Enstar Announces Acquisition of AF Group
HAMILTON, Bermuda, Feb. 13, 2026 (GLOBE NEWSWIRE) — Enstar Group Limited (“Enstar”), a leading global insurance and reinsurance group backed by investment vehicles managed by affiliates of Sixth Street, a leading global investment firm, today announced it has entered into a definitive stock purchase agreement to acquire 100% of the shares of Accident Fund Holdings, Inc. (“AF Group”) from Blue Cross Blue Shield of Michigan (“Blue Cross”).
Headquartered in Lansing, Michigan, AF Group has been a premier provider of innovative insurance solutions through its affiliate brands for more than a century. Since its acquisition by Blue Cross in 1994, the organisation 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, continuing its commitment to delivering exceptional service whilst benefitting from the scale, network and expertise of Enstar and its investor group, including its partnership with Sixth Street. Sixth Street is a premier strategic partner to leading insurance companies and this transaction continues the expansion of Sixth Street’s investment footprint.
The transaction is expected to complete in the second half of 2026 upon receipt of regulatory approvals and satisfaction of various other closing conditions.
Dominic Silvester, Enstar’s Chief Executive Officer, said: “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.”
Lisa Corless, AF Group’s President and Chief Executive Officer, said: “This transaction combines our expertise, underwriting discipline and people-first culture with Enstar’s proven market experience and financial strength. Aligned with our core offerings and strong commitment to customer centered service, this partnership will support continuity for agent partners, policyholders, and clients, and will enable us to build on our foundation of excellence.”
Advisors
Wells Fargo, Goldman Sachs & Co. LLC, and Guy Carpenter Capital & Advisory, a division of MMC Securities LLC, served as financial advisers to Enstar on the transaction. Hogan Lovells, Simpson Thacher & Bartlett LLP, Willkie Farr & Gallagher LLP and Cleary Gottlieb Steen & Hamilton LLP acted as legal advisers.
About Enstar
Enstar is a global insurance and reinsurance group providing leading retrospective and specialist underwriting capabilities through its network of group companies across Bermuda, the United States, the United Kingdom, Continental Europe and Australia. With over $22 billion in total assets, $6.4 billion in shareholders’ equity (as of 30 June, 2025), and more than 130 transactions completed since formation, Enstar has a proven record of pioneering innovative re/insurance solutions. The Group’s financial strength is supported by “A” ratings from AM Best and S&P for its flagship reinsurer, Cavello Bay Reinsurance Limited. Enstar is privately owned and supported by investment vehicles managed by affiliates of Sixth Street, a leading global investment firm. For further information about Enstar, see www.enstargroup.com.
About Sixth Street
Sixth Street is a global investment firm with over $125 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Founded in 2009, Sixth Street has more than 700 team members including over 300 investment professionals around the world1. For more information, and additional disclosures, visit https://www.sixthstreet.com/, and follow Sixth Street on LinkedIn.
1Total Sixth Street employees as of 10/31/2025
About AF Group
AF Group is a nationally recognized holding company whose affiliated insurance brands are premier providers of innovative, specialty insurance solutions offered through independent agents nationwide. All policies are underwritten by a licensed insurer subsidiary. Accident Fund Insurance Company of America. For more information, visit afgroup.com. © AF Group.
Contact:
Enstar
For Media: Jenna Kerr (communications@enstargroup.com) or FTI Consulting (Enstar@fticonsulting.com)
Sixth Street
For Media: Patrick Clifford (PClifford@sixthstreet.com)
