IPC Holdings has reported net income for the quarter ended 31 March 2007 of $77.2m, or $1.07 per common share, compared to $62.6m, or $0.86 per common share, for the first quarter of 2006, a 23% increase.

Net operating income was $68.5m compared to $75.3m for the first quarter of 2006.

The company also announced a new $200m share buyback plan, authorised by the board of directors.

President and chief executive officer Jim Bryce commented: "We continue to see terms and conditions, including price, remaining robust within the United States. However, the same cannot be said for territories outside the US, where pricing is generally flat to down.”

Bryce added: "Despite our strong performance over the past five quarters, our more than adequate capital level and our reduced risk profile, last week saw a sudden and perplexing announcement from Standard & Poor's, lowering our financial strength ratings."