ENSTAR’S INCOME JUMPS ON INVESTMENT GAINS

Bermudian runoff and underwriting specialist Enstar Group saw its fourth-quarter net income jump to $127.6m from $22.6m as investment gains offset a decline in underwriting. The group swung to $50.6m in realised and unrealised gains from losses of $61.6m and booked a 39% increase in investment income to $58.6m. Earned premiums fell 26% to $160.6m largely owing to a decline at its StarStone underwriting unit, while incurred losses rose to $30.3m from $1.3m. For the full year, net income rose 17.6% to $311m on higher realised and unrealised gains and investment income. Earned premiums fell 26% to $613.1m, while incurred losses rose 11.1% to $193.6m.