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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">As
filed with the Securities and Exchange Commission on April&nbsp;2, 2007
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt">Registration No.&nbsp;333-________
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>



<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>ENSTAR GROUP LIMITED</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD align="center" valign="top">Bermuda<BR>
(State or other jurisdiction <BR>
of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A<BR>
(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">P.O. Box HM 2267<BR>
Windsor Place, 3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> Floor, 18 Queen Street<BR>
Hamilton HM JX<BR>
Bermuda<BR>
Telephone: (441)&nbsp;292-3645<BR>
(Address, including zip code, telephone number, including area code, of registrant&#146;s principal executive offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">ENSTAR GROUP LIMITED 2006 EQUITY INCENTIVE PLAN<BR>
(formerly the Castlewood Holdings Limited 2006 Equity Incentive Plan)<BR>
(Full title of the plan)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Corporation Service Company<BR>
80 State Street<BR>
Albany, New York 12207-2543<BR>
(800)&nbsp;927-9800<BR>
(Name, address, including zip code, and telephone number, including area code, of agent for service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Copies to:</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top">Richard J. Harris <BR>
Chief Financial Officer <BR>
Enstar Group Limited <BR>
P.O. Box HM 2267<BR>
Windsor Place, 3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> Floor, 18 Queen Street <BR>
Hamilton HM JX <BR>
Bermuda
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Robert C. Juelke, Esq.<BR>
Drinker Biddle &#038; Reath LLP<BR>
One Logan Square<BR>
18<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> &#038; Cherry Street<BR>
Philadelphia, Pennsylvania 19103</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">CALCULATION OF REGISTRATION FEE</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>
    <TD nowrap align="center">Title of Each Class of</TD>

    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount to be</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed Maximum</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount of</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>
    <TD nowrap align="center">Securities to be Registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Registered</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Offering Price Per Share</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Aggregate Offering Price</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Registration Fee</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Ordinary Shares ($1.00 par value) (1)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">1,200,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$100.515</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$120,618,000</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="center" valign="bottom" style="border-top: 2px solid #000000">$3,703</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

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</TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 6pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated in accordance with Rule 457(c) and (h)(1), the proposed maximum offering price
per share, proposed maximum aggregate offering price and the amount of the registration fee
are based upon the average of the high and low prices reported on the The Nasdaq Stock Market
LLC on March&nbsp;27, 2007.</TD>
</TR>

</TABLE>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;3.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Incorporation of Documents by Reference.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are hereby incorporated by reference into this Registration Statement the following
documents and information heretofore filed with the Securities and Exchange Commission (the
&#147;Commission&#148;) by the Registrant:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended December
31, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Report on Form 8-K12B, filed with the Commission on
January&nbsp;31, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Report on Form 8-K, filed with the Commission on March
1, 2007; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of Registrant&#146;s share capital contained in Exhibit&nbsp;99.1 of the
Registrant&#146;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31, 2006 and
any amendments or reports filed for the purpose of updating any such description.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, each document filed by the Registrant pursuant to Sections&nbsp;13(a), 13(c), 14 and
15(d) of the Exchange Act after the date hereof and prior to the filing of a post-effective
amendment that indicates that all securities offered hereunder have been sold or that deregisters
all securities then remaining unsold under this registration statement, shall be deemed to be
incorporated by reference herein and to be part hereof from the date of filing of such documents.
Any statement contained herein or in a document incorporated herein by reference shall be deemed to
be modified or superseded for purposes hereof to the extent that a statement contained herein or in
any other subsequently filed document incorporated herein by reference modifies or supersedes such
statement. Any such statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part hereof.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;6.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Indemnification of Directors and Officers.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From and after the effective time of the merger of a direct wholly-owned subsidiary of the
Registrant with and into The Enstar Group, Inc. (&#147;EGI&#148;), the Registrant agreed to indemnify and
hold harmless all past and present directors, officers, employees and agents of EGI and its
subsidiaries before the consummation of the merger for losses in connection with any action arising
out of or pertaining to acts or omissions, or alleged acts or omissions, by them in their
capacities as such at or before the effective time of the merger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant will indemnify or advance expenses to such persons to the
same extent such persons were indemnified or had the right to advancement of expenses under EGI&#146;s
articles of incorporation, bylaws and indemnification agreements, if any, on the date of the merger
agreement, and to the fullest extent permitted by law. The Registrant also has agreed that it will
include and cause to be maintained in effect in its memorandum of association and bye-laws, to the
extent permitted by law, for a period of six years after the effective time of the merger, the
current provisions regarding elimination of liability of directors, indemnification of officers,
directors and employees and advancement of expenses contained in the articles of incorporation and
bye-laws of EGI.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Registrant has agreed that it will cause to be maintained, for a period of
six years after the consummation of the merger, the current policies of directors&#146; and officers&#146;
liability insurance and fiduciary liability insurance maintained by EGI with respect to claims
arising from facts or events that occurred at or before the effective time of the merger. The
Registrant may substitute policies of at least the same coverage and amounts containing terms and
conditions which are, in the aggregate, no less advantageous to the insured. Such substitute
policies must be issued by insurance companies having the same or better ratings and levels of
creditworthiness as the insurance companies that have issued the current policies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Bermuda Companies Act, no indemnification may be provided if the individual is
fraudulent or dishonest in the performance of his or her duties to the Registrant (unless a court
determines otherwise).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s amended and restated bye-laws provide that it shall indemnify the directors,
secretary and other officers (including any person appointed to any committee by the board of
directors) while acting in relation to any of the Registrant&#146;s affairs (or any subsidiary thereof)
from and against all actions, costs, charges, losses, damages and expenses that they or any of
them, shall or may incur or sustain by or by reason of any act done, concurred in or omitted in.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This indemnity shall not extend to any matter in which any of such persons is found, in a
final judgment or decree not subject to appeal, to have committed fraud or dishonesty.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each shareholder waives any claim, whether individually or on behalf of the Registrant,
against any director or officer on account of any action taken by such director or officer, or the
failure of such director or officer to take any action in the performance of his duties with or for
the Registrant or any subsidiary thereof, provided that such waiver shall not extend to any matter
in respect of any fraud or dishonesty which may attach to such director or officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The bye-laws provide that all directors and officers of the Registrant will be indemnified and
held harmless out of the assets of the Registrant from and against all losses incurred by such
persons in connection with the execution of their duties as directors and officers, except that
such indemnity will not extend to any matter in which such person is found, in a final judgment or
decree not subject to appeal, to have committed fraud or dishonesty.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal effect of this limitation on liability provision is that a shareholder will
be unable to recover monetary damages against a director or officer for breach of his duties as a
director or officer unless the shareholder can demonstrate that such director or officer committed
fraud or dishonesty. The Registrant&#146;s bye-laws do not eliminate its directors&#146; fiduciary duties.
The inclusion of this provision in the memorandum of association may, however, discourage or deter
shareholders or management from bringing a lawsuit against directors for a breach of their
fiduciary duties, even though such an action, if successful, might otherwise have benefited the
Registrant and its shareholders. This provision should not affect the availability of equitable
remedies such as injunction or rescission based upon a director&#146;s breach of his or her fiduciary
duties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant also has entered into indemnification agreements with each of its directors and
certain officers, which provide, among other things, that the Registrant will, to the extent
permitted by applicable law, indemnify and hold harmless each indemnitee if, by reason of such
indemnitee&#146;s status as a director or officer of the Registrant, such indemnitee was, is or is
threatened to be made a party or participant in any threatened, pending or completed proceeding,
whether of a civil, criminal, administrative, regulatory or investigative nature, against all
judgments, fines, penalties, excise taxes, interest and amounts paid in settlement and incurred by
such indemnitee in connection with such proceeding. In addition, each of the indemnification
agreement provides for the advancement of expenses incurred by the indemnitee in connection with
any proceeding covered by the agreement, subject to certain exceptions. None of the indemnification
agreements precludes any other rights to indemnification or advancement of expenses to which the
indemnitee may be entitled, including but not limited to, any rights arising under the Registrant&#146;s
governing documents, or any other agreement, any vote of the shareholders of the Registrant or any
applicable law.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;8.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Exhibits.</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><u>Exhibit Number</u></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><u>Description of Document</u></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Memorandum of Association of Castlewood Holdings Limited (incorporated by
reference to Exhibit&nbsp;3.1 to the proxy statement/prospectus that forms a part of the
Registration Statement on Form&nbsp;S-4 of the Registrant, as filed with the Securities and
Exchange Commission and declared effective December&nbsp;15, 2006).</DIV></TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Second Amended and Restated Bye-Laws of the Registrant (formerly Castlewood
Holdings Limited) (incorporated by reference to Exhibit&nbsp;3.1 of the Registrant&#146;s Form
8-K12B, as filed with the Securities and Exchange Commission on January&nbsp;31, 2007).</DIV></TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Registration Rights Agreement, dated as of January&nbsp;31, 2007, by and among
Castlewood Holdings Limited, Trident II, L.P., Marsh &#038; McLennan Capital Professionals
Fund, L.P., Marsh &#038;</DIV></TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><u>Exhibit Number</u></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><u>Description of Document</u></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">McLennan Employees&#146; Securities Company, L.P., J. Christopher Flowers, Dominic F.
Silvester and other parties thereto set forth on the Schedule of Shareholders
attached thereto (incorporated by reference to Exhibit&nbsp;10.1 of the Registrant&#146;s Form
8-K12B, as filed with the Securities and Exchange Commission on January&nbsp;31, 2007).</DIV></TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Castlewood Holdings Limited 2006 Equity Incentive Plan (incorporated by
reference to Exhibit&nbsp;10.11 to the proxy statement/prospectus that forms a part of the
Registration Statement on Form&nbsp;S-4 of the Registrant, as filed with the Securities and
Exchange Commission and declared effective December&nbsp;15, 2006).</DIV></TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.5</TD>
    <TD nowrap valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">First Amendment to Castlewood Holdings Limited 2006 Equity Incentive Plan.</DIV></TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Conyers Dill &#038; Pearman, Bermuda counsel, regarding legality of securities.</DIV></TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Deloitte &#038; Touche</DIV></TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Deloitte &#038; Touche LLP</DIV></TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.3</TD>
    <TD nowrap valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Conyers Dill &#038; Pearman, Bermuda counsel (included in Exhibit&nbsp;5.1).</DIV></TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.1</TD>
    <TD nowrap valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Powers of Attorney (included on signature page).</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith</TD>
</TR>

</TABLE>



<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Undertakings.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned Registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities
Act of 1933;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Provided, however, </I>that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
information required to be included in a post-effective amendment by those paragraphs is
contained in reports filed with or furnished to the Commission by the Registrant pursuant to
Section&nbsp;13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by
reference in this registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act of 1933, each filing of the Registrant&#146;s annual report pursuant to Section 13(a) or
Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in this
registration statement shall be deemed to be a new registration statement relating to the
securities offering herein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the
final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Hamilton,
Bermuda, on this 30th day of
March, 2007.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ENSTAR GROUP LIMITED<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Dominic F. Silvester
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Dominic F. Silvester&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints Richard J. Harris and Paul J. O&#146;Shea, and each of them, his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and resubstitution for him or her and
in his or her name, place and stead, in any and all capacities, to sign, execute and file this
Registration Statement and any amendments (including, without limitation, post-effective
amendments) to this Registration Statement, and to file the same, with all exhibits thereto and all
documents required to be filed with respect therewith, with the Securities and Exchange Commission
or any regulatory authority, granting unto such attorneys-in-fact and agents full power and
authority to do and perform each and every act and thing requisite and necessary to be done in
connection therewith and about the premises in order to effectuate the same as fully to all intents
and purposes as he or she might or could do if personally present, hereby ratifying and confirming
all that such attorneys-in-fact and agents or his or their substitute or substitutes, may lawfully
do or cause to be done.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities
indicated on this 30th day of
March, 2007.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Dominic F. Silvester
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ Richard J. Harris</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Dominic F. Silvester <BR>
Chief Executive Officer and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Richard J. Harris<BR>
Chief Financial Officer (signing in his capacity as both principal
financial officer and principal accounting officer)</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">/s/ Paul J. O&#146;Shea
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ John J. Oros</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Paul J. O&#146;Shea <BR>
Executive Vice President and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">John J. Oros<BR>
Executive Chairman and Director</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">/s/ Nicholas A. Packer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ Nimrod T. Frazer</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Nicholas A. Packer <BR>
Executive Vice President and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nimrod T. Frazer<BR>
Director</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">/s/ J. Christopher Flowers
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ T. Whit Armstrong</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">J. Christopher Flowers <BR>
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">T. Whit Armstrong<BR>
Director</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">T. Wayne Davis <BR>
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Paul J. Collins<BR>
Director</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">/s/ Gregory L. Curl</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></tr>
<TR valign="bottom">
    <TD align="center" valign="top">Gregory L. Curl <BR>
Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->S-1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Index to Exhibits</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><U>Exhibit Number</U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><U>Description of Document</U></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Memorandum of Association of Castlewood Holdings Limited (incorporated by
reference to Exhibit&nbsp;3.1 to the proxy statement/prospectus that forms a part of the
Registration Statement on Form&nbsp;S-4 of the Registrant, as filed with the Securities and
Exchange Commission and declared effective December&nbsp;15, 2006).</DIV></TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Second Amended and Restated Bye-Laws of Enstar Group Limited (formerly
Castlewood Holdings Limited) (incorporated by reference to Exhibit&nbsp;3.1 of the
Registrant&#146;s Form&nbsp;8-K12B, as filed with the Securities and Exchange Commission on
January&nbsp;31, 2007).</DIV></TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Registration Rights Agreement, dated as of January&nbsp;31, 2007, by and among
Castlewood Holdings Limited, Trident II, L.P., Marsh &#038; McLennan Capital Professionals
Fund, L.P., Marsh &#038; McLennan Employees&#146; Securities Company, L.P., J. Christopher
Flowers, Dominic F. Silvester and other parties thereto set forth on the Schedule of
Shareholders attached thereto (incorporated by reference to Exhibit&nbsp;10.1 of the
Registrant&#146;s Form&nbsp;8-K12B, as filed with the Securities and Exchange Commission on
January&nbsp;31, 2007).</DIV></TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Castlewood Holdings Limited 2006 Equity Incentive Plan (incorporated by
reference to Exhibit&nbsp;10.11 to the proxy statement/prospectus that forms a part of the
Registration Statement on Form&nbsp;S-4 of the Registrant, as filed with the Securities and
Exchange Commission and declared effective December&nbsp;15, 2006).</DIV></TD>
</TR>
<TR valign="bottom" style="line-height: 6pt"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.5</TD>
    <TD nowrap valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">First Amendment to Castlewood Holdings Limited 2006 Equity Incentive Plan.</DIV></TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Conyers Dill &#038; Pearman, Bermuda counsel, regarding legality of securities.</DIV></TD>
</TR>
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    <TD align="right" valign="top">&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Deloitte &#038; Touche</DIV></TD>
</TR>
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    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Deloitte &#038; Touche LLP</DIV></TD>
</TR>
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    <TD align="right" valign="top">&nbsp;</TD>
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</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.3</TD>
    <TD nowrap valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Conyers Dill &#038; Pearman, Bermuda counsel (included in Exhibit&nbsp;5.1).</DIV></TD>
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</TR>
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    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.1</TD>
    <TD nowrap valign="top">*</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Powers of Attorney (included on signature page).</DIV></TD>
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[{"type": "S-8", "sequence": "1", "filename": "w32693sv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 52349}]
{"company-data": {"conformed-name": "Enstar Group LTD", "cik": "0001363829", "assigned-sic": "6331", "irs-number": "999999999", "state-of-incorporation": "D0", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-141793", "film-number": "07738620"}, "business-address": {"street1": "P.O. BOX HM 2267, WINDSOR PLACE, 3RD FL.", "street2": "18 QUEEN STREET", "city": "HAMILTON", "state": "D0", "zip": "HM JX", "phone": "441-292-3645"}, "mail-address": {"street1": "P.O. BOX HM 2267, WINDSOR PLACE, 3RD FL.", "street2": "18 QUEEN STREET", "city": "HAMILTON", "state": "D0", "zip": "HM JX"}, "former-company": {"former-conformed-name": "Castlewood Holdings LTD", "date-changed": "20060523"}}
sv8
As
filed with the Securities and Exchange Commission on April 2, 2007
Registration No. 333-________
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
ENSTAR GROUP LIMITED
(Exact name of registrant as specified in its charter)
Bermuda
(State or other jurisdiction
of incorporation or organization)
N/A
(I.R.S. Employer
Identification No.)
P.O. Box HM 2267
Windsor Place, 3
rd
Floor, 18 Queen Street
Hamilton HM JX
Bermuda
Telephone: (441) 292-3645
(Address, including zip code, telephone number, including area code, of registrant's principal executive offices)
ENSTAR GROUP LIMITED 2006 EQUITY INCENTIVE PLAN
(formerly the Castlewood Holdings Limited 2006 Equity Incentive Plan)
(Full title of the plan)
Corporation Service Company
80 State Street
Albany, New York 12207-2543
(800) 927-9800
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies to:
Richard J. Harris
Chief Financial Officer
Enstar Group Limited
P.O. Box HM 2267
Windsor Place, 3
rd
Floor, 18 Queen Street
Hamilton HM JX
Bermuda
Robert C. Juelke, Esq.
Drinker Biddle & Reath LLP
One Logan Square
18
th
& Cherry Street
Philadelphia, Pennsylvania 19103
CALCULATION OF REGISTRATION FEE
Title of Each Class of
Amount to be
Proposed Maximum
Proposed Maximum
Amount of
Securities to be Registered
Registered
Offering Price Per Share
Aggregate Offering Price
Registration Fee
Ordinary Shares ($1.00 par value) (1)
1,200,000
$100.515
$120,618,000
$3,703
(1)
Estimated in accordance with Rule 457(c) and (h)(1), the proposed maximum offering price
per share, proposed maximum aggregate offering price and the amount of the registration fee
are based upon the average of the high and low prices reported on the The Nasdaq Stock Market
LLC on March 27, 2007.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference.
There are hereby incorporated by reference into this Registration Statement the following
documents and information heretofore filed with the Securities and Exchange Commission (the
"Commission") by the Registrant:
1.
The Registrant's Annual Report on Form 10-K for the fiscal year ended December
31, 2006;
2.
The Registrant's Current Report on Form 8-K12B, filed with the Commission on
January 31, 2006;
3.
The Registrant's Current Report on Form 8-K, filed with the Commission on March
1, 2007; and
4.
The description of Registrant's share capital contained in Exhibit 99.1 of the
Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2006 and
any amendments or reports filed for the purpose of updating any such description.
In addition, each document filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and
15(d) of the Exchange Act after the date hereof and prior to the filing of a post-effective
amendment that indicates that all securities offered hereunder have been sold or that deregisters
all securities then remaining unsold under this registration statement, shall be deemed to be
incorporated by reference herein and to be part hereof from the date of filing of such documents.
Any statement contained herein or in a document incorporated herein by reference shall be deemed to
be modified or superseded for purposes hereof to the extent that a statement contained herein or in
any other subsequently filed document incorporated herein by reference modifies or supersedes such
statement. Any such statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part hereof.
Item 6.
Indemnification of Directors and Officers.
From and after the effective time of the merger of a direct wholly-owned subsidiary of the
Registrant with and into The Enstar Group, Inc. ("EGI"), the Registrant agreed to indemnify and
hold harmless all past and present directors, officers, employees and agents of EGI and its
subsidiaries before the consummation of the merger for losses in connection with any action arising
out of or pertaining to acts or omissions, or alleged acts or omissions, by them in their
capacities as such at or before the effective time of the merger.
The Registrant will indemnify or advance expenses to such persons to the
same extent such persons were indemnified or had the right to advancement of expenses under EGI's
articles of incorporation, bylaws and indemnification agreements, if any, on the date of the merger
agreement, and to the fullest extent permitted by law. The Registrant also has agreed that it will
include and cause to be maintained in effect in its memorandum of association and bye-laws, to the
extent permitted by law, for a period of six years after the effective time of the merger, the
current provisions regarding elimination of liability of directors, indemnification of officers,
directors and employees and advancement of expenses contained in the articles of incorporation and
bye-laws of EGI.
In addition, the Registrant has agreed that it will cause to be maintained, for a period of
six years after the consummation of the merger, the current policies of directors' and officers'
liability insurance and fiduciary liability insurance maintained by EGI with respect to claims
arising from facts or events that occurred at or before the effective time of the merger. The
Registrant may substitute policies of at least the same coverage and amounts containing terms and
conditions which are, in the aggregate, no less advantageous to the insured. Such substitute
policies must be issued by insurance companies having the same or better ratings and levels of
creditworthiness as the insurance companies that have issued the current policies.
Under the Bermuda Companies Act, no indemnification may be provided if the individual is
fraudulent or dishonest in the performance of his or her duties to the Registrant (unless a court
determines otherwise).
The Registrant's amended and restated bye-laws provide that it shall indemnify the directors,
secretary and other officers (including any person appointed to any committee by the board of
directors) while acting in relation to any of the Registrant's affairs (or any subsidiary thereof)
from and against all actions, costs, charges, losses, damages and expenses that they or any of
them, shall or may incur or sustain by or by reason of any act done, concurred in or omitted in.
This indemnity shall not extend to any matter in which any of such persons is found, in a
final judgment or decree not subject to appeal, to have committed fraud or dishonesty.
Each shareholder waives any claim, whether individually or on behalf of the Registrant,
against any director or officer on account of any action taken by such director or officer, or the
failure of such director or officer to take any action in the performance of his duties with or for
the Registrant or any subsidiary thereof, provided that such waiver shall not extend to any matter
in respect of any fraud or dishonesty which may attach to such director or officer.
The bye-laws provide that all directors and officers of the Registrant will be indemnified and
held harmless out of the assets of the Registrant from and against all losses incurred by such
persons in connection with the execution of their duties as directors and officers, except that
such indemnity will not extend to any matter in which such person is found, in a final judgment or
decree not subject to appeal, to have committed fraud or dishonesty.
The principal effect of this limitation on liability provision is that a shareholder will
be unable to recover monetary damages against a director or officer for breach of his duties as a
director or officer unless the shareholder can demonstrate that such director or officer committed
fraud or dishonesty. The Registrant's bye-laws do not eliminate its directors' fiduciary duties.
The inclusion of this provision in the memorandum of association may, however, discourage or deter
shareholders or management from bringing a lawsuit against directors for a breach of their
fiduciary duties, even though such an action, if successful, might otherwise have benefited the
Registrant and its shareholders. This provision should not affect the availability of equitable
remedies such as injunction or rescission based upon a director's breach of his or her fiduciary
duties.
The Registrant also has entered into indemnification agreements with each of its directors and
certain officers, which provide, among other things, that the Registrant will, to the extent
permitted by applicable law, indemnify and hold harmless each indemnitee if, by reason of such
indemnitee's status as a director or officer of the Registrant, such indemnitee was, is or is
threatened to be made a party or participant in any threatened, pending or completed proceeding,
whether of a civil, criminal, administrative, regulatory or investigative nature, against all
judgments, fines, penalties, excise taxes, interest and amounts paid in settlement and incurred by
such indemnitee in connection with such proceeding. In addition, each of the indemnification
agreement provides for the advancement of expenses incurred by the indemnitee in connection with
any proceeding covered by the agreement, subject to certain exceptions. None of the indemnification
agreements precludes any other rights to indemnification or advancement of expenses to which the
indemnitee may be entitled, including but not limited to, any rights arising under the Registrant's
governing documents, or any other agreement, any vote of the shareholders of the Registrant or any
applicable law.
Item 8.
Exhibits.
Exhibit Number
Description of Document
4.1
Memorandum of Association of Castlewood Holdings Limited (incorporated by
reference to Exhibit 3.1 to the proxy statement/prospectus that forms a part of the
Registration Statement on Form S-4 of the Registrant, as filed with the Securities and
Exchange Commission and declared effective December 15, 2006).
4.2
Second Amended and Restated Bye-Laws of the Registrant (formerly Castlewood
Holdings Limited) (incorporated by reference to Exhibit 3.1 of the Registrant's Form
8-K12B, as filed with the Securities and Exchange Commission on January 31, 2007).
4.3
Registration Rights Agreement, dated as of January 31, 2007, by and among
Castlewood Holdings Limited, Trident II, L.P., Marsh & McLennan Capital Professionals
Fund, L.P., Marsh &
2
Exhibit Number
Description of Document
McLennan Employees' Securities Company, L.P., J. Christopher Flowers, Dominic F.
Silvester and other parties thereto set forth on the Schedule of Shareholders
attached thereto (incorporated by reference to Exhibit 10.1 of the Registrant's Form
8-K12B, as filed with the Securities and Exchange Commission on January 31, 2007).
4.4
Castlewood Holdings Limited 2006 Equity Incentive Plan (incorporated by
reference to Exhibit 10.11 to the proxy statement/prospectus that forms a part of the
Registration Statement on Form S-4 of the Registrant, as filed with the Securities and
Exchange Commission and declared effective December 15, 2006).
4.5
*
First Amendment to Castlewood Holdings Limited 2006 Equity Incentive Plan.
5.1
*
Opinion of Conyers Dill & Pearman, Bermuda counsel, regarding legality of securities.
23.1
*
Consent of Deloitte & Touche
23.2
*
Consent of Deloitte & Touche LLP
23.3
*
Consent of Conyers Dill & Pearman, Bermuda counsel (included in Exhibit 5.1).
24.1
*
Powers of Attorney (included on signature page).
*
Filed herewith
Item 9.
Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1) To file during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities
Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the
effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the registration statement;
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any material
change to such information in the registration statement;
Provided, however,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
information required to be included in a post-effective amendment by those paragraphs is
contained in reports filed with or furnished to the Commission by the Registrant pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by
reference in this registration statement.
(2) That, for the purpose of determining any liability under the Securities Act of
1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
3
(b) The Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act of 1933, each filing of the Registrant's annual report pursuant to Section 13(a) or
Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in this
registration statement shall be deemed to be a new registration statement relating to the
securities offering herein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the Registrant pursuant to the
foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
Commission such indemnification is against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the
final adjudication of such issue.
4
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Hamilton,
Bermuda, on this 30th day of
March, 2007.
ENSTAR GROUP LIMITED
By:
/s/ Dominic F. Silvester
Dominic F. Silvester
Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints Richard J. Harris and Paul J. O'Shea, and each of them, his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and resubstitution for him or her and
in his or her name, place and stead, in any and all capacities, to sign, execute and file this
Registration Statement and any amendments (including, without limitation, post-effective
amendments) to this Registration Statement, and to file the same, with all exhibits thereto and all
documents required to be filed with respect therewith, with the Securities and Exchange Commission
or any regulatory authority, granting unto such attorneys-in-fact and agents full power and
authority to do and perform each and every act and thing requisite and necessary to be done in
connection therewith and about the premises in order to effectuate the same as fully to all intents
and purposes as he or she might or could do if personally present, hereby ratifying and confirming
all that such attorneys-in-fact and agents or his or their substitute or substitutes, may lawfully
do or cause to be done.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed by the following persons in the capacities
indicated on this 30th day of
March, 2007.
/s/ Dominic F. Silvester
/s/ Richard J. Harris
Dominic F. Silvester
Chief Executive Officer and Director
Richard J. Harris
Chief Financial Officer (signing in his capacity as both principal
financial officer and principal accounting officer)
/s/ Paul J. O'Shea
/s/ John J. Oros
Paul J. O'Shea
Executive Vice President and Director
John J. Oros
Executive Chairman and Director
/s/ Nicholas A. Packer
/s/ Nimrod T. Frazer
Nicholas A. Packer
Executive Vice President and Director
Nimrod T. Frazer
Director
/s/ J. Christopher Flowers
/s/ T. Whit Armstrong
J. Christopher Flowers
Director
T. Whit Armstrong
Director
T. Wayne Davis
Director
Paul J. Collins
Director
/s/ Gregory L. Curl
Gregory L. Curl
Director
S-1
Index to Exhibits
Exhibit Number
Description of Document
4.1
Memorandum of Association of Castlewood Holdings Limited (incorporated by
reference to Exhibit 3.1 to the proxy statement/prospectus that forms a part of the
Registration Statement on Form S-4 of the Registrant, as filed with the Securities and
Exchange Commission and declared effective December 15, 2006).
4.2
Second Amended and Restated Bye-Laws of Enstar Group Limited (formerly
Castlewood Holdings Limited) (incorporated by reference to Exhibit 3.1 of the
Registrant's Form 8-K12B, as filed with the Securities and Exchange Commission on
January 31, 2007).
4.3
Registration Rights Agreement, dated as of January 31, 2007, by and among
Castlewood Holdings Limited, Trident II, L.P., Marsh & McLennan Capital Professionals
Fund, L.P., Marsh & McLennan Employees' Securities Company, L.P., J. Christopher
Flowers, Dominic F. Silvester and other parties thereto set forth on the Schedule of
Shareholders attached thereto (incorporated by reference to Exhibit 10.1 of the
Registrant's Form 8-K12B, as filed with the Securities and Exchange Commission on
January 31, 2007).
4.4
Castlewood Holdings Limited 2006 Equity Incentive Plan (incorporated by
reference to Exhibit 10.11 to the proxy statement/prospectus that forms a part of the
Registration Statement on Form S-4 of the Registrant, as filed with the Securities and
Exchange Commission and declared effective December 15, 2006).
4.5
*
First Amendment to Castlewood Holdings Limited 2006 Equity Incentive Plan.
5.1
*
Opinion of Conyers Dill & Pearman, Bermuda counsel, regarding legality of securities.
23.1
*
Consent of Deloitte & Touche
23.2
*
Consent of Deloitte & Touche LLP
23.3
*
Consent of Conyers Dill & Pearman, Bermuda counsel (included in Exhibit 5.1).
24.1
*
Powers of Attorney (included on signature page).
*
Filed herewith