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ENH > SEC Filings for ENH > Form 8-K on 16-Nov-2012All Recent SEC Filings




Other Events

Item 8.01. Other Events.

On November 15, 2012, Endurance Specialty Holdings Ltd. ("Endurance") adopted a written trading plan under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), to facilitate the continuing repurchase of its ordinary shares in accordance with Endurance's existing share repurchase authorization. As previously announced, in November 2011 Endurance's Board of Directors approved the repurchase through open market and privately negotiated purchases under the Company's share repurchase program of a total of up to 7 million ordinary shares. The share repurchase program is authorized to continue through November 30, 2013 and supersedes the Company's previously existing share repurchase program.

Endurance's Rule 10b5-1 trading plan provides that a broker selected by Endurance has the authority to repurchase ordinary shares at prevailing market prices on the New York Stock Exchange pursuant to the terms and limitations specified in the plan. The Rule 10b5-1 trading plan will allow Endurance's broker to repurchase ordinary shares on behalf of Endurance during Endurance's prohibited trading periods in connection with Endurance's future issuance of a preliminary loss estimate associated with Hurricane Sandy and Endurance's fourth quarter 2012 earnings release, to the extent such purchases are permitted pursuant to Regulation M under the Exchange Act. There can be no assurance that any ordinary shares will be repurchased by Endurance either through its Rule 10b5-1 trading plan or otherwise.

Endurance may suspend or terminate its Rule 10b5-1 trading plan at any time, so long as the suspension or termination is made in good faith and not as a part of a plan or scheme to evade the prohibitions of Rule 10b-5 under the Exchange Act, or other applicable securities laws.

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