<PAGE>

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

                               ---------------
                                  FORM 10-Q/A

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

               FOR THE QUARTERLY PERIOD ENDED: SEPTEMBER 30, 2001
                                               ------------------

                                       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 November 7, 2001, was 25,065,572.






                        EXHIBIT INDEX LOCATED ON PAGE 6

<PAGE>

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

                (Expressed in thousands of United States dollars)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                      Nine months ended September 30,
                                                                      -------------------------------
                                                                      2001                        2000
                                                                      ----                        ----
                                                                   (unaudited)                 (unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                               <C>                          <C>
Net (loss) income                                                 $ (24,239)                   $  28,316
Adjustments to reconcile net income to cash provided
       by operating activities:
       Amortization of investment premium, net                          331                         (293)
       Realized (gains) losses, net on investments                   (6,154)                        (315)
       Changes in, net:
              Reinsurance balances receivable                       (34,998)                     (13,642)
              Deferred premiums ceded                                (1,048)                      (1,227)
              Loss reserves recoverable                                 260                        3,208
              Accrued investment income                               4,861                        1,923
              Deferred acquisition costs                             (3,074)                      (2,336)
              Prepaid expenses and other assets                        (581)                        (412)
              Reserve for losses and loss adjustment expenses       107,250                      (42,566)
              Unearned premiums                                      28,156                       19,564
              Reinsurance balances payable                            1,196                        1,073
              Deferred commissions                                      188                          262
              Accounts payable and accrued liabilities                  744                          680
                                                                  ---------                    ---------
                                                                     72,892                       (5,765)
                                                                  ---------                    ---------

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of fixed maturity investments                             (383,091)                    (174,304)
Proceeds from sale of fixed maturity investments                    354,819                      149,894
Proceeds from maturities of fixed maturity investments               11,000                       12,000
Purchases of equity investments                                     (39,860)                      (4,367)
Proceeds from sale of equity investments                              1,451                       10,760
                                                                  ---------                    ---------
                                                                    (55,681)                      (6,017)
                                                                  ---------                    ---------

CASH FLOWS FROM FINANCING ACTIVITES:

Additional share capital                                                411                            0
Cash dividends paid to shareholders                                  (4,010)                           0
                                                                  ---------                    ---------
                                                                     (3,599)                           0
                                                                  ---------                    ---------
NET INCREASE IN CASH AND CASH EQUIVALENTS                            13,612                      (11,782)
CASH AND CASH EQUIVALENTS, beginning of period                        9,409                       28,069
                                                                  ---------                    ---------
CASH AND CASH EQUIVALENTS, end of period                          $  23,021                    $  16,287
                                                                  =========                    =========
</TABLE>





           See accompanying Notes to Consolidated Financial Statements


<PAGE>
       LIQUIDITY AND CAPITAL RESOURCES

       IPC Holdings is a holding company that conducts no reinsurance
       operations of its own. Its cash flows are limited to distributions from
       IPCRe and Services by way of loans or dividends. The dividends that
       IPCRe may pay are limited under Bermuda legislation and IPCRe's
       revolving credit facility. The Bermuda Insurance Act of 1978, and
       subsequent amendments thereto, require IPCRe to maintain a minimum
       solvency margin and a minimum liquidity ratio. The maximum dividend
       payable by IPCRe in accordance with Bermuda regulations as of January 1,
       2001 was approximately $139 million. The maximum dividend that could
       have been paid in the third quarter under the credit facility, without a
       waiver from certain covenants, was approximately $8.6 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, premiums
       retroceded, brokerage commissions, excise taxes, general and
       administrative expenses and dividends. The potential for a large
       catastrophe means that unpredictable and substantial payments may need to
       be made within relatively short periods of time, and therefore our cash
       flows fluctuate significantly from period to period.

       Net cash flows from operating activities in the nine months ended
       September 30, 2001 were $72.9 million compared to a cash outflow of
       $(5.8) million in the corresponding period in 2000. The increase is
       primarily the result of the reduction in net claims paid during the
       period, which were $22.5 million in the nine months ended September 30,
       2001, compared to $79.9 million in the corresponding period of 2000.
       However, we expect to pay a significant proportion of claims in respect
       of the terrorist attack on the World Trade Center during the next six
       months.

       Net cash outflows from investing activities in the nine months ended
       September 30, 2001 were $(55.7) million. Cash and cash equivalents
       increased by $13.6 million in the nine months ended September 30, 2001,
       resulting in a balance of $23.0 million at September 30, 2001. At
       September 30, 2001, 46.9% of IPC's fixed maturity portfolio (based on
       market value) was held in cash, United States Treasury notes and in
       securities rated AAA, and 40.5% was held in securities rated AA. The
       average modified duration of IPC's fixed maturity portfolio was 2.85
       years. IPC's portfolio does not contain any investments in real estate or
       mortgage loans. We believe that IPCRe's $150 million revolving credit
       facility, and the relatively short duration and high quality of IPC's
       investment portfolio, will provide sufficient liquidity to meet IPC's
       cash demands.

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


<PAGE>


                            PART II-OTHER INFORMATION

       ITEM 1.           LEGAL PROCEEDINGS

                  NONE

       ITEM 2.           CHANGES IN SECURITIES AND USE OF PROCEEDS

                  NONE

       ITEM 3.           DEFAULTS UPON SENIOR SECURITIES

                  NONE

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

                  NONE

       ITEM 5.           OTHER INFORMATION

                  NONE

       ITEM 6.           EXHIBITS AND REPORTS ON FORM 8-K

                         (a) Exhibits

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


<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
               11.1  *    Reconciliation of basic and diluted net income per
                          common share ("EPS").
                     *  Previously filed
</TABLE>


                         (b) Reports on Form 8-K

                         NONE



<PAGE>



                               IPC HOLDINGS, LTD.

                                   SIGNATURES



       PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE
REGISTRANT HAS DULY CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED THEREUNTO DULY AUTHORIZED.



                                            IPC HOLDINGS, LTD.
                                            ------------------
                                               (REGISTRANT)




   DATE  NOVEMBER 20, 2001             /s/ Joseph C.H. Johnson
         -----------------             ----------------------------------------
                                       Joseph C.H. Johnson
                                       Chairman of the Board of Directors




   DATE NOVEMBER 20, 2001              /s/ John R. Weale
        -----------------              ----------------------------------------
                                       JOHN R. WEALE
                                    VICE PRESIDENT AND CHIEF FINANCIAL OFFICER














<PAGE>








                                  EXHIBIT INDEX




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

<TABLE>
<CAPTION>
 EXHIBIT
 NUMBER     DESCRIPTION
 ------     -----------
 <S>        <C>
   3.1      Memorandum of Association of the Company
   3.2      Amended and Restated Bye-laws of the Company
   3.3      Form of Memorandum of Increase of Share Capital
  11.1   *  Reconciliation of basic and diluted net income
            per common share ("EPS")
</TABLE>


         *   Previously filed