ENDURANCE SPECIALTY IPO RAISES $220M

Bermuda-based reinsurer Endurance Specialty Holdings has raised $220.8m through its initial public offering of 9.66m shares. The shares were priced at $23 each, below the anticipated range of $25 to $27. The company — formed by Aon, Zurich and others in the wake of September 11 — ended 2002, its first year of business, with net earnings of $102.6m on net written premiums of $764.9m.