Shares of Bermuda-based Enstar Group Ltd jumped 5.4 percent yesterday after the company revealed that net earnings rose 28.8 percent to $174.1 million in 2010.The company, which acquires and manages insurance companies in run-off, said the net income broke down to $12.66 per share, compared to $135.2 million, or $9.84 per share in 2009.Enstar’s shareholders’ equity rose 18.3 percent last year and at year end totalled $948.4 million, excluding noncontrolling interest of $267.4 million, up from $801.9 million at December 31, 2009.The results got a warm wlecome from investors after their morning release. In New York Stock Exchange trading yesterday, the company’s shares rose $4.47 to $87.25.It was a remarkably active year for Enstar, which made 13 acquisitions of companies or books of business in run off during the second half of 2010 alone. Run-off occurs when an insurance company or one of its segments stops writing new business, but has to be managed for ongoing liabilities.In a regulatory filing yesterday, Enstar gave more details on some of last year’s acquisitions.The major buy was Clarendon, a New Jersey-based affiliate of German giant Hannover Re for a purchase price of $200 million, a deal agreed in December.The filing added that Enstar’s wholly owned subsidiary Kenmare Holdings Ltd paid $22 million for Bermuda reinsurer New Castle Reinsurance Ltd, in a deal completed in November.In the same month, Enstar paid 30 million euros, or just over $40 million, for Dublin-based CitiLife.Enstar has amassed almost $10 billion in assets acquired, paying approximately 20 cents on the dollar for them and the run-off responsibilities and liabilities that came with them.