Validus, IPC complete cash-and-stock merger following shareholder vote

By Lisa Kerner

Charlotte, N.C., Sept. 4 - Validus Holdings, Ltd. and IPC Holdings, Ltd. combined to create a leading carrier in the Bermuda short-tail reinsurance and insurance markets, Validus announced on Friday.

Shareholders of both Bermuda-based reinsurance companies approved the merger at separate meetings on Friday.

Under the amalgamation agreement announced in July, IPC shareholders will receive $7.50 in cash and 0.9727 Validus voting common shares for each IPC common share.

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