12 May 2014 Insurance

Acquisitions help Enstar boost profits

Enstar Group, the Bermuda-based run-off specialist, increased its profits in the first quarter of 2014 as the company digested several key acquisitions made in the past 12 months.

The company expanded into the active underwriting business last year with the acquisitions of Atrium Underwriting Group and Arden Reinsurance Company. In April this year, it also acquired Torus Insurance Holdings.

Its net earnings for the quarter reached $29.6 million, a 146 percent increase on the $12 million it made a year earlier. Its shareholders' equity at March 31, 2014 was $1.78 billion (or $106.94 per fully diluted share) compared with $1.75 billion (or $105.20 per fully diluted share) at December 31, 2013.

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