Companion Property And Casualty Being Sold To Bermuda Company

Aug. 26--COLUMBIA, S.C. -- Companion Property and Casualty Insurance Co., a 30-year-old Columbia insurer, is being sold to a Bermuda company.

Enstar Group Limited announced Tuesday that it will buy Companion from BlueCross BlueShield of South Carolina for $218 million. Companion sells property, casualty, specialty and workers compensation insurance.

Representatives from BlueCross BlueShield and Enstar were not immediately available Tuesday so it is unclear how many jobs will be affected.

"We are pleased to announce our agreement to acquire Companion, which continues the successful expansion of our property and casualty business in the U.S.," Dominic Silves, chief executive officer of Enstar, said in a statement.

Enstar said in its release that it is evaluating policy renewals and some could be renewed under its Torus subsidiary.

Enstar and its subsidiaries buy and manage a range of insurance businesses through a network of service companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia, and other international locations, the company said. Enstar has bought more than 60 companies and portfolios since its formation in 2001.

The sale, which is subject to regulatory approval, is expected to close by the end of the year. Enstar is publicly traded on the Nasdaq under the ticker symbol ESGR.

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