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Endurance Specialty Holdings Ltd | 7.50% Non-Cumulative Preferred Shares, Series B (ENH.PRB)

Prospectus exerpt:  Endurance Specialty Holdings Ltd. is offering 9,200,000 shares of its 7.50% Non-Cumulative Preferred Shares, Series B, $25 liquidation preference per share (the “Series B Preferred Shares”), which includes 1,200,000 shares purchased through the underwriters’ exercise of the overallotment option in full. We will pay dividends on the Series B Preferred Shares when, as and if declared by our board of directors or a duly authorized committee thereof. Any such dividends will be payable from the date of original issuance on a non-cumulative basis, quarterly in arrears beginning on September 15, 2011. So long as any Series B Preferred Shares remain outstanding, no dividend shall be paid or declared on our ordinary shares, class A shares (that are convertible into ordinary shares) or any of our other shares ranking junior to the Series B Preferred Shares (other than a dividend payable solely in ordinary shares, class A shares or in other junior shares), unless the full dividend for the latest completed dividend period on all outstanding Series B Preferred Shares has been declared and paid or provided for. We are not allowed to redeem the Series B Preferred Shares before June 1, 2016, except in specified circumstances relating to certain tax or corporate events. See “Description of the Series B Preferred Shares—Redemption” and ”—Tax Redemption.” On and after June 1, 2016, we may, at our option, in whole or in part, redeem the Series B Preferred Shares by paying you $25 per share, plus any declared and unpaid dividends. Our ability to redeem the Series B Preferred Shares is subject to certain restrictions described under “Description of the Series B Preferred Shares—Redemption.” The Series B Preferred Shares have no stated maturity and are not subject to any sinking fund or mandatory redemption and are not convertible into any other securities.

Full Prospectus PDF », ENH Page »

Series:B
Redeemable?:Yes
Call Date:6/1/2016
Perpetual?:Yes
Cumulative?:No
Shares Offered:9,200,000
Overallotment:1,200,000
Liquidation Preference:$25
Recent Market Price:$26.34
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$1.34 (5.36%)
Annualized Dividend:1.875
Recent Ex-Date:3/5/2014
Current Yield:7.12%
Original Coupon:7.500%
Pay Period:Quarterly
Pay Dates:15-Mar, 15-Jun, 15-Sep, 15-Dec
Endurance Specialty Holdings is a holding company. Through its subsidiaries, Co. focuses on underwriting lines of personal and commercial property and casualty insurance and reinsurance. Co. has two segments: Insurance, which writes agriculture, casualty and other specialty, professional lines, and property insurance; and Reinsurance, which writes catastrophe, property, casualty, professional lines, 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:  32 (see which ones)
Total Market Value Held by ETFs:  $161,250,094
Total Market Capitalization:  $2,407,000,000
% of Market Cap. Held by ETFs:  6.70%

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