<PAGE>   1
                                  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, 1998

                                       OR

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

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

      COMMISSION FILE NUMBER:        0-27662

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

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


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


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


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


The number of outstanding common shares par value U.S. $0.01 per share of IPC
Holdings, Ltd., as of August 12, 1998, was 25,033,932.

                                 TOTAL PAGES 103
                        EXHIBIT INDEX LOCATED ON PAGE 13


                                        1
<PAGE>   2
                          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, 1998   December 31, 1997
                                                                  -------------   -----------------
                                                                   (unaudited)       (audited)
<S>                                                                  <C>            <C>
ASSETS:

Fixed maturity investments:
    Available for sale, at fair market value (Amortized
      cost 1998: $473,382; 1997: $438,669)                           $476,483       $442,328
Equity investments, available for sale (Cost 1998: $68,157;
      1997: $80,020)                                                   85,994         86,685
Cash and cash equivalents                                               8,861          9,746
Reinsurance balances receivable (Related party 1998:
    $7,359; 1997: $6,583)                                              55,297         27,723
Funds withheld                                                          2,421             12
Accrued investment income                                              10,039         14,374
Deferred acquisition costs                                              6,658          2,593
Prepaid expenses and other assets                                       2,339          1,558
                                                                     --------       --------
                Total assets                                         $648,092       $585,019
                                                                     ========       ========

LIABILITIES:

Reserve for losses and loss adjustment expenses                      $ 30,814       $ 27,590
Unearned premiums                                                      56,825         26,462
Accounts payable and accrued liabilities (Related party
    1998: $1,211; 1997: $1,243)                                         5,374          2,674
                                                                     --------       --------
                Total liabilities                                      93,013         56,726
                                                                     --------       --------

SHAREHOLDERS' EQUITY:

Share capital (Common shares outstanding, par value U.S.$0.01:
1998: 25,033,932; 1997: 25,017,103 shares)                                250            250
Additional paid-in capital                                            299,833        299,533
Unrealized gain (loss), net on investments                             20,938          9,476
Retained earnings                                                     234,058        219,034
                                                                     --------       --------
                Total shareholders' equity                            555,079        528,293
                                                                     --------       --------
                Total liabilities and shareholders' equity           $648,092       $585,019
                                                                     ========       ========
</TABLE>


           See accompanying Notes to Consolidated Financial Statements

                                        2
<PAGE>   3
                       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,
                                                  -------------------------------        ---------------------------------
                                                      1998              1997                 1998                 1997
                                                      ----              ----                 ----                 ----
                                                  (unaudited)        (unaudited)         (unaudited)          (unaudited)
<S>                                               <C>                <C>                 <C>                 <C>
REVENUES:

Premiums written                                  $     18,398       $     18,159        $     90,571        $     89,574
Change in unearned premiums                             12,866              9,162             (30,363)            (33,846)
                                                  ------------       ------------        ------------        ------------
Premiums earned                                         31,264             27,321              60,208              55,728
Net investment income                                    7,450              8,001              14,712              15,603
Realized gains (losses), net on investments              1,084             (1,854)              3,688              (2,176)
                                                  ------------       ------------        ------------        ------------
Total revenues                                          39,798             33,468              78,608              69,155
                                                  ------------       ------------        ------------        ------------

EXPENSES:

Losses and loss adjustment expenses                     10,332              2,718              14,457               5,182
Acquisition costs                                        4,776              3,070               8,036               5,949
General and administrative expenses                      2,327              1,990               4,962               4,046
Exchange (gain) loss, net                                  207                162                 205                 938
                                                  ------------       ------------        ------------        ------------
Total expenses                                          17,642              7,940              27,660              16,115
                                                  ------------       ------------        ------------        ------------
Net income                                        $     22,156       $     25,528        $     50,948        $     53,040
                                                  ============       ============        ============        ============

Basic net income per common share                 $       0.89       $       1.02        $       2.04        $       2.12
Diluted net income per common share               $       0.83       $       0.97        $       1.91        $       2.01

Weighted average number of shares - basic           25,033,932         25,005,701          25,028,489          25,002,851
Weighted average number of shares - diluted         26,702,589         26,389,073          26,700,869          26,350,543
</TABLE>


           See accompanying Notes to Consolidated Financial Statements

                                        3
<PAGE>   4
                       IPC HOLDINGS, LTD. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                (Expressed in thousands of United States dollars)
<TABLE>
<CAPTION>
                                                               Six months ended June 30,
                                                               -------------------------
                                                                 1998             1997
                                                                 ----             ----
                                                              (unaudited)      (unaudited)
<S>                                                           <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income                                                    $  50,948        $  53,040
Adjustments to reconcile net income to cash provided
    by operating activities:
    Amortization of investment premium, net                         503              934
    Realized (gains) losses, net on investments                  (3,688)           2,176
    Changes in, net:
       Reinsurance balances receivable                          (27,574)         (29,890)
       Funds withheld                                            (2,409)            (792)
       Accrued investment income                                  4,335            3,803
       Deferred acquisition costs                                (4,065)          (3,238)
       Prepaid expenses and other assets                           (781)            (761)
       Reserve for losses and loss adjustment expenses            3,224             (401)
       Unearned premiums                                         30,363           33,846
       Accounts payable and accrued liabilities                   2,700            1,051
                                                              ---------        ---------
                                                                 53,556           59,768
                                                              ---------        ---------
CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of equity investments                                   (1,146)         (79,564)
Proceeds from sales of equities                                  15,773                0
Purchases of fixed maturity investments:
    Available for sale                                         (155,809)        (117,912)
    Held to maturity                                                  0          (17,814)
Proceeds from sales of fixed maturity investments:
    Available for sale                                          115,364          143,601
    Held to maturity                                                  0                0
Proceeds from maturities of fixed maturity investments:
    Available for sale                                            7,000           16,600
    Held to maturity                                                  0           23,750
                                                              ---------        ---------
                                                                (18,818)         (31,339)
                                                              ---------        ---------
CASH FLOWS FROM FINANCING ACTIVITIES:

Additional share capital                                            300              258
Cash dividends paid to shareholders                             (35,923)         (40,898)
                                                              ---------        ---------
                                                                (35,623)         (40,640)
                                                              ---------        ---------
Net (decrease) increase in cash and cash equivalents               (885)         (12,211)
Cash and cash equivalents, beginning of period                    9,746           23,797
                                                              ---------        ---------
Cash and cash equivalents, end of period                      $   8,861        $  11,586
                                                              =========        =========
</TABLE>

           See accompanying Notes to Consolidated Financial Statements

                                        4
<PAGE>   5
                       IPC HOLDINGS, LTD. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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


1.       GENERAL:

         The consolidated interim financial statements presented herein have
         been prepared on the basis of United States generally accepted
         accounting principles ("GAAP") and include the accounts of IPC
         Holdings, Ltd. (the "Company"), its wholly owned subsidiaries, IPCRe
         Limited ("IPCRe") and IPC Re Services Limited ("Services" and, together
         with the Company and IPCRe, "IPC"). In the opinion of management, these
         financial statements reflect all adjustments (consisting of normal
         recurring accruals) necessary for a fair presentation of the results of
         operations for the three and six month periods ended June 30, 1998 and
         1997, respectively, the balance sheet at June 30, 1998 and the cash
         flows for the six month periods ended June 30, 1998 and 1997,
         respectively. These interim consolidated financial statements should be
         read in conjunction with the audited consolidated financial statements
         for the year ended December 31, 1997. The results of operations for any
         interim period are not necessarily indicative of results for the full
         year.

2.       DIVIDENDS:

         On February 28, 1998, the Directors declared a quarterly dividend of
         $0.3175 per share, and a special dividend of $0.80 per share, payable
         to shareholders of record on March 10, 1998. Such dividends were paid
         March 26, 1998.

         On April 28, 1998, the Directors declared a quarterly dividend of
         $0.3175 per share, payable to shareholders of record on June 9, 1998.
         Such dividends were paid on June 25, 1998.

         On July 28, 1998, the Directors declared a quarterly dividend of
         $0.3175 per share payable on September 24, 1998 to shareholders of
         record on September 8, 1998.


3.       NET INCOME PER SHARE:

         The Company has adopted Statement of Financial Accounting Standards No.
         128, "Earnings per Share", which requires dual presentation of basic
         and diluted earnings per share. Diluted net income per common share is
         computed by dividing net income by the weighted average number of
         shares of common stock and common stock equivalents outstanding during
         the year. Stock options granted to a shareholder of the Company were
         considered common stock equivalents and were included in the number of
         weighted average shares outstanding using the treasury stock method.
         Stock options granted to employees on February 15, 1996, July 25, 1996,
         January 2, 1997 and January 2, 1998 were also considered common stock
         equivalents for the purpose of calculating diluted net income per
         common share.

                                        5
<PAGE>   6
4.       COMPREHENSIVE INCOME

         In June, 1997 the Financial Accounting Standards Board issued Statement
         of Financial Accounting Standard No. 130, "Comprehensive Income" ("SFAS
         130"), which is effective for financial statements issued for periods
         beginning after December 15, 1997. SFAS 130 requires the disclosure of
         all components of comprehensive income, including net income and other
         comprehensive income. For the three and six month periods ended June
         30, 1998 and June 30, 1997, respectively, comprehensive income is
         calculated as follows:
<TABLE>
<CAPTION>
                                                                      Quarter ended June 30,        Six months ended June 30,
                                                                     ------------------------       -------------------------
                                                                       1998            1997           1998            1997
                                                                     --------        --------       --------        --------
<S>                                                                  <C>             <C>            <C>             <C>
Net income                                                           $ 22,156        $ 25,528       $ 50,948        $ 53,040
Other comprehensive income
    Holding gains/(losses), net on investments during period            2,904           2,565         15,150          (2,934)
    Reclassification adjustment for (gains)/losses included in         (1,084)          1,854         (3,688)          2,176
       net income
                                                                     --------        --------       --------        --------
                                                                        1,820           4,419         11,462            (758)
                                                                     --------        --------       --------        --------
Comprehensive income                                                   23,976          29,947         62,410          52,282
                                                                     ========        ========       ========        ========
</TABLE>

ACCOUNTING FOR DERIVATIVES

5.       The Financial Accounting Standards Board has also recently issued
         Statement of Financial Accounting Standard No. 133, "Accounting for
         Derivative Instruments and Hedging Activities," ("SFAS 133") which was
         effective for periods beginning after June 15, 1999. Management does
         not expect the impact of the adoption of SFAS 133 on the Company's
         financial position or results to be material.


                                        6
<PAGE>   7
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS


         RESULTS OF OPERATIONS, QUARTERS ENDED JUNE 30, 1998 AND 1997

         In the quarters ended June 30, 1998 and 1997, IPCRe wrote premiums of
         $18.4 million and $18.2 million, respectively, an increase of 1.3%.
         During the second quarter of 1998, IPCRe had increased signings and
         additional business from existing clients over the same period of 1997,
         selectively wrote business for new clients, and benefited from a
         restructuring of a major client account, where the inception date
         changed from July 1 to June 1. Also, reinstatement premiums from
         increased claim activity helped boost writings. The premium increases
         were offset substantially by rate reductions in the period, generally
         in the range of 15% but as high as 20% in some cases, as well as the
         effect of declining exchange rates in Pacific Rim countries. Premiums
         earned in the three months ended June 30, 1998 were $31.3 million,
         compared to $27.3 million in the same period in 1997, an increase of
         14.4%. Reinstatement premiums are fully earned when written, and
         account for the majority of the increase.

         Net investment income was $7.5 million in the quarter ended June 30,
         1998, compared to $8.0 million for the quarter ended June 30, 1997, a
         decrease of 6.9%. Although the average amount of invested assets was
         7.8% higher, the effect of the portfolio restructuring that took place
         in the second quarter of 1997 has resulted in the decline in average
         yield and income.

         There was a net realized gain from the sale of investments in the
         quarter ended June 30, 1998 of $1.1 million, compared to a net loss in
         the same period of 1997 of $1.9 million. Net realized gains and losses
         fluctuate from period to period, depending on the individual securities
         sold, as recommended by IPCRe's investment advisor. The portfolio
         restructuring that took place at the end of the second quarter of 1997
         resulted in the majority of the realized loss in that quarter.

         In the three months ended June 30, 1998, incurred losses were $10.3
         million, compared to $2.7 million in the corresponding period of 1997.
         Claim activity in the three months ended June 30, 1998 included the
         windstorms in the U.S. and floods in the U.K., as well as reserves
         established for current year marine and aviation business. There were
         also some additional claims from the 1997 accident year, including a
         late reported loss from a major refinery explosion in Malaysia that
         took place on December 25, 1997. IPC's loss and loss expense ratio (the
         ratio of losses and loss adjustment expenses to premiums earned) was
         33.1% in the second quarter of 1998 compared to 10.0% in the
         corresponding period last year.

         Acquisition costs incurred, which consist primarily of commissions and
         brokerage fees paid to intermediaries for the production of business,
         were $4.8 million for the quarter ended June 30, 1998, compared to $3.1
         million in the same period of 1997. Certain contracts have been written
         with profit commission clauses, which return a portion of the net
         underwriting profits generated from those contracts as a commission to
         the insureds. This has resulted in an increase in the level of
         acquisition cost as a percentage of premiums earned. General and
         administrative expenses were $2.3 million in the quarter ended June 30,
         1998, compared to the $2.0 million incurred in the corresponding period
         in 1997. IPC's expense ratio (the ratio of acquisition costs plus
         general and administrative expenses to premiums earned) was 22.7% for
         the quarter ended June 30, 1998 compared to 18.5% for the corresponding
         period in 1997.

         The following table summarizes the loss and loss expense ratio, expense
         ratio and combined ratio (sum of loss and loss expense ratio, plus
         expense ratio) for the quarters ended June 30, 1998 and 1997,
         respectively:
<TABLE>
<CAPTION>
                                               Quarter ended June 30,
                                               ----------------------
                                            1998                   1997
                                            ----                   ----
<S>                                         <C>                    <C>
    Loss & loss expense ratio               33.1%                  10.0%
    Expense ratio                           22.7%                  18.5%
    Combined ratio                          55.8%                  28.5%
</TABLE>

         Net income for the quarter ended June 30, 1998 was $22.2 million,
         compared to $25.5 million for the corresponding period in 1997, a
         decrease of 13.2%. Excluding the effects of net realized gains and
         losses arising from the sale of investments, net operating income for
         the second quarter of 1998 was $21.1 million, compared to $27.4 million
         for the second quarter of 1997, a decrease of 23.0%. The decrease is a
         result of the increases in claims and expenses, as discussed above.

                                       7
<PAGE>   8
         RESULTS OF OPERATIONS, SIX MONTHS ENDED JUNE 30, 1998 AND 1997

         In the six months ended June 30, 1998 and 1997, IPCRe wrote premiums of
         $90.6 million and $89.6 million, respectively, an increase of 1.1%.
         During the first half of 1998, IPCRe had better signings and additional
         business from existing clients over the first half of 1997, selectively
         wrote business for new clients, and benefited from a restructuring of a
         major client account, where the inception date changed from July 1 to
         June 1. Also, reinstatement premiums from increased claim activity
         helped boost writings. The premium increases were offset substantially
         by rate reductions in the period, generally in the range of 15% but as
         high as 20% in some cases, as well as the effect of declining exchange
         rates in Pacific Rim countries. Premiums earned in the six months ended
         June 30, 1998 were $60.2 million, compared to $55.7 million in the same
         period in 1997, an increase of 8.0%. Reinstatement premiums are fully
         earned when written, and account for the majority of the increase.

         Net investment income was $14.7 million in the six months ended June
         30, 1998, compared to $15.6 million for the six months ended June 30,
         1997, a decrease of 5.7%. The average yield of the overall portfolio
         has declined from 6.1% in the first half of 1997, to 5.3% in the first
         half of 1998. This decline is the result of the portfolio restructuring
         that took place in the second quarter of 1997. However, the yield on
         the fixed maturity element of the portfolio has remained at 6.1%.

         There was a net realized gain from the sale of investments in the six
         months ended June 30, 1998 of $3.7 million, compared to a net loss in
         the same period of 1997 of $2.2 million. Net realized gains and losses
         fluctuate from period to period, depending on the individual securities
         sold, as recommended by IPCRe's investment advisor. The portfolio
         restructuring that took place at the end of the second quarter of 1997
         resulted in the majority of the realized loss last year.

         In the six months ended June 30, 1998, incurred losses were $14.5
         million, compared to $5.2 million in the corresponding period of 1997.
         Claim activity in the six months ended June 30, 1998 included the
         icestorms in the U.S. and Canada in January, windstorms in the U.S.
         during the second quarter, floods in the U.K. in April, as well as
         reserves established for current year marine and aviation business.
         There were also some additional claims from the 1997 accident year,
         including a late reported loss from a major refinery explosion in
         Malaysia, which took place on December 25, 1997. IPC's loss and loss
         expense was 24.0% in the first half of 1998 compared to 9.3% in the
         corresponding period last year.

         Acquisition costs incurred were $8.0 million for the six months ended
         June 30, 1998, compared to $5.9 million in the same period of 1997.
         Certain contracts have been written with profit commission clauses,
         which return a portion of the net underwriting profits generated from
         those contracts as a commission to the insureds. This has resulted in
         an increase in the level of acquisition cost as a percentage of
         premiums earned. General and administrative expenses were $5.0 million
         in the six months ended June 30, 1998, compared to the $4.0 million
         incurred in the corresponding period in 1997. This growth is due
         primarily to an increase in the amount of salaries and benefits paid to
         employees, including an accrual of deferred compensation expense for
         executives, as well as fees which are based on earned premiums, paid
         under the administrative services agreement. IPC's expense ratio was
         21.6% for the six months ended June 30, 1998 compared to 17.9% for the
         corresponding period in 1997.

         The following table summarizes the loss and loss expense ratio, expense
         ratio and combined ratio for the six months ended June 30, 1998 and
         1997, respectively:
<TABLE>
<CAPTION>
                                               Six months ended June 30,
                                              ---------------------------
                                              1998                   1997
                                              ----                   ----
<S>                                           <C>                    <C>
    Loss & loss expense ratio                 24.0%                   9.3%
    Expense ratio                             21.6%                  17.9%
    Combined ratio                            45.6%                  27.2%
</TABLE>

         Net income for the six months ended June 30, 1998 was $50.9 million,
         compared to $53.0 million for the corresponding period in 1997, a
         decrease of 3.9%. Excluding the effects of net realized gains and
         losses arising from the sale of investments, net operating income for
         the first half of 1998 was $47.3 million, compared to $55.2 million for
         the first half of 1997, a decrease of 14.4%. The decrease is a result
         of the increases in claims and expenses, as discussed above.

                                       8
<PAGE>   9
LIQUIDITY AND CAPITAL RESOURCES

         The Company's cash flows are limited to distributions from IPCRe and
         Services by way of loans or dividends. The dividends that IPCRe may pay
         are limited under Bermuda legislation. 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 these restrictions as of
         January 1, 1998 was approximately $131 million.

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

         Cash flows from operating activities in the first six months of 1998
         were $53.6 million compared to $59.8 million in the first six months of
         1997, which represents a decrease of 10.4%. The decrease arises
         primarily from the reduction in operating income, as noted above.

         Net cash flows used in investing activities in the first six months of
         1998 were $18.8 million. In addition, a total of $35.9 million were
         paid to shareholders in dividends on March 26, 1998 and June 25, 1998,
         respectively. Cash and cash equivalents decreased by $0.9 million in
         the six months, resulting in a balance of $8.9 million at June 30,
         1998. At June 30, 1998, 46% of IPC's fixed maturity portfolio (based on
         market value) was held in United States Treasury notes and in
         securities rated AAA, and 39% was held in securities rated AA. The
         average modified duration of IPC's fixed maturity portfolio was 3.2
         years. IPC's portfolio does not contain any investments in real estate
         or mortgage loans. To further enhance liquidity, IPCRe has entered into
         a five year, revolving credit agreement with a syndicate of financial
         institutions led by The First National Bank of Chicago, in the amount
         of $300.0 million. No amounts have been drawn under this facility.
         Management believes that this facility, and the relatively high quality
         of its investment portfolio, provides sufficient liquidity to meet
         IPC's cash demands.

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

ITEM 3.  QUALITATIVE AND QUANTITATIVE DISCLOSURE ABOUT MARKET RISK

         Not Applicable

         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. Forward-looking
         statements are statements other than historical information or
         statements of current condition. Some forward-looking statements may be
         identified by use of terms such as "believes", "anticipates",
         "intends", or "expects". These forward-looking statements relate to the
         plans and objectives of the Company, for future operations. In light of
         the risks and uncertainties inherent in all future projections, the
         inclusion of forward-looking statements in this report should not be
         considered as a representation by the Company or any other person that
         the objectives or plans of the Company will be achieved. Numerous
         factors could cause the Company's actual results to differ materially
         from those in the forward-looking statements, including the following:
         (i) the occurrence of catastrophic events with a frequency or severity
         exceeding the Company's estimates; (ii) a decrease in the level of
         demand for property catastrophe reinsurance, or increased competition
         owing to increased capacity of property catastrophe reinsurers; (iii)
         any lowering or loss of one of the financial ratings of IPCRe, or the
         Company's non-admitted status in United States jurisdictions; (iv) loss
         of services of any one of the Company's executive officers; (v) the
         passage of federal or state legislation subjecting the Company to
         supervision or regulation in the United States; (vi) challenges by
         insurance regulators in the United States or the United Kingdom to the
         Company's claim of exemption from insurance regulation under current
         laws; or (vii) a contention by the United States Internal Revenue
         Service that the Company or IPCRe is engaged in the conduct of a trade
         or business within the U.S. The foregoing review of important factors
         should not be construed as exhaustive; the Company undertakes no
         obligation to release publicly the results of any future revisions it
         may make to forward-looking statements to reflect events or
         circumstances after the date hereof or to reflect the occurrence of
         unanticipated events.


                                       9
<PAGE>   10
PART II-OTHER INFORMATION

    ITEM 1.       LEGAL PROCEEDINGS

                  NONE

    ITEM 2.       CHANGES IN SECURITIES

                  NONE

    ITEM 3.       DEFAULTS UPON SENIOR SECURITIES

                  NONE

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

                  On June 12, 1998, 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). electing the following persons as directors of the Company
                  to serve until the 1999 Annual General Meeting -
<TABLE>
<CAPTION>
                                                                FOR                AGAINST       WITHHELD
                                                                ---                -------       --------
<S>                                                            <C>                 <C>          <C>
                      Joseph C.H. Johnson                      18,452,371              -        33,969
                      Russell S. Fisher                        18,454,119              -        32,221
                      John P. Dowling                          18,454,619              -        31,721
                      Anthony M. Pilling                       18,452,891              -        33,449
                      Dr. the Honourable Clarence James        18,450,276              -        36,064
                      Frank Mutch                              18,439,321              -        47,019
                      John T. Schmidt                          18,454,619              -        31,721
</TABLE>

                  ii). appointing Arthur Andersen & Co. as auditors of the
                  Company for its fiscal year ending December 31, 1998

<TABLE>
<CAPTION>
                                  FOR                AGAINST       ABSTENTIONS
                                  ---                -------       --------
<S>                            <C>                  <C>           <C>
                               18,470,431            9,829           6,080
</TABLE>

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

    ITEM 5.       OTHER INFORMATION

                  In December, 1997 the Compensation Committee of the Board of
                  Directors authorized a Deferred Compensation Plan ("the Plan")
                  for management employees. The adoption of the Plan was
                  ratified by the Board of Directors in February, 1998. The Plan
                  is retroactively effective to December 31, 1997. The Plan is
                  set forth in its entirety as Exhibit 10.2 attached herewith,
                  and herein incorporated by reference

                  On May 26, 1998 the Company's subsidiary formerly known as
                  International Property Catastrophe Reinsurance Company, Ltd.
                  was renamed IPCRe Limited.

                                       10
<PAGE>   11
    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, The First National
                      Bank of Chicago, and other Lenders named therein.

        10.2   *      Deferred Compensation Plan

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

        27.1   *      Financial Data Schedule

               *      Filed herewith

                  (b) Reports on Form 8-K
                      -------------------
                      NONE
</TABLE>


                                       11
<PAGE>   12
                               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 12, 1998          /s/ John P. Dowling
             ---------------          -----------------------------
                                      JOHN P. DOWLING
                                      PRESIDENT AND CHIEF EXECUTIVE OFFICER




       DATE  AUGUST 12, 1998          /s/ John R. Weale
             ---------------          -----------------------------
                                      JOHN R. WEALE
                                      VICE PRESIDENT AND CHIEF FINANCIAL OFFICER



                                       12
<PAGE>   13
                                  EXHIBIT INDEX




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

       EXHIBIT
       NUMBER         DESCRIPTION

        3.1           Memorandum of Association of the Company

        3.2           Amended and Restated Bye-laws of the Company

        3.3           Form of Memorandum of Increase of Share Capital

       10.1   *       Credit Agreement between IPCRe Limited, The First National
                      Bank of Chicago, and other Lenders named therein.

       10.2   *       Deferred Compensation Plan

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

       27.1   *       Financial Data Schedule

       *     Filed herewith



                                       13