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IPC Holdings Q4 net income drops

IPC Holdings reported that its net income for Q4 08 was $43.7m compared to $167m for Q4 07

IPC Holdings, a provider of property catastrophe reinsurance, has reported that its net income for the fourth quarter ended December 31, 2008 was $43.7 million, or $0.79 per common share, compared to $167 million, or $2.48 per common share, for the fourth quarter of 2007.

For the fourth quarter of 2008, net operating income was $46.5 million, or $0.84 per common share, compared to $140.7 million, or $2.09 per common share, for the fourth quarter of 2007.

In the quarter ended December 31, 2008, the company wrote gross premiums of $40.5 million, compared to $15.2 million in the fourth quarter of 2007. Net premiums earned in the fourth quarter ended December 31, 2008 were $99.4 million, compared to $90.5 million in the fourth quarter of 2007.

For the year ended December 31, 2008 IPC reported a net income of $90.4 million, or $1.45 per common share, compared to $385.4 million, or $5.53 per common share, for 2007. Net operating income for the year 2008 was $258.7 million, or $4.36 per common share, compared to $317.9 million, or $4.56 per common share, for 2007.

Gross premiums written for the year 2008 were $403.4 million, compared to $404.1 million for 2007. For the year ended December 31, 2008, net premiums earned were $387.4 million, compared to $391.4 million in 2007.