Article: Validus Will Seek to Replace IPC Board If Unable to Reach Timely Agreement on Transaction.

Will Solicit Requisitions for Special Meeting of IPC Shareholders

HAMILTON, Bermuda -- Validus Holdings, Ltd. ("Validus") (NYSE: VR) today announced that it will seek to replace the Board of Directors of IPC Holdings, Ltd. ("IPC") (NASDAQ: IPCR) if it is unable to reach an agreement with the IPC Board in a timely fashion. While Validus continues to seek a consensual amalgamation transaction with IPC, it will continue to pursue its Exchange Offer and previously announced Scheme of Arrangement in order to complete a transaction and will seek to replace the IPC Board if an agreement with the IPC Board is not reached.

"Following the overwhelming rejection of ...

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