Bermuda-based Enstar Group subsidiary has completed the acquisition of insurance group Companion Property and Casualty Insurance Company from Blue Cross and Blue Shield of South Carolina, for around $218m.
Enstar financed about 50% of the transaction through borrowings under a bank loan facility provided by National Australia Bank and Barclays Bank, while the remaining 50% was funded from cash on hand.
Based in South Carolina, Companion provides property, casualty, specialty and workers compensation services, in addition to fronting and third party administrative services.
The company has reported its total assets as $1.12bn and total liabilities of $877.2m, as of 30 September 2014.
Enstar will include the major portion of the acquired business into its property and casualty legacy business, while certain business of Companion will be included in its subsidiary, Torus National Insurance.
The deal was first announced at the end of August 2014.
At the time of acquisition, Enstar Group CEO Dominic Silvester: "We are pleased to announce our agreement to acquire Companion, which continues the successful expansion of our property and casualty business in the US."
Enstar, along with its operating subsidiaries, runs insurance businesses through a network of service companies in Bermuda, the US, the UK, Continental Europe, Australia, and other international locations.
Image: Enstar Group has acquired Companion Property and Casualty Insurance from Blue Cross and Blue Shield of South Carolina. Photo: courtesy of Stuart Miles/ FreeDigitalPhotos.net.