Enstar Group Limited, supported by investment firm Sixth Street Partners, has agreed to acquire Accident Fund Holdings, Inc. from Blue Cross Blue Shield of Michigan in an all-cash transaction. AF Group, based in Lansing, Michigan, represents a significant expansion of Enstar's insurance portfolio, with the target company generating $3.3 billion in consolidated gross written premium during 2025 across all 50 states.
The acquisition is structured to maintain AF Group's operational independence, with the company continuing to operate under its current leadership team following the close of the transaction. The deal is anticipated to complete in the second half of 2026, subject to customary regulatory approvals and closing conditions. The transaction aligns with Enstar's strategy to strengthen its market position through strategic acquisitions in the property and casualty insurance sector.
AF Group's diverse geographic footprint and established underwriting platform provide Enstar with immediate access to a substantial customer base and premium revenue stream. The combination is expected to create synergies across the combined organization while preserving AF Group's brand identity and management infrastructure.