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IPC HOLDINGS, LTD. ISSUES STATEMENT REGARDING PROPOSAL FROM VALIDUS HOLDINGS, LTD.
HAMILTON, Bermuda - 31 March, 2009 - IPC Holdings, Ltd. (NASDAQ: IPCR) ("IPC") acknowledges receipt of an unsolicited letter dated today, 31 March, 2009, from Validus Holdings, Ltd. (NYSE: VR) ("Validus") outlining a proposed transaction.
On 2 March, 2009, IPC entered into an Agreement and Plan of Amalgamation (the "Amalgamation Agreement") with its wholly-owned subsidiary IPC Limited and Max Capital Group Ltd ("Max") which provides that Max will amalgamate with IPC Limited. IPC continues to be bound by the terms of the Amalgamation Agreement and the parties have recently filed a joint proxy statement/prospectus with the Securities & Exchange Commission.
IPC's Board of Directors will review the terms of the proposal submitted by Validus in a manner consistent with its obligations under the Amalgamation Agreement and applicable Bermuda law.
IPC will have no further comment on this matter until IPC's Board of Directors makes a determination regarding Validus' offer.
CONTACTS:
Media Inquiries:
Abernathy MacGregor Group, Inc.
Mike Pascale, Phone: 1-212-371-5999
or
Investor Inquiries:
Innisfree M&A Inc.
Arthur Crozier, Phone: 1-212-750-5833