Max is reasonably solid with more of a long-tail focus, and tends to run a risky investment portfolio. Recently Max has broadened out to do more primary insurance.

ICPR is a pure play P&C Cat re company with a very conservative investment portfolio.

VR is mixed P&C Cat re/insurer, with a so so investment portfolio.

I think the idea of merging with IPC is stupid because IPC doesn't add any value to Max.

IMHO Max should reduce short tail business even further and seek to increase long tail business and investment/asset leverage.