NU Online News Service, March. 4, 10:03 a.m. EST

Two Bermuda-based companies, Max Capital Group and Harbor Point Limited, announced that they agreed to merge last night, creating a global insurance and reinsurance enterprise with total capital of $3 billion.

Terms of the deal valued at $3.5 billion call for an exchange of stock and the payment of a $300 million special dividend to all shareholders of the combined company at the close of the deal. A.M. Best said the merger would enhance the operations of the two firms.

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