IPC Holdings, Limited (IPCR) Wrap Up:

We provide property catastrophe reinsurance and, to a limited extent, property-per-risk excess, aviation (including satellite) and other short-tail reinsurance on a worldwide basis. During 2007, approximately 89% of our gross premiums written, excluding reinstatement premiums, covered property catastrophe reinsurance risks. Property catastrophe reinsurance covers against unpredictable events such as hurricanes, windstorms, hailstorms, earthquakes, volcanic eruptions, fires, industrial explosions, freezes, riots, floods and other man-made or natural disasters. We believe that by showing gross premiums written, excluding reinstatement premiums, the underlying business can be more meaningfully interpreted and compared, because reinstatement premiums are a consequence of loss events, as explained more fully in the glossary.  ... More..."http://secfilings.nasdaq.com/edgar_conv_html%2f2008%2f02%2f22%2f0001193125-08-036401.html#FIS_BUSINESS"