Enstar Group Acquires AF Group from Blue Cross Blue Shield

Enstar Group has announced an acquisition agreement for Accident Fund Holdings, known widely as AF Group, from Blue Cross Blue Shield of Michigan. With its base in Lansing, Michigan, AF Group recorded approximately $3.3 billion in gross written premiums in 2025. The group's financial performance showed a significant increase, with a net income of $184.8 million in 2024, marking a 67% rise from the previous year, as reported by Enstar Group, headquartered in Bermuda.

Operational Structure and Independence

AF Group operates through several segments, including Accident Fund, United Heartland, CompWest Insurance, Third Coast Underwriters, and AF Specialty, and employs around 2,300 personnel. Post-acquisition, AF Group plans to continue its operations independently, with the current management team maintaining leadership, according to Enstar.

Strategic Fit and Future Prospects

In a statement, AF Group President and CEO Lisa Corless highlighted the strategic alignment between AF Group's underwriting expertise and Enstar's strong financial standing. The transaction is expected to close in the latter half of 2026. This acquisition follows Enstar's shift to private ownership, with private equity firm Sixth Street valuing Enstar at approximately $5.1 billion.

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