July 18, 2023
AF Group Announces Acquisition of AmeriTrust Group
Acquisition integrates two nationally recognized, Michigan-based specialty insurance carriers
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.
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