<HTML>
<HEAD>
<TITLE>
</TITLE>
</HEAD>
<BODY>


<page>
<a name="page"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 528pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">As filed with the Securities and Exchange Commission on May&nbsp;17,&nbsp;2007</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;  width: 528pt; text-align: right; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; font-weight: bold;font-style:normal;">Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
</p>
<table border="0" cellpadding="0" cellspacing="0" width="697">
<tr>
<td><img src="spacer.gif" height="3" width="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="3" width="1"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="3" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:14pt;  width: 528pt; text-align: center; font-style: normal; line-height: 16pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">SECURITIES AND EXCHANGE COMMISSION</font>
<br>
<font style="opacity:100; position:relative; font-size:10pt;">Washington, D.C. 20549</font>
</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="697">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="285"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="127"></td>
<td><img src="spacer.gif" height="1" width="285"></td>
<td><img src="spacer.gif" height="1" width="570"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:12pt;  width: 528pt; text-align: center; font-style: normal; line-height: 14pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">FORM S-8</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 528pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">REGISTRATION STATEMENT</font>
<br>
<font style="opacity:100; position:relative; ">UNDER</font>
<br>
<font style="opacity:100; position:relative; ">THE SECURITIES ACT OF 1933</font>
</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="697">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="285"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="127"></td>
<td><img src="spacer.gif" height="1" width="285"></td>
<td><img src="spacer.gif" height="1" width="570"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:16pt;  width: 528pt; text-align: center; font-style: normal; line-height: 18pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Endurance Specialty Holdings Ltd.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  width: 528pt; text-align: center; font-style: normal; line-height: 10pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Exact Name of Registrant as Specified in Its Charter)</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 697px; padding-top: 6px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="293"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="293"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Bermuda</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">98-0392908</font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">(State or Other Jurisdiction of</font>
<br>
<font style="opacity:100; position:relative; ">Incorporation or Organization)</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="t" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">(I.R.S. Employer</font>
<br>
<font style="opacity:100; position:relative; ">Identification No.)</font></font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 528pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Wellesley House</font>
<br>
<font style="opacity:100; position:relative; ">80 Pitts Bay Road</font>
<br>
<font style="opacity:100; position:relative; ">Pembroke HM 08, Bermuda</font>
<br>
<font style="opacity:100; position:relative; ">(441) 278-0400</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  width: 528pt; text-align: center; font-style: normal; line-height: 10pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Address, Including Zip Code, and Telephone Number, Including Area Code, of Principal Executive Offices)</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 528pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Endurance Specialty Holdings Ltd. 2007 Equity Incentive Plan</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  width: 528pt; text-align: center; font-style: normal; line-height: 10pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Full Title of the Plan)</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 528pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CT Corporation System</font>
<br>
<font style="opacity:100; position:relative; ">111 Eighth Avenue, 13th Floor</font>
<br>
<font style="opacity:100; position:relative; ">New York, New York 10011</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:8pt;  width: 528pt; text-align: center; font-style: normal; line-height: 10pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; font-weight: normal;font-style:normal;">(Name, Address and Telephone Number of Agent for Service)</font>
</p>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="697">
<tr>
<td><img src="spacer.gif" width="1" height="8"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="285"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="127"></td>
<td><img src="spacer.gif" height="1" width="285"></td>
<td><img src="spacer.gif" height="1" width="570"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 528pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; font-weight: bold; font-style: italic;">Copies To:</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 697px; padding-top: 2px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="570" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="277"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="277"></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Susan J. Sutherland, Esq.</font>
<br>
<font style="opacity:100; position:relative; ">Skadden, Arps, Slate, Meagher &amp; Flom LLP</font>
<br>
<font style="opacity:100; position:relative; ">Four Times Square</font>
<br>
<font style="opacity:100; position:relative; ">New York, New York 10036</font>
<br>
<font style="opacity:100; position:relative; ">(212) 735-3000</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="center" valign="top" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">John V. Del Col, Esq.</font>
<br>
<font style="opacity:100; position:relative; ">Endurance Specialty Holdings Ltd.</font>
<br>
<font style="opacity:100; position:relative; ">Wellesley House</font>
<br>
<font style="opacity:100; position:relative; ">80 Pitts Bay Road</font>
<br>
<font style="opacity:100; position:relative; ">Pembroke HM 08, Bermuda</font>
<br>
<font style="opacity:100; position:relative; "> (441) 278-0440</font></font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<!--0-->
<table border="0" cellpadding="0" cellspacing="0" width="697">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="285"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="127"></td>
<td><img src="spacer.gif" height="1" width="285"></td>
<td><img src="spacer.gif" height="1" width="570"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 528pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 6pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">CALCULATION OF REGISTRATION FEE</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 697px; padding-top: 0px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="697" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="262"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="12.44"></td>
<td><img src="spacer.gif" height="1" width="9"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="9"></td>
<td><img src="spacer.gif" height="1" width="12.44"></td>
<td><img src="spacer.gif" height="1" width="12.44"></td>
<td><img src="spacer.gif" height="1" width="31"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="33"></td>
<td><img src="spacer.gif" height="1" width="31"></td>
<td><img src="spacer.gif" height="1" width="12.44"></td>
<td><img src="spacer.gif" height="1" width="12.44"></td>
<td><img src="spacer.gif" height="1" width="18"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="60"></td>
<td><img src="spacer.gif" height="1" width="18"></td>
<td><img src="spacer.gif" height="1" width="12.44"></td>
<td><img src="spacer.gif" height="1" width="12.44"></td>
<td><img src="spacer.gif" height="1" width="5"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="48"></td>
<td><img src="spacer.gif" height="1" width="5"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="25"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Title of Securities</font>
<br>
<font style="opacity:100; position:relative; "> to be Registered</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Amount to be</font>
<br>
<font style="opacity:100; position:relative; ">Registered</font><sup style="vertical-align:top;"><font style="opacity:100; position:relative; ">(1)</font></sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Proposed Maximum</font>
<br>
<font style="opacity:100; position:relative; ">Offering Price per</font>
<br>
<font style="opacity:100; position:relative; ">Share</font><sup style="vertical-align:top;"><font style="opacity:100; position:relative; ">(2)</font></sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Proposed Maximum</font>
<br>
<font style="opacity:100; position:relative; ">Aggregate Offering</font>
<br>
<font style="opacity:100; position:relative; ">Price</font><sup style="vertical-align:top;"><font style="opacity:100; position:relative; ">(2)</font></sup></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Amount of</font>
<br>
<font style="opacity:100; position:relative; ">Registration</font>
<br>
<font style="opacity:100; position:relative; ">Fee</font><sup style="vertical-align:top;"><font style="opacity:100; position:relative; ">(3)</font></sup></font></td>
</tr>
<tr>
<td style="font-size: 9pt; line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 9pt; line-height:11pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Ordinary Shares, par value $1.00 per share </font></font></td>
<td style="background-color: #ffffff;border-bottom: 3px double #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px double #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px double #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">2,100,000</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px double #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px double #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px double #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">37.85</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px double #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px double #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px double #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">79,485,000</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px double #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px double #000000;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 3px double #000000"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><font style="opacity:100; position:relative; ">$</font></td>
<td align="right" style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">1,487.35</font></td>
<td style="font-size: 9pt;  line-height:11pt; color: #000000; border-bottom: 3px double #000000;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<table cellpadding="0" cellspacing="0" border="0" width="697">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 9pt; padding-bottom: 6pt;   width: 18pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(1)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 9pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Represents the maximum number of Ordinary Shares issuable under the Endurance Specialty Holdings Ltd. 2007 Equity Incentive Plan and includes 820,000 Ordinary Shares issuable under the Registrant&rsquo;s Amended and Restated 2002 Stock Option Plan and the Amended and Restated 2003 Non-Employee Director Equity Incentive Plan previously registered on Registration Statement on Form S-8 (No. 333-107643) filed on August&nbsp;4,&nbsp;2003 and as amended on June&nbsp;2,&nbsp;2005. Pursuant to Rule 416(c) under the Securities Act of 1933, as amended (the &lsquo;&lsquo;Securities Act&rsquo;&rsquo;), this Registration Statement shall also cover, in addition to the number of shares stated in the table above, an indeterminate number of additional Ordinary Shares, which may become issuable under the Endurance Specialty Holdings Ltd. Equity Incentive Plan by reason of certain corporate transactions or events, including any stock dividend, stock split, recapitalization or any other similar transaction effected without the receipt of consideration which results in an increase in the number of the Registrant&rsquo;s outstanding Ordinary Shares.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="697">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 9pt; padding-bottom: 6pt;   width: 18pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(2)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 9pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">The proposed maximum offering price is calculated pursuant to Rule 457(c) of the Securities Act on the basis of the average of the high and low sale prices for the Ordinary Shares as reported on The New York Stock Exchange on May&nbsp;15,&nbsp;2007 solely for the purpose of calculating the registration fee.</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="697">
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 9pt; padding-bottom: 6pt;   width: 18pt; padding-left: 0pt;"><font style="opacity:100; position:relative; ">(3)</font></td>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 9pt; padding-bottom: 6pt;   width: pt; "><font style="opacity:100; position:relative; ">Pursuant to Rule 457(p) of the Securities Act, the amount of the registration fee currently due has been offset by the fee of $952.84 that would have been due for the 820,000 Ordinary Shares issuable under the Registrant&rsquo;s Amended and Restated 2002 Stock Option Plan and the Amended and Restated 2003 Non-Employee Director Equity Incentive Plan, which was previously paid by Endurance Specialty Holdings Ltd. in connection with the Registration Statement on Form S-8 (No. 333-107643) originally filed on August&nbsp;4,&nbsp;2003.</font></td>
</tr>
</table>
<!--0--><table border="0" cellpadding="0" cellspacing="0" width="697">
<tr>
<td><img src="spacer.gif" width="1" height="1"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="285"></td>
<td bgcolor="#000000"><img src="spacer.gif" height="1"><img src="spacer.gif" height="1" width="127"></td>
<td><img src="spacer.gif" height="1" width="285"></td>
<td><img src="spacer.gif" height="1" width="570"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="8" width="1"></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:9pt;  width: 528pt; text-align: left; font-style: normal; line-height: 11pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The Registration Statement shall become effective upon filing in accordance with Rule 462(a) under the Securities Act.</font>
</p>
<table border="0" cellpadding="0" cellspacing="0" width="697">
<tr>
<td><img src="spacer.gif" height="3" width="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td bgcolor="#000000"><img src="spacer.gif" height="3" width="1"></td>
</tr>
<tr>
<td><img src="spacer.gif" height="3" width="1"></td>
</tr>
</table>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="page2"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">EXPLANATORY NOTE</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Endurance Specialty Holdings Ltd., a holding company domiciled in Bermuda (the &lsquo;&lsquo;Registrant&rsquo;&rsquo; or the &lsquo;&lsquo;Company&rsquo;&rsquo;), hereby files this Registration Statement on Form S-8 relating to 2,100,000 shares of the Registrant&rsquo;s Ordinary Shares, par value $1.00 per share (&lsquo;&lsquo;Ordinary Shares&rsquo;&rsquo;), issuable pursuant to the Endurance Specialty Holdings Ltd. 2007 Equity Incentive Plan (the &lsquo;&lsquo;Plan&rsquo;&rsquo;). The 2,100,000&nbsp;Ordinary Shares issuable pursuant to the Plan includes 1,280,000 Ordinary Shares plus 188,726 Ordinary Shares that were unissued pursuant to the Company&rsquo;s Amended and Restated 2002 Stock Option Plan and 631,274 Ordinary Shares that were unissued pursuant to the Company&rsquo;s Amended and Restated 2003 Non-Employee Director Equity Incentive Plan as of the date hereof.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">PART I</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">All information required by Part I of Form S-8 to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act of 1933, as amended (the &lsquo;&lsquo;Securities Act&rsquo;&rsquo;) and the Note to Part I of Form S-8 and is currently included in a prospectus dated the date hereof which will be distributed to participants in the Plan.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">PART II</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Item 3.&nbsp;&nbsp;&nbsp;&nbsp;Incorporation of Documents by Reference</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The following documents filed with the U.S. Securities and Exchange Commission (the &lsquo;&lsquo;Commission&rsquo;&rsquo;) by the Registrant, Endurance Specialty Holdings Ltd., pursuant to the Securities Exchange Act of 1934, as amended (the &lsquo;&lsquo;Exchange Act&rsquo;&rsquo;), are incorporated by reference in this Registration Statement:</font>
</p>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">1.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">The Company&rsquo;s Annual Report on Form 10-K for the year ended December&nbsp;31,&nbsp;2006;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">2.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">The Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31,&nbsp;2007;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">3.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">The Company&rsquo;s Current Reports on Form 8-K filed January&nbsp;31,&nbsp;2007; March&nbsp;1,&nbsp;2007; March&nbsp;27,&nbsp;2007; April&nbsp;4,&nbsp;2007 and May&nbsp;10,&nbsp;2007;</font></td>
</tr>
</table>
<table cellpadding="0" cellspacing="0" border="0" width="602">
<tr>
<td><img src="spacer.gif" height="1" width="26"></td>
<td><img src="spacer.gif" height="1" width="24"></td>
<td><img src="spacer.gif" height="1" width="552"></td>
</tr>
<tr>
<td align="left" valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; font-style: normal; width: 20pt;"></td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						padding-left: 0pt;width: 18pt;"><font style="opacity:100; position:relative; ">4.</font>&nbsp;</td>
<td valign="top" style="font-family:serif;font-weight:normal;color:#000000;font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-style: normal; text-align: left;&#10;						width: 418pt;"><font style="opacity:100; position:relative; ">The description of the Company&rsquo;s ordinary shares contained in Item 1 of the Company&rsquo;s Registration Statement on Form 8-A filed with the U.S. Securities and Exchange Commission under Section 12 of the Exchange Act on February&nbsp;10,&nbsp;2003, in which reference is made to the information set forth under the heading &lsquo;&lsquo;Description of Share Capital&rsquo;&rsquo; in the Company&rsquo;s Prospectus, which constitutes a part of the Company&rsquo;s Registration Statement on Form S-1, as amended (File No. 333-102026), filed under the Securities Act, including any amendment or report filed for the purpose of updating such description.</font></td>
</tr>
</table>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In addition, all documents (other than portions of Current Reports on Form 8-K furnished pursuant to Item 2.02, Item 7.01 or Item 8.01 of Form 8-K, unless otherwise indicated therein) filed or subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all securities described herein have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents with the Commission. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">2</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page3"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The Company will provide without charge to each person to whom a copy of this Registration Statement is delivered, upon the written or oral request of such person, a copy of any or all of the documents referred to above which have been or may be incorporated by reference herein (other than exhibits to such documents unless such exhibits are specifically incorporated by reference in such documents). Requests for such copies should be directed to the General Counsel, Endurance Specialty Holdings Ltd., Wellesley House, 80 Pitts Bay Road, Pembroke HM 08, Bermuda (telephone: (441)&nbsp;278-0400).</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Item 4.&nbsp;&nbsp;&nbsp;&nbsp;Description of the Securities</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Not applicable.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Item 5.&nbsp;&nbsp;&nbsp;&nbsp;Interests of Named Experts and Counsel</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Not applicable.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Item 6.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The amended and restated bye-laws of the Registrant provide for the indemnification of the Registrant&rsquo;s officers and directors, members of a (duly constituted) committee and any resident representative (and their respective heirs, executors or administrators), each referred to as an indemnified person, against all actions, costs, charges, liabilities, loss, damage or expense to the full extent permitted by Bermuda law (including, but not limited to liabilities under contract, tort, fiduciary duties and statute or any applicable foreign law or regulation and all reasonable legal and other costs and expenses properly payable), incurred or suffered by such party by reason of any act done, conceived in or omitted in the conduct of the Registrant&rsquo;s business or in the discharge of his/her duties; provided that such indemnification shall not extend to any matter which would render it void pursuant to the Companies Act 1981 (the &lsquo;&lsquo;Companies Act&rsquo;&rsquo;) as in effect from time to time in Bermuda.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The Registrant&rsquo;s amended and restated bye-laws state that an indemnified person shall be indemnified out of the funds of the Registrant against all liabilities incurred by him or her by reason of any act done, conceived in or omitted in the conduct of the Registrant&rsquo;s business or in the discharge of his or her duties, in defending any proceedings, whether civil or criminal, in which judgment is given in his or her favor, or in which he or she is acquitted, or in connection with the application under the Companies Act in which relief is granted to him or her by the court.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">In addition, each shareholder and the Registrant agree to waive any claim or right of action he or it may have at any time, whether individually or by or in the right of the Registrant against any indemnified person on account of any action taken by such person in the performance of his duties with or for the Registrant; provided that such waiver shall not extend to any claims or rights of action which would render it void pursuant to the Companies Act as in effect from time to time in Bermuda, that arises out of fraud or dishonesty on the part of such indemnified person or with respect to the recovery of any gain, personal profit or advantage to which such indemnified person is not legally entitled.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">The Companies Act provides that a Bermuda company may indemnify its directors in respect of any loss arising or liability attaching to them as a result of any negligence, default, breach of duty or breach of trust of which they may be guilty. However, the Companies Act also provides that any provision, whether contained in the company&rsquo;s bye-laws or in a contract or arrangement between the company and the director, indemnifying a director against any liability which would attach to him in respect of his fraud or dishonesty will be void.</font>
</p>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Item 7.&nbsp;&nbsp;&nbsp;&nbsp;Exemption from Registration Claimed</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Not applicable.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">3</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="page4"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Item 8.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="13"></td>
<td><img src="spacer.gif" height="1" width="7.50"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td><img src="spacer.gif" height="1" width="6.00"></td>
<td><img src="spacer.gif" height="1" width="12"></td>
<td><img src="spacer.gif" height="1" width="531"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Exhibit</font>
<br>
<font style="opacity:100; position:relative; ">Number</font></font></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Description of Document</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">3</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.1</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Memorandum of Association. Incorporated herein by reference to Exhibit 3.1 to Amendment No. 1 to the Registration Statement on Form S-1 filed on January&nbsp;28,&nbsp;2003.</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">3</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.2</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Certificate of Deposit of Memorandum of Increase of Share Capital. Incorporated herein by reference to Exhibit 3.2 to the Annual Report on Form 10-K for the Year Ended December&nbsp;31,&nbsp;2004.</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">3</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.3</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Amended and Restated Bye-laws. Incorporated herein by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q for the period ended June&nbsp;30,&nbsp;2005.</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">4</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.1</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Specimen Ordinary Share Certificate. Incorporated herein by reference to Exhibit 4.1 to Amendment No. 2 to the Registration Statement on Form S-1 filed on February&nbsp;10,&nbsp;2003.</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">4</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.2</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Endurance Specialty Holdings Ltd. 2007 Equity Incentive Plan. Incorporated herein by reference to Exhibit 10.4 to the Quarterly Report on Form 10-Q for the period ended March&nbsp;31,&nbsp;2007.</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">4</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.3</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Amended and Restated Shareholders Agreement, dated as of January&nbsp;30,&nbsp;2003, among the Company and each of the persons listed on Schedule A thereto. Incorporated herein by reference to Exhibit 10.1 to Amendment No. 3 to the Registration Statement on Form&nbsp;S-1&nbsp;filed on February&nbsp;27,&nbsp;2003.</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">4</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.4</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Registration Rights Agreement, dated as of July&nbsp;22,&nbsp;2002, among the Company and each of the persons listed on Schedule A hereto. Incorporated herein by reference to Exhibit 10.2 to Amendment No. 1 to the Registration Statement on Form S-1 filed on January&nbsp;28,&nbsp;2003.</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">5</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.1</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Opinion of Appleby</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">23</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.1</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Consent of Appleby (included in Exhibit 5.1)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">23</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.2</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Consent of Ernst &amp; Young</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">24</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.1</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Power of Attorney (included on signature page herein)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">99</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.1</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Form F-N</font></font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: 0pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">Item 9.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">1.&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes:</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">(a)&nbsp;&nbsp;&nbsp;&nbsp;To file, during any period in which offers or sales of the securities registered hereby are being made, a post-effective amendment to this Registration Statement:</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:40pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">(i)&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by Section 10(a)(3) of the Securities Act;</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:40pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">(ii)&nbsp;&nbsp;&nbsp;&nbsp;To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement;</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:40pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">(iii)&nbsp;&nbsp;&nbsp;&nbsp;To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 0pt; background-color: #ffffff">
<font style="opacity:100; position:relative; font-weight: normal; font-style: italic;">provided</font><font style="opacity:100; position:relative; ">, </font><font style="opacity:100; position:relative; font-weight: normal; font-style: italic;">however</font><font style="opacity:100; position:relative; ">, that paragraphs (a)(i) and (a)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">4</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page5"></a>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">(b)&nbsp;&nbsp;&nbsp;&nbsp;That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:20pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">(c)&nbsp;&nbsp;&nbsp;&nbsp;To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">2.&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in the Registration Statement shall be deemed to be a new Registration Statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">3.&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt; text-align: center; width: 456pt;">5</p>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="page"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">SIGNATURES</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 13pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Pembroke, Bermuda on the 17</font><sup style="vertical-align:top;"><font style="opacity:100; position:relative; ">th</font></sup><font style="opacity:100; position:relative; "> day of May, 2007.</font>
</p>
<div style="width: 593;">
<table border="0" cellpadding="0" cellspacing="0" width="593">
<tr>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: bold; font-style: normal; padding-top: 12pt;" valign="top" align="left" width="285"><img src="spacer.gif" height="1" width="285"></td>
<td style="font-family: serif; font-size: 10pt; color: #000000; font-weight: bold; font-style: normal; padding-top: 12pt;" valign="top" align="left"><font style="opacity:100; position:relative; ">ENDURANCE SPECIALTY HOLDINGS LTD.</font></td>
</tr>
</table>
</div>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 0px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:left;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:216px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="281"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="3.00"></td>
<td><img src="spacer.gif" height="1" width="-2"></td>
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="20"></td>
<td><img src="spacer.gif" height="1" width="-2"></td>
<td><img src="spacer.gif" height="1" width="3.00"></td>
<td><img src="spacer.gif" height="1" width="6"></td>
<td><img src="spacer.gif" height="1" width="281"></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 16pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 16pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">By:</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 16pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #000000;padding-left: 0pt; text-indent: 0pt; padding-top: 16pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">/s/ Kenneth J. LeStrange&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 10pt; text-indent: -10pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">&nbsp;</font></font></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff;"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="bottom"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="bottom"><font style="opacity:100; position:relative; ">&nbsp;</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="bottom" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Name: Kenneth J. LeStrange</font>
<br>
<font style="opacity:100; position:relative; ">Title: Chairman of the Board</font></font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>
<page>
<a name="page"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 0pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">POWER OF ATTORNEY</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 0pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">We, the undersigned officers, directors and authorized representatives of Endurance Specialty Holdings Ltd., hereby severally constitute and appoint Kenneth J. LeStrange, our true and lawful attorney-in-fact with power of substitution and resubstitution to sign in his name, place and stead, in any and all capacities, to do any and all things and execute any and all instruments that such attorney may deem necessary or advisable under the Exchange Act and any rules, regulations and requirements of the Commission in connection with this Registration Statement and any and all amendments hereto, as fully for all intents and purposes as he or she might or could do in person.</font>
</p>
<p style="font-family:serif;font-weight:normal;color:#000000;font-size:10pt;  width: 456pt; text-align: left; font-style: normal; line-height: 12pt; padding-top:6pt; padding-left:0pt; padding-right:0pt; padding-bottom: 6pt; margin: 0pt; text-indent: 20pt; background-color: #ffffff">
<font style="opacity:100; position:relative; ">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated:</font>
</p>
<table cellpadding="0" cellspacing="0" border="0" width="593">
<tr>
<td><img src="spacer.gif" height="1" width="218"></td>
<td><img src="spacer.gif" height="1" width="16"></td>
<td><img src="spacer.gif" height="1" width="234"></td>
<td><img src="spacer.gif" height="1" width="16"></td>
<td><img src="spacer.gif" height="1" width="109"></td>
</tr>
<tr>
<td style="font-family: serif; font-weight: bold; font-size: 8pt; font-style: normal; line-height: 12pt; border-bottom: 1px solid #000000;" align="center"><font style="opacity:100; position:relative; ">Signature</font></td>
<td></td>
<td style="font-family: serif; font-weight: bold; font-size: 8pt; font-style: normal; line-height: 12pt; border-bottom: 1px solid #000000;" align="center"><font style="opacity:100; position:relative; ">Title</font></td>
<td></td>
<td style="font-family: serif; font-weight: bold; font-size: 8pt; font-style: normal; line-height: 12pt; border-bottom: 1px solid #000000;" align="center"><font style="opacity:100; position:relative; ">Date</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="bottom" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">/s/ Kenneth J. LeStrange</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left"><font style="opacity:100; position:relative; ">Chairman of the Board,</font>
<br>
<font style="opacity:100; position:relative; ">Chief Executive Officer,</font><font style="opacity:100; position:relative; "> President and Director</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center"><font style="opacity:100; position:relative; ">May&nbsp;17,&nbsp;2007</font></td>
</tr>
<tr>
<td style="border-top:1px solid #000000;height:1;"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">Name: Kenneth J. LeStrange</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="bottom" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">/s/ Michael J. McGuire</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left"><font style="opacity:100; position:relative; ">Chief Financial Officer</font>
<br>
<font style="opacity:100; position:relative; ">(Principal Financial Officer)</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center"><font style="opacity:100; position:relative; ">May&nbsp;17,&nbsp;2007</font></td>
</tr>
<tr>
<td style="border-top:1px solid #000000;height:1;"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">Name: Michael J. McGuire</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="bottom" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">/s/ William Babcock</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left"><font style="opacity:100; position:relative; ">Chief Accounting Officer</font>
<br>
<font style="opacity:100; position:relative; ">(Principal Accounting Officer)</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center"><font style="opacity:100; position:relative; ">May&nbsp;17,&nbsp;2007</font></td>
</tr>
<tr>
<td style="border-top:1px solid #000000;height:1;"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">Name: William Babcock</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="bottom" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">/s/ Gregor S. Bailar</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left"><font style="opacity:100; position:relative; ">Director</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center"><font style="opacity:100; position:relative; ">May&nbsp;17,&nbsp;2007</font></td>
</tr>
<tr>
<td style="border-top:1px solid #000000;height:1;"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">Name: Gregor S. Bailar</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="bottom" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">/s/ John T. Baily</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left"><font style="opacity:100; position:relative; ">Director</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center"><font style="opacity:100; position:relative; ">May&nbsp;17,&nbsp;2007</font></td>
</tr>
<tr>
<td style="border-top:1px solid #000000;height:1;"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">Name: John T. Baily</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="bottom" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">/s/ Norman Barham</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left"><font style="opacity:100; position:relative; ">Director</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center"><font style="opacity:100; position:relative; ">May&nbsp;17,&nbsp;2007</font></td>
</tr>
<tr>
<td style="border-top:1px solid #000000;height:1;"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">Name: Norman Barham</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="bottom" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">/s/ Galen R. Barnes</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left"><font style="opacity:100; position:relative; ">Director</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center"><font style="opacity:100; position:relative; ">May&nbsp;17,&nbsp;2007</font></td>
</tr>
<tr>
<td style="border-top:1px solid #000000;height:1;"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">Name: Galen R. Barnes</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="bottom" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">/s/ William H. Bolinder</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left"><font style="opacity:100; position:relative; ">Director</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center"><font style="opacity:100; position:relative; ">May&nbsp;17,&nbsp;2007</font></td>
</tr>
<tr>
<td style="border-top:1px solid #000000;height:1;"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">Name: William H. Bolinder</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="bottom" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">/s/ Steven W. Carlsen</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left"><font style="opacity:100; position:relative; ">Director</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center"><font style="opacity:100; position:relative; ">May&nbsp;17,&nbsp;2007</font></td>
</tr>
<tr>
<td style="border-top:1px solid #000000;height:1;"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">Name: Steven W. Carlsen</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="bottom" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">/s/ Brendan R. O&rsquo;Neill</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left"><font style="opacity:100; position:relative; ">Director</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center"><font style="opacity:100; position:relative; ">May&nbsp;17,&nbsp;2007</font></td>
</tr>
<tr>
<td style="border-top:1px solid #000000;height:1;"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">Name: Brendan R. O&rsquo;Neill</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="bottom" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">/s/ Richard C. Perry</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left"><font style="opacity:100; position:relative; ">Director</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center"><font style="opacity:100; position:relative; ">May&nbsp;17,&nbsp;2007</font></td>
</tr>
<tr>
<td style="border-top:1px solid #000000;height:1;"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">Name: Richard C. Perry</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="bottom" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">/s/ William J. Raver</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left"><font style="opacity:100; position:relative; ">Director</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center"><font style="opacity:100; position:relative; ">May&nbsp;17,&nbsp;2007</font></td>
</tr>
<tr>
<td style="border-top:1px solid #000000;height:1;"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">Name: William J. Raver</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="bottom" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">/s/ Robert A. Spass</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left"><font style="opacity:100; position:relative; ">Director</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center"><font style="opacity:100; position:relative; ">May&nbsp;17,&nbsp;2007</font></td>
</tr>
<tr>
<td style="border-top:1px solid #000000;height:1;"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">Name: Robert A. Spass</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="bottom" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">/s/ Therese M.&nbsp;Vaughan</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left"><font style="opacity:100; position:relative; ">Director</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center"><font style="opacity:100; position:relative; ">May&nbsp;17,&nbsp;2007</font></td>
</tr>
<tr>
<td style="border-top:1px solid #000000;height:1;"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">Name: Therese M.&nbsp;Vaughan</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
<tr>
<td valign="bottom" align="center" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; font-style: normal; line-height: 12pt; " align="left"><font style="opacity:100; position:relative; ">Director</font></td>
<td rowspan="3"></td>
<td valign="top" rowspan="3" style="font-family: serif; font-weight: normal; font-size: 10pt; normal; line-height: 12pt; " align="center"></td>
</tr>
<tr>
<td style="border-top:1px solid #000000;height:1;"><img src="spacer.gif" height="1" width="1"></td>
</tr>
<tr>
<td align="center" valign="top" style="font-family: serif; font-weight: normal;  font-size: 10pt ; font-style: normal; line-height: 12pt ; "><font style="opacity:100; position:relative; ">Name: R. Max Williamson</font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="16" width="1"></td>
</tr>
</table>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>






<page>
<a name="page"></a>
<p style="font-family:serif;font-weight:bold;color:#000000;font-size:10pt;  width: 456pt; text-align: center; font-style: normal; line-height: 12pt; padding-top: 12pt; padding-left:0pt; padding-right:0pt; margin: 0pt; text-indent: pt; padding-bottom: 6pt; background-color: #ffffff;">
<font style="opacity:100; position:relative; ">EXHIBIT INDEX</font>
</p>
<img src="spacer.gif" height="10" width="1"><br>
<div style="border: 1px solid #FFFFFF; width: 602px; padding-top: 12px; border-left:none;" align="left">
<div class="WhiteBorder" style="padding:0;margin:0;text-align:center;">
<table style="border-top:none; border-bottom:none;border-left:none; border-right:none;margin-left:0px; " cellpadding="0" cellspacing="0" border="0" width="602" bgcolor="#ffffff">
<tr style="background-color:none">
<td><img src="spacer.gif" height="1" width="1"></td>
<td><img src="spacer.gif" height="1" width="13"></td>
<td><img src="spacer.gif" height="1" width="7.50"></td>
<td><img src="spacer.gif" height="1" width="8"></td>
<td><img src="spacer.gif" height="1" width="6.00"></td>
<td><img src="spacer.gif" height="1" width="12"></td>
<td><img src="spacer.gif" height="1" width="531"></td>
</tr>
<tr>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="4"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Exhibit</font>
<br>
<font style="opacity:100; position:relative; ">Number</font></font></td>
<td style="background-color: #ffffff;border-bottom:  1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 8pt; line-height:10pt; color: #000000; border-bottom: 1px solid #000000;padding-top: 0pt; background-color: #ffffff;	" align="center" valign="bottom" colspan="1"><font style="font-family: serif; font-size: 8pt; line-height:10pt; color: #000000; font-weight: bold; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Description of Document</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">3</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.1</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Memorandum of Association. Incorporated herein by reference to Exhibit 3.1 to Amendment No. 1 to the Registration Statement on Form S-1 filed on January&nbsp;28,&nbsp;2003.</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">3</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.2</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Certificate of Deposit of Memorandum of Increase of Share Capital. Incorporated herein by reference to Exhibit 3.2 to the Annual Report on Form 10-K for the Year Ended December&nbsp;31,&nbsp;2004.</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">3</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.3</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Amended and Restated Bye-laws. Incorporated herein by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q for the period ended June&nbsp;30,&nbsp;2005.</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">4</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.1</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Specimen Ordinary Share Certificate. Incorporated herein by reference to Exhibit 4.1 to Amendment No. 2 to the Registration Statement on Form S-1 filed on February&nbsp;10,&nbsp;2003.</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">4</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.2</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Endurance Specialty Holdings Ltd. 2007 Equity Incentive Plan. Incorporated herein by reference to Exhibit 10.4 to the Quarterly Report on Form 10-Q for the period ended March&nbsp;31,&nbsp;2007.</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">4</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.3</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Amended and Restated Shareholders Agreement, dated as of January&nbsp;30,&nbsp;2003, among the Company and each of the persons listed on Schedule A thereto. Incorporated herein by reference to Exhibit 10.1 to Amendment No. 3 to the Registration Statement on Form S-1 filed on February&nbsp;27,&nbsp;2003.</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">4</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.4</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Registration Rights Agreement, dated as of July&nbsp;22,&nbsp;2002, among the Company and each of the persons listed on Schedule A hereto. Incorporated herein by reference to Exhibit&nbsp;10.2 to Amendment No. 1 to the Registration Statement on Form S-1 filed on January&nbsp;28,&nbsp;2003.</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">5</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.1</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Opinion of Appleby</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">23</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.1</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Consent of Appleby (included in Exhibit 5.1)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">23</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.2</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Consent of Ernst &amp; Young</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">24</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.1</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Power of Attorney (included on signature page herein)</font></font></td>
</tr>
<tr>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal;" align="right" valign="top"><img src="spacer.gif" width="1"></td>
<td align="right" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff;font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">99</font></td>
<td align="left" style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top"><font style="opacity:100; position:relative; ">.1</font></td>
<td style="font-size: 10pt;  line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-top: 0pt; background-color: #ffffff; font-weight: normal; font-style: normal; " valign="top" align="left"><img src="spacer.gif" width="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="background-color: #ffffff;border-bottom: 1px solid #ffffff"><img src="spacer.gif" width="1" height="1"></td>
<td style="font-size: 10pt; line-height:12pt; color: #000000; border-bottom: 1px solid #ffffff;padding-left: 0pt; text-indent: 0pt; padding-top: 0pt; background-color: #ffffff;	" align="left" valign="top" colspan="1"><font style="font-family: serif; font-size: 10pt; line-height:12pt; color: #000000; font-weight: normal; font-style: normal;background-color: #ffffff;"><font style="opacity:100; position:relative; ">Form F-N</font></font></td>
</tr>
<tr>
<td><img src="spacer.gif" height="10" width="1"></td>
</tr>
</table>
</div>
</div>
<br>
<hr width="760" style="padding-left: 0pt;" align="left">
<br>



</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "file1.htm", "description": "FORM S-8", "secsgml_size_bytes": 137027}]
{"company-data": {"conformed-name": "ENDURANCE SPECIALTY HOLDINGS LTD", "cik": "0001179755", "assigned-sic": "6331", "irs-number": "000000000", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-143061", "film-number": "07862044"}, "business-address": {"street1": "4 PAR LA VILLE ROAD", "city": "HAMILTON HM 08 BERMUDA", "state": "D0", "zip": "00000", "phone": "441-278-0400"}}
As filed with the Securities and Exchange Commission on May 17, 2007
Registration No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Endurance Specialty Holdings Ltd.
(Exact Name of Registrant as Specified in Its Charter)
Bermuda
98-0392908
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
Wellesley House
80 Pitts Bay Road
Pembroke HM 08, Bermuda
(441) 278-0400
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Principal Executive Offices)
Endurance Specialty Holdings Ltd. 2007 Equity Incentive Plan
(Full Title of the Plan)
CT Corporation System
111 Eighth Avenue, 13th Floor
New York, New York 10011
(Name, Address and Telephone Number of Agent for Service)
Copies To:
Susan J. Sutherland, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, New York 10036
(212) 735-3000
John V. Del Col, Esq.
Endurance Specialty Holdings Ltd.
Wellesley House
80 Pitts Bay Road
Pembroke HM 08, Bermuda
(441) 278-0440
CALCULATION OF REGISTRATION FEE
Title of Securities
to be Registered
Amount to be
Registered
(1)
Proposed Maximum
Offering Price per
Share
(2)
Proposed Maximum
Aggregate Offering
Price
(2)
Amount of
Registration
Fee
(3)
Ordinary Shares, par value $1.00 per share
2,100,000
$
37.85
$
79,485,000
$
1,487.35
(1)
Represents the maximum number of Ordinary Shares issuable under the Endurance Specialty Holdings Ltd. 2007 Equity Incentive Plan and includes 820,000 Ordinary Shares issuable under the Registrant's Amended and Restated 2002 Stock Option Plan and the Amended and Restated 2003 Non-Employee Director Equity Incentive Plan previously registered on Registration Statement on Form S-8 (No. 333-107643) filed on August 4, 2003 and as amended on June 2, 2005. Pursuant to Rule 416(c) under the Securities Act of 1933, as amended (the ''Securities Act''), this Registration Statement shall also cover, in addition to the number of shares stated in the table above, an indeterminate number of additional Ordinary Shares, which may become issuable under the Endurance Specialty Holdings Ltd. Equity Incentive Plan by reason of certain corporate transactions or events, including any stock dividend, stock split, recapitalization or any other similar transaction effected without the receipt of consideration which results in an increase in the number of the Registrant's outstanding Ordinary Shares.
(2)
The proposed maximum offering price is calculated pursuant to Rule 457(c) of the Securities Act on the basis of the average of the high and low sale prices for the Ordinary Shares as reported on The New York Stock Exchange on May 15, 2007 solely for the purpose of calculating the registration fee.
(3)
Pursuant to Rule 457(p) of the Securities Act, the amount of the registration fee currently due has been offset by the fee of $952.84 that would have been due for the 820,000 Ordinary Shares issuable under the Registrant's Amended and Restated 2002 Stock Option Plan and the Amended and Restated 2003 Non-Employee Director Equity Incentive Plan, which was previously paid by Endurance Specialty Holdings Ltd. in connection with the Registration Statement on Form S-8 (No. 333-107643) originally filed on August 4, 2003.
The Registration Statement shall become effective upon filing in accordance with Rule 462(a) under the Securities Act.
EXPLANATORY NOTE
Endurance Specialty Holdings Ltd., a holding company domiciled in Bermuda (the ''Registrant'' or the ''Company''), hereby files this Registration Statement on Form S-8 relating to 2,100,000 shares of the Registrant's Ordinary Shares, par value $1.00 per share (''Ordinary Shares''), issuable pursuant to the Endurance Specialty Holdings Ltd. 2007 Equity Incentive Plan (the ''Plan''). The 2,100,000 Ordinary Shares issuable pursuant to the Plan includes 1,280,000 Ordinary Shares plus 188,726 Ordinary Shares that were unissued pursuant to the Company's Amended and Restated 2002 Stock Option Plan and 631,274 Ordinary Shares that were unissued pursuant to the Company's Amended and Restated 2003 Non-Employee Director Equity Incentive Plan as of the date hereof.
PART I
INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
All information required by Part I of Form S-8 to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act of 1933, as amended (the ''Securities Act'') and the Note to Part I of Form S-8 and is currently included in a prospectus dated the date hereof which will be distributed to participants in the Plan.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.    Incorporation of Documents by Reference
The following documents filed with the U.S. Securities and Exchange Commission (the ''Commission'') by the Registrant, Endurance Specialty Holdings Ltd., pursuant to the Securities Exchange Act of 1934, as amended (the ''Exchange Act''), are incorporated by reference in this Registration Statement:
1.
The Company's Annual Report on Form 10-K for the year ended December 31, 2006;
2.
The Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2007;
3.
The Company's Current Reports on Form 8-K filed January 31, 2007; March 1, 2007; March 27, 2007; April 4, 2007 and May 10, 2007;
4.
The description of the Company's ordinary shares contained in Item 1 of the Company's Registration Statement on Form 8-A filed with the U.S. Securities and Exchange Commission under Section 12 of the Exchange Act on February 10, 2003, in which reference is made to the information set forth under the heading ''Description of Share Capital'' in the Company's Prospectus, which constitutes a part of the Company's Registration Statement on Form S-1, as amended (File No. 333-102026), filed under the Securities Act, including any amendment or report filed for the purpose of updating such description.
In addition, all documents (other than portions of Current Reports on Form 8-K furnished pursuant to Item 2.02, Item 7.01 or Item 8.01 of Form 8-K, unless otherwise indicated therein) filed or subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, after the date of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all securities described herein have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents with the Commission. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
2
The Company will provide without charge to each person to whom a copy of this Registration Statement is delivered, upon the written or oral request of such person, a copy of any or all of the documents referred to above which have been or may be incorporated by reference herein (other than exhibits to such documents unless such exhibits are specifically incorporated by reference in such documents). Requests for such copies should be directed to the General Counsel, Endurance Specialty Holdings Ltd., Wellesley House, 80 Pitts Bay Road, Pembroke HM 08, Bermuda (telephone: (441) 278-0400).
Item 4.    Description of the Securities
Not applicable.
Item 5.    Interests of Named Experts and Counsel
Not applicable.
Item 6.    Indemnification of Directors and Officers
The amended and restated bye-laws of the Registrant provide for the indemnification of the Registrant's officers and directors, members of a (duly constituted) committee and any resident representative (and their respective heirs, executors or administrators), each referred to as an indemnified person, against all actions, costs, charges, liabilities, loss, damage or expense to the full extent permitted by Bermuda law (including, but not limited to liabilities under contract, tort, fiduciary duties and statute or any applicable foreign law or regulation and all reasonable legal and other costs and expenses properly payable), incurred or suffered by such party by reason of any act done, conceived in or omitted in the conduct of the Registrant's business or in the discharge of his/her duties; provided that such indemnification shall not extend to any matter which would render it void pursuant to the Companies Act 1981 (the ''Companies Act'') as in effect from time to time in Bermuda.
The Registrant's amended and restated bye-laws state that an indemnified person shall be indemnified out of the funds of the Registrant against all liabilities incurred by him or her by reason of any act done, conceived in or omitted in the conduct of the Registrant's business or in the discharge of his or her duties, in defending any proceedings, whether civil or criminal, in which judgment is given in his or her favor, or in which he or she is acquitted, or in connection with the application under the Companies Act in which relief is granted to him or her by the court.
In addition, each shareholder and the Registrant agree to waive any claim or right of action he or it may have at any time, whether individually or by or in the right of the Registrant against any indemnified person on account of any action taken by such person in the performance of his duties with or for the Registrant; provided that such waiver shall not extend to any claims or rights of action which would render it void pursuant to the Companies Act as in effect from time to time in Bermuda, that arises out of fraud or dishonesty on the part of such indemnified person or with respect to the recovery of any gain, personal profit or advantage to which such indemnified person is not legally entitled.
The Companies Act provides that a Bermuda company may indemnify its directors in respect of any loss arising or liability attaching to them as a result of any negligence, default, breach of duty or breach of trust of which they may be guilty. However, the Companies Act also provides that any provision, whether contained in the company's bye-laws or in a contract or arrangement between the company and the director, indemnifying a director against any liability which would attach to him in respect of his fraud or dishonesty will be void.
Item 7.    Exemption from Registration Claimed
Not applicable.
3
Item 8.    Exhibits
Exhibit
Number
Description of Document
3
.1
Memorandum of Association. Incorporated herein by reference to Exhibit 3.1 to Amendment No. 1 to the Registration Statement on Form S-1 filed on January 28, 2003.
3
.2
Certificate of Deposit of Memorandum of Increase of Share Capital. Incorporated herein by reference to Exhibit 3.2 to the Annual Report on Form 10-K for the Year Ended December 31, 2004.
3
.3
Amended and Restated Bye-laws. Incorporated herein by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q for the period ended June 30, 2005.
4
.1
Specimen Ordinary Share Certificate. Incorporated herein by reference to Exhibit 4.1 to Amendment No. 2 to the Registration Statement on Form S-1 filed on February 10, 2003.
4
.2
Endurance Specialty Holdings Ltd. 2007 Equity Incentive Plan. Incorporated herein by reference to Exhibit 10.4 to the Quarterly Report on Form 10-Q for the period ended March 31, 2007.
4
.3
Amended and Restated Shareholders Agreement, dated as of January 30, 2003, among the Company and each of the persons listed on Schedule A thereto. Incorporated herein by reference to Exhibit 10.1 to Amendment No. 3 to the Registration Statement on Form S-1 filed on February 27, 2003.
4
.4
Registration Rights Agreement, dated as of July 22, 2002, among the Company and each of the persons listed on Schedule A hereto. Incorporated herein by reference to Exhibit 10.2 to Amendment No. 1 to the Registration Statement on Form S-1 filed on January 28, 2003.
5
.1
Opinion of Appleby
23
.1
Consent of Appleby (included in Exhibit 5.1)
23
.2
Consent of Ernst & Young
24
.1
Power of Attorney (included on signature page herein)
99
.1
Form F-N
Item 9.    Undertakings
1.    The undersigned Registrant hereby undertakes:
(a)    To file, during any period in which offers or sales of the securities registered hereby are being made, a post-effective amendment to this Registration Statement:
(i)    To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)    To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement;
(iii)    To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;
provided
,
however
, that paragraphs (a)(i) and (a)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.
4
(b)    That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c)    To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
2.    The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in the Registration Statement shall be deemed to be a new Registration Statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
3.    Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
5
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Pembroke, Bermuda on the 17
th
day of May, 2007.
ENDURANCE SPECIALTY HOLDINGS LTD.
By:
/s/ Kenneth J. LeStrange
Name: Kenneth J. LeStrange
Title: Chairman of the Board
POWER OF ATTORNEY
We, the undersigned officers, directors and authorized representatives of Endurance Specialty Holdings Ltd., hereby severally constitute and appoint Kenneth J. LeStrange, our true and lawful attorney-in-fact with power of substitution and resubstitution to sign in his name, place and stead, in any and all capacities, to do any and all things and execute any and all instruments that such attorney may deem necessary or advisable under the Exchange Act and any rules, regulations and requirements of the Commission in connection with this Registration Statement and any and all amendments hereto, as fully for all intents and purposes as he or she might or could do in person.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated:
Signature
Title
Date
/s/ Kenneth J. LeStrange
Chairman of the Board,
Chief Executive Officer,
President and Director
May 17, 2007
Name: Kenneth J. LeStrange
/s/ Michael J. McGuire
Chief Financial Officer
(Principal Financial Officer)
May 17, 2007
Name: Michael J. McGuire
/s/ William Babcock
Chief Accounting Officer
(Principal Accounting Officer)
May 17, 2007
Name: William Babcock
/s/ Gregor S. Bailar
Director
May 17, 2007
Name: Gregor S. Bailar
/s/ John T. Baily
Director
May 17, 2007
Name: John T. Baily
/s/ Norman Barham
Director
May 17, 2007
Name: Norman Barham
/s/ Galen R. Barnes
Director
May 17, 2007
Name: Galen R. Barnes
/s/ William H. Bolinder
Director
May 17, 2007
Name: William H. Bolinder
/s/ Steven W. Carlsen
Director
May 17, 2007
Name: Steven W. Carlsen
/s/ Brendan R. O'Neill
Director
May 17, 2007
Name: Brendan R. O'Neill
/s/ Richard C. Perry
Director
May 17, 2007
Name: Richard C. Perry
/s/ William J. Raver
Director
May 17, 2007
Name: William J. Raver
/s/ Robert A. Spass
Director
May 17, 2007
Name: Robert A. Spass
/s/ Therese M. Vaughan
Director
May 17, 2007
Name: Therese M. Vaughan
Director
Name: R. Max Williamson
EXHIBIT INDEX
Exhibit
Number
Description of Document
3
.1
Memorandum of Association. Incorporated herein by reference to Exhibit 3.1 to Amendment No. 1 to the Registration Statement on Form S-1 filed on January 28, 2003.
3
.2
Certificate of Deposit of Memorandum of Increase of Share Capital. Incorporated herein by reference to Exhibit 3.2 to the Annual Report on Form 10-K for the Year Ended December 31, 2004.
3
.3
Amended and Restated Bye-laws. Incorporated herein by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q for the period ended June 30, 2005.
4
.1
Specimen Ordinary Share Certificate. Incorporated herein by reference to Exhibit 4.1 to Amendment No. 2 to the Registration Statement on Form S-1 filed on February 10, 2003.
4
.2
Endurance Specialty Holdings Ltd. 2007 Equity Incentive Plan. Incorporated herein by reference to Exhibit 10.4 to the Quarterly Report on Form 10-Q for the period ended March 31, 2007.
4
.3
Amended and Restated Shareholders Agreement, dated as of January 30, 2003, among the Company and each of the persons listed on Schedule A thereto. Incorporated herein by reference to Exhibit 10.1 to Amendment No. 3 to the Registration Statement on Form S-1 filed on February 27, 2003.
4
.4
Registration Rights Agreement, dated as of July 22, 2002, among the Company and each of the persons listed on Schedule A hereto. Incorporated herein by reference to Exhibit 10.2 to Amendment No. 1 to the Registration Statement on Form S-1 filed on January 28, 2003.
5
.1
Opinion of Appleby
23
.1
Consent of Appleby (included in Exhibit 5.1)
23
.2
Consent of Ernst & Young
24
.1
Power of Attorney (included on signature page herein)
99
.1
Form F-N