Enstar Announces Acquisition of AF Group
Simpson Thacher is representing Enstar Group Limited (“Enstar”), a leading global insurance and reinsurance group backed by investment vehicles managed by affiliates of Sixth Street, in connection with its acquisition of Accident Fund Holdings, Inc. (“AF Group”) from Blue Cross Blue Shield of Michigan (“Blue Cross”). The transaction is expected to close in the second half of 2026 upon receipt of regulatory approvals and satisfaction of various other closing conditions. Terms of the transaction were not disclosed.
AF Group is a premier provider of innovative insurance solutions through its affiliate brands. Since its acquisition by Blue Cross in 1994, the organization has strengthened its position in the U.S. 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 Simpson Thacher team includes Katherine Krause, Louis Argentieri and Carolina Vieira (M&A); Hui Lin (Capital Markets); and Eli Isak, Patrick Wolff and Gordon Lee (Banking & Credit).