27 August 2014 Insurance

Enstar acquires insurance group

Enstar Group is set to acquire insurance group Companion Property and Casualty Insurance Company from Blue Cross and Blue Shield of South Carolina for $218 million.

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.

The transaction is expected to close by the end of the fourth quarter of 2014.

Enstar said it expects to operate the business largely as part of its property and casualty legacy business, while working with Companion to ensure that its policyholders continue to receive excellent service.

Enstar and its Torus subsidiaries are assessing opportunities for policy renewals of certain Companion business into Torus.

"We are pleased to announce our agreement to acquire Companion, which continues the successful expansion of our property and casualty business in the US,” said Dominic Silvester, chief executive officer of Enstar.

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