Bermuda-based run-off company Enstar Group Ltd. has been successful in its bid to acquire the majority of shares held in failed reinsurer Goshawk Insurance Holdings plc.

Goshawk, which is based in London, placed its Bermudian reinsurance subsidiary, Rosemont Reinsurance Ltd., in run-off in 2005 after the unit suffered significant losses from record hurricane seasons in 2004 and 2005.

The insurer had already placed Lloyd's of London syndicate 102 in run-off in 2003. Enstar, formerly Castlewood Holdings Ltd., offered 5.2 pence in cash for each Goshawk share in July. As of Tuesday, the offer closing date, Enstar owned or had received offer acceptances representing approximately 89.4 percent of the existing issued ordinary share capital of Goshawk, the company said in a statement.