Profits at Enstar Group rose by more than $5 million in 2014, the firm has revealed.

Enstar — which specialises in acquiring and managing insurers in run-off — reported net earnings of $213.7 million for 2014, compared to $208.6 million the year before.

Businesses in run-off continue to provide coverage against liability after they have stopped writing new business.

Enstar earned $11.44 per fully diluted share last year, compared to $12.49 in 2013.

Enstar also announced today that it had appointed Rick Becker to its board of directors.

Mr Becker, 68, is the chairman of US national healthcare professional liability and risk management company Clarity Group, which he co-founded more than 13 years ago and he has more than 35 years of experience in the insurance and healthcare industries.

Enstar said it would increase its borrowing capacity up by $165 million to $665 million by amending its revolving credit facility, adding the UK’s Lloyd’s Bank to its existing lending syndicate of National Australia Bank, the UK’s Barclays Bank and the Royal Bank of Canada.

Enstar’s shareholders’ equity at December 31, 2014 amounted to $2.3 billion (or $119.22 per fully diluted share), which was up from $1.75 billion (or $105.20 per share) in the previous year.