Validus Files Suit Over Bermudan Reinsurer Merger

Law360, New York (April 28, 2009, 12:00 AM EDT) -- Bermuda-based reinsurer Validus Holdings Ltd. announced Tuesday that it had filed a lawsuit in Bermuda against IPC Ltd. and Max Capital Group Ltd. over a $50 million termination fee and “no-talk” provision contained in a merger agreement between the two after its own talks to buy IPC fell through.

In the lawsuit, filed in the Supreme Court of Bermuda, Validus contends that the termination fee contained in a plan of amalgamation between IPC, a Bermudan catastrophe reinsurer, and Max Captial is equal to an unlawful penalty...
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