 and 1996, respectively:

                                                 Quarter ended March 31,
                                                 -----------------------
                                                 1997              1996
                                                 ----              ----
    Loss & Loss Expense Ratio                    8.7%             23.8%
    Expense Ratio                               17.4%             17.5%
    Combined Ratio                              26.1%             41.3%

   
    Net income for the three  months  ended  March 31,  1997 was $27.5  million,
    compared to $27.0 million for the corresponding  period in 1996, an increase
    of 1.7%. Excluding the effects of realized gains and losses arising from the
    sale of investments,  net operating income for the first quarter of 1997 was
    $27.8  million,  compared to $23.5 million for the first quarter of 1996, an
    increase of 18.2%.
    

                                       6

<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

   
    The Company's  cash flows will continue to rely  primarily on cash dividends
    and reimbursement of expenses from IPC Re. The dividends that IPC Re may pay
    are limited under Bermuda legislation. The Bermuda Insurance Act of 1978 and
    subsequent  amendments thereto require IPC Re to maintain a minimum solvency
    margin and a minimum liquidity ratio. The maximum dividend payable by IPC Re
    in  accordance   with  these   restrictions   as  of  January  1,  1997  was
    approximately $123.5 million.

    IPC Re's sources of funds consist of premiums written, investment income and
    proceeds from sales and redemptions of  investments.  Cash is used primarily
    to pay losses and loss adjustment expenses,  brokerage  commissions,  excise
    taxes, general and administrative expenses and dividends.  The potential for
    a large  catastrophe means that  unpredictable and substantial  payments may
    need to be made within relatively short periods of time. Hence the Company's
    cash flows may fluctuate significantly from period to period.
    

    Cash flows from operating  activities in the first three months of 1997 were
    $34.1  million  compared to $27.2 million in the first three months of 1996,
    which represents an increase of 25.1%.

   
    Net cash flows used in  investing  activities  in the first three  months of
    1997 were $16.4 million. In addition, dividends of $7.9 million were paid to
    shareholders on March 27, 1997. Cash and cash equivalents  increased by $9.7
    million in the three  months,  resulting  in a balance  of $33.5  million at
    March 31,  1997.  At March 31, 1997,  69.9% of IPC's fixed income  portfolio
    (based on market  value)  was held in United  States  Treasury  notes and in
    securities  rated AAA. The average  modified  duration of IPC's fixed income
    portfolio was 3.6 years.  The portfolio does not contain any  investments in
    real estate, mortgage loans or equity securities.  Management believes that,
    given  the  relatively  high  quality  of  its  portfolio,  adequate  market
    liquidity exists to meet IPC's cash demands.

    Neither  the  Company  or IPC Re has any  material  commitment  for  capital
    expenditures.
    
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
Securities  Exchange Act of 1934,  as amended.  Forward-looking  statements  are
statements other than historical information or statements of current condition.
Some  forward-looking  statements  may be  identified  by use of  terms  such as
"believes",  "anticipates",   "intends",  or  "expects".  These  forward-looking
statements  relate  to the plans  and  objectives  of the  Company,  for  future
operations.  In light of the  risks and  uncertainties  inherent  in all  future
projections,  the inclusion of forward-looking  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,  including  the  following:  (i) the  occurrence of
catastrophic  events  with a  frequency  or  severity  exceeding  the  Company's
estimates;  (ii) a  decrease  in the level of demand  for  property  catastrophe
reinsurance,  or increased  competition owing to increased  capacity of property
catastrophe  reinsurers;  (iii)  any  lowering  or loss of one of the  financial
ratings  of IPC  Re,  or the  Company's  nonadmitted  status  in  United  States
jurisdictions;  (iv)  loss of  services  of any one of the  Company's  executive
officers; (v) the passage of federal or state legislation subjecting the Company
to supervision or regulation in the United States;  (vi) challenges by insurance
regulators in the United States or the United Kingdom to the Company's  claim of
exemption from insurance regulation under current laws; or (vii) a contention by
the United States Internal Revenue Service that the Company or IPC Re is engaged
in the conduct of a trade or business  within the U.S. The  foregoing  review of
important factors should not be construed as exhaustive;  the Company undertakes
no  obligation  to release  publicly the results of any future  revisions it may
make to forward-looking  statements to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.


                                       7

<PAGE>

                            PART II-OTHER INFORMATION

ITEM 1.      LEGAL PROCEEDINGS

             NONE

ITEM 2.      CHANGES IN SECURITIES

             NONE

ITEM 3.      DEFAULTS UPON SENIOR SECURITIES

             NONE

ITEM 4.      SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS

             NONE

ITEM 5.      OTHER INFORMATION

             NONE

ITEM 6.      EXHIBITS AND REPORTS ON FORM 8-K

  (a) Exhibits

   Unless  otherwise  indicated,  exhibits are  incorporated by reference to the
corresponding  numbered exhibits to the Company's Registration Statement on Form
S-1 (Registration No. 333-00088).

   EXHIBIT
   NUMBER             DESCRIPTION

   3.1                Memorandum of Association of the Company
   3.2                Amended and Restated Bye-laws of the Company
   3.3                Form of Memorandum of Increase of Share Capital
   11.1 *             Statement regarding Computation of Per Share Earnings
   27.1 *             Financial Data Schedule


*  Filed herewith

 (b) Reports on Form 8-K

NONE





                                       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  MAY 9, 1997                  /s/ John P. Dowling
      -----------                 ----------------------------
                                    JOHN P. DOWLING
                                    PRESIDENT AND CHIEF EXECUTIVE OFFICER




DATE  MAY 9, 1997                  /s/ John R. Weale
      -----------                 -----------------------------
                                     JOHN R. WEALE
                                     VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

















                                       9
<PAGE>

                                  EXHIBIT INDEX




   Unless  otherwise  indicated,  exhibits are  incorporated by reference to the
corresponding  numbered exhibits to the Company's Registration Statement on Form
S-1 (Registration No. 333-00088).

   EXHIBIT
   NUMBER             DESCRIPTION
   ------             -----------

   3.1                Memorandum of Association of the Company
   3.2                Amended and Restated Bye-laws of the Company
   3.3                Form of Memorandum of Increase of Share Capital
   11.1   *           Statement regarding Computation of Per Share Earnings
   27.1   *           Financial Data Schedule

   *     Filed herewith












                                       10