##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 
 FORM 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended: September 30, 2005
 OR
 o
    
    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.
  Bermuda
    
    Not Applicable(State or other jurisdiction of
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)
 American International Building, 29 Richmond Road, Pembroke, HM 08, Bermuda
 (441) 298-5100
 þ o
 þ o
 o o




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TABLE OF CONTENTS  PART I. FINANCIAL INFORMATIONItem 1. Financial StatementsItem 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsItem 3. Quantitative and Qualitative Disclosures about Market RiskItem 4. Controls and ProceduresPART II. OTHER INFORMATIONItem 1. Legal ProceedingsItem 2. Unregistered Sale of Equity Securities and Use of ProceedsItem 3. Defaults upon Senior SecuritiesItem 4. Submission of Matters to a Vote of Security HoldersItem 5. Other InformationItem 6. ExhibitsSIGNATURESEXHIBIT INDEXEX-11.1: RECONCILIATION OF BASIC & DILUTED NET LOSS PER COMMON SHAREEX-31.1: CERTIFICATIONEX-31.2: CERTIFICATIONEX-32.1: CERTIFICATIONEX-32.2: CERTIFICATION    Table of Contents  
 PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 IPC HOLDINGS, LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
  As of
    
    
    As ofSeptember 30, 2005
    
    
    December 31, 2004(unaudited)ASSETS:Fixed maturity investments:Available for sale, at fair value
(amortized cost 2005: $1,544,033;
2004: $1,446,327)
    
    $
    1,528,957
    
    
    $
    1,444,576Equity investments, available for sale at fair
value (cost 2005: $347,886; 2004: $335,719)
    
    
    447,964
    
    
    
    428,620Cash and cash equivalents
    
    
    22,828
    
    
    
    27,898Reinsurance premiums receivable
    
    
    237,581
    
    
    
    85,086Deferred premiums ceded
    
    
    8,174
    
    
    
    4,558Loss and loss adjustment expenses recoverable
    
    
    3,664
    
    
    
    5,006Accrued investment income
    
    
    16,493
    
    
    
    20,695Deferred acquisition costs
    
    
    14,823
    
    
    
    8,424Prepaid expenses and other assets
    
    
    5,978
    
    
    
    3,427TOTAL ASSETS
    
    $
    2,286,462
    
    
    $
    2,028,290LIABILITIES:Reserve for losses and loss adjustment expenses
    
    $
    1,044,324
    
    
    $
    274,463Unearned premiums
    
    
    134,034
    
    
    
    68,465Reinsurance premiums payable
    
    
    8,609
    
    
    
    3,387Deferred fees and commissions
    
    
    2,664
    
    
    
    1,475Accounts payable and accrued liabilities
    
    
    15,592
    
    
    
    12,0611,205,223
    
    
    
    359,851SHAREHOLDERS EQUITY:Share capital (Common shares outstanding, par
value U.S. $0.01: 2005: 48,486,985; 2004: 48,407,203 shares)
    
    
    485
    
    
    
    484Additional paid-in capital
    
    
    859,059
    
    
    
    854,797Deferred stock grant compensation
    
    
    (3,154
    )
    
    
    (2,899
    )Retained earnings
    
    
    139,847
    
    
    
    724,907Accumulated other comprehensive income
    
    
    85,002
    
    
    
    91,1501,081,239
    
    
    
    1,668,439TOTAL LIABILITIES AND SHAREHOLDERS EQUITY
    
    $
    2,286,462
    
    
    $
    2,028,290
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IPC HOLDINGS, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF (LOSS) INCOME
  Quarter ended September 30,
    
    
    Nine months ended September 30,2005
    
    
    2004
    
    
    2005
    
    
    2004(unaudited)
    
    
    (unaudited)
    
    
    (unaudited)
    
    
    (unaudited)REVENUES:Gross premiums written
    
    $
    165,980
    
    
    $
    60,688
    
    
    $
    458,815
    
    
    $
    343,751Change in unearned premiums
    
    
    47,697
    
    
    
    44,178
    
    
    
    (65,569
    )
    
    
    (69,707
    )Premiums earned
    
    
    213,677
    
    
    
    104,866
    
    
    
    393,246
    
    
    
    274,044Reinsurance premiums ceded
    
    
    (1,948
    )
    
    
    (1,395
    )
    
    
    (20,404
    )
    
    
    (17,958
    )Change in deferred premiums ceded
    
    
    (4,438
    )
    
    
    (3,515
    )
    
    
    3,616
    
    
    
    5,576Premiums ceded
    
    
    (6,386
    )
    
    
    (4,910
    )
    
    
    (16,788
    )
    
    
    (12,382
    )Net premiums earned
    
    
    207,291
    
    
    
    99,956
    
    
    
    376,458
    
    
    
    261,662Net investment income
    
    
    15,731
    
    
    
    11,958
    
    
    
    48,103
    
    
    
    37,603Net realized (losses) gains on investments
    
    
    (2,002
    )
    
    
    (404
    )
    
    
    (4,180
    )
    
    
    7,261Other income
    
    
    2,141
    
    
    
    1,296
    
    
    
    4,277
    
    
    
    3,118223,161
    
    
    
    112,806
    
    
    
    424,658
    
    
    
    309,644EXPENSES:Net losses and loss adjustment expenses
    
    
    855,977
    
    
    
    115,993
    
    
    
    918,347
    
    
    
    134,401Net acquisition costs
    
    
    14,160
    
    
    
    9,622
    
    
    
    30,722
    
    
    
    27,721General and administrative expenses
    
    
    9,200
    
    
    
    5,595
    
    
    
    20,993
    
    
    
    16,341Net exchange loss (gain)
    
    
    394
    
    
    
    (606
    )
    
    
    3,160
    
    
    
    1,203879,731
    
    
    
    130,604
    
    
    
    973,222
    
    
    
    179,666NET (LOSS) INCOME
    
    $
    (656,570
    )
    
    $
    (17,798
    )
    
    $
    (548,564
    )
    
    $
    129,978Basic net (loss) income per common share
    
    $
    (13.57
    )
    
    $
    (0.37
    )
    
    $
    (11.34
    )
    
    $
    2.69Diluted net (loss) income per common share
    
    $
    (13.57
    )
    
    $
    (0.37
    )
    
    $
    (11.34
    )
    
    $
    2.69Weighted average number of common shares
- basic
    
    
    48,385,232
    
    
    
    48,305,708
    
    
    
    48,354,839
    
    
    
    48,276,603Weighted average number of common shares
- diluted
    
    
    48,385,232
    
    
    
    48,305,708
    
    
    
    48,354,839
    
    
    
    48,362,411
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IPC HOLDINGS, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
  Quarter ended September 30,
    
    
    Nine months ended September 30,2005
    
    
    2004
    
    
    2005
    
    
    2004(unaudited)
    
    
    (unaudited)
    
    
    (unaudited)
    
    
    (unaudited)NET (LOSS) INCOME
    
    $
    (656,570
    )
    
    $
    (17,798
    )
    
    $
    (548,564
    )
    
    $
    129,978Other comprehensive income (loss):Net holding gains (losses) on
investments during period
    
    
    4,133
    
    
    
    3,653
    
    
    
    (10,328
    )
    
    
    (17,297
    )Reclassification adjustment
for losses (gains) included in
net (loss) income
    
    
    2,002
    
    
    
    404
    
    
    
    4,180
    
    
    
    (7,261
    )6,135
    
    
    
    4,057
    
    
    
    (6,148
    )
    
    
    (24,558
    )COMPREHENSIVE (LOSS) INCOME
    
    $
    (650,435
    )
    
    $
    (13,741
    )
    
    $
    (554,712
    )
    
    $
    105,420
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IPC HOLDINGS, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY
  As of
    
    
    As ofSeptember 30, 2005
    
    
    December 31, 2004(unaudited)COMMON SHARES PAR VALUE $0.01:Balance, beginning of year
    
    $
    484
    
    
    $
    483Additional shares issued
    
    
    1
    
    
    
    1Balance, end of period
    
    $
    485
    
    
    $
    484ADDITIONAL PAID-IN CAPITAL:Balance, beginning of year
    
    $
    854,797
    
    
    $
    850,133Shares issued
    
    
    2,967
    
    
    
    941Shares repurchased
    
    
    (1,175
    )
    
    
    (142
    )Stock options and grants
    
    
    2,470
    
    
    
    3,865Balance, end of period
    
    $
    859,059
    
    
    $
    854,797DEFERRED STOCK GRANT
COMPENSATION:Balance, beginning of year
    
    $
    (2,899
    )
    
    $
    (1,495
    )Stock grants awarded
    
    
    (1,315
    )
    
    
    (2,928
    )Amortization
    
    
    1,060
    
    
    
    1,524Balance, end of period
    
    $
    (3,154
    )
    
    $
    (2,899
    )RETAINED EARNINGS:Balance, beginning of year
    
    $
    724,907
    
    
    $
    628,931Net (loss) income
    
    
    (548,564
    )
    
    
    138,613Reduction on share repurchase
    
    
    (1,688
    )
    
    
    (155
    )Dividends paid
    
    
    (34,808
    )
    
    
    (42,482
    )Balance, end of period
    
    $
    139,847
    
    
    $
    724,907ACCUMULATED OTHER COMPREHENSIVE
INCOME:Balance, beginning of year
    
    $
    91,150
    
    
    $
    91,107Other comprehensive (loss) income
    
    
    (6,148
    )
    
    
    43Balance, end of period
    
    $
    85,002
    
    
    $
    91,150TOTAL SHAREHOLDERS EQUITY
    
    $
    1,081,239
    
    
    $
    1,668,439
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IPC HOLDINGS, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
  Nine months ended September 30,2005
    
    
    2004(unaudited)
    
    
    (unaudited)CASH FLOWS FROM OPERATING ACTIVITIES:Net (loss) income
    
    $
    (548,564
    )
    
    $
    129,978Adjustments to reconcile net income to cash provided by
operating activities:Amortization of fixed maturity premiums, net
    
    
    8,476
    
    
    
    10,226Net realized losses (gains) on investments
    
    
    4,180
    
    
    
    (7,261
    )Stock compensation
    
    
    2,215
    
    
    
    1,936Changes in:Reinsurance premiums receivable
    
    
    (152,495
    )
    
    
    (56,885
    )Deferred premiums ceded
    
    
    (3,616
    )
    
    
    (5,576
    )Loss and loss adjustment expenses recoverable
    
    
    1,342
    
    
    
    (2,416
    )Accrued investment income
    
    
    4,202
    
    
    
    2,355Deferred acquisition costs
    
    
    (6,399
    )
    
    
    (7,038
    )Prepaid expenses and other assets
    
    
    (2,551
    )
    
    
    544Reserve for losses and loss adjustment expenses
    
    
    769,861
    
    
    
    100,887Unearned premiums
    
    
    65,569
    
    
    
    69,707Reinsurance premiums payable
    
    
    5,222
    
    
    
    4,815Deferred fees and commissions
    
    
    1,189
    
    
    
    1,711Accounts payable and accrued liabilities
    
    
    3,531
    
    
    
    208Cash provided by operating activities
    
    
    152,162
    
    
    
    243,191CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of fixed maturity investments
    
    
    (1,483,593
    )
    
    
    (1,316,124
    )Proceeds from sale of fixed maturity investments
    
    
    1,276,237
    
    
    
    1,094,273Proceeds from maturities of fixed maturity investments
    
    
    91,740
    
    
    
    14,862Purchases of equity investments
    
    
    (23,913
    )
    
    
    (100,532
    )Proceeds from sale of equity investments
    
    
    17,000
    
    
    
    20,000Cash used in investing activities
    
    
    (122,529
    )
    
    
    (287,521
    )CASH FLOWS FROM FINANCING ACTIVITIES:Net proceeds from share issuance
    
    
    105
    
    
    
    644Cash dividends paid to shareholders
    
    
    (34,808
    )
    
    
    (30,892
    )Cash used by financing activities
    
    
    (34,703
    )
    
    
    (30,248
    )Net decrease in cash and cash equivalents
    
    
    (5,070
    )
    
    
    (74,578
    )Cash and cash equivalents, beginning of period
    
    
    27,898
    
    
    
    91,949Cash and cash equivalents, end of period
    
    $
    22,828
    
    
    $
    17,371
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IPC HOLDINGS, LTD. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 
 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 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 quarter and nine month periods ended
September 30, 2005 and 2004, respectively, the balance sheet as of September 30, 2005 and
the cash flows for the nine months ended September 30, 2005 and 2004, respectively. These
interim consolidated financial statements should be read in conjunction with the audited
consolidated financial statements for the year ended December 31, 2004, 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 24, 2005 we paid a dividend of $0.24 per share to shareholders of record on March 8,
2005.On June 23, 2005 we paid a dividend of $0.24 per share to shareholders of record on June 7, 2005.On September 22, 2005 we paid a dividend of $0.24 per share to shareholders of record on
September 6, 2005.On October 25, we declared a dividend of $0.16 per share to be paid on December 15, 2005, to
shareholders of record on November 29, 2005.3.
    
    ACCOUNTING FOR STOCK-BASED COMPENSATION AND DISCLOSURE:Management has adopted the fair value method of accounting for stock-based employee compensation
as prescribed by Financial Accounting Standards Board (FASB) issued Statement No. 123
Accounting for Stock-Based Compensation (SFAS 123) on a prospective basis for all awards
granted, modified or settled after January 1, 2003. In December 2004, the FASB revised SFAS 123,
replacing it with SFAS 123 (Revised 2004) Share-Based Payment (SFAS 123R). SFAS 123R
requires entities to measure the cost of employee services received in exchange for an award of
equity instruments based on the grant-date fair value of the award. The cost of such services
will be recognized over the period during which an employee is required to provide service in
exchange for the award. Since 2003 the Company has expensed compensation costs for stock options
on a prospective basis for all awards granted, modified or settled after January 1, 2003 in
accordance with Statement of Financial Accounting Standards No. 148, Accounting for Stock-Based
Compensation and Disclosure. SFAS 123R requires that the portion of all outstanding awards for
which the requisite service has not yet been rendered, i.e. those awards granted prior to January
1, 2003 that have not yet had the requisite service rendered, be expensed. In our annual report
on Form 10-K for the year ended December 31, 2004, we stated that the Company would adopt SFAS
123R effective January 1, 2005. On April 14, 2005 the effective date for SFAS 123R was delayed
until the first quarter of 2006 and the Company will therefore now adopt SFAS 123R effective
January 1, 2006. The amount of the charge recorded in the nine months ended September 30, 2005
for awards of stock options was $1,155. The application of SFAS 123R will not have a material
effect on the Companys financial statements.On June 13, 2003 the shareholders approved a new stock incentive plan. The plan allows for the
issuance of up to one million 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. The
charge recorded for the nine months ended September 30, 2005 for grants of restricted stock was
$1,060.
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The following table illustrates the effect on net loss 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.
 Nine months endedQuarter ended September 30,
    
    
    September 30,2005
    
    
    2004
    
    
    2005
    
    
    2004(unaudited)
    
    
    (unaudited)
    
    
    (unaudited)
    
    
    (unaudited)Net (loss) income, as reported
    
    $
    (656,570
    )
    
    $
    (17,798
    )
    
    $
    (548,564
    )
    
    $
    129,978Add: Stock-based employee expense
    
    
    368
    
    
    
    235
    
    
    
    1,155
    
    
    
    704Deduct: Total stock-based
employee expense determined
under fair value based method
for all awards.
    
    
    (446
    )
    
    
    (363
    )
    
    
    (1,403
    )
    
    
    (1,087
    )Pro forma net (loss) income
    
    $
    (656,648
    )
    
    $
    (17,926
    )
    
    $
    (548,812
    )
    
    $
    129,595Earnings per share:Basic  as reported
    
    $
    (13.57
    )
    
    $
    (0.37
    )
    
    $
    (11.34
    )
    
    $
    2.69Basic  pro forma
    
    $
    (13.57
    )
    
    $
    (0.37
    )
    
    $
    (11.35
    )
    
    $
    2.68Diluted  as reported
    
    $
    (13.57
    )
    
    $
    (0.37
    )
    
    $
    (11.34
    )
    
    $
    2.69Diluted  pro forma
    
    $
    (13.57
    )
    
    $
    (0.37
    )
    
    $
    (11.35
    )
    
    $
    2.68
 4.
    
    NEW ACCOUNTING PRONOUNCEMENTSIn June 2005, FASB finalized FSP EITF Issue 03-1-a, and issued re-titled FSP FAS 115-1 The
Meaning of Other-Than-Temporary Impairment and its Application to Certain Investments. The FSP
provides guidance on the recognition of impairments deemed other-than-temporary. FSP FAS 115-1
is effective for other-than-temporary impairment analysis conducted in periods beginning after
September 15, 2005. The Company believes that its current policy on other-than-temporary
impairments complies with FSP FAS 115-1. Accordingly, the adoption of this standard will not
have a material effect on the consolidated financial statements.On June 29, 2005, FASB issued FSP No. FAS 150-5 Issuers Accounting under FAS Statement No. 150
for Freestanding Warrants and Other Similar Instruments on Shares that are Redeemable. The FSP
requires that freestanding warrants and similar instruments on shares that are redeemable should
be accounted for as liabilities under FAS Statement No. 150 Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and Equity regardless of the timing of the
redemption feature or price, even though the underlying shares may be classified as equity. The
FSP is effective for the first reporting period beginning after June 30, 2005. The Company does
not have outstanding warrants. The shares issued on exercise of options and as stock grants are
not redeemable; consequently, FSP FAS 150-5 has no impact on the Companys consolidated financial
statements.
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Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
 Critical Accounting Policies
  Premiums
  Loss Reserves
    9




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Investments
    
    
    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 ability to hold the security
    
    Other qualitative and quantitative factors
    10




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RESULTS OF OPERATIONS, QUARTERS ENDED SEPTEMBER 30, 2005 AND 2004
 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 quarter ended September
30, 2005.
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RESULTS OF OPERATIONS, NINE MONTHS ENDED SEPTEMBER 30, 2005 AND 2004
        12




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LIQUIDITY AND CAPITAL RESOURCES
       13




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Aggregate Contractual Obligations
   14




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Less than
    
    

    
    

    
    
    More thanTotal
    
    
    1 year
    
    
    1 - 3 Years
    
    
    3 -5 years
    
    
    5 yearsLosses and LossAdjustment Expenses
    
    $
    1,044
    
    
    $
    396
    
    
    $
    401
    
    
    $
    70
    
    
    $
    177
 Off Balance Sheet Arrangements
  Transactions with Non-Independent Parties
  September 30, 2005
    
    
    September 30, 2004Administrative services fees (included in General & Admin. expenses)
    
    $
    9,830
    
    
    $
    6,837Investment fees netted against investment income:
    
    $
    2,322
    
    
    $
    2,204Underwriting services fee income (included in Other income)
    
    $
    4,277
    
    
    $
    3,118Premiums written
    
    $
    42,808
    
    
    $
    31,662Premiums ceded
    
    $
    1,480
    
    
    $
    1,175
     
 Item 3.
    
    Quantitative and Qualitative Disclosures about Market Risk
    15




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Market Risk
 Average for ninemonths endedSeptember
    
    June 30,
    
    March 31,
    
    December 31,
    
    September 30,30, 2005
    
    2005
    
    2005
    
    2004
    
    2005Currency
    
    $
    2,183
    
    
    $
    2,184
    
    
    $
    2,477
    
    
    $
    2,660
    
    
    $
    2,376Interest Rate
    
    
    30,594
    
    
    
    28,605
    
    
    
    29,505
    
    
    
    23,067
    
    
    
    27,943Equity (incl. hedge fund)
    
    
    19,794
    
    
    
    21,433
    
    
    
    24,775
    
    
    
    25,323
    
    
    
    22,831Sum of Risk
    
    
    52,571
    
    
    
    52,222
    
    
    
    56,757
    
    
    
    51,050
    
    
    
    53,150Diversification Benefit
    
    
    (20,360
    )
    
    
    (22,618
    )
    
    
    (21,437
    )
    
    
    (21,866
    )
    
    
    (21,570
    )Total Net Risk
    
    
    32,211
    
    
    $
    29,604
    
    
    $
    35,320
    
    
    $
    29,184
    
    
    $
    31,580
  
 Item 4.
    
    Controls and Procedures
  Note on Forward-Looking Statements
  16




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##### Table of Contents



17




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##### Table of Contents



PART II. OTHER INFORMATION
 
 Item 1. Legal Proceedings
  
 Item 2. Unregistered Sale of Equity Securities and Use of Proceeds
  
 Item 3. Defaults upon Senior Securities
  
 Item 4. Submission of Matters to a Vote of Security Holders
  
 Item 5. Other Information
  18




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##### Table of Contents



Item 6. Exhibits
 Exhibits
  ExhibitNumber
    
    Description3.1
    
    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 *
    
    Reconciliation of basic and diluted net loss per common share (EPS).31.1 *
    
    Certification by Chief Executive Officer, as required by Section 302 of the Sarbanes-Oxley Act of
2002.31.2 *
    
    Certification by Chief Financial Officer, as required by Section 302 of the
Sarbanes-Oxley Act of 2002.32.1 **
    
    Certification by Chief Executive Officer, as required by Section 906 of the
Sarbanes-Oxley Act of 2002.32.2 **
    
    Certification by Chief Financial Officer, as required by Section 906 of the
Sarbanes-Oxley Act of 2002.
 
 *
    
    Filed herewith+
    
    Incorporated by reference to Exhibit 4.2 to our filing on Form 8-A/A of
July 9, 2003 (File No. 0-27662).**
    
    These certifications are being furnished solely pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002 (sub-sections (a) and (b) of Section 1350, Chapter 63
of Title 18, United States Code), and are not being filed as exhibits to this report. 19




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##### Table of Contents



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
    
    October 26th2005
    
    
    
    /s/ James P. BryceJames P. BrycePresident and Chief Executive OfficerDate
    
    October 26th2005
    
    
    
    /s/ John R. WealeJohn R. WealeSenior Vice President and Chief Financial Officer
 20




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##### Table of Contents



EXHIBIT INDEX
  ExhibitNumber
    
    Description3.1
    
    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 *
    
    Reconciliation of basic and diluted net loss per common share (EPS).31.1 *
    
    Certification by Chief Executive Officer, as required by Section 302 of the Sarbanes-Oxley Act of
2002.31.2 *
    
    Certification by Chief Financial Officer, as required by Section 302 of the
Sarbanes-Oxley Act of 2002.32.1 **
    
    Certification by Chief Executive Officer, as required by Section 906 of the
Sarbanes-Oxley Act of 2002.32.2 **
    
    Certification by Chief Financial Officer, as required by Section 906 of the
Sarbanes-Oxley Act of 2002.
 
 *
    
    Filed herewith+
    
    Incorporated by reference to Exhibit 4.2 to our filing on Form 8-A/A of
July 9, 2003 (File No. 0-27662).**
    
    These certifications are being furnished solely pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002 (sub-sections (a) and (b) of Section 1350, Chapter 63
of Title 18, United States Code), and are not being filed as exhibits to this report. 21