Bermuda-based reinsurer Imagine Re was reported yesterday to be in talks to take over fellow Island company Max Capital - but both companies declined to comment on the rumour circulated in UK media.

The London-based Post Magazine website, reported that Imagine Re is "thought to be in takeover talks with Bermuda (re) insurer Max".

Both Per Sekse, chief investment officer of Imagine Re, and Kip Herring, the marketing director of Max Capital, declined to comment on the report.