Enstar Group to Acquire AF Group from Blue Cross Blue Shield of Michigan
Enstar Group Limited Enters Agreement to Acquire AF Group from Blue Cross Blue Shield of Michigan
Enstar Group Limited, a leading international entity in insurance and reinsurance, has announced a definitive agreement to acquire all shares of Accident Fund Holdings, Inc. (AF Group) from Blue Cross Blue Shield of Michigan. This strategic acquisition, supported by investment firm Sixth Street, aims to enhance Enstar's insurance capabilities and expand its footprint in the industry.
AF Group, headquartered in Lansing, Michigan, is renowned for its century-long history in delivering comprehensive insurance solutions. Since its acquisition by Blue Cross in 1994, AF Group has expanded its presence in the U.S. property and casualty sector. In 2025, the group reported consolidated gross written premiums of $3.3 billion, underscored by disciplined underwriting and operational profitability.
This acquisition is set to synergize the strengths of both AF Group and Enstar in the property and casualty insurance domain, particularly in workers' compensation. Enstar's financial resources will bolster AF Group’s operations while maintaining its status as a standalone subsidiary. This arrangement ensures the continuation of AF Group's unique service commitments, with the added benefit of Enstar's extensive network and Sixth Street's strategic investment.
Completion of the transaction is expected in the second half of 2026, subject to regulatory compliance requirements and standard closing conditions. Enstar CEO Dominic Silvester highlighted the potential to combine complementary strengths, offering a "solid platform for AF Group’s future" and facilitating expansion in both prospective and retrospective insurance offerings.
Lisa Corless, CEO of AF Group, noted that the partnership brings together their underwriting discipline and service culture with Enstar's financial strength. This collaboration aims to ensure service continuity while supporting future growth with agent partners and policyholders.
Financial and Legal Advisors
In this transaction, Enstar engaged Wells Fargo, Goldman Sachs & Co. LLC, and Guy Carpenter Capital & Advisory as financial advisors. The legal counsel was provided by Hogan Lovells, Simpson Thacher & Bartlett LLP, Willkie Farr & Gallagher LLP, and Cleary Gottlieb Steen & Hamilton LLP.
About Enstar Group Limited
Enstar Group is a prominent player in the insurance and reinsurance industry, offering retrospective and specialized underwriting services across regions such as Bermuda, the U.S., and Europe. With over $22 billion in total assets and $6.4 billion in shareholders' equity as of mid-2025, Enstar's robust financial health is evidenced by its "A" rating from both AM Best and S&P.
About Sixth Street
Sixth Street is a global investment firm managing over $125 billion in assets. Founded in 2009, it provides innovative capital solutions to support companies through various growth stages, employing over 700 professionals worldwide.
About AF Group
AF Group is a well-established insurance holding company offering specialty solutions through independent agents across the nation. It operates through its licensed insurer subsidiary, Accident Fund Insurance Company of America, offering comprehensive coverage to policyholders.
For further details, media inquiries can be directed to Jenna Kerr at Enstar or Patrick Clifford at Sixth Street.