A subsidiary of Blue Cross and Blue Shield of South Carolina has acquired a managing general underwriter that sells stop-loss coverage to self-funded employer health plans.

Companion Life Insurance Company, Columbia, S.C., a company that sells group insurance products and employee-paid products sold at the worksite, has completed the purchase of Montgomery Management Corp., Blue Bell, Pa., from HealthPlan Holdings Inc., Tampa, Fla.

Montgomery was founded in 1971 and now has 18 associates, according to HealthPlan Holdings.