Active start for 2026 non-life run-off market with notable cross-continental deals and collaboration

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1. https://www.reinsurancene.ws/non-life-run-off-deal-momentum-remained-strong-in-q126-says-pwc/ - Please view link - unable to able to access data
2. https://www.reinsurancene.ws/non-life-run-off-deal-momentum-remained-strong-in-q126-says-pwc/ - In the first quarter of 2026, PwC reported strong momentum in the legacy market, with nine publicly disclosed non-life run-off deals announced by five acquirers. These transactions involved cumulative gross liabilities of approximately $730 million, with three deals under $50 million and two exceeding $250 million. PwC anticipates more transactions of this size throughout 2026. The deals were led by Swiss Re (four deals), RiverStone International (two deals), Compre, Fara Recovery Affiliate, and Quest Group. Geographically, four deals were in North America, three in Europe, and two in other regions. Notably, Enstar acquired AF Group, expanding its U.S. property and casualty insurance platform, and RiverStone International entered the Australian market through a transaction with Zurich, marking a significant development in the Australian run-off market. The quarter demonstrated continued participation from established market players and evolving transaction structures, with collaborations between ILS solutions providers and traditional run-off players, such as the partnership between Enstar and Artex Capital Solutions to offer exit solutions for ILS investors.
3. https://www.enstargroup.com/enstar-announces-acquisition-of-af-group/ - Enstar Group Limited announced on 13 February 2026 that it has entered into a definitive stock purchase agreement to acquire 100% of the shares of Accident Fund Holdings, Inc. (AF Group) from Blue Cross Blue Shield of Michigan. Headquartered in Lansing, Michigan, AF Group has been a premier provider of innovative insurance solutions through its affiliate brands for more than a century. Since its acquisition by Blue Cross in 1994, the organisation has strengthened its position in the US 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 acquisition combines AF Group and Enstar’s complementary capabilities in property and casualty insurance, including workers’ compensation, leveraging Enstar’s balance sheet strength to support AF Group’s business while expanding Enstar’s suite of global re/insurance solutions to serve a broader client base. Upon completion of the transaction, 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, continuing its commitment to delivering exceptional service whilst benefitting from the scale, network and expertise of Enstar and its investor group, including its partnership with Sixth Street. The transaction is expected to complete in the second half of 2026 upon receipt of regulatory approvals and satisfaction of various other closing conditions.
4. https://www.afgroup.com/news/blue-cross-blue-shield-of-michigan-positions-af-group-for-future-success-with-sale-to-enstar-group/ - On 13 February 2026, Blue Cross Blue Shield of Michigan announced that it has entered into a definitive agreement to sell its wholly owned subsidiary AF Group to Enstar Group, a leading global insurance and reinsurance group backed by investment vehicles managed by affiliates of Sixth Street, a global investment firm. The transaction positions AF Group for future success, while strengthening Blue Cross’s financial foundation and capital flexibility, furthering its core commitment to delivering high-quality, affordable health care services to members and group customers. The transaction is subject to customary closing conditions and regulatory approvals.
5. https://www.insurancejournal.com/news/midwest/2026/02/13/858075.htm - Enstar Group Limited, a global insurance and reinsurance group backed by investment vehicles managed by affiliates of global investment firm Sixth Street, announced on 13 February 2026 that it has entered into a definitive stock purchase agreement to acquire 100% of the shares of Accident Fund Holdings, Inc. (AF Group) from Blue Cross Blue Shield of Michigan. Headquartered in Lansing, Michigan, AF Group has been a provider of insurance solutions through its affiliate brands for more than a century. Since its acquisition by Blue Cross in 1994, the organization has strengthened its position in the US 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 acquisition combines AF Group and Enstar’s complementary capabilities in property and casualty insurance, including workers’ compensation, leveraging Enstar’s balance sheet strength to support AF Group’s business while expanding Enstar’s suite of global re/insurance solutions to serve a broader client base. Upon completion of the transaction, 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.
6. https://www.royalgazette.com/reinsurance/business/article/20260313/enstar-to-acquire-us-insurer-af-group/ - Enstar Group Ltd has agreed to acquire Accident Fund Holdings Inc, an American insurer known as AF Group, in a move that expands the Bermudian company’s footprint in the property and casualty insurance market. The legacy re/insurance group said it has signed a definitive agreement to purchase 100 per cent of AF Group from Blue Cross Blue Shield of Michigan. Financial terms were not disclosed. AF Group, headquartered in Lansing, Michigan, provides commercial and speciality insurance across all 50 United States and reported consolidated gross written premiums of $3.3 billion in 2025. Enstar said the acquisition will combine the companies’ complementary property and casualty insurance capabilities, including workers’ compensation, while using Enstar’s balance sheet strength to support AF Group’s business and broaden its range of insurance and reinsurance services.
7. https://www.businessinsurance.com/enstar-to-acquire-comp-specialty-insurer-af-group/ - Enstar Group said on 13 February 2026 that it has agreed to acquire Accident Fund Holdings, known as AF Group, from Blue Cross Blue Shield of Michigan. Lansing, Michigan-based AF Group recorded about $3.3 billion in gross written premium in 2025, according to Bermuda-based Enstar. According to its most recent financial report, AF Group reported net income of $184.8 million in 2024, a 67% increase from 2023. The company’s operating divisions include Accident Fund, United Heartland, CompWest Insurance, Third Coast Underwriters and AF Specialty. It has about 2,300 staff. AF Group will operate largely as a standalone company under its current leadership, Enstar said. The deal combines AF Group’s underwriting discipline with Enstar’s financial strength, AF Group President and CEO Lisa Corless said in a statement. The purchase, expected to close in the second half of 2026, follows Enstar’s move to private ownership last year. Investment vehicles managed by private equity firm Sixth Street acquired Enstar in a deal that valued the company at about $5.1 billion.