Validus (VR) Closes Acquisition of IPC Holdings

September 4, 2009 1:59 PM EDT

Validus Holdings, Ltd. (NYSE: VR) today announced that it has completed its acquisition of IPC Holdings, Ltd. (Nasdaq: IPCR), creating a leading carrier in the Bermuda short-tail reinsurance and insurance markets.

Earlier today, at a Special General Meeting of Shareholders, Validus shareholders approved the issuance of Validus common shares in connection with the acquisition of IPC with the support of approximately 87% of the shares voted at the meeting. At a separate meeting held earlier today, IPC shareholders adopted the amalgamation agreement with Validus and approved the resulting amalgamation of IPC with a wholly owned subsidiary of Validus with the support of approximately 95% of the shares voted at the meeting.

Ed Noonan, Validus' Chairman and Chief Executive Officer, stated, "We are delighted to have completed this compelling strategic combination, which provides major benefits to customers and shareholders of both companies. With significantly increased capacity, a global platform and leading positions in attractive insurance and reinsurance markets, Validus is well positioned to meet the evolving needs of clients and to deliver continued growth to shareholders. In addition, Bermuda will benefit from being home to a larger, stronger business that is committed to its markets and well positioned for long-term growth. We will be working diligently to ensure a seamless integration of IPC that maximizes the market opportunities offered by this transaction."

Pursuant to the amalgamation agreement, former shareholders of IPC will receive $7.50 in cash and 0.9727 Validus voting common shares for each IPC common share. Effective as of the close of trading today, IPC common shares will cease trading.

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