Mark Smith, the chief financial officer of island-based Enstar Group, will step down from his role at the end of this year.

Guy Bowker, Enstar’s chief accounting officer and deputy CFO, will succeed Mr Smith in the CFO role from the start of 2018.

Mr Smith, who has served as Enstar’s CFO since August 2015, will continue in a consulting role for the company for a two-year period, for which he will receive a monthly fee of $62,500, the company said in a regulatory filing.

Mr Bowker joined Enstar in September 2015. Previously, he served as senior vice-president, controller of Platinum Underwriters Holdings, and as director of finance for AIG in Bermuda.

Enstar specialises in acquiring insurance businesses in run-off and then managing their assets and liabilities. It has also diversified into “live” underwriting in recent years.

In the first quarter, Enstar posted net earnings of $54.7 million and had total shareholders’ equity of nearly $2.9 billion at March 31.

Dominic Silvester, chief executive officer, said: “Mark has played an essential role during an important period in Enstar’s growth, and I am grateful for his contributions. When he joined us in 2015, his key objectives were to strengthen the Group Finance function and to develop a successor, which he has now accomplished.

“In Guy Bowker, we have identified a talented professional whose expertise and dedication make him an excellent successor to Mark,” Mr Silvester added.

“I am confident that as CFO and a member of the executive leadership team Guy will be able to make an even more significant contribution to Enstar. Mark and Guy will prepare for the transition throughout the year, and Mark will continue his work with Enstar as a senior adviser after January 1, 2018.”