Enstar Group Ltd’s full-year earnings climbed to $220.3 million last year as it continued to acquire businesses in run-off.

The company, whose headquarters are in Queen Street, Hamilton, reported that revenue grew to $1.03 billion on a large increase in net premiums earned, which rose to $839 million from $646.4 million in 2014.

Net income was up by $6.5 million from 2014, while net earnings per diluted share were $11.35.

Enstar’s core business is acquiring insurance portfolios no longer writing new business from other insurance companies and managing the ongoing obligations and reserves that go with them.

In recent years, Enstar has diversified its business with underwriting through its Atrium and StarStone segments.

The company’s preferred metric to gauge its progress is fully diluted book value per share, which rose to $129.65 by the end of last year from $119.22 a year earlier — and from $31.85 in 2006.

Enstar’s shareholders’ equity at December 31, 2015 totalled $2.52 billion, up from $2.3 billion a year earlier.

The group has continued acquiring targets this year. Last month Enstar reached a deal to reinsure portfolios of Allianz’s run-off business, including 50 per cent of certain portfolios of workers’ compensation, construction defect, and asbestos, pollution, and toxic tort business that were originally held by Fireman’s Fund Insurance Company.

In the process Enstar assumed net reinsurance reserves of around $1.1 billion.

The financial results were announced on Monday night. Enstar shares rose by $3.16, or 2 per cent, in trading on the Nasdaq Stock Exchange to close at $161.21 yesterday.