Enstar Group completes acquisition of CompanionStaff writer ▼ | January 28, 2015
Enstar Group announced that one of its wholly owned subsidiaries completed the acquisition of Companion Property and Casualty Insurance Company from Blue Cross and Blue Shield of South Carolina.
Acquisition Companion Property and Casualty Insurance Company
The total consideration for the transaction was $218 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. ■