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IPC Holdings Ltd. board said it would stay on track with its decision to merge with Max Capital Group Ltd., spurning an offer from Validus Holdings Ltd.

Less than a month after Max Capital and IPC Re announced their boards had approved a merger deal, Validus Holdings presented the IPC board with a second offer to merge with the property-catastrophe reinsurer valued at $1.68 billion.

Two Bermuda insurers continued their fight to acquire IPC Holdings Inc. with a letter from Validus Holdings Ltd. saying the Max Capital Group Ltd. overstated the financial benefit IPC shareholders would receive by accepting its offer.

Responding to a rival bid for Bermuda-based property-catastrophe reinsurance specialist IPC Holdings from Validus Holdings yesterday, Max Capital said its lower-priced merger deal would create a company with better diversification.

Less than a month after Max Capital and IPC Re announced their boards approved a merger deal valued at roughly $900 million, Validus Holdings has presented the IPC board with a rival bid valued at $1.68 billion.

Profits at Lloyd's last year plunged to $2.7B--less than half of the $5.66B reported for 2007--but its CEO was counting his blessings, contending the market's positive bottom line was "a pretty good result" given the state of the economy.

Lloyd's reported today that its 2008 profit plunged to $2.7 billion from $5.66 billion in 2007, but its chief executive said the amount was "a pretty good result," given the current financial market.

While underwriters at Bermuda insurance and reinsurance companies remained focused on their defensive games in fourth-quarter 2008 and early 2009, offensive strategies are being planned, executives