Enstar to acquire AF Group from Blue Cross Blue Shield of Michigan

Enstar Group has entered into a definitive agreement to acquire 100% of Accident Fund Holdings ( AF Group ) from Blue Cross Blue Shield of Michigan.

Headquartered in Lansing, Michigan, AF Group provides commercial and specialty property and casualty insurance solutions nationwide through a network of affiliated brands and independent agents. The organization reported $3.3 billion in gross written premium for 2025 and has operated under Blue Cross ownership since 1994.

The transaction brings together Enstar’s balance sheet strength and reinsurance capabilities with AF Group’s underwriting operations, including its core workers’ compensation business. Following the closing, AF Group will operate as a wholly owned subsidiary and continue to run largely independently under its existing leadership team.

The deal is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions.

For Enstar, the acquisition expands its presence in ongoing P&C underwriting and adds scale to its global insurance and reinsurance platform, which is supported by investment vehicles managed by Sixth Street.

“This transaction is a compelling live market opportunity that brings together two organisations with complementary strengths and common values. Enstar and our partners at Sixth Street are committed to working alongside AF Group as it executes its strategic plans. Our balance sheet strength, asset and liability management expertise, and strong financial strength ratings provide a solid platform for AF Group’s future, while enabling us to expand our offering of both prospective and retrospective insurance solutions.” – Enstar’s CEO, Dominic Silvester.