Bermuda-based Enstar Group Ltd. has completed its $218 million acquisition of Companion Property and Casualty Insurance Company from Blue Cross Blue Shield of South Carolina.
A bank loan facility through the National Australia Bank Limited and Barclays Bank PLC financed half of the purchase price. Enstar covered the difference with cash on hand, it said.
Enstar said it will operate the business as part of its property/casualty legacy operations. Companion Property and Casualty, based in South Carolina, handles property, casualty, special and workers compensation business, as well as fronting and third party administrative services.
Some of Companion’s business will be renewed through Enstar subsidiary Torus National Insurance Company, according to the deal announcement.
Enstar snatched up Torus in July 2013 for $692 million in an effort to expand into “live” underwriting and direct sales coverage. Buying Torus gave Enstar a lot more than just one company; it was a holding company of six wholly owned insurance vehicles, including one Lloyd’s syndicate.
Enstar first launched in 2001. Its operating subsidiaries purchase and manage a number of insurance and reinsurance businesses through service companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia and other international locations.
Source: Enstar Group Ltd.