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Enstar Group Ltd.’s indirect, wholly owned subsidiary, Sussex Holdings Inc., has acquired Companion Property & Casualty Insurance Co., a property/casualty, specialty and workers compensation insurer, for $218 million.
Columbia, South Carolina-based Companion was part of BlueCross BlueShield of South Carolina, Enstar said Tuesday in a statement. Companion reported $1.12 billion in assets and $877.2 million in liabilities as of Sept. 30.
“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,” the statement reads. “Certain business of Companion will be renewed into Enstar’s subsidiary, Torus National Insurance Co.”
Bermuda-based Enstar said 50% of the Companion deal was financed through a loan provided by National Australia Bank Ltd. and Barclays Bank P.L.C., while the remainder was paid in cash.
A.M. Best Co. Inc. has assigned Torus Insurance Holdings Ltd.'s Wilmington, Del.-based Torus Specialty Insurance Co. and Torus National Insurance Co. units a negative outlook while affirming their financial strength rating of A-, Best said Friday.