Property-catastrophe reinsurer IPC Holdings announced that storm losses had pushed down second-quarter net income by 74 percent.
The firm said yesterday it had earnings of 37 cents per share--just below the high end of the range the company had estimated last week.
IPC warned then that catastrophe losses from storms in Australia and floods in the United Kingdom would push earnings down to a fraction of last year's second quarter, estimating that this year's second-quarter result would fall in the range of 20-to-40 cents, compared with $1.50 per share in the same quarter last year.
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