Validus Files Proxy Statement in Opposition to Max Capital/IPC Deal

May 12, 2009

Bermuda-based Validus Holdings, Ltd. announced that it “has filed its definitive proxy statement with the Securities and Exchange Commission and is mailing proxy materials to shareholders of IPC Holdings, Ltd. asking them to vote the GOLD proxy card and reject the proposed amalgamation agreement with Max Capital Group Ltd.”

Validus urged IPC shareholders “to thoroughly read the definitive proxy statement as it contains important information.” Both sides have characterized their respective offers as superior to the other.

It’s also fairly certain that IPC’s shareholders will consider both offers carefully. 94 percent of the Company’s shares are held by institutional investors and mutual funds, they presumably have competent people who can decide who is offering the better deal. The shareholders meeting, scheduled for June 12, should determine who wins.

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Source: Validus Holdings

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