Enstar Group Limited entered into a definitive stock purchase agreement to acquire Accident Fund Holdings, Inc. from Blue Cross Blue Shield of Michigan Mutual Insurance Company on February 13, 2026. Upon completion of the transaction, AF Group will become a wholly owned subsidiary of Enstar and will continue to operate largely as a standalone company, serving its customers nationwide and maintaining its Lansing headquarters.

The transaction is expected to complete in the second half of 2026 upon receipt of regulatory approvals and satisfaction of various other closing conditions. As of February 19, 2026, The transaction is expected to be completed in the second half of 2026 to early 2027 upon regulatory approvals and satisfaction of various other closing conditions.

Wells Fargo & Company, Goldman Sachs & Co. LLC, and Guy Carpenter & Company LLC, Investment Banking Arm acted as financial advisor for Enstar Group Limited. Hogan Lovells US LLP, Katherine Krause, Louis Argentieri, Hui Lin, Eli Isak and Patrick Wolff of Simpson Thacher & Bartlett LLP, Willkie Farr & Gallagher LLP, and Mike James, Chris Gollop, Liza Lenas, Alex Argyris, Jeremy Calsyn, Steven Kaiser and Susanna Parker of Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor for Enstar Group Limited. J.P. Morgan Securities LLC acted as financial advisor, Kristen Matthews, Nicholas Potter, Sunil Savkar, Jonathan Lewis, Simone Hicks, Peter Schuur, Henry Lebowitz, Erica Weisgerber and Rick Sofield of Debevoise & Plimpton LLP acted as legal advisor, and Milliman served as exclusive actuarial advisor for Blue Cross Blue Shield of Michigan Mutual Insurance Company.