Davis Polk & Wardwell LLP is advising J.P. Morgan Securities as financial adviser to IPC Holdings, Ltd. in connection with its approximately $1.67 billion cash and stock acquisition by Validus Holdings Ltd. Under the terms of the agreement, IPC shareholders will receive for each IPC share 0.9727 Validus shares and $7.50 in cash. The transaction is subject to customary closing conditions 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. Based in Hamilton, Bermuda, Validus provides reinsurance and insurance coverage in the property, marine and specialty lines markets worldwide.

The Davis Polk corporate team includes partners William L. Taylor and George R. Bason Jr. and associate Alexander N. Macleod, all of the New York office, and associate David L. Portilla (admitted only in New York; practicing in Washington, D.C., under the supervision of partners of the firm) of the Washington, D.C., office. Partner Ethan T. James and associate Michel Beshara are providing insurance advice. Except as noted above, all members of the Davis Polk team are based in the New York office.