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Endurance Specialty Holdings Ltd | 7.75% Non-Cumulative Preferred Shares, Series A (ENH.PRA)

Prospectus exerpt:  Endurance Specialty Holdings Ltd. is offering 8,000,000 shares of its 7.75% Non-Cumulative Preferred Shares, Series A, $25 liquidation preference per share (the "Series A Preferred Shares").

Holders of Series A Preferred Shares will be entitled to receive dividend payments only when, as and if declared by our board of directors or a duly authorized committee of the board. Any such dividends will be payable from the date of original issue on a non-cumulative basis, quarterly in arrears on the 15th day of March, June, September and December of each year (each, a "dividend payment date"), commencing on December 15, 2005, at an annual rate of 7.75%.

Dividends on the Series A Preferred Shares are not cumulative. Accordingly, in the event dividends are not declared on the Series A Preferred Shares for payment on any dividend payment date, then those dividends will not accrue and will not be payable. If we have not declared a dividend before the dividend payment date for any dividend period, we will have no obligation to pay dividends for that dividend period, whether or not dividends on the Series A Preferred Shares are declared for any future dividend period.

So long as any Series A Preferred Shares remain outstanding, no dividend shall be paid or declared on our ordinary shares, class A shares or any of our other securities ranking junior to the Series A Preferred Shares (other than a dividend payable solely in ordinary shares, class A shares or in such other junior securities), unless the full dividends for the latest completed dividend period on all outstanding Series A Preferred Shares and any parity shares have been declared and paid or provided for.

Except in specified circumstances relating to certain tax or corporate events, the Series A Preferred Shares are not redeemable prior to December 15, 2015. On and after that date, the Series A Preferred Shares will be redeemable at our option, in whole or in part, at a redemption price of $25 per Series A Preferred Share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends. See "Description of the Series A Preferred Shares—Redemption" and "—Tax Redemption." Our ability to redeem the Series A Preferred Shares is subject to certain restrictions described under "Description of the Series A Preferred Shares—Redemption."

Full Prospectus PDF », ENH Page »

Series:A
Redeemable?:Yes
Call Date:12/15/2015
Perpetual?:Yes
Cumulative?:No
Shares Offered:8,000,000
Liquidation Preference:$25
Recent Market Price:$26.63
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$1.63 (6.52%)
Annualized Dividend:1.9375
Recent Ex-Date:3/5/2014
Current Yield:7.28%
Original Coupon:7.750%
Pay Period:Quarterly
Pay Dates:15-Mar, 15-Jun, 15-Sep, 15-Dec
Endurance Specialty Holdings is a holding company. Through its operating subsidiaries, Co. focuses on underwriting lines of personal and commercial property and casualty insurance and reinsurance. Co. has two business segments: Insurance, which writes agriculture, casualty and other specialty, professional lines, and property insurance; and Reinsurance, which writes catastrophe, property, casualty, and other specialty reinsurance. Co.'s segments include property related coverages, which provide insurance or reinsurance of an insurable interest in tangible property for property loss, damage or loss of use. Co.'s segments also include various casualty insurance and reinsurance coverages.

Preferreds: ENH.PRA, ENH.PRB


Open the ENH Information Page »
Name:  Endurance Specialty Holdings Ltd
Website:  www.endurance.bm
Sector:  Insurance Brokers
Number of ETFs Holding ENH:  36 (see which ones)
Total Market Value Held by ETFs:  $147,663,323
Total Market Capitalization:  $2,284,000,000
% of Market Cap. Held by ETFs:  6.47%

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