Bermuda-based Enstar Group Ltd. said it will grab Companion Property and Casualty Insurance Company from Blue Cross Blue Shield of South Carolina for $218 million. The deal represents an expansion of Enstar’s U.S. property/casualty presence.

Pending government and regulatory approvals, the cash and debt-financing transaction should close by the end of 2014.

Enstar is a firm that typically acquires and manages insurance and reinsurance companies in run-off and portfolios of insurance and reinsurance business in run-off. Enstar said it will operate the business as part of its property and casualty legacy business, and work with Companion to make sure its policyholders receive uninterrupted service.

Some of Companion’s business may end up being renewed into Torus Insurance Holdings, a subsidiary Enstar bought in July 2013 for $692 million in a bid to expand into “live” underwriting and direct sales of coverage. Torus itself was the holding company of six wholly owned insurance vehicles, including one Lloyd’s syndicate.

Companion Property and Casualty Insurance Company is based in South Carolina. The outfit writes property, casualty, special and workers compensation business. As well, it has provided fronting and third party administrative services, according to the deal announcement.

Topics Property Property Casualty South Carolina Casualty