<PAGE>

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

                                  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: JUNE 30, 2003

                                       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 [ ]

    Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act). Yes [X] No [ ]

The number of outstanding common shares par value U.S. $0.01 per share of IPC
Holdings, Ltd., as of July 29, 2003, was 48,192,955.

                        EXHIBIT INDEX LOCATED ON PAGE 20

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

<PAGE>

                          PART I. FINANCIAL INFORMATION

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
                                                                    June 30, 2003  December 31, 2002
                                                                    -------------  -----------------
                                                                     (unaudited)
<S>                                                                 <C>            <C>
ASSETS:

Fixed maturity investments:
   Available for sale, at fair value (amortized cost 2003
     $1,184,825; 2002 $1,113,432)                                    $  1,233,552     $  1,153,609
Equity investments, available for sale at fair value (cost
   2003 $247,154; 2002: $216,815)                                         273,511          216,897
Cash and cash equivalents                                                  28,322           16,656
Reinsurance premiums receivable                                           146,114           50,328
Deferred premiums ceded                                                     7,322              819
Loss and loss adjustment expenses recoverable                               2,369              405
Accrued investment income                                                  22,120           24,163
Deferred acquisition costs                                                 16,320            6,095
Prepaid expenses and other assets                                           7,939            5,003
                                                                     ------------     ------------
TOTAL ASSETS                                                         $  1,737,569     $  1,473,975
                                                                     ============     ============

LIABILITIES:

Reserve for losses and loss adjustment expenses                      $    112,149     $    119,355
Unearned premiums                                                         154,591           51,902
Reinsurance premiums payable                                                9,400            1,555
Deferred fees and commissions                                               2,817              127
Investments pending settlement                                              2,477                0
Accounts payable and accrued liabilities                                   11,641            9,553
                                                                     ------------     ------------
                                                                          293,075          182,492
                                                                     ------------     ------------

SHAREHOLDERS' EQUITY:

Share capital (Common shares outstanding, par value U.S. $0.01:
 2003 48,192,955; 2002: 48,179,805 shares)                                    482              482
Additional paid-in capital                                                848,948          846,397
Deferred stock grant compensation                                          (1,753)               0
Retained earnings                                                         521,733          404,345
Accumulated other comprehensive income                                     75,084           40,259
                                                                     ------------     ------------
                                                                        1,444,494        1,291,483
                                                                     ------------     ------------
                                                                     ------------     ------------
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES                           $  1,737,569     $  1,473,975
                                                                     ============     ============
</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>
                                                        Quarter ended June 30,       Six months ended June 30,
                                                        ----------------------       -------------------------
                                                          2003          2002            2003          2002
                                                          ----          ----            ----          ----
                                                       (unaudited)   (unaudited)     (unaudited)   (unaudited)
<S>                                                   <C>            <C>            <C>            <C>
REVENUES:

Gross premiums written                                $     64,598   $     60,110   $    256,450   $    207,158
Change in unearned premiums                                 11,536         (2,110)      (102,689)      (100,944)
                                                      ------------   ------------   ------------   ------------
Premiums earned                                             76,134         58,000        153,761        106,214
                                                      ------------   ------------   ------------   ------------

Reinsurance premiums ceded                                  (3,702)        (2,029)       (13,681)        (5,069)
Change in deferred premiums ceded                             (149)           507          6,503          1,744
                                                      ------------   ------------   ------------   ------------
Premiums ceded                                              (3,851)        (1,522)        (7,178)        (3,325)
                                                      ------------   ------------   ------------   ------------

Net premiums earned                                         72,283         56,478        146,583        102,889
Net investment income                                       11,723         13,075         23,248         24,957
Net realized gains (losses) on investments                   2,414         (6,658)         6,140         (7,425)
Other income                                                   878            854          1,544          2,261
                                                      ------------   ------------   ------------   ------------
                                                            87,298         63,749        177,515        122,682
                                                      ------------   ------------   ------------   ------------

EXPENSES:

Net losses and loss adjustment expenses                     11,516          7,765         22,672         15,372
Net acquisition costs                                        7,096          6,421         14,819         11,465
General and administrative expenses                          4,540          3,555          8,905          6,412
Net exchange (gain) loss                                    (1,442)        (2,638)        (1,997)        (2,720)
                                                      ------------   ------------   ------------   ------------
                                                            21,710         15,103         44,399         30,529
                                                      ------------   ------------   ------------   ------------

                                                      ------------   ------------   ------------   ------------
NET INCOME                                            $     65,588   $     48,646   $    133,116   $     92,153
                                                      ============   ============   ============   ============

Basic net income per common share                     $       1.36   $       1.01   $       2.76   $       1.91
Diluted net income per common share                   $       1.36   $       1.01   $       2.76   $       1.91

Weighted average number of common shares - basic        48,187,912     48,172,776     48,183,858     48,172,776
Weighted average number of common shares - diluted      48,281,119     48,272,420     48,270,385     48,269,061
</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>
                                                        Quarter ended June 30,       Six months ended June 30,
                                                        ----------------------       -------------------------
                                                          2003          2002            2003          2002
                                                          ----          ----            ----          ----
                                                       (unaudited)   (unaudited)     (unaudited)   (unaudited)
<S>                                                   <C>            <C>            <C>            <C>
NET INCOME                                            $     65,588   $     48,646   $    133,116   $     92,153
                                                      ------------   ------------   ------------   ------------
OTHER COMPREHENSIVE INCOME (LOSS):
   Net holding gains (losses) on investments during
     period                                                 39,385         (7,023)        40,965        (21,548)
   Reclassification adjustment for (gains) losses
     included in net income                                 (2,414)         6,658         (6,140)         7,425
                                                      ------------   ------------   ------------   ------------
                                                            36,971           (365)        34,825        (14,123)
                                                      ------------   ------------   ------------   ------------
COMPREHENSIVE INCOME                                  $    102,559   $     48,281   $    167,941   $     78,030
                                                      ============   ============   ============   ============
</TABLE>

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

                                       4

<PAGE>

                       IPC HOLDINGS, LTD. AND SUBSIDIARIES
                 CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

                (Expressed in thousands of United States dollars)

<TABLE>
<CAPTION>
                                                                         As of           As of
                                                                    June 30, 2003  December 31, 2002
                                                                    -------------  -----------------
                                                                     (unaudited)
<S>                                                                 <C>            <C>
COMMON SHARES PAR VALUE $0.01:
Balance, beginning of year                                           $        482     $        482
Additional shares issued                                                        0                0
                                                                     ------------     ------------
Balance, end of period                                               $        482     $        482
                                                                     ============     ============

ADDITIONAL PAID-IN CAPITAL:
Balance, beginning of year                                           $    846,397     $    846,101
Shares issued                                                                 686              458
Shares repurchased                                                           (309)            (162)
Stock options and grants                                                    2,174                0
                                                                     ------------     ------------
Balance, end of period                                               $    848,948     $    846,397
                                                                     ============     ============

DEFERRED STOCK GRANT COMPENSATION:
Balance, beginning of year                                           $          0     $          0
Stock grants awarded                                                       (2,011)               0
Amortization                                                                  258                0
                                                                     ------------     ------------
Balance, end of period                                               $     (1,753)    $          0
                                                                     ============     ============

RETAINED EARNINGS:
Balance, beginning of year                                           $    404,345     $    246,568
Net income                                                                133,116          157,906
Reduction on share repurchase                                                (310)            (129)
Dividends paid                                                            (15,418)               0
                                                                     ------------     ------------
Balance, end of period                                               $    521,733     $    404,345
                                                                     ============     ============

ACCUMULATED OTHER COMPREHENSIVE INCOME:
Balance, beginning of year                                           $     40,259     $     12,643
Other comprehensive income                                                 34,825           27,616
                                                                     ------------     ------------
Balance, end of period                                               $     75,084     $     40,259
                                                                     ============     ============

TOTAL SHAREHOLDERS' EQUITY                                           $  1,444,494     $  1,291,483
                                                                     ============     ============
</TABLE>

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

                                       5

<PAGE>

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

                (Expressed in thousands of United States dollars)

<TABLE>
<CAPTION>
                                                                       Six months ended June 30,
                                                                       -------------------------
                                                                         2003            2002
                                                                         ----            ----
                                                                     (unaudited)       (unaudited)
<S>                                                                  <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income                                                           $    133,116     $     92,153
Adjustments to reconcile net income to cash provided
    by operating activities:
    Amortization of fixed maturity premiums (discount), net                 7,213            3,599
    Net realized (gains) losses on investments                             (6,140)           7,425
    Stock compensation                                                        420                0
    Changes in:
       Reinsurance premiums receivable                                    (95,786)         (82,754)
       Deferred premiums ceded                                             (6,503)          (1,744)
       Loss and loss adjustment expenses recoverable                       (1,964)             118
       Accrued investment income                                            2,043           (1,096)
       Deferred acquisition costs                                         (10,225)         (10,808)
       Prepaid expenses and other assets                                   (2,936)          (2,960)
       Reserve for losses and loss adjustment expenses                     (7,206)         (32,359)
       Unearned premiums                                                  102,689          100,944
       Reinsurance premiums payable                                         7,845            1,772
       Deferred fees and commissions                                        2,690              234
       Accounts payable and accrued liabilities                             2,088            2,959
                                                                     ------------     ------------
Cash provided by operating activities                                     127,344           77,483
                                                                     ------------     ------------

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of fixed maturity investments                                  (478,433)        (626,232)
Proceeds from sale of fixed maturity investments                          337,449          318,023
Proceeds from maturities of fixed maturity investments                     70,996            9,000
Purchases of equity investments                                           (30,339)         (64,793)
Proceeds from sale of equity investments                                        0              518
                                                                     ------------     ------------
Cash used in investing activities                                        (100,327)        (363,484)
                                                                     ------------     ------------

CASH FLOWS FROM FINANCING ACTIVITIES:

Net proceeds from share issuance                                               67                0
Cash dividends paid to shareholders                                       (15,418)               0
                                                                     ------------     ------------
Cash used by financing activities                                         (15,351)               0
                                                                     ------------     ------------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                       11,666         (286,001)
CASH AND CASH EQUIVALENTS, beginning of period                             16,656          315,207
                                                                     ------------     ------------
CASH AND CASH EQUIVALENTS, end of period                             $     28,322     $     29,206
                                                                     ============     ============
</TABLE>

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

                                       6

<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 accounting principles generally accepted in the
    United States of America ("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 six month periods ended June 30, 2003 and 2002, respectively, the
    balance sheet as of June 30, 2003 and the cash flows for the six month
    periods ended June 30, 2003 and 2002, respectively. These interim
    consolidated financial statements should be read in conjunction with the
    audited consolidated financial statements for the year ended December 31,
    2002, incorporated by reference in our report on Form 10-K. The results of
    operations for any interim period are not necessarily indicative of results
    for the full year.

2.  DIVIDENDS:

    On March 5, 2003 we paid a dividend of $0.16 per share to shareholders of
    record on February 19, 2003.

    On June 26, 2003 we paid a dividend of $0.16 per share to shareholders of
    record on June 10, 2003

    On July 22, 2003 we declared a dividend of $0.20 per share, payable on
    September 18, 2003 to shareholders of record on September 2, 2003.

3.  ACCOUNTING FOR STOCK-BASED COMPENSATION AND DISCLOSURE:

    On December 31, 2002, the Financial Accounting Standards Board ("FASB")
    issued Statement No. 148, "Accounting for Stock-Based Compensation and
    Disclosure" ("SFAS 148"), which is effective for fiscal years ending after
    December 31, 2002. SFAS 148 amends SFAS 123, to provide alternative methods
    of transition for a voluntary change to the fair value method of accounting
    for stock-based employee compensation. In addition, SFAS 148 amends
    disclosure requirements of SFAS 123 to require prominent disclosure about
    the method of accounting for stock based employee compensation and the
    effect of the method used to report results. SFAS 148 permits two additional
    transition methods for entities that adopt the preferable fair value method
    of accounting for stock-based employee compensation. In addition, the
    original prospective method of transition for changes to the fair value
    method under SFAS 123 will no longer be permitted in fiscal periods
    beginning after December 15, 2003. Management has adopted the fair value
    method of accounting for stock-based employee compensation on a prospective
    basis for all awards granted, modified or settled after January 1, 2003. The
    amount of the charge recorded in the six months ended June 30, 2003 was
    $162.

    On June 13, 2003 the shareholders approved a new stock incentive plan
    retroactive to January 1, 2003. The plan allows for the issuance of up to
    500,000 shares as grants of restricted stock to selected employees to
    compensate them for their contributions to the long-term growth and profits
    of the company. These grants are accounted for under SFAS 128 and the charge
    recorded for the six months ended June 30, 2003 was $258.

                                       7

<PAGE>

    The following table illustrates the effect on net income and earnings per
    share if the fair value based method had been applied to all outstanding and
    unvested awards in each period in accordance with SFAS 123.

<TABLE>
<CAPTION>
                                                        Quarter ended June 30,      Six months ended June 30,
                                                        ----------------------      -------------------------
                                                         2003            2002          2003           2002
                                                         ----            ----          ----           ----
                                                      (unaudited)     (unaudited)    (unaudited)   (unaudited)
<S>                                                   <C>            <C>            <C>            <C>
Net income, as reported                               $     65,588   $     48,646   $    133,116   $     92,153
Add: Stock-based employee expense                               81              0            162              0
Deduct: Total stock-based employee expense
determined under fair value based method for all
awards                                                        (255)          (200)          (510)          (400)
                                                      ------------   ------------   ------------   ------------
Pro forma net income                                  $     65,414   $     48,446   $    132,768   $     91,753
                                                      ------------   ------------   ------------   ------------
Earnings per share:
Basic - as reported                                           1.36           1.01           2.76           1.91
Basic - pro forma                                             1.36           1.01           2.76           1.90
Diluted - as reported                                         1.36           1.01           2.76           1.91
Diluted - pro forma                                           1.35           1.00           2.75           1.90
</TABLE>

4.  NEW ACCOUNTING PRONOUNCEMENTS:

    In April 2003, the Financial Accounting Standards Board (FASB) issued
    Statement of Financial Accounting Standards No. 149 "Amendment of Statement
    133 on Derivative Instruments and Hedging Activities" (SFAS 149). The
    statement amends and clarifies financial accounting and reporting for
    derivative instruments, including certain derivative instruments embedded in
    other contracts and for hedging activities under SFAS No. 133, "Accounting
    for Derivative Instruments and Hedging Activities". The statement will be
    effective for contracts entered into or modified after June 30, 2003.

    In January 2003, the FASB issued Interpretation No. 46 (FIN 46),
    "Consolidation of Variable Interest Entities." FIN 46 requires a variable
    interest entity to be consolidated by a company if that company is subject
    to a majority of the risk of loss from the variable interest entity's
    activities or entitled to receive a majority of the entity's residual
    returns or both. A variable interest entity is a corporation, partnership,
    trust, or any other legal structure used for business purposes that either
    (a) does not have equity investors with voting rights or (b) has equity
    investors that do not provide sufficient financial resources for the entity
    to support its activities. A variable interest entity may be essentially
    passive or it may engage in research and development or other activities on
    behalf of another company. The consolidation requirements of FIN 46 apply
    immediately to variable interest entities created after January 31, 2003.
    The consolidation requirements apply to older entities in the first fiscal
    year or interim period beginning after June 15, 2003. Certain of the
    disclosure requirements apply to all financial statements issued after
    January 31, 2003, regardless of when the variable interest entity was
    established.

    On May 15, 2003, the Financial Accounting Standards Board issued Statement
    No. 150, Accounting for Certain Financial Instruments with Characteristics
    of Both Liabilities and Equity. This Statement requires issuers to classify
    as liabilities (or assets in some circumstance) three classes of
    freestanding financial instruments that embody obligations for the issuer.
    Generally, the Statement is effective for financial instruments entered into
    or modified after May 31, 2003 and is otherwise effective at the beginning
    of the first interim period beginning after June 15, 2003. The Company
    adopted the provisions of the Statement on July 1, 2003.

    Management does not believe that the adoption of these new accounting
    pronouncements will have any material impact on the Company's financial
    position or results of operations.

                                       8

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

    CRITICAL ACCOUNTING POLICIES

    The following is a summary of the accounting policies for the three main
    components of our balance sheet and statement of income: premiums, losses
    (claims) including reserves and investments/investment income.

    PREMIUMS

    Premiums are recorded as written at the beginning of each policy, based upon
    information received from ceding companies and their brokers, and are earned
    over the policy period. For excess of loss contracts, the amount of premium
    is contractually documented at inception, and no management judgement is
    necessary in accounting for this. Premiums are earned on a pro rata basis
    over the policy period. For proportional treaties, the amount of premium is
    normally estimated at inception by the ceding company. We account for such
    premium using the initial estimates, which are reviewed regularly with
    respect to the actual premium reported by the ceding company. For the six
    months ended June 30, 2003 the net amount of premium written resulting from
    estimate accruals was approximately 4% of total premiums written. We also
    accrue for reinstatement premiums (premiums paid to reinstate reinsurance
    coverage following a claim). Such accruals are based upon actual contractual
    terms applied to the amount of loss reserves expected to be paid, and the
    only element of management judgement involved is with respect to the amount
    of loss reserves, as described below. The amount accrued at June 30, 2003
    for reinstatement premiums on Reported But Not Enough losses ("RBNE") and
    Incurred But Not Reported ("IBNR") loss reserves was $2.9 million, the
    majority of which related to claims from the attack on the World Trade
    Center.

    LOSS RESERVES

    Under accounting principles generally accepted in the United States of
    America, we are not permitted to establish loss reserves until the
    occurrence of an event which may give rise to a claim. As a result, only
    loss reserves applicable to losses incurred up to the reporting date may be
    established, with no allowance for the provision of a contingency reserve to
    account for expected future losses. Claims arising from future catastrophic
    events can be expected to require the establishment of substantial reserves
    from time to time.

    Estimating appropriate loss reserves for catastrophes is an inherently
    uncertain process. Loss reserves represent our estimates, at a given point
    in time, of ultimate settlement and administration costs of losses incurred
    (including IBNR losses). We regularly review and update these estimates,
    using the most current information available to us. Consequently, the
    ultimate liability for a catastrophic loss is likely to differ from the
    original estimate. Whenever we determine that any existing loss reserves are
    inadequate, we are required to increase the loss reserves with a
    corresponding reduction, which could be material, in our operating results
    in the period in which the deficiency is identified. The establishment of
    new reserves, or the adjustment of reserves for reported claims, could
    result in significant upward or downward changes to our financial condition
    or results of operations in any particular period.

    The reserve for losses and loss adjustment expenses is based upon reports
    from industry sources, individual case estimates received from ceding
    companies, output from commercially available catastrophe loss models and
    management's estimates. When a catastrophic event occurs, we first determine
    which treaties may be affected using our geographic database of exposures.
    We then contact the respective brokers and ceding companies involved with
    those treaties, to determine their estimate of involvement and the extent to
    which the reinsurance program is affected. We may also use computer modeling
    to measure and estimate loss exposure under the actual event scenario, if
    available. Since 1993, we have contracted Applied Insurance Research, Inc.
    for the use of their proprietary models - currently CATRADER (R) - as part
    of our modeling approach. These computer-based loss modeling systems utilize
    A.M. Best's data and direct exposure information obtained from our clients.
    Once an event occurs, we establish a specific reserve for that event, based
    upon estimates of total losses incurred by the ceding insurers as a result
    of the event and a specific estimate of the portion of such loss we have
    reinsured. Management's estimates are used mostly for IBNR or RBNE loss
    amounts. For certain catastrophic events there is considerable uncertainty
    underlying the assumptions and associated estimated reserves for losses and
    loss adjustment expenses. Reserves are reviewed regularly and, as experience
    develops and additional information becomes known, the reserves are adjusted
    as necessary. Such adjustments, if necessary, are reflected in results of
    operations in the period in which they become known. For excess of loss
    business, which is generally over 90% of the premium we write, we are aided
    by the fact that each treaty has a defined limit of liability arising from
    one event. Once that limit has been reached, we have no further exposure to
    additional losses from that treaty for the same event. For proportional
    treaties, we generally use an initial estimated loss and loss expense ratio
    (the ratio of losses and loss adjustment expenses incurred to net premiums
    earned), based upon information provided by the ceding company and our
    historical experience of that treaty, if any. The estimate is adjusted as
    actual experience becomes known.

    At June 30, 2003 management's estimates for IBNR/RBNE represented
    approximately 32% of total loss reserves. The majority of the estimate
    related to reserves for claims from the attack on the World Trade Center,
    hailstorms and
                                       9

<PAGE>

    tornadoes losses in April/May 2003 in the United States, the floods which
    affected central and eastern Europe in August 2002, Tropical Storm Allison
    which affected parts of Texas in June 2001 and reserves for proportional
    treaties. In accordance with IPCRe's registration under the Bermuda
    Insurance Act 1978 and Related Regulations (the "Insurance Act"), the loss
    reserves are certified annually by an independent loss reserve specialist.

    INVESTMENTS

    In accordance with our investment guidelines, our investments consist of
    certain marketable equity securities and high-grade marketable fixed income
    securities. Investments are carried at fair value as determined by the most
    recently traded price of each security at the balance sheet date. In
    accordance with SFAS 115, unrealized gains and losses are included within
    Accumulated Other Comprehensive Income as a separate component of
    Shareholders' Equity. Realized gains and losses on sales of investments are
    determined on a first-in, first-out basis. Investment income is recorded
    when earned and includes the amortization of premiums and discounts on
    investments.

    We regularly monitor the difference between the cost and fair value of our
    investments, which involves uncertainty as to whether declines in value are
    temporary in nature. If we believe a decline in value of a particular
    investment is temporary, we record the decline as an unrealized loss as a
    separate component of our shareholders' equity. If we believe the decline is
    other-than-temporary, we write down the cost basis of the investment to the
    market price as of the reporting date and record a realized loss in our
    statement of income. The determination that a security has incurred an
    other-than-temporary decline in value requires the judgement of IPC's
    management, which includes the views of our investment managers and a
    regular review of our investments. Our assessment of a decline in value
    includes our current judgement as to the financial position and future
    prospects of the entity that issued the security. If that judgement changes
    in the future we may ultimately record a realized loss, after having
    originally concluded that the decline in value was temporary.

    Generally, we review all securities that are trading at a significant
    discount to par, amortized cost (if lower) or cost for an extended period of
    time. We generally focus our attention on all securities whose market value
    is less than 75% of their cost. The specific factors we consider in
    evaluating potential impairment include the following:

            -   The extent of decline in value

            -   The length of time the security is below cost

            -   The future prospects of the issuer, or in the case of mutual
                funds, the future prospects of the fund

            -   Whether the decline appears to be related to general market or
                industry conditions, or is issuer-specific

            -   Our intent and abilty to hold the security

            -   Other qualitative and quantitative factors

    At June 30, 2003 our equity investments comprised three mutual funds: a U.S.
    equity fund, a global equity growth fund and a fund with attributes similar
    to those of the S & P 500 Index. None of the funds have a significant
    concentration in any business sector; accordingly, the value of our equity
    funds is principally influenced by macro economic factors rather than
    issuer-specific factors. Our investment in mutual funds is subject to the
    same analyses as described above for the determination of
    other-than-temporary declines in value. Since there is a portfolio of
    securities within a mutual fund, the qualitative issues are usually broader
    than those for individual securities and therefore the assessment of
    impairment is inherently more difficult and requires more management
    judgement.

    At June 30, 2003 we determined that there was no other-than-temporary
    impairment of securities. At June 30, 2003 we did not hold any securities
    that are not investment grade, not rated or not traded on a recognized
    exchange.

                                       10

<PAGE>

RESULTS OF OPERATIONS, QUARTERS ENDED JUNE 30, 2003 AND 2002

    The following is a discussion of the results of operations and financial
    position of IPC Holdings, Ltd. References to "we", "our" or "IPC" mean IPC
    Holdings together with its wholly-owned subsidiaries, IPCRe and IPCUSL. This
    discussion should be read in conjunction with our Consolidated Financial
    Statements and related notes for the six months ended June 30, 2003.

    Our net income for the quarter ended June 30, 2003 was $65.6 million,
    compared to $48.6 million for the quarter ended June 30, 2002, an increase
    of 35%. This increase is primarily the result of the increase in
    earned premiums, as discussed below.

    In the quarters ended June 30, 2003 and 2002, we wrote premiums of $64.6
    million and $60.1 million, respectively, an increase of 7%. Written premiums
    in the quarter were higher primarily because we wrote additional business
    for our existing clients, as well as new business. Premiums were also higher
    because of increases in some premium rates, which were generally in the
    range of 2% to 7% for loss-free contracts. The additional premium from
    existing clients resulting from additional business written, rate increases
    and foreign exchange rate differences amounted to approximately $2.1
    million. Premiums from new business amounted to $9.8 million. These
    increases were offset by business which was not renewed because of
    unsatisfactory terms and conditions, which totaled approximately $12.4
    million. Adjustment premiums, which are adjustments generally arising from
    differences between cedents' actual premium income and the original
    estimates thereof, were $3.7 million higher in the second quarter of 2003
    compared to the second quarter of 2002. Reinstatement premiums were $1.3
    million higher in the quarter ended June 30, 2003 in comparison to the
    second quarter in 2002, primarily because of adjustments (as described
    above) being applied to reinstatement premiums. We retroceded premiums of
    $3.7 million in the second quarter of 2003, compared to $2.0 million ceded
    in the second quarter of 2002. The increase reflects increased cessions to
    our Property Catastrophe Aggregate Excess of Loss facility, as well as the
    increase in retrocedants' participation in our proportional reinsurance
    facility, which has increased from 37% in 2002 to 60% in 2003. Net premiums
    earned in the three months ended June 30, 2003 were $72.3 million, compared
    to $56.5 million in the same period in 2002, an increase of 28%. Earned
    premiums were higher due to the increase in written premiums over the past
    twelve months, as well as the fact that reinstatement premiums and
    adjustment premiums are fully earned when written.

    Net investment income was $11.7 million in the quarter ended June 30, 2003,
    compared to $13.1 million for the quarter ended June 30, 2002. The overall
    yield of the fixed income portfolio was less for the quarter ended June 30,
    2003 than for the corresponding quarter in 2002, due to lower interest rates
    and their adverse impact on the reinvestment of maturing fixed income
    securities. This negative factor was offset in part by the increase in the
    average balance of invested assets in the quarter ended June 30, 2003, which
    was 18% higher than the second quarter of 2002, because of positive
    operating cash flow in the period.


                                       11

<PAGE>
    There was a net realized gain from investments in the quarter ended June 30,
    2003 of $2.4 million, compared to a net realized loss of $(6.7) million in
    the second quarter of 2002. Generally, net realized gains and losses
    fluctuate from period to period, depending on the individual securities
    sold, as recommended by IPCRe's investment advisor. The loss for the second
    quarter 2002 included a write-down of $7.1 million in the cost basis of
    certain stocks where management had determined there had been a decline in
    value which was other than temporary.

    In the three months ended June 30, 2003, we incurred losses of $11.5
    million, compared to $7.8 million in the second quarter of 2002. Losses in
    the quarter ended June 30, 2003 included approximately $8.8 million in
    respect of claims from hailstorms and tornadoes which occurred in the United
    States in April and May of this year.

    Acquisition costs incurred, which consist primarily of commissions and
    brokerage fees paid to intermediaries for the production of business, were
    $7.1 million for the quarter ended June 30, 2003, compared to $6.4 million
    in the corresponding period of 2002, an increase of 11%. Acquisition costs
    have increased primarily because of the increase in earned premiums, but not
    proportionately, because we have written more business in 2003 where
    brokerage is not deducted. General and administrative expenses were $4.5
    million in the quarter ended June 30, 2003, compared to the $3.6 million
    incurred in the first quarter of 2002. This increase is due primarily to a
    $0.4 million increase in administrative fees which are based on earned
    premiums, as well as some increases for certain operating expenses,
    including salaries and benefits, which include the impact of expensing stock
    grants and stock options granted to certain officers, the increased cost of
    Directors and Officers liability insurance and fees associated with the
    renewal of our revolving credit facility.

RESULTS OF OPERATIONS, SIX MONTHS ENDED JUNE 30, 2003 AND 2002

    Our net income for the six months ended June 30, 2003 was $133.1 million,
    compared to $92.2 million for the first six months of 2002, an increase of
    44%. This increase is primarily the result of the significant increase in
    premiums, as discussed below.

    In the six months ended June 30, 2003 and 2002, respectively, we wrote
    premiums of $256.5 million and $207.2 million, an increase of 24%. Written
    premiums in the six months were higher primarily because we wrote additional
    business for our existing clients, as well as new business. Premiums were
    also higher because of increases in some premium rates,


                                       12

<PAGE>

    which were generally in the range of 2% to 10% for loss-free contracts. The
    additional premium from existing clients resulting from additional business
    written, rate increases and foreign exchange rate differences amounted to
    approximately $26.7 million. Premiums from new business amounted to $31.0
    million. These increases were partly offset by business which was not
    renewed because of unsatisfactory terms and conditions, which totaled
    approximately $21.0 million. Adjustment premiums were $7.8 million higher in
    the first six months of 2003 compared to the first six months of 2002.
    Reinstatement premiums were $4.8 million higher in the first six months of
    2003 in comparison to the corresponding six months in 2002, primarily
    because of adjustments (as described above) being applied to reinstatement
    premiums. We retroceded premiums of $13.7 million in the first six months of
    2003, compared to $5.1 million ceded in the first six months of 2002. The
    increase reflects increased cessions to our Property Catastrophe Aggregate
    Excess of Loss facility, as well as the increase in retrocedants'
    participation in our proportional reinsurance facility, which has increased
    from 37% in 2002 to 60% in 2003. Net premiums earned in the six months ended
    June 30, 2003 were $146.6 million, compared to $102.9 million in the same
    period in 2002, an increase of 42%. Earned premiums were higher due to the
    increase in written premiums over the past twelve months, as well as the
    fact that reinstatement premiums and adjustment premiums are fully earned
    when written.

    Net investment income was $23.2 million in the six months ended June 30,
    2003, compared to $25.0 million for the six months ended June 30, 2002. The
    overall yield of the fixed income portfolio was less for the six months
    ended June 30, 2003 than for the corresponding six months in 2002, due to
    lower interest rates and their adverse impact on the reinvestment of
    maturing fixed income securities. This negative factor was offset in part by
    the increase in the average balance of invested assets in the first six
    months of 2003, which was 16% higher than the first six months of 2002,
    because of positive operating cash flow in the period.

    There was a net realized gain from investments in the six months ended June
    30, 2003 of $6.1 million, compared to a net realized loss of $(7.4) million
    in the first six months of 2002. Generally, net realized gains and losses
    fluctuate from period to period, depending on the individual securities
    sold, as recommended by IPCRe's investment advisor. The loss for the first
    six months of 2002 included a write-down of $8.4 million in the cost basis
    of certain stocks where management had determined there had been a decline
    in value which was other than temporary.

    In the six months ended June 30, 2003, we incurred losses of $22.7 million,
    compared to $15.4 million in the first six months of 2002. Losses in the six
    months ended June 30, 2003 included $8.8 million in respect of claims from
    hailstorms and tornadoes which occurred in the United States in April and
    May of this year and approximately $5.9 million in respect of an increase in
    the ultimate expected losses for Tropical Storm Allison which took place in
    June, 2001. This was the result of an unfavourable court ruling, regarding
    an insurance policy coverage dispute between a cedant and the original
    insured under the policy, for which first notice of loss was provided to us
    on March 28, 2003. We also established a $3.0 million net reserve ($5.6
    million gross) for claims arising from bush-fires which occurred in
    Australia in January of this year.

    Acquisition costs incurred were $14.8 million for the six months ended June
    30, 2003, compared to $11.5 million in the corresponding period of 2002, an
    increase of 29%. Acquisition costs have increased primarily because of the
    increase in earned premiums, but not proportionately, because we have
    written more business in 2003 where there is no brokerage. General and
    administrative expenses were $8.9 million in the six months ended June 30,
    2003, compared to the $6.4 million incurred in the first six months of 2002.
    This increase is due primarily to an increase of $1.1 million in
    administrative fees which are based on earned premiums, as well as an
    increase of 35% on the aggregate for operating expenses, including salaries
    and benefits, which include the impact of expensing stock grants and stock
    options granted to certain officers in 2003, the increased cost of Directors
    and Officers liability insurance, fees associated with the renewal of our
    revolving credit facility and increased fees for auditors and lawyers
    because of increased corporate governance requirements under the
    Sarbanes-Oxley Act of 2002.

    LIQUIDITY AND CAPITAL RESOURCES

    IPC Holdings is a holding company that conducts no reinsurance operations of
    its own. Its cash flows are limited to distributions from IPCRe and IPCUSL
    by way of loans or dividends. The dividends that IPCRe may pay are limited

                                       13

<PAGE>

    under Bermuda legislation and IPCRe's revolving credit facility. The Bermuda
    Insurance Act of 1978, and subsequent amendments thereto, require IPCRe to
    maintain a minimum solvency margin and a minimum liquidity ratio. The
    maximum dividend payable by IPCRe in accordance with Bermuda regulations as
    of June 30, 2003 was approximately $355 million. The maximum amount IPCRe
    could have paid in the second quarter under the terms of the credit facility
    was $181.5 million.

    IPCRe's sources of funds consist of premiums written, investment income,
    paid losses recovered from retrocedants and proceeds from sales and
    redemptions of investments. Cash is used primarily to pay losses and loss
    adjustment expenses, premiums retroceded, 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, and therefore our
    cash flows fluctuate significantly from period to period.

    Net cash flows from operating activities in the six months ended June 30,
    2003 were $127.3 million compared to $77.5 million in the first half of
    2002. The increase is primarily the result of the significant increase in
    premium volume, combined with a reduction in claims paid during the period,
    which were $34.0 million in the six months ended June 30, 2003, compared to
    $49.0 million in the first half of 2002. A significant proportion of the
    claims paid in 2003 relate to the attack on the World Trade Center. We
    expect to continue to pay significant amounts in respect of that event
    during the next six to nine months.

    Net cash outflows from investing activities in the six months ended June 30,
    2003 were $100.3 million. Cash and cash equivalents increased by $11.7
    million in the six months ended June 30, 2003, resulting in a balance of
    $28.3 million at June 30, 2003. At June 30, 2003, 44% of IPC's fixed
    maturity investment portfolio (based on fair value) was held in securities
    rated AAA, and 33% was held in securities rated AA. The average modified
    duration of IPC's fixed maturity portfolio was 2.6 years. At June 30, 2003
    our $150 million revolving credit facility expired and was replaced with a
    new, three year facility in the amount of $200 million effective July 1,
    2003, with substantially the same terms and conditions, although covenants
    with respect to dividends and minimum net worth have been amended. The new
    facility is provided by a syndicate of lenders led jointly by Bank One N.A.
    and Citibank N.A. We believe that this facility, together with the
    relatively short duration and high quality of IPC's investment portfolio,
    will provide sufficient liquidity to meet IPC's cash demands.

    IPCRe is not a licensed insurer in the United States and therefore, under
    the terms of most of its contracts with U.S.-based companies, must provide
    security to reinsureds to cover unpaid liabilities in a form acceptable to
    state insurance commissioners. Typically, this type of security takes the
    form of a letter of credit issued by an acceptable bank, the establishment
    of a trust, or a cash advance. Currently IPCRe obtains letters of credit
    through one commercial bank pursuant to a $100.0 million facility. In turn,
    IPCRe provides the bank security by giving the bank a lien over certain of
    IPCRe's investments in an amount not to exceed the aggregate letters of
    credit outstanding to a maximum of $118.0 million. At June 30, 2003, there
    were outstanding letters of credit of $55.2 million. If we were unable to
    obtain the necessary credit, IPCRe could be limited in its ability to write
    business for our clients in the United States.

    Our investment portfolio does not currently include options, warrants,
    swaps, collars or similar derivative instruments. Our investment policy
    guidelines provide that financial futures and options and foreign exchange
    contracts may not be used in a speculative manner, but may be used, subject
    to certain numerical limits, only as part of a defensive strategy to protect
    the market value of the portfolio. Also, our portfolio does not contain any
    investments in real estate or mortgage loans.

    Neither the Company, IPCRe nor IPCUSL have any material commitments for
    capital expenditures.

    OFF BALANCE SHEET ARRANGEMENTS

    Neither the Company nor any of its subsidiaries has any other forms of
    off-balance sheet arrangements, other than those disclosed above.

                                       14

<PAGE>

    TRANSACTIONS WITH NON-INDEPENDENT PARTIES

    The following is a summary of amounts in respect of significant
    non-independent party transactions during the six month periods ended June
    30, 2003 and June 30, 2002, respectively, (expressed in thousands of U.S.
    dollars):

<TABLE>
<CAPTION>
                                                                     June 30, 2003  June 30, 2002
                                                                     -------------  -------------
<S>                                                                  <C>            <C>
Administrative services fees (included in General & Admin.
                                         expenses)                   $      3,844   $      2,655

Investment fees netted against investment income:                    $      1,526   $      1,341

Underwriting services fee income (included in Other income)          $      1,544   $      2,261

Premiums written                                                     $     29,392   $     30,942
Premiums ceded                                                       $        917   $        581
</TABLE>

    Underwriting services fee income is a percentage of the premiums written on
    behalf of one client, which is related to shareholders of the Company. Fees
    are accrued and taken into income based on the premiums earned each quarter.

    In addition, IPCRe assumed premiums through a broker related to a
    shareholder of the Company. Generally, such premiums represented less than
    5% of total premiums assumed. Brokerage fees incurred on such premiums were
    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 28, 2003 and incorporated by
    reference into our Form 10-K for the year ended December 31, 2002.

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

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES 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 June 30, 2003, March 31, 2003 and December 31,
    2002. 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 June 30, 2003
    using historical simulation methodology. As of June 30, 2003 the VaR of
    IPCRe's investment portfolio was approximately $22.0 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.

                                       15

<PAGE>
    The following table presents the VaR of each component of market risk of
    IPCRe's investment portfolio as of June 30, 2003, March 31, 2003 and
    December 31, 2002, respectively, and the average for the six months ended
    June 30, 2003 calculated using the beginning, quarterly and ending points
    (expressed in thousands of U.S. dollars):
<TABLE>
<CAPTION>
                                                                                                   Average for six
                                                        June 30,      March 31,     December 31,     months ended
                                                        --------      ---------     ------------     ------------
MARKET RISK                                               2003          2003            2002         June 30, 2003
                                                          ----          ----            ----         -------------
<S>                                                   <C>            <C>            <C>            <C>
Currency                                              $      1,268   $      1,042   $      1,093     $      1,134
Interest Rate                                                6,604          7,193          7,938            7,245
Equity                                                      23,092         18,393         18,397           19,961
-----------------------------------------------------------------------------------------------------------------
Sum of Risk                                                 30,964         26,628         27,428           28,340
Diversification Benefit                                     (8,937)        (9,434)       (10,102)          (9,491)
-----------------------------------------------------------------------------------------------------------------
TOTAL NET RISK                                        $     22,027   $     17,194   $     17,326     $     18,849
-----------------------------------------------------------------------------------------------------------------
</TABLE>
    The increase in VaR from equities and the subsequent increase in the overall
    VaR is because of an increase in the value of equities. 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
    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 June 30, 2003 an estimated 38% or $56
    million (June 30, 2002 - 36% or $45 million) of reinsurance premiums
    receivable, and an estimated $32 million (June 30, 2002 - $20 million) of
    loss reserves, were denominated in non-U.S. currencies. At June 30, 2003 we
    held U.S.$1.5 million in Australian dollar short term deposits. 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 June 30, 2003 to be
    material.

ITEM 4. CONTROLS AND PROCEDURES

    Within the 90-day period prior to the filing of this report, an evaluation
    was carried out under the supervision and with the participation of the
    Company's management, including our Chief Executive Officer and Chief
    Financial Officer, of the effectiveness of the design and operation of our
    disclosure controls and procedures (as defined in Rule 13a-15(e) and
    15d-15(e) under the Securities Exchange Act of 1934). As of the end of the
    period covered by this report, based upon that evaluation, the Chief
    Executive Officer and Chief Financial Officer concluded that the design and
    operation of these disclosure controls and procedures were effective. No
    significant changes were made in our internal controls or in other factors
    that could significantly affect these controls subsequent to the date of
    their evaluation.

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, including but not limited to expectations regarding market
    cycles, renewals and our ability to increase written premium volume and
    improve profit margins, market conditions, the impact of current market
    conditions and trends on future periods, the impact of our business strategy
    on our results, trends in pricing and claims and the insurance and
    reinsurance market response to catastrophic events. Some forward-looking
    statements may be identified by our use of terms such as "believes,"
    "anticipates," "intends," or "expects" and relate to our plans and
    objectives for future 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 us or any
    other person that our objectives or plans will be achieved. We do not
    intend, and are under no obligation, to update any forward-looking statement
    contained in this report. The largest single factor in our results has been
    and will continue to be the severity or frequency of catastrophic events,
    which is inherently unpredictable. Numerous factors could cause our actual
    results to differ materially from those in the forward-looking statements,
    including, but not limited to, the following: (i) the occurrence of natural
    or man-made catastrophic events with a frequency or severity exceeding our
    estimates; (ii) any lowering or loss of one of the financial ratings of IPC
    Holdings' wholly owned subsidiary, IPCRe Limited ("IPCRe" and together with
    the Company, IPCRe Europe (as defined herein) and IPCRe Underwriting
    Services (as defined herein), "we" or "IPC"); (iii) a decrease in the level
    of demand for property catastrophe reinsurance, or increased competition
    owing to increased capacity of property catastrophe reinsurers; (iv) the
    effect of competition on market trends and pricing; (v) the adequacy of our
    loss reserves; (vi) loss of our non-admitted status in United States
    jurisdictions or the passage of federal or state legislation subjecting us
    to supervision or regulation in the United States; (vii) challenges by
    insurance regulators in the United States to our claim of exemption from
    insurance regulation under current laws; (viii) a contention by the United
    States Internal Revenue Service that we are engaged in the conduct of a
    trade or business within the U.S.; (ix) loss of services of any one of our
    executive officers; (x) changes in interest rates and/or equity values in
    the United States of America and elsewhere; or (xi) changes in exchange
    rates and greater than expected currency exposure.
                                       16

<PAGE>
                         PART II - OTHER INFORMATION
    ITEM 1.       LEGAL PROCEEDINGS

             NONE

    ITEM 2.       CHANGES IN SECURITIES AND USE OF PROCEEDS

             NONE

    ITEM 3.       DEFAULTS UPON SENIOR SECURITIES

             NONE

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

                  On June 13, 2003 the Annual General Meeting of Shareholders of
                  the Company was held. At the meeting, shareholders were asked
                  to vote upon resolutions set forth below. The following
                  tabulation indicates the number of shares present in person or
                  by proxy at such meeting and the number of such shares for or
                  against, or withheld, or abstaining, with respect to each
                  resolution after giving effect to the voting limitations
                  contained in the Company's Bye-Laws:

                  i) amending the Company's Bye-Laws to permit certain passive
                     investor intermediaries to increase their share ownership
                     above 10% in specified circumstances -

                  <TABLE>
                  <CAPTION>
                     FOR               AGAINST          WITHHELD
                     ---               -------          --------
                  <S>                  <C>              <C>
                  30,598,355            81,751           15,150
                  </TABLE>

                  ii) amending the Company's Stock Option Plan to increase the
                      number of Common Shares subject thereto, and extend the
                      expiration date of the Plan -

                  <TABLE>
                  <CAPTION>
                     FOR               AGAINST          WITHHELD
                     ---               -------          --------
                  <S>                 <C>               <C>
                  28,233,518          6,200,500          193,842
                  </TABLE>

                  iii) approving the Company's Stock Incentive Plan -

                  <TABLE>
                  <CAPTION>
                     FOR               AGAINST         WITHHELD
                     ---               -------         --------
                  <S>                 <C>              <C>
                  29,240,174          5,190,569         197,117
                  </TABLE>

                  iv) electing the following persons as directors of the Company
                      to serve until the 2004 Annual General Meeting -


                  <TABLE>
                  <CAPTION>
                                                             FOR       AGAINST    WITHHELD
                                                             ---       -------    --------
                  <S>                                     <C>          <C>      <C>
                  Joseph C.H. Johnson                     33,712,937       -      914,923
                  Anthony M. Pilling                      33,938,253       -      689,607
                  Dr. the Honourable Clarence James       33,936,963       -      690,897
                  Frank Mutch                             33,957,123       -      670,737
                  James P. Bryce                          31,189,153       -    3,438,707
                  Jackie Clegg                            33,938,043       -      689,817
                  </TABLE>

                  v) appointing KPMG as auditors of the Company for its fiscal
                     year ending December 31, 2003 and authorizing the Audit
                     Committee to set the compensation of the auditors -

                  <TABLE>
                  <CAPTION>
                     FOR               AGAINST          WITHHELD
                     ---               -------          --------
                  <S>                  <C>              <C>
                  34,571,410           49,950            6,500
                  </TABLE>

                  All resolutions were passed by show of hands. No other
                  business of substance was transacted.

    ITEM 5.       OTHER INFORMATION

             NONE
                                       17

<PAGE>
    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).

<TABLE>
<CAPTION>
EXHIBIT
 NUMBER                                                      DESCRIPTION
 ------                                                      -----------
<S>            <C>
 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

10.1 *         Credit Agreement between IPCRe Limited, Bank One N.A. and other Lenders named therein

11.1 *         Reconciliation of basic and diluted net income per common share ("EPS").

31.1 *         Certification by Registrant's Chief Executive Officer, as required by Section 302 of the Sarbanes-
               Oxley Act of 2002

31.2 *         Certification by Registrant's Chief Financial Officer, as required by Section 302 of the Sarbanes-
               Oxley Act of 2002

32.0           Certification, as required by Section 906 of the Sarbanes-Oxley Act of 2002.  This is being furnished solely pursuant
               to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections A and B of Section 1350, Chapter 63 of Title 18, United
               States Code) and is not being filed as part of this report.
</TABLE>

* Filed herewith

+ Incorporated by reference to our filing on Form -8-A/A (No. 000-27662) filed
  on July 9, 2003.
                  (b) Reports on Form 8-K

                  None

                                       18

<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 JULY 29TH, 2003                      /s/ James P. Bryce
                               -------------------------------------------------
                                                JAMES P. BRYCE
                               PRESIDENT AND CHIEF EXECUTIVE OFFICER

    DATE JULY 29TH , 2003                     /s/ John R. Weale
                               -------------------------------------------------
                                                JOHN R. WEALE
                               SENIOR VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

                                       19

<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).

<TABLE>
<CAPTION>
EXHIBIT
 NUMBER                                                    DESCRIPTION
 ------                                                    -----------
<S>            <C>
 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

10.1 *         Credit Agreement between IPCRe Limited, Bank One N.A. and other Lenders named therein

11.1 *         Reconciliation of basic and diluted net income per common share ("EPS")

31.1 *         Certification by Registrant's Chief Executive Officer, as required by Section 302 of the Sarbanes-
               Oxley Act of 2002

31.2 *         Certification by Registrant's Chief Financial Officer, as required by Section 302 of the Sarbanes-
               Oxley Act of 2002

32.0           Certification, as required by Section 906 of the Sarbanes-Oxley Act of 2002. This is being furnished solely
               pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections A and B of Section 1350, Chapter 63 of Title
               18, United States Code) and is not being filed as part of this report.
</TABLE>

*   Filed herewith

+   Incorporated by reference to our filing on Form 8-A/A (No. 000-27662) filed
    on July 9, 2003.

                                       20