Monday, June 9, 2008

A South Carolina insurance company has bought Jacksonville-based International Specialty Underwriters (ISU) for an undisclosed price.

Companion Life Insurance Co., based in Columbia, S.C., is a subsidiary of Blue Cross Blue Shield of South Carolina. It acquired ISU's headquarters in Southpoint as well as offices in Minnesota and Arizona. ISU is an underwriter of employer health plans and has 21 full- and part-time employers. The company has estimated annualized premiums of $35 million.

"The acquisition of ISU is a natural extension of our business model and an excellent strategic fit," said Companion Life President Trescott N. Hinton Jr. in a release. "We look forward to significant growth opportunities."

ISU President John Wilbur will continue in that role.

Source :http://www.bizjournals.com