Enstar Group Completes Companion Acquisition
Bermuda-based Enstar Group Limited announced that one of its wholly owned subsidiaries completed the previously announced acquisition of Companion Property and Casualty Insurance Company 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% 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.
Enstar Group Limited 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.
