On June 20, 2008, Endurance Specialty Holdings Ltd. (“Endurance”) adopted a written trading plan under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), to facilitate the continuing repurchase of its ordinary shares in accordance with Endurance’s existing share repurchase authorization. As previously announced by Endurance in May 2007, Endurance’s Board of Directors approved the repurchase through open market and privately negotiated purchases under the Company’s share repurchase program a total of 18 million ordinary shares.

Endurance’s Rule 10b5-1 trading plan provides that a broker selected by Endurance has the authority to repurchase ordinary shares or warrants to purchase ordinary shares in privately negotiated transactions pursuant to the terms and limitations specified in the plan. The Rule 10b5-1 trading plan will allow Endurance’s broker to repurchase ordinary shares and warrants on behalf of Endurance during Endurance’s prohibited trading period in connection with Endurance’s second quarter 2008 earnings release, to the extent such purchases are permitted pursuant to Regulation M under the Exchange Act. There can be no assurance that any ordinary shares or warrants will be repurchased by Endurance either through its Rule 10b5-1 trading plan or otherwise.

Endurance may suspend or terminate its Rule 10b5-1 trading plan at any time, so long as the suspension or termination is made in good faith and not as a part of a plan or scheme to evade the prohibitions of Rule 10b-5 under the Exchange Act, or other applicable securities laws.