Bermuda-based reinsurer Endurance has repurchased 750,000 of its ordinary shares from TIAA-CREF, an initial private equity investor at the formation of Endurance.
The purchase price was $20.3m, or $27.06 per share. This is down 3% on the closing price for the ordinary shares on 19 August 2003. Endurance will use existing cash on hand to fund the repurchase.
"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 utilise a small portion of its excess capital," said Ken LeStrange, the Endurance chairman and CEO.
