HAMILTON, Bermuda, July 1, 2009 (GLOBE NEWSWIRE) -- The Board of Directors of IPC Holdings, Ltd. (Nasdaq:IPCR) (BSX:IPCR BH) today announced that it had received notice of the requisitions of a special meeting of shareholders from Validus Holdings, Ltd.
Kenneth L. Hammond, chairman of IPC, said, "The Board of Directors of IPC now has the responsibility to set a date for the special meeting. We will set a date after consultation with our advisors.
"Our focus continues to be on value maximization for IPC's shareholders. Negotiations and due diligence discussions are advancing with several parties, including Validus, interested in an acquisition of IPC. The Board continues to work on behalf of the IPC shareholders to encourage offers representing more value to shareholders than Validus's current offer, which is 19% below IPC's book value and is only a 4% premium over our current stock price. At the same time, we are continuing to work with Validus and we have encouraged Validus to increase its offer price."
Mr. Hammond continued, "In our discussions with our shareholders they continue to encourage IPC's Board to consider all alternatives that would maximize value for IPC and its shareholders."
About IPC Holdings, Ltd.
IPC Holdings, Ltd., through its wholly-owned subsidiary IPCRe Limited, provides property catastrophe reinsurance and, to a limited extent, aviation, property-per-risk excess and other short-tail reinsurance on a worldwide basis.
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This press release contains certain forward-looking statements within the meaning of the U.S. federal securities laws. Statements that are not historical facts, including statements about our beliefs, plans or expectations, are forward-looking statements. These statements are based on our current plans, estimates and expectations. Some forward-looking statements may be identified by our use of terms such as "believes," "anticipates," "intends," "expects" and similar statements of a future or forward-looking nature. In light of the inherent risks and uncertainties in all forward-looking statements, the inclusion of such statements in this press release should not be considered as a representation by us or any other person that our objectives or plans will be achieved. A non-exclusive list of important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: (a) the occurrence of natural or man-made catastrophic events with a frequency or severity exceeding our expectations; (b) the adequacy of our loss reserves and the need to adjust such reserves as claims develop over time; (c) any lowering or loss of financial ratings of any wholly-owned operating subsidiary; (d) the effect of competition on market trends and pricing; (e) changes in general economic conditions, including changes in interest rates and/or equity values in the United States of America and elsewhere and continued instability in global credit markets; and (f) other factors set forth in the most recent reports on Form 10-K, Form 10-Q and other documents of IPC on file with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We do not intend, and are under no obligation, to update any forward-looking statement contained in this press release, except as required by law.