A subsidiary of Enstar Group Limited has acquired Companion Property and Casualty Insurance Company (Companion) 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 30 September, 2014 reported its total assets as USD1,119.6 million and total liabilities of USD877.2 million.
The total consideration for the transaction was USD218 million, which was financed 50% through borrowings under a bank loan facility provided by National Australia Bank Limited and Barclays Bank PLC and 50% from cash on hand.
Enstar will operate the business largely as part of its property and casualty legacy business, while working to ensure that Companion's policyholders continue to receive excellent service. Certain business of Companion will be renewed into Enstar's subsidiary, Torus National Insurance Company.
