IPC shareholders did not approved the agreement and plan of amalgamation

Bermuda-based Max Capital, a provider of insurance and reinsurance, has decided to terminate the agreement and plan of amalgamation, previously signed among Max, IPC Holdings, and IPC Limited, in March.

The decision was made after IPC’s shareholders did not approve the required proposals at IPC’s annual general meeting of shareholders.

Marston Becker, Chairman and CEO of Max Capital, said: “The Board, employees and shareholders of Max were excited about the deal with IPC, and we are, of course, disappointed that IPC’s shareholders did not approve it. We believed and continue to believe that the combination of Max and IPC would have created significant value for both companies’ shareholders.”

IPC Holdings is a reinsurer based in Bermuda, with subsidiaries in Dublin.