Enstar Group Reports First Quarter Profit
Bermuda re/insurer Enstar Group Limited filed its quarterly report on Form 10-Q with the US Securities & Exchange Commission on May 6, reporting its earnings and financial position for the three months ended March 31, 2011.
Enstar reported consolidated net earnings of $3.5 million (or $0.26 per fully diluted share) for the three months ended March 31, 2011 compared to $15.9 million (or $1.15 per fully diluted share) for the three months ended March 31, 2010.
Enstar, a Bermuda company, acquires and manages insurance and reinsurance companies in run-off and portfolios of insurance and reinsurance business in run-off, and provides management, consultancy and other services to the insurance and reinsurance industry.
Enstar’s shareholders’ equity at March 31, 2011 amounted to $959.7 million (excluding noncontrolling interest of $253.7 million) (or $72.11 per fully diluted share), up from $948.4 million (excluding noncontrolling interest of $267.4 million) (or $71.68 per fully diluted share) at December 31, 2010.
Enstar also announced that J. Christopher Flowers has resigned from Enstar’s board of directors. Mr. Flowers stated, “I am delighted to have been associated with Enstar’s success over the last 15 years and am very proud of Enstar’s achievements.
“I believe that Enstar’s business, management and prospects are superlative, and that the company has never been in a stronger position. I leave the board due to the demands of my many other business matters, but I wish the company continued prosperity.”
Dominic Silvester, Enstar’s chairman and CEO, said, “Chris has been a valuable contributor to Enstar for over 15 years.
“During that time Enstar has grown into a substantial company with considerable prospects and opportunities and on behalf of our shareholders, board and management, I would like to thank Chris for his many contributions and wish him well in his future endeavors.”
