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In a joint announcement American International Group and IPC Holdings, Ltd. said ÌìÃÀÍøÕ¾´«Ã½´«Ã½ “is commencing an underwritten public offering to sell 13.397 million IPC common shares.”

As of March 6, 2006, ÌìÃÀÍøÕ¾´«Ã½´«Ã½ owned 15.397 million shares – 24.21 percent of IPC’s capital. They were valued at over $431 million. IPC is currently trading on the NASDAQ Exchange between $28-$29, which values ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s holding at around $446 million.

ÌìÃÀÍøÕ¾´«Ã½´«Ã½ said it has “has granted the underwriters an option to purchase up to 2 million shares to cover over-allotments.” The bulletin then noted: “Upon completion of the transaction, if the underwriters exercise their over- allotment option in full, it is anticipated that ÌìÃÀÍøÕ¾´«Ã½´«Ã½ will not own any shares of IPC’s common stock. IPC will not receive any proceeds from the sale of the shares.”

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