Davis Polk & Wardwell is advising J.P. Morgan Securities as financial adviser to IPC Holdings, Ltd. in connection with its approximately $914 million all-stock acquisition of Max Capital Group Ltd. Under the terms of the definitive amalgamation agreement, Max shareholders will receive 0.6429 IPC shares for each Max share. Upon closing, the combined entity will be renamed Max Capital Group. The transaction is subject to customary closing conditions, shareholder and various regulatory approvals and notices, and is expected to close in the third quarter of 2009.

IPC Holdings is a Pembroke, Bermuda-based reinsurer providing property catastrophe reinsurance and, to a limited extent, aviation, property-per-risk excess and other short-tail reinsurance on a worldwide basis. Hamilton, Bermuda-based Max Capital Group provides specialty insurance and reinsurance products for the property and casualty market principally in Bermuda, Ireland and the United States.

The Davis Polk corporate team includes partners George R. Bason Jr. and William L. Taylor and associate David L. Portilla. Partner Ethan T. James and associate Michel Beshara are providing insurance advice. All members of the Davis Polk team are based in the New York office.