##### 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: June 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
 þ




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TABLE OF CONTENTS  PART I. FINANCIAL INFORMATIONItem 1. Financial StatementsIPC HOLDINGS, LTD. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS(Expressed in thousands of United States dollars, except for per share amounts)IPC HOLDINGS, LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME(Expressed in thousands of United States dollars, except for per share amounts)IPC HOLDINGS, LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Expressed in thousands of United States dollars)IPC HOLDINGS, LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY(Expressed in thousands of United States dollars, except per share amounts)IPC HOLDINGS, LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS(Expressed in thousands of United States dollars)IPC HOLDINGS, LTD. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Expressed in thousands of United States dollars, except for per share amounts) (unaudited)Item 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. ExhibitsIPC HOLDINGS, LTD.SIGNATURESEXHIBIT INDEXEX-11.1: RECONCILIATION OF BASIC DILUTED NET INCOME 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 ofJune 30, 2005
    
    
    December 31, 2004(unaudited)ASSETS:Fixed maturity investments:Available for sale, at fair value
(amortized cost 2005: $1,488,364; 2004:$1,446,327)
    
    $
    1,485,382
    
    
    $
    1,444,576Equity investments, available for sale at fair
value (cost 2005: $344,153; 2004: $335,719)
    
    
    426,002
    
    
    
    428,620Cash and cash equivalents
    
    
    35,953
    
    
    
    27,898Reinsurance premiums receivable
    
    
    180,249
    
    
    
    85,086Deferred premiums ceded
    
    
    12,612
    
    
    
    4,558Loss and loss adjustment expenses recoverable
    
    
    4,385
    
    
    
    5,006Accrued investment income
    
    
    17,016
    
    
    
    20,695Deferred acquisition costs
    
    
    19,642
    
    
    
    8,424Prepaid expenses and other assets
    
    
    5,968
    
    
    
    3,427TOTAL ASSETS
    
    $
    2,187,209
    
    
    $
    2,028,290LIABILITIES:Reserve for losses and loss adjustment expenses
    
    $
    232,536
    
    
    $
    274,463Unearned premiums
    
    
    181,731
    
    
    
    68,465Reinsurance premiums payable
    
    
    12,600
    
    
    
    3,387Deferred fees and commissions
    
    
    4,001
    
    
    
    1,475Accounts payable and accrued liabilities
    
    
    13,798
    
    
    
    12,061444,666
    
    
    
    359,851SHAREHOLDERS EQUITY:Share capital (Common shares outstanding, par
value U.S. $0.01: 2005: 48,440,210; 2004:48,407,203 shares)
    
    
    484
    
    
    
    484Additional paid-in capital
    
    
    856,851
    
    
    
    854,797Deferred stock grant compensation
    
    
    (3,115
    )
    
    
    (2,899
    )Retained earnings
    
    
    809,456
    
    
    
    724,907Accumulated other comprehensive income
    
    
    78,867
    
    
    
    91,1501,742,543
    
    
    
    1,668,439TOTAL LIABILITIES AND SHAREHOLDERS EQUITY
    
    $
    2,187,209
    
    
    $
    2,028,290
  2




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##### Table of Contents



IPC HOLDINGS, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
 
  
 Quarter ended June 30,
    
    
    Six months ended June 30,2005
    
    
    2004
    
    
    2005
    
    
    2004(unaudited)
    
    
    (unaudited)
    
    
    (unaudited)
    
    
    (unaudited)REVENUES:Gross premiums written
    
    $
    86,994
    
    
    $
    72,906
    
    
    $
    292,835
    
    
    $
    283,063Change in unearned premiums
    
    
    5,853
    
    
    
    9,027
    
    
    
    (113,266
    )
    
    
    (113,885
    )Premiums earned
    
    
    92,847
    
    
    
    81,933
    
    
    
    179,569
    
    
    
    169,178Reinsurance premiums ceded
    
    
    (9,433
    )
    
    
    (6,384
    )
    
    
    (18,456
    )
    
    
    (16,563
    )Change in deferred premiums ceded
    
    
    3,715
    
    
    
    2,596
    
    
    
    8,054
    
    
    
    9,091Premiums ceded
    
    
    (5,718
    )
    
    
    (3,788
    )
    
    
    (10,402
    )
    
    
    (7,472
    )Net premiums earned
    
    
    87,129
    
    
    
    78,145
    
    
    
    169,167
    
    
    
    161,706Net investment income
    
    
    14,857
    
    
    
    14,082
    
    
    
    32,372
    
    
    
    25,645Net realized gains (losses) on investments
    
    
    1,032
    
    
    
    2,002
    
    
    
    (2,178
    )
    
    
    7,665Other income
    
    
    1,027
    
    
    
    906
    
    
    
    2,136
    
    
    
    1,822104,045
    
    
    
    95,135
    
    
    
    201,497
    
    
    
    196,838EXPENSES:Net losses and loss adjustment expenses
    
    
    24,434
    
    
    
    4,860
    
    
    
    62,370
    
    
    
    18,408Net acquisition costs
    
    
    8,440
    
    
    
    8,359
    
    
    
    16,562
    
    
    
    18,099General and administrative expenses
    
    
    5,778
    
    
    
    5,666
    
    
    
    11,794
    
    
    
    10,746Net exchange loss
    
    
    1,343
    
    
    
    2,102
    
    
    
    2,766
    
    
    
    1,80939,995
    
    
    
    20,987
    
    
    
    93,492
    
    
    
    49,062NET INCOME
    
    $
    64,050
    
    
    $
    74,148
    
    
    $
    108,005
    
    
    $
    147,776Basic net income per common share
    
    $
    1.32
    
    
    $
    1.54
    
    
    $
    2.23
    
    
    $
    3.06Diluted net income per common share
    
    $
    1.32
    
    
    $
    1.53
    
    
    $
    2.23
    
    
    $
    3.06Weighted average number of common shares
- basic
    
    
    48,348,475
    
    
    
    48,274,276
    
    
    
    48,339,643
    
    
    
    48,262,050Weighted average number of common shares
- diluted
    
    
    48,426,669
    
    
    
    48,354,678
    
    
    
    48,427,886
    
    
    
    48,355,325
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IPC HOLDINGS, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
  
 Quarter ended June 30,
    
    
    Six months ended June 30,2005
    
    
    2004
    
    
    2005
    
    
    2004(unaudited)
    
    
    (unaudited)
    
    
    (unaudited)
    
    
    (unaudited)NET INCOME
    
    $
    64,050
    
    
    $
    74,148
    
    
    $
    108,005
    
    
    $
    147,776Other comprehensive income (loss):Net holding gains (losses) on
investments during period
    
    
    13,875
    
    
    
    (41,447
    )
    
    
    (14,461
    )
    
    
    (20,950
    )Reclassification adjustment
for (gains) losses included in
net income
    
    
    (1,032
    )
    
    
    (2,002
    )
    
    
    2,178
    
    
    
    (7,665
    )12,843
    
    
    
    (43,449
    )
    
    
    (12,283
    )
    
    
    (28,615
    )COMPREHENSIVE INCOME
    
    $
    76,893
    
    
    $
    30,699
    
    
    $
    95,722
    
    
    $
    119,161
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IPC HOLDINGS, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY
 
  
 As of
    
    
    As ofJune 30, 2005
    
    
    December 31, 2004(unaudited)COMMON SHARES PAR VALUE $0.01:Balance, beginning of year
    
    $
    484
    
    
    $
    483Additional shares issued
    
    
    0
    
    
    
    1Balance, end of period
    
    $
    484
    
    
    $
    484ADDITIONAL PAID-IN CAPITAL:Balance, beginning of year
    
    $
    854,797
    
    
    $
    850,133Shares issued
    
    
    551
    
    
    
    941Shares repurchased
    
    
    (189
    )
    
    
    (142
    )Stock options and grants
    
    
    1,692
    
    
    
    3,865Balance, end of period
    
    $
    856,851
    
    
    $
    854,797DEFERRED STOCK GRANT COMPENSATION:Balance, beginning of year
    
    $
    (2,899
    )
    
    $
    (1,495
    )Stock grants awarded
    
    
    (905
    )
    
    
    (2,928
    )Amortization
    
    
    689
    
    
    
    1,524Balance, end of period
    
    $
    (3,115
    )
    
    $
    (2,899
    )RETAINED EARNINGS:Balance, beginning of year
    
    $
    724,907
    
    
    $
    628,931Net income
    
    
    108,005
    
    
    
    138,613Reduction on share repurchase
    
    
    (257
    )
    
    
    (155
    )Dividends paid
    
    
    (23,199
    )
    
    
    (42,482
    )Balance, end of period
    
    $
    809,456
    
    
    $
    724,907ACCUMULATED OTHER COMPREHENSIVE
INCOME:Balance, beginning of year
    
    $
    91,150
    
    
    $
    91,107Other comprehensive (loss) income
    
    
    (12,283
    )
    
    
    43Balance, end of period
    
    $
    78,867
    
    
    $
    91,150TOTAL SHAREHOLDERS EQUITY
    
    $
    1,742,543
    
    
    $
    1,668,439
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IPC HOLDINGS, LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
  
 Six months ended June 30,2005
    
    
    2004(unaudited)
    
    
    (unaudited)CASH FLOWS FROM OPERATING ACTIVITIES:Net income
    
    $
    108,005
    
    
    $
    147,776Adjustments to reconcile net income to cash provided
by operating activities:Amortization of fixed maturity premiums, net
    
    
    6,396
    
    
    
    6,951Net realized losses (gains) on investments
    
    
    2,178
    
    
    
    (7,665
    )Stock compensation
    
    
    1,476
    
    
    
    1,409Changes in:Reinsurance premiums receivable
    
    
    (95,163
    )
    
    
    (96,861
    )Deferred premiums ceded
    
    
    (8,054
    )
    
    
    (9,092
    )Loss and loss adjustment expenses recoverable
    
    
    621
    
    
    
    371Accrued investment income
    
    
    3,679
    
    
    
    2,659Deferred acquisition costs
    
    
    (11,218
    )
    
    
    (11,425
    )Prepaid expenses and other assets
    
    
    (2,541
    )
    
    
    (3,270
    )Reserve for losses and loss adjustment expenses
    
    
    (41,927
    )
    
    
    (4,080
    )Unearned premiums
    
    
    113,266
    
    
    
    113,885Reinsurance premiums payable
    
    
    9,213
    
    
    
    9,091Deferred fees and commissions
    
    
    2,526
    
    
    
    2,810Accounts payable and accrued liabilities
    
    
    1,737
    
    
    
    1,277Cash provided by operating activities
    
    
    90,194
    
    
    
    153,836CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of fixed maturity investments
    
    
    (887,147
    )
    
    
    (862,721
    )Proceeds from sale of fixed maturity investments
    
    
    762,271
    
    
    
    727,559Proceeds from maturities of fixed maturity investments
    
    
    71,850
    
    
    
    5,000Purchases of equity investments
    
    
    (14,519
    )
    
    
    (97,001
    )Proceeds from sale of equity investments
    
    
    8,500
    
    
    
    20,000Cash used in investing activities
    
    
    (59,045
    )
    
    
    (207,163
    )CASH FLOWS FROM FINANCING ACTIVITES:Net proceeds from share issuance
    
    
    105
    
    
    
    518Cash dividends paid to shareholders
    
    
    (23,199
    )
    
    
    (19,303
    )Cash used by financing activities
    
    
    (23,094
    )
    
    
    (18,785
    )Net increase (decrease) in cash and cash equivalents
    
    
    8,055
    
    
    
    (72,112
    )Cash and cash equivalents, beginning of period
    
    
    27,898
    
    
    
    91,949Cash and cash equivalents, end of period
    
    $
    35,953
    
    
    $
    19,837
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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 six month periods ended June
30, 2005 and 2004, respectively, the balance sheet as of June 30, 2005 and the cash flows
for the six months ended June 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 July 26, 2005 we declared a dividend of $0.24 per share to be paid on September 22, 2005, to
shareholders of record on September 6, 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 six months ended June 30, 2005 for
awards of stock options was $787. 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 six months ended June 30, 2005 for grants of restricted stock was $689.
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Quarter ended June 30,
    
    
    Six months ended June 30,2005
    
    
    2004
    
    
    2005
    
    
    2004(unaudited)
    
    
    (unaudited)
    
    
    (unaudited)
    
    
    (unaudited)Net income, as reported
    
    $
    64,050
    
    
    $
    74,148
    
    
    $
    108,005
    
    
    $
    147,776Add: Stock-based employee expense
    
    
    394
    
    
    
    234
    
    
    
    787
    
    
    
    469Deduct: Total stock-based
employee expense determined
under fair value based method
for all awards.
    
    
    (478
    )
    
    
    (362
    )
    
    
    (957
    )
    
    
    (725
    )Pro forma net income
    
    $
    63,966
    
    
    $
    74,020
    
    
    $
    107,835
    
    
    $
    147,520Earnings per share:Basic  as reported
    
    $
    1.32
    
    
    $
    1.54
    
    
    $
    2.23
    
    
    $
    3.06Basic  pro forma
    
    $
    1.32
    
    
    $
    1.53
    
    
    $
    2.23
    
    
    $
    3.06Diluted  as reported
    
    $
    1.32
    
    
    $
    1.53
    
    
    $
    2.23
    
    
    $
    3.06Diluted  pro forma
    
    $
    1.32
    
    
    $
    1.53
    
    
    $
    2.23
    
    
    $
    3.05
 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.
 8




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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 JUNE 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 June 30,
2005.
        11




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RESULTS OF OPERATIONS, SIX MONTHS ENDED JUNE 30, 2005 AND 2004
        12




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LIQUIDITY AND CAPITAL RESOURCES
        Off Balance Sheet Arrangements
  13




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Transactions with Non-Independent Parties
  June 30, 2005
    
    June 30, 2004Administrative services fees (included in General & Admin.
expenses)
    
    $
    4,494
    
    
    $
    4,229Investment fees netted against investment income:
    
    $
    1,540
    
    
    $
    1,467Underwriting services fee income (included in Other income)
    
    $
    2,136
    
    
    $
    1,822Premiums written
    
    $
    28,173
    
    
    $
    27,764Premiums ceded
    
    $
    1,310
    
    
    $
    1,105
    
 Item 3. Quantitative and Qualitative Disclosures about Market Risk
      Market Risk
 Average for sixJune 30,
    
    
    March 31,
    
    
    December 31,
    
    
    months ended2005
    
    
    2005
    
    
    2004
    
    
    June 30, 2005Currency
    
    $
    2,184
    
    
    $
    2,477
    
    
    $
    2,660
    
    
    $
    2,440Interest Rate
    
    
    28,605
    
    
    
    29,505
    
    
    
    23,067
    
    
    
    27,059Equity (incl. hedge fund)
    
    
    21,433
    
    
    
    24,775
    
    
    
    25,323
    
    
    
    23,844Sum of Risk
    
    
    52,222
    
    
    
    56,757
    
    
    
    51,050
    
    
    
    53,343Diversification Benefit
    
    
    (22,618
    )
    
    
    (21,437
    )
    
    
    (21,866
    )
    
    
    (21,973
    )Total Net Risk
    
    $
    29,604
    
    
    $
    35,320
    
    
    $
    29,184
    
    
    $
    31,370
  14




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Item 4. Controls and Procedures
  Note on Forward-Looking Statements
  15




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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
   FOR
    
    WITHHELDJoseph C.H. Johnson
    
    
    38,992,945
    
    
    
    187,551Anthony M. Pilling
    
    
    38,996,937
    
    
    
    183,559Dr. the Honourable Clarence James
    
    
    38,996,278
    
    
    
    184,218Frank Mutch
    
    
    39,000,114
    
    
    
    180,382James P. Bryce
    
    
    39,132,172
    
    
    
    48,324Kenneth Hammond
    
    
    38,997,783
    
    
    
    182,713
  FOR
    
    AGAINST
    
    ABSTAIN35,476,316
    
    1,371,586
    
    292,804
  FOR
    
    AGAINST
    
    ABSTAIN39,105,617
    
    69,423
    
    5,456
  
 Item 5. Other Information
  16




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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 income 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.
 17




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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 August
1st, 2005
    
    /s/ James P. Bryce

James P. Bryce
President and Chief Executive OfficerDate August
1st, 2005
    
    /s/ John R. Weale

John R. Weale
Senior Vice President and Chief Financial Officer
 18




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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 income 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