Flagstone Reinsurance has proposed to acquire IPC Re for $1.88 billion, Reuters reports. Flagstone has made a competing offer to ward off an unsolicited bid from Validus Holdings worth $1.61 billion.

IPC sought other suitors in May after rejecting the Validus bid for being too low. IPC shareholders declined to ink a deal with rival insurer, Max Capital, in the beginning of June.

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