Bermuda’s Endurance Specialty Holdings Ltd. announced that it has repurchased 750,000 of its ordinary shares owned by TIAA-CREF, an initial private equity investor that participated in the formation of the company in 2001.
“The purchase price was $27.06 per share which represented a 3% discount to the closing price for the ordinary shares on August 19, 2003,” said the bulletin. “The purchase price was $20.3 million. Endurance used existing cash on hand to fund the repurchase.”
Chairman and CEO Kenneth J. LeStrange commented, “We are pleased to have met TIAA-CREF’s desire for liquidity in a manner which reduced the potential for downward price pressure on our ordinary shares and allowed Endurance to utilize a small portion of its excess capital.”
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