NU Online News Service, April 6, 3:42 p.m. EDT

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.

A letter to the board of Bermuda-based IPC from Validus Chairman and Chief Executive Officer Edward J. Noonan, dated Sunday, charged that Max Chairman and CEO W. Marston "Marty" Becker overstated the value IPC shareholders would receive from a deal with Max over his company's offer.

Validus said Max's claim that its deal would deliver 29 percent more tangible book value for IPC shareholders is incorrect and needs to be restated. Mr. Noonan claims that Max's calculation "understates the pro forma IPC share of Validus tangible book value per share by $2.74."

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