Max Capital Group and IPC Holdings have moved to join forces in a deal valued at more than $900 million, with the boards of both companies unanimously approving an “amalgamation agreement” that would make the united firm the seventh-biggest in Bermuda.

“This is not a transaction about expense savings, but [one] about growth and long-term value creation for our collective shareholders,” said W. Marston Becker, chairman and chief executive officer of Max Capital–a specialty insurer and reinsurer created in Bermuda in 2002–during a conference call announcing the deal.

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