Legal Eagle Review News

“Validus indicated previously, as part of its hostile takeover proposal of IPC, that it intended to file this lawsuit. While it took them some time to do so, we view this action as nothing more than another attempt by Validus to distract investors. What has not changed is the merger between IPC and Max offers shareholders an attractive opportunity to create value through the strength of a diversified underwriting platform. Max offers more value to IPC shareholders and more certainty of closing than the concepts that Validus continues to promote. We believe the claims by Validus are meritless, and we look forward to completing our transaction with IPC,” said W. Marston Becker, Chairman and Chief Executive Officer of Max.

On April 7, 2009, IPC's board of directors unanimously reaffirmed its recommendation that IPC shareholders vote to approve the definitive amalgamation agreement between IPC and Max, and IPC's board of directors determined that the unsolicited proposal from Validus does not constitute a Superior Proposal as defined in the Agreement and Plan of Amalgamation with Max. IPC outlined in its letter to Validus that:

• the Validus offer fails to meet IPC’s diversification goals;
• the Max transaction has significant value creation potential and upside for IPC shareholders; and
• the Validus proposal is less certain, is riskier for IPC’s shareholders and would take longer to close.

Max shareholders with questions about the merger, or who need assistance in voting their shares, may call the company's proxy solicitor, MacKenzie Partners, Inc, toll-free at (800) 322-2885 or collect at (212) 929-5500.

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.