NU Online News Service, June 17, 3:54 p.m. EDT

Fitch Ratings said it will take no rating action on Max Capital Group Ltd. after the Bermuda reinsurer withdrew its bid for a merger with IPC Holdings Ltd.

Shareholders of IPC voted down Max's proposal on June 12, defying the recommendations of IPC's board, which favored Max's proposal over a rival offer from Validus Holdings, Ltd.

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