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Member, Beacon International Group, Ltd.
PEMBROKE, Bermuda--IPC Holdings Ltd. reported profits of $73.6 million for the first quarter of 2004, a 9% increase over the same period in 2003.
Gross premiums written at the Pembroke, Bermuda-based reinsurer increased 9.5%, to $210.2 million.
The results reflect several factors, including "satisfactory pricing levels in a generally healthy market," Jim Bryce, president and chief executive officer, said in a statement.
IPC's combined ratio was up slightly in the first quarter, increasing to 33.9% from 31.3% in the prior-year period.