Texas Pacific, Thos. Lee to Sell App. 7.7 Million Endurance Shares

August 11, 2005

Bermuda-based Endurance Specialty Holdings Ltd. announced that two of its initial investors, Texas Pacific Group and Thomas H. Lee Partners, have agreed to sell approximately 7.7 million ordinary shares in a block trade.

“Goldman, Sachs & Co. has agreed to purchase the ordinary shares from Texas Pacific Group and Thomas H. Lee Partners and subsequently sell the ordinary shares to public investors,” said the bulletin. “The ordinary shares are being offered under Endurance’s Form S-3 shelf registration statement and represent approximately 13 percent of the ordinary shares outstanding. Endurance will not receive any proceeds from the sale.”

Endurance shares are trading in the $38 range on the New York Stock Exchange, making the sale worth around $293 million.

This is the second big private investor sale of an initial stake in a Bermuda start-up in as many days. On Wednesday AXIS Capital Holdings announced that JPMorgan Partners, a private equity affiliate of JP Morgan Chase & Co., and related entities would sell approximately 7.8 million shares (See IJ Website Aug.10).

Both companies were formed in the wake of the Sept.11 attacks – Endurance by Aon and Zurich and AXIS by, among others, Marsh’s Trident II investment fund. Both subsequently held initial public offerings and have seen their shares rise in value.

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