AF GROUP

AF Group is a nationally recognized specialty insurance holding company headquartered in Lansing, Michigan. Founded in 1912 as the Michigan Accident Fund -- the second state-operated accident fund in the United States -- the company privatized in the 1990s and rebranded as AF Group in 2016. With more than 2,300 employees and 10 affiliate brands, AF Group is a premier provider of workers' compensation and specialty commercial insurance solutions licensed in all 50 states.

The company's affiliated insurance carriers are rated "A" (Excellent) by A.M. Best and generated USD 3.3 billion in gross written premium in 2024, comprised of USD 1.56B from the Commercial Markets segment and USD 1.71B from the Specialty Lines division. AF Group has been named a Ward's 50 top-performing property and casualty insurance company for five consecutive years, reflecting its disciplined underwriting and sustained profitability.

In February 2026, Blue Cross Blue Shield of Michigan -- AF Group's parent since privatization -- announced the sale of AF Group to Enstar Group Limited, backed by investment vehicles managed by affiliates of Sixth Street. The transaction is expected to close in H2 2026 pending regulatory approvals. Upon completion, AF Group will operate as a standalone subsidiary of Enstar Group under its existing leadership team.