In a joint announcement this morning, two Bermuda companies–Max Capital Group and IPC Holdings–said they have agreed to join together, with the boards of both companies unanimously having approved an “amalgamation agreement.”

“This is not a transaction about expense savings, but [one] about growth and long-term value creation for our collective shareholders,” said W. Marston Becker, chairman and chief executive officer of Max Capital, a specialty insurance and reinsurance company created in 2002, during a conference call this morning.

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