Bermuda-based reinsurer IPC Holdings has posted profits of $73.6m for the first quarter of 2004. The figure is up 9% on the first quarter results in 2003.
Gross written premiums increased 9.5% to $210.2m from $19.85m in 2003.
The company’s combined ratio went up slightly when compared with the 2003 result, climbing from 31.3% to 33.9%.
President and chief executive Jim Bryce said the results reflected several factors, including “satisfactory pricing levels in a generally healthy market”.
