12 August 2014 Insurance

Torus acquisition boosts Enstar in Q2

Enstar Group, the Bermuda-based run-off specialist, increased its turnover and profits substantially in the second quarter of 2014 boosted partly by its acquisistion of Torus Insurance in April.

The company’s consolidated net earnings for the quarter were $51.8 million compared with $19.2 million in the same quarter a year earlier. For the first six months of 2014, it made $81.4 million compared with $31.2 million in the same period in 2013.

Its net premiums earned also grew substantially, largely boosted by the Torus deal. These reached $216.9 million in the quarter compared with $75.5 million a year earlier and $278.5 million for the first six months compared with $107.2 million in the first half of 2013.

Enstar's shareholders' equity at June 30, 2014 amounted to $2.19 million compared with $1.75 million as of December 31, 2013.

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