Bermuda-based re/insurer Endurance's board of directors has authorised a share repurchase programme that will enable the company to buy back up to seven million of its shares between now and November 9, 2011.

The programme allows the company to purchase the shares in the open market or through privately negotiated transactions, depending on market conditions. The new programme supersedes Endurance's exiting share buyback scheme.

"The board of directors has consistently provided our management team with the necessary tools to effectively and efficiently manage our capital and this increase in our share repurchase authorisation provides us with additional flexibility to actively manage our capital in the current underwriting cycle," said David Cash, the company's CEO, in a statement.

Endurance's board has also declared a quarterly dividend of 25 cents per ordinary share and $0.484375 per share payable on its 7.75 percent series A non-cumulative preferred shares.