Enstar Group Ltd. (Nasdaq: ESGR) has closed a deal for Companion Property and Casualty Insurance Co. from Blue Cross Blue Shield of South Carolina for $218 million.
Companion, headquartered in Columbia, South Carolina, provides property, casualty, specialty and workers compensation insurance. The group had $1.1 billion in assets and $877.2 million in liabilities when it was acquired.
Bermuda-based Enstar financed the acquisition half through borrowings under a bank loan facility from National Australia Bank Ltd. and Barclays Bank plc, and half with cash on hand.
Enstar made the deal through a subsidiary. The company operates insurance businesses in Bermuda, the U.S., the U.K., Europe and Australia.
Insurance consolidation has been going on for years. For more, see Insurance Firms Find Bigger May Be Better.
Recent insurance transactions have come from Axis Capital Holdings and PartnerRe, which decided to merge in January, and Marsh & McLennan Agency LLC, which bought the Benefit Planning Group, also in January.