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Bermuda Supreme Court Denies Validus's Request; Clear Path to Closing of IPC Holdings/Max Capital Amalgamation
HAMILTON, Bermuda - 14 May, 2009 - IPC Holdings, Ltd. (Nasdaq:IPCR) (BSX:IPCR.BH) issued the following statement regarding yesterday's decision by the Supreme Court of Bermuda Commercial Court not to grant Validus Holdings, Ltd.'s request for an expedited trial on the litigation brought by Validus against IPC and Max Capital Group Ltd. (Nasdaq:MXGL) (BSX:MXGL.BH).
"We are pleased with the Court's ruling. Despite Validus's efforts, the litigation, which we believe is without merit, will not be an impediment to closing our combination with Max and creating a world-class specialty insurer and reinsurer and a platform for delivering superior value to IPC's shareholders.
"The IPC board of directors unanimously recommends that IPC shareholders vote for all the proposals related to the amalgamation with Max. IPC anticipates closing the transaction with Max immediately after its annual general meeting of shareholders on June 12 with all regulatory approvals obtained."
The Court also ordered that Validus pay IPC's and Max's costs.
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.