Endurance Specialty Repurchases 750,000 Shares from TIAA-CREF

August 21, 2003

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.

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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