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PEMBROKE, Bermuda--IPC Holdings Ltd. on Thursday reported a decline in profits for the quarter and the first half of 2007 largely due to catastrophe-related losses.
For the first half of the year, net income fell 38.7% to $105.2 million compared with $171.5 million in the first six months of 2006.
Meanwhile, in the quarter, profits plummeted 74.3% to $28 million from $108.8 million in the year-prior period.
In a statement, IPC President and Chief Executive Officer Jim Bryce commented: "2007 continues to provide us with a number of challenges, including a growing number of medium-severity catastrophe events around the globe. The most recent events in Australia and the U.K. are unusual inasmuch as flooding has not been a significant cause of loss in these territories for a very long time, and yet these events have resulted in some of the largest losses ever experienced there."