IPC Holdings, Ltd.announced that Glass Lewis & Co. and PROXY Governance Inc., two of the nation’s leading proxy advisory firms, have each recommended that IPC shareholders vote the white proxy card for all the proposals associated with IPC’s proposed amalgamation with Max Capital Group Ltd (NASDAQ: MXGL; BSX: MXGL BH).

In its June 1, 2009 report recommending that IPC shareholders vote for the proposals associated with the IPC/Max amalgamation, Glass Lewis stated the following:

“We believe the proposed merger between IPC and Max offers compelling strategic benefits for the Company and its shareholders. The board conducted a rigorous sale process which involved multiple interested parties, with the overall aim of diversifying the Company’s business through a transaction. In our view, the proposed merger will allow shareholders to participate in a larger entity with an expanded capital base. Notably, the combination with Max is expected to diversify the Company’s operations and earning base, thereby reducing risk and earnings volatility. Moreover, based on the advisor’s fairness opinion, we believe the financial terms of the transaction are favorable to the Company and its shareholders.”

PROXY Governance’s report supporting the amalgamation of IPC and Max, also dated June 1, 2009, states:

“Given the strong case the company [IPC] has made for the upside potential – through diversification of risk, greater investor receptivity to the business model, and lower risk-based capital requirements for the same catastrophe business – as well as the extensive strategic transactions process guided by the strategic goals the board outlined, we believe shareholders will be better served by supporting the proposed transaction with Max Capital.”

Kenneth L. Hammond, Chairman of IPC, said, “We are pleased that both Glass Lewis and PROXY Governance have recognized the significant advantages of the combination of IPC and Max, which we believe will provide superior value and benefits to all IPC shareholders. IPC and Max have a fully negotiated transaction with compelling strategic benefits and superior value for IPC shareholders. Having received all regulatory approvals, we are in a position to close the amalgamation with Max immediately after we receive shareholder approval at our June 12 annual general meeting.

“We believe the Validus offer does not constitute a superior proposal when compared with the terms of the Max amalgamation and is not in the best interests of IPC and its shareholders. In addition, it is subject to a number of conditions, and faces substantial obstacles to completion on the terms proposed,” continued Mr. Hammond. “We urge IPC shareholders to vote the white proxy card for all the proposals associated with the merger and not to tender their shares to Validus.”

IPC Holdings, Ltd., through its wholly-owned subsidiary IPCRe Limited, provides property catastrophe reinsurance and, to a limited extent, aviation, property-per-risk excess and other short-tail reinsurance on a worldwide basis.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION

This press release includes statements about future economic performance, finances, expectations, plans and prospects of both IPC Holdings, Ltd. (“IPC”) and Max Capital Group Ltd. (“Max”) that constitute forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties, including the risks described in the definitive joint proxy statement/prospectus of IPC and Max that has been filed with the Securities and Exchange Commission (“SEC”) under “Risk Factors,” many of which are difficult to predict and generally beyond the control of IPC and Max, that could cause actual results to differ materially from those expressed in or suggested by such statements. For further information regarding cautionary statements and factors affecting future results, please also refer to the most recent Annual Report on Form 10-K , Quarterly Reports on Form 10-Q filed subsequent to the Annual Report and other documents filed by each of IPC or Max, as the case may be, with the SEC. Neither IPC nor Max undertakes any obligation to update or revise publicly any forward-looking statement whether as a result of new information, future developments or otherwise.