Enstar, a global insurance and reinsurance group backed by investment vehicles managed by Sixth Street affiliates, has entered into a definitive stock purchase agreement to acquire 100% of Accident Fund Holdings, Inc. (AF Group) from Blue Cross Blue Shield of Michigan.
The transaction is expected to close in the second half of 2026, subject to regulatory approvals and satisfaction of various other closing conditions.
Upon completion, AF Group will become a wholly-owned subsidiary of Enstar and operate primarily as an independent company with support from Enstar.
With this in mind, AF Group expects to continue operations under its existing leadership team headquartered in Lansing, Michigan.
Enstar said the acquisition brings together complementary property and casualty capabilities, including workers’ compensation, and leverages its balance sheet strength to support AF Group’s continued growth while expanding Enstar’s global re/insurance product offering to serve a broader and more diverse customer base.
Since being acquired by Blue Cross in 1994, AF Group has strengthened its position in the U.S. property and casualty market and currently provides commercial and professional insurance solutions in all 50 states.
Enstar CEO Dominic Silvester commented on the news of the acquisition: “This transaction represents a compelling market opportunity that brings together two organizations with complementary strengths and shared values. Enstar and our partners at Sixth Street are committed to working with AF Group to execute its strategic plan.
“Our balance sheet strength, asset and liability management expertise and strong financial strength ratings provide AF Group with a solid platform for the future, while enabling us to expand our product range of forward-looking and retrospective insurance solutions.”
“This transaction combines our expertise, underwriting discipline and people-focused culture with Enstar’s proven market experience and financial strength,” said Lisa Corless, president and CEO of AF Group.
“Aligned with our core offering and strong commitment to client-centric service, this partnership will support continuity for agency partners, policyholders and clients and allow us to build on our excellence.”
Readers may recall that Enstar itself was acquired by Sixth Street in 2024 in a $5.1 billion deal that included participation from Liberty Strategy Capital, JC Flowers & Co. LLC, and other institutional investors.
