IPC's third quarter 2008 results included a total estimate of claims fromthe above events of $88 million, net of reinstatement premiums. Therevised estimate is the result of new information from clients reflectinglarger losses than initial estimates or new notifications. The increasesprimarily arose from inwards retrocessional business (including reinsuranceof direct and facultative business) and, to a lesser degree, onshore energycontracts.

We expect to release our earnings for the fourth quarter and year endedDecember 31st, 2008 after the close of trading on February 17th, 2009, andwill be holding a conference call to discuss the results at 8:30 a.m.Eastern Time on February 18th, 2009. The call will be webcast on theInternet and can be accessed via the Company's website, www.ipcre.bm.

This press release contains certain forward-looking statements within themeaning of the U.S. federal securities laws. Statements that are nothistorical facts, including statements about our beliefs, plans orexpectations, are forward-looking statements. These statements are basedon our current plans, estimates and expectations. Some forward-lookingstatements may be identified by our use of terms such as "believes,""anticipates," "intends," "expects" and similar statements of a future orforward-looking nature. In light of the inherent risks and uncertaintiesin all forward-looking statements, the inclusion of such statements in thispress release should not be considered as a representation by us or anyother person that our objectives or plans will be achieved. Anon-exclusive list of important factors that could cause actual results todiffer materially from those in such forward-looking statements includesthe following: (a) the occurrence of natural or man-made catastrophicevents with a frequency or severity exceeding our expectations; (b) theadequacy of our loss reserves and the need to adjust such reserves asclaims develop over time; (c) any lowering or loss of one of our financialratings of our wholly-owned subsidiary, IPCRe Limited; (d) the effect ofcompetition on market trends and pricing; (e) changes in general economicconditions, including changes in interest rates and/or equity values in theUnited States of America and elsewhere and continued instability in globalcredit markets; and (f) other factors set forth in our most recent reportson Form 10-K, Form 10-Q and other documents on file with the Securities andExchange Commission. Readers are cautioned not to place undue reliance onthese forward-looking statements, which speak only as of the date on whichthey are made. We do not intend, and are under no obligation, to updateany forward-looking statement contained in this press release.

IPC Holdings, Ltd., through its wholly-owned subsidiary IPCRe Limited,provides property catastrophe reinsurance and, to a limited extent,aviation, property-per-risk excess and other short-tail reinsurance on aworldwide basis.

CONTACT:Jim BrycePresident and Chief Executive OfficerJohn WealeExecutive Vice President and Chief Financial OfficerTelephone: 441-298-5100