Endurance Plans $200 Million IPO

December 23, 2002

Bermuda-based Endurance Specialty Holdings announced that it plans an initial public offering sometime next year in an effort aimed at raising $200 million.

Endurance, formed after Sept. 11 by Aon, Zurich Financial Services and other investors, becomes the third offshore company after the St. Paul’s Platinum and White Mountains Montpelier Re, to offer shares to the public.

The company recently announced the formation of a New York-based subsidiary, Endurance Reinsurance Corporation of America (See IJ Website Dec. 20), and has indicated that it will use the additional proceeds from the IPO to repay debts and increase working capital.

The company made no indication as to the exact timing of the offer, the number of shares it intends to sell, or the price. Both Montpelier Re and Platinum shares have risen since their IPO’s last October.

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