Bermuda-based insurance company Enstar Group Ltd last night announced earnings that trounced analysts’ estimates and reported that its shareholders’ equity passed the $2 billion mark.

The company, which specialises in run-off acquisitions, said net earnings for the second quarter were $51.8 million, or $2.68 per share, surpassing the $1.96 per share consensus expectation of analysts tracked by Yahoo Finance. In the same period last year, Enstar earned $19.2 million, or $1.15 per fully diluted share.

For the first six months of the year, Enstar earned $81.4 million, or $4.52 per share, up from the $31.2 million, or $1.87 per share recorded in the same period of 2013.

Enstar’s shareholders’ equity at June 30, 2014 amounted to $2.3 billion, or $113.94 per share, up from $1.75 billion, or $105.20 per share at the end of last year.

Enstar has acquired more than 60 companies and portfolios in run-off — that is which have stopped writing new business — since its formation in 2001.

The company, whose headquarters are in Queen Street, Hamilton, also has active underwriting businesses include the Atrium group of companies, which manage and underwrite specialist insurance and reinsurance business for Lloyd’s Syndicate 609, and the Torus group of companies.