Bermuda-based Enstar Group Ltd. reported a more than 40 percent rise in net earnings for the second quarter.

The company, which specialises in acquiring and managing insurance and reinsurance companies in run-off, posted profit of $12.4 million, or 91 cents per basic share, for the April through June period, compared to compared to $8.8 million, or 65 cents per share, in the same quarter last year.

For the first half of the year Enstar's net earnings totalled $28.4 million, or $2.08 per basic share, compared to $20.3 million, or $1.51 per share, for the six months ended June 30, 2009.

Enstar's shareholders' equity at June 30, 2010 amounted to $821.4 million, excluding non-controlling interest of $289.6 million, or $59.94 per basic share.

That was up from $801.9 million, excluding non-controlling interest of $274.3 million, or $59.05 per basic share, at December 31, 2009.