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IPC HOLDINGS LTD. /Pembroke, Bermuda After A Disastrous Run, Insurer Is Back In Black.(THE NEW AMERICA)
Byline: Steve Watkins
An earthquake in Turkey, a typhoon in Japan, storms in Europe. Wherever such disasters take place, IPC Holdings Ltd. is likely to be there.
The firm provides property catastrophe reinsurance, so it covers the insurers when losses reach a certain point.
"Our business is what you see on CNN," said Chief Executive Jim Bryce. "It's driven by losses."
Those came in bunches in 1999, when a string of natural disasters drove huge price hikes. Tornadoes pounded Oklahoma. Typhoon Bart struck Japan. Winter storms nailed France. Hurricane Floyd struck the East Coast.
It added up to the second-worst year on record, with $22 billion in losses. Insurance companies called in the reinsurance forces, which had to pony up right away.
"Catastrophe reinsurance is like a financial oxygen bottle," Bryce said. "That's why we have to pay our claims quickly."
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