Companion P&C Acquires AmFed

Columbia, S.C.-based Companion Property & Casualty Insurance Group, a multi-line carrier licensed in 47 states, announced on Tuesday that it has acquired AmFed (Ridgeland, Miss.), a workers' compensation insurance and self-insurance administration company. Financial terms of the deal were not disclosed.

According to a press release, AmFed's 98 employees will remain with the company. John W. Roberts, AmFed's president and CEO, said that his organization had been looking for a company with the financial strength of Companion.

"We have been searching for a capital partner with the strength and experience to help us expand our service area and offer more companies innovative ways to meet their insurance needs," said Roberts, who will continue to lead AmFed, in a statement.

Companion P&C started out in the workers' compensation space before expanding into a multi-line, full-service commercial lines carrier, said company president Charles Potok in the release, and a similar goal has been established for AmFed.

"Companion Property & Casualty's strong financial rating and experience with multil-line products will give AmFed the ability to provide other insurance products for existing accounts and to write business in states other than Mississippi," Potok said.

Under the agreement, Companion will acquire all the insurance and insurance-related service operations of AmFed Holding Company. Those official entities include AmFed National Insurance Company, AmFed Casualty Insurance Company, AmFed Companies LLC and AmFed Insurance Services.