A wholly owned subsidiariy of Enstar Group Ltd. has completed its acquisition of Companion Property and Casualty Insurance Co. from Blue Cross and Blue Shield of South Carolina. Companion is a South Carolina-based insurance group writing property, casualty, specialty and workers compensation business, and has also provided fronting and third party administrative services. Companion’s statutory financial statements as of September 30, 2014 reported its total assets as $1,119.6 million and total liabilities of $877.2 million.
The total consideration for the transaction was $218 million, which was financed 50 percent through borrowings under a bank loan facility provided by National Australia Bank Ltd. and Barclays Bank PLC and 50 percent from cash on hand.
Enstar will operate the business largely as part of its property and casualty legacy business, while also working service Companion’s policyholders. Certain business of Companion will be renewed into Enstar’s subsidiary, Torus National Insurance Co.
Enstar Group Ltd. and its operating subsidiaries acquire and manage diversified insurance businesses through a network of service companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations. Enstar specializes in completing legacy acquisitions, having acquired over 65 companies and portfolios since its formation in 2001. Enstar’s active underwriting businesses include the Atrium group of companies, which manage and underwrite specialist insurance and reinsurance business for Lloyd’s Syndicate 609, and the Torus group of companies.
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