Enstar intends to use new debt for Companion Property purchase

By Sara Rosenberg

New York, Aug. 26 – Enstar Group Ltd. plans to use debt financing and cash on hand to fund its $218 million acquisition of Companion Property and Casualty Insurance Co. from Blue Cross and Blue Shield of South Carolina, according to a news release.

Closing is expected by the end of the fourth quarter, subject to governmental and regulatory approvals and satisfaction of various customary conditions.

Enstar is a Hamilton, Bermuda-based acquirer and manager of diversified insurance businesses. Companion is a Columbia, S.C.-based insurance group writing property, casualty, specialty and workers compensation business, and has also provided fronting and third party administrative services.

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