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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<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 January&nbsp;25, 2008
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt">Registration No.&nbsp;333-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</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" 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 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
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A</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">(State or other jurisdiction
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">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>
<FONT style="border-bottom: 1px solid #000000">Telephone: (441)&nbsp;292-3645</FONT><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"><FONT style="border-bottom: 1px solid #000000"><B>The Enstar Group, Inc. 1997 Omnibus Incentive Plan</B></FONT><BR>
<FONT style="border-bottom: 1px solid #000000"><B>The Enstar Group, Inc. 2001 Outside Directors Stock Option Plan</B></FONT><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>
<FONT style="border-bottom: 1px solid #000000">(800)&nbsp;927-9800</FONT><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
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Robert C. Juelke, Esq.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Drinker Biddle &#038; Reath LLP</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Enstar Group Limited
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">One Logan Square</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">P.O. Box HM 2267
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">18<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> &#038; Cherry Street</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Windsor Place, 3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP> Floor, 18 Queen Street
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Philadelphia, Pennsylvania 19103</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Hamilton HM JX</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Bermuda</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&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>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Proposed</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center">Title of Each Class of Securities to be</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">Maximum Offering</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Aggregate Offering</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">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">Price Per Share</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">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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    <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)
issuable pursuant to options
outstanding under The Enstar Group,
Inc. 1997 Omnibus Incentive Plan</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">460,949 (1)</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">$25.79 (2)</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">$11,887,875</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">$468</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<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)
issuable pursuant to options
outstanding under The Enstar Group,
Inc. 2001 Outside Director&#146;s Stock
Option Plan</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">29,422 (1)</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">$19.27 (2)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 2px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;566,962&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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">$&nbsp;&nbsp;23</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<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">Total Amount of Registration Fee</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">$491</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>

<!-- End Table Body -->
</TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 3pt">
    <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>Pursuant to Rule&nbsp;416 of the Securities Act of 1933, as amended, this Registration Statement
covers such additional ordinary shares as may become issuable as a result of any share split,
share dividend or other change in the capitalization of the Registrant.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</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 weighted average exercise price.</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">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
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	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="w47402exv5w1.htm">Opinion of Conyers Dill & Pearlman</A></TD></TR>
<TR><TD colspan="9"><A HREF="w47402exv15w1.htm">Deloitte & Touche Letter</A></TD></TR>
<TR><TD colspan="9"><A HREF="w47402exv23w1.htm">Consent of Deloitte & Touche (for Enstar Group Limited)</A></TD></TR>
<TR><TD colspan="9"><A HREF="w47402exv23w2.htm">Consent of Deloitte & Touche (for Inter-Ocean Holdings Ltd.)</A></TD></TR>
<TR><TD colspan="9"><A HREF="w47402exv23w3.htm">Consent of Deloitte & Touche LLP (for Enstar USA, Inc.)</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 "PART II" -->
<DIV align="left"><A NAME="000"></A></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>Introductory Statement</B></U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enstar Group Limited, formerly known as Castlewood Holdings Limited (the &#147;Registrant&#148;), is
filing this Registration Statement on Form S-8 with respect to up to 460,949 of its ordinary
shares, par value $1.00 per share issuable in connection with the The Enstar Group, Inc. 1997
Omnibus Incentive Plan and up to 29,422 of its ordinary shares issuable in connection with The
Enstar Group, Inc. 2001 Outside Director&#146;s Stock Option Plan (together, the &#147;Old Enstar Stock
Option Plans&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to that certain Agreement and Plan of Merger, dated as of May&nbsp;23, 2006, as amended
November&nbsp;21, 2006, among the Registrant, CWMS Subsidiary Corp. (the Registrant&#146;s wholly-owned
subsidiary) and The Enstar Group, Inc. (&#147;Old Enstar&#148;), Old Enstar merged with and into CWMS
Subsidiary Corp. on January&nbsp;31, 2007 (the &#147;Effective Time&#148;). At the Effective Time, the Registrant
assumed all then outstanding and unexercised options to purchase shares of Old Enstar common stock
under the Old Enstar Stock Option Plans, which, as a result of such assumption, became options to
purchase the Registrant&#146;s ordinary shares.
</DIV>

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</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="4%" 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&nbsp;31, 2006,
filed with the SEC on March&nbsp;16, 2007;</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 Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2007,
filed with the SEC on May&nbsp;10, 2007;</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 Quarterly Report on Form 10-Q for the quarter ended June&nbsp;30, 2007,
filed with the SEC on August&nbsp;9, 2007;
</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 Registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended September&nbsp;30, 2007,
filed with the SEC on November&nbsp;9, 2007;</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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Report on Form 8-K12B, filed with the SEC 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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Report on Form 8-K, filed with the SEC on March&nbsp;1, 2007, as
amended by Amendment No.&nbsp;1 to Form 8-K, filed with the SEC on May&nbsp;11, 2007;</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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Report on Form 8-K, filed with the SEC on April&nbsp;6, 2007;</TD>
</TR>

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

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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


<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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Report on Form 8-K, filed with the SEC on April&nbsp;19, 2007;</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">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Report on Form 8-K, filed with the SEC on May&nbsp;3, 2007;</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">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Report on Form 8-K, filed with the SEC on June&nbsp;11, 2007;</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">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Report on Form 8-K, filed with the SEC on December&nbsp;14, 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">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of the Registrant&#146;s share capital contained in Exhibit&nbsp;99.1 of its
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>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From and after the effective time of our merger with Old Enstar, we agreed to indemnify and
hold harmless all past and present directors, officers, employees and agents of Old Enstar 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;We 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 Old Enstar&#146;s articles of
incorporation, bylaws and indemnification agreements, if any, as these documents existed on the
date of the merger, and to the fullest extent permitted by law. We also have agreed that to the
extent permitted by law, and for a period of six years after the effective time of the merger, the
provisions that were contained in the articles of incorporation and bylaws of Old Enstar at the
time of the merger regarding elimination of liability of directors, indemnification of officers,
directors and employees and advancement of expenses will (i)&nbsp;be included and caused to be
maintained in effect in our memorandum of association and amended and restated bye-laws and (ii)&nbsp;be
included and caused to be maintained in effect in Enstar USA, Inc.&#146;s articles of incorporation and
bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, we have agreed that Enstar USA, Inc. will cause to be maintained, for a period of
six years after the consummation of the merger, the policies of directors&#146; and officers&#146; liability
insurance and fiduciary liability insurance that were maintained by Old Enstar at the time of the
merger with respect to claims arising from facts or events that occurred at or before the effective
time of the merger. We 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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated bye-laws provide that all of our directors and officers 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. In
addition, our amended and restated bye-laws provide that 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;Our bye-laws do not eliminate our directors&#146; fiduciary duties. The limitation on liability
and the waiver of claims of our shareholders 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 us and our shareholders. This
provision should not
</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">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;We also have entered into indemnification agreements with our directors and certain officers,
which provide, among other things, that the we will, to the extent permitted by applicable law,
indemnify and hold harmless each indemnitee if, by reason of such indemnitee&#146;s status as one of our
directors or officers, such indemnitee was, is or 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 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 our governing documents, or any other agreement, any vote of our
shareholders or any applicable law.
</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">
<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. 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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

    <TD colspan="3" nowrap align="left">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

    <TD colspan="3" nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description of Document</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD colspan="3" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD colspan="3" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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&nbsp;8-K12B,
as filed with the Securities and Exchange Commission on January&nbsp;31, 2007).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD colspan="3" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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.)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD colspan="3" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Enstar Group, Inc. 1997 Amended Omnibus Incentive Plan (incorporated by
reference to Exhibit&nbsp;10.1 to The Enstar Group, Inc.&#146;s Quarterly Report on Form&nbsp;10-Q,
as filed with the Securities and Exchange Commission on August&nbsp;14, 2001), as amended
by the Amendment to the 1997 Omnibus Inventive Plan (incorporated by reference to
Annex A to the Proxy Statement for the Annual Meeting of Shareholders of The Enstar
Group, Inc., as filed with the Securities and Exchange Commission on April&nbsp;22,
2003).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD colspan="3" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Enstar Group, Inc. 2001 Outside Directors&#146; Stock Option Plan (incorporated by
reference to Annex B to the Proxy Statement for the Annual Meeting of Shareholders
of The Enstar Group, Inc., as filed with the Securities and Exchange Commission on
May&nbsp;8, 2001).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD colspan="3" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Conyers Dill &#038; Pearman, Bermuda counsel, regarding legality of securities.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD colspan="3" valign="top"><DIV style="margin-left:0px; text-indent:-0px">15.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deloitte &#038; Touche Letter Regarding Unaudited Financial Information.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD colspan="3" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche (for Enstar Group Limited).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD colspan="3" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche (for Inter-Ocean Holdings Ltd.).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD colspan="3" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP (for Enstar USA, Inc.).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD colspan="3" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.4*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Conyers Dill &#038; Pearman, Bermuda counsel (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD colspan="3" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on signature page).</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>



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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;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. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and
any deviation from the low or high end of the estimated maximum offering range may be reflected in
the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than a 20% change in the maximum aggregate offering
price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective Registration
Statement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;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">&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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;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 <I>bona fide </I>offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;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>


<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 <I>bona fide </I>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 -->&nbsp;<!-- /Folio -->
</DIV>




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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="005"></A></DIV>

<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 25th day of
January, 2008.
</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: 6pt"><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 25th day of
January, 2008.
</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="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&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">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ Richard J. Harris
</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"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dominic F. Silvester
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Richard J. Harris</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chief Executive Officer and Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chief Financial Officer (signing in his capacity as both
principal financial officer and principal accounting officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ John J. Oros</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"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Paul J. O&#146;Shea
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">John J. Oros</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Executive Vice President and Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Executive Chairman and Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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"><DIV style="margin-left:0px; text-indent:-0px">/s/ J. Christopher Flowers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ T. Whit Armstrong</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"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">J. Christopher Flowers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">T. Whit Armstrong</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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"><DIV style="margin-left:0px; text-indent:-0px">/s/ T. Wayne Davis
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ Paul J. Collins</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"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">T. Wayne Davis
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Paul J. Collins</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">/s/ Robert J. Campbell</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"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gregory L. Curl
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Robert J. Campbell</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Director
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">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"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</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="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description of Document</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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&nbsp;8-K12B,
as filed with the Securities and Exchange Commission on January&nbsp;31, 2007).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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.)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Enstar Group, Inc. 1997 Amended Omnibus Incentive Plan (incorporated by
reference to Exhibit&nbsp;10.1 to The Enstar Group, Inc.&#146;s Quarterly Report on Form&nbsp;10-Q,
as filed with the Securities and Exchange Commission on August&nbsp;14, 2001), as amended
by the Amendment to the 1997 Omnibus Inventive Plan (incorporated by reference to
Annex A to the Proxy Statement for the Annual Meeting of Shareholders of The Enstar
Group, Inc., as filed with the Securities and Exchange Commission on April&nbsp;22,
2003).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Enstar Group, Inc. 2001 Outside Directors&#146; Stock Option Plan (incorporated by
reference to Annex B to the Proxy Statement for the Annual Meeting of Shareholders
of The Enstar Group, Inc., as filed with the Securities and Exchange Commission on
May&nbsp;8, 2001).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Conyers Dill &#038; Pearman, Bermuda counsel, regarding legality of securities.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">15.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deloitte &#038; Touche Letter Regarding Unaudited Financial Information.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche (for Enstar Group Limited).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche (for Inter-Ocean Holdings Ltd.).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP (for Enstar USA, Inc.).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.4*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Conyers Dill &#038; Pearman, Bermuda counsel (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on signature page).</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>




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



</BODY>
</HTML>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on January 25, 2008
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
N/A
(State or other jurisdiction
(I.R.S. Employer
of incorporation or organization)
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)
The Enstar Group, Inc. 1997 Omnibus Incentive Plan
The Enstar Group, Inc. 2001 Outside Directors Stock Option 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
Robert C. Juelke, Esq.
Chief Financial Officer
Drinker Biddle & Reath LLP
Enstar Group Limited
One Logan Square
P.O. Box HM 2267
18
th
& Cherry Street
Windsor Place, 3
rd
Floor, 18 Queen Street
Philadelphia, Pennsylvania 19103
Hamilton HM JX
Bermuda
CALCULATION OF REGISTRATION FEE
Proposed
Proposed Maximum
Title of Each Class of Securities to be
Amount to be
Maximum Offering
Aggregate Offering
Amount of
Registered
Registered
Price Per Share
Price
Registration Fee
Ordinary Shares ($1.00 par value)
issuable pursuant to options
outstanding under The Enstar Group,
Inc. 1997 Omnibus Incentive Plan
460,949 (1)
$25.79 (2)
$11,887,875
$468
Ordinary Shares ($1.00 par value)
issuable pursuant to options
outstanding under The Enstar Group,
Inc. 2001 Outside Director's Stock
Option Plan
29,422 (1)
$19.27 (2)
$    566,962
$  23
Total Amount of Registration Fee
$491
(1)
Pursuant to Rule 416 of the Securities Act of 1933, as amended, this Registration Statement
covers such additional ordinary shares as may become issuable as a result of any share split,
share dividend or other change in the capitalization of the Registrant.
(2)
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 weighted average exercise price.
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PART II
Item 3. Incorporation of Documents by Reference
Item 6. Indemnification of Directors and Officers
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
EXHIBIT INDEX
Opinion of Conyers Dill & Pearlman
Deloitte & Touche Letter
Consent of Deloitte & Touche (for Enstar Group Limited)
Consent of Deloitte & Touche (for Inter-Ocean Holdings Ltd.)
Consent of Deloitte & Touche LLP (for Enstar USA, Inc.)
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PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Introductory Statement
Enstar Group Limited, formerly known as Castlewood Holdings Limited (the "Registrant"), is
filing this Registration Statement on Form S-8 with respect to up to 460,949 of its ordinary
shares, par value $1.00 per share issuable in connection with the The Enstar Group, Inc. 1997
Omnibus Incentive Plan and up to 29,422 of its ordinary shares issuable in connection with The
Enstar Group, Inc. 2001 Outside Director's Stock Option Plan (together, the "Old Enstar Stock
Option Plans").
Pursuant to that certain Agreement and Plan of Merger, dated as of May 23, 2006, as amended
November 21, 2006, among the Registrant, CWMS Subsidiary Corp. (the Registrant's wholly-owned
subsidiary) and The Enstar Group, Inc. ("Old Enstar"), Old Enstar merged with and into CWMS
Subsidiary Corp. on January 31, 2007 (the "Effective Time"). At the Effective Time, the Registrant
assumed all then outstanding and unexercised options to purchase shares of Old Enstar common stock
under the Old Enstar Stock Option Plans, which, as a result of such assumption, became options to
purchase the Registrant's ordinary shares.
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,
filed with the SEC on March 16, 2007;
2.
The Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2007,
filed with the SEC on May 10, 2007;
3.
The Registrant's Quarterly Report on Form 10-Q for the quarter ended June 30, 2007,
filed with the SEC on August 9, 2007;
4.
The Registrant's Quarterly Report on Form 10-Q for the quarter ended September 30, 2007,
filed with the SEC on November 9, 2007;
5.
The Registrant's Current Report on Form 8-K12B, filed with the SEC on January 31, 2006;
6.
The Registrant's Current Report on Form 8-K, filed with the SEC on March 1, 2007, as
amended by Amendment No. 1 to Form 8-K, filed with the SEC on May 11, 2007;
7.
The Registrant's Current Report on Form 8-K, filed with the SEC on April 6, 2007;
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8.
The Registrant's Current Report on Form 8-K, filed with the SEC on April 19, 2007;
9.
The Registrant's Current Report on Form 8-K, filed with the SEC on May 3, 2007;
10.
The Registrant's Current Report on Form 8-K, filed with the SEC on June 11, 2007;
11.
The Registrant's Current Report on Form 8-K, filed with the SEC on December 14, 2007; and
12.
The description of the Registrant's share capital contained in Exhibit 99.1 of its
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 our merger with Old Enstar, we agreed to indemnify and
hold harmless all past and present directors, officers, employees and agents of Old Enstar 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.
We 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 Old Enstar's articles of
incorporation, bylaws and indemnification agreements, if any, as these documents existed on the
date of the merger, and to the fullest extent permitted by law. We also have agreed that to the
extent permitted by law, and for a period of six years after the effective time of the merger, the
provisions that were contained in the articles of incorporation and bylaws of Old Enstar at the
time of the merger regarding elimination of liability of directors, indemnification of officers,
directors and employees and advancement of expenses will (i) be included and caused to be
maintained in effect in our memorandum of association and amended and restated bye-laws and (ii) be
included and caused to be maintained in effect in Enstar USA, Inc.'s articles of incorporation and
bylaws.
In addition, we have agreed that Enstar USA, Inc. will cause to be maintained, for a period of
six years after the consummation of the merger, the policies of directors' and officers' liability
insurance and fiduciary liability insurance that were maintained by Old Enstar at the time of the
merger with respect to claims arising from facts or events that occurred at or before the effective
time of the merger. We 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).
Our amended and restated bye-laws provide that all of our directors and officers 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. In
addition, our amended and restated bye-laws provide that 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.
Our bye-laws do not eliminate our directors' fiduciary duties. The limitation on liability
and the waiver of claims of our shareholders 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 us and our shareholders. This
provision should not
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affect the availability of equitable remedies such as injunction or rescission based upon a
director's breach of his or her fiduciary duties.
We also have entered into indemnification agreements with our directors and certain officers,
which provide, among other things, that the we will, to the extent permitted by applicable law,
indemnify and hold harmless each indemnitee if, by reason of such indemnitee's status as one of our
directors or officers, such indemnitee was, is or 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 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 our governing documents, or any other agreement, any vote of our
shareholders or any applicable law.
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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 & 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
The Enstar Group, Inc. 1997 Amended Omnibus Incentive Plan (incorporated by
reference to Exhibit 10.1 to The Enstar Group, Inc.'s Quarterly Report on Form 10-Q,
as filed with the Securities and Exchange Commission on August 14, 2001), as amended
by the Amendment to the 1997 Omnibus Inventive Plan (incorporated by reference to
Annex A to the Proxy Statement for the Annual Meeting of Shareholders of The Enstar
Group, Inc., as filed with the Securities and Exchange Commission on April 22,
2003).
4.5
The Enstar Group, Inc. 2001 Outside Directors' Stock Option Plan (incorporated by
reference to Annex B to the Proxy Statement for the Annual Meeting of Shareholders
of The Enstar Group, Inc., as filed with the Securities and Exchange Commission on
May 8, 2001).
5.1*
Opinion of Conyers Dill & Pearman, Bermuda counsel, regarding legality of securities.
15.1*
Deloitte & Touche Letter Regarding Unaudited Financial Information.
23.1*
Consent of Deloitte & Touche (for Enstar Group Limited).
23.2*
Consent of Deloitte & Touche (for Inter-Ocean Holdings Ltd.).
23.3*
Consent of Deloitte & Touche LLP (for Enstar USA, Inc.).
23.4*
Consent of Conyers Dill & Pearman, Bermuda counsel (included in Exhibit 5.1).
24.1*
Powers of Attorney (included on signature page).
*
Filed herewith
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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. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and
any deviation from the low or high end of the estimated maximum offering range may be reflected in
the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than a 20% change in the maximum aggregate offering
price set forth in the "Calculation of Registration Fee" table in the effective 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.
(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.
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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 25th day of
January, 2008.
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 25th day of
January, 2008.
/s/ Dominic F. Silvester
/s/ Richard J. Harris
Dominic F. Silvester
Richard J. Harris
Chief Executive Officer and Director
Chief Financial Officer (signing in his capacity as both
principal financial officer and principal accounting officer)
/s/ John J. Oros
Paul J. O'Shea
John J. Oros
Executive Vice President and Director
Executive Chairman and Director
/s/ J. Christopher Flowers
/s/ T. Whit Armstrong
J. Christopher Flowers
T. Whit Armstrong
Director
Director
/s/ T. Wayne Davis
/s/ Paul J. Collins
T. Wayne Davis
Paul J. Collins
Director
Director
/s/ Robert J. Campbell
Gregory L. Curl
Robert J. Campbell
Director
Director
S- 1
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EXHIBIT INDEX
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 & 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
The Enstar Group, Inc. 1997 Amended Omnibus Incentive Plan (incorporated by
reference to Exhibit 10.1 to The Enstar Group, Inc.'s Quarterly Report on Form 10-Q,
as filed with the Securities and Exchange Commission on August 14, 2001), as amended
by the Amendment to the 1997 Omnibus Inventive Plan (incorporated by reference to
Annex A to the Proxy Statement for the Annual Meeting of Shareholders of The Enstar
Group, Inc., as filed with the Securities and Exchange Commission on April 22,
2003).
4.5
The Enstar Group, Inc. 2001 Outside Directors' Stock Option Plan (incorporated by
reference to Annex B to the Proxy Statement for the Annual Meeting of Shareholders
of The Enstar Group, Inc., as filed with the Securities and Exchange Commission on
May 8, 2001).
5.1*
Opinion of Conyers Dill & Pearman, Bermuda counsel, regarding legality of securities.
15.1*
Deloitte & Touche Letter Regarding Unaudited Financial Information.
23.1*
Consent of Deloitte & Touche (for Enstar Group Limited).
23.2*
Consent of Deloitte & Touche (for Inter-Ocean Holdings Ltd.).
23.3*
Consent of Deloitte & Touche LLP (for Enstar USA, Inc.).
23.4*
Consent of Conyers Dill & Pearman, Bermuda counsel (included in Exhibit 5.1).
24.1*
Powers of Attorney (included on signature page).
*
Filed herewith