Endurance Specialty Holdings is buyback 18 million of its ordinary shares.

The board of directors of the property and casualty insurer and reinsurer has approved the repurchase, which represents an increase of 16 million shares from the original authorisation of two million shares approved by the board in February.

The share repurchase programme authorises the repurchase of ordinary shares in open market or privately negotiated transactions, from time to time, depending on market conditions. The share repurchase programme is currently authorised to continue until May 2009.

Bermuda-based Endurance recorded a first quarter profit of $101.8m in the first three months of this year. Its share price was $37.56 at the close of trading yesterday.