Reinsurer IPC Taking Bids From Suitors; Opposes Validus Bid

June 23, 2009

Reinsurance company IPC Holdings Ltd said Tuesday it has held talks with suitor Validus Holdings Ltd but it has also solicited takeover interest from other companies.

IPC, which has launched a search for a new chief executive offer, said it continues to recommend against the Validus offer due to the price. The two companies have held in-person discussions, but Validus is not willing to raise its $1.72 billion bid, IPC said.

Earlier this month, IPC shareholders rejected a deal with rival insurance company Max Capital Group Ltd. Validus made a rival offer for IPC in March and had worked for months to thwart the IPC-Max deal.

Validus could not be immediately reached for comment.

(Reporting by Jessica Hall; editing by John Wallace)

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