AM Best Places Credit Ratings of AF Group Members Under Review With Developing Implications

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” (Excellent) of the members of AF Group (Lansing, MI).

The Credit Ratings (ratings) reflect AF Group’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

The under review with developing implications status is driven by the recent announcement that Enstar Group Limited (Enstar) (Bermuda) has entered into a definitive stock purchase agreement to acquire 100% of the shares of Accident Fund Holdings, Inc. from Blue Cross Blue Shield of Michigan Mutual Insurance Company (Detroit, MI).

Once the acquisition is completed, 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, while benefiting from the scale, network and expertise of Enstar.

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. The ratings will remain under review with developing implications until the transaction closes and AM Best conducts discussions with AF Group’s and Enstar’s management teams regarding AF Group’s future strategy.

The FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) have been placed under review with developing implications for the following members of AF Group:

• Accident Fund General Insurance Company
• Williamsburg National Insurance Company
• Star Insurance Company
• United Wisconsin Insurance Company
• ProCentury Insurance Company
• Century Surety Company
• CompWest Insurance Company
• Accident Fund Insurance Company of America
• Third Coast Insurance Company
• Ameritrust Insurance Corporation
• Accident Fund National Insurance Company

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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