NU Online News Service, April 8, 2:29 p.m. EDT

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.

The Hamilton, Bermuda-based insurer said yesterday that its board of directors voted unanimously to reaffirm its recommendation that IPC shareholders vote to approve the definitive amalgamation (the name for a stock for stock acquisition transaction under Bermuda law) between IPC and Max.

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