Enstar Group Acquires Michigan’s AF Group

Enstar Group Limited, global insurance and reinsurance group backed by investment vehicles managed by affiliates of global investment firm Sixth Street, announced it has entered into a definitive stock purchase agreement to acquire 100% of the shares of Accident Fund Holdings, Inc. from Blue Cross Blue Shield of Michigan.

Headquartered in Lansing, Michigan, AF Group has been a provider of insurance solutions through its affiliate brands for more than a century.

Since its acquisition by Blue Cross in 1994, the organization has strengthened its position in the US property and casualty market and now delivers commercial and specialty insurance solutions in all 50 states, backed by a longstanding record of disciplined underwriting and profitability, with consolidated gross written premium of $3.3 billion in 2025.

The acquisition combines AF Group and Enstar’s complementary capabilities in property and casualty insurance, including workers’ compensation, leveraging Enstar’s balance sheet strength to support AF Group’s business while expanding Enstar’s suite of global re/insurance solutions to serve a broader client base.

Upon completion of the transaction, AF Group will become a wholly owned subsidiary of Enstar and operate largely as a standalone company, supported by Enstar. AF Group is expected to operate under its existing leadership team.