Rapidly-expanding Bermuda-based insurer Endurance Specialty Holdings Ltd., has announced plans to go public with a $200 million initial public offering.

Endurance is the second of the the new wave of Bermuda insurers formed in the wake of the September 11 terrorist attacks to go public. Montpelier Re raised $201 million in an IPO in October and other new insurers are expected to follow suit.

Endurance has $1.9 billion in total assets, according to its filing with the Securities and Exchange Commission on Friday.

The company, headed by chief executive officer Kenneth LeStrange, plans to use the net proceeds to provide additional capital to subsidiaries, repay a portion the outstanding debt under credit facilities and for other general corporate purposes, it said.

The preliminary prospectus did not say how many common shares are being sold or the price range. That information is expected in future filings. Endurance has applied for a New York Stock Exchange listing under the symbol "ENH".

Endurance, with subsidiaries in Bermuda, Britain and the United States, began operations in December, 2001 after Endurance Bermuda completed a private placement of $1.2 billion of its equity securities.

Initial investors in Endurance Bermuda included Aon Corp. , Zurich Financial Services Group, Texas Pacific Group and TIAA-CREF, the big pension system, although Zurich has since sold its stake.

"As a newly formed company," Endurance said in the prospectus, "we are unencumbered by any historical losses relating to asbestos liabilities, the World Trade Center tragedy and other historical liability exposures currently affecting many of our competitors."

For the nine months ended Sept. 30, 2002, Endurance had $623 million in gross premiums written and acquired and $63 million in net income, according to the SEC filing.

Endurance through its wholly-owned operating subsidiaries, writes property per risk treaty reinsurance, property catastrophe reinsurance, casualty treaty reinsurance, property individual risks, casualty individual risks, and other specialty lines. The IPO announcement comes after Endurance last week announced the formation of a US subsidiary.

Endurance Reinsurance Corp. of America is a Tarrytown, New York-based reinsurer that will underwrite excess-of-loss, pro rata, workers compensation, surety and other specialty reinsurance risks. Earlier this month, Endurance established a London office.

The IPO will be underwritten by Goldman Sachs, Merrill Lynch, J.P. Morgan, Credit Suisse First Boston and Deutsche Bank.