Endurance Authorises Share Repurchase Plan
Bermuda’s Endurance Specialty Holdings Ltd., a provider of property and casualty insurance and reinsurance, today [Nov.10] announced that its board of directors approved a new share repurchase programme authorising the repurchase of up to 7 million ordinary shares in open market or privately negotiated transactions, from time to time, depending on market conditions.
The new share repurchase programme is authorised to continue through November 30, 2013 and supersedes the Company’s existing share repurchase programme.
The board of directors also declared a quarterly dividend of $0.30 per ordinary share, $0.484375 per share payable on its 7.75% Non-Cumulative Preferred Shares, Series A and $0.46875 per share payable on its 7.50% Non-Cumulative Preferred Shares, Series B.
The dividend on Endurance’s outstanding ordinary shares will be payable on December 30, 2011 to the ordinary shareholders of record on December 16, 2011 and the dividend on Endurance’s Series A and Series B Preferred Shares will be payable on December 15, 2011 to the Series A and Series B Preferred shareholders of record on December 1, 2011.
Through its operating subsidiaries, Endurance writes property, casualty, healthcare liability, agriculture and professional lines of insurance and property, catastrophe, casualty, agriculture, aerospace and marine, and surety and other specialty lines of reinsurance.
Endurance’s headquarters are located at Wellesley House on 90 Pitts Bay Road.
