A Bermuda insurance firm has splashed out nearly $220 million to buy a South Carolina-based company.

The deal will see Enstar Group take over Companion Property and Casualty Insurance, based in Columbia.

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

Companion — owned by BlueCross BlueShield of South Carolina — sells property, casualty speciality and workers’ compensation insurance.

It has also provided fronting and third-party administrative services.

Enstar said it expected to be able to finance the deal — which still needs the green light from regulators — with a combination of cash and debt financing and for the deal to be complete by the end of this year.

The Bermuda firm added that it was would operate the new acquisition as part of its property and casualty legacy business and that it would work with Companion to ensure continuation of service to its existing customers.

But Enstar said it and its subsidiary Torus would assess opportunities for policy renewals of some Companion business into Torus.

Enstar has bought more than 60 companies and portfolios since it was established in Bermuda 13 years ago.