Moody's affirms Max Capital

Moody's Investors Service said it has affirmed the ratings of Max Capital Group Ltd. and its subsidiaries.

The outlook remains negative.

The affirmation follows the company's announcement that it will no longer pursue a merger with IPC Holdings, Ltd. after shareholders voted against the merger, the agency said.

Moody's said that the continuation of the negative outlook reflects previously noted incremental pressures, irrespective of its plans with IPC.

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