Bermuda-based Endurance Specialty Holding Ltd. announced that Aon Corporation has sold 9.8 million shares of Endurance common stock in a block sale to Goldman Sachs. The shares were sold under the Company’s Form S-3 shelf registration statement.
The Company did not sell any common shares in the offering. Aon will receive all of the net proceeds from the sale.
Aon and Zurich Financial Services, along with other investors, formed Endurance in November 2001, following the September 11 attacks, with an initial capitalization of $1.2 billion. The company repurchased $100 million worth of Zurich’s shares in September 2002. Endurance launched an initial public offering in February 2003, raising some $202.3 million.
The shares closed yesterday on the New York Stock Exchange at $34.50, making Aon’s sale worth around $338 million.