Bermuda-based IPC Holdings announced last night that flood losses in Australia and England will sink its second-quarter 2007 earnings 20 cents per share–a fraction of what it reported last year.

In a statement, the property-catastrophe reinsurer said second-quarter earnings will be negatively impacted by the storms and flooding that affected New South Wales, Australia in early June, and by the flooding in parts of northern England that started in mid-June.

The flooding in northern England continues to affect some areas, the IPC statement said.

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