Bermuda-based run-off specialist Enstar Group Ltd reported that profit almost quadrupled in the third quarter compared to the same period last year.In addition the company said it appointed the former Endurance Specialty Holdings Ltd chairman and chief executive officer Kenneth LeStrange to the Enstar board.Enstar reported consolidated net earnings of $47.7 million, or $2.86 per share for the quarter, compared to $12.1 million, or 83 cents per share, in the same period last year.For the first nine months of the year, Enstar’s earnings were $98.1 million, or $5.88 per share, compared to $24.9 million, or $1.78 per share, for the first three quarters of 2011.Enstar’s shareholders’ equity at September 30 totalled $1.49 billion, or $88.99 per share, which was up from $1.39 billion, or $82.97 per share, the end of 2011.Mr LeStrange, 55, founded Endurance in 2001 and led it for a decade. He currently serves as Chairman of the Board of SAC Re Holdings, Ltd, the parent company of SAC Re, a 2012 start up backed by Steven Cohen’s hedge fund, SAC Capital Advisors.“We are delighted to have Ken join our Board. Ken has considerable experience in the insurance industry, which will be of enormous value to Enstar,” said Dominic Silvester, chief executive officer.Enstar acquires and manages insurance and reinsurance companies in run-off and portfolios of insurance and reinsurance business in run-off, and provides management, consultancy and other services to the insurance and reinsurance industry.