Companion Property & Casualty Group returning to coast

One insurer has announced plans to come back into coastal South Carolina and write condominium and commercial property insurance, and the state’s insurance director says he thinks more will follow.

Companion Property & Casualty Group, a subsidiary of BlueCross BlueShield of South Carolina, says more capacity in the reinsurance market and S.C. Director of Insurance Scott Richardson’s request for help spurred them to move back in.

• Companion will start writing new policies April 16 for full coverage, including wind coverage, for individual condominium unit owners.

• Currently, the company has $600 million in coastal windstorm coverage in South Carolina for condo owners. It plans to grow that line as much as 25 percent in the next 12 months.

• Companion is writing insurance only for individual condo owners.

Local independent insurance agents say Companion’s return to the market is great news for consumers, but they say there still is a need for more insurance coverage for large condo buildings.

Source: Jenny Burns, The Sun News, Myrtle Beach