IPC and Max Capital announce merger
Max Capital and IPC Group have announced plans to merge in an all-stock deal.
Board members of both companies unanimously approved the amalgamation agreement, the two insurance firms said yesterday.
IPC has agreed to buy Max Capital for around $912 billion in stock.
The deal will see Max shareholders receive 0.6429 IPC shares for each Max share they own.
At current IPC value, the merger values Max stock at $16.34 per share.
The combined company will operate under the name of Max Capital Group Ltd. It will have joint shareholder equity of over $3 billion, and total assets of around $10 billion.
Marty Becker, chairman and CEO of Max Capital, and James P. Bryce, president and CEO of IPC, issued a joint statement.
The statement read: “We believe the combination of our companies will create a stronger, more diversified global underwriting franchise.
“IPC and Max have complementary businesses with very little overlap.”
They added that the new company will have more flexibility to manage capital and less volatile underwriting results than if the two companies remained separate.
When the deal completes in the third quarter, Becker will be appointed as president and CEO of the new company whilst Bryce will retire from his position.
Category: Companies News, Insurance News
Visited 1239 times, 1 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.