Bermuda-based Enstar Group Ltd.'s consolidated net earnings dropped by more than a third during the third quarter of 2010, according to its filing with the Securities and Exchange Commission.

The firm reported net earnings of $21.4 million or $1.56 per share) for the three months ended September 30, 2010 compared to $35 million or $2.58 per share for the same period last year.

Enstar specialises in buying and managing insurance companies in run-off.

It also posted consolidated net earnings of $49.8 million or $3.64 per share for the nine months ended September 30, 2010 versus $55.3 million or $4.10 per share for the nine months ended September 30, 2009.

Enstar's shareholders' equity at September 30, 2010 amounted to $883.2 million (excluding a non-controlling interest of $289.6 million) or $64.44 per share, up from $801.9 million (excluding a non-controlling interest of $274.3 million) or $59.05 per share at December 31, 2009.