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We have a higher cost of capital because we're in a volatile class," he said, referring to the heavy weighting of the company's business in catastrophe lines.

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

Bermuda-based reinsurer Validus Holdings, Ltd. reported third quarter net income of $499 million after a prior year loss of $126 million with a combined ratio that is 55 points better than last year.

First-half 2009 financial results for p&c insurers and reinsurers in Bermuda saw two of the smallest players "moving on" after failing to bulk up with a second-quarter acquisition and demonstrating stronger premium growth than their Bermuda counterparts.

Operators of oil rigs in the Gulf of Mexico may have breathed a big sigh of relief as they eyed the easterly track of Hurricane Bill recently because many drastically shrank their hurricane coverage programs, insurance executives reported late last month.

The board of IPC Holdings Ltd. has finally agreed to a merger proposal from Validus Holdings Ltd. after spurning an initial offer and multiple court battles with its corporate suitor.

The board of IPC Holdings, Ltd. has finally agreed to a merger proposal from Validus Holdings Ltd. after spurning an initial offer and multiple court battles with Validus.

Shareholders of IPC Holdings voted down a proposal to merge with Max Capital Friday, but rival bidder Validus, wary of potential responses from IPC's board, said it will look to replace that board if there's no deal soon.