Enstar Group Ltd. has announced a public offering of 1,200,000 ordinary shares at a price of $87.50 per share to the public.

All of the shares will be sold by Enstar and none will be sold by Enstar's existing shareholders. The Bermuda-based company, which acquires and manages re/insurance companies in run-off and provides management, consultancy and other services to the insurance and reinsurance industry, has also granted the underwriters a 30-day option to buy an additional 180,000 ordinary shares to cover over-allotments, if any. Enstar expects the issuance and delivery of the shares to occur on July 1, 2008.

Fox-Pitt Kelton Cochran Caronia Waller (USA) LLC is acting as book-running manager and Dowling & Partners Securities LLC is acting as co-manager. The shares will be issued pursuant to a registration statement, as amended, that was filed with the Securities and Exchange Commission at the beginning of June.

Meanwhile, Goshawk Insurance Holdings Plc., which was bought by Enstar for about $90.3 million earlier this month, said group net assets increased by about $6.7 million during May.