Press Releases

HAMILTON, Bermuda--(BUSINESS WIRE)-- Validus Holdings, Ltd. ("Validus") (NYSE: VR) today reported that it recently confirmed to the Board of Directors of IPC Holdings, Ltd. ("IPC") (NASDAQ: IPCR) and its advisors that its offer for IPC is its best and final offer. The Validus offer consists of 1.1234 Validus common shares and $3.75 in cash for each IPC common share.

Ed Noonan, Validus' Chairman and Chief Executive Officer, said, "Since the IPC shareholders overwhelmingly rejected the Max transaction, Validus and IPC have been in discussions on a range of issues in the hopes of reaching a consensual transaction. During these discussions, Validus has been consistent in its belief that its offer represents a full and fair value for IPC shares. In addition, we have made a number of changes to the terms of our offer in order to be responsive to concerns expressed by the IPC Board, including providing IPC shareholders with the certainty of a transaction that is not subject to termination in the event of major catastrophe losses."

Mr. Noonan continued, "As we have said since we first announced our offer for IPC in late March, we believe that a combination with IPC will create significant short and long-term value for the shareholders of both Validus and IPC by creating a well-diversified, market-leading carrier in Bermuda's short-tail reinsurance and insurance markets. IPC shareholders would benefit from being part of Validus, which has the highest growth in tangible book value plus accumulated dividends of any publicly traded Bermuda reinsurance company as measured over the time Validus has been public, and the IPC Board is fully briefed on the future value creation embedded in the growth of our business through our new initiatives."

Under Validus' offer, IPC shareholders would receive total consideration of $28.63 based on Validus' closing price on July 2, 2009. The Validus offer provides IPC shareholders with a 24.9% premium and $31.73 per share based on IPC's and Validus' closing prices on March 30, 2009, the last trading day before the announcement of Validus' initial offer.

Validus also announced today that it has extended its Exchange Offer for all of the outstanding common shares of IPC to 5:00 p.m., New York City time (6:00 p.m., Atlantic time), on Monday, July 13, 2009, unless extended. As of July 2, 2009, the last trading day prior to this extension, approximately 9,190,039 shares of IPC (including approximately 5,151 IPC shares subject to guaranteed delivery procedures) had been tendered in and not withdrawn from the Exchange Offer. Shareholder questions regarding the Exchange Offer or requests for offering documents should be directed to Validus' Information Agent for the Exchange Offer, Georgeson Inc., toll-free at (800) 213-0317; banks and brokers should call: (212) 440-9800.

For the latest copies of the transaction documents, proxy materials and an investor presentation detailing the benefits of the Validus offer, please visit www.ValidusTransaction.com.

About Validus Holdings, Ltd.

Validus Holdings, Ltd. is a provider of reinsurance and insurance, conducting its operations worldwide through two wholly-owned subsidiaries, Validus Reinsurance, Ltd. ("Validus Re") and Talbot Holdings Ltd. ("Talbot"). Validus Re is a Bermuda based reinsurer focused on short-tail lines of reinsurance. Talbot is the Bermuda parent of the specialty insurance group primarily operating within the Lloyd's insurance market through Syndicate 1183.

Cautionary Note Regarding Forward-Looking Statements

This press release may include forward-looking statements, both with respect to us and our industry, that reflect our current views with respect to future events and financial performance. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond our control.

Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements. We believe that these factors include, but are not limited to, those set forth in the proxy statements and registration statement that Validus has filed with the Securities and Exchange Commission ("SEC") relating to its proposed acquisition of IPC, and should be read in conjunction with the cautionary statements and risk factors included in our most recent reports on Form 10-K and Form 10-Q and the risk factors included in IPC's most recent reports on Form 10-K and Form 10-Q and other documents of Validus and IPC on file with the SEC. Except as required by law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Additional Information about the Proposed Acquisition and Where to Find It:

Validus has filed an Exchange Offer to exchange each issued and outstanding common share of IPC for 1.1234 voting common shares of Validus and $3.75 in cash. This press release is for informational purposes only and does not constitute an offer to exchange, or a solicitation of an offer to exchange, IPC common shares, nor is it a substitute for the Tender Offer Statement on Schedule TO or the preliminary prospectus/offer to exchange included in the Registration Statement on Form S-4 (including the letter of transmittal and related documents and as amended and supplemented from time to time, the "Exchange Offer Documents") that Validus has filed or may file with the SEC. The Registration Statement has not yet become effective. The Exchange Offer will be made only through the Exchange Offer Documents.

This press release is not a substitute for the proxy statements or supplements thereto that Validus has filed or may file with the SEC or any other documents which Validus may send to its or IPC's shareholders in connection with the proposed acquisition.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE EXCHANGE OFFER DOCUMENTS AND THE PROXY STATEMENTS OR SUPPLEMENTS THERETO OR RELEVANT DOCUMENTS THAT VALIDUS HAS FILED OR MAY FILE WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION. Because the consideration offered in connection with the proposed acquisition provides for stock consideration with a fixed exchange ratio, the value of Validus' offer will vary over time based on changes in the market price of Validus' common shares, and such changes could result in the increase, decrease or elimination of the premium being delivered to IPC shareholders. All such documents, when filed, are available free of charge at the SEC's website (www.sec.gov) or by directing a request to Validus through Jon Levenson, Senior Vice President, at +1-441-278-9000.

Participants in the Solicitation:

Validus and certain of its executive officers and Validus' proposed candidates to the IPC Board are deemed to be participants in any solicitation of shareholders in connection with the proposed acquisition. Information about Validus' executive officers is available in Validus' proxy statement, dated March 25, 2009 for its 2009 annual general meeting of shareholders. Information about Validus' proposed candidates to the IPC Board is available in the definitive proxy statement filed by Validus on June 16, 2009 in connection with the solicitation of written requisitions from IPC shareholders.

    Source: Validus Holdings, Ltd.

DUBLIN--(BUSINESS WIRE)-- Research and Markets (http://www.researchandmarkets.com/research/0a6302/the_survey_of_amer) has announced the addition of the "The Survey of American College Students: Use of Blogs, Listservs, Webcasts & Podcasts" report to their offering.

The 40+ page report gives extensive data on use of blogs, listservs, podcasts and webcasts by American college students. Data is broken out by more than 16 criteria including gender, income level, type and size of college, mean SAT acceptance score of the college, and many other variables.

Just a few of the report's many findings are that:

    --  Nearly 62% of the students in the sample have ever listened to or viewed
        a podcast or webcast.
    --  Students at research universities subscribed to twice the number of
        listservs as students at other colleges.
    --  Very left wing students were the most enthusiastic blog readers
        averaging more than 8 blogs read per month.

Executive Summary:

The Survey of American College Students is a representative probability sample of more than 400 American college students. The series of reports from the Survey of American College Students includes traditional market research reports for industry as well as college student satisfaction and use studies designed to give librarians and college administrators information on how students are using college resources nation-wide. Data is presented for all college students and broken out by sixteen criteria including college size, college type, mean college SAT acceptance score, gender, grade levels, academic grades, region of the country, type of locale of origin, academic major or focus, and other variables. The Survey of American College Students, Higher Education Services Reports, focuses on how college students use and how satisfied they are with campus services such as tutoring services, college police and security, athletic facilities, financial aid and many other college services.

Key Topics Covered:

    --  LIST OF TABLES
    --  METHODOLOGY
    --  QUESTIONNAIRE
    --  HOW TO USE THE DATA
    --  SUMMARY OF MAIN FINDINGS

For more information visit http://www.researchandmarkets.com/research/0a6302/the_survey_of_amer

    Source: Research and Markets

PALO ALTO, CA -- (MARKET WIRE) -- 07/06/09 -- SonicSwap, the leading vendor delivering tools to enable on-line music websites to deliver more personalized music, entertainment and shopping experiences, based on their favorite music in iTunes, has launched Shop Smart, a new line of playlist viewers to make it easier to find and buy music. The intent of the system is to create the best Internet music shopping experience for the consumer and accelerate the sales of music. As a personalized music shopping service, Shop Smart automatically shows members the tracks they already have in their music library and the tracks they need to complete a playlist or a collection of a particular artist's songs. The system is integrated with Amazon's MP3 track catalog, enabling a seamless transaction from discovery to purchase of tracks needed to complete a playlist.

SonicSwap's Shop Smart system, integrated with SonicSwap's high speed iTunes playlist processing, automatically compares playlists or discographies against the member's music library and displays "Buy Buttons" for only the tracks they need. This is the first system of its kind that remembers every track a member has in their library no matter where or when they added it. Other music shopping sites only track the music that has been purchased in their specific store. Complete listings of an artist's tracks can now be compared against a member's music library to see which tracks they need to complete their collection. Tight integration with Amazon's MP3 site and downloader makes it possible for members to buy just the tracks they need as a single playlist.

In addition, SonicSwap is introducing a "New Artist Recommendation" widget that analyzes a member's favorite iTunes artists and finds them new artists they might also enjoy. The "New Artist Recommendation" widget automatically traverses the member's iTunes music to find their favorite artists. It then finds related artists based on popularity and displays them with a sample video from YouTube and links to buy the music.

"Shopping for new music on-line has been far too laborious," said Dan Skilken, founder, President and CEO of SonicSwap, Inc. "As track collections have grown quite large, it becomes more difficult to find and purchase new music without worrying that you might already have the tracks. We can now eliminate some of these typical barriers that inhibit music sales. The New Artist Recommendation option also presents a very easy way to introduce music fans to new artists, and the experience is enhanced with the viewing of the artist's music videos."

The Shop Smart system and New Artist Recommendation widget are available now on the SonicSwap website, and membership is free.

SonicSwap is a social music video platform built directly on iTunes, featuring automated analysis of a member's favorite music. The direct connection between iTunes and the website keeps music tastes and on-line video playlists constantly in-sync with day-to-day listening habits. SonicSwap is the first to achieve this level of integration with any on-line music player, in a manner that is scalable to millions of members. Members post and share music playlists, and applications convert them to video playlists of original and live music tracks. SonicSwap offers innovative ways to introduce new music and products in a highly targeted and customized manner for each member. For more information, please visit http://www.sonicswap.com.

SonicSwap is a trademark of SonicSwap, Inc. iTunes is a trademark of Apple Computer, Inc. YouTube is a trademark of Google.

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For more information contact:
Sarah McMullen
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AVONDALE, Pa., July 6 /PRNewswire-USNewswire/ -- The International Barcode of Life (iBOL) project, which hopes to assemble a DNA sequence library of the world's species using barcode technology, has appointed Dr. Bernard W. Sweeney, Director of the Stroud(TM) Water Research Center, to head its Freshwater Surveillance group. One of iBOL's ten working groups, each of which is focused on different organisms and environments, the Freshwater Surveillance group is particularly important as freshwater ecosystems are the most threatened by human activity, freshwater species are of particular socio-economic import, and they are also the standard metric used by scientists in environmental assessments such as water quality monitoring.

(Photo: http://www.newscom.com/cgi-bin/prnh/20090706/DC41639 )

(Logo: http://www.newscom.com/cgi-bin/prnh/20080730/DC29191LOGO )

Sweeney was selected for the role because of the Stroud Water Research Center's work using barcode technology to identify pollution-sensitive mayflies, stoneflies, and caddisflies, and his decades-long experience in freshwater research. Said Sweeney of his appointment, "As an aquatic ecologist, I'd love to know how many species there are in the 'Exceptional Value' stream near our laboratory, something we can't do with total certainty without barcode technology, but my ultimate goal is to be able to put that knowledge to work for the benefit of humanity. That's the real value of this global effort."

Sweeney's group will initially concentrate on North America, working to create a freshwater "library of life" based first on museum collections of invertebrates most widely used for water quality assessment. The group will then compare the results of water quality assessments based on course identifications with those based on species level data. These pilot studies, he hopes, will validate the benefits of identification based on DNA barcoding and help solidify the required funding to take the program to Phase II and the rest of the world. "If we're successful," said Sweeney, "then the rapid, accurate and precise biotic monitoring this program enables will ensure more effective protection, restoration and remediation efforts of all of our freshwater resources."

With his appointment, Sweeney joins an elite group of scientists and a consortium of 25 countries with the common goal to revolutionize our ability to understand and monitor the world's biodiversity. "The promise of iBOL and the work of the Freshwater Surveillance group is far reaching," said Paul Hebert, Integrative Biology Professor at the University of Guelph, Canada and Scientific Director of iBOL. "We have an opportunity to make huge strides in both characterizing the world's biodiversity and in finding real utility in that knowledge. Sweeney's appointment to help lead the Freshwater Surveillance group represents an essential step towards attaining these goals."

Sweeney will continue in his current role as Director of the Stroud Water Research Center and will draw upon the Center's talent and expertise, as well as that of colleagues around the globe, while executing his new charter. For more information on Dr. Bernard W. Sweeney, go to: http://www.stroudcenter.org/about/bernardsweeney.htm. For more information on the International Barcode of Life project, go to: www.dnabarcoding.org/.

About Stroud Water Research Center

The Stroud Water Research Center seeks to advance knowledge and stewardship of fresh water through research, education and global outreach and to help businesses, landowners, policy makers and individuals make informed decisions that affect water quality and availability around the world. The Stroud Water Research Center is an independent, 501(c)(3) not-for-profit organization. For more information, please visit: www.stroudcenter.org.

SOURCE Stroud Water Research Center

REYKJAVIK, Iceland, July 6 /PRNewswire-FirstCall/ -- Scientists at deCODE genetics (Nasdaq: DCGN) and academic colleagues from Europe and the United States today present in the journal Nature Genetics the discovery of common genetic risk factors for basal cell carcinoma (BCC) that affect people with fair and dark complexions alike. deCODE had previously discovered five common single-letter variants in the sequence of the human genome (SNPs) linked to risk of BCC, the most common cancer in people of European descent. However, most of these earlier findings were also correlated with fair skin, well known to accompany vulnerability to the damaging effects of ultraviolet radiation in sunlight.

By contrast, three of the SNPs presented today do not correlate with light pigmentation, and may thus provide new insight into the underlying biological perturbations that lead to BCC independent of environmental exposure. One of these, in the keratin 5 (KRT5) gene on chromosome 12, leads to a subtle but potentially damaging alteration to the KRT5 protein, which supports the structural integrity of the skin. Those with one copy of the variant are at more than 30% greater likelihood of developing BCC than those who do not carry the variant, while those who carry two copies are at more than 50% greater risk. Another of the SNPs is located on chromosome 9p21, the same region of the genome that deCODE has linked to increased risk of heart attack and others have linked to type 2 diabetes. deCODE used its population genetics resources in Iceland to demonstrate that a third risk variant, on chromosome 7q32, confers greater risk if inherited from the father than from the mother.

"It is important to find genetic causes of BCC that do not appear to be modulated directly by sensitivity to the sun. This may bring us closer to understanding the underlying biology of a very common form of cancer, and KRT5 in particular may point us to new pathways for developing new drugs or skin care products. We are also pleased to be able to fold these discoveries directly into our deCODEme(TM) scans. For sun exposure is still the most important risk factor for BCC, and while people with fair skin are already aware of the need to protect themselves when they go outdoors, others with darker complexions may also be at higher risk of BCC than they think. This is also one of the first reports of a sequence variant conferring risk of a disease that is dependent on the parent of origin. With all of our findings over the past year, we believe we have found variants that play a role in most cases of BCC," said Kari Stefansson, CEO of deCODE.

The study also provided conclusive evidence that a previously identified SNP in the TERT-CLPTM1L region of chromosome 5 confers susceptibility to BCC but protects agains cutaneous melanoma. A previously known SNP in the SLC45A2 gene on chromosome 5 was confirmed to confer risk of squamous cell carcinoma as well as BCC. The study involved three stages. First, the SNPs with the best results from previous genome-wide scans of more than 300,000 SNPs were tested in large numbers of individuals with and without BCC. The first two phases included participants from Iceland, The Netherlands, Sweden, Germany, Italy, Hungary, Romania, and Slovakia. The SNPs on chromosomes 12, 9p21 and 7q32, as well as those on chromosome 5, were then tested and confirmed in participants from the United States and Spain.

In all, the study included genotypic data from some 45,000 people. deCODE and its collaborators would like to thank those who took part for making the work possible. Financial support for various portions of the work was provided by the US National Institutes of Health (grants T32E007155, R01CA082354, and R01CA57494), Radboud University Nijmegen Medical Center, the Netherlands, the National Bank of Austria, the Radiumhemmet Research Funds and the Swedish Cancer Society.

About deCODE

deCODE is a bio-pharmaceutical company developing drugs and DNA-based tests to improve the treatment, diagnosis and prevention of common diseases. Its lead therapeutic programs, which leverage the company's expertise in chemistry and structural biology, include DG041, an antiplatelet compound being developed for the prevention of arterial thrombosis; DG051 and DG031, compounds targeting the leukotriene pathway for the prevention of heart attack; and DG071 and a platform for other PDE4 modulators with therapeutic applications in Alzheimer's disease and other conditions. deCODE is a global leader in human genetics, and has identified key variations in the genome (SNPs) conferring increased risk of major public health challenges from cardiovascular disease to cancer. Based upon these discoveries deCODE has brought to market a growing range of DNA-based tests for gauging risk and empowering prevention of common diseases. Through its CLIA-registered laboratory, deCODE offers deCODE T2(TM) for type 2 diabetes; deCODE AF(TM) for atrial fibrillation and stroke; deCODE MI(TM) for heart attack; deCODE ProstateCancer(TM) for prostate cancer; deCODE Glaucoma(TM) for a major type of glaucoma; and deCODE BreastCancer, for the common forms of breast cancer. deCODE is delivering on the promise of the new genetics.(SM) Visit us on the web at www.decode.com; on our diagnostics site at www.decodediagnostics.com; for our pioneering personal genome analysis service and new focused disease scans, integrating the genetic variants included in these tests and those linked to another twenty common diseases, as well as for our new deCODEme Cardio(TM) and deCODEme Cancer(TM) scans, at www.decodeme.com; and on our blog at www.decodeyou.com.

Any statements contained in this presentation that relate to future plans, events or performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results, and the timing of events, to differ materially from those described in the forward-looking statements. These risks and uncertainties include, among others, those relating to our ability to obtain sufficient financing to continue as a going concern, our ability to develop and market diagnostic products, the level of third party reimbursement for our products, risks related to preclinical and clinical development of pharmaceutical products, including the identification of compounds and the completion of clinical trials, our ability to form collaborative relationships, the effect of government regulation and the regulatory approval processes, market acceptance, our ability to obtain and protect intellectual property rights for our products, dependence on collaborative relationships, the effect of competitive products, industry trends and other risks identified in deCODE's filings with the Securities and Exchange Commission, including, without limitation, the risk factors identified in our most recent Annual Report on Form 10-K and any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. deCODE undertakes no obligation to update or alter these forward-looking statements as a result of new information, future events or otherwise.

SOURCE deCODE genetics