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Enstar Group completes acquisition of Companion

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Staff 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.
Enstar Group
Acquisition   Companion Property and Casualty Insurance Company
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% 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.