John Oros has resigned as executive chairman of Bermuda-based run-off specialist Enstar Group Ltd., to be replaced by the company's chief executive officer Dominic Silvester.

Mr. Oros will also step down from the company's board of directors to assume greater responsibilities at JC Flowers & Co.

Mr. Silvester is a co-founder of Castlewood Holdings Ltd., which merged with The Enstar Group, Inc. in 2007. He has served as Enstar's CEO since the merger and, prior to that, was the CEO of Castlewood.

Mr. Oros said: "I have been delighted by my years of association with Enstar, but as the company has grown and my responsibilities outside of Enstar have increased, it makes sense for me to focus my time and energy elsewhere."

Mr. Silvester said: "John is an able executive and we have benefited greatly from his services over the years. He will be missed, but I am excited about the prospect of leading Enstar as its chairman and CEO and I have tremendous confidence in the rest of Enstar's senior management team to help me achieve our goals."

In addition, Enstar announced that Gregory Curl has resigned from the board to take a position as president of Temasek Holdings in Singapore.

In connection with Mr. Oros's resignation, Enstar and Mr. Oros entered into a separation agreement that settled all of Enstar's obligations under Mr. Oros's existing employment agreement. Mr. Oros has also resigned from the various positions he held with Enstar's subsidiaries.

Enstar acquires and manages insurance and reinsurance companies in run-off and provides consultancy services to the insurance and reinsurance industry.