Validus closes in on IPC

A combined Validus and IPC would have shareholders’ funds of $3.6bn which would put it in the same league as Arch Capital and RenaissanceRe

By its threat to engineer a removal of the IPC Holdings board, Validus Holdings is clearly impatient to see a successful conclusion to its tenacious pursuit of Bermuda’s last remaining specialist property catastrophe reinsurer. Unless it can entice a white knight to enter the contest, the IPC board has little choice but to accept Validus’ terms after its shareholders emphatically rejected its preferred deal with Max Capital.