NU Online News Service, April 9, 2:14 p.m. EDT

Hamilton, Bermuda-based insurer Validus Holdings Ltd. vowed it would fight to take over IPC Holdings Ltd. after the company's board said yesterday that it thought merging with Max Capital Group Ltd. was a better deal.

Validus Chairman and Chief Executive Officer Ed Noonan said in a statement yesterday he was "extremely disappointed" with IPC's decision, saying his company believes its proposal is superior to Max's offer.

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