Bermuda-based run-off specialist Enstar Group significantly increased its turnover and profits in the second quarter of 2014, enhanced partly by its acquisition of Torus Insurance in April earlier this year.
The company’s consolidated net earnings for the quarter were $51.8 million compared with $19.2 million in the same quarter in 2013. For the first six months of 2014, it made $81.4 million compared with $31.2 million in the prior year second quarter.
The company’s 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 30th, 2014 amounted to $2.19 million compared with $1.75 million as of December 31st, 2013.
Torus, Enstar, Q2, results, Bermuda, acquisition