Attached files
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8-K - FORM 8-K - ENDURANCE SPECIALTY HOLDINGS LTD | c11371e8vk.htm |
EX-1.01 - EXHIBIT 1.01 - ENDURANCE SPECIALTY HOLDINGS LTD | c11371exv1w01.htm |
Exhibit 99.1
Contact
Investor Relations
Phone: (441) 278-0988
Email: investorrelations@endurance.bm
Investor Relations
Phone: (441) 278-0988
Email: investorrelations@endurance.bm
ENDURANCE ANNOUNCES SHARE REPURCHASE FROM FOUNDING SHAREHOLDER
PEMBROKE, Bermuda January 24, 2011 Endurance Specialty Holdings Ltd. (NYSE:ENH) today
announced that it has entered into an agreement to repurchase the ordinary shares and options held
by two affiliated funds of Perry Corp., which was a founding shareholder of Endurance. Endurance
is repurchasing 7,143,056 ordinary shares and options to purchase an additional 10,000 ordinary
shares. The aggregate repurchase price for the shares and the options is $321.5 million. The
repurchase price per ordinary share is $44.99, the closing price on January 21, 2011 and a discount
of approximately 1% from the volume weighted average price of Endurances ordinary shares for the
10 day period ending on January 21, 2011.
The repurchase is separate from Endurances existing 7 million share repurchase program that was
authorized by its Board of Directors in August 2010. The repurchase of the ordinary shares
represents approximately 15% of the total Endurance ordinary shares outstanding as of December 31,
2010. Endurance is using existing cash on hand to fund the repurchase.
About Endurance Specialty Holdings
Endurance Specialty Holdings Ltd. is a global specialty provider of property and casualty insurance
and reinsurance. Through its operating subsidiaries, Endurance writes property, casualty,
healthcare liability, agriculture and professional lines of insurance and property, catastrophe,
casualty, aerospace and marine, and surety and other specialty lines of reinsurance. We maintain
excellent financial strength as evidenced by the ratings of A (Excellent) from A.M. Best (XV size
category) and A (Strong) from Standard & Poors. Endurances headquarters are located at Wellesley
House, 90 Pitts Bay Road, Pembroke HM 08, Bermuda and its mailing address is Endurance Specialty
Holdings Ltd., Suite No. 784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda. For more
information about Endurance, please visit http://www.endurance.bm.