January 26: Business Briefs

Endurance Specialty Holdings is repurchasing 7,143,056 ordinary shares with options to buy back an additional 10,000 ordinary shares from Perry Corp.

The cost of the shares is $321.5 million — $44.99 per share, the closing price of the stock on Friday.

The repurchase is about 15 per cent of the total Endurance ordinary shares outstanding as of December 31, 2010. The firm is using existing cash on hand to fund the buy-back.

Bda hosts travel conference

Bermuda will host the 51st annual Congress for the North American Area Skål clubs.

Skål is the International Association of Travel and Tourism professionals and takes its name from a Scandanavian toast of friendship and goodwill.

Bermuda spokesman Gary Kent Smith said about 400 members of the travel industry will attend the event from April 12-15, 2012.

Harry Kromer, Skål Club of Bermuda president, said:  “The opportunity to host this event is a great honour and achievement, especially since it also marks the 50th anniversary of the club in Bermuda.”

Attendees will come from Canada, Mexico, the U.S. and the Caribbean.

Aspen joins Index

Bermuda-based Aspen Insurance Holdings Ltd has been added to the Standard & Poor’s MidCap 400 Index.

The reinsurer replaced Baldor Electric Co. yesterday. Balder Electric is being acquired by ABB Ltd. in a transaction expected to be completed soon.

Northern appointment

Gary Bauer has joined Bermuda holding company Northern Offshore as senior vice president of operations. He was Transocean’s division manager for Egypt and the Middle East.

Housley joins Flagstone

Richard Housley has been appointed underwriting director of Flagstone Syndicate Management. He was previously CEO of the specialty lines division at Axis.