Prospectus excerpt:  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 ÙSeries B Preferred Sharesˆ), 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 ÙDescription of the Series B Preferred Shares?Redemptionˆ and ˆ?Tax Redemption.ˆ 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 ÙDescription of the Series B Preferred Shares?Redemption.ˆ 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.