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.