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<TITLE>IPC HOLDINGS, LTD.</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
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<P align="right" style="font-size: 10pt">As filed with the Securities and Exchange Commission on July&nbsp;7, 2005
<DIV align="right" style="font-size: 10pt">Registration
No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV>



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
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<P align="center" style="font-size: 18pt"><B>FORM S-8</B>


<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></DIV>



<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
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<P align="center" style="font-size: 24pt"><B>IPC Holdings, Ltd.</B>


<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</DIV>


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<TR valign="bottom">
    <TD align="center" valign="top"><B>Bermuda</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Not Applicable</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification Number)</TD>
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<P align="center" style="font-size: 10pt"><B>American International Building<BR>
29 Richmond Road<BR>
Pembroke, HM 08, Bermuda<BR>
(441)&nbsp;295-5100</B><BR>
(Address, including zip code, and telephone number, including<BR>
area code, of registrant&#146;s principal executive offices)



<P align="center" style="font-size: 10pt"><B>IPC Holdings, Ltd. Stock Option Plan, as amended</B><BR>
(Full Title of the Plan)



<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>




<P align="center" style="font-size: 10pt">CT Corporation System<BR>
111 Eighth Avenue<BR>
13th Floor<BR>
New York, New York 10011<BR>
(212)&nbsp;246-5070<BR>
(Name, address, including zip code, and telephone number,<BR>
including area code, of agent for service)



<P align="center" style="font-size: 10pt"><B>Copies to:</B>


<DIV align="center">
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<TR valign="bottom">
    <TD align="center" valign="top">Wesley D. Dupont, Esq.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Andrew S. Rowen, Esq.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">IPC Holdings, Ltd.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Sullivan &#038; Cromwell LLP</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">29 Richmond Road
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">125 Broad Street</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Pembroke, HM 08, Bermuda
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New York, New York 10004</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(441) 295-5100
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(212) 558-4000</TD>
</TR>
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</DIV>


<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
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<P>

<DIV align="center" style="font-size: 10pt">CALCULATION OF REGISTRATION FEE
</DIV>

<DIV align="center">
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    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="21" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of each class of securities</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>to be</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>offering price</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>aggregate</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>registration</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>

    <TD nowrap align="center"><B>to be registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>per unit(1)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>offering price(1)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>fee</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

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                    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">Common Stock, par value $0.01 per
share for the Plan
</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">1,250,000 shares
</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">39.77</TD>
    <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">49,712,500</TD>
    <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">5,851.16</TD>
    <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="21" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>(1)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Estimated pursuant to Rule&nbsp;</B><B>457(h)(1)</B><B> under the Securities Act of 1933 solely for the
purpose of calculating the amount of the registration fee based on the average of the high and
low prices of the common shares (the &#147;Common Shares&#148;) of IPC Holdings, Ltd. as reported on the
NASDAQ National Market System on July&nbsp;1, 2005.</B></TD>
</TR>

</TABLE>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
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<TR>
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<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;1. Plan Information*</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;2. Registrant Information and Employee Plan Annual Information*</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="y10654exv4w1.htm">EX-4.1: STOCK OPTION PLAN, AS AMENDED</A></TD></TR>
<TR><TD colspan="9"><A HREF="y10654exv5.htm">EX-5: OPINION OF CONYERS DILL & PEARMAN</A></TD></TR>
<TR><TD colspan="9"><A HREF="y10654exv23w1.htm">EX-23.1: CONSENT OF KPMG</A></TD></TR>
</TABLE>
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<P align="center" style="font-size: 10pt"><B>PART I</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>


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<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;1. Plan Information*</B>

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<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;2. Registrant Information and Employee Plan Annual Information*</B>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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    <TD width="3%" nowrap align="left">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">As permitted by Rule&nbsp;428 under the Securities Act of
1933, as amended (the &#147;Securities Act&#148;), this Registration
Statement omits the information specified in Part&nbsp;I of Form S-8. The documents
containing the information specified in Part&nbsp;I will be delivered to the
participants in the Plan (as defined herein) covered by this Registration
Statement as required by Rule&nbsp;428(b). Such documents are not being filed with
the Securities and Exchange Commission (the &#147;Commission&#148;) as part
of this Registration Statement or as prospectuses or prospectus supplements
pursuant to Rule&nbsp;424 of the Securities Act.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>



<P align="left" style="font-size: 10pt"><B>Explanatory Note</B>



<P align="left" style="font-size: 10pt"><B>IPC Holdings, Ltd. Stock Option Plan, as amended (the &#147;Plan&#148;)</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement on Form S-8 is being filed for the purpose of registering an
additional 1,250,000 shares of the Registrant&#146;s Common Shares to be issued pursuant to the Plan.
The Registration Statement on Form S-8 previously filed with the Commission relating to the Plan
(No.&nbsp;333-19149) and the Registration Statements on Form S-8 previously filed with the Commission
relating to the amended Plan (Nos. 333-30070 and 333-107052) are incorporated herein by reference
with the exception of Exhibit&nbsp;4.3 and Exhibit&nbsp;99 to Registration Statement Nos. 333-19149 and
333-30070, respectively, and Exhibit&nbsp;4.1 to Registration Statement No.&nbsp;333-107052, which exhibits
have been replaced by the amended Plan included as Exhibit&nbsp;4.1 hereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit&nbsp;4.1 hereto reflects an amendment to the Plan approved by the shareholders at the
Registrant&#146;s Annual General Meeting held on June&nbsp;10, 2005. Specifically, Exhibit&nbsp;4.1 reflects an
amendment to (i)&nbsp;Section&nbsp;5.1 of the Plan to increase the aggregate number of Common Shares covered
by the Plan from 1,077,500 to 2,327,500 and (ii)&nbsp;Section&nbsp;8 of the Plan to extend the period during
which the Plan will remain in effect from February&nbsp;15, 2008 to June&nbsp;10, 2015.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Board of Directors of the Registrant has decided to amend the Plan, in
accordance with its terms, so that (i)&nbsp;pursuant to Section&nbsp;10 of the Plan, options granted under
the Plan may not be repriced, replaced, regranted through cancellation, or modified without
shareholder approval, if the effect would be to reduce the exercise price for the shares underlying
such award, and outstanding options that are underwater may not be cancelled for the purpose of
granting a replacement award of a different type; and (ii)&nbsp;pursuant to Section&nbsp;6.2 of the Plan, all
future options are granted with an exercise price equal to no less than 100% of the then current
fair market value of the Common Shares. Neither of these amendments required a shareholder vote,
and both changes were implemented upon the shareholder approval of the Plan amendment described in
the foregoing paragraph.

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<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3. Incorporation of Documents by Reference</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents listed below are incorporated herein by reference:


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(a)&nbsp;Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2004.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(b)&nbsp;Quarterly Report on Form 10-Q for the quarterly period ended March&nbsp;31, 2005.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(c)&nbsp;Current Report on Form 8-K, dated April&nbsp;27, 2005.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(d)&nbsp;Current Report on Form 8-K, dated June&nbsp;14, 2005.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(e)&nbsp;The description of the Registrant&#146;s Common Stock which is contained in its Amendment No.&nbsp;2 to
Form 8-A Registration Statement (Registration No.&nbsp;000-27662), filed under the Securities Exchange
Act of 1934 (the &#147;Exchange Act&#148;), including any amendments or reports filed for the purpose of
updating such description.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, all documents subsequently filed by the Registrant pursuant to Sections&nbsp;13(a),
13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which
indicates that all securities offered have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated herein by reference to be part hereof from the
date of filing of such documents.

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<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Description of Securities</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


<P align="center" style="font-size: 10pt">2
</DIV>

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<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;98 of the Companies Act 1981 of Bermuda (the &#147;Companies Act&#148;) provides generally that
a company incorporated under the laws of Bermuda may indemnify its directors and officers against
any liability arising from any rule of law in respect of any negligence, default, breach of duty or
breach of trust of which such person may be guilty in relation to the Registrant, provided, that,
any provision indemnifying any such officer or director in respect of any fraud or dishonesty of
which such person may be guilty in relation to the Registrant shall be void. Section&nbsp;98 of the
Companies Act further provides that a company incorporated under the laws of Bermuda may indemnify
its directors and officers against any liability incurred by them in defending any proceedings,
whether civil or criminal, in which judgment is awarded in their favor or in which they are
acquitted or granted relief by the Supreme Court of Bermuda in certain proceedings under Section
281 of the Companies Act. Section&nbsp;98A of the Companies Act enables a company to purchase and
maintain insurance for the benefit of directors and officers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The bye-laws of the Registrant (the &#147;Bye-Laws&#148;) provide indemnification to directors and
officers of the Registrant against costs, losses and other expenses arising from actions taken in
such capacity, other than those arising from any willful negligence, willful default, fraud or
dishonesty. Further, the Bye-laws provide for indemnification of liabilities incurred by any
director or officer in defending any civil or criminal proceeding in which a favorable judgment is
obtained, or in which such officer or director is acquitted, or in which relief from liability is
granted under the Companies Act. The Registrant maintains liability insurance covering its
directors and officers.

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<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Exemption from Registration Claimed</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IPC Holdings, Ltd. Stock Option Plan, as amended</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Conyers Dill &#038; Pearman as to the validity of the
securities registered</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Conyers Dill &#038; Pearman (included in their opinion
filed as Exhibit&nbsp;5)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (set forth on signature page of this
Registration Statement)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Undertakings</B>


<P align="left" style="font-size: 10pt">(a)&nbsp;The undersigned registrant hereby undertakes:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:</TD>
</TR>

</TABLE>


<P align="left" style="margin-left: 5%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;


<P align="center" style="font-size: 10pt">3
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="margin-left: 5%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(ii)&nbsp;To reflect in the prospectus any facts or events arising after the effective date of
the registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set
forth in this Registration Statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form of prospectus filed with
the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20&nbsp;percent change in the maximum aggregate offering price set forth
in the &#147;Calculation of Registration Fee&#148; table in the effective registration statement;


<P align="left" style="margin-left: 5%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(iii)&nbsp;To include any material information with respect to the plan of distribution not
previously disclosed in this Registration Statement or any material change to such
information in this Registration Statement;


<P align="left" style="margin-left: 5%; text-indent: 0%; margin-right: 0%; font-size: 10pt">provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration
statement is on Form S-3, Form S-8 or Form F-3, and the information required to be included
in a post-effective amendment by those paragraphs is contained in periodic reports filed
with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or 15(d) of the
Securities Exchange Act of 1934 that are incorporated by reference in this Registration
Statement.


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial <I>bona fide </I>offering thereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.</TD>
</TR>

</TABLE>


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the Registrant&#146;s annual report pursuant to Section
13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the Registration Statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial <I>bona fide </I>offering thereof.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.


<P align="center" style="font-size: 10pt">4
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="011"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Pembroke, Bermuda, on July&nbsp;6, 2005.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">IPC HOLDINGS, LTD.</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ James P. Bryce</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: James P. Bryce</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: President and Chief Executive Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints James P. Bryce and Joseph C.H. Johnson his true and lawful attorney-in-fact and agents,
each acting alone, with full power of substitution and resubstitution, for him and in his name,
place and stead, in any and all capacities, to sign any or all amendments to this Registration
Statement, including post-effective amendments, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents full power and authority to do and perform each and every
act and thing requisite and necessary to be done, as fully to all intents and purposes as he might
or could do in person, and hereby ratifies and confirms all his said attorneys-in-fact and agents,
each acting alone, or his substitute or substitutes may lawfully do or cause to be done by virtue
thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed below by the following persons in the capacities and on the dates indicated.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="59%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD align="left" nowrap valign="top">/s/ Joseph C.H. Johnson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chairman of the Board of Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 7, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" nowrap valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Joseph C.H. Johnson</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">/s/ James P. Bryce</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
President, Chief Executive Officer and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 6, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" nowrap valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">James P. Bryce</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">/s/ John R. Weale</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Senior Vice President and Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 6, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" nowrap valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">John R. Weale</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
(Principal Financial and Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Deputy Chairman of the Board of Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July &#95;&#95;&#95;, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" nowrap valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Frank Mutch</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">/s/ Kenneth L. Hammond</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 6, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" nowrap valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Kenneth L. Hammond</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">/s/ Clarence E. James</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 6, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" nowrap valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Dr. The Honourable</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Clarence E. James</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>July &#95;&#95;&#95;, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" nowrap valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Anthony M. Pilling</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">5
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="59%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD align="left" valign="top">/s/ Donald Puglisi</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Authorized Representative in the United States
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 6, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" nowrap valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Puglisi &#038; Associates</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="012"></A></DIV>

<P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IPC Holdings, Ltd. Stock Option Plan, as amended</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Conyers Dill &#038; Pearman regarding the validity of
the securities registered</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Conyers Dill &#038; Pearman (included in their opinion
filed as Exhibit&nbsp;5)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (set forth on signature page of this
Registration Statement)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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IPC HOLDINGS, LTD.
Table of Contents
As filed with the Securities and Exchange Commission on July 7, 2005
Registration
No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
IPC Holdings, Ltd.
(Exact Name of Registrant as Specified in Its Charter)
Bermuda
Not Applicable
(State or Other Jurisdiction of
(IRS Employer
Incorporation or Organization)
Identification Number)
American International Building
29 Richmond Road
Pembroke, HM 08, Bermuda
(441) 295-5100
(Address, including zip code, and telephone number, including
area code, of registrant's principal executive offices)
IPC Holdings, Ltd. Stock Option Plan, as amended
(Full Title of the Plan)
CT Corporation System
111 Eighth Avenue
13th Floor
New York, New York 10011
(212) 246-5070
(Name, address, including zip code, and telephone number,
including area code, of agent for service)
Copies to:
Wesley D. Dupont, Esq.
Andrew S. Rowen, Esq.
IPC Holdings, Ltd.
Sullivan & Cromwell LLP
29 Richmond Road
125 Broad Street
Pembroke, HM 08, Bermuda
New York, New York 10004
(441) 295-5100
(212) 558-4000
CALCULATION OF REGISTRATION FEE
Amount
Proposed maximum
Proposed maximum
Amount of
Title of each class of securities
to be
offering price
aggregate
registration
to be registered
registered
per unit(1)
offering price(1)
fee
Common Stock, par value $0.01 per
share for the Plan
1,250,000 shares
$
39.77
$
49,712,500
$
5,851.16
(1)
Estimated pursuant to Rule
457(h)(1)
under the Securities Act of 1933 solely for the
purpose of calculating the amount of the registration fee based on the average of the high and
low prices of the common shares (the "Common Shares") of IPC Holdings, Ltd. as reported on the
NASDAQ National Market System on July 1, 2005.
TABLE OF CONTENTS
PART I
Item 1. Plan Information*
Item 2. Registrant Information and Employee Plan Annual Information*
PART II
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption from Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
INDEX TO EXHIBITS
EX-4.1: STOCK OPTION PLAN, AS AMENDED
EX-5: OPINION OF CONYERS DILL & PEARMAN
EX-23.1: CONSENT OF KPMG
Table of Contents
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information*
Item 2. Registrant Information and Employee Plan Annual Information*
*
As permitted by Rule 428 under the Securities Act of
1933, as amended (the "Securities Act"), this Registration
Statement omits the information specified in Part I of Form S-8. The documents
containing the information specified in Part I will be delivered to the
participants in the Plan (as defined herein) covered by this Registration
Statement as required by Rule 428(b). Such documents are not being filed with
the Securities and Exchange Commission (the "Commission") as part
of this Registration Statement or as prospectuses or prospectus supplements
pursuant to Rule 424 of the Securities Act.
Table of Contents
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Explanatory Note
IPC Holdings, Ltd. Stock Option Plan, as amended (the "Plan")
This Registration Statement on Form S-8 is being filed for the purpose of registering an
additional 1,250,000 shares of the Registrant's Common Shares to be issued pursuant to the Plan.
The Registration Statement on Form S-8 previously filed with the Commission relating to the Plan
(No. 333-19149) and the Registration Statements on Form S-8 previously filed with the Commission
relating to the amended Plan (Nos. 333-30070 and 333-107052) are incorporated herein by reference
with the exception of Exhibit 4.3 and Exhibit 99 to Registration Statement Nos. 333-19149 and
333-30070, respectively, and Exhibit 4.1 to Registration Statement No. 333-107052, which exhibits
have been replaced by the amended Plan included as Exhibit 4.1 hereto.
Exhibit 4.1 hereto reflects an amendment to the Plan approved by the shareholders at the
Registrant's Annual General Meeting held on June 10, 2005. Specifically, Exhibit 4.1 reflects an
amendment to (i) Section 5.1 of the Plan to increase the aggregate number of Common Shares covered
by the Plan from 1,077,500 to 2,327,500 and (ii) Section 8 of the Plan to extend the period during
which the Plan will remain in effect from February 15, 2008 to June 10, 2015.
In addition, the Board of Directors of the Registrant has decided to amend the Plan, in
accordance with its terms, so that (i) pursuant to Section 10 of the Plan, options granted under
the Plan may not be repriced, replaced, regranted through cancellation, or modified without
shareholder approval, if the effect would be to reduce the exercise price for the shares underlying
such award, and outstanding options that are underwater may not be cancelled for the purpose of
granting a replacement award of a different type; and (ii) pursuant to Section 6.2 of the Plan, all
future options are granted with an exercise price equal to no less than 100% of the then current
fair market value of the Common Shares. Neither of these amendments required a shareholder vote,
and both changes were implemented upon the shareholder approval of the Plan amendment described in
the foregoing paragraph.
Item 3. Incorporation of Documents by Reference
The documents listed below are incorporated herein by reference:
(a) Annual Report on Form 10-K for the fiscal year ended December 31, 2004.
(b) Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2005.
(c) Current Report on Form 8-K, dated April 27, 2005.
(d) Current Report on Form 8-K, dated June 14, 2005.
(e) The description of the Registrant's Common Stock which is contained in its Amendment No. 2 to
Form 8-A Registration Statement (Registration No. 000-27662), filed under the Securities Exchange
Act of 1934 (the "Exchange Act"), including any amendments or reports filed for the purpose of
updating such description.
In addition, all documents subsequently filed by the Registrant pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective amendment which
indicates that all securities offered have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated herein by reference to be part hereof from the
date of filing of such documents.
Item 4. Description of Securities
Not applicable.
2
Table of Contents
Item 5. Interests of Named Experts and Counsel
Not applicable.
Item 6. Indemnification of Directors and Officers
Section 98 of the Companies Act 1981 of Bermuda (the "Companies Act") provides generally that
a company incorporated under the laws of Bermuda may indemnify its directors and officers against
any liability arising from any rule of law in respect of any negligence, default, breach of duty or
breach of trust of which such person may be guilty in relation to the Registrant, provided, that,
any provision indemnifying any such officer or director in respect of any fraud or dishonesty of
which such person may be guilty in relation to the Registrant shall be void. Section 98 of the
Companies Act further provides that a company incorporated under the laws of Bermuda may indemnify
its directors and officers against any liability incurred by them in defending any proceedings,
whether civil or criminal, in which judgment is awarded in their favor or in which they are
acquitted or granted relief by the Supreme Court of Bermuda in certain proceedings under Section
281 of the Companies Act. Section 98A of the Companies Act enables a company to purchase and
maintain insurance for the benefit of directors and officers.
The bye-laws of the Registrant (the "Bye-Laws") provide indemnification to directors and
officers of the Registrant against costs, losses and other expenses arising from actions taken in
such capacity, other than those arising from any willful negligence, willful default, fraud or
dishonesty. Further, the Bye-laws provide for indemnification of liabilities incurred by any
director or officer in defending any civil or criminal proceeding in which a favorable judgment is
obtained, or in which such officer or director is acquitted, or in which relief from liability is
granted under the Companies Act. The Registrant maintains liability insurance covering its
directors and officers.
Item 7. Exemption from Registration Claimed
Not applicable.
Item 8. Exhibits
Exhibit No.
Description
4.1
IPC Holdings, Ltd. Stock Option Plan, as amended
5
Opinion of Conyers Dill & Pearman as to the validity of the
securities registered
23.1
Consent of KPMG
23.2
Consent of Conyers Dill & Pearman (included in their opinion
filed as Exhibit 5)
24
Powers of Attorney (set forth on signature page of this
Registration Statement)
Item 9. Undertakings
(a) The undersigned registrant hereby undertakes:
1.
To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
3
Table of Contents
(ii) To reflect in the prospectus any facts or events arising after the effective date of
the registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set
forth in this Registration Statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the low or high end of
the estimated maximum offering range may be reflected in the form of prospectus filed with
the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20 percent change in the maximum aggregate offering price set forth
in the "Calculation of Registration Fee" table in the effective registration statement;
(iii) To include any material information with respect to the plan of distribution not
previously disclosed in this Registration Statement or any material change to such
information in this Registration Statement;
provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration
statement is on Form S-3, Form S-8 or Form F-3, and the information required to be included
in a post-effective amendment by those paragraphs is contained in periodic reports filed
with or furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 that are incorporated by reference in this Registration
Statement.
2.
That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial
bona fide
offering thereof.
3.
To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section
13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the Registration Statement shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred or paid by a
director, officer or controlling person of the Registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the Registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
4
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Pembroke, Bermuda, on July 6, 2005.
IPC HOLDINGS, LTD.
By:
/s/ James P. Bryce
Name: James P. Bryce
Title: President and Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints James P. Bryce and Joseph C.H. Johnson his true and lawful attorney-in-fact and agents,
each acting alone, with full power of substitution and resubstitution, for him and in his name,
place and stead, in any and all capacities, to sign any or all amendments to this Registration
Statement, including post-effective amendments, and to file the same, with all exhibits thereto,
and other documents in connection therewith, with the Securities and Exchange Commission, granting
unto said attorneys-in-fact and agents full power and authority to do and perform each and every
act and thing requisite and necessary to be done, as fully to all intents and purposes as he might
or could do in person, and hereby ratifies and confirms all his said attorneys-in-fact and agents,
each acting alone, or his substitute or substitutes may lawfully do or cause to be done by virtue
thereof.
Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed below by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Joseph C.H. Johnson
Chairman of the Board of Directors
July 7, 2005
Joseph C.H. Johnson
/s/ James P. Bryce
President, Chief Executive Officer and Director
July 6, 2005
James P. Bryce
(Principal Executive Officer)
/s/ John R. Weale
Senior Vice President and Chief Financial Officer
July 6, 2005
John R. Weale
(Principal Financial and Principal Accounting Officer)
Deputy Chairman of the Board of Directors
July ___, 2005
Frank Mutch
/s/ Kenneth L. Hammond
Director
July 6, 2005
Kenneth L. Hammond
/s/ Clarence E. James
Director
July 6, 2005
Dr. The Honourable
Clarence E. James
Director
July ___, 2005
Anthony M. Pilling
5
Table of Contents
Signature
Title
Date
/s/ Donald Puglisi
Authorized Representative in the United States
July 6, 2005
Puglisi & Associates
6
Table of Contents
INDEX TO EXHIBITS
Exhibit No.
Description
4.1
IPC Holdings, Ltd. Stock Option Plan, as amended
5
Opinion of Conyers Dill & Pearman regarding the validity of
the securities registered
23.1
Consent of KPMG
23.2
Consent of Conyers Dill & Pearman (included in their opinion
filed as Exhibit 5)
24
Powers of Attorney (set forth on signature page of this
Registration Statement)