AF Group, a holding company whose affiliated brands provide specialty and workers compensation insurance across the U.S., has entered into a definitive agreement through its subsidiary Accident Fund Insurance Company of America to purchase AmeriTrust Group from Fosun.

The acquisition is expected to be completed after regulatory approvals. Financial details of the transaction were not disclosed.

Headquartered in Southfield, Mich., AmeriTrust offers specialty insurance programs and products including workers comp, commercial package and automotive business coverages, and comprehensive product offerings in various industry segments.

“This exciting acquisition aligns two world-class organizations toward a common goal of providing exceptional, customer-focused insurance products and services through our valued agents,” said Lisa Corless, president and CEO of AF Group, in a statement. “The reputation and performance of AmeriTrust is proven in the marketplace, and we’re excited to welcome their exceptional team to our award-winning organization as we work together toward even greater success.”

Stonybrook Capital acted as advisors to AF Group and Deutsche Bank were advisors to Fosun.

Lansing, Mich.-based AF Group is a wholly-owned subsidiary of Blue Cross Blue Shield of Michigan.

“With the acquisition of AmeriTrust, AF Group and its subsidiary brands continue to elevate their growth trajectory in the specialty insurance and workers’ compensation market, while Blue Cross accelerates our efforts toward greater diversification beyond our traditional core health insurance offerings,” said Daniel J. Loepp, Blue Cross Blue Shield of Michigan president and CEO. “Our evolution into a multi-business enterprise with national scale supports our efforts to provide affordable health insurance to our customers and members, by making Blue Cross less reliant on their premiums and administrative fees for our revenue.”

Source: Blue Cross Blue Shield of Michigan