Enstar completes $218m Companion deal

Make text smaller Make text larger

  • Enstar: Acquired South Carolina insurer

    Enstar: Acquired South Carolina insurer

Bermuda-based Enstar Group Ltd has completed the acquisition of Companion Property and Casualty Insurance Company from Blue Cross and Blue Shield of South Carolina.

Enstar, a specialist in acquiring and managing insurers that have stopped writing new business, said the deal was worth $218 million.

The Queen Street-based company said the deal was financed 50 per cent through borrowings under a bank loan facility provided by National Australia Bank Ltd and Barclays Bank plc and 50 per cent from cash on hand.

The company stated: “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.”

Companion’s statutory financial statements as of September 30, 2014 reported its total assets as $1.12 billion and total liabilities of $877.2 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.

You must be registered or signed-in to post comment or to vote.

Published Jan 29, 2015 at 8:00 am (Updated Jan 28, 2015 at 10:03 pm)

Enstar completes $218m Companion deal

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    • "How much significance should Bermudians place in royal weddings?"
    • High
    • 15%
    • Moderate
    • 30%
    • Indifferent
    • 20%
    • None
    • 35%
    • Total Votes: 1877
    • Poll Archive

    Today's Obituaries