IPC HOLDINGS, LTD. REPORTS FOURTH QUARTER 2008 RESULTS

PEMBROKE, BERMUDA - 18 February, 2009 - IPC Holdings, Ltd. (NASDAQ: IPCR) reports net income for the quarter ended 31 December, 2008 of $43.7 million, or $0.79 per common share, compared to $167.0 million, or $2.48 per common share, for the fourth quarter of 2007. For the year ended 31 December, 2008 IPC reported 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.

Brief Review of Results of Operations:

For the quarter ended 31 December, 2008, our 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. For the year ended 31 December, 2008, our net operating income was $258.7 million, or $4.36 per common share, compared to $317.9 million, or $4.56 per common share, for 2007.

President and Chief Executive Officer Jim Bryce commented: "2008 was a year of unprecedented turmoil, not only in view of the high level of loss activity, but especially in the capital and credit markets, and the impact of this on global economies generally. Our underwriting results in 2008 highlighted our disciplined underwriting approach, demonstrated by our 40.2% loss ratio, in what is considered to have been the second worst year on record in terms of insured losses. However, as we have seen in the past, out of turmoil can come opportunities. We have been gratified by renewals and new business opportunities during the 1st January 1 renewal season. It is noticeable that clients and brokers are entertaining a larger selection of financially strong reinsurers with tried and tested track records of prompt claims payment and continuity of service and support. We are hopeful that the remainder of 2009 will bring continued opportunities to grow and consolidate our position in the insurance and reinsurance market."

For more details, including further comments from the Company Executive, visit the  website at www.ipcre.bm,

On 17 February, 2009 the Board of Directors declared a quarterly dividend of $0.22 per common share, payable on 18 March, 2009 to shareholders of record on 4 March, 2009.

Conference Call

Management conducted a conference call to discuss these results at 9:00 a.m. Eastern time, 18 February, 2009. This conference call was broadcast simultaneously on the internet and can be accessed from http://www.investor.shareholder.com/media/eventdetail.cfm or our website at www.ipcre.bm, under the 'News' / 'Webcasts' section, and a replay of the call will also be available at this site from 11:30 a.m. Eastern time until 12:00 midnight Eastern time on Wednesday, March 4, 2009, replay passcode 4786274.

CONTACT:

Jim Bryce, President and Chief Executive Officer or

John Weale, Executive Vice President and Chief Financial Officer Tel: 441-298-5100