Max Bermuda Bails On Canadian Imperial Swap Deal

Law360, New York (September 1, 2009, 6:17 PM EDT) -- Bermuda special insurance provider Max Capital Group Ltd. has terminated a swap arrangement with the Canadian Imperial Bank of Commerce in a deal under which Max will buy back about $105.8 million worth of one of its affiliates' stock from the bank.

Max filed a notice with the U.S. Securities and Exchange Commission on Tuesday stating that its affiliates Max Bermuda Ltd. and Max Diversified Strategies Ltd., which were parties to the swap agreements, would be breaking off the arrangement with the bank and accounting for...
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