Bermuda insurer Endurance Specialty Holdings Ltd. announced on Wednesday that it has repurchased 1.3 million of its ordinary shares owned by Capital Z Financial Services Fund II, LP and Capital Z Financial Services Private Fund II, LP — initial investors at the formation of the company, six years ago.

The purchase price was $38.02275 per share, for a total purchase price of $49,429,575. Endurance made the repurchases under its existing share repurchase programme and is using existing cash on hand to fund the repurchase.

Endurance chairman and chief executive officer Kenneth LeStrange said: "The repurchase of Capital Z's shares offered Endurance the opportunity to move forward quickly with its capital management strategy. We will continue to seek to enhance our return on equity through selective repurchases of our ordinary shares at attractive valuations."