The Exchange Offer will be made onlythrough the Exchange Offer Documents

The Exchange Offer will be made onlythrough the Exchange Offer Documents. This press release is for informational purposes only and does notconstitute an offer to exchange, or a solicitation of an offer to exchange, IPCcommon shares, nor is it a substitute for the Tender Offer Statement on ScheduleTO or the preliminary prospectus/offer to exchange included in the RegistrationStatement on Form S-4 (including the letter of transmittal and related documentsand as amended and supplemented from time to time, the “Exchange OfferDocuments”) that Validus has filed or may file with the SEC The RegistrationStatement has not yet become effective. Except asrequired by law, we undertake no obligation to update publicly or revise anyforward-looking statement, whether as a result of new information, futuredevelopments or otherwise. Additional Information about the Proposed Acquisition and Where to Find It: Validus has filed an Exchange Offer to exchange each issued and outstandingcommon share of IPC for 1.1234 voting common shares of Validus and $3.75 incash. Webelieve that these factors include, but are not limited to, those set forth inthe proxy statements and registration statement that Validus has filed with theSecurities and Exchange Commission (“SEC”) relating to its proposed acquisitionof IPC, and should be read in conjunction with the cautionary statements andrisk factors included in our most recent reports on Form 10-K and Form 10-Q andthe risk factors included in IPC`s most recent reports on Form 10-K and Form10-Q and other documents of Validus and IPC on file with the SEC. Accordingly, there are or will be important factors that could cause actualresults to differ materially from those indicated in such statements and,therefore, you should not place undue reliance on any such statements. All forward-looking statements address mattersthat involve risks and uncertainties, many of which are beyond our control.

Cautionary Note Regarding Forward-Looking StatementsThis press release may include forward-looking statements, both with respect tous and our industry, that reflect our current views with respect to futureevents and financial performance. Talbotis the Bermuda parent of the specialty insurance group primarily operatingwithin the Lloyd`s insurance market through Syndicate 1183. Validus Reis a Bermuda based reinsurer focused on short-tail lines of reinsurance. is a provider of reinsurance and insurance, conductingits operations worldwide through two wholly-owned subsidiaries, ValidusReinsurance, Ltd (“Validus Re”) and Talbot Holdings Ltd (“Talbot”). For the latest copies of the transaction documents, proxy materials and aninvestor presentation detailing the benefits of the Validus offer, please visit About Validus Holdings, Ltd.Validus Holdings, Ltd. As of July 2,2009, the last trading day prior to this extension, approximately 9,190,039shares of IPC (including approximately 5,151 IPC shares subject to guaranteeddelivery procedures) had been tendered in and not withdrawn from the ExchangeOffer. Shareholder questions regarding the Exchange Offer or requests foroffering documents should be directed to Validus` Information Agent for theExchange Offer, Georgeson Inc., toll-free at (800) 213-0317; banks and brokersshould call: (212) 440-9800.

Validus also announced today that it has extended its Exchange Offer for all ofthe outstanding common shares of IPC to 5:00 p.m., New York City time (6:00p.m., Atlantic time), on Monday, July 13, 2009, unless extended. The Validus offerprovides IPC shareholders with a 24.9% premium and $31.73 per share based onIPC`s and Validus` closing prices on March 30, 2009, the last trading day beforethe announcement of Validus` initial offer. IPC shareholders would benefitfrom being part of Validus, which has the highest growth in tangible book valueplus accumulated dividends of any publicly traded Bermuda reinsurance company asmeasured over the time Validus has been public, and the IPC Board is fullybriefed on the future value creation embedded in the growth of our businessthrough our new initiatives.” Under Validus` offer, IPC shareholders would receive total consideration of$28.63 based on Validus` closing price on July 2, 2009. Noonan continued, “As we have said since we first announced our offer forIPC in late March, we believe that a combination with IPC will createsignificant short and long-term value for the shareholders of both Validus andIPC by creating a well-diversified, market-leading carrier in Bermuda’sshort-tail reinsurance and insurance markets.