The ratings for Bermuda-based Endurance Speciality Insurance and its subsidiaries remain unaffected by the announcement of capital management initiatives by its parent company Endurance Speciality Holdings, said AM Best.
Endurance Speciality Insurance has an A (excellent) financial strength rating with a stable outlook.
The capital management initiatives involve the repurchase of approximately two million ordinary shares held by initial investor Lightyear Capital, for $64.7m, as well as board authorisation to initiate a share buy-back programme.
AM Best said it expects Endurance Speciality Insurance to continue to manage its capital base conservatively and within an acceptable range supportive of its current financial strength rating.
But it said it would closely monitor Endurance Speciality Insurance’s capital adequacy as the shares are repurchased.
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