AF Group Announces Acquisition of AmeriTrust Group

Acquisition integrates two nationally recognized, Michigan-based specialty insurance carriers

LANSING, Mich., April 12, 2022 /PRNewswire/ -- AF Group, a nationally recognized holding company whose affiliated brands provide specialty and workers' compensation insurance solutions across the United States, has entered into a definitive agreement through its subsidiary Accident Fund Insurance Company of America to purchase AmeriTrust Group from Fosun. Headquartered in Southfield, Mich., AmeriTrust offers specialty insurance programs and products including workers' compensation, commercial package and automotive business coverages, and comprehensive product offerings in various industry segments. AmeriTrust is a financially strong company rated "A-" (Excellent) by A.M. Best. The acquisition is expected to be completed after obtaining regulatory approvals.

"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. "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."

With this acquisition, AF Group welcomes AmeriTrust's expertise in the property and casualty space to its enterprise and further enhances its successful specialty and workers' compensation products and its capabilities in other lines of insurance. The investment also reinforces AF Group's increasingly prominent position and reputation in the property and casualty insurance market, which has grown significantly over the last decade. AF Group is recognized for its financial strength as a Ward's 50 company and has earned an "A" (Excellent) rating by A.M. Best.

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

About AF Group
AF Group is a nationally recognized holding company whose affiliated insurance brands are premier providers of innovative, specialty insurance solutions offered through independent agents nationwide. All policies are underwritten by a licensed insurer subsidiary. Accident Fund Insurance Company of America. For more information, visit afgroup.com. © AF Group.

About Fosun 
Founded in 1992, Fosun is a global innovation-driven consumer group dedicated to providing high-quality products and services for families around the world in health, happiness, wealth and intelligent manufacturing segments. In 2007, Fosun International Limited was listed on the main board of the Hong Kong Stock Exchange (stock code: 00656.HK). In 2021, Fosun International's total revenue was RMB161.29 billion and total assets amounted to RMB806.4 billion. Fosun International ranks No.459 on the 2021 Forbes Global 2000 List, with a MSCI ESG rating of AA, and it is the only comprehensive enterprise in Greater China with a MSCI ESG rating of AA.

About AmeriTrust Group, Inc.
Founded in 1955, AmeriTrust Group, Inc. is a nationally recognized commercial insurance underwriter and insurance administration services provider in the commercial property and casualty insurance industry. AmeriTrust is comprised of four distribution segments of the insurance marketplace: admitted carrier operations, excess & surplus lines carrier operations, wholesale MGU/MGA and third-party administration operations, and retail insurance agency operations. AmeriTrust offers a broad range of insurance solutions, including specialty products to independent agencies, governmental entities, select industry, trade and professional associations, and affinity partners. Carrier operations include five insurance companies which are licensed on both an admitted and non-admitted basis. For more detail, visit ameritrustgroup.com.

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SOURCE Blue Cross Blue Shield of Michigan