Enstar Group Ltd reported a sharp increase in first-quarter profits as it announced the departure of its chief financial officer.

The Bermuda insurer, which specialises in acquiring and managing businesses in run-off, reported net earnings of $44.8 million, or $2.32 per share for the first three months of the year, compared to $29.6 million, or $1.77 per share in the same period of last year.

Richard Harris will leave the CFO role on August 15, 2015, for personal reasons, Enstar said. On the same date, Mark Smith will join the company as CFO.

Mr Smith has been a partner of Deloitte in Bermuda since 1988 in the firm’s accounting and auditing services group.

“I have worked closely with Mark over many years, and he is very familiar with our company and our leadership team,” Enstar chief executive officer Dominic Silvester said.

“He has significant financial and public accounting expertise, a depth of industry knowledge, and proven leadership abilities. I am confident he will be a tremendous asset and strategic partner as we continue to grow our business on a global scale.”

Mr Harris said: “During my 12 years with Enstar it has been extremely gratifying to assist with the company’s significant growth and development. I believe that with the company in a very strong financial position, now is a good time to hand over the financial reins, which will allow me to spend more time with my family and eventually pursue other opportunities.”

Mr Harris will remain with the company for an extended period to facilitate a smooth transition to Mr Smith, Enstar said.

The company also announced the appointment Hitesh Patel as a director. Mr Patel, 54, served as CEO of Lucida plc, a UK life insurance company, from 2012 to 2013, and before that as its finance director and chief investment officer since 2007.

He is a non-executive director of Aviva Life Holdings UK Ltd.

Mr Patel has more than 30 years’ experience in the insurance industry, having served as KPMG LLP’s lead partner on Insurance Accounting and Regulatory Services in the UK from 2000 to 2007.