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IPC HOLDINGS AND MAX CAPITAL ANNOUNCE EARLY TERMINATION OF HSR WAITING PERIOD FOR PROPOSED AMALGAMATION
Hamilton, Bermuda - 15 April, 2009 - IPC Holdings, Ltd. (NASDAQ: IPCR) and Max Capital Group Ltd. (NASDAQ: MXGL; BSX: MXGL.BH) announced that the Federal Trade Commission (FTC) and the Antitrust Division of the U.S. Department of Justice (DOJ) have completed their review of the proposed amalgamation agreement of IPC and Max and have granted early termination of the Hart-Scott-Rodino (HSR) waiting period, effective April 14, 2009.
Termination of the HSR waiting period satisfies one of the conditions to complete the amalgamation agreement between IPC and Max. Completion of the amalgamation is also subject to approval of both IPC's and Max's shareholders, among other things. IPC currently expects to be able to complete the transaction with Max in June, with all regulatory approvals obtained.
Kenneth L. Hammond, Chairman of IPC said, "IPC remains committed to completing our transaction with Max, which we believe will create a more diversified and balanced platform for growth and shareholder value creation. The IPC board believes that increased diversification will have the potential to reduce volatility and capital risk inherent in a monoline property cat business while also improving asset, financial and operating leverage to deliver enhanced shareholder returns.
"We are pleased that our proposed combination with IPC has been reviewed and granted early termination by the FTC and DOJ and we are now one step closer to achieving the many strategic benefits that this transaction will accomplish for our shareholders, said W. Marston Becker, Chairman and Chief Executive Officer of Max.
The boards of both Max and IPC recommend that shareholders vote in favor of this transaction at each company's upcoming shareholder meeting.
About IPC Holdings, Ltd.
IPC Holdings, Ltd., through its wholly-owned subsidiary IPCRe Limited, provides property catastrophe reinsurance and, to a limited extent, aviation, property-per-risk excess and other short-tail reinsurance on a worldwide basis.
About Max Capital Group Ltd.
Max Capital Group Ltd., through its operating subsidiaries, provides specialty insurance and reinsurance products to corporations, public entities, property and casualty insurers and life and health insurers.
PARTICIPANTS IN THE SOLICITATION:
IPC and Max and their directors, executive officers and other employees may be deemed to be participants in any solicitation of IPC and Max shareholders, respectively, in connection with the proposed business combination.
Information about IPC's directors and executive officers is available in the preliminary joint proxy statement/prospectus filed with the SEC on April 13, 2009, relating to IPC's 2009 annual meeting of shareholders; information about Max's directors and executive officers is available in the amendment to its annual report on Form-10K, filed with the SEC on April 1, 2009.
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