Bermuda-based Endurance Specialty Holdings Ltd. announced that it has repurchased 350,000 of its ordinary shares owned by Metro Center Investments Pte Ltd., an initial investor at the formation of the company.
The purchase price was $34.6775 per share, representing a 3% discount to the closing price for the ordinary shares on March 4, 2004. The purchase price totaled $12,137,125. Endurance is using existing cash on hand to fund the repurchase.
Kenneth LeStrange, chairman and CEO, commented, “This transaction demonstrates our continuing commitment to our capital management strategy of enhancing our return on equity through a selective repurchase of our ordinary shares at an attractive valuation.”
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