Blue Cross Blue Shield of Michigan to Sell AF Group to Enstar Group (Backed by Sixth Street)
February 13, 2026
Blue Cross Blue Shield of Michigan entered into a definitive agreement to sell its wholly owned subsidiary AF Group to Enstar Group, a global insurance and reinsurance group backed by investment vehicles managed by Sixth Street. AF Group will become a wholly owned subsidiary of Enstar and is expected to continue operating largely as a standalone company from its Lansing headquarters, subject to regulatory approvals. The transaction is expected to close in the fourth quarter of 2026; financial terms were not disclosed.
- Buyers
- Enstar Group, Sixth Street
- Targets
- AF Group
- Sellers
- Blue Cross Blue Shield of Michigan
- Industry
- Insurance
- Location
- Michigan, United States
- Transaction Type
- Buyout
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